2021-12-31-accounts

CHIWTYREGISTMmQl•WJMD&L.. 1101414 THE HONOURABLE soaETY OF LINCOLN'S INN THE DENNING FUND TRUSTEES, REPORT AND FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 DECEMBER 2021

T1IEH0140URAQLEX￿Ef￿0FLINc0LN,s11•N THEDEIININ6 FUND FOPDIEYEIR ENDED JI DECEMDEn20ZI Trustees, R&port eport01t￿ IndpendentJJthtoi£ Stèternenrof FIAah£ialA£tl¥k B•lJnce5heer io otes toth¢A¢¢tyvnts 11.13 PIpioF13

THEN0￿￿1￿LEs0(1￿7yQFlVX0LliSI1JM ThEDEIIIIINSBJID ftEPONTOFTHETRusfÉES VOV41HEVEAREMDED3LDE￿leE￿2o11 (XARITY•EGIrnTW)N FILA1￿.. 1102414 •PJNaPAiAWIRES5.. The Hwournb￿S0dC1¥OI￿￿c￿n.s I Tre•5uryOffice L•ndQh WC2A Jn IIAMUOFCMAqIIYTnWEES.. TheTiLl￿te￿￿ho seThed durlwth¢y4rrt. MrAGBDW CKIChairrn•DI MrOHD•¥QC Mrj mJ•￿￿%Qc MrpJone5QC W4KÉRS.. C. Noa1• &Co 57 Stmet London EC4P4tYI ITOR5.' LiP IOQueeThsiieet H4ce Lmdon EC4R IAG INVE51MENTMAI•AfjIR5.' Lfji￿ & Gtnei•lGrow Pl Loi¥ & fjenei•iin¥iimeiltMan4yrnent • colm4n sire•t London EC2R PIysof13

IHEHUW>LWLESOaEff OFUIKQiWS INN THEDENNItIfj FUtID AÉPORTOFThETRUSTEE5 ICONTINUEDI FOR ThEYEAR ENDEDII tsEtEMUER 2021 Th? fru5teoJ Pi￿nIthe rlport andthe audlted financlal st¥tsrnqrt51oitheyeareffldÈd 31 DfctmbÈr 2D21. Theflnmcidsthtemenr5 hv4e been prepaied on the bJslJ of theA£c￿nI&l8 policies set tyJt 4n pA8e LL of the 5titem+nts and ￿MplY Ihè th4rltystrusi dÈed. applliable IJW and the rtquirtments ol the 514t¢metit Of Recommended PrKiice 'AetOunil￿ and fteportlns b¥ CharhiE¢ Ottllbqr 1019. O&ECVObjECIIV￿￿￿plm(lPAL1Cr1VlrlEs The Denninj Fund, pr￿loV$ re8hsttred as tharfty number 28i34Q, and tht Loid Jenklns Fund. In uniEii¢rrd thanty, were mtfEed ¥ eNea from g DÈ¢embti 2W3 to frym (htdty £illed ThÈ DonnlnJ Fund ln èccord•Dce ￿th • Chailty tornmlsslDll Scheme. The ch￿1¥ Trffllmlon Schemels Dowthe meiyd th11￿Y'S wFnins¢ocumEntundvf ￿thIch theTrusiÈe5 afi emPOwerÈd to assocl•te partIcu￿r￿11th. * theli di5tretloTr. to JDV bcn¢lKtOr idtntthed eithei of the mÈrylni Ch•r￿e5. The putpa5P5 of the (haiities hwe not th￿Qd The mtr8er was uhdertento knpTove admin￿roth)n proce55e5, mik¢ ¢ost sa¥lny •nd ￿Tr5011￿&te thvtttmentsto oller the potertl forh￿r knvpstmEnt ietum5. The th•rty11 èt￿$1 whose obhd Is foryner41chartt•￿e purp05. The prindpI fl¥ky olthe TrustEQs Is to us•th• Income ynerated Fund t4phi•lto In1hepr￿I5th gtthe 51hol•f5hlPS orotheT JW4fdJtopromote LYa5d the lujleduclltlon tsffflembemaf un￿1n,5 Inn4nd p4rtlculwsudent50r puplL4who IntqndtobecomtprJcty51n6rnernbor5 Dlthe Bar of Fnillrd indW4les. ACIIIEVEMEfiTSAND PERMM•JICE F4rthe yeor ended 31 tt•fflber2021 Lkncoin iinn mide fl) DenDIDeSchc4•rshlp4wiids totiiiin£ E042k12020.. 44tatilllni £?GaKI. The Dennlng Fund itsThti1￿JIed £156k tcwBrds theie 11020.. £148kl. Ih15 r¢pr•wn¢•d 18% of the tot•1 4w•rd5. 19% IN th• PievlOUS ¥••r. In¥MtMent5 thknyearh&¥e shown Jyln of EB31k1102014ln 01É181kl. Th• Inn offtrs ￿hol•TIhIpS to c•ndld4iei uf the rtyuL%ltt qu•llty vtho ale w1du￿•S In Li or In JublErts tyth¢r th4t L4w •nd Who 1n¢JkDt￿th￿ttheIr Intentlon atth• B•1 of En￿4nd W4lv Awards are rn•de io tMdldètfrs on mern to •5>15t them YAth thelr kndln8 throuthoul their tontlnulni prote￿1￿1￿1 edutiti¢h, bv eowJe•nd puplll•vyeais because tt15th• Inrt'Sv￿wthlttheSe ir•th•ye•r5 Students ne•dthe mwt ftD•ndil sUPp￿t. 11•ssessed hiteirnialthl cind￿0te,3hnt￿l1rtU•l g¥￿ille1,ythkh lsoliho Ntsrtlmportnct4tth• modtrn %41h 4U•II 4lper50nilltv priyhtatlon41w ieiiTded4J béihiof th4Ye4test knpcrt•nu ID PnVDnÈ41mkni4t lite 151 ￿nISt•r. M•rtt ￿ as5eH•d by i wnldec411oD ol ill ihe ffl4ler￿l plic•d bel￿e the Inn bytht ¢Dnd1d￿i In hls or hei wrtteTr •pplkrtlon ro￿renceS toiether. wher¢ * e4rtdkite 1% Invhtd Ipr |rtI￿•W, con¥dqfiilon olthe tlhdld￿Q by i p4nel of Inter￿eWErs. ￿ndId￿lI whojo YN￿ten •ppiications do Dvi, Upon C4fefvl Con￿Oer￿￿ffj dixtlts the iegulshe 9u•IKy, wlll Trot be In¥ii•d for knie1￿ew. Lkncolrt's Ihn ￿¥trtIsed th qwlltles tt LE￿0￿￿￿10r¢Th￿J w1b￿LI. Onct ichclars hwe been sihLtedth•tr iw¥d b t4lcu14td on the bo￿5 of rholi Ind￿ld￿lI meank The xhol•rs' •re c•kUl￿ I tht btsils oftheli •sti, debt. othqr sources olfin•ncial support iffld proJErted for Ihe duroiion olthplr ca￿rI0 or porhd tTiinkni. The Stholaixhlps Committee srts out the Iormu145 to be 4ppiied e.8. onty takinl Into •cuhunt •bvv• I ttrt41n i￿1 )d PPlnimoDthly eApenJpy ind rev￿1$1￿1￿ re•v￿rIv. All itholiri, vAlI oeawIrd￿ •rnlnimum tsIElmO. Unt￿n,1 Inn does not d￿￿mInIte unla¥rfulY 4i•ln5t person on the irovndj DI ththt PèlSOn'l 5e. colcui, rK¢ n￿MIl￿¥ •t thfile or n•tron41 orl1ln,d15I￿1Ity, S•IU41 orlenutbn, riio4n Orb•1￿1. oi •y. or sn •TrVVitrrfr wiythttt is unthwful. ThETtuStees ofthe O¢nnN Fund b•l%th IhESe•ppll(lt￿n (liter￿ do nrt￿t￿l UThi•4%jn•b￿ iestil(tlon5Qn 4<(e55byc4nthdDtdtothe s(h#lèishlis walhble. In¥e#rnenisJreshtswnonthe8Dknce5he•i•t rniik•tY4￿tln a(￿0•n￿wI￿ rh4rity4CtouThtknirule5. The Net 1s5et501thE Fund Inue¥sed b¥lB45kfrom £7,160kto E8.OlX FUNQRAJ5X4G Whllst we do Kti¥ely irEfortuThtetorecthtdon*kn> beguestslrcrntlmetotlmt. W•4rg yat•lulforlheynem4ty ofthedonurs. PaK•4of

ThEHof•DURAVLESOCIETYOFUNCLWSINII ThE DENNING FUF4D ORTOFTHeTRU5fEESICONTIMUEDI F&IIHEYEARENDED31 DECEMPEP 2021 k14KING POLICY The Oenffllng Fund donatestow•rdi thÈavèiallle¥el oflndb41dual •wards mad? byLlniolh's Infi. Income15 earned hom I￿￿ents lTrthetOTm Df dNidends 4nd SnrerEttlStrnnsfeired45 rereNed froTn the hiw5rrnent the Honourèble SDcl￿y0f Uno)h'slnA. Atthe eDtt of eaih flnanC￿l year the Truthes 4sStSS Ihe value pf the tot•1 tionsler ol ￿nds th4t has been m•Ye for the and pty or take balandn8amount•orfrryn as Jn Jfflnu¥ 0￿￿￿rnent. Inm•kln8 llsrnntthe Dennknl Fund TiUSteÈs VApect the rqsponJlbSpCommltteetosvpervbye the spendin&of the moThe$ 8rlnttd. The Dtnnh8 Fund Trujteei 4rÈ not thern5elve5 kn i Position to da w. EXpendIt￿le by Jncoln'5 |Thn Is contTo11Ed ithd mJna¥cd b¥ it5 VIr￿u& offieèrs moni¢¢red bythe Rnènce. Edwitltsn Ind Scholarship Carnmlttqqs. Lhicolr'& Inn paysthf Ind￿11￿01 ID guestlon Dn appToval fiom the relevant Commlttee5 and On produtth)n of pioperfy approved ipplitation5for s(Ml)r5hlpi P￿rnin15. ohce a pèyrnent beqn rnade by tht Inth,t Inn ieque5t5 Part or Jll of the PTomised coDtilbuiion frtsm the fund. The v4lu• of (ontrfbutions Is rnurR thon the total ¥alue of 5thohithlPS,. Llncdn ilnnrnakE5 up wshMl•ll. ThtTfuStee5 Igreedthatthty￿¢ W#￿1p01￿Yi￿dprOcedure1￿IQ5tr•ObJlcV¥frs0f ¢Tr￿F￿nd. E5fRVESPOLKY Thp Tiusteei h4Ye r￿eWed tht reJorwea tsf tthe char￿¥. cornprt of £664k unresvirtid, £1gk tertrict•d 4nd É7.330k ÈKpÈndlè eDdowment. The Trultees hive hlenthltrd that the end benefidbfits of the Chaiity fflot In way deprfvod Iiom thq bertÈfftt ol the Ch¥hy'50b1itt￿1s. Th• rwlÈw encomp•55ed the n4tuie ol the kncome 51re4mJ and the pollcy idapttd by the Tiuitees. whlth thry (onik4ef to be prudent. to Tiuitoej must hold Iufflaent roserye¥ ro taXu¢t ihl Inieiest5 of lulur¢ btneflchrle5 Ihe Tru5te5 £¢h￿der the ChJrity'J expend￿1￿ ndowment tuDdlJ iuit4bhforthlspurp051. fjr4nt14refuDded fromlrtt ioiefvs4nd Incomq thJrlnithpvI41. 7htp￿khei Ire ie¥4ewed on nURE DevElOPUtPlTS The Trustees ol the DeMln£ FuThd ho¥e ieYwed thi yv•T•II Jtrbcture ind ifficitncy olth• fvjnd •nd cOn￿lIdIt?d thE knyestmints Into we m4nJ4ed by the In¥EStffttni Comrnrttee ind by th Ihvestment rn•n•8•15. Thè Tiustees h•¥e rw11￿￿4 the pertorm4nce olthtlund mnii•is •ndwll conthyviodoso•t ieiul•r Interyili. INVESIMÉNT POWER5ANO POUCY J((OTdtr)Ce their powori under the Trubt Dmd, the TlUSt•tt dplpyt•d n￿￿1￿mInI 41 IhE PQrtfollO ind tho Inv•51mont pwe15tgthè Lkncoln'5 Innlnv￿tffiQfitCornfft1rlte. The I1￿11rnI￿t ComrnKtq• m••ts w4lh th• lund rn•nayis b ￿•1 h￿d5 rwo old￿0n41 meetlnp to ￿nI￿1r thi Invtttmth)t rqptsrt. INVESTMENTPERFORMANC Tht funds 4rt Invested wllfv Lei•l &Ger￿￿4 und•1 rn4n•yrnqnt In p•U1￿ funds thètti•ckth•rnaiktt,. Vjhlle dolnino b•ttqrth•n the et, Ihefvnd h4sdOh•nO wors•. LI1￿ & GeDeril ￿¥¥ ch•TgI5£0ns5stol•fl porlthtme thDrie, plw fi •d-vaknr•rn ch•ry •Dd • rn•hiim•nt (Mrp, LE6AL&GENER•I¥INVESTMÉ14TMINDATE Lq8bl & Ginerèl rnonei? the heme'i iisets on 4 P41￿ b•sts In theli porA•d Ind1￿ funds. The dl>iilbthn of tho Sch•m•'s •5sets Is to be ESG Is a ¢enti•l underplnThinÈ io •U ol LGIM'i4cU￿t￿th nd especioly wlthln itiateik InrtI•t￿$. LGIM has dtYelupd Ind publldy d￿cINe￿ It polbJts lor stew¥d5hlp 4Cv￿ts. Their pollrk75 4r• NvlvAd •nDuJlty •nd updited where neces1￿tIj Inu¢e they ttm•kn dlinqd th• Y•fiOUJt¥oMneTryulitlun5, bestpr•¢tlw ind dientftedbath. Vhw• posslble. Into or of the lund Will be used tv M￿ni11n th¢ Isset dlstdbutlon ithkn th• sp•dfi•d r•nys. In •ddftkJn, Jwkches between•15rtdAss•swll be Impknl•Nt•d ènywei cl•5511mO¥t OU￿delher r•niu. NDS 1he lundjof thvchwttycornprbe otr. 11 unrestrkted funds. which are expEnd4bleinthelurther4nrE TrfthB Fund'sobhcdv 111 expendable endowment fund5 whlch were created by Wfts 4 number ol yeors Jgo. In airLYd4tscE with the terffls lll ihE tht cap￿1 Is to be makntalned unlessltis iequiiedio bl spont andth hicomelsiieJted45 uhTestrkted Incorne. IheupStalof iThe fufid tanbe expEnded Jt thtTrust•pS' discreyoD. 11 reStrla*d fund54rise Irom i N#orlE dllnDtvJn t04 fvnd cJlWtheJllaThOEnn1r￿pr￿e. In thEopinKn of thtTruJtEE5the ChiiKy'5451ets lie Suffideni iomeet tt$c4mm￿ents. Piie5uflY

THEHoNOtI￿E%)t1EIy0F LINCOLN'51f•M THEOENNING FUM RE•ORTOFTHeTftusTEE5ICOPITINUED} FOR ThE YEAREIIOEDJI DECEMBER202J TIUSTEES'TUININGAIIOREWNERATrJN New TiusieÈ5 lie affered •ppiopriat• Indutt￿nand trJlnkn8prncdulg5. AlltheappolntodTfuStee54reeyperfent8d lawyer ThÈChaTttyhas noemploytts noTrustee recdvEd rernunerJoTrforth•rSEtvttS. TAUSTEES. RESPONSIBILITIES The Tr￿stt$ aré resPan￿bIt for prep•ilni rhe Report thE Fin•ntial Stètements in E£Qrd•ncè ¥pplirnbl• ITh and unfted KIngdomG￿traItyAc(OPIQdA￿oun¢hn1 PratNiqX IUKffjAAPI. Lawappiiubleio th•rrtitS ih Wile5rtrqukestheTTUSt•￿1OPf￿pare fianc￿l Ststrmthtsfw each whlrhil¥e5 Itrue 4ndf411 ew of thE ChaiAy'sfftnanci•I Oct5￿lIes dunngihtyeaf •nd of poshloD It tht offld olthe year, kn wep¥r5ni atCtyJnt W¥1￿￿true ndfairvkw. the TrustEe5 5houldfollowbrs1 practKt ind.. 11 sle(t$j￿•bIe1CCOUllIhnspOll£IeS Jnd 4pptythqmcMs•ntl¥.' 111 mbkelud&ements4nd estknate5that Irt re•sonable Ind ptud•nt,' 1111 Stile ¥htlhor ¥piicoble •ccourisni yt4nd4¢ds hwe been t￿1￿¥￿1, iublort to Jny mrt•rf41 dep•rture5 dlsdov40 Ind ExpIAined In the1ccr￿n￿, affld lvl prtyArttheaccounts tshthwniconcern b4$15unlesiitlilnwwoprl•tRtQ aSgJmeth•tthq ch4rMywllltontlnuekn opei•tlcD. ThÈ Trustees Iri iosponsible for keir￿4 irrauntini recoF05 dhdoit ￿th itKonible tturwthe fknancljl poshlon of the th4dty Jnd Ich enJb thqrn to èscert•kn the financlal puS￿￿)n olfhe Ih4rlty Ind ￿10￿ them to •nXurethit the Kcountj comply V•lth ipplicJble law. They bre ilsofqsponslble for Mfe8u•rdlnithe45sets of the chatiry hence fort4kln¥rpiyohible stepi lor the pr•ventiM #nd dÈte(tlon of eiroi. tryud thnd othei iffeiulJ￿r1eS. DuTinithe ytirthl Iru5ttèS4ppolnted new4udllOrX H4ysmaclntVTe LLP. The Tiuttees ve iespvnllbk for the Milnten￿Ce ind Inteyty ol thi eoiporJte iffld In•no11 knlorrnotlon knclud•d kn tho Ch41ttv Cpmmiislon's Web1￿¢&￿￿ rtt￿e Do rqrnunÈr4riw. The TrustpEi hbve tomplled V•lth th¢ d￿Y kn s.17 01 the Chaittiei Attlollto hiv• du i•yrd toth•Ch•rllv ¢yrnMisiifin's publlshed p)er41 •nd re￿•￿t iub-iectoriuld4nttrCDncornlnitho op¢r4typn ofthePubll¢Oen•fft iffquiremqnt Und•rt￿lA¢t. Appro￿d byth•Tiusteeso Ind ￿Ined onthEli b•h•Wby Mr Alan gov￿ac Chilrm4Th oftheTiuJieEs P4F 601 13

INDEPENDENf ALKIITOR¥REPORT TOIHETW5mOFTHE ￿)llOu￿&BLE 50UETYOF UNC(￿51NN THE DENNINGFUND FOA ThEYEAR ENDEDJLOEWDERZQU oNNIoM audlttd the fin1nc￿l stlternents of The HynouTiblt Sooety of Uffl£aln's Inn DÈnnin8 Fund foi yqw qnded 31 December 2021 lch Eompi15e the Statement of hnanclal Actlvhlu, B&lafflt2 Sheet and noteJto th¢ fininti41 statements jn¢ludiThÉ i SLwmaiy of swiM(•ni [ro￿￿tIn1 polk￿5. Tho reportlne fr&mpwOik ihèt h45 been wpplled in th1 prepar4iiDn b 4ppliraWe lèw and Uned Kinidom A¢rountinÉ5tJndJrds, Ippli￿ble InthtUKand Repu￿1( f>f iiJand Iunrted KinidornGener•lly Actepttd Accounting Proctlcel. In our opin￿n,[h•tInandal st4ternqnts.. btlu aThOfairvl￿Ofth•51jte ufthe ¢hJrlrf5¥ft11¢s Is at 31 Oecernber7071 of theChadtTrlsnw mr•Jementin fundsfvr h4Ye b¢•n piopedy prepared Ih4ttard￿ceknIh ￿n￿ld ￿ngdoM Generiltyk4udltoi Sett￿n 14401 the Choihlu Act 2011 ind reportln 1ccord￿cl wlth the Ict Tel￿￿1 re￿1*10￿% or ha￿Tr8 effett thtieund•r. We con4urted vur aud￿ ITh Kcoidvnce Mth lrttem•tloDJl 5t1ndi￿$ on Audlllni IUKI I1￿ IUKII and bppliTrblt low. Our r•5POnllb4rtle5 un4erthoS* *tind•ids •re lurther de5cilbed l) the A￿dI101,5 fe¥pth￿bIlI¢Ie5 lor the Jvdit of tht fininclil 1*4temènts sertion olour r•port. We Jrq in¢•p•hJent of1￿ th4rlty In 4cetsTdince with the ethlc41 reuvkvmtntsthDI Ire releyvnt tovurludbt ftheflNnclvl st￿tMents4￿ the indudlni the FAC'S Ethlc41 st￿¢￿T￿, and wè b4yefu￿￿Iqd0ur Other dhlC41 rt5pgn5lbll￿es In i(cordinÈe thue regulrtmentl, Webell¢ve tThit IhE obttsined15sulndenrind 4ppropffl•te to pro%ldÈ I bA51S foroui opin￿Tr. COP4CLU1￿￿lsAElA1l￿fj TOfjPINGCOMCERII In Ihe hnJnc￿I it•tEment4 Wt h￿¢ ron(lL￿E￿ thot th•trust•qs' uA• of th• lolni conc•rn b45ty ￿ •¢countln8 In the propw•¥vn ol Ihpfin4nthil it•terneniskn Ippropr￿le. g•vd on the work vu h4ve pertormed, ￿ h4v* not Id•fitlnod •ny rn¥tE￿Il unCtrt•lntles iel*lnito ivttiti or cond￿lOnS th41. Indlv*u•lty •r collethvety, moy c45t ilpifflcint doubton thq Ch4rtty's oblltyto coDtlfflue *% b coThcern for • perlod of It ￿ltI￿*￿e rnoDih> from whtn thofininailsiJi¢mtrnts •1• •uthorlxd l•rlllY•. Ouri•sponsI￿1rtles tho lu￿nI1￿￿￿e5O1thtrU￿eesWtttr re5Prttv BdThiconcein •ied•swlbedin th0fel•v￿1 s•ctyons •ftThis¢•p•rt. OTTrMINFOAMATK The tN#ees ¥rE r•sponsIb￿ lur ihe othr InforrnJtloTh. Tht tsth•F knformotlon compr1￿5 the IDcludd ITh the TiuStet5' knn￿l R•pDrt. Our oplnion offl Ihe fin￿[111 stateTrTronis nrt Cover th• othei IDfoimitlon llnd, ticept to the extefii otherthse explictttyJt•thd In our repDrt, wtdo not express￿Y1¢MO1￿s￿i•nce￿ndv￿9￿thl11Q17. In tonnedion ￿th tsur audlt of the fin•ndll Itit•mtnts. our rp5pon5lbl1￿ IS to re•d Ihe other Inltsim•titsn Ind. In d¢lni so, tonslderwhrthei thr Other Inlurrn•tlon L% mètert41ty IrKun￿%tent the fbiand•l stitemnts or oui knoh4edie 4Miined In ihe •udli ur othérAIt •PPtr4Pi to b• matsr1￿1Y rnht•t•d. Il we Identfy wrh materlal InGon￿$te￿¢￿ Qr typ4rent m4t1r￿1 mhsl•t•ments, we We requlred to determine ethel ther¢ 15 • m•toii•l In the fin4Tr¢1015t4ternefits 01 8 ffl4tert￿ m155tatÈmtTht of the othor lfilorm4tlon. It, b4seJ on the workvm hiv• p•fvm•d, we rtyiclud•th•tth¢(els i mitèriilmiiststtrnent ofthlsoihir knknmotbn.wt•￿rt4￿Iiedt￿ rtportth4t IicL W• MTIERSOfllWCH WÉAIÉREQUIRa>YO tiQPORT8Ytxcipncii we ha¥e nothlffli to rewrt in re5PEL ol tht f￿h)￿In1 m•tter5 In r•￿t￿n to l<h rhe Ilxcounts Jnd RPOrtxl All￿411￿nI IL¥)8 ftyuiieu5t4 repllrttu If, il wrcplDIw'. •dequrte K£Oun￿￿1rttcr1jsb￿Ifi￿b1On keo by1h1thir￿¥. or suffldqnt attOuhtinKrecord5h•ve not blen kept.. oi thecharrtyflnindil st•tements•re notln the •Gwuntinirecords rtturnj,. Or wh•¥eDot iecefvd 411th Informatlcnjnd Empl￿atIOns￿e 1equlrefurour4L￿h. RE5PONSIblLITESOFIHÉTWST￿F0I THEFIIIPIICIASTATEP•TS A5 Ixplkined more fulty lrt thè tiusi+es' re5pon51bll￿1S Stètemenr set Qui On Pll8e 6, the trustee5 4fE lor the prep4r4yon of the ftnantlDI 5tatement5 Ind far bein8 satisfied th thty tytr a irue Jnd falr vl•w, and for 5u<h irfein41 Ellntrol ry5 the trustees deterrnlne b nec255Oryto en4blEthepTepAration offln•D¢ial 5tètèmentsthat ale fre¢frtsm mat¢Nal n55tJlornenl.whetherduetofrJud or eiror. In prtpèrfn8the Rnand415tstements. the tTUStees ale iesponsible loi 5sse55l￿the ch8ritV'5 èblllty to contsnue AS e gcln( concern. dtsdv51Tr& J5 applabk. rnètter5 rÈhtèd to 8oln8 con￿rn usin8 the goln8 concein basis of acuuDtlng unle55 the ttustees *thÈr Intend to Iiquithte thEthDTityOito￿)Cco￿It￿Jn￿.ry haven0re￿￿￿c1he1￿èt1ve birttDda 50. P¥È70113

IIJDEPENDE14T AUDfToHs'iEPORT IOTHETAUSIÉESOFTME Hol￿11￿1￿LE 50thETYOF UNCOLN,511•fi￿NUeo THEOENNIFIG FLWO FOR THEVEAREIIDEDJL DECEkER20ZA AUDITOA'5 RESPN51BILWIU R)R ThEAUDrroFTHE HNAIICIALsfATEP•TS Our oblectbyes are io olstoin re4sonoble aHuranc¢ 4bOUt thether the ffnand415tètÈments as a wholè 4r from merfal mlsltotement. Ether due io fr4ud oi error, PA)d to ￿ul￿ JvditOf'5 report thèt indude5 lluroplniOTh. Reèson8ble 4S5uraficq 15a hieh level of￿5￿(￿(e. bui Is rtot a guaiJntÈe that on audlt ￿nd￿rIed ¢n atcordance ￿th IUKI ￿11 always deteLt a Mate￿11 misstatement ¥yhen ￿ ex1515. MlSStatementS C4n ar152 fiom fraud oi error4nd 4re rDndertd materlil Il. Indr4iduillyorlnthe a8yepte, thoycould re•sonabty be expettod toinflLW(ethe ewnOMde￿SiOnsQI u5ersi•kenOnihtbolsoflhe5e￿Inc￿1￿tteMent1. rewrlll•y, Indudlng fraud. Jre in7tihtes of fion<ornpli•nt• I8￿ 4nd re8ulaU0Th5. We desi8n prO￿￿￿re$ kn lkne ￿1th Imbf iesPQn51biiiies, out11ned ￿0¥¢, io d¢ted Nteilal rn15Jlemertts In iespect 41 wrry1in￿eI Includini fr{L￿. Th¢ ext¢DI to thich Oui prac0Our￿ arecw•Nq oldqloLtthlllf•AuI4T#le5. lllcludlnifriud li rtetolled bdow.. B•5¢d on QLY underst1ndl￿4f the ch4dty and tht •Th￿rOnMent In whl¢h ht opwates, we Identifl￿ th•t the p￿rt￿paI fhk5 of nOn￿mPl￿nce th14wS •Dd rcLvhtlon$ Ind we co￿0erEd trtdnt to whkh mlthtb•w i m41vl41 •lfd on the nDand41 st•ternert5. Suthir•i'50ffflw-complknfice wtrre Ideniiied. We evBkntid m4niierneDI'5 lfflE•ntlves oppcrtunltx kn fraudU￿nt rnjnlpulatlvn ￿ th• fftnindil Jt4rernon15 Ilndudkni tht ol Lwerrwe of controtsl and deterfflln•dth4t the prlndpilflbk5w•f• rel￿ed to rn•n4yrnent¢Mrlld•ofcontroth, Audlt pr¢xedurtS p•rt9rrn￿ bv thetni•pTntntle4m Induded.. DI￿￿￿1￿hrn1n1Yrn•ntInt￿dI1￿cO￿th1I1cnOf W5UJOthdlniLirtts0ffion￿MpY•fj¢1Wlh ￿wI￿nd￿uhI1cn indfriua.. Ithni￿nI •hd t•stSw pthJlir ￿111￿ pv#•d unuiuil ￿¢Unt ¢aN￿OI11¢fil by unusuDI U￿rI Dr A luther dw(r4lll•h If our rew0o51bii6foi ihe iudli olth•th•nd•l si•rn•nts 4lor•ted unth¢ Pln4na41 Reportlni CouDdl's ￿bYfte kt.. yMW.IrC.ori,uk/wdlttsisrtsponslb￿￿tIe5. Thisdpscrlptkn foirns p•rt DtDur wdltaY'si•port. U5eoFOURIÉPOAT Thii r•port ts m•de I￿•1yt0 the charhy'5 trus¢ffi, bs • body, In accordincl yAth s•ctknn 144 of the th•rrtles 2011 •nd r•iul•tlMs rn•de und•r s•rtlor 154 of th•1 Art. Our audlt wotk hij been undert•n 50 th4t w• Ml8ht 5t4t• to th thirlty' gfuStees those rn4nirs wd Ire rtquliqd to Slate 10 them In on AudllQT'5rPOrt 4nd lor nooihÈr purpole. Tothelullest oxteni peimttted by ￿¥. we do not icr¢pt Or •¥yM• H4yim¢intry LLP StitutoryAudltori 10 Qhmen Streei Place Lond4n EC4R IIG Dale.. 15 September 2022 Hwm4dntytLLP1sdii￿IttOIrtlSaTh iermi of st£t￿n 1112dthq CymynieJArt 2Cal

IHEHOIIOURABLE500ETYOFLINCOLN'51WI IIIEOEN141Nfj FUIID SrATEMETIT￿NNA￿￿￿AcllvhTIEs roA THEYEARENDEDJL DE(EMBER2O11 Endowmnt fuffld Oonations and LES￿eS Investment Income- Fee rob4t•s Investment Income TOtl In<iiin• 10,715 4,282 156 574 171,571 13.693 3,638 146 4S8 163.789 4.287 156.574 IyndlluMOn'. in•iement &AdMinI#rat￿ E￿[atio￿lIA￿ard5 12401 147 7011 IL47.941 156.4fj9 IéEtGalnlllDssI on ￿￿S￿rnIn15 II•i I￿Orn￿lI￿XPI￿￿d1•) 828,808 818.808 15,102 815.701 MErM0¥Ek￿TIrI ILIMDS FUD4 brcvtht foiwwd •t I jan￿ry2020 648.978 6 501678 7 167713 6970653 nd r•rrW 11 Ji t•rnbw IOII 7.330.486 BP13 414 7 167713 Itho •ttk41tleiofth•fvTrd •rtcondnulwln bDth thMye4r•ndthq y•vlouiv••t. l ￿mparIt￿t moYernthY¥ Mlitt to unr•5tr1rtqd fvrAI 4PArt from knv•5tm•nl Vln V¢•5 tL¥ £416 to i15t￿ttd 4fid É180.786 to ryenJbl• ondowrnent. KÈYOFII

T1b￿l1￿J￿A￿LE5￿lET10F￿lHcfA￿,SlI1lI THE DENNING FLWD BALANCESHEEr F(XITHEYL4READED 3ir%(ThlDER￿1L RXED•SSE ID¥e#meTrts 7,912,478 7A177,995 CURRENT A55 Debtois Clsh It8ank Ar￿ntId￿etrllffl Ihn Y,536 71,389 20,072 1337 19,234 CURIENT l￿81￿7￿E$ SundryCridi¥of5 NifcuRf¢EMT ASS I￿,93? B9,719 ET￿E￿ Is 7,167.714 unrestilL1ed H¢rtrioed E¥p￿dIblE EndThwMerrt 611971 17, 6501.678 7,167,714 18,849 7.330.486 •prty••d byth•TrustQ•5 ty7'. pnthdrbeh&*by. MIAl•n 8pylfrQC ofthe TiuJtl•5 Trol￿￿on p•i•biiioJJ1qmbpprtolth•J•flfiird￿1¢lIthTrrtts P4plOof IJ

ThEHOIIOLKIPAE%XIET¥OFUNCOLW'SIIIN ThEDENIIING FUND NoIESTOTHE￿c0UNTs FOR￿l￿R ENDED3L DECEMBER20U CCOUIITING prA￿lEs The fin￿(111 st￿￿1nI￿ teth wep4r•d In a(wrdance and Reportlns by Ch4rtlcJ.. StlltEmpn¢ of Recommended Prbttb￿ opplkable to pieparlng ih¢lr ￿CoUnt5 In ac(ordJnce ￿th th& Fihèndal Reportlni 5tJndard appI￿able In the UK Jnd Republic tsf IFBS1011 lthdYE i Januèry 20191- ICh&ritlR5 SOHP IFRS IWI.th• FlnaThrl•l Rqponin4 S14ndard ippllrleln thr U%and Republk of Irlird IFRS 1021 •nththeC¢ryir4tt Art2(¥J6. The Tru5teEi arecNndeDtth4tthe Fund wlll hwesulficietit rtS¢WF(esto Me￿￿&bI￿alltsr ttle￿I Urnonth5fvurn thèdate 01s18nlndthls report1￿ 45SLKhthcJccvuntJ have bten piepwEd unllolrticontefn bisi5. I Inccmlni le5w￿5 we reco•ibed kn the Statement of Fln•Dd•l wh+n the h45 to the fvThd5, piobiblèthai tho Income ￿11 bvrryrefved •ndtht•rnovnt be memuied rell•bty. ForlrfDde5. entldement li taken4StheiTN•rolthe dite on whlth ilthir.. Thi tha￿tY Is •wireth•tpiobÈ hisbeen y4m•d. ftecelpt ol b114ty kn wole ry in pirt, unsldefed probiwq when the ￿oUnt un bl M•wrd I•l￿ts Ind thÈ charlty hasbeen DotliÈd ofthe xe(utoI5intenJcffl tgrn•kt•d15trWJutloD. Tht est4tt has been flnil55ed Ad notthcatlon bai ffl4de bythq e¥Kutcr151tothtTruttth•t a dlstruiion Y￿￿tse m4de. WThen4 thttfibutlon b reG•l¥•Ofrom th••rtato. Recelpt ol• ltiwln ho or part.15th￿¢￿I1thfed pro￿bIl whlnthe mount bq rn•uurd t•11￿¥ ind the th¥rfiyb45 b¢in notin￿ oltheexeoxor'llhton￿oTr io mike a dblrl)ull•n. Unr•strkted fuhds •rt Wlllible tv spend arti￿14e5 th41 fvrther Jny of tht PWP051s ol the . IrrtStment5 ITbVQStrnintiwe 5t•tEd * mld-m4rkttvi￿Je •tthe JhEetdate. GOVERI•W4CÉ The mèotsihe<o￿of imun1f411(￿,t01 èd¥lce senlctsbytht auditors Otherproftss￿aI1￿I$O P¥e llof 13

THEHol￿URA0leS0ciEry0FLINC0lP￿sili￿ ThEDENNINGFUND NOTESTOTHEACCOUIITSICOIrnNUEPI FOA ThEVEJI ENDED JIDE￿mBER 2021 Wo Tfustte, or persor related or Èonn&ted tc them r￿e￿d an¥ remunerJUtyi llr rÈiMbJrsernent of expeTr￿ liom the Fund durinithe uJrrentorpre4ityJSWr. EDUCAM014ALAWARD5 TheTrurtpDld OYerdl¥4derd lTrromeon in ts rett￿d basi5tothe Honourle Sodety of tin￿￿,5 Inn of £155￿ I￿30 É148kl. bro•llycohlCk1es wFth the p4yrnontdU bytincdn's Inntopupil b4rfi%ttrs Ind studentsof sch￿￿TShIpS￿￿d iw•rOsrnade. IN¥ESIMVITS iiket v•￿4 7,077Jyfj 693,020 104,263 prO￿d501d1iP￿l1S 1481,5QQl 12W,5WI Glns1lLo￿jo￿ lTrviStments 111,212 M•rk•V•￿ 11 Q•£•rnb•r 7912A70 7.077,596 ).￿).319 3J97,4J5 Indlr•et Ir4nSK￿O￿ fOX54Te Inculltd throu￿ the ￿d-01[￿r SPf•4d on Invejtrnqnts lthlD puded In¥estmeDt ¥•hld•5. Thi ￿pUnt ot1r￿ltertc0￿S ￿n?13•plr4t1Y prq¥tsJed tolhescherne. 2021 L￿u￿e￿I¥K4F¥ftdTr￿l L&GIDierD41￿nII IndK fiult LSfj*IKed Intorest Trvst L&G Ern4riln•Mirketi TOTAL 2,596,636 3.Z99.QOI 1,233,687 42.12 41.69 31.17 41.44 1,933.080 1,073,650 7912 471 7077 995 its) DEBTORS Acryued Income 9,536 4437 CPEOITQRS Thdry crtdttofs IIiITOFflET ASSm8ETrJEfN FU1105 2DZI F￿nts le51rkt•OFwrth Jnts Inwostments Net rurfent•5¥•ts 563,143 7,330.486 7,912,471 18.849 7330486 ￿15 Exp•ndabl• Fur Investments 576.J17 6.SOL67B 7￿71,995 pl￿ 12cf 13

Th¥H(XIQUKABLESOUITYOFUIKOllf51MN DEllfllNG FUND WI)TESTo1￿￿CQUP￿fS(C0Fffil1LlEDl KlkTHEVEAP ENDEDSI DECEM￿ 2QII RELAIED pARr#TR￿S￿r￿Is Tthe Hono￿•ble 5ocletv ¢f Lhlcdn's cffje tylthe lour Inns of Ctsurt It15 In a￿ent unInc￿OrRt&d bod¥ of IV￿T5 whkth f flye centurlts4nd rnoiehhehad th? pow¢rtu (aiiothe Oar￿#41th￿tmemhttS1￿￿￿h￿￿ du￿ 4ua4fted fryth•r4nkofd4y•è of Bar1ister-•i-￿W. Th¢fund was establlshed byrnernbersoi former members olthe Honourle sooth of Uncoln's Inn Jnd llld outin Its obleciives when vacanc •rtse In body ofTruS￿51he tounE4 of Oen£hers of Th¢ Soclety ot Lm¢dn'i Inn h￿d the powerto ￿pp￿Irt replacernents. Th•TfuStee54re OiherW￿t ¥JtOnDmOUS. ThE Intercwyany icrnunt brtweenth Inn and the Dennlnifvnd (4udeJ donrtlom ofE3kkntothe bafflk arr￿J￿t, the balance ofthE KCOUTht 15t19kand be tron5ftrred from the InD ro thE DEnninifvndbaThkJcthht duiin82011.Ih¢ri4Ti nofvrtheriet4ted pvti*A.