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￿ Ind*pendent*JJthtoi£ 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¢y4r**rt. 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 • col*m4n 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&ECV*ObjECIIV￿￿￿p*lm(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 uhdert*ento knpTove admin￿roth)n proce55e5, mik¢ ¢ost sa¥lny •nd ￿Tr5011￿&te thvtttmentsto oller the potert*l forh￿*r knvpstmEnt ietum5. The th•rty11 èt￿$1 whose obhd Is foryner41chartt•￿e purp0*5. The prindp*I *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 p4rtlculws*udent50r puplL4who IntqndtobecomtprJcty51n6rnernbor5 Dlthe Bar of Fnillrd indW4les. ACIIIEVEMEfiTSAND PERMM•JICE F4rthe yeor ended 31 t*t•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 Ntsrtlmport*nct4tth• modtrn %41h 4U•II 4lper50nilltv priy*htatlon41w ieiiTded4J béihiof th*4Ye4test knpcrt•nu ID PnVDnÈ41mkni4t lite 151 ￿nISt•r. M•rtt ￿ as5eH•d by i wn*ldec411oD ol ill ihe ffl4ler￿l plic•d bel￿e the Inn bytht ¢Dnd1d￿i In hls or hei wrtteTr •pplkrtlon ro￿renceS toiether. wher¢ * e4rtdk*ite 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 t4lcu14t*d on the bo￿5 of rholi Ind￿ld￿lI meank The xhol•rs' •re c•kUl￿ I tht btsils oftheli •s*ti, 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$1￿1￿ re•v￿rIv. All itholiri, vAlI oeawIrd￿ •rnlnimum tsIElmO. Unt￿n,1 Inn does not d￿￿mInIte unla¥rfulY 4i•ln5t person on the irovndj DI ththt PèlSOn'l 5e*. colcui, rK¢ n*￿MIl￿¥ •t *thfile or n•tron41 orl1ln,d15I￿1Ity, S•IU41 orlenutbn, r*iio4n Orb•1￿1. oi •y. or sn •TrVVitrrfr wiythttt is unthwful. ThETtuStees ofthe O¢nnN Fund b•l*%*th* IhESe•ppll(lt￿n (liter￿ do nrt￿t￿l UThi•4%jn•b￿ iestil(tlon5Qn 4<(e55byc4nthdDtdtothe s(h#lèishlis walhble. In¥e#rnenisJreshtswnonthe8Dknce5he•i•t rniik•tY4￿tln a(￿0•n￿wI￿ rh4rity4CtouThtknirule5. The Net 1s5et501thE Fund Inue¥sed b¥lB45kfrom £7,160kto E8.OlX FUNQRAJ5X4G Whllst we do Kti¥ely irEfortuTh*tetorecthtdon*kn> beguestslrcrntlmetotlmt. W•4rg yat•lulforlheynem4ty ofthedonurs. PaK•4of ThEHof•DURAVLESOCIETYOFUNCLWSINII ThE DENNING FUF4D ORTOFTHeTRU5fEESICONTIMUEDI F&IIHEYEARENDED31 DECEMPEP 2021 k14KING POLICY The Oenffllng Fund donatestow•rdi thÈavèiallle¥el oflndb41dual •wards mad? byLlniolh's Infi. Income15 earned hom I￿￿ents lTrthetOTm Df dNidends 4nd SnrerEttlStrnnsfeired45 rereNed froTn the hiw5rrnent the Honourèble SDcl￿y0f Uno)h'slnA. Atthe eDtt of eaih flnanC￿l year the Truthes 4sStSS Ihe value pf the tot•1 tionsler ol ￿nds th4t has been m•Ye for the and pty or take balandn8amoun*t•orfrryn as Jn Jfflnu¥ 0￿￿￿rnent. Inm•kln8 llsrnntthe Dennknl Fund TiUSteÈs VApect the rqsponJlbSpCommltteetosvpervbye the spendin&of the moThe$ 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 ÈKpÈnd*lè 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 Tru5te*5 £¢h￿der the ChJrity'J expend￿1￿ ndowment tuDdlJ iuit4bhforthlspurp051. fjr4nt14refuDded fromlrtt ioiefv*s4nd Incomq thJrlnithpvI41. 7htp￿khei Ire ie¥4ewed on nURE DevElOPUtPlTS The Trustees ol the DeMln£ FuThd ho¥e ieY*wed 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 m*nii•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•hii*m•nt (Mrp, LE6AL&GENER•I¥INVESTMÉ14TMINDATE Lq8bl & Ginerèl rnonei? the *heme'i iisets on 4 P4*1￿ 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￿$. LGIM has dtYelup*d Ind publldy d￿cINe￿ It polbJts lor stew¥d5hlp 4Cv￿t*s. Their pollrk75 4r• Nvl*vAd •nDuJlty •nd updited where neces1￿tIj In*u¢e they ttm•kn dlinqd th• Y•fiOUJt¥oMneTryulitlun5, bestpr•¢tlw ind dientftedbath. Vhw• posslble. Into or of the lund Will be used tv M￿ni11n th¢ Isset dlstdbutlon *ithkn th• sp•dfi•d r•nys. In •ddftkJn, Jwkches between•15rtdAss•swll be Impknl•Nt•d ènywei cl•5511mO¥t OU￿delher r•niu. NDS 1he lundjof thvchwttycornprbe otr. 11 unrestrkted funds. which are expEnd4bleinthelurther4nrE TrfthB Fund'sobhcdv 111 expendable endowment fund5 whlch were created by Wfts 4 number ol yeors Jgo. In airLYd4tscE with the terffls lll ihE tht cap￿1 Is to be makntalned unlessltis iequiiedio bl spont andth* hicomelsiieJted45 uhTestrkted Incorne. IheupStalof iThe fufid tanbe expEnded Jt thtTrust•pS' discreyoD. 11 reStrla*d fund54rise Irom i N#orlE dllnDtvJn t04 fvnd cJlWtheJllaThOEnn1r￿pr￿e. In thEopinKn of thtTruJtEE5the ChiiKy'5451ets lie Suffideni iomeet tt$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 trJlnkn8prnc*dulg5. AlltheappolntodTfuStee54reeyperfent8d lawyer ThÈChaTttyhas noemploytts noTrustee recdvEd rernuner*JoTrforth•rSEtvttS. TAUSTEES. RESPONSIBILITIES The Tr￿st*t$ 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 f*ianc￿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 s*le(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 tshth*wniconcern 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 th*1 prepar4iiDn b 4ppliraWe lèw and Un*ed 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￿￿￿e5O1th*trU￿eesWtttr re5P*rttv BdThiconcein •ied•swlbedin th0fel•v￿1 s•ctyons •ftThis¢•p•rt. OTTrMINFOAMATK The tN#ees ¥rE r•sponsIb￿ lur ihe oth*r InforrnJtloTh. Tht tsth•F knformotlon compr1￿5 the IDclud*d 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 stitem*nts or oui knoh4edie 4Miined In ihe •udli ur othér*AIt •PPtr4Pi to b• matsr1￿1Y rnh*t•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• M*TIERSOfllWCH WÉAIÉREQUIRa>YO tiQPORT8Ytxcipncii we ha¥e nothlffli to rewrt in re5PEL* ol tht f￿h)￿In1 m•tter5 In r•￿t￿n to **l. Irrt*Stment5 ITbVQStrnintiwe 5t•tEd * mld-m4rkttvi￿Je •tthe JhEetdate. GOVERI•W4CÉ The mèotsihe