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 E*tham13139YDI
ThpStIEbelTwsl
TheTMmasMDre Fund
ThEWatsf ￿E81*sworlh5Eho1￿t5hlP
The moYEed th¥tyi&called
TIIE HONOUKAOLESOCIETYOFLIPKOLN¥ INN EDiifATrJNAIAWARDS FUND
Thecharity Scheme15 nowthemerged CharWsgoYtT￿n8d0Cvfflofi[u￿￿rwhkkn theTrus*e5 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 h*hest1mpo￿ce modern 88r, tagethervlth
4ual1t1￿ of pers£￿311tySndpres￿￿1on abore6aidpd % bdn8Dltheweatest ImpO￿nCe hryonea1fflir*at 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
$C￿￿[ShIps Cthnmilleesetsiheformulèsto beaprAled- e.& onfvtsklfiE Sntoaccounrsavkn8&4bDve è certakn knl capp￿%￿￿￿1￿¥
el￿se5- 3ndrev]0w5thlsrewA4r￿. Sthlar'5￿ll be 3warthda mtsthum of£l.QLYL
Llncdn'5 Inn4ce5 noi dscilmlnateunlawtullya8a1nstanype15t￿o￿t￿eWOU￿￿Qlthjlpe[san'S se4cc4oui,1￿03￿oll￿l￿tr•thnkOr
r*tlDThèI ￿lIk￿0￿bIl1ty.5exuaFor￿entsd￿. rdie&on¢y bd1d, llraEE.of inanyotherwèythbti5 urAawful.
n*TruStees oFth@ AV￿rdS Fund thatthe5e aP￿1(all0￿ crfteilJdo notcreateunfEasonabk re51rlcV(￿5 on ac¢ess by
ca￿￿￿ateSt0the5tholiYsh￿8val14ble.
Investmènis thls year h&ve Sthr￿n ￿ uDre?li5ed rK£192k 12019.. 8th of E771&1. Investm￿1$ thawn ￿ the at
morketv¥lveln accord3rteWilhcharHyaccountinKrnles.
r￿rI￿theVE￿rtheCh¥￿sreSeIvQSlnU2aSed by£866kfroM £5At3ktoEG,729
FUNDRATrSING
WhlL4t do not acllv*lundrnlse, we are ftrtunate to recelve doMIoD5 and bEque5ts tlme to tyme. We are Èr*elul 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 r*o¢edvreachle¥estheoblÈ(tl￿o[the Fun
RFSERVESPOLICY
T￿TrUSiee5 haye revknlthere5*wes 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$￿￿dated the investments Into (MIÈ
ac(wnt manaèed bythe Investrnerf Committee byihe Investment rnana8et5. IheTlUStee5 Fove r￿ewe￿thepr￿furffl&nce of the
fUndMa￿gerS indwllcortlnuetoth50at1e￿0rJTrle1v￿5.
INVESTMENTPOWERSANDPOUCY
acwrrflln￿ wlth tharpowerx undwtheTiustOpEd,theTiustee5 h3ve rfdegèttsJthem4nèwnentof¢hepartfdlO èndthe InV￿￿Ernet1t
powers tothe Untdn's Inn InvEStmenic(xTrtnittee.
The Investmefft CommittÈÈ meets wbth t￿Ill￿￿ mana8ws IvAie a year ar￿ holds iwo additiDTh31 Meet￿ to i{￿[d* the Irnve5tmÈnt
a￿6tr% yep￿t5.
INVISTMENTPÉRFORMANCE
Thefi*nd5 31e1DV￿led￿vthel￿¥eStmentThvng￿Wth Le8al & Gener41 In p)￿edIu￿￿th8tlIltkthe rnarkeL' whllÈddn8rn bettrithan
thèmirke¢thefundsha¥Edoneno worse.
Leièl & GeneralI￿￿arBesthalC￿￿ts1 ofa fi*W$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$h￿1d oThya55ettlasses move [Krts￿eth￿r ran8eS.
FUNDS
ThefurtdsofIherh7tltyctThpi￿e0t'.
unrestrlct￿ fund5, whlch are eXpendI￿e at the thscietlrAI Df the T￿Slee5 the furtherarKe of thÈ Fund's
oble¢tlve5.
PÈrmoneni endllwment fund5 ¢oMprislrf endowed fund5 d￿ated to the ch¥1ty frJf 8werHI edutèlor4 p￿pose
lryxJrne15tr23ted£s vNe5trktEd1nc(the.
Pest[￿te￿fun￿s includèthe EuropeanAward5 F￿nd esta￿lShe0kn 2Q03 with a balary of £4.5kth1s fJJnd Inc￿dIn8
thE interest has now been fully ￿rIed. Thp M￿ly513￿ knk Award fc￿ wTrMch a donal1(￿ of Elth wa5 rweNed in
()Etember 2009. A15oincludÈs£59k received lrt 2020forT3nci8d5chdaisWp5.
Int￿0P1￿Mm oTthETtMsteesthe<h3rfty'S ￿ets trtsufhckntta mEEtits<<thniltmcnts.
TRLISTEESIPAImNG￿￿REmUNEftAT40N
New TIu5tEÈS ale o*fwed appruprlite and prOCe￿re$. 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+&I0wbÈst*TXIke*..
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 YEAR*NDED31DE(EM&£M202
tt*Tw5t￿ are[e5￿s￿le10rkee￿￿n￿ac¢wn￿n￿rec￿dS￿hIch d&do5e ¥vfth rea5￿￿￿e accuiacy thefln3ndal poyllon llf thech*Sty
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 Irfvrn*on 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$.JppI￿a￿È In theUKaDd Republlcof keland IUnltedKlngLkn th￿erally Ircepieo ￿￿ntI
IN oLIROPINI￿l.7HE FINAIICIAiSTATEMEN15
#ve a iiue ind fèlr view of the slatE of the charfrfs at 31 De￿mber 2020 and ol the Charlrfs nEt
rnovement1nfunds lortheyearthenended,.
ave beenpiiyrtywepared In ac£wdarttwNh UnltEdKin4&)m GeThyallyAcreptedA<counlln8Pratbct,a
haVebeenple￿redlnatC0rdIrtCe￿th￿r*4uIr￿nentsofthethiTIutsACt2Ot1.
DASISFOROPINION
We h¥ve been 4ppo1nted ès wthtry under 5ecbDn 141 of the thavit￿$ 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 ac<ofd?nce wilh the ethlcal leg￿reMents thèt ale
rdevgnt to our audh of the flnandal 5ts*ments1n the ux. FRVS Éthlcal Standaid, and wt hèwe luiniied Qther etN¢al
rttpons5blllllcs In accordance wlth these requiremeffls. We believe that the autht evldente we obianEd Is sulfiuent Jnd
aPPToprlatetoprtsvlde a bas15 fwouroplniot
CONCW510NS RELATINGTOGOINGCONCERN
In audltln8thefinand41 slatements, we havecondvdedth*thetrusrees' y5eof thes￿n8￿￿rern ba5ts01 actowtkn8lnth8 pJepaiat1on
oftheflnancla15t3tefflent515 ?pprowlate.
8a5ed on the wth* we performed. we not ILkntthed any ￿tell31 ufWt4nde5 rela￿￿ to evenis w ¢wd1￿(￿ls thal
Ir￿d￿JaI￿orr￿IethvdY,maYca5I￿￿fi£a￿t ￿￿bt￿the(hOrIVSab￿ItytO¢OnIlWe?s 8soinA concern lora pwlod ofatleasttwlve
(￿r iesws*lltles the lE5P(M￿ll￿eS of the tsu5teeS wlih Fespeci to concern are des(rIbe￿ In the reknnt secVan5 of this
ort.
OThER INFORMATKIN
ThetFusiees areresponsvjkforthe otherlnlotrn3tifm.yheotherlnlofmèt1oh comprlse5 ihElnformatKJn Irduded IntheTiuStees'Anwal
Rwrt. Our Inancial statements nor iovei the Othei InlorMatlDll an￿ ex(EPt to the extent othefyéise ewUc1￿y
sl•ttdlnourrepo¢ we d)n￿e>prESsan¥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￿ m*tatemenl vknetherd￿t0fraL￿ ￿e￿Or.
prep*lni the IlnanEl31 st*ements, 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

INDEPENDEf*T 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. RE*OnaE4e 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
mkst*ementwhell li exlsts. M155tatements can tramfraud urettor and Are cw51dered materlal If, inLlwduallyorln Ihe wgate,
tWcoLrfd reaswsbtyhe e*PÈCtÈd tolDfluen¢etk@ecanoMlcdEcl￿ons0rVs￿$f￿kÈn llnthe ba4s ofthesefinarKlal 5￿trment
Irre8ulailt1eS, Indudin8 fraud. Jre Instsnces Df non.compl5￿¢￿ wlth law5 and rew1*1ons. We des7￿ pr(ttd￿r￿ In Ilne wlth aur
espmslbllltle¥ ￿tIned above, to detect material mlsst*ernents In re5M of IKregularflle5, kntluding fraud. rhe ￿ent to whKh
crteduresare capableof dete(dn8lr<e8ularftles.lnE￿dl￿lr3￿(1Isde￿Iedbe1cw.'
Based our urthistanding of the ¢hirty and the en￿r0￿Ment In It 4ieiaies. we Idontlh2d t￿t Ihe PiindpJl il*s of non-
comkliance ￿th law5 reEulatlons and Vde coD51deied the extent t¢ DOn￿￿K￿p119nEE ml8hl ￿Ve a rnaterfal effEtt on the
liiandélsiiiemenl5. N05uch èrea'solnoTrcompliancEwereIdentlf￿d.
We ev4uated manJ¢thneDt'5 Incentlves (pp(rtunltiK fty fraudulentrnafipulktkn Of thefirwndal 51atemEnts {lncl￿1￿8 thè
Iiide of contrdsl 4nd deteifflined th* the r15k5 were r￿ted to m¥na8ement oNtrildÈ of Audli pro(eOJre5
p￿m&1b¥Ih2￿n8&B2rnent teèm Induded..
txscusslonswlth M￿alementIn￿a￿ns cons￿e[at10n of kn(rtvn015Uspeaedl￿tsntES0F wlth law5
d¥osulatkn andftsud.,
Ev4luatknBrnan38emenfsc0ntrd5d￿1gnedtQ pre¥*rf ènd detttilrrewtsritie5',
IdaitI￿n¥4Dd iE&tln8lauvnals. In p¥Vcukilwrnal entiks postedwith unu5val account comblnatKw hy
unusu¥lwers orwlthunusual descrlpvons..
A further de5Crjp¢i￿ gf wr respons1￿l￿tleS the avdlt of the statements 15 Ioc4ted ￿ the Fm#ntio1 RerNXtID8 c￿￿11,
webslteat." www.frc.arg.uklauthtotsre5wnslb1l￿les.￿sd￿ScI1ptl￿ftsr￿5 partolour Judltorf5report.
USEOF OUR REPORT
TkM5 report is made scldy to the tha11￿$ tiustees. as ? boty, in accordin￿ wmh secuon 144llf the Chalitles Acc 2011 and iesulatknns
made under seciion 154of th&tAtt. Cmr audlt work hèsbEen undÈrt*en 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
TL*aiincoMe
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
N*8alnlllossl 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
F*XEOASSETS
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
5*62,9P2
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 lllan<ial sLatement5 have bew prepared In 4ccardartte With AcCWntl￿ ReportsnB by Char5Ues' 5tsternent
of Retorntnended pract1￿ 4pplicableto ChaiitES p￿￿n8th￿[ra￿CC￿Trts In accoidarKe Withihe flnandal REp(rtwl8
Standard appllcèble in the UK and Rèpublk of Ireland IF￿ 1011 efFertiYE I lènuary 20191 l1hailt￿ SORP IFRS
102lkthÈFSnancW Reporlngstanthrd ap￿ICableInthe U¥and Republlc of lielandlFRS lollat￿the CompanlesAct
bl GolTr8Concern•rrountlns pDr￿¥
TheTrustee5haveconsrdered Impxion the FundoltheCOV1019p8ndemiiandareconfideni that theFund
11 haVe5ufflc￿nt rey)urteswMeetit5na￿l1uesfQr3l ￿51 12 months ffDtn th2d&tsolslenlnEthls ￿ortan￿4$
ththeacEoyntshave beenprepafedon a8olnECo￿￿n&ldS.
£1 Inu
Intom1r￿J￿Our[es are ie¢w15ed In th¢5tstEmÈntof FinaDclal AttMtse5 the charfty ￿n￿￿ement to
thefunth, tttsprckn*[ethatthehcoMe￿II be reteiwj ￿ thtwountcanbe measwed rdlably,
FIr1e￿i, entNlementlstakena5the ewlerolthedaie￿w￿theIth2r.
ThRChaty15 awarethat probate ha>beth8ranted.
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
F*tureof 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$tees lftthelurtherarKeofthe Fund'5
ofyE(l￿e
111 Permarneot endrAvrnent funth iomw1slr* end)wed lund5 d¢￿ted to the tharfty for
purposes.
¥ll ReStrf(ted funds, CoN51s￿r¥ of donalons and re￿ved whith dorAy ha5 earrnatked for a
speJficpurp￿e.
Irb￿SIMPnts
lnve5trn￿ts4r￿s￿te￿atT￿￿￿-M0TkeI￿dIlle atth8b4lèllce sheet d*e. TheSlatemElltof AnRnualAcU¥tue51rK￿de5
the n2tEainsand arfsln8anreva1uatknn anrfdlwsols throuEhouttheyeAr.
Thelnnmeetsihec05tof rernllnetètsonfoF&J¥4ce aDdse[v￿￿5 bythÈAudttors.
TR4NsAcfh)NswfiHIRUSTEES
ND Trustee. OT per50n related oi connecfed to them has rece￿e0 aoyremunetatlan oi T￿Mb￿r$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$￿Ipjznd3wa￿IgM0de.
Ihe Hanuw3blE Society of Llncoh5 Inn paysthe malthiy of its srèTIts In maln 1[anc￿5 In 5eoen*er and Oetembuto
accornm￿ale stu¢knts wyln8f225thJiif¥theacadtMlcye4r.
IN￿5[￿ENY5
2010
Investment ￿ldIng5 ba5edonrnaikÈiwdlue were45fdknws.'
tVBluÈatlJanuary
tions attost
proceed501di5posa15
G￿nILD$s￿h1ny¢$trne￿r5
Mathet y￿Ue￿n 31 December
Hlsloriièl costat31 Deretnber
5Tr5,7
744.141
5M5L193
479.603
I47(￿￿1
770.966
s￿25.762
3.286.186
5Y7.È18
3.845.127
Indkecr li?￿5￿[t￿n costs Are I￿rred thr￿th the bhhffer yead on knvestments lllvestment vehl<k> Ihe
amowtof ind*È£tCQStsls wt5ep¥¥tdy PioN*dedtothe5theme.
Idl
2020
202Q
21119
20
L&G UK Equltt3ck Fund
L&G Interr*V￿alInd￿X
L&G F￿dIntert5fTN$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 NEfA55EfsBÈfwEEII*UND5
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