The composition of the Trust's Governing Body was detailed in the foundation trust deed: there were to be four 'founder governors' [Named as Stanley Baldwin MP, John Colin Campbell Davidson MP, Baron Fairhaven, and John William Beaumont Pease] and six 'life governors' [The first two being named as Viscount Hailsham and Neville Chamberlain MP], all of whom would retain office until death, resignation or incapacity; two governors to be appointed annually by the Executive of the National Union of Conservative & Unionist Associations; two ex-officio governors consisting of the Leader and Chairman for the time being of the Conservative Party;and up to ten Ordinary governors [The first of these being named as Viscount Astor, Col. John Buchan, Viscountess Bridgeman, and Lady Greenwood], each to serve for a maximum of three years.

Between 21/02/1940-07/01/1947 a Standing Committee was constituted to act in place of the Governing Body for the duration of the War, which minutes continue in the chronological sequence, and the more formal title of 'Bonar law (Ashridge) Trust' was used for its first meeting, thereafter the 'Bonar Law Memorial Trust'. This latter title continued in use after the reconstitution of the Governing Body from 24/01/1947. From 15/12/1954 the minutes represent the Governors of the 'Ashridge (Bonar Law Memorial) Trust', following the transition of the Trust into an educational charity by Private Act of Parliament.