2020-12-31-accounts

CHARIIYREGisfRAV014 NUMBER.. L102414 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

TNE HONOUHABLE50aETY OFLINCIXN'SINN THE OENNING FUND FOR THEYEAR ENDED31 DECEMBER 2010 INDEX Pa TtusteȢ Report

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THE HONOVRAPLESOCIEIY OFLINCIXN'SINN THE DENNING FUND REPORTOFTHETRUSTEES FOR THE YEAR ENDED 31 DECEMBEA2020 CHARITY RE61SYPATION NUMBER.. 1102414 PAINCIPAIADDRESS.. Hfjnoufable￿etyQfU￿c0kn.sI￿n Trea5ury¢)ffth Lincoln's Inn Londtsn WCRA 3TL P4AME5 OFCHMATYTRUSTEES= TheTrusteeswhty$eNed durlngtheyearweré.. MrAG bo¥leQC Ichalrmanl MrOHDayQ£ Mrl M 13tVi5QC Mr Pjones QC BANKEAS.. C. Hoare& CO 37 F￿etStreet Landon EC4P4tKI AUDITORS.. Haysrnadnlryre LLP Iofknen StreetPla London EC4R IAG INVESTMEWTMANAGÉR&' LeE31 & GeneralGroupPIc Le8al & GÈhÈral InvestrnentManigETtbEnt One ColpTnan StreÈt Lwdon ÈC2R5AA PJEe30113

THE HLWOURABLE SOC1ETYOF LIIICOiN'51NN THE DENNING FUND REPORTOFniETRUSTEESICONTINUEDI FOR THFYgAR ENDE031 DFCEM8ER2O2D The Tru5tÈe5 p￿sent i￿1r annual report And the audfted flnanclal staternents for th￿ ￿ar ended 31 De￿Intser 2020. The flnanclal 5tstemènts have been prepared the ksR4 of the accLX4ntlllE ￿lideS set out on 11 of the flnancPdl statements 3Thd Comp￿ wlth thè ¢hidty'S trust ded, appIl￿ble law and the requlrp(Dent5 Df thè Staternenl Df Rerotnmended Prattice 'AccDunttn8 and Reporting by tharitiÈS' Issued In October20J9. OBJECTS,OWEcfivE5ANDPRINapALAcfivinES The Dennlne Fund. prevlou51y rÈ8lstèrÈd as cha￿tY number 28234D, and the Lord F￿Thd. an unregtstered ¢hartty, were mprged wlth effECt from 9 December ZW3t¢ form è new chaiity ￿llEd The oennlns Fund In a[cOrdan￿ wtth a Charlty Cornmi55KM Scherne. The tharity CommIss￿n kheme ts now the merged charltys gov&rnini document under whkh the Trustees are P[npaWe￿d to aSSoc￿le partIc￿￿r awards, atthelrd1scretbN th any benefactor IdentifiÈd wlth elther of the merEing Eharitle5. The purposes Df the charftle5 have not chan8ed. The merger wa5 undertaken th lrnprove admlnisttstion prO￿55e5, c05t savlngs and con5011date lrtvèstments ro offerthe potentlal for hl8herln¥pstmènt r@t￿In5. The (hariiyts a trust wh05eobjed 15 forÈeneral Charitab￿ purptsses. The prlncipal4ttivityof the Trusteests tOV5e thElntome generated and Fund tapital to ass15r the pro￿S1on of the 5chol?15hlps Dr Other awards to promotp or ald the legal edutaiioll of members of Lincolns Inn nd Ih partlctrlarstudents orp￿ps¥jho Intend tobectyre PYittWn8 member5olthÈ Barof En￿andan￿Wa1ès. ACHIEVEMENT5ANDPERFORMANCE fortheyearended 31 De￿[rnber 2020Llncoln's Inn tnwJe44 Deftn1n8Stholarshlpawards iotslling E768kl2019.. 66 totallint£954XI. The Dennini Fund contribthed £148k towards the5e12019.. £192kl. Th15 repre5EntÈd IYA of the t￿￿1 awards. 20% In the prevIoL￿ yEar. In¥estmentsih15ye?r h3vÈsFwn an unrea115ed 8alnol£lBlk12019unreali5ed Eaiftof£912kl. The Inn offer5 5chDia15hlps to ￿n(s￿aleS of thè rè4uislte quallty who 4Te Bra￿ateS In Law or ID 5vbje¢ts other th Law and who have Indlcated thatthEirkentlon k5toprart￿eltthe garof En￿and andwales. Awards are rnadeio candld3teson merft tOa5515tthem with thelrfundlng throu8hout ihelrcontlnuing pr¢fe$4onal educaiion, ￿rV(￿at￿nal covrseand pupi114geyears because It ￿the1￿￿'S vlewthat Èhese3rethoye315whertstudents needthe tllQ5tfuianclalsupport. Mer51 15 ?55e55Èd in terms of the catbdid4te'5 intellertual qualine5, whl¢h Is ol the hhe5r Importantt at the rnodeiD Bar, tO8èther with qualities of pÈisonaiityand pre5eniat1on also regarded as belD8of thèlieètest ImportaTr￿ in onytsneèimlng at Ilfea5a blrrlsier. Is assessed bya cons￿￿ratIon tsf all the mateilal pl8red before the Inn byihE Candida￿ In h15 Of herwritteo appllcatk>n and referpnEèS together, where a caDdldate b In￿ted for Inte[￿￿￿, wlth Co￿4￿Erat￿n of the (andidate by a panel of interviewers. Candldale5 whosè rfitten applliatbn5 dD not, upon fdreful ion5idetatNJn, dlsclose the requL%itÈ quallty. w111 nor bo Invlted for Interylew. Untoln5 Inn 3dvert15ed tho qUalI￿￿$1t L4lookln8foron ltswEb51te. Onco stholars have been selected thelr flnanclal 3ward L¢ ¢&kulated on the basts 01 thelr kndlvldual rnean5. The DDlyexcEptk>n to Ihls b the nsfldd Schokr5h5 whkh are ollered ai a mlnirnum of £?0,￿0. The sch￿?￿, means are calculated on thè basls of thelr assers, 5?vlTh8 dÈb¥ Other sourcp5 of Ilnanclal support and prvlectèd Èxpenses lor the dur•tbn of their course of period of tralnlng. The 5iholaiships Commlttee set5 CMJt the formulas to be apPl￿d- eJ8. only takln8 Into acwuntsavlnss above a and c3pWn8 monthly eXt￿n$￿S- and re¥￿¥￿ thls regularty. stholars, w51 be4wardEd a rnlnlmum Df £l,th). Lincdns Inn not dlscilmlnare Unlawful￿ agalnst any PEf5Dn on the Erounds ol that pe￿ons sex, cobw. lace natthaljty or ethnlc or arf￿m,d￿bll1tyI sexual Or￿nt￿l•n,re11￿0n orbenef, or¥&e. Drln anyotherwaythaÈ k unlawful. Thp Tfi15teE5 of the Oennlng Fund bÈl￿ve thatthe5e applitofjon do not (reate uhreasonaNe resirkllon5 an acc￿ by ￿￿jJateS to theschoPdrshlps avamable. Inye5trnents a￿ShOw￿0￿thE BaknrtceSheetatrnaKketv3￿e In ￿rdance ￿th chaiityaccauntlnz Tule5. The NetA%setsoftheFund Incréased by£19Th frorn É&97lkto£7.168k. FUNDRA15fiiG Wh115t we do ntst actfvely fundra￿￿, we are fortuThJte to recetrde dOna￿on5 and beqvE5ts from tlrne to Ilme. We ¥ie Efatelul for the Benero￿ty0fthe donors. Pay40113

THE HONOURA8LESOCIEfYoF UNCOLN'5 INN THE DENNIP+G FUND REPORTOFTHETRVSTEESICONTINUÉDI FOR THEYEAR ENDED31DEtEMBEIi 2020 GRANT￿￿N6 POUC¥ The Fund donate5 towaid5 the yvefall level ol Indmdual awards and Brants made by Llncokn'5 Inn. Is Èamed fror Invo51rnerts In the fomi of dfvideDd5 and Interest Is traD5ferred as recelved frorn the Inve5tmETht manèger to the Honourable soC￿tY of Llncoln'5 Inn. At the eTrd of each financkl the Trustee5 a55tss the vèlue of the otsl tr3hsfÈrof funds ihar h45 bÈen made for the year and payortake a balancI￿at￿oufftt toorfiorn the a5 aDnual adlustmenr. In makln8 a 8rant the OennlnB Fund Tlustees expe￿ Fhe responslble CornmSltee to svpeTrise the spendlng of the monies iranted. The DenDID8 Fvnd Trustees are Dot thÈmselves In a posltlon to do so. Expendlture by LlnEoln's Inn ts conrFollpd 3rtd managed by Its varfou5 oftkers and fflonltorpd by the FInart￿. Educatlon and S(holar5hipCoMmsiiees. Lincoln's Inn wys the Indmduil In 4uestlon on appTDval from theiÈWantCornmlttee5¥hdon productbn of pr0pellyappr￿￿ aP￿IC￿l￿n5f0rscho1aT$hspS wyment5. on￿ a payment has been m3dÈ by the Inn. Ihe Inn reqve515 partor all of the prOTh￿￿￿ contdbutbn from the fu￿d. The valueof Contr[￿t1￿￿515 nÈvÈrmofe iban thetotè1￿hUe ofschokr5hlp5.' Lintoln'slnNmakes upany5hortfall. TheTru5tee54EreEd thaithegrant MakIng￿lI(ya￿d Procedureath￿¥￿S theoblecÈfvp5 oftheFund. RESERVtspoucY ThÈ Trustee5 have ￿￿eWed thè rè52rves of ihp Charlty. vthlth compr15e of £649k unrestrkted. E17k re5tritted and £6,502k wetsdable endowment. The TTU5teES have Ideniified th4t the end benefidarle5 of the Charlty are noi any dprfi¥ed from the benefrt of the Charfty's oblectfve Thè re￿eW encompassed the nat￿le of the Incorne strEams ahd the polKy ad00￿d by the Tru5ree5, vthlth thèy conS￿er to be prudènt. to dbtrfbute the annual InvÈStment Incorne of th@ Charlty. The Trustees recogn￿e that shouk4 the become unable to fund its 5chtyla¢shlps. the Trustees tnU5t hdd sufficknt reseN25 to ensure the Interesis of future beneflclarles. TiuStÈÈs tonsider ihe ChariV5 eKpendèble endowmentfund ISS￿lt3bIeforthIs wrpDse. Grants a￿l￿nded1r0TD fice iesÈrves and IncornE durkn8the year. The polk￿5 arE{￿QWed on FUTUREOEVELOPMENT5 The Truste￿ of the Denfiifig Fund havè rtvlÈwed the o¥erall 5tiucturÈ and efflclencyof thÈ fund and con5011dated th@ iFbveStments IntD atcouTht manated bythe IDY25tmEnt Ctsmmllteeand bythe iDyestment manageis. The Trustee5 have r£vlewpd thE pèrformance of th@fund managers and VAII contlnueto so airegul3rlnle￿al￿ INVESTMETrfPOWERSAND POUCY In accordante wth theST wwers undÈr the Trust Deed, the Tr￿SteeS have delegated the management of the pDrtfomo and the Investm￿nt powers rothe Llnwln'slnn Invesbnent comm5tt￿. The InvEstfflent Cthnmltiee rneels wilh the fund managers twice a year and hold5 two #do1￿0￿31 meetlngs to CDnddÈr ihe Inve5trnent man4gÈr's report. INVESTMETrJTPERFORMANCE Thefvnd531è1nvèsied wilh LeB31&6enpt41 ￿nderpass4¥eThOnBget￿e￿tln pooled fundsthtrthe markei'whlle betterthanihp aFket.th¢ fuAd tt35 done now4rsÈ. Lè8al & Gener41 levych41ge5COtb5iStof a flat pErsthEmechèrge, plusan ad-valorem tharae and a managementthèr8e. LEfAL& GENERAt'S INVEsfMENTMANDATE Legal & Genef?I m?n38È thè Stheme's a55et5 Pa55ive basls In thelT pooled Index fund5. The of the5theme'5 #ssets b to bo mahtalned In predetsimlned prO￿rt￿n5. Where posslblè, cashflows Into or out of the fund wlll be used to rnaintsin the asset di&trybutbn wllhln the spec1f￿d ingÈs. In addEtIon, 5￿t(h¢S between as$etcla￿e5WIll bp lfflpiemented shou￿ anyasSÈttlAsses moveout5￿etbe1rrlThEe5. Fuf•DS Thefwds of thècharltycompi15e or.. il vnrestrfcted fund5. whjch arÈ expendable Ihefvrtheran￿0f the F￿￿'SOb1￿C￿vÈ5. ill expendaue ertdowment fvnds whl(h were ¢rÈated by 8fft5 a number of years ay. In accordancè wlth the terms of the Erfi the caplt¥l fvnd Is to be rnalntalnecl unle$5 il ￿ reoulred to ￿ Spent the Income Is Ireatsd 3$ uorestrlrted income. The capItsI of thelund canbe expended atthe TIu5teÈS'dlsuetn. I re51rthd fund5 arfsefrom a h15torirdDnatlon th a fundiaued thejoan DennlngPriie. In the oplnlonof theTru5tee5thE￿alil￿s asset5 are 5ufficienttomeet ft5cornmitmen Py5ol

THE HONOUR4BLE5QCIETYOF UNCOLN'5 INN THE DENNING FUND REPORTOFTHE TRUSTEES ICONTINVEDI FORIHEYEAR ENDEDJI DECEMBER 2020 TRUSTEES, TR￿NING AIJDREMUNERATION New Trustees areofferecl approprktelnductlon aDdtralnln8 procédure5. ￿lthe appointed Trusteesare eXperien￿d Weis. Th@Cha￿ty has noetnyloyee5 pnd noTrustee re£etr4eLI retnunÈraVon fortheir5etvi¢es. TRusfEES'RESPON%BiimES The Tru5tee5 are reSWn￿b]e fvr P￿parIng the Annual Report ¥rtd the Fknanc￿l 5tatoments In accordanTr wlth appiitsbk13w and VThSted nÈdom GenoraltyAc(eptedAttountlng Pract1￿5 IUK-G4API. Lèw applICab￿ to (hartheS1n England and Wale5 requlrÈs the Trustees to preparE finènclal statements fllf Eath yeèr whlch 8lve5 a ITue ind falr ￿e￿ of the Charltrfs fl￿anc￿l act￿ftlesdvrl￿g the yeèr and of ft5 financial at the end ofthe year. In prep3rln8 a￿)￿nts Blvln8 true?￿ fairview,theTrusteesshouldfollowbE5t pract1￿ and.. il $elettsuitsb￿ at(ountln8 wIldèsar￿ aplythetn conslstÈnttr, fll make Judyrnents 3Dd e5timatesthatare reasonab￿ and prudent. I state whether app11cabk ac￿￿￿t￿n& 5tsndards havè been folknwed, SublÈct to any rnateilal departur￿ dtsclosed and expkined1n theacc(vJnts, gnd 41 p1ep3retheaC￿tttsfjn ihÈwln8 baslsunless 1t1s+nappropr￿t@tDassurn￿ thatthecharftywlllcDntinue In DperatloTr. The TrustQ05 are re5PDNslblèfor keeping acaiuntlnBreciYd5 whith dlsd05e wSth reasonable accuracy the finanopl p0s￿On of the chJrlty3nd whl¢h enable thern to axertaln ihe financlal p051tloD af the tharliy and allow thÈrn to ensure ihat the accwnt5 compW ￿th applKable bw. They ère a150 responslble forsaleiuardlnethe a$5ets af the charityand herfe foita￿n8rebSOll3b￿ 5rep5 forthe prevèntlon and d@tEttlon 0¢ error, ftaud ￿￿j otherlrre8ularltles. DUrln8thÈ￿aI theTruStees appoknleit ￿eW audkors Hay5maclntyre iLP. The Trustee5 a￿ rwonslble for the malntÈnance and iDtsgrty of the ciKporaie and Informatkn Induded In the Charfty CoTnm155ionswÈbslte and reTrfve no ièmuneratlon. The Trustee5 have complied with the duty In 5.17 of Charlt1es Act 201110 have relard to the Charlty Comm1ssion's publtshed general and ielevanrsu&sEttor Bu￿ar￿(oncernlnlthe opEr1t￿n ofthe PubllcBeDefitwulrementunderth?tAU. Appro¥Èd bytheTru51ee5 0 and slgned on thei< ￿h3￿b¥ S￿m￿d. 2$ K￿Y2021 MfAlan boyse QC Cha1frnan vfthETiustees Pay60113

INDEPEWDENT AULXTORS, MEPORT TOTHETItUSTEES OFTHEHONOVRABLÈSOCIETYOFLINCOLN'SINN THE DENNING FUND FOR THEYEARENDE031 Ot(EMBER2O2D OPINION We have Èudiied tho flDan£ial statements of Thp HonDutsbfe Soclety of Llnroln'5 Inn Oennlng Fund for the year ended 31 Oetember 2020 whlch EDmpilsethe 5taternEntof Flnanclal ArtN1t￿5, Balance Sheet and notP5 to the financlal 51aternents,1ThcludlnE a SUrnThary DI SiAnllkont ¥ccountlnB pollde5. The financlal reportSnE Itampwa8 requE￿uS to rew>rttoyou If, Inouf oWlon'. adwlptracc￿ntbngreC0rd5 hbve bEen kept bythe chaDiy, or suffldent a¢¢ounUng records havenottyèen kept.. or thè chad¢yflnanckl slem￿tsarÈ17ot1n a&reen￿nt￿th theatcountlnz record5 returns: or we haYE notiecefved all the knformatk)n and explanatWJDS weiequlre lorourautht. RESPONSIBILITESOFThETRUSTEES FOR THE FINANCIALsfAIEMENTS A5 explalned more fully in the reS￿￿$￿011￿￿ statementser on paAe 4 the riu5teeS arè respons1b￿ for the prEgaratkin of the f1nandal 5tarernen15 and fo< beth& satlsfied that they glve a t￿e and fair ￿￿w, and for such Iftt¢sln& 5 appliEfjble, matter5 relaied lo g¢inA ton￿rn and u5In¥the 8olnE concern ba5Lsof èccountlng un￿55th￿trUSteeS eltheT Intend to liou￿ate IhEtharitycrto ceaseoperati0￿Orhaveno reaj15tks1tsnat￿ ￿ttOd0 5Q. Pe7d13

DEPENDENT AUDJTORS, MEPORT roTHETRV5TEÈ$OFTHEHONOURABLESOCIE￿oFLIfICQlN,$1NN ICONTIPIUEDI THE DENNING FUND FOR THEYEARENDED31t(EMBER20ZO AUDITOR'SRE5P14￿BI￿TES FOFiTHE AUDITOFYHE HNANOALSTATEMENYS Ourobjett$ 8re th obialn rpa5on4ble assuran￿ abwt whèther the flnanoal Statements a5 a whde ère free from n￿tell#l mL$sts￿menl whethEr duE to fr1￿ 01 eiror, to L%sue an auditprfs report that Include5 our oplnSon. Rea50nablè assuran￿ Is a hlgh level ol a55uranc 15 nDt a warantee that an atsdit conducted Ww)idan￿ wilh I￿ IUKI wll alway5 deted È matsrial rnlsStatement when li ex15ts. MiSStstÈments can art5E from fraud or error 4nd are cons1dwed matÈrtal if, Inolyldually or in the aggregate. thEY re350nabty èè pÈrted tolnfluentethF etonomlcdecWon5 pf users taken the b¥slsof thesefinancklsiatÈrnents. ittegu4ar￿es, Includln8 fraud, are Sn51anTr5 of hOn￿MplIan￿ wlth laws and rewJlatiDns. We de51En procedvrts In lthe wlth tyjr fE5ponslbllltles, outlined above, to detect rn4terlal mlsslatements respect of Irre8utsrit1Ès. Includlng ffaud. extert to which our prrK￿Ures arecapablÈofdetecikn8lire&ul8ritr5, inclL4lln{frJuLS kf deta11ed below.. Based on duf understandln£ of the thaityand the etwlronment In whlch rt operatès, we Ideniffied th3¢the prlndpal rlsk5 of rton-crJmpUan wilh and reB￿latIOnS and we tonsldered the extent to whkh non￿￿pI￿n(P ml8ht have a rnatÈr￿l effect on the fin¥Ddal staternents. NDsuch 4rea's of nOTh<oMpl￿nCewere Identified. WÈ evaluated ThanaEemeni's In￿nIveS artd opportunltle5 for fraudulÈnt rnaThlpulpt1on of the financlal 5ts1ements Ilftdudlng the rtsk of oveirfde of wffttrdsl and dermlned t￿1 the pilnclpal 11sk5 we r4èted to managementoverrlde of contro15. Audlt prO￿￿u[￿S pÈrEormed bythe engagementteam lllduded.. 0￿￿70￿5W￿Ib manapn&it fftludlt ¢onsSJerJtionolknownor5U5PEtted kn5tance5O1nLMF¢omp41¥Kw￿h Imind re8dètkn4ndhud.' rnanweni5cth7trobde￿G￿￿t¢Ple￿ anddetgtti¢Iegularlt￿S,. Identifyins and t¢s￿n8 In partlrular lourffl41 enlrfe5 Posted With UnL￿ullI acc￿ ¢omWnatbns, p05nES by uyers w ￿th unuSL4lde5rrfptlon5,' Afurtherde5crlptlon tsfour responslbl1ft1esfortheaL￿lt0f Ihefininci41 sratemen151s xatd on the Reportln8Coundl's webslt@atr. wMv.Irc.org.uk/audhorsrespon51b11ft5.Ihls dÈsulptk)n foTtn5 Part ofour audiiorfs repDrt. USEOF OUAAEPORT Th15 rÉ￿rt Is made 501ely tothè thaiitls trustees, 35a body, In accordanLÈ wlth sectlon 144 of the Charllk5 Acr 2011 and ièwLitton5 rnadé urtder secUon IS4 of that Att. audir wurk bÉ&n undertaken SQ that we mLght state to the charltV5 trLthES those matior5 we o rEquired to state tothern In an Audltorfs repDrtartd for noother puiwsÈ. Tothe lullp5r ￿Xtent Pormined èy law. we dp nDt accept or4wme respon55bMityio3nyDne otherthBnthecharit￿Strus￿e5 asa bodyfar ouraudlt worKfor¢hts report, orlorthe¢plnk)nswe havefoimèd. Haysrnacirntrye LLP StalUtoryAudltors Id8tèl 13 July 2021 IOQueen StreÈtPla London EC4R IAG Haysrnadntyre LLP Is ellglbletoarta53n dMrlnteTrnS ofsertlDn 1212 of theCornpanlE5Att 200S PwBof13

THEHONOURABLE SOIJEtYOF UNCOLN'5 INN THE DEf4NING FUNO STATEMENTOFANANC¢ALAcrivmES FOR THEYEAIi ENDED310ECEMBER 2020 Expendable Endowment Funds Unrestrkted Fund5 Note Aestyided Funds Zolg I￿O￿9fram'. Donatlons and Lègacks Investmeni incorne- Fee rebate5 |nve5tmeniincome YDtBI Imcome 13,693 3.638 146A58 163.789 13.693 3,638 146A58 163,789 2,713 4,076 192 414 199,203 Expendl¢uie fj￿.. Mèna8ement& Admlnlstratlon EduCatH)nalAward5 Toi41 Expendlture= 1601 192J781 192,438 1147.701 147.941 147,7011 147,941 NetGalnlllp55lon Investments 426 426 180.787 180,787 181.213 197.061 912.185 918.951 15,848 NETMOVEMFNTIN FVNDS 15,848 416 0,787 197.061 918,gSI FLmd balance5 bioughi forward at i January 2019 633,130 16.632 6,320,892 6.970,653 G,051,70 Fund b&1Èn￿S iarwled lom$￿ at 31 DocernbtrF 2020 64&978 17,058 6501.678 7,167,71a 4970,654 *Ulthe actI￿lIe50f thefvnd are conUnulnB lTr&oththlsyearand the pre￿O￿Syear. l ¢omparatlve ￿VerneDts relate ￿ unre5tr1rted funds apart froTh lrtvettment 8aln whlch was s￿IL to f.2,W2 to restiided and £910,A83 to endab￿ elldowmEnt. The Mteson P￿￿5 Ilto 131orm partof Ih4sèflnBfKlalsraterTrpnis Page9 0113

THÉHONOUK4BLESOCIETY(*UNCOLN'S INN THE DENNING FUND BALA14CE SHEET FOR THEYEAR ENDEDJI DECEMBER ZOZO Noie5 2020 FIXEDASSETS Investrnen15 7.D77,995 6A93,020 CURRENT ASSETS Debtors Qsh at Bank Amoun15 duEfrom Untoln4lnn 9,494 62,208 19,234 90,936 10,687 50,592 16,416 77.695 CURRENTIIABiunES 5uDdryCrÈdknrs 1601 1601 EtCURRENT ASSETS ,876 77,635 7.168,872 6,970,655 FUNDS Unrestrlcted Resiriaed ExpendaNe Endowment 648,978 17,058 6,501,678 7.167,714 63a,130 I5￿32 6 320892 A970h55 ApprovÈd bythe TTusreeson' andsiened onthÈlrbehaWby. MrAl¥n p¢ylÈQC Chalrman oftheTwsteÈs Èd. 2SW2021 Th? notes•n ptsqes iLto 13form p?rtof rhpspfinknclal 5taternents Pyl0of13

IHEHONDufiAOIESDCIEfYOF LINCOLN'SINN I￿OENNING FIJND NOIE5TOThEACCOUNTS FORIHEYEAREfiDID31 DÉCÉMBER 2020 ACCOIINIINGpouaES Ibe flnanclal siaternents h been prertsrèd ln accordance w￿h Ac[aunt￿l and Reportlng by Charttles.. Sternent of RetommerOed Practice appl￿ble to tharfde5 prep3rfng their a¢¢ounts In accorfafico wlth the Flnantlal Reportlng Standard appllc4ble In th￿ UK and Republk of Ire￿r￿ IFRSIO21 I lènuary 20191-ICharitie5 SORPISRS 1021, the Flnand&l ReportiDgstsnd¥id appllcabk Inthe UK Rewtslliaf Irdand IFRS 1021 and ÉheQTrmpan1É%ActX￿6. "Goln8Q>rthwnAccountlwpollry TheTnStees havecon51deredthe irnpatton the Fund of the COVID 19 pand¢mlt3nd are confldentthatthe Fundwlll ha￿ suifKlent re3D￿r(e5 to rneettts ￿b]li￿le$for at leas112 month5 from the date ofS1gnkngth￿ le￿rtand ¥$ su¢hthe atcounts have been prep?red on a8oln8conceTn ￿Sk￿. I￿ornE .A￿ Incomlng resources are reco￿￿È& th the Ststernent of ACt￿￿lÈS when the C￿r51¥ has ￿n¢}￿￿M￿nt to the funds. ft Is pr0b3blethatthelnt(w￿wlllte[ecefr￿ed3nd theamounttsn be measured rellably. rleBalW,enth4ement tstaken 35theearlterofthedètr DDwhlch either The£arity15awareth•tprvbate h35been gianted. Retelptofa lezacylnthdeorkn part. Is ontycon5￿ered probabl@whènthèèmount taD b2 measured relkRb 'Theeststeh35 bEenthaIi%ed.EKl￿)ohts￿rJrt has been tn3de bytheeXetutor(sltotheTrustthar?dlstr&￿tl0n Whena dLEtritrArtlDn lsre￿￿e￿fr0Ththe estate. RecEiptofa leMln wWorparL isvnW¢onslOered probablewhentheamwntc3th be Measured rellabty3ndihE artyha% been nDtffied OF￿￿eX£UtslsinteTrE1Qn to makea d15tributlon. urirestrtcteaun&sare Jvalablptthspend on£(xiWt￿ thatturther iny ot the purposes ot ine chamty. DES￿nated turt05 gre Lmre5trfLteLll¥nds Df.thE IharftywlithiheTfusrees have dEaded at thelr dSsuetknn to Set a5￿C to use for a speclfic .purpose. Re5thctedfund% arE donaSvn5 whlch the donor ha5 spèdfled alesole￿ used fDr partkular arÈèS of the Trust¥ WDrk uf fDT a 5PEafic prolett. Donatlons Tequlr<d to be retalned as capltal in accordaD¢e wth the dOr￿￿S wtshes are arcDuntEdfofwh@nyrDbab12 as'endowThEThb'_ permanent orexpendJbleacLurélDEtDthe natu￿of the re5trfctbn. ENpenditiirÈ .ExppndlturÈ kÈrLoJtntEd foronaTrJoTuJts b¥sLs •nd hès been classlfled under he￿￿IngS t￿t aÈyegateall costs rebtsd 'tD thetstt￿ry. IhE lThery)verdble'ElptneDtDfVAT Is Included wilh thp Irern of Expèndlture to whlck It rel3ie5. Where CP5ts cannot be dlrertly anvlbutablp to partN￿lar artfvllles they have been a5￿Cated to 3ctmt￿s on a basLs cor$1stent whh USE of ihe reSDurce5. . Charhable expendllure C(￿1￿1$￿5 expendthre donated to Lirfolns Inn rowèrd the award5 of th Dennln6 Fund Scholarshlp5. -Funds Thefvn&sDfthEch?th ro[np[r￿ of.. thE expendablE endt¥wmont lund whlch was created by £fft5 donated to the charlty for £￿e￿Il edL￿tk) PUYP05e5a numberofvwsoKoand &expendableatthedbtreUon oftheTru5ree5. reSErthdfvncDngktln4of dO￿atIon5a￿dI2gacle5 fEol¥pd vJhiih the donorha5 earmarkedfora speclfic unie5trledfvDd5vthithèreexpendaMe&i ihefurther¥nceof the FuTr&soblethve5. lTh¥estments In¥estmentsare 5raieclatrnld-m¥rkÈt¥a￿eat the b3￿n￿sheeÈd#¢￿. GOVERWINCE ThÈ Innmeetsthe c05tof refflunèrad0￿for advke and Se￿1￿ by¢he audltofsand Dther profess1￿41 adytsor5. Pa8e 110113

IHE.HONOUR4BLESOCIEVYOFLINC¢XN'SIWN THEDENIIING FUND PIOTEST07HEACCOUNTS ICONTINUEDI . FOR,IMEYEAR ENOEO 31 DECEMBER 2020 NO TrtJ#ee, or person related orcOnrtec￿d to ihem has re￿Ived any romU￿erat￿oTr oi rdnibJr5EmEnlol Expenses from the Fund ringthecuNentor prevIous￿r. EDUCAMONAtAWARtrS TheTiust pald o¥erdwidend htome onana5Tecw¥ed basL%tothe HonourableSodeLyafuntoln's Innof E148kl2019 E192kl,wh brOad￿c￿n￿des￿th thepo1￿ntdates b¥Llncoln'slDnto pupll b3yrI5tersand5tudents Of$thD￿rsh￿ and award5 modè. INVEST+AENTS 2019 MarketV3lue ljanuary 6,893,020 .976,573 Addltknn5 atCQ5t 204.263 568,262 Proceed5 DfifLspDsaL% 12W.50DI (S64,￿01 GolnsALDssI on In¥Estmpnts 18L212 912,185 mBrketvA￿3l￿e(ernbDr 7,077,995 6A93,020 Hi￿Or1[aIr￿stjlD4C£rt 3A97.435 309a,6T2 IDdifeEttrartSattlon cost5are IncurRdthrDuEh the b￿-OfterspreaduTr iDve5bnents ￿thIn pooled inve5tment¥èhldes. The arnount of I￿oI1ett£oSts1￿rt0fSPpa￿￿ProVIdEdto thèscherne. 2020 L&GuKE4kTdtF￿dT￿Sl L&G IntEfn3tlonaIlndp￿TTu5E L&G Fixed lthte5tTn L&G Emergthgmarkets TOTAL 2227,516 2,933.080 I￿73.650 843,749 7￿77,995 31.47 41A4 IS.17 11.92 I258￿30 2,730m7 1,150.991 753.902 4893.020 32.76 39.80 16.70 10.94 LOO DEBTORS 2020 2019 Accrued Intom 9,494 ID,687 CffEDiroAs 2020 2019

JndryCiedNvt5 SPLITOFNET AS5ET5BEIWEENRIND5 Eipendable FDdDwment Funds Unre5triEted Funds Re5bY(ted Fund5 nvestrnents Nèt ￿rrent assets 575,160 73,818 648,978 6,50J,678 7.076￿38 9￿￿76 7.167.714 I7￿58 I1￿5￿ 450L678 Endtswment Funds 20 Funds Re5trfttEd Fu￿5 2019 572,IZ7 61,0 633,130 6,32Q,8g1 6.893,018 77.635 6,970,653 Net currem a55ets 16.632 16fi32 6,320,891 Pa8e12of 13

TTrIE HONOURABLE SOCIEfYoF U14COLN'S INN IHE DENNING FUPJD NOTESTOTHE ACCOUNT5 I￿NTINUED) FOR THEYEAR ENDED all￿(£￿BER 2020 RELATED PARTYTRAN5AcnoNS Ihe Honourable Sockfy of Lincokn's Inn Is one of tho fDur Inns of Court, It i4 an ￿n￿ernt un1ncorporated body DI lawrs whkh for fivE tentUTles and fflore havè had the wwer io call to the those of thelr mcmbers who have du￿ qua￿￿ed for the rank of d4ree ol Barr15rer-at-Law. The fund 4WdS e5tab115hed by member5 or fottner members of the s￿ety of LlncolD5 Inn and a5 la￿ out In Its oblectfveswhen vaondesèrfse Inihe bDdyofTfu%tèes the Councll of BenchEr5 DfThe Homurablo 5otiÈtyoI Uncoln's holdthe power 10 3PFQlnt rÈplatements. The TTU5te* lye otherwlse autoDotnouS. The Inte￿oMPanY a£￿Th[ between the Inn and the Oennlngfund Indudes donatlon5 uf £3kin lothE Inn'5 banka￿O￿￿t,thEba4èn(Èo1 the accuuntls£19kènd wlll be tra￿$fOr1ed from the InDtothe Dennlngfund bank ptcyunt ￿rIn82021.There nofurtherrelated partie5. FINANCIALINSTRUMFFns 2020 Flnanclalas5etsatf¥lrvalue 7,077.995 6A93.020 An0￿Clala$S@1saI aM￿ttSed rost 19,234 16.416 Financlal Ilabllltie5 4t8morttsed cost 60 60 Hnanc1alawtsaifalrv3lue LrxnPrtsèln¥estmer¢tskn shares Flnanclalassetsatamtyrt1sed costcomprise Intercompanybalan 19,2a4 1&416 Fknandal 1lab1lll￿S atamort15Èd tost tomprise other LTedltOT5 Pa8t13 of 13