2021-12-31-accounts

Qllm PEGM•ATIOIINLthIBERI IIOX15 THE HONOURABLE SOCIEfYoF LINCOLN'S INN EDUCATIONAL AWARDS FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

IKIKJRA8LESOaETYOF LIKIYN'51NN IrwlTth￿AwAR￿SFuND FOR THEYEAA ENDEO al DKEMBER2021 IWOL Trusfee5' Aep A￿￿or)REpU￿ StètemeniolFInandilktlv￿eS io Ba1￿ce$heel li P4tststotheAttounts 11.14 Pl￿20r14

nEHC4•YJKA•LESC<IEf¥ QFLINCOLir$wiri EDUCATfoitsAAWAROS WND RtPORT(ThETAUSTEES FOR TTrEYEIRENDÉD31 OECEMOER2021 ¢MMITYIEfjlThnlYI NUMM. 1102415 IR￿PAi￿o0RF5￿. TheMMtyJiableScdetyolLlncoW51in Tre&suryOIP n(nln's Inn Lon WUA3TL DHDaye& 1 Mjirvliix C. Hoire & Co 37FlÈ4streét Lond EC4PatA] H•ompJntyr• LLP IOCwe•DPIKe London ÉC4A iwIAG*MrnIGiLW IYC tqyl &6oner41 lTh¥•strnwrtM4Nymqnl ODeColemJnStitÈt ionthjn EC2ASOA

THE bY4CiJRIBLESCQEIYOFLflCIXFiSINN EOUCATIONALAWAPJ15FUND WORT0FT￿TRuSTEEs IcoimwfDI FOR THEYE4RENDE031 DEC￿￿ER2D21 The Trwtetj presErt trar annuol repurt ind tht wdtted #knntrlts kn the yeai endel 31 202L The finandèl £tatements been prepaied on the b￿14 of the Icryurtifigi￿1cIes set on pw 12 olthe stement& 4nd cornp￿ the chjrlty's schem¢ 4ppl•ble law rewlTem¢nts ol Stètement ol RecoNffteThYed pr￿tice . 'kwurtlffl8 and RUp￿ingbvth1N￿eY.ls5UEd iTh(Xtobei 2019. NThTLITkllJAlID puf¢posEOFThtcHMtrY At9 DBceh)bei I￿alheTI￿teeS a nL￿be1 ofu1sunith￿Il￿ In iccordan(e wRha chJrty CrynrnLitshSchme. The5pwir:. The b2nnettFuDd The eemarf IWalterW8ile5vJtythI Mtmoil The CthlerF￿ Thr Pti2e13142411 TheC•55elSchol•r>hipTrut1313994 The DioDp5(hd4rshlpTry5tl3135681 the H￿bert Greenlond Fund The Isaacwdtsthi Fufid The Kennedy FuDd13135411 The mwirySchdèrth￿ Fund The klortoThof Henwon Prl£e13139401 The￿rTh￿￿ EiSiham13139901 The 5tIEbel Tiust TheThornw Mare F￿d TheW•herWliiksworth kht114Nhlp Th•rneFpdth4rlly h¢•ll•d T1￿￿1%￿J￿￿ME5ouEfI OF LifKoLII'SINIIIOIXArnfiALAWIADSFUMD Thi thity CornmlsHon Sch•rn Ihe mtryd thwlty's dethffl•ht whkh thq Tiustti w• wmpmred to •itfl p•rt￿Ir•￿IrdI atth￿rdUcTIII¢￿, tc wyo1thlnamosoftr￿rn•TYoth￿lOBs. l)I l Aprll 2011 the issth ol tThé 1946 Fund. 4 SMDII rharty th ylmlir oblectb4eS w thDse ol thi EthJCatknn•l Aw•rds Fund. tr￿sfe￿Id Into the EdUUti￿4 Awards Fun¢J Dft¢r •y¢•rnnt ￿th Ihe charw urOer s.16 of the Act 1011. Triniferv4lup4mountedto£27Q,519. ODIE(T40wicn￿$AfKJpRI￿￿PALltrIVrnES The obl•tt oliheih•rtfylSlheathancemenl olihi edL￿O￿oIfhe itrAeDts•ndwpll bdstern of Llnccthi'j Inn Inth•fiWof l. Tht prindp•lirtW otitheTiuiiees Is tOU5ethe Incomeywrtted 4nd Fundc¥phJlll ￿ltIll th WQvllonolthexhohryhlps crthr +J4ids to piamtsto ot 41d the leyl othJr•tlvn of mtrnbws of UN•lDs Ind In plrtlcuknf ttudthiti or Pu￿15 kntind to pr•rti￿NirneTh￿TS Er•4nd 4nd W•ln, The Wrpos￿ ofthth•rkiei ho¥enot ch4nieO. ThtMeiyFw4s bndffMk•ito knP(ow4dmlnl5tr4th￿ wor•bStt, hl•th# skn4ry$4nd Con￿11￿11t Invertrntrt5to ollerthpotintlal lof ￿￿eTI￿ve￿￿￿trt1vrll￿. Awird5 ¥p mado to unLdU on rtiin 10 ￿l￿t them ¥Alh theli fvndlni throuthout ccrnrncn profou0n￿ t&nIn￿On. YwtbDNI couNe wdpuplllJi¥v•ais bKiu5eit bthelMSylewthitthos••re1￿ yeJr5 ilydintsr•d ttrmostfAIDnd•lsLVPUrt. MtrYc In Interms ol the r￿d￿latI,% Intltb•l ry41tt5. Is ul hiihest Irnport￿re Dt mlldem 8tr, toiethtr tyiithsolwrsoniliy4nd piesent•tlon •bo re￿rd￿ weatest lrnpllrtBn(e tsimini èt Iwe bwrlstv. M￿￿4$ 4ssessed COn￿dErI￿n 01411 Ihe rn￿•[￿ pkced before the by tht È•ndldat ￿ hls or her wrttten Ind references tvErthEr. theie i (•ndldatE ly Invked lor ¢w￿der￿lOn of the c?n¢ld4t¢ Oy 4 p•nd of sntoNitt¥trs wh95P titten opplIc￿(W do noL upm cJrtfL4 £thi￿dEr￿lOn, dtsdom tho r•quwie quAlW, lll not b• Irdwvlii. uncdn'i rtlJeStheoJditieslt 1% lyoldnif0rL￿ ￿ webslte. P4V4of14

IHE ￿￿Ng￿LI￿lES0OErv0F UPXOLN'5111N EDUUnlY•AAWAHOSFU EPORTOFThETRUSTtEsicoNfiNUÉ IOA TrEYEARENDED31 DECEMBER2Q2L ¢)Ice 5(h(4a15 howe been 5derted thdl L C41Èul•ted on the bssb af th￿r Ind￿&JaI meèn5. The mplns are t4cuiEd onthe bBsi5 of Ihelr a55ets, 5Dyinyi debt, other sourw Df finjffyil SupFvt piojected eXPEn5e5 ILY the duration of se c perlod of tr4SThlnK. ThE S(holaishlps COMM￿¢? yets tht fom)ulas to be Jppkned- e.g. 0ntyta￿n81fit¢ xwnt sivln85 th¥• IErtaln Ipwel cappins ￿l￿hlY exptn5es- and fEyiewSthts irfulJil¥. fvjlschdar's ¥fflllbeawèidedJ minimum of El.Lth. Un¢oln'S doesnotdlsrrlmknDteunlttYfultyagnst aDv por5onthitheyounds of thèt pet5(Jh'5 Ik￿ colcwl, lice. nJOonalty rrfothnkor nation ¢15111ty, Sexu￿ odent0￿0￿, belitf.oiw.orlnJDYoihuwtythitls unlwfvl. The l[L￿tee$ of the Educolwal Aw4rth Fund bellwe ththeJt opplkltion crkerf• do not unrètdonab￿ rostykuons w Jrcul bv InyostmÈntsthls ￿￿￿4¥￿Shawts •4aln 01£765k1202O.' iiknd£192kl. Invtstmerfs are 5hovm Lmthe Balmce Sheet m¥kèt¥llu• ÈtLwdJnc•wlth ch4rtty iccounww iule& JrfnitheyewthethJrtt•fe5EMS kntyeised byÉ770k frDm £6,729kto£7,507k, Whllst vJe npt fvnthM. w• ¥¥ lertunrt• to recthe dDD•th)i> ind b•4uests tlme to Ume. We we wttfvl lor ihe Y￿ra5￿V0fthe 6WIT141•XING The EducJtlon41 Aw4rth Fund rn•ke5 V•n15 towwds the M411 lerf ol Ind￿￿1￿11 iwwds m￿e by Unwln's Inn. Intomt trorf4 InyertMnts In the trrn ol th￿dEndS knereyt * trthrmd ￿ reCe￿￿d th• InYirtrn•nt rnn4e¢ tothe Hcncui•ble 5orltty ol unc￿n.5 Inn. Th? Ar• fbow •ll￿ted frDrn the ynTiStiicted funds. In Dectmbw 2(¥J9the Fund reCeI￿d 4 donltlgn of £ICth from thekn N4ml FfyJnd•tlon. to be u14l￿dtU 4w•rd puplh who are studerns c4ld tc the gir •t Llncoln's Inn. No studth)ts awded th prtze In 1021 duttothfrtrne1rq5trlrt￿￿1lOTth• M41tygl•n itu¢Jents. D m4kini 4 Irthit thE EthJtktknil A￿1￿ Fund Tr¢J5t•u rAP•rt the reipoNlbl• C￿m￿tI• to iupiNls• th• spwdns cl thE nted. The EdycLl1￿￿l Aw•rdi Fund Tru5tEes VE nut themselves In a w5thntodo so. Expendknjre bv LlncrJTh's Infi k4 con1rd￿d and ffl•yd by vorltyJi bythe Flnonre, Educlonand Scho1￿￿pComrn1t••A. uncolh's Inn piptbtln¢l￿dull Ih 9￿￿10n an•ppiovil fr(ththe ieltvJThtCarnmttt2E5 on p(odu(¢loffl of propirfy ippmed aprllcoiicni lor3thtsitrhippbym•nts. Onct p¥yrnent h4s been Made the Inn requ•%t% port ryall ofihtPTUML￿c0nldbUtImfr0Th thifund. The¥￿ue0￿ConI￿￿OTrjls n•vei mDi• th￿l￿¢t￿tlY4￿j•O1s(hC1Ir5hlps', LIne￿n,% Inn Nkej upJDy¢rtl41. Th• Trvit••s •y•¢dthrttheir•ntmJni po11cy Ind wcc¢durt #hl•VlIthoob￿¥e5QIth• FuA¢. AESERVE5NX Th• TiusieÈs h4vt th• re5vYu oIthE thwity, %thlth ccrnprlx vl £4M74k uhf5tr1cted fvnd5. £76k rutrfrt￿ funds É1,557k end¢vJffint funds. Tho TnJTieES Idonufiod th•t the •id ￿thI thorty ire Irt￿¥ depl￿ tht b￿efft ol Ihpehbrity'sobl•cl￿e5. ThEr￿￿& tn¢omwsHd theffl•tyty￿the InCtrMtStr•￿j indtheP￿lty bY1￿TruSt&￿ whi¢hthyconslderlo bprUd￿l, lo &stdbute the annuil Invvstment Income of the chwity. The Trusiee5 re¢o6nised th4t shouhl the Inn he(omè uTh•blp to funo h5 ho1w5hl￿i the TNtEe5 must hllld wffiilEllt restt¥es to on5WP th￿ th• ￿￿te(e$l% of future bentfitikrtÈS ir• prottrted. The Trv5tee5 tqnxlder the th4rty5 Unrexidcted lund 15 suif4• foi th15 pwpose. we knded fram fi• i•seThe5 Ind dufinith y*ar. The polldes4reievltwedoD sof 14

THE HryIOURABLESOCIEff OFWIC￿lISINr• EOUCATKJIIALAW•JIDSFUIID PEPORTL¥THETRUSTEESI(OlmNUED FOR ThEYEAREfiwJL DE£ÉMgER2021 The Tru5teE5 of the Furd htre rwtrÈd the oveiai structure and ol thè fund l￿d thp Invp5tmknts IhtD tsne account man4ged bYthE Investment Cornmth ttythe InvQStrhent maD¥ws. The TrL￿•￿S hav• revievRd the perfonnance of th d rn￿agErs knlll contSnuelodvJo4t rtyJL¥lDttsrya INVE5TPMNT FOWtWSAfiDPOLKY In èccordance thelT poweN l￿der￿eTT￿$t Dud.the Trwtee5 havedelelated the of the port[￿104ndthe IrNestmert puwer5tothe Llncoln¥inn In¥e5tmentCoM￿ttee. The In¥ostmont cthmittee mrfts wfth the tur￿ Thnpyr5 a yèar and Wd5 IM MeÈttny to cOr￿der the I￿eStMe fqpDrts. The l￿d5 ale IDvostÈd bythq Investmentrn•DYr￿th Llpl l GthÈN¢in pooled lund% thrt tr4(kihe rnirkcl,. ￿lIe dolrtirto bEttei the mvth,thvfundshwedonenovAJry•. Leyl &6Ènord 1wth1ryes￿1Cfffj5￿l Df•flrtp•ritPxethwy, ￿u5 •n¥v4ltrthich¥yind •rn•nwenichvy, LIGALafjENEK•L¥ IIWts7MEIITMINIMTe & General mJnJitthe SchMTrt's isseb on D pos￿¥8 bals ID ihdr pooled Inthl￿d5. Ih• 0th1but￿fi of th• ￿em,% Is to be mvlntMd In wedètermlned yopordwj. Vtheil posslble, <45hnow5 IDtO Oi Out of lh lund be tD rn1lnt￿ll the asset dlstrlbutlonwlthln th• spqtllbtd rnnys. In ithjtlon, 5wRchestyEts¥een tststtdo1ses￿lLb2imp￿rne￿ted&hOuld•nV￿￿d0￿5eSrnCw￿ts1￿•the￿ r4nies. The lundsolthtchjrfty ¢Urnp￿Seo1.. Unrexrkied fufth, whlth we eKpEndJbl¢ 4t ￿ di￿￿0￿ of the Trull•￿ In thv lurthoTince of the Fur￿ •bJpLt￿es, PKmanent end0￿￿•￿t lurth iomprwni ondLwd fvndl I￿&t¥d to the th4thy lor educ•fjon pulpts￿. Incvmtiiireated •sunre5tria¢dln¢amÈ. R￿tr￿e￿ fundi Inilude the EuropÈ&i Awds Fuhd e%t￿l￿t￿ In ZOD3 bil•nr•of U.5K trls fund Indudlr6 tht knivfert h45 been fulty •w4tded. The MaI4vilin Èook Awtrd lor whkh D don411oi ol £li In cpmber IW9.Aho kncludE5 £5gk re¢elved In 2U?O loi Tinued 5th&4rshSp5. Inth•op1D￿￿ oftheTrUits•sthechwtyi•￿el$lt•lu￿￿l•fit¢0rne•llt5Co￿rn￿￿enll. IAUSTEESTR41fiiiifj •JlDREMUNlklTK N•w Truitts trt oflerod 4PPWPTthie IhdLdon ind tr•lnhi ￿￿0(11￿rI1. ¢onJk1•rntknn lo the lllJ ie4uir•d th• appolnted Tr￿e￿Ill1•r￿Ked Th+th•p￿h•sn0ernp￿yee54D￿1l￿lteHd0n¢Ir￿ok1r1rnun•r•oDfi forth•lrthcw. TrU5TEESRÉSPOM￿llLlvlIs Th• Itustees Jre Ir piepartni IheAnnv•l Aepvrt irtd the Strtem•itsth ￿￿￿•￿￿h Ipp￿￿• Iiw4nd UrAted G•Nf4llyAc<epttdknaunflryPr4rtices IUK.GMPI. (Jw•p￿1(j￿tVthvlt1I sn Enl4nd¥ndWalE5 ro9ulrEJth•Twtstedtopiepaiefin•nd4 st￿t￿tAtI1¢re1thfill4nth1 Jlvqi true •nd ol the th¥qty'5 flnaneiil duiine the ¥tJr of M5 p￿t￿n •t Ihe end ol tht yell. In prEpthrf Counts1￿￿84trbJe ￿fIll¥l￿,fhÈ1rU$lees$hOUIJ ftsiknwbtsi Pfattsce oThJ'. sel&sUrt•b￿1ccCl%￿tl￿ipD1lc aThd •pplythttn co￿$1e￿￿ Mike judsements ÈstlmDtpsthqt wtie4$0nable•id prudenL state whetheT Ipp1k￿le a(￿unts￿8 5rarA*rd5 h￿4 bo•n l￿b?WI0. to thy rNt•n41 demuru d￿Med ind pllined intheaccounts. wd eparelhe the8￿￿ ccncthm b￿bYrI•￿ itknin4pwoprlotetoNurMthrtthethArfty￿1lco￿nueln Dper￿ Pige6a114

THE HLYltsJRABLt￿lEfYoF LINCOLPISINN EDUCAMON•LAWARDSFiVKJ REPOATOFTHETW57EE5 ICONnP•JED} FOR ThEYEAR ENDED3I DKEMBER2Q21 TnJStees we respofislb1e loi ketping i(coun￿￿ iecords whith d￿da￿È with rÈasona￿e a¢¢urxy tht fintrl(41 ol the th¥iiy and effllbie them to 45cert4Sn ihe pus￿oN of the (hartty ano 4llow thern to en5wE that the accounts comply V•lth 4ppll¢Jbltl4w. Thevwe IlsDresp￿￿bIef0i saltyu4rthni the a5Aetstslthe (h¥tty and he￿￿f01ts￿￿rO￿V￿bIg 51eps theprev•iUon and detEttkn oferroi. liustee$ 4rc re5pon5ible the MIAnteD￿￿ lrtewity tsf tht Catporète and fi•ndil InlDrrn&t￿￿ kndudqd on the Chanty Cornmls51lln'5websitE4rtdcec¥tnorcrnunrrptyThn. Thp fnjstees hove (QM￿le￿ the duty in J.17 ofthi 2011 to IwJethe r44rdtothtCh4rty Comffdsskn's pJbllshEd ner414nd rqlevantwb-5ertoi4uldarbcecoD￿rDI￿thtCQerD1lVn0Itht PL41C Benefrtrequliementund#rthitp£t. Oved bytheTFustee5 On 4￿J￿8ned onthdl behawby.. MrPJan8ovleQC ch4lim•noltheTN5teqs PIp7of 14

INDEPENDENT AuorroA$R￿ryIT TOTHETRUSTEES¢YTHEHONOUHABLf SOCIÉTYOFUNCOLn INN EOUCAWON•LIWARDSfUND FOA THEYEARENDEO31 DKEMIER2DII We h4ve audytwj the Inandal statomqhts of Th Honour•ble 5od&ty ol iJncdD'5 Inn Educ4t5offl41 Awllid5 Fund for the yeir ended 31 December 2￿1 whlth the Staternem of Financi ￿vive5. SkneEt 4nd nutes to the 5t4t¢rn¢nts, iThÈludir* summjry 51inifitsnt a￿o￿ntin¥pUIIIIe￿ The roportlll8 frarnew￿k1hè1 has been Jpplled lffl Ihelr pieparationls law d untted KIDidom si¥nd8Tds. 4ppllcablf In the UK and Republcol Irpland IUThited Kinedom Genof&lly Accemed AccL¥JnUTht Practlcel. INOUROWIIKIM,THE M14AMCL4LSTILTErrtllTS

￿t 4 twe faiT the st*e ofr thÈ ¢h4rlWs as at 31 OpcembEr 2￿1 and al thè Charrty's n

rnovementlnfuThdsfortheyirth•n•tbd•d,. hAvtbÈeDw¢perfyprtprtd In £(ordance wlthUnitEd GpnerllyAwtedAcrounJwPtartkt,'4nd hovebeenrytpirtdin Kurd•nCt￿lh thÈrQqUk4M￿tlOlIhe 2011. SFOftC•INlCffl Wt been appolni•d 4Udrt￿ 5tttlw 91 tht ch•[￿e% Art IOIY •Dd reprt kn lceoithnce wlth the Jnd res￿￿t or h￿￿8 8ftettthfr•undr. We (onduthed our 4udt In 4CCDTd•nit ￿th IntW04tl¢wl sijndirds on (UK) I IUKII Ind 4ppllcable |Jw. OUrr￿PonSIbIlrtle￿ IhDS¢ rt•ndAid% alt furthtt de5(rtbed In the Aud11￿5 rttponslbll￿los INthe Wd￿0￿ the stal•m•Thts sectknn cf our ropllrt. We ère IDdwdent of thq chiilty ￿ KlOrd￿Ce With thE eihlc•l riquirements thèi JTe r¥evanE to aur audk of fin•noil St4ternents In tho UK. Includin4 the FBC'5 Ethlc415tand4rd, 4nd we hive fulfllled our othtr thc41 ftsWn51￿1tt￿ Ih ÈOrthncewhthtW•rwWryrntnti. webellv￿ ¢h•tth• wdlt t￿￿en(+￿ h•¥•obt•lnod Is sy1nd￿t1[￿d wropr￿1• lopr￿dea b1$￿ lor ouroplThlOn. CONcLU￿N$￿ELA￿1IGT0G01NG tOllCER14 wdlttnithe fiDanci•ISl￿￿Ment$, we hivq iWth• tiustees, w•o1thEWry￿nr1in b•$4 of ICCOWil￿ Inthe prryirlt]th 4lthe fin•irl￿ Dtementsts Wpro￿lte. s•d Onth• wehlve perfoirned.v4• h4ve noi IdeDtlfled4ny m4tell￿ uncert41ntlu rel￿1￿10y￿ts orcondltlorsthoL ln¢lvWy￿y collethvtty, s1￿111(1n1dllUbtvnthI Chirity'i abllWIC canllnw￿th ￿l￿1(antern loi opvlodol rt1eD5ttw￿vernQ￿thS Our re¥ryulblllt 4nd the respnnX￿ll￿lIi ol the tfU5tett Wlh rwp•rt to coDcein 4r• d15(rf￿ it4•nt olthl r•port. OIHEAINFORMAnON The trutttts we responslble lurlh• oth•( kn14rrnion. 1heothvihformlt￿n Compr￿e￿the Inlwrn•W•n In￿L￿ed kn the Trustee5'Annu•l Rep￿. OJI opIDbi ￿thI￿nIn￿￿$t4ffiTre￿ts dw% IOverthe4thei lilorm￿￿ wA,•Ai•ptt4 the￿eTrI othwwlA rypllcty&ttd Inv￿r reportwe donot bhyfolm ol•ssuriDce (￿¢U>l0￿ ihei•Qn. In connortlcn ¥Ath wr IuLlt of the flDaDcl•l ststimEnts, trJr fewnS￿l￿Y ￿ lo re4d tht rAher Infoimith)i •nd, In se, conidw whetheriht4therlnlomi•tlonls m•teri4ly Incon$1stent wKhthefiffl4nal xtaternents0rournoyA￿te obtilnld Inthe4u(wr0rothorw￿¢ pptws to be rnerl¥ty mixthttd. 11 we l¢entlfv Juch rnol•rl4 in(￿1￿￿¢￿¢S or 4pp4ient mbtenal miSMtemeDts. we rtgulrd t derrnlnp wh•thtf there Is • m4trt41 missttytement In the fin4￿•1 sTDttrnents or a mèteriol m￿St•l¢M￿l ol tht othff ln10rrn•￿QTr. It. sEd on the work we h?¥e ptrformed. we con¢luth4E thM mitertl rnlsthJtemeni ￿ thls other inlormation. •re requlred to rwrtth4t 14ct. WB hbve nothirrftoreport lrtthisre8¥d. MATEEHSOIIWHICMWE •JIE HEWIKDTO RlPCllI by fAcEPnON Wt haven￿kIll8t0rlpDrtIfft respettolihf lall¢winim•ttwsln rel•tknntothlththCh¥Meslkcount54nd Pepurt5IRI￿a1￿n12tljB •degU•te•c¢•untynirttOrds￿Yt Dc4 be￿ kTrtbyththidty.'or suIAdEntitttyArtlnirecoids h￿t￿pIty11￿ kipt.,or thethbrtyfiMK￿I st•tern￿tsIr¢nv1lndr¢lrn•￿￿lIhthe￿cCO￿nt￿l￿tt￿dSInd retums.'or v<￿•￿0tre[d¥1d 4lthtlnlorrn•tkin •ndw14Ththnsw•iequlrelryvyruth. RESPON51BILmESOFTftUSTEESFQR THÉ ￿N￿la￿STATEME1TS A5 explalned morelulty In the tiu%tEt%' i¢sponslbllY(le5 Statomont ￿TtyJt onpty$ 3to 7.the iru5tee5 forthepryr4￿￿n of the rt4tements 4nd sisn•d th they o¥e J iruè ind fllr foi suth Inm•l coThtrol ￿ thp ttUSte Oelermln¢i5nEC￿18rytoerA￿ethvprePw4tiOn0f nDanthJlsiJtemèhtSih￿ ire fieefiom mater￿1 m15>f4lemEnt, ￿thetherJ￿et0fr4￿l In tbe fin•nyil stitoments, Irv5teQs arE rtsponsIb￿ Ic( Js5essln¥ *llitV to CDntlfflue D5 i gulng tontein, L4sdosln& ryplKable. m4ttet5 relrted to 8okng rnnceffl •nd y51rf t￿ 80kn8 mncem Urt1￿ the trustees dther IntendtDli4uiOetethe tharrtv Drto cÈaseoperalon5.orhwno reall51ka￿erTr￿￿e￿tto10￿. Pa8e8of 14

IF4DÉPENDV4T AUD￿ AEKIIT TOTH6IRusfEESOFTHEHONOUHAXE%>OETyOFUPlCC￿1i$1NN IC01ffl14ueDJ EDUCATIONALAWAHDSFUPID FOR ThEVEARENDED31 DECEMOERè)11 AUDITOR'sPE5P(WI•￿tSF￿ThEAl￿OP￿ANAfI(IALsTAIEr•￿IIS Our oblettives ale to obisn ieisoNtrAe 1ssur4ncp 4bout ¥knether thE stbtements * a whde Ire fvep fr wlll olwtys deteof nth¢¢th￿l1ThceI¥ele IdeDtlfiqd. We ev￿￿￿ted man¥emeDt's IrKem￿e5 OppOrtuntt￿ loi frI￿￿1tht nllThlpulbtion of the fAi•DoBI Stitornt￿ts ikncludini the of de ol coThtTohl Ind detemilned IM the prinOpAI iisks weie related to rnmwment ¢r4thdt of cortr0￿. l￿dIt yocvdurn5 pwlorrned tythe lfflrwld.. 015CY551gnS ￿1th mlnwment kncludlry cThn5bder￿on ofnth¥n orsuipethed of hQn-cornpll&ice •ndwulitlon and frwd., Évdultinirn￿Ii•mrt1 dtji1￿•dtO pr•Yrtind ditertlrrti￿￿1ieS', I0•Thtlfy1￿ ond te5tlrylvwn4i ITr p4ffj0JW Journ•l pwtid xHJllkytD ￿¥one otherthinthe thirwstiustees 15 • bthlL oyi •udlt kn?Fk, 101lhisrwort, oi Iwihi op1r1￿5 weh￿1 LLP Lando tC4AJAO Date.. 15 September 2022

MoK￿A￿aLE SOOErycUPx(￿$1NN EtKtsTION¥AWthOSPJND SFATEMEIITC FINANCIALACllW FoRT￿yEAR ENOED31 DEC￿ER1￿21 Pirrn•rtnt Unrnslried Aejtricied Jnd5 dj Owtlons End Lryathes 1fr4e5tm￿tinc￿ne. Fw rebates lrme5tmeniinc￿ IhterEstrxe￿bK1 Trln5fqrfrofftTwKFed 8,961 4.(￿£ 9fj1 3,2 119,214 210 651,545 141.181 Totsllnroml 1xp•nd￿rn0n'. Educational Aw•rd6 1140.797) 1140.7971 1129,3161 Tol•IWeDd￿ 119 31fj N•t Wnlllps$1 on In¥effjThDu 496.331 261,135 7.n5 765,191 19L313 tIEW MOVÉMÉNTIWFUW 509.821 778,68Z FUndb￿l￿￿el¢rttdl￿w11d 67930 ￿9$5 5 062971 4 074 471 1557 514 6.720.958 lJth••thyMuoltrl￿nd •rncontknUl￿IThbtsththlly￿lTrd the￿￿￿)ulY4r. The 2D20mo¥ernentof fundiiiwtt onlrNe5tmth*bÉllOk unlElthrted.EBlk•ndownthit ind£224 restnrtqd I￿Tr.

INE￿￿[KIl￿LE$ocI￿0Fu￿thwsII•N EDKATth￿AwA￿D5F￿o FOA THEyE￿ ÈIIDEDJIOKEMBEAI INvestmtnts 7.406,C61 4S77216 CUAAM￿E￿J Debtty5 from UDcolns Inn 8,461 13,117 7,617 144,095 NETCUNRENfASWS ET•SSEW5 7.W7.610 6 721,951 ND5 Reitrktt UThry5tr1LÈd P•Th4nEnt Endo¥ffi&)t 75.655 67,93D 4,874,471 4,364,649 14 2 296 379 7,5D7,640 121958 pFovedbyth¢Trultee oTr.' d￿￿ed unthdrbth4fr. 14 JLJAJL 20 MrthnWeQC Chilrffl￿ o1th•T￿tIll

HONOUWLESWEffOFUFthMS Ir4 ÉDLUmOIIPiAWARDSFUND NOTES TOTHEACCOUIIIS AMYEAREIIDEP310KEMBEIL>)21 ACCQUNllNGpouaES The st￿ements haye been prep•ied In xcOrd4nc AC t1•￿thed he￿In￿ that 41 (ost5 tql•ttd io tht cltewy. The trreccwevle elurnent 41 VAT Is Induded Ihv Item ol èxpendtture to ¥vhl(h rel•tex. (05tsunnvt be dlredly ittributat4etop•rtlc¥4•ixtJ¥ttlthtyhwe be•n•lbrQd to4£tMtieithi b4515 COD5lsteThi￿1tth tho ustof gheresourw. ch￿￿611 Vxper￿￿￿le h cornpr15Ed ol•xpendkurn dThi•tod to Uncpln's Inhi••Fds th• •w•rd5 olTr Edyc•¢l¢Thl AwwdiFurth sc￿￿r￿1pI. el Fuhdi Thelurth41ih• Ch•thcompth'. 11 Unrestn(t•d kndi, YthiÈh ale t¥pendiWe 4tthe diw•ttonolthtTru5tMs In ihe furthtr4f4ciolth•Fund' ob)Ert￿e5. 111 Peimjnent endDnent fthids tndLMed funds dOn•t￿ to th• th•ity for 8•rber4 ethJc•Uon purpow. 1111 Rqstrkied fvnth. co￿5￿￿ don4ti0M md ret@￿0 thkh the doncr h•1 evm•rkod tor specmc purpasE. l¥estmert14re 514led kt mM-m•iket ￿1￿•11￿ balinre yhvltd4te. Th• Nfi4￿41 l£tI¥￿•S Indudes thenetoiinsand arfslni ￿re¥￿Ill￿1￿￿ inddlsposlsthrouihvJtth•y•4r. fjOVERNAIICE The Inn mE*tstheuryt Dfreffwnir￿1llfi fty•thice4ndseryIcubythtfvJJdko￿. TwisKnrAiswtrMTruSTtu ND Trustee, or PEr￿n relJted or lonr￿d tothem ￿5 recoknd •ny rthiunerthn or rfrnbwjtyfiont ol •Ap•ns•s from th2 Funddu¢ln8thefurrenturpre¥iDusyeor. Ply 12y114

IHEHDlI17 Indlrnct tr4NKtlon rttsired thiou8h bld.ollei spF••d on Irtmtments wtthln puoied kn¥•rtment ¥ehIc￿. Ihe m¢￿1t DI IndifeL1 C05t51s pr(r4k1edtothe 5cherne. 1021 L&GUKFwhi•ckFund L&G Index L&G Interestlrusl GErrtrylni M41kets I￿,64? 3,W5,490 1,21IS07 811,417 2,1￿,981 2,S69,27S L079,220 737,740 33,31 39.06 16.41 11.22 TOTAL i I￿.￿) 6,577.216 A£EiL*d InctyThe Qwld byLlncdn'5 Inn 8,462 7.647 579 14Z SWTOF XT A15Th￿EEN FUNDS Ufirn5trttsd Fundi Funds 2011 Invefynthiti Netcurr¢ntA%se¢$ Tot41 4.851,892 2.557.SL4 75.655 7.486.COI 4 874 471 2.557514 P•rMMert Efido¥hYd Jnd6 Fund5 Funds io ¥estmEnts Pjet CLYfEnt#ysets Totsl 4,521514 2,155.702 6,577,216 151 742 6,728.9$1 4.364,649 2.296.379

THE bV4QUKAbLESOUEryOFUNCClJf5WWI E0uCATK>N￿AwlSIDSFV￿D IIOTES TOIHEACCWNTsicopmNuEDI FCThEyEMENL￿jX DEtfMBER2QII ￿E￿IED PARTYTPAMS￿￿oI1S The Honout4ble Sodety of Unc￿￿,5 Inn k% r￿e of the low Innspf C(vJrt &Th(b￿l ￿1n(￿￿ted body of lawrs whlth SW￿¢+Atu￿e$•nd rnLY•h4￿hIrfthe powvt¢ r411 wthe Barth05eof thdrrnemtswJwthohavethJlyqualMed IcKthErankor de8reeofBITrtStv14t4aw. Th• Fund wls estsbliiFted trrf membe15 gr members of Ihe HonoUrn￿O ol Lkncdn'5 15 lut obJe(IlvEswhEn vacandes ￿selV the bgdy of TIL¥tsesthe Counul of Benihtts of The ￿￿￿rIble50[11ty of Lincdn's IM hdd th2 powel to app￿￿ The Trt￿et5 w othern￿le ￿tOnOm0V$. Durtry1020 we rtteiwlunds from T4niiqd In tothe Inn'5 b4nkacCLWJnt there we b•ve tyw5fffrÈd £561k the rem•ininK bal4ncE O1£114kw￿tW￿￿tOthq Edu(ional 4wwds Ih¥estherfprAtlollvduTini 2011.Theie¥renDfLrtheriÈitted p4rtiek pale 14rf14