2020-12-31-accounts

CTrIARttYREGISTftAmoNNUMBEf¢.. 1102AIS THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

IHEHDNOURAeLE50CIEtYOF LIPXOiN'SIIIN EDUCA￿NALAWAMDs FUND FOR THtYEAR EIIDED31 DECEMBEltZ￿ Trustee5' Report A￿lt￿￿5Rep0rt Statefftentof nnènclalActtylt￿5 io BBI?ncEtheet li testotheAccoums 12-14 2tsflA

HONOUKABiESOCIETYOF UNCOIN'SIW EDUCAThJNALAWARDSFLIND REPORTOFIIIETAVSTEES FDR THEYEARENLKD31DEUMBER202D (HARITY REI45T8ATION WMDE￿. J101415 PIINCIPALADORES5'. TheFknnouraL4ESodetyof Uncdn'51nn TYea5uryOthce London WC2A3TL NAM￿ OFchbdtyTRUSIÉES'. Th•TYUStees¥Jhoseryedduvlns t￿￿taiWere.. fvtrAG 8oyle QCIChilrrnanl MrDHOèyQC Mrj MJar¥75 QC PlorKsQC gANIERS: C. H￿re&¢0 37Fk*Str London EC4PdDq AUDITORS.. Haysry4(tnwELIP I0￿eenPlaCe Lorthn EC4RIAG INVESTME•JTMAPJAGERS.' Le8al& Gcner4 Gr(MJp Plt LeEal& GEnwtA Inves￿￿1 Mana8trhent (knecdeman street Loroon EC2R5A4 Pl￿30f14

THE HONOUNAOLE x)OETYOFLINCQEN% INN EDUCA710NALAWARDS FVNO REPORTOFIHETRU5TEESICONTINUEDI FOR ThEYEAR ENDED31 DICEMOER 2020 ThÈ Yrjstees prwi thdr annu￿ report and sudlted firAnclal sièfErnents for the yeai enthd 31 tkcernb¥ 2020. The thancl statement5 have beell prtpared ￿ ¢he b3515 olthe setout on 12 01 thefinancial statement5 and comply ￿th charSrf5 4ovefnlng scheme. ¥p￿IE3b1È lèw and the iequliÈmÈnts of the sratsnienl Df ￿eCOMMended Pr¥￿￿-,A[￿￿dng and Reportln£ byCh&ities'lssuedlnOctober201 CONSTtTUTIONAIID FiIPPOSEOFIHEaiARITY At9December2(K>3theY(uste￿ mergEd anurnberof ex15tlngcharltles inattordancewihadwrityc0mrnw￿SthÈm￿. ThÈ5pwere.- Tli2 Bennett Fun nardsu￿tY(w3tterw1￿El￿wLyth1 Memorlal ￿781d(0tlerFUDO Ihg8uthanan Pr1ie13142411 ThÈC￿se1 khdarshlp TIu5t13139941 TheDrwSthG4a15hip TIu5113135681 theHubert Greenlard Fund The lsaltwdfson Fund The KennedyFund13135421 The MegarrySthoLirshlp Fund The Morton olHenrykM Pri¢e1313YJI ThESirThomas Etham13139YDI ThpStIEbelTwsl TheTMmasMDre Fund ThEWatsf ￿E81sworlh5Eho1￿t5hlP The moYEed th¥tyi&called TIIE HONOUKAOLESOCIETYOFLIPKOLN¥ INN EDiifATrJNAIAWARDS FUND Thecharity Scheme15 nowthemerged CharWsgoYtT￿n8d0Cvfflofi[u￿￿rwhkkn theTruse5 we EmpoweYedtoJtirlbute part]cularÈwaith. attWrdlscretlon,tDènyof then?me50fthE mÈiE&J charltiQS. On l Aryll 2011 the asse15 of ￿ 1946 Fund, a sm41 th¥ty ￿th slmllar to those of the Eduratlonal Awards Fund. were tiansferred into the Educ&tlon81 Aw3ids Fund after aEfeEtnentWIth the ch?rty Commlssknn urthr s.26 £￿the Cknrkles Ait 2011. The Tnnsfei arnounted to £270.SJ9. In 2010 we re(Èived fvnd5 from the TèfKTed Chartty tOtall￿Tr8 £661K lh￿ apwrtloned beiweenthethreef￿nd$.. Unrestrfmed E6k,EThdowedCapbtsl £S97kandexpendailecapltalES. OPJECTS,08JECtIVE5ANDPWNCIPALACtWlTIES fhe¢blertollhecharity 1$t￿adVanceMÈn1ofthe Edutatknofthe51yknt5è￿ puwl barr7st￿50fun￿￿ITh's Snnkn the The wlnclpal aC￿￿ty of the Trustee5 Is lo V5E the1ncome generated Ind Fund Ca￿￿1 ro ￿l￿t In the ryovWon of Th2 51knL¥5hips or other ¥w4rd5 to pi(Knote oi ihE lega1 eduEadon ol members of Llncokn's Inn In parllutsr students 01 pup11s who Ini￿d lo bEtame Pr￿t￿r￿mem￿rs ofthe BarolE[￿OrK$a￿wa￿. Th2 pufwse5 01 the charwu have not thènged. The mprsèr was vndert¥ken to Imp¢the admlnktratloD proLE55e5, make cosi savkn85 andcLywl￿ale hvos1fflentstDofterthepoten￿al fo[h￿hErIn￿e%trnenfr￿￿rn A(HIE¥EMENTSANDPERFORMANCE Awaids 2re mède to Can￿d￿S on rneilt tD a5slst them with their fur￿￿( throughout the ¢ommoD wofe&51onal bar vtsE4tt(￿aIc¢￿1se3￿d put4lla8eyeats because It Is t1￿1￿,5￿e￿ thattheSo?retheyear5wh￿$%Ydents DecdthÈmostflnandalsUPPtrt. Meylt In ￿essed kn tertns ol the￿OI￿￿￿'S IntsllettU31 qualmea whlrh 15 of the hhest1mpo￿ce modern 88r, tagethervlth 4ual1t1￿ of pers£￿311tySndpres￿￿1on abore6aidpd % bdn8Dltheweatest ImpO￿nCe hryonea1fflirat Ilfe 3$1 baIri5tEr. mer￿1$ asse55ed by a tonslderalw of 811 th2 rnatÈriAI pla￿0 before the Inn b¥ the c?ndldate In hls or her wrftien 3p[Aicati￿ and relerences logether, whefe a candSdaiets Inwtedfor interv￿. consideratlon ol the c3ndldate by è of Intetth&YÈrs. Qndhlates vJhose rftten appli¢atiCrfS do not. upun careful conslderatitry L45dose reqvLEiie 4uality, ￿11 not be Inv￿ kn Intèvlew. LITbEdn'5 $d￿l￿eSt￿gUa11Iles1115I￿k1ntfcr (471isweb51te. P40p4ol 14

ThEHONOURABLEsoufryoF ufKoLN'SINN EDUCATIONALAWARD5 FUND REPORTOFTHETRusfEE5ICONTINUEOI FOHThEYEAft ENDED310ECfMBER 2020 oft￿ scholars haye bEen 5elerted ¢he firoDrl)I Iw4rd15 calculated on the basts of their ￿￿VidUal Me￿￿, The ￿1Vexcep￿4rn to thts 15 the Man5fWd Sddaithlp5 whlch are offered at a minimum of É20.CW. The schotsr'5 means ace (alculated on the bAsi5 Of thdrassets. SI￿7￿85P debl Other sources ol fitwnttsl 5uppgrt proSected Expen5e5 for the durat1￿ of c<Jurse w wlod of Ihe $C￿￿[ShIps Cthnmilleesetsiheformulèsto beaprAled- e.& onfvtsklfiE Sntoaccounrsavkn8&4bDve è certakn knl capp￿%￿￿￿1￿¥ el￿se5- 3ndrev]0w5thlsrewA4r￿. Sthlar'5￿ll be 3warthda mtsthum of£l.QLYL Llncdn'5 Inn4ce5 noi dscilmlnateunlawtullya8a1nstanype15t￿o￿t￿eWOU￿￿Qlthjlpe[san'S se4cc4oui,1￿03￿oll￿l￿tr•thnkOr rtlDThèI ￿lIk￿0￿bIl1ty.5exuaFor￿entsd￿. rdie&on¢y bd1d, llraEE.of inanyotherwèythbti5 urAawful. nTruStees oFth@ AV￿rdS Fund thatthe5e aP￿1(all0￿ crfteilJdo notcreateunfEasonabk re51rlcV(￿5 on ac¢ess by ca￿￿￿ateSt0the5tholiYsh￿8val14ble. Investmènis thls year h&ve Sthr￿n ￿ uDre?li5ed rK£192k 12019.. 8th of E771&1. Investm￿1$ thawn ￿ the at morketv¥lveln accord3rteWilhcharHyaccountinKrnles. r￿rI￿theVE￿rtheCh¥￿sreSeIvQSlnU2aSed by£866kfroM £5At3ktoEG,729 FUNDRATrSING WhlL4t do not acllvlundrnlse, we are ftrtunate to recelve doMIoD5 and bEque5ts tlme to tyme. We are Èrelul for the er05ityofthedorw)rs. GBANfMAKING POLKY The Edutabth￿l Awards"Fund.m8ke5 Arèrnt5 t¢wards the QY2Tall ￿Ve1 of1ndWual 3ward5 by Inn. Intome earnÈd fiom Investments In thef<JTrn rfdlvldend5 and Inttrul Is transfErrEdès re¢eW from thE inYe5tment mana8erio the Hornurable s￿le¢Y of Uncdn's Inn. T￿?￿ardS￿re DDwBII(3ted from the ￿￿￿1t￿L￿d1Urth In Ottember 2r￿1￿ ￿nd le￿1ve0 a Df £l(th from the TUnAZ￿ Foundat￿￿ to b2 utiltsedto waid wpllJ who 8fE m￿￿lèn StUd￿ts called ttsthe Barat Unwh¥ Inn. ND5tudwts were award￿ IhI5 e 2020duetotheirn¥el re5trlctlons forthemalaysknstudents. In makine a grant thEEthL4tional Award5 FuThJ Tiy$lee5 pxpett the ￿￿￿sIbl0 Cornrnlttee t¢ svpeiylse fv 5peths of the yanteo. The EdUC3￿￿alAW￿r￿5 Fund Trustees are notthemselve51n a pMltl<JntodoSD. Expendtture bY￿nc0￿￿'s Inrtis controyed and anaBed by its vèrknus DffiEelS and tnonltored by thE Flnante, EthcatSlln and Stknl¥shlp Committe25. L1nccln's Inn pwrfs the indlvlthèl ouesti¢n on aPPTov4lknthE relevint C(Mnmlttee5 on prOdU(b￿ DI properw appioved applications for paytnents. Onct a pawnent ha5 been rnède by the Inn. the Inn ieque5t5 Part oi all of the pram15ed iontri1￿￿On Irom Ihe fund. value of tontrlbUtb￿ b neve1rnThEt￿fithetOtrl ¥alueofschohtshlPS,. UrKolnS Inn mae5upanyshortf/ll. TheTrwle￿38reedI1￿E￿￿tMak1￿pQI￿ and ro¢edvreachle¥estheoblÈ(tl￿o[the Fun RFSERVESPOLICY T￿TrUSiee5 haye revknlthere5wes ofthe¢harfty,WF￿thttth￿se0l£4j6sk￿￿estrlc￿￿ funds.£68k restriciEdfundsènd£2.29Sk 0￿endatIe endowment lur￿￿ TheTiwstee5 hpwe ILkntffiEd thai the tnd benefiaaiies of the th¥(ty ?ie nat in anyvtsy from tbebenehtofthe Chthwsobjec￿¥@L re￿￿￿e￿(0￿passe0I￿e•W￿ of the Intomestreims theplllky a41opted by theTru5fee5, whkh they Conslder to b2p[￿en( to (fistributt the annual InvE51ment income ol the chanty. ThE TIu5teeS ￿Co￿lS￿d that Sh￿￿d the Inn become unable to fund it5 5th1ar5hips. tlie liusth must ho￿ 5uffident ¢eServ￿ lo ensure that the Interests of fuknre bEnefiilèrvd5 ale piatetted. The TfJStee5 conslderihe tharlty5expEndaNeendow¢nentfund￿ sUit￿￿f(￿lNs pur￿75￿. èiefvnded fm*iee re5eiwe5 and IrKomedurkn8 they￿r. ThE polc1esèrere¥￿￿eJ on4 regUlarb3￿5. p4eSoF14

THEHONOURA8LÉSOCIETYOFLINCOLNS1 EDUCAmONALAWARD5 FUNO REPORTOFYHETRU5TEES ICONnNUEDI FOR THE￿wiENDED5IDE(EMM￿I02￿ FufuRE DEVELOPMENTS Th2 Trustees ol ihe F￿d have re￿e￿e& the ovÈtall siructure and efnt1ency ol the fDnd atwj ton$￿￿dated the investments Into (MIÈ ac(wnt manaèed bythe Investrnerf Committee byihe Investment rnana8et5. IheTlUStee5 Fove r￿ewe￿thepr￿furffl&nce of the fUndMa￿gerS indwllcortlnuetoth50at1e￿0rJTrle1v￿5. INVESTMENTPOWERSANDPOUCY acwrrflln￿ wlth tharpowerx undwtheTiustOpEd,theTiustee5 h3ve rfdegèttsJthem4nèwnentof¢hepartfdlO èndthe InV￿￿Ernet1t powers tothe Untdn's Inn InvEStmenic(xTrtnittee. The Investmefft CommittÈÈ meets wbth t￿Ill￿￿ mana8ws IvAie a year ar￿ holds iwo additiDTh31 Meet￿ to i{￿[d the Irnve5tmÈnt a￿6tr% yep￿t5. INVISTMENTPÉRFORMANCE Thefind5 31e1DV￿led￿vthel￿¥eStmentThvng￿Wth Le8al & Gener41 In p)￿edIu￿￿th8tlIltkthe rnarkeL' whllÈddn8rn bettrithan thèmirke¢thefundsha¥Edoneno worse. Leièl & GeneralI￿￿arBesthalC￿￿ts1 ofa fiW$chernech&￿ plusanathvjlorem th3r8eanda ￿￿ent(h7rP. LEGAL&GENERALSINVfSTMENTMANDATE Lwl & &neral mana¥ethpStheme's assets 4 Pass￿ebo￿￿ In thdrpo¢Aed Indeyfu￿. ThEdiStr￿Ul￿￿ oftheStF￿t'S a55etsisto b2 maintained1npr￿etet[nilledpr0P0￿0nS. Where pom1b￿ra5bff￿ into or wt of thtfund will be Lryed fo [naInta￿the3SSetL4￿rfbuti￿ wllNn the5P2dfied iarys. ID ￿LI￿On, 5wItCh￿ bethen&55etdasses bel￿￿eMented$h￿1d oThya55ettlasses move [Krts￿eth￿r ran8eS. FUNDS ThefurtdsofIherh7tltyctThpi￿e0t'. unrestrlct￿ fund5, whlch are eXpendI￿e at the thscietlrAI Df the T￿Slee5 the furtherarKe of thÈ Fund's oble¢tlve5. PÈrmoneni endllwment fund5 ¢oMprislrf endowed fund5 d￿ated to the ch¥1ty frJf 8werHI edutèlor4 p￿pose lryxJrne15tr23ted£s vNe5trktEd1nc(the. Pest[￿te￿fun￿s includèthe EuropeanAward5 F￿nd esta￿lShe0kn 2Q03 with a balary of £4.5kth1s fJJnd Inc￿dIn8 thE interest has now been fully ￿rIed. Thp M￿ly513￿ knk Award fc￿ wTrMch a donal1(￿ of Elth wa5 rweNed in ()Etember 2009. A15oincludÈs£59k received lrt 2020forT3nci8d5chdaisWp5. Int￿0P1￿Mm oTthETtMsteesthe<h3rfty'S ￿ets trtsufhckntta mEEtits<<thniltmcnts. TRLISTEESIPAImNG￿￿REmUNEftAT40N New TIu5tEÈS ale ofwed appruprlite and prOCe￿re$. ccffisiderao￿ Is Etven to the sk1115 required and all thE awntedTYuSte￿ ?reewiEnttdlawyers. tharityhJsnDern￿lDyee5 ènd Iru5tsw remuherdtiQnf￿thelrSe￿(É ThUSYEES RE5PONsIBiiifiES )￿TI￿SE￿5 I￿resP￿s1b￿forWep￿lbD8theth1UaI Reportan6the Flnzthr￿l Strdtemems In W¢rdèn¢e wlth applliaL4elèw Unlted KlnEdom Gen￿M¥ AcytdA(c0un￿￿ Prxike5 IUK4MPI. L3wapkqicaNetocharItse51￿ En￿o￿j ￿rtW3￿5 r2oulres thtTru5tees loprepofefln?nda15tatemertsfweathfinanc1alyearwhth glvèl thie èrwj lalr ￿e￿ ofthE charlvs actmtles durlngthe year and of Its fillanc1￿ pD5Ption èt the 2nd of the year. In prep3rfn8 a￿Qunts6￿rÉatrVeandk1rV￿. theTrustÉes sh￿Id+&I0wbÈstTXIke.. 5elEtiwitèble•ErOuntin8O￿es andawlythemconsl5ten￿Y makelvdeernEnts atO p5tlmètesthataiefea%onableandprud&rt.. state vthether ap￿kable accountkng Standards have been follow￿, subject to 4hY mth31 d¥)artures thylosed and ex￿1￿￿dINthe1([Ount$, and preparetheJc(wntsonthe8okngconcem ba￿5 unle5S1tis Inapprow13tetoassumethat theCharity￿II ton￿￿￿e￿ pw601

THE HONOURABLESOCIF¥YOF LINCOLN'51Ftr4 EDUCATIONALAWARDS FUNP AEPORTOF THEIftUSTEES IcofinNUEDI FOR THE YEARNDED31DE(EM&£M202 ttTw5t￿ are[e5￿s￿le10rkee￿￿n￿ac¢wn￿n￿rec￿dS￿hIch d&do5e ¥vfth rea5￿￿￿e accuiacy thefln3ndal poyllon llf thechSty aThJ whl£h enable tQa5cthaln theffitsand￿ positlan Df the ch￿￿ andwhlth al￿ thern to ensure t￿t the accllunts tcthplywlth Op￿1(￿LIe law. Th￿ are akn respon51￿e foi yfeguattht the Issets of the charfty foi ta￿r reasonable steps ts th@ preven￿thi anddeiettlonofernN, Tr Tivstees ¥e re5ponslble for the Jwlntenance and IDt¥liy of the corporaie 4nd fina￿la1 Irfvrnon induded on the c(￿￿￿1$%10n,$￿Cb5￿te andrecelye norwnwetstknn. Trustees c(Knpiled wlth the thty Ill 5.17 01 the CIMritie5 Att 2011 to have due IE6aid to ihe Chartty t￿￿￿5%￿n,5 whlbhEd £th￿ra4 a￿1rd￿VantS￿ts-Stt1OrEVIdan[e ioncprnlnètheaperat4oN Df th0publc8et￿tieuu￿erne￿tundEr1￿tACt. ApprovedlrythÈTruSteE% on d $18h&Jon thetrbeh4f by.. MrAlan Bwle( Chahbanolth@Tiusteti Signed. 25 May 2021

DEPENDENfAuDifoR5REPORT TOIHEIRUSIEESOFTHE TrIONOUftABLE SOCIETYOF UNCOLN¥ INN EDUCATIOWALAWARDS FUND FOR THEYEARENDED 310E£EM6ER 2020 OWNIL¥I We thÈ finandal 5tstsThents ofThE H￿QuIable ot Lincokns Iw thcationa Awards Fwjd ￿ the year enw ai oe¢eM￿ 2020 whl¢h £omprlse Slatement of Fln?Drlal AttiYlt1e5, B￿anCe theet notes trj Ihe flnanoal ststements, Df s￿￿1¢￿￿1?[(0u￿U￿spd1cle￿ Thefin3nclalrpport1ns Irameworkth3t ha5 been èprlledln theirprEwrationls OP￿1[able1èW united AvoUrttsr*Star￿Jrd$.JppI￿a￿È In theUKaDd Republlcof keland IUnltedKlngLkn th￿erally Ircepieo ￿￿ntI IN oLIROPINI￿l.7HE FINAIICIAiSTATEMEN15

ve a iiue ind fèlr view of the slatE of the charfrfs at 31 De￿mber 2020 and ol the Charlrfs nEt

rnovement1nfunds lortheyearthenended,. ave beenpiiyrtywepared In ac£wdarttwNh UnltEdKin4&)m GeThyallyAcreptedA<counlln8Pratbct,a haVebeenple￿redlnatC0rdIrtCe￿th￿r4uIr￿nentsofthethiTIutsACt2Ot1. DASISFOROPINION We h¥ve been 4ppo1nted ès wthtry under 5ecbDn 141 of the thavit￿$ Att 2011 Jnd re￿t1n accordance wfth thE ind rdevint re8ularfons ffladeoi ha￿￿{￿fIe￿I thereunder.WecW￿Ucted1J￿ av￿ltin aCcord2n￿￿th InteiTralonal 5tsndaids ￿A￿dIll￿gIuKI ILEA5 (UK)) appll¢aWe law. Ovr le5p￿sIbl￿tI￿S undertha5E 5tandai& artfvrthEr de51rknEd in AUdStt¢5re5P￿S1￿ILt￿ forthe 3udlt of the finèntial statero￿ts 5ecthJn OF our rewt. We are IndepenLfeni the tharlly in acprESsan¥f¢rMQI￿5SvrgnceC￿￿lu4Q￿th￿ÉO￿. In conn2[t￿r$ wlth oyr af thE ￿￿￿ck1 $t?teM￿ts. our reSP(x)￿b}llty is to reHd other Inlorrnabon 3nd, In so. £￿￿der ether the Qiher Informa￿0￿ 15 matwlally inc<Jn515tent wlth tht fin￿([al staternEnts or our knowAedse d)tslDed in the a￿dit oi Othe￿￿$¢ appe¥5 to be materlallv m155tated. If we Identlfy such matErial IncoAslstende5 or appatEnt matulal mi55tateTnents. are WEquired to detWfft￿e whethw there Is 3 nutrrtal mIxt4t￿e￿i In the finindal 5taiemEnts of a materfal rn555tatement of the oth Informaiilln. If, b￿Ed onthe ¥vorl we have pttlormed. we C￿￿K￿dÈthat thwelg a Mustat￿t ol t￿5 othei informwwoD. we arerEqu1iedto Feportth4ilpEt. WehavE nDthlngw iep(rt inthisregard, MATFER50N wHifHIiJEARE REQUIBEDTOREPORTBYEXCEpnoN WehèvenDthin8tDrwortlnrespectof the folkn¥ln8 matie151n re[ati￿￿ tvwhtb thetharibeslAttrJwitsandReportsl Re£ul￿on51￿￿ havenot béenkept bythechailty.. llr 5ufflJentatcOunln8rec(¥ds havenotbEenlepL.or 1hechat1tyfinanc￿I5UtWneTrl&arÈ notinaereeTrTrentwththeaccwnUDgrec(xd5 ￿￿￿ret￿m5,.or wehive notre¢eEvedall th2lnfonna￿cffj ￿deXpi¥￿ati0￿SWe1eWhreIQrou[ wdFL RE5PthNSJbJLITIESOFTRUSTEES FORIHEFINANCIAtSTATFMEN75 Al eNpl3ln2d morefully In thetrustee5' respthithiiiies5taternent15et wt on pay...I, thetrustees ?re resp[￿l￿tfUrthe wepaTatknof IhE fin3naal staternents and furb￿nIStIts1wthztthey￿￿e atrveand lalrthew. andf0rwch1ntern￿ ￿￿trI1 as the1wstee5dEte￿nE Is necessaryioen?blÈthEPTepafabonolfinandalstatemÈrtts that ¥efTeefr(th miter1￿ mtatemenl vknetherd￿t0fraL￿ ￿e￿Or. preplni the IlnanEl31 stements, tht trustees ar2 r25ponslb]¢ lor a5se55ing the chaiSV5 aimlity to ¢ondnue ￿ ? golns ￿￿tem, dkdo$1n& as 7ppllcable. mitters rdatÈd £oncern and ihe concern basls of 4CCDuntlnÈ unle55 the tr￿te*S elther tendtolkWld¥tethechaityortoc￿a￿e￿F2$ltso￿ orhaveno ieallstkaltein3tl¥ebu¢tod05O. Bof

INDEPENDEfT AUDWORS HEPORY TOTHEIRusfEESOFTHE HOM)UTrABLESOCIEVYOF LINCOLP¥SINN ICQNllNUED} EDufATIONALAWARD5 FUND FOR YEARENDED3J DECEMBER201 AUDtWR'SRESPONSIBILmES FOR THgAlJOtFOFTHE FIN11K￿LsTA1EMEP1ls Our ￿￿￿1ve5 are to obtiin reasoDaWe assurance about whether the fiaarLaal 5tstements ès a are freE from matrrfal m&statemenL whecher due w fraud or error, ènd to Issue ￿ auditorfs fEPOrtthat hdudes our opknlon. REOnaE4e èssur¥Ke 15 a h of assurance. bul Is not a 8uarantee that an audli co￿￿(ted in aCC(Kdan¢e wllh Is￿ IUKI will atr￿¥$ detect a m3terièl mkstementwhell li exlsts. M155tatements can tramfraud urettor and Are cw51dered materlal If, inLlwduallyorln Ihe wgate, tWcoLrfd reaswsbtyhe ePÈCtÈd tolDfluen¢etk@ecanoMlcdEcl￿ons0rVs￿$f￿kÈn llnthe ba4s ofthesefinarKlal 5￿trment Irre8ulailt1eS, Indudin8 fraud. Jre Instsnces Df non.compl5￿¢￿ wlth law5 and rew11ons. We des7￿ pr(ttd￿r￿ In Ilne wlth aur espmslbllltle¥ ￿tIned above, to detect material mlssternents In re5M of IKregularflle5, kntluding fraud. rhe ￿ent to whKh crteduresare capableof dete(dn8lr<e8ularftles.lnE￿dl￿lr3￿(1Isde￿Iedbe1cw.' Based our urthistanding of the ¢hirty and the en￿r0￿Ment In It 4ieiaies. we Idontlh2d t￿t Ihe PiindpJl ils of non- comkliance ￿th law5 reEulatlons and Vde coD51deied the extent t¢ DOn￿￿K￿p119nEE ml8hl ￿Ve a rnaterfal effEtt on the liiandélsiiiemenl5. N05uch èrea'solnoTrcompliancEwereIdentlf￿d. We ev4uated manJ¢thneDt'5 Incentlves (pp(rtunltiK fty fraudulentrnafipulktkn Of thefirwndal 51atemEnts {lncl￿1￿8 thè Iiide of contrdsl 4nd deteifflined th the r15k5 were r￿ted to m¥na8ement oNtrildÈ of Audli pro(eOJre5 p￿m&1b¥Ih2￿n8&B2rnent teèm Induded.. txscusslonswlth M￿alementIn￿a￿ns cons￿e[at10n of kn(rtvn015Uspeaedl￿tsntES0F wlth law5 d¥osulatkn andftsud., Ev4luatknBrnan38emenfsc0ntrd5d￿1gnedtQ pre¥rf ènd detttilrrewtsritie5', IdaitI￿n¥4Dd iE&tln8lauvnals. In p¥Vcukilwrnal entiks postedwith unu5val account comblnatKw hy unusu¥lwers orwlthunusual descrlpvons.. A further de5Crjp¢i￿ gf wr respons1￿l￿tleS the avdlt of the statements 15 Ioc4ted ￿ the Fm#ntio1 RerNXtID8 c￿￿11, webslteat." www.frc.arg.uklauthtotsre5wnslb1l￿les.￿sd￿ScI1ptl￿ftsr￿5 partolour Judltorf5report. USEOF OUR REPORT TkM5 report is made scldy to the tha11￿$ tiustees. as ? boty, in accordin￿ wmh secuon 144llf the Chalitles Acc 2011 and iesulatknns made under seciion 154of th&tAtt. Cmr audlt work hèsbEen undÈrten so thai we ￿￿ght&￿te to the charlvs th05ematte we ?rèrogulred tOStatelothemin anAU￿￿r,5 repart 3ndforno Ot￿r￿urp￿e. Tothefulle5textontpwmittedbylaw,wedo notaccept or aswmere5plln￿bllltytDanYDDe otherthy￿the{hai1￿5 ifusteos x ?￿￿for0￿r8ll￿lt￿Ork, lorihi%reprrt.orforthe(4Jknkns we ma￿￿•￿ni￿t LLP Sta¢vloryAu¢lwrJ Datw. 13 lune 2021 lOQ￿è￿￿5trÈlt9￿é EC4ai* Ho¥5M￿ntryreiLPTSll￿WC 4¥knrlnt•nnsofse£tkn l212oflhÈComwl•skt2Q06 P¥e90114

THE H(K4OUPAbLEsoaETYOF UNC(XN'S INN EVUCAYIONAIAWARllS FUND 5TATEMEN¥OF FINAN£IAIACllVITES FOR THE YEARENDED31DE£EMBER 2Q20 Peimanent Endgwment Fund5 uht•strkted Funds RE5￿tted Fund5 Nu¢•s 2029 2019 cc¥lle Irom.. Donat￿n54nd LeEade5 Inve51mertin(otnE- FEe iebales In¥esiment lrtc¢yne 310 3,445 162.633 IQ9 3,220 129,214 iio Sm7 3,220 129,114 210 661,545 TranslerfromTancled 596,637 S9￿?2 TLaiincoMe 147,281 596,637 59.072 2,989 164597 Expe￿lture on.. EdUca￿Onal Awarth IIZ9.3161 1162.4>41 TotslExpendltute 0 ￿ 116Z.fy)41 N8alnlllossl onlnvestments l(e.842 82.247 Z24 192,313 770.966 NETMOVEMENTIN FUWDS I27,￿7 678.884 59,29S 86Jf,985 774.959 FUndbJlancE5csth￿fO￿ar￿¥I X)Jnyaty 17,495 8.635 5,862,971 Fundbèlance5¢Jr{ledlo￿0rd3l￿e(eMber 4,364,649 2,296.379 67,530 6.728.￿8 5I6L972 PJI thea¢U￿tIeS of the1￿d are<oJ)tknuinuln both t￿SYear￿￿d thEprethusyeJr. Thecompiritlv8fft8ufe5411 relatewunr¢51rlctedfunds apartfr￿ aE213kgaln ￿l￿vestMen￿r￿atsnB*OpenTraR¢￿ye￿￿￿￿Jf￿￿S, The nute5Dll p3ie$12to14form pJrtolthesefinBnclalstatement5 of

7HEMDNOURABLE5C)CfETYQF LINCOLN'SIW4 EWCATIONAL AWARDS FUND BALANCE SHEET FQR THEVEARENDED31 LECEMBER20Z• NOTES 2019 FXEOASSETS 6.577.216 5025.762 CURPENT ASSETS Debtors dfr(Kn LI￿￿Trts Inn 7￿47 I44,￿5 37.210 NETCURREF4T ASSErs NET ASSETS 15L7J12 6,728,958 562,9P2 FUNDS Re5trkied Unfestrficted 67.930 4,364.649 2,296,379 6,72B.958 &635 4,234842 1.617,495 5Ifj2,972 AN)io¥edtytFkTru&tee50ll.' ￿rbe￿Ill.. mrA1￿ BoWeQC Chalrfflan of thelruste25 Signed." 25 May 2021 .ThefflOtesonP4￿SIIt014[Q1mp0rtQl1hE$*fftTh3￿IaI$￿knM@rts Ilofl4

THE HONOUBABLESOCIEf¥oF LINCOLN'SINPI EDufATIONALAWAROS FUND NOTES YOIHEACCOUNTS FOR THE YEARtNOED31 DECEMBER 2020 ACCOLipinNGPOUCIE5 The lllanbeth8ranted. Tht ESLate has be￿ fir4altsed and nD￿n(all0n been mad2 by the exe0J￿{SI to T￿st that jftstribut1m￿lIteM￿o. Ilhtha+JlstrUJutron15receivedfrtxntheE5tai& Reielptotèleaatyin whole ￿ part.ls probablethentheamunt canbern¥5ured rellsbly andthe nDtlfiedofthe executor's iom4ke4 th￿tribUtkn￿. Urrfe5tTknd fvnd5 are availa￿ to spend on actlvltle5 thatfurthw any ¢1 ihe purpD5eS of the Charfty. DeY￿￿ted areunTt5trfdedfvnd5 of theCharstywNththeTiuStteS havele￿d￿ at th￿rQ￿Stret1OnIOsetgs￿etoUs￿f0r SPELifitpufpos& Restrtcied fund&4[ed￿￿l￿S whkh Ihe dO￿r ha5 spec1f￿ aresoldy used lor paTtlculafareaS Df Trusts woll oi for 3 specffit projett. DcfflaU(￿ requlred ID be retsined 3s ca￿til Sn aicoidatKe with the dDnort wlshc5 7re acwuntd for when pr¢babk a& 2nthwments"_ permaDgnt or eX￿nda￿e Xtorthn8 to the Ftureof thtrestrfcfjon. .dl PAyndl Expendfture ￿ atteutst￿ fc( OD Pn 4UTuDls bads and been cL355ffled under headlry that awe8atE ¥II costs atrd 10 1hp iatrEQry. The if¢etowÈrnWe Q￿ment of VAT s In¢￿thd ￿th Ibe Item of exp￿d￿vre to whkh ft rdats5. ￿l￿e 105ts cannDlbEdireCttyatiiSbu￿b￿to partitular act￿11￿ ihry h3wo b22n althtedto rftlvltie50n bèglsions15l8nt4￿th theuseofthere50urcy5. Chartiableryenélture15 tomprised ole%￿ndlEllre donatEd to LlncolnS Inn towgrds the awaydsof The Edurallonal Awarth Fund5Sthdèishlp5 el Fu]vJ5 Thefvnd50fthECharftytomwke'. 11 UnTeStrtÈted funds. whkh3ree4)ÈndableaÈthe¢lScreO￿￿ttheT1U$tees lftthelurtherarKeofthe Fund'5 ofyE(l￿e 111 Permarneot endrAvrnent funth iomw1slr end)wed lund5 d¢￿ted to the tharfty for purposes. ¥ll ReStrf(ted funds, CoN51s￿r¥ of donalons and re￿ved whith dorAy ha5 earrnatked for a speJficpurp￿e. Irb￿SIMPnts lnve5trn￿ts4r￿s￿te￿atT￿￿￿-M0TkeI￿dIlle atth8b4lèllce sheet de. TheSlatemElltof AnRnualAcU¥tue51rK￿de5 the n2tEainsand arfsln8anreva1uatknn anrfdlwsols throuEhouttheyeAr. Thelnnmeetsihec05tof rernllnetètsonfoF&J¥4ce aDdse[v￿￿5 bythÈAudttors. TR4NsAcfh)NswfiHIRUSTEES ND Trustee. OT per50n related oi connecfed to them has rece￿e0 aoyremunetatlan oi T￿Mb￿r$eMent af expen5e5 from the Funddurln£thEoJirentorwwlowyew.

THE HONOURAOLESOCIETYOF UNCOLN'51NN EDUCAmONALAWARDSFUNtF NOTES TOTHE ACCOUNTS ICONnNUEDI FOR ThEYFAR ENDEDJI D£CEMBEA20ZO EWCAT(ONAIAWARDS t￿r￿￿E the yeir yarlts tot3111￿.. E129k 12019.. £163kl were made to Llncolns Inn as c4ntrbukns wwird5 awards and 5rhdarsli1w y¥nted bythe Innand madelnactordantewlth ￿￿(￿1e(tsC1th1sFUnd. TheFund pay5 Dver￿￿dend In[(wne(￿ èn èsre¢elvedb8y5tothe ￿noUrableS(￿ety Df Llntoh's wNch br03dly(dnddes wlththe payment by Unrdn's Innto pupil bar￿sterS and5kn￿e￿tsof￿h￿ar$￿Ipjznd3wa￿IgM0de. Ihe Hanuw3blE Society of Llncoh5 Inn paysthe malthiy of its srèTIts In maln 1[anc￿5 In 5eoener and Oetembuto accornm￿ale stu¢knts wyln8f225thJiif¥theacadtMlcye4r. IN￿5[￿ENY5 2010 Investment ￿ldIng5 ba5edonrnaikÈiwdlue were45fdknws.' tVBluÈatlJanuary tions attost proceed501di5posa15 G￿nILD$s￿h1ny¢$trne￿r5 Mathet y￿Ue￿n 31 December Hlsloriièl costat31 Deretnber 5Tr5,7 744.141 5M5L193 479.603 I47(￿￿1 770.966 s￿25.762 3.286.186 5Y7.È18 3.845.127 Indkecr li?￿5￿[t￿n costs Are I￿rred thr￿th the bhhffer yead on knvestments lllvestment vehl Ihe amowtof indÈ£tCQStsls wt5ep¥¥tdy PioNdedtothe5theme. Idl 2020 202Q 21119 20 L&G UK Equltt3ck Fund L&G InterrV￿alInd￿X L&G F￿dIntert5fTN$t L&G Emereln8Markets ?.1￿,981 2.569.275 1.079,220 737.740 33.31 39.[ 16.41 11.22 L508,52S 2307.337 972,669 637,231 32.76 39.60 1fj.70 10.94 TOTAL 6.577.216 S￿1￿762 DEBTOR5 202D 2019 Accrued Income Ch¥edbyl1nEdn's Inn 7,647 7,710 2Y,5 37,210 SPLITOF NEfA55EfsBÈfwEEIIUND5 unyestrtcted ds Permnent Endtywed Fund5 R¢StrfcteJ Fund5 2Q2 4ARI,514 43,135 4,364,649 2255,7D2.18 40.677 1.296.379 6,5F7,216 151,741 6.728.958 WetCUTrentA55ets Total 67. 67,9ao Uvros¢rlcted Funds Peimar￿ ÉndDWtd Funds RBrtdcted Funds Total 2019 InYe5tsment5 NÈtcui(ent wets Totsl I.￿￿,267 28.575 4.236,842 1,617,495 5J2&752 37.?10 5I62,972 8.fj35 8.635 1,617,495 Pay 13of 14

HON¢WAABLE50CIEIYOF LINCOLN% INN EDUcAT￿N￿lAwARDsFuND tIOTE5 TOThEACCOUNTS ICONMNUEDI FOR THE YEAR FN0ED31DE￿mBER?O3o RELATED PARTYYK4NSAcfioNS The knuurable 5odetyof Un(dn's Inn Is oneof thefour knn50f Court. It L4anandentunlntOrpoièted bo¢ty of lawyer5 whkh for fbwecenwile5 sndm(Ye ha￿hadthe pwer torall tothe Barthose ofthelr meMbEf5 ha%* d￿vq￿ts.lsEd knthe rank orth8re8of eairiSte¢-at-kw. The wa5 by membe15 01 foftner rnembers of The H0￿￿￿1b1e Sodety of Lbicoh's InTr 45 laA out In It5 bkctSve5 Whenvacanc￿ arf5einthe body4fTrusiee51he Councl of BE￿￿erS 0FTheHonourab￿s￿E1ety0f(ln¢okn¥ thTrhDld the PDwer to èppolnt re￿aceM￿ts. The Yrusteesare otherwbeaut4nOmOJS. Ow1￿ 2020wEreceW fvndsfrom Tancred to Ihe knn's bank ¥ccount where we have Iran&ferfed E561k the remalolng balance of £114k wlll be transferred tts the EduC8tlonalaw4rds fUfMJlh￿tmen? pwtldloduilng2021.ThEre are nofUrthErrdatedp￿￿eS. FINAPXiOINSThUMErits 2mO Hnantlala55EtsatfalivaluethrouthSOFA nantlal a55Etsètimort15edc05t 6,577.216 144,095 5,825.761 29.5 FIr0Dc1￿85sets3tfa1rw41￿ecornpityeI￿¥e5tMPnt1rn skres. YinancI￿a$StfSat1M￿t￿costCQmpr1se￿￿lerCOMPa￿y balinCE 144.095 29.5LI). Pagè14of 14