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$trr￿nt 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 mc*Jern 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 b￿n kept by the charity.. or
sufficient accountir¥J records have not been kept., or
the charty financial slatements are not in agreen￿nt 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 b￿n 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.