CHARITY REGISTRATION NUMBER: 1102415 THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2022 INDEX Page Trustees, Report Report of the Independent Auditors 10-13 Statement of Financial Activities 14 Balan Sheet 15 Notes to the Accounts 16-19
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITY REGISTRATION NUMBER: 1102415 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: MrAG Boyle KC (Chairman) MrDHDayKC Mr J M Jarvis KC Mr P Jones KC BANKERS: C. Hoare& Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmacintryre LLP 10 Queen Street Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group PIC Legal & General Investment Management One Coleman Slreet London EC2R SAA
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report and the audrted financial statements for the year ended 31 December 2022. The financial statements have been prepared on the basis of the accounting policies set out on page 12 of the financial statements and comply with the charity's governing scheme. applicable law and the requirements of the Statement of Recommended Practice - 'Accounting and Reporting by Charities, issued in October 2019. CONSTITUTION AND PURPOSE OF THE CHARITY At 9 December 2003 the Trustees merged a number of existing charities in accordance wilh a charity Commission Scheme. These were'.- The Bennett Fund The Bernard Sunley {Walter Wigglesworthl Memorial The Brigid Cotter Fund The Buchanan Prize1314241) The Cassel Scholarship Trust13139941 The Droop Scholarship Trust13135681 the Hubert Greenland Fund The Isaac Wolfson Fund The Kennedy Fund13135421 The Megarry Scholarship Fund The Morton of Henryton Prize13139901 The Sir Thomas Eastham13139901 The Stiebel Trust The Thomas More Fund The Walter Wigglesworth Scholarship The merged charty is called THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND The Charity Commission Scheme is now the merged charity's governing document under which the Trustees are empowered to attribute particular awards, al their discretion. to any of the names of the merged charities. On 1 April 2011 the assets of the 1946 Fund, 3 small charity with similar objectives to those of the Educational Awards Fund, were transferred into the Educational Awards Fund after agreement with the charity Commission under s.26 of the Charities Act 2011 . The Transf value amounted to £270,519. THE HONOURABLE SOCIETY OF LINCOLN'S INN
EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTS. OBJECTIVES AND PRINCIPAL ACTIVITIES The object of the charty is the advancement of the education of the students and pupil barristers of Lincoln's Inn in the fiekl of law. The principal activty of the Trustees is to use the income generat8J and Fund capital to assBt in the provision of the scholarships or other awards lo promote or aid the legal education of members of Lincoln's Inn and in particular students or pupils who intend lo become praclising members of the Bar of England and Wales. The purposes of the charitses have not changed. The merger was undertaken to improve administration processes, make cost savings consolidate investments to offer the potenlial for higher inve$trrnt returns. ACHIEVEMENTS AND PERFORMANCE Awards are made to candidates on merit to assist them wrth their funding throughout the common professional examination. bar vocational course and pupillage years because it is the Inn's view that these are the years when studenis need Ihe most financial support. Merit is assessed in temB of the candidate's intellectual qualities, which is of the highest importance at the mcJern Bar, together with qualf(ies of personalty and presenlalion also regarded as being of the greatest importance in anyone aiming at lrfe as a barrister. Merit is assessed by a consideration of all the material placed before the Inn by the candidate in his or her written application and references together. Whe a candidate is invited for interview. with consideration of the candidate by a panel of interviewers. Candidates whose written applications do not, upon careful consideration, disclosethe requisite quality, will not be invited for interview. Lincoln's Inn advertises the qualth.es it is looking for on tts website. Once scholars have been selected their financial award is calculated on the basis of their individual means. The scholarfs means are calculated on the basis of their assets, savings. debt, other sources offinancial support and projected expensesforthe duration of their course or period of training. The Scholarships Committ sets the formulas to k applied - e.g. only taking into account savings above a certain level and capping monthly expenses- and reviews this regulady. Ml scholarfs will be awarded a minimum of £1,IXK). Lincoln's Inn does not discriminate unlawtulty against any Ferson on the grounds of that person's sex, colour, race, nationalty or ethnic or national origin, disabilty, sexual orientation. religion or belief, or age, or in any other way that is unlawful. The Trustees of the Educational Awards Fund lIeVe that these application crrf(eria do not create unreasonable restrictions on access by candidates lo the scholarships available. Inveslments this year have shown a loss of £514k12021: gain of £765k}. Investments are shown on the Balance Sheet at market value in accordance with charty accounting rules.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 During the year the charity's reserves decreased by £505k from £7,507k to £7,002k. FUNDRAISING Vvhilst we do not actively fundraise, we are fortunate to receive donations and bequests from lime to time. We are grateful for the generosity of the donors. GRANT MAKING POLICY The Educalional Awards Fund makes grants towards the overall level of individual awards made by Lincoln's Inn. Income earned from investments in the form of dividends and interest is transferred as received from the investment manager to the Honourable Society of Lincoln's Inn. The awards are now allocated from the unrestricted funds. In December 2009 the Fund received a donation of £1 Ok from the Tun Azmi Foundation, to be utilised to award pupils who are Malaysian students called to the Bar al Lincoln's Inn. No students were awarded this prvze in 2021 due to the travel restrictions for the Malaysian students. In making a grant the Educational Awards Fund Trustees expect the responsible Committee to supervise the spending of the monies granted. The Educational Awards Fund Trustees are not themselves in a position to do so. Expenditure by Lincoln's Inn is controlled and managed by its various officers and monitored by the Finance. Education and Scholarship Committees. Lincoln's Inn pays the individual in question on approval from the relevant Committees and on production of properly approved applications for scholarship payments. Once a payment has been made by the Inn, the Inn requests part or all of the prornised contribution from the fvnd. The value of contributions is never more than the total value of scholarships., Lincoln's Inn makes up any shortfall. The Trustees agreed that the grant making policy and procedure achieves the objectives of Ihe Fund. RESERVES POLICY The Trustees have reviewed the reserves of the charity, which comprise of £4,549k unrestricted funds, £70k restricted funds and £2,383k endowment funds. The Trustees have identified that the end beneficiaries of the charty are not in any way deprived from the benefit of the charity's objectives. THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND
REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 The review encompassed the nature of the income streams and the policy adopted by the Trustees, which they consider lo be prudent, to distribute the annual investment income of the charity. The Trustees recognised that should the Inn become unable to fund its scholarships, the Trustees must hold sufficient reserves to ensure that the interests of future beneficiaries are protected. The Trustees consider the charity's Unrestricted fund is suitable for this purpose. Grants are funded from free reserves and income during the year. The policies are reviewed on a regular basis. FUTURE DEVELOPMENTS The Trustees of the Fund have reviewed the overa11 structure and efficiency of the fund and consolidated the investments into one account managed by the Inveslmenl Committee and by the investment managers. The Trustees have reviewed the performance of the fvnd managers and will continue to do so at regular intervals. From 2023, we plan to adopt the total return approach to charity's investments. INVESTMENT POWERS AND POLICY In accordance with their powers under the Trust Deed, the Trustees have delegated the management of the portfolio and the investment powers to the Lincoln's Inn Investment Committee. The Investment Committee meets with the fund managers bmice a year and holds two additional meetings to consider the investment manager's reports. INVESTMENT PERFORMANCE During the year the Trustees allocated 30¢/0 of the funds investments to a diversified growth fund held with Ruffer LLP. The other 700k of the fund remained invested with Legal & General under passive management in pooled funds. The performance of the Legal & General portfolio tracked the market., so while doing no better than the market. the fund has done no worse. The Ruffers element ofthe portffolio was invested in September 2022. Its performance over the three months to the year end was +4.9 /0. Both Ruffers and Legal & General levy charges consist of a flal per scheme charge, plus an ad-valorem charge and a management charge. THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022
LEGAL & GENERAL'S INVESTMENT MANDATE Legal & General manage the Scheme's assets on a passive basis in their pooled index funds. The distribution of the Schemè's assets is lo be maintained in predetermined proportions. Where possible, cashflows into or out of the fund will be used to maintain the asseldislribution within the specified ranges. In addition, switches between asset classes will be implemented should any asset classes move outside their ranges. RUFFER'S MANDATE Ruffer's single investment strategy is defined by tso simple investment objectives.. not to lose money in any 12-month period and to generate returns meaningfully ahead of the return on cash. Ruffers will always hold investments in they refer to as growth and protection assets. These are held alongside one another and exposure to each is changed dynamically over time. FUNDS The ndS of the Charity comprise of.. Unrestricted fvnds, which are expendable at the discretion of the Trustees in the furtherance of the Fund's objectives. Permanent endowment funds comprising endowed funds donated to the charity for general education purposes. Income is treated as unrestricted income. Restricted funds include the European Awards Fund established in 2003 with a balance of £4.5k, this fund including the inleresl has now been fully awarded. The Malaysian Book Award for which a donation of £10k was received in December 2009. Also includes £59k received in 2020 for Tancred scholarships. In the opinion of the Trustees the charity's assets are sufficient to meet its commitments. TRUSTEES. TRAINING AND REMUNERATION New Trustees are offered appropriate induction and training procedures. Consideration is given to the skills required and all the appointed Trustees are experienced lawyers. The Charity has no employees and no Trustee received remuneration for their services. THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES {cont...I FOR THE YEAR ENDED 31 DECEMBER 2022
TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practices {UK-GAAP). Law applicable to charrties in England and Wales requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and.. i) select suitable accounting policies and apply them consistently. ii) make judgements and estimates that are reasonable and prudent. iiil state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts, and iv) prepare Ihe accounts on the going concern basis unless it is inappropriate to assun that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial posrtion of the charity and which allow them lo ensure that the accounts comply with applicable law. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of error. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity Commission's website and receive no remuneration. The Trust*s have compiled with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. Approved by the Trustees on.. and signed on their alf by.. Mr Alan Boyle KC Chairman of the Trustees 61i/lHp?
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2022 OPINION We have audited the financial statements of The Honourable Society of Lincoln's Inn Educational Awards Fund for the year ended 31 December 2022 which comprise the Slalement of Financial Activities. Balance Sheet and notes to the financial statements, including a summary of signif icant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, applicable in the UK and Republic of Ireland (United Kingdom Generally Acceptal Accounting Practice). IN OUR OPINION, THE FINANCIAL STATEMENTS give a true and fair view of the state of the charity's affairs as al 31 December 2022 and of the Charity s net movement in funds for the year then ended., have been properly prepared in accordancewith United Kingdom Generally Accept8 Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report, We are independent of the charity in accordancewith the ethical requirements that are relevant to our audit of thè financial staternenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN
EDUCATIONAL AWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER INFORMATION The Trustees are responsible for the other infomiakn'on. The other information comprises the information included in the Truslees. Annual Report_ Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audtt of the financial statements. our resFonsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistert with the financial stalements or our knowledge obtained in the audit or othetwise appears lo be materially misstated. If we identlfy such material inconsislencies or apparent malerial misstatements. we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the wo we have performed, we conclude that there is a material misstatement of this other information, we are required to report thal fact. We have nothing to report in Ihis regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in respect of the following matters in relation to which the Charrtles (Accounts and Reports} Regulab"ons 2008 require us to report lo you rf, in our opinion.. adequate accountin9 records have not bn kept by the charity.. or sufficient accountir¥J records have not been kept., or the charty financial slatements are not in agreennt with the accounting records and returns- or we have not received all the information and explanations we r8]uire for our audit. RESPONSIBILITES OF THE TRUSTEESFOR THE FINANCIAL STATEMENTS As explained more fulty in the trustees, responsibilibes statement set out on pages 3 to 7. the trustees are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial stateTh*nts. the trustees are responsible for assessing the charty's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charrty or to cease operalions. or have no realistic altemative but to do so. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN (cont...) EDUCATIONALAWARDS FUND
FOR THE YEAR ENDED 31 DECEMBER 2022 AUDITOR'S RESPNSIBILITES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordancewith ISAS (UK) will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedur are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity and the environmenl in which it operates, we identified Ihat the principal risks of non-compliance with laws and regulations related to revenue recognition and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations Ihal have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls) and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included.. Discussions with management including consideration of known or suspect instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. Because of the inherent limitations of an audrt, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenl, forgery, collusion, omission or misrepresentation. INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN {cont...) EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2022
A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. USE OF OUR REPORT This report 15 made solely to the charrty's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has bn undertaken so that we might state to the charty's trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed. Haysmacintrye LLP Statutory Auditors 08111123 10 Queen Street Place London EC4R 1AG Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 THE HONOURA8LE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
Note Unrestricted Funds Restricted Funds Exp8ndabl8 Endoswnent Fund$ 2022 2021 Income from- Donations and Legacies Investment income Fee rebates Investment incorne Interest Totsl Income 11,300 11,300 8,961 3,288 153,755 15 168.359 3.288 153,755 15 168,359 4,086 141.181 60 154,288 Expènditure on.. Educational Awards Total Expenditurè- 159,0881 1159.0881 1.000 160,088 160,088 140,797 140,797 Net Gainlllossl on inv95tments 333.471 174,964 5,176 513,810 765.191 NET MOVEMENT IN FUNDS 324,200 174,964 6,176 505.339 778.682 Fund balances carried foryrdrd at 1 January 4,874,471 2.557.514 75.655 7,507.640 6,728,958 Fund balancas carrièd forwdrd 31 December 4,550,272 2,382.550 69.479 7,002,301 7,507,640 All the activities of the fvnd are continuing in both this year and the previous year. The 2021 movement of funds is split by gain on investments £496k unrestricled, £251k endowment gain and £7k restricted gain. The notes on pages 15 to 18 form part of these financial statements THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 Notes 2022 2021
FIXED ASSETS Investments 6.976,034 7,486,061 CURRENT ASSETS Debtors Owed from Lincolns Inn TOTAL CURRENT ASSETS 1,224 25,043 26,267 8.462 13,117 21,579 NET CURRENT ASSETS NET ASSETS 26,267 7,002,301 21,579 7,507,640 FUNDS Restricted Unrestricted Permanent Endowment 69,479 4,550,272 2,382,550 7,002,301 75,655 4,874,471 2,557,514 7,507,640 Approved by the Trustees on.. 6 November 2023 and signed on their behaK by.. Mr Alan Boyle KC Chairman of the Trustees The notes on pages 15 to 18 form part of these financial statements THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. ACCOUNTING POLICIES al Accounting Convention
Charites preparing iheir accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 20191- {Charitie5 SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. bl Going Concern accounting policy The Trustees are confident that the Fund will have sufficient resources lo meet its liabilities for at least 12 months from the date of signing this report and as such the accounts have been prepared on a going concern basis. cl Income All incoming resources are recognised in the Statement of Financial Activiti when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which erth8r'. The charity is aware that probate has been granted, The Estate has been finalised and notification has been made by the executor(sl lo the Trust that a distribution will be made. When a distribution is received from the estate. Receipt of a legacy in whole or part, is only considèred probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Unrestricted f unds are available to spend on activities that further any of the purposes ofthe Charity. Designated funds are unrestricted funds of the Charity which the Trustees have decided al their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are solely used for particular areas of the Trust's work or for a specific project. Donations required to be retained as capital in accordance with the donor's wishes are accounted for when probable as "endowmenls" permanent or expendable according to the nature of the restriction. THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 dl Expenditure
Expenditure is accounted foron an accruals basis and has been classified under headings that aggregate al I costs related to the category. The irrecoverable element of VAT is included with the item of expenditure to which it relates. Where costs cannot be directly attributable to particular activities they have been allocated to activities on a basis consistent with the use of the resources. Charitable expenditure is comprised of expenditure donated to Lincoln's Inn towards the awards of The Educational Awards Funds Scholarships. e} Funds Unrestricted funds. which are expendable at the discretion of the Trustees in the furtherance of the Fund's objectives. Permanent endowment funds comprising endowed funds donated to the charity for general education purposes. Restricted fund5, consisting of donations and legacies received which the donor has earmarked for a specific purpose.. Investments Investments are stated at mid-market value at the balance sheet dale. The Statement of Financial Activities includes the nel gains and losses arising on revaluation and disposals throughout the year.. 2. GOVERNANCE The Inn meets the cost of remuneration for advice and services by theAuditors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person related or connected lo them has received any remuneration or reimbursemenl of expenses from the Fund during the current or previous year. 4. EDUCATIONAL AWARDS During the year grants totalling.. £160k 12021.. £141 k) were made lo Lincoln's Inn as contributions towards awards ar)d Scholarships granted by the Inn and made in accordance with the objects of this Fund. The Fund pays over dividend income on an as received basis to the Honourable Society of Lincoln's Inn which broadly coincides with the payment by Lincoln's Inn to pupil barristers and students of scholarships and awards made. The Honourable Society of Lincoln's Inn pays the majority of its grants in bNO main tranches in September and December to accommodate students paying fees during the academic year. THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 5. INVESTMENTS
2022 2021 Investment holdings based on market value were as follows.. Market Value 1 January 7,846,061 6,577,216 Additions at cost 2,011,193 299,154 Proceeds of disposals {2,007,610} (765,1911 GainsllLossl on investments 1513,610) 830,599 Market Value 31 December 6,976,034 7,486,061 Historical cost 31 December 1,985,565 3,988,982 Indirect transaction costs are incurred through the bid-offer spread on investments within pooled investment vehicles. The amount of indirect costs is not separately provided to the scheme. nrficant investment holdin s at market value on 31 December 2022 2022 2021 2021 L&G UK Equitrack Fund Trusl L&G International Index L&G Fixed Interest Trust L&G Emerging Markets Ruffers absolute return H acc TOTAL 1,872,815 2,383,240 26.85 34.16 2,456,647 3,005,490 1,212,507 811,417 32.82 40.15 16.20 10.84 592,993 2,126,985 6,976,034 8.50 30.49 100 7,486,061 100 6. DEBTORS 2022 2021 Accrued Income Owed by Lincoln's Inn 1,224 25,043 26,267 8,462 13.117 21,579 THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022 7. SPLIT OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds Permanent Endowed Funds Restricted Funds 2022 2022 Investments Net current assets 4.524,005 28,287 4,550,272 2,382,550 69,479 6.976,034 26,267 7,002,301 2,382,550 69,479 Unrestricted Funds Permanent Endowed Funds Restricted Funds 2021 2021 Investments Net current assets 4,852,892 21,579 4,874,471 2,557,514 75,655 7,486,061 21,579 7,507,640 2,557,514 75.655 8. RELATED PARTY TRANSACTIONS The Honourable Society of Lincoln's Inn is one of the four Inns of Court. It is an ancient unincorporated body of lawyers which for six centuries and more have had the power to call lo the Bar those of their members who have duly qualified for the rank or degree of Barrister-at-law. The Fund was established by members or former members ofThe Honourable Society of Lincoln's Inn and as laid out in its objectives when vacancies arise in the body of Trustees the Council of Benchers of The Honourable Society of Lincoln's Inn hold the powerto appoint replacements. The Trustees are otherwise autonomou5. During 2020 we receivedfunds from Tancred in lo the Inn's bank accounlwherewe have transferred £561 k the remaining balance of £114k was transferred to the Educational awards fund investment portfolio during 2021. There are no further related parties. During 2022 we awarded one Tancred scholarship.