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

IKIK*JRA8LESOaETYOF LIKIYN'51NN
IrwlTth￿AwAR￿SFuND
FOR THEYEAA ENDEO al DKEMBER2021
IWOL
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A￿￿or)REpU￿
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io
Ba1￿ce$heel
li
P4tst*stotheAttounts
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
37FlÈ4*streét
Lond
EC4PatA]
H•ompJntyr• LLP
IOCwe•DPIKe
London
ÉC4A
iwIAG*MrnIGiLW IYC
tqyl &6oner41 lTh¥•strnwrtM4Nymqnl
ODeColemJnStitÈt
ionthjn
EC2ASOA

THE b*Y4CiJRIBLESCQEIYOFLflCIXFiSINN
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 st*ement& 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 CrynrnL*itshSch*me.
The5pwir*:.
The b2nnettFuDd
The eemarf IWalterW8ile5vJtythI Mtmoil
The CthlerF￿
Thr Pti2e13142411
TheC•55elSchol•r>hipTru*t1313994
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 th*ity CornmlsHon Sch•rn Ihe mtryd thwlty's dethffl•ht whkh thq Tiustt*i 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 b*dstern of Llnccthi'j Inn Inth•fi*Wof l**.
Tht prindp•lirtW otitheTiuiiees Is tOU5ethe Incomeywrtted 4nd Fundc¥phJl*ll ￿l*tIll th* WQvl*lonolthexhohryhlps 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￿ ofth*th•rkiei ho¥enot ch4nieO. ThtMeiyFw4s bndffMk•ito knP(ow4dmlnl5tr4th￿ wor•bStt, hl*•th# skn4ry$4nd
Con￿11￿11t Invertrntrt5to ollerth*potintlal lof ￿￿eTI￿ve￿￿￿trt1vrll￿.
Awird5 ¥p mado to unL*d*U on rti*in 10 ￿l￿t them ¥Alh theli fvndlni throuthout ccrnrncn profou0n￿ t*&nIn￿On.
YwtbDNI couNe wdpuplllJi¥v•ais bKiu5eit bthelMSylewthitthos••re1￿ yeJr5 ilydintsr•d ttr*mostfAIDnd•lsLVPUrt.
MtrYc In Interms ol the r￿d￿latI,% Int*l*tb•l ry41tt*5. Is ul hiihest Irnport￿re Dt mlldem 8tr, toiethtr
tyiith*solwrsoniliy4nd piesent•tlon •bo re￿rd￿ weatest lrnpllrtBn(e tsimini èt Iwe bwrlstv. M￿￿4$
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• Irdwvl*ii. 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
t4cui*Ed 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 doesnotdlsrrlmknDteunlttYfultyag*nst aDv por5onthitheyounds of thèt pet5(Jh'5 Ik￿ colcwl, lice. nJOonalty rrfothnkor
nation* ¢15*111ty, Sexu￿ odent0￿0￿, belitf.oiw.orlnJDYoihuwtythitls unlw*fvl.
The l[L￿tee$ of the Educolwal Aw4rth Fund bellwe th*theJt 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 fvnth*M. 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
InyertM*nts In the trrn ol th￿dEndS knereyt * trthrmd ￿ reCe￿￿d th• InYirtrn•nt rn*n4e¢ 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 c4l*d tc the gir •t Llncoln's Inn. No studth)ts aw*ded 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, Educ*lonand 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 lor3thtsitr*hippbym•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•ntm*Jni po11cy Ind wcc¢durt #hl•VlIthoob￿¥e5QIth• FuA¢.
AESERVE5NX
Th• TiusieÈs h4vt th• re5vYu oIthE thwity, %thlth ccrnprlx vl £4M74k uhf*5tr1cted fvnd5. £76k rutrfrt￿ funds É1,557k
end¢vJffi*nt 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¢hth*yconslderlo b*prUd￿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 TN*tEe5 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 suif*4• 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 rwtr*Èd 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￿$t Dud.the Trwtee5 havedelelated the of the port[￿104ndthe IrNestmert
puwer5tothe Llncoln¥inn In¥e5tmentCoM￿ttee.
The In¥ostmont cthmittee mrfts wfth the tur￿ Thnpyr5 a yèar and Wd5 IM MeÈttny to cOr￿der the I￿eStMe
fqpDrts.
The l￿d5 ale IDvostÈd bythq Investmentrn•DYr￿th Llpl l GthÈN¢in pooled lund% thrt tr4(kihe rnirkcl,. ￿lIe dolrtirto bEttei
the mvth,thvfundshwedonenovAJry•.
Leyl &6Ènord 1wth1ryes￿1Cfffj5￿l Df•flrtp•ritP*xethwy, ￿u5 •n¥*v4ltrthich¥yind •rn•nwenichvy,
LIGALafjENEK•L¥ IIWts7MEIITMINIMTe
& General mJnJitthe SchMTrt's isseb on D pos￿¥8 bals ID ihdr pooled Inthl￿d5. Ih• 0th1but￿fi of th• ￿em*,% Is to
be mvlnt*Md In wedètermlned yopordwj.
Vtheil posslble, <45hnow5 IDtO Oi Out of lh* lund be tD rn1lnt￿ll the asset dlstrlbutlonwlthln th• spqtllbtd rnnys. In ithjtlon,
5wRchestyEts¥een tststtdo1ses￿lLb2imp￿rne￿ted&hOuld•nV￿￿d0￿5eSrnCw￿ts1￿•the￿ r4nies.
The lundsolthtchjrfty ¢Urnp￿Seo1..
Unrexrkied fufth, whlth we eKpEndJbl¢ 4t ￿ di￿￿0￿ of the Trull•￿ In thv lurthoTince of the Fur￿
•bJpLt￿es,
PKmanent end0￿￿•￿t lurth iomprwni ondLwd fvndl I￿&t¥d to the th4thy lor educ•fjon pulpts￿.
Incvmtiiireated •sunre5tria¢dln¢amÈ.
R￿tr￿e￿ fundi Inilude the EuropÈ&i Awds Fuhd e%t￿l￿t￿ In ZOD3 bil•nr•of U.5K trls fund Indudlr6
tht knivfert h45 been fulty •w4tded. The MaI4vilin Èook Awtrd lor whkh D don411oi ol £li* In
cpmber IW9.Aho kncludE5 £5gk re¢elved In 2U?O loi Tinued 5th&4rshSp5.
Inth•op1D￿￿ oftheTrUits•sthechwtyi•￿el$lt•lu￿￿l•fit¢0rne•llt5Co￿rn￿￿enll.
IAUSTEESTR41fiiiifj •JlDREMUNlklTK
N•w Truit*ts 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￿ok1*r1rnun•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￿tVthvlt1*I 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 f*i•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 PL*41C Benefrtrequliementund#rthitp£t.
Oved bytheTFustee5 On
4￿J￿8ned onthdl behawby..
MrPJan8ovleQC
ch4lim•noltheTN5teqs
PIp7of 14

INDEPENDENT AuorroA$R￿ryIT
TOTHETRUSTEES¢YTHEHONOUHABLf SOCIÉTYOFUNCOLn INN
EOUCAWON•LIWARDSfUND
FOA THEYEARENDEO31 DKEMIER2DII
We h4ve audytwj the Inandal statomqhts of Th* Honour•ble 5od&ty ol iJncdD'5 Inn Educ4t5offl41 Awllid5 Fund for the yeir ended 31
December 2￿1 whlth the Staternem of Financ*i ￿vive5. SkneEt 4nd nutes to the 5t4t¢rn¢nts, iThÈludir*
summjry 51inifitsnt a￿o￿ntin¥pUIIIIe￿ The roportlll8 frarnew￿k1hè1 has been Jpplled lffl Ihelr pieparationls law
d untted KIDidom si¥nd8Tds. 4ppllcablf In the UK and Republcol Irpland IUThited Kinedom Genof&lly Accemed AccL¥JnUTht
Practlcel.
INOUROWIIKIM,THE M14AMCL4LSTILTErrtllTS
#￿t 4 twe faiT the st*e ofr thÈ ¢h4rlWs as at 31 OpcembEr 2￿1 and al thè Charrty's n
rnovementlnfuThdsfortheyirth•n•tbd•d,.
hAvtbÈeDw¢perfyprt*p*rtd In *£(ordance wlthUnitEd GpnerllyAwtedAcrounJwPtartkt,'4nd
hovebeenrytpirtdin Kurd•nCt￿lh thÈrQqUk4M￿tlOlIhe 2011.
SFOftC•INlCffl
Wt been appolni•d 4Udrt￿ 5tttlw 91 tht ch•[￿e% Art IOIY •Dd reprt kn lceoithnce wlth the Jnd res￿*￿t
or h￿￿8 8ftettthfr•und*r. We (onduthed our 4udt In 4CCDTd•nit ￿th IntW04tl¢wl sijndirds on (UK) I
IUKII Ind 4ppllcable |Jw. OUrr￿PonSIbIlrtle￿ IhDS¢ rt•ndAid% alt furthtt de5(rtbed In the Aud11￿5 rttponslbll￿los INthe Wd￿0￿
the stal•m•Thts sectknn cf our ropllrt. We ère IDdwdent of thq chiilty ￿ KlOrd￿Ce With thE eihlc•l riquirements thèi JTe
r¥evanE to aur audk of fin•noil St4ternents In tho UK. Includin4 the FBC'5 Ethlc415tand4rd, 4nd we hive fulfllled our othtr thc41
ftsWn51￿1tt￿ Ih *ÈOrthncewhthtW•rwWryrntnti. webellv￿ ¢h•tth• wdlt t￿￿en(+￿ h•¥•obt•lnod Is sy1nd￿t1[￿d wropr￿1•
lopr￿dea b1$￿ lor ouroplThlOn.
CONcLU￿N$￿ELA￿1IGT0G01NG tOllCER14
wdlttnithe fiDanci•ISl￿￿Ment$, we hivq iWth• tiustees, w•o1thEWry￿nr1in b•$4 of ICCOWil￿ Inthe prryirlt]th
4lthe fin•irl￿ *Dtementsts Wpro￿lte.
s•d Onth• wehlve perfoirned.v4• h4ve noi IdeDtlfled4ny m4tell￿ uncert41ntlu rel￿1￿10*y*￿ts orcondltlorsthoL ln¢lvWy￿y
collethvtty, s1￿111(1n1dllUbtvnthI Chirity'i abllWIC canllnw￿th ￿l￿1(antern loi opvlodol rt1eD5ttw￿vernQ￿thS
Our re¥ryulblllt* 4nd the respnnX￿ll￿lIi ol the tfU5tett Wlh rwp•rt to coDcein 4r• d15(rf￿ it*4•nt olthl
r•port.
OIHEAINFORMAnON
The trutttts we responslble lurlh• oth•( kn14rrn*ion. 1heothvihformlt￿n Compr￿e￿the Inlwrn•W•n In￿L￿ed kn the Trustee5'Annu•l
Rep￿. OJI opIDbi ￿thI￿nIn￿￿$t4ffiTre￿ts dw% IOverthe4thei lilorm￿￿ wA,•Ai•ptt4 the￿eTrI othwwlA rypllc*ty*&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$1stent wKhthefiffl4na*l xtaternents0rour*noyA￿te obtilnld Inthe4u(wr0rothorw￿¢
pptws to be rn*erl¥ty mixthttd. 11 we l¢entlfv Juch rnol•rl4 in(￿1￿￿¢￿¢S or 4pp4ient mbtenal miSMtemeDts. we rtgulr*d t
d*errnlnp wh•thtf there Is • m4t*rt41 missttytement In the fin4￿•1 sTDttrnents or a mèteriol m￿St•l¢M￿l ol tht othff ln10rrn•￿QTr. It.
sEd on the work we h?¥e ptrformed. we con¢lu*th4E th*M mitertl rnlsthJtemeni ￿ thls other inlormation. •re requlred to
rwrtth4t 14ct. WB hbve nothirrftoreport lrtthisre8¥d.
MATEEHSOIIWHICMWE •JIE HEWIKDTO RlPCllI by fAcEPnON
Wt haven￿kIll8t0rlpDrtIfft respettolihf lall¢winim•ttwsln rel•tknntothlthth*Ch¥Meslkcount54nd Pepurt5IRI￿a1￿n12tljB
•degU•te•c¢•untynirttOrds￿Yt Dc4 be￿ kTrtbyth*thidty.'or
suIAdEntitttyArtlnirecoids h￿t￿pIty11￿ kipt.,or
thethbrtyfiMK￿I st•tern￿tsIr¢nv1ln*dr¢lrn•￿￿lIhthe￿cCO￿nt￿l￿tt￿dSInd retums.'or
v<￿•￿0tre[d¥1d 4lthtlnlorrn•tkin •ndw14Ththnsw•iequlrelryvyr*uth.
RESPON51BILmESOFTftUSTEESFQR THÉ ￿N￿la￿STATEME*1TS
A5 explalned morelulty In the tiu%tEt%' i¢sponslbllY(le5 Statomont ￿TtyJt onpty$ 3to 7.the iru5tee5 forthepryr4￿￿n
of the rt4tements 4nd s*isn•d th* they o¥e J iruè ind fllr foi suth In*m•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$1NN IC01ffl14ueDJ
EDUCATIONALAWAHDSFUPID
FOR ThEVEARENDED31 DECEMOERè)11
AUDITOR'sPE5P(WI*•￿tSF￿ThEAl￿OP￿ANAfI(IALsTAIEr•￿IIS
Our oblettives ale to obisn ieisoNtrAe 1ssur4ncp 4bout ¥knether thE stbtements * a whde Ire fvep fr<Kn A￿tt￿lI
rnI55me￿ thethw tts fraud or eiior. and to155ue aLdtorfs repc•t that Indudu our oplnion. Reas4rt*4* aKwan(e Is a hl
l of bLtis not4 8Ulf4nteqthat ￿ ￿d￿{OndUthed In ICCOTdanctwth15￿(ux> wlll olwtys dete<tJ m*8nalmtsSttstth￿Tr1
hen It pxhts. Mh*atemtnt5 ian arfse trom fraud cr erior •id Ke ￿nSId￿e1 mater1* If, Indlldually or in the ￿TellIe. the¥ couhy
rta50nJbly bi wwedt4 1nfv￿￿￿th*￿llThor￿cde￿$￿}sOI￿seNt￿e￿ onthe ba5t501thE5efin•nda15tDtsrntyils
Irre￿I￿lIes, Indudlng frithl. Ire instsf*eX of norrtompiiaDce wmh knvJ5 4nd r4Bulèt￿ns. We des￿￿ yaclduies In line *ith
rywnsibb1￿les, ouilined above. to detert rn￿St￿effieht$ In rupert of 1rro8ullr￿1￿5, traLhl. The oxlonr w ￿thIch ow
procodurqs4reupaNe4ldetttUn¢*wI*r￿e1, irthJdlnÉftaudls ¢et*led btknw.,
ea Qn Qur ￿nde￿Wid1￿¥ of the chthty and the enwlronrnent Ih whlth It operate4 we hYentifiEd thot th* rt5k5 DI nw-
uffipl￿nr•wAth13W%ITrd reiu14tkn54nd wrconsweied theextrnt io whKh nDn-tampiian¢e mlththwe a mvte11￿ effKtonthIhii￿II
itytiments. Nosuch •ie•>of 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 ¢r4*thdt of cortr0￿. l￿dIt yocvdurn5
pwlorrned tythe lfflrwld..
015CY551gnS ￿1th mlnwment kncludlry cThn5bder￿on of*nth¥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 x<ourt cornt4NUW,
nusu•l uwr¥yr*lth uwsu41 de￿￿pI￿n1'
Alurthvd•icTWllln uf QLyie5pon￿bl1bll￿sfrythl oltheflMnc*l Mt•nbity bl¢e4t•d•nthe Fln•nc*l RIP￿￿￿¢[￿￿￿￿l'•
*'.www.tr£.oii.uklwdiiwe5ponilbllltieS. ThisdeKrlptlon lorffl5 Plrt tsf Oui èLklhor'i report.
U5EOFOURREPORT
Th15 rtPth1 Is m4de io char￿4,5 trufft￿. K b brA*, Ift 4tt0rdancq ￿th xctlDn IU ol th• Ch•rftl•s Art 1011
rnldeundirse(tion 154 ofth•tAd. Ourwdhtwork h•sboen undwtiken spthit v￿mIehI st•t•to thethirlty'ltrufftees those m4ttwswè
¥t rewlltd to rta*ttoih•rn Ih In Audiiof's F•POrt ¥ndlvrnDoEh•r pwpose. TothefiAleM e*ent permbtt*d by law, we do Kcept or
uMerespw>HJllkytD ￿¥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 SOOEryc*UPx(￿$1NN
EtKtsTION¥AW*thOSPJND
SFATEMEIITC* FINANCIALACllW
FoRT￿yEAR ENOED31 DEC￿ER1￿21
Pirrn•rtnt
Unrnslri*ed 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••thyMuoltr*l￿nd •rncontknUl￿IThbtsththlly￿lTrd the￿￿￿)ulY*4r.
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
UThry5tr1L*Èd
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<our￿￿￿ •n¢ knporVn6 by Cha[￿eS.. St*ern•*
of REc￿￿￿ended Pixtlce 1p￿I¢￿￿1e to Chèlkts pFeyrfD8their icrDunts in ic(gidance wththe financilll
Stsndard oppllublein the UK Ind RepubWcotlrol•DdlFR5102lefftc(￿e LlaDuiry20191-1(tsrftIE5SOAPIFRS 10111.
thtFh1￿t￿IRÈp￿mN6Stsndérd 4ppllr4bl¢in Ihp UKanoR￿llC0{ Ireknd (FR5 1021 Indthe CthMp4niesArt2WS.
bl
Tr*Tlu&touaiEu￿dÉmtth1ttheFUnl wlllh•v•5uthclent rE5Qui¢estomeetlt$114bil￿ie$f￿l ￿ Itmt 12
fr￿thI datèof y8nlryth15 r*portand ès su(hthe Kcount5 hwebEEfi pIEpired CA)4 8JlnicoDcembMi5.
c) li(orn•
I rucurcel Ire In the Statsrnnt ul then th¥lty to
thelunds, rt Is piotsableth4ttheinetsm*wlll bt recel¥ed •ndthoimDUrtcin be me4suredreM•bty.
For1￿*%,eM￿t*m￿fftls1Ike￿ asthtèirfi*i4lth•d•terAiwhlch ehhv..
The iw•rEthatpiobbt?h￿b•thl yinted.
EMJte hlli bttn and notffic41￿￿ h41 been ffl￿8 ty tb• Nxutor(sl to the Trt￿l
LIStrIb￿tIOnYAII be m*.
When i d15trlbullon ts rece￿ frcrnthe E5We.
Attelptof Inwhllle LYP•¢ tyontycoo3Wer•d probab￿*bell ihe4ffl0untc•nty•ffi•I￿ledrell•blY mdih•
Chlrifyhis bEEnM￿le1 0fth¢￿¢￿Ve￿IntIntiOTrto make •d15rribkrtkJn.
Uniethrtqd funds aT• 4v411*1e to Spend on thtt furthff of th@ PUTPWS ol Iht Deslinèted
fvnd% ire unrt%tilctedfvnd5 Ch4rfty ￿thIch the Tru5teu h•we thddedit thtlrdlsu¢fj¢*itos•t a￿de10
specific purpoye. Aestrided fv•ds we dvn411oni the thjtsor h•5 spedfled $￿tAY loi 9￿c￿￿r ¥e45
cl iht Tfult's or lor J JPEEhfl¢ pr9)￿t. Donatiwfj rerylred to ￿ let￿n￿O 4$ In •ccordanc• vAth thi
dcmior'i ￿e5 ICÈDufitsd lor when prvb4t41 v'indtrwmenis" . perNnfft or èxpendiNe KcNdlrya to th•
nliure ofthef•rtik110n.
EXpend￿ule Is l¢r yn 4¢(rudi ts•$￿ 4nd hi> t1•￿thed he￿In￿ that 41 (ost5
tql•ttd io tht cltewy. The trreccwev*le elurnent 41 VAT Is Induded Ihv Item ol èxpendtture to ¥vhl(h
rel•tex. (05tsunnvt be dlredly ittributat4etop•rtlc¥4•ixtJ¥tt*lthtyhwe be•n•lbr*Qd 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 endD**nent 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

IHEHDlI<YJWLtS￿l￿OFLI￿OL￿SINN
fwrJTI0N￿AWAA0SFumo
NOTES T0TH(A￿4xj￿￿ ICONMfiLKOI
FC*TTrElE￿ ENDED31 DECEMKq 2411
UCA7IONALAW￿D5
Durkn8 the ye¥ 8roDt5 totdllnx.. £141k 12020". EI29kl weie rn￿e to ￿n£¢￿￿'S IM 45 wnlrfbutyry￿ tOw4r41i
$th￿OiShIps 8Tanfed bythe knnindmède InK￿danCe￿lIhthe obJert50flhb FuThd.
Fund pays trderdl￿dend £% rece￿ b1￿ fothe Hcffitsurnbltsodety of Uncoln's Inn br￿d￿t￿n￿d
th thepoyrnentb¥ Unidn's lTrnto bwri#vsJffld rtudents￿$￿Q11r$bbp$4nd•Wlrds mlde.
The Honourjblv ￿￿ety of Llficoknl Inn pay5 thè rnaiolfty ol {r4nt5 In two maln tw￿￿the% In September 4nO Decernbw to
xfommodatestthYcm5 pwnKfÈ￿duT1Th1Ihe Kidemicywr.
Irw•5tyn•ithothp basedon rn4rk4t¥￿VVVUv￿SfrAhWs'.
M•rt•tVIlM It I l•roJDry
AthalWpDs rtwst
Procttdsof dispo$4s
G&n/Losion Inwsh*tnts
eI￿l￿e0￿ 31 Decemb
iortcèl ￿1¢41 31 D￿kn￿be1
457P,216
S82S,762
L9
)u
3.845 >17
Indlrnct tr4NKtlon rttsired thiou8h bld.ollei spF••d on Irtmtments wtthln puoied kn¥•rtment ¥ehIc￿. Ihe
m¢￿1t DI IndifeL1 C05t51s pr(r4k1edtothe 5cherne.
1021
L&GUKFwhi•ckFund
L&G Index
L&G Interestlrusl
GErrtrylni M41kets
I￿,64?
3,W5,490
1,21IS07
811,417
2,1￿,981
2,S69,27S
L079,220
737,740
33,31
39.06
16.41
11.22
TOTAL
i I￿.￿) 6,577.216
A£EiL*d InctyThe
Qwld byLlncdn'5 Inn
8,462
7.647
579 14Z
SWTOF XT A15Th￿EEN FUNDS
Ufirn5trttsd
Fundi
Funds
2011
Invefynthiti
Netcurr¢ntA%se¢$
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
FC*ThEyEMENL￿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