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 2025
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2025 INDEX Pag• Trustees, Report 3-10 Report of the Independent Auditors 11- 14 Statement of Financial Activltles 15 Balance Sheet 16 Notes to the Accounts 17-21
THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 CHARITY REGISTRATION NUMBER: 1102415 PRINCIPALADDRESS: The Honourab18 Society of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: MrA G Boyl8 KC (Chalrman) 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 & G8neral Investment Management One Coleman Street London EC2R SAA
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report and th8 audited financial statemenls for the year ended 31 December 2025. The financial statements have been prepared on the basis of the accountlng policies set oul on page 12 of the financial stalements and comply with thè charity's governing scheme, applicable law and the qUirementS of the Statement of Recommended Practice- 'A¢counting and Reporting by Charit18s' issued in October 2019. CONSTITUTION AND PURPOSE OF THE CHARITY On 9 Dec8mber 2003 the Trustees merg8d a number of exisling charili8s in accordance with Charity Commission SGheme. These were.. - The Bennett Fund The Bernard Sunley (Walter Wigglesworth) Memorial The Brigid Cotter Fund Th8 Buchanan Prize1314241) The Cassel Scholarship Trust13139941 The Droop Scholarship Trust {313568} the Hubert Greenland Fund The Isaac Wolfson Fund The Kennedy Fund13135421 The Megarry Scholarship Fund The Morton of Henryton Prlze13139901 The Sir Thomas Eastham13139901 The Stiebel Trust The Thomas More Fund The Walter Wigglesworth Scholarshlp The merged charity is called: THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND The Charity Commission Scheme is now the merged charity's governing docurnent under which the Trustees are empowered to attribute particular awards, at their discretlon, to any of the names of the merged charities. On 1 April 2011 the assets of the 1946 Fund, a small Gharity wilh 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 Acl 2011. The Transfer 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 2025 The Trustees are responsible for the overall control and strategic directlon of the charity- Trustees are appointed by The Honourable Society of Lincoln's Inn, in accordance with the governing document and are expected to act in the best intaresls of the Gharily and its beneficiaries. OBJECTS. OBJECTIVES AND PRINCIPAL ACTIVITIES The objecl of the charity is the advancement of th8 education of the students and pupil barristers of Lincoln's Inn In the field of law. The principal a¢livity of the Trustees is to use the incom8 gènerated and Fund capital to asslsl in the provision of the scholarships or other awards to promole or aid the leg81 èducation of m8mbers of Lincoln's Inn and in particular students or pupils who int8nd to becom8 practising m8mbers of the Bar of England and Wa18S. Thè purposes of the charities have not changed. The marger was undertaken to improve administration processes, make cost savings and consolidate investrnonts to offer the potential for higher inveslmenl returns. ACHIEVEMENTS AND PERFORMANCE Aw8rds ar8 made lo candidates on mertt to assist them with their funding throughout the Common professional examination, bar vocational course and pupillage years because it is the Inn's vlew that these are the years when students need the most financial support. Merit Is assessed in tèms of the candidate's intellectual qualiti8s, which is of the highest importance at the modern Bar, together with qualities of personality and pr8S8ntation also regarded as being of the greatest importance in anyone aiming at life as a barrisler. Merit is assessed by a consideration of all the malerial placed before the Inn by the c8ndidate in his or her written application and references together, where a candidate is invited for interview, wlth consideration of Ihe candidate by a panel of interview8rs. Candidates whose written applications do not, upon Gareful consideralion, disclose the requisite quality, will nol be invited for interview. Lincoln's Inn advertises the qualiti8s il is looking for on its websilg. Once scholars have been selected their financial award is calculated on the basis of Iheir individual means. The scholar'5 means are calculaled on the basis of their assets, savings, debt, other sources of financial support and projècted expenses for th8 duration of their course or period of training. The Scholarships Committee sets thè formulas to be applied - e.g. only taking into account savings above a certain level and Gapping monthlyexpens8s- and reviews this regulady. All scholarfs will be awarded a minimum of £1.000. Lincoln's Inn does not discriminate unlawfully against any person on the grounds of that person's sex. colour, race, nationality or ethnic or national origin, disability. sexual orientation, religion or b81ief, or age, or in any other way that is unlawful.
THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees of the Educational Awards Fund believe that these application criteria do not create unreasonable restrictions on access by candidates to the scholarships available. Inveslments this year have shown a gain of £862k12024'. gain of £701 k). Investments are shown on the Balance Sheet at market value in accordance with charity accounting rules. GOING CONCERN ASSESMENT After rnaking appropriate enquiries. the Trustees have a r8asonable exp8ctation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slalemenls. FLtrth8r details regarding the adoption of the going concem basis can be found in the accounting policies. FUNDRAISING Whilst we do not adively fundraise, we ar8 fortunate to receiv8 donations and bequests from time to time. We are grateful for the generosity of the donors. GRANT MAKING POLICY The Educational Awards Fund makes grants lowards the overall level of individual awards made by Lincoln's Inn. Income earned from investments in the fom of dividends and interest is Iransferred as re¢8ived from the investmenl manager to the Honourable Society of Lincoln's Inr). The awards are now allocated from the unrestricted funds. In December 2009 the Fund received a donation of £10k from Ihe Tun A2mi Foundation, to be utilised to award pupils who are Malayslan students ¢alled to the Bar at Lincoln's Inn. Two students Ware awarded this prize In 2025, £1.000 each. In making a grant th8 Educational Awards Fund Trustees exp8Ct the responsible Committee to supervise the spending of the monies granted. Th8 Educational Awards Fund Trustees are not th8ms8lves in a posltion to do so. Expenditur8 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 th8 relevant Committees and on production of properly approved applications for scholarship payments. On¢e a payrnent has been made by the Inn, Ihe Inn requests parl or all of the promised contribution from the fund. The value of contributions is never more than the total value of scholarships,. LinGoln's Inn makes up any shortfall. Th8 Trustees agreed that the grant making policy and procedure achieves the objectives of the Fund.
THE HONOURABLE SOCIEff OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 RESERVES POLICY The Trustees have remewed the reserves of the charity, which comprise of £5,881k unrestricted funds (£5,265k in 2024). £11k restricted funds {£35k in 2024) and £3,012k endowm8nt funds1£2,720k in 20241. The Trustees have identified that the end beneficiaries of the charity are not in any way deprived from the benefit of the charity's objectives. The review 8ncompassed the nature of the income streams and the policy adopted by the Trustees, This resulted in a change in approa¢h where the Trustees fell it was no longer prudent lo dislribLJta only the annual investment income of th8 Charity. The trusteas recognised thal they have significant r8serves and agrèad to approach spending down their r8serves in a way Ihal aligns with a total relum investment strategy and still ensures the end beneficiaries are not in any way deprived from the benefit of the Charity's objectives. As the Charity holds a significant amount of unrestricted reserves, the Trustees decided to start lo spènd down this fund before applying a total return pollcy to the permanent endowed funds. The investment strat8gy adopted Is detai18d below. Th8 Trustees recognise that the reserves on the fund are high. as the total return approach is being applied. This approach assumes that anything above 8 40/0 retum over a Ihree-year period will be disinvested and conlribut8d towards Lincoln's Inn scholarships. The aim is lo gnsur8 that the trust continuas to support its benefiGiari8s for entY years. Since this policy has been put in plaGe, due to investment mark8t performance, no disinvestment has been made. RISK MANAGEMENT The Truslees hav8 assessed the major risks lo which the Trust is exposed and are satisfied that systems and procedures ar8 in place to mitigate 8xposure to the major risks FUTURE DEVELOPMENTS The Trustees of the Fund have reviewed the overall structure and efficiency of the fund and consolidated the investm8nts into one account managed by the Investment Comrnittee and by the investment managers, Legal & General. The Trustees have r8V18wed the performance of th8 fund managers and will continue to do so at regular intèrvals. INVESTMENT POWERS AND POLICY In a¢cordanc8 Wlth their powers under the Trust Deed. the Trustees have delegated the management of the portfolio and the inveslment powers lo the Lincoln's Inn Investment Committee.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees have assessed the major risks to whiGh the Trust is exposed and are satisfied that systems and procedures are in place to mitigale exposure to the major risks. The Invaslm6nl Committee meets with the fund managérs ttvice a year and holds two additional m88tings to ¢onsid8r the investrnent manager's reports. INVESTMENT PERFORMANCE The funds are invested by the investment manager with Leg81 & G8n8ral in pooled funds that track the market-, while doing no betler than the market, the funds have done no worse. Legal & General levy charges that consist of a flat per scheme charge, plus an ad-valorem charge and a management charge. LEGAL & GENERAL'S INVESTMENT MANDATE Legal & General manage the Scheme's assets on a passive basi5 in their pooled index funds. The distribution of lh8 Scheme's assets is to be maintained in predelemined proportlons. Wh8re possible, cashflows into or out of the fund will be used to mainlain the asset distribution within the speGified rang8s. In addilion, swltches beeen asset classes will be implemented should any asset classes move outsld8 their ranges. FUNDS The funds of the Charity comprise of.. Unrestricted funds, which ar8 expendable at the dis¢r8tion of the Trustees in the furtherance of the Fund's objectives. Permanenl 8ndowment funds comprlsing endowed funds donated to Ihe charity for gen8ral education purposes. Income is treated as unrestricted income. Restricted funds include the following balances: The European Awards Fund estsblished in 2003 with a balance of £4.5k, this fund induding the interesl has now been fully awarded. The Malaysian Book Award with balance of£5.843 remaining frorn an original £10k donation received in 2009, inclusive of interest accrued ov8r the years. Tancred Scholarships with balance of £5,480 remaining from an £59k donation received in 2020. inclusive of inler8St accrued over the years. In the opinion of the Trustees the charitys assets are sufficient to meet its commitments.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 TRUSTEES, APPOINTMENT, TRAINING AND REMUNERATION The Fund was established by members or fomèr members of The Honourable Society of Llncoln's Inn and as laid out in its objectlv8s when vacancies arise in the body of Trustees the Council of Benchers of The Honourable Society of Lincoln's Inn hold tha power lo appolnt replacements. The Trustees ar8 olherwise autonomous. During 2020 we received funds from Tan¢r8d in to the Inn's bank account where we have transferred £561 k the remaining balance of £114k was transferred to Ihe Educational awards fund investment portfolio during 2021. There are no further related part18s. Similarly lo 2024, in 2025 we awarded one Tancr8d SGholarship of £21 k. New Trustees are offered appropriate induction and training procedures. Consideratlon is given to the skills required and all the appoinled Trustees are experienced lawyers. The Charily has no employe8s, and no Trustee receiv8d remuneration for their services. TRUSTEES, RESPONSIBILITIES Th8 Trustees are responsible for preparing th8 Annual Report and the FinanGial Stat8ments in accordan¢8 with applicable law and United Klngdom Generally Accepted Accounting PracliGes (UK-GAAPI. Law applicable to charities in England and Wales requires th8 Trustees to pr8pare financial statements for each financial y8ar which gives a true and fair view of the charity's financial activili8s during the year and of its financial position al the 8nd of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and.. 1) 8818Ct suitable accounting policies and apply them nsIstenI1y. ii) make judg8ments and estimates that are reason8b18 and prudent. iii) state whethèr applicable accounting standards have been followed, sublect to any material departures disclosed and explained in the accounts, and iv) prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation. v} obsarve the methods and principles of the Charities SORP {FRS 102) The Trustees meet regularly to oversee the activities of the charity and to make decisions on its strategic direction. The Trustees are responsible for setting policies and monitoring the charily's financial posilion and performan.
THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 All significant decisions are taken collectively by the Trustees, in accordance wilh th8 procedures set out in the governing document. Decisions are generally made by consensus or, wh8re necessary, by majority vote, with a quorum present as required by the goveming document. Given the size of the Gharity, the Trustee5 do not operate formal sul>committees. All m8tt8rs are considered by lh8 full Board. The Trustees are responsible for keeping accounting records which disclose with reasonable aGcuracy the financial position of the charity and which enable Ih8m to ascertain the financial position of the charity, and which allow them to ensura that the accounts Comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of error. The Truste8s are responsibl8 for the maintenance and inlegrlty of the corporate and financial information included on the Charily Commission's website and receive no remuneration. The Trustees have complled with the duty in $.17 of the Charities Acl 201110 have du8 regard lo the Charity Commission's published general and relevant SuseCtor guid8n¢e concerning the operation of th8 Public Benefit r8quirement under Ihat Act. Approved by the Trustees on: 6 May 2026 and signed on their b8half by: MrAlan Boyle KC Chaiman of the Trustees
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2025 OPINION We have audited tha financial statemenls of The Honourable Society of Lincoln's Inn Educational Awards Fund for the year ended 31 December 2025 which comprise the Statement of Financial Activilies, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. Th8 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards, applicable in the UK and Republic of Ireland IUnit8d Kingdom Gènerally ACpted Accounting Practicè}. IN OUR OPINION, THE FINANCIAL STATEMENTS give a true and fair view of the stste of the charity's affairs as at 31 De¢emb8r 2025 and of Ihe Charity's net movement in funds for the year then ended; have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounling Practice,. and have been prepared in ac¢ordanc8 With the requlrements of the Charities Act 2011. BASIS FOR OPINION We have b88n 8ppointed as audltor under section 144 of the Charities Act 2011 and rèport in accordance with the Act and relevant regulalions made or having effect thereunder. We conducted our audit in accordance wlth International Standards on Auditing IUKI (ISAS (UK)) and applicablè law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements S8Ction of our report. We are independent of the charity in accordance wlth the ethical requirements that are lvant to our audit of the financial statements 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 financlal stat8ments, we have concluded that the truslees, use of the going concem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we hav8 Performed. we have not identified any material uncertainties relaling to events or Conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2025 OTHER INFORMATION The Trust88s are responsible for the other Information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover Ihe other infomialion and, except to the extent otherwise explicitly stated in our report, W8 do not express any form of assurance conclusion ther80n. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing $0, consider whether the other information is materially inconsistent with the financial statefflenls, or our knowledge obtained In th8 audit or otherwise appears to b8 materially misstated. If we idantty such material inconsistencies or apparent material misstatements, we are requir8d to determine whether there is a material misslalement in the financial statements or a material misslalement of the other information. If, based on the work we have p8rform8d, we conclude that there is a material misslalem8nt of this other infomiation, we are required to r8POrt that fact. Wè have nothing to report in this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following Matters in r81ation to which the Charities (Accounts and Reports) Regulations 2008 requirè us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity.. or sufficient accounting records hav8 not been kept., or the Charity fsnancial ststèm8nts are not in agreement with the accounting records and r&tums', or we have not rec8lv8d all the infomiation and explanallons we require for our audit. RESPONSIBILITES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees, r8sponsibilities statement set out on pag8s 3 to 7, the trustees are responsible for the preparation of the financial statements and for being satisf18d Ihal they give a true and fair view, and for such internal conlrol as Ihe Irustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement. whelh8r due to fraud or error. In preparing the financial statements, the tnjstees are responsib18 for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters lated to going concern and using the going concern basis of aGGounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alt8rnative but to do so.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN (cont...) EDUCATIONALAWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2025 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 materlal misstatement, whether due to fraud or 8rror, and to issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assuran bul is not a guaranle8 that an audit conducted in accordan with ISAS {UKI will always delect a material misstatement when It exlsts. Misstatements can arise from fraud or error and aré considered material if, individually or in the aggregate, they could reasonably be èxpected to influence the economic decisions of users tsken 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, outlin8d above, to detect material misstatem8nts in resp8Ct of Irregularities, including fraud. The extent to which our procedures are Capable of detecling Irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment In whlch it operates, we identified that the principal risks of non-compliance with laws and regulations rèlated to revenue recognitlon, and we consldered the extent to which non-compliance might have a material effect on the financial stat8ments. We also considered those laws and regulalions thal hav8 a direct impact on th8 preparation of the financial slatemenls such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulenl manipulation of the financial slalemenls (including the risk of override of controls) and determined that the principal risks were related to manag8ment override of controls. Audit procedures perfomed by Ihe engagement team includ8d'. Dlscussions with management including consideration of known or Suspected instances of non-compliance with laws and regulation and fraud. Evalualing managernenl's controls designed to prevent and detect irregularities. Identifying and testing hjurnals, in particular joum81 entries posted with unusual account combinations, postings by unusual users or wilh unusual descriptions. Because of the inherent limltatlons of an audit, there is a risk that wo will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the ev8nts 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 concealment, 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 2025 A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uklauditorsresponslbilities. This description form5 part of our auditor's report. USE OF OUR REPORT This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations madg und8r section 154 of that Act. Our audit work has b6en undertaken so that we might slat8 to the charitvs trustees those matt8rs we are requir8d to state to them in an Audltorfs report and for no other purpose. To the fullest extent pemiitted by law, w8 do not accept or assume responsibillty to anyone other than the chantWs trustees as a body for our audit work. for this r8POrt. or for the opinions we have fomied. frk67yffiMac LLF Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 1310512026 Haysmac LLP is ellgible to act as an auditor in terms of section 1212 of lh8 Companies Act 2006
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Not• Unrgstrlctod Funds Restrictgd Funds Expendable Endowment Funds 2024 2024 In¢ome from: Donations and Legacias Investment income Interest Total Incom• 20,657 198,364 2,062 221,083 20,657 198,364 2.062 221 083 10,300 161,886 8,691 180,877 Exptrndltur• on: Educallonal Awards Total Expendlture: 171,064 171,064 27,300 27,300 198,364 198,364 Nel Galn on investments 566,058 292 376 3.332 861766 700,610 NET MOVEMENT IN FUNDS 616,077 292,376 23.968 884.485 Fund balances carr+ed forward at l January 5265197 2 719 536 35.291 8,020,024 7,300,423 Fund balances carried forward 31 December 5,881,274 3,011,912 11,323 8 904,509 8,020 024 All the activities of the fund are Continuing in both this year and the previous yèar. Th• notos on pages 15 to 18 form part of these financlal Statements
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2025 Notes 2025 2024 FIXED ASSETS Inv8stments 8.830,881 7.969,116 CURRENT ASSETS Debtors Owed frorn Lincolns Inn TOTAL CURRENT ASSETS 7.764 65,864 73,628 7,186 43,722 50,908 NET CURRENT ASSETS NET ASSETS 50,908 8,020,024 8,904,509 FUNDS Restrict8d Unrestricted Permanent Endowment 11,323 5,881,274 3,011,912 8,904,509 35,291 5,265,197 2 719,536 8,020,024 Approved by the Trustees on.. 6 May 2026 and signed on their behalf by.. Mr Alan Boyle KC Chairman of the Trustees The notes on pagas 15 to 18 form part of these financlal ststements
THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 1. ACCOUNTING POLICIES a) Accounting Conv•ntlon The financial statements have b88n prepared in accordance with AG¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to Chariles preparing their accounts In accordance with the financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 1021 effectlV8 1 January 20191- (Charities SORP (FRS 102}), the Financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102) and the Charilles Act 2011. b) Golng Concern accountlng policy The Truslees assess whether the use of going concem is appropriate l.e. whelh8r th8re is any material uncertainties r61ated to events or Gondilions that may cast significant doubt on the ability of the Trust to continue as a golng concem. The Trust8es make this assessment in respect of a perf¢xl of at least onè yèar from the date of authorisation for issue of the financial slat8ments and hav8 concluded that the Trust has adequate resources to continue in operational exist8nce for the foreseeable future and there are no material uncertaint18s about the Trusvs ability lo continu8 as a going concem. thus they continue to adopt the going concern basis of accounting in preparing th8 financial slalements. cl Income All income Is recognised in the Statement of Financlal Activities when the charity has 8ntillement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, enlitlemenl is taken as the earller of the date on which either: The charity is aware that probate has been granted. The Estate has been finalised and notification has been made by the executorls) to the Trust that a dislribution will be mad8. When a distribution is rec8ived from the eslate. Receipt of a legacy in whole or part, is only considered probable when the amount can be maasured reliably, and the Charity has been notified of the executorfs intention to make a distribution. d) Expenditure Expenditure is accounted for on an accrua15 basis and ha5 b8en classified under headings that aggregate all costs related to the calegory. The irre¢overable 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 allocaled to activities on a basis consistent with the use of the resources.
THE HONOURABLE SOCIETYOF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Charitabl8 expenditure is comprised of expenditure donated to Lincoln's Inn towards Ihe awards of The Educational Awards Funds Scholarships. el Debtors Debtors (including trade debtors and loans receivable) are measured on initial racognition atsettlementamountafteranylrade discounts oramounl advanced by the charity. Subsequently, they are measured at the cash or other consideration exp8cl8d to be received. n Fund8 Unrestricted funds ar8 available to Spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the Trustees hav8 decideé at their discr8tion lo set aside to use for specific purpose. Restricted funds are donations which the donor has specified are solèly used for particular areas of the Trust's work or for a specific project. Donations required to be r81ained as capitsl in 8ccordance wilh the donorfs wishes are accounted for when probable as "endowments. P8rmanenl or expèndable according lo the nature of the restriction. The funds of the Charity comprise: Unrestricted funds, which ar8 8xpendable at the discretion of the Trustees in the furth8rance of the Fund's objectives. Permanent endowment funds comprising endowed funds donated to the charity for general education purposes. Restricted funds, consisting of donations and legaci8s r8C8lved which the donor has eamarked for a specific purpose. g) Investmenls Investments are stated at mid-market value at the balance sheet date. The statement of Financial Activities includes the net gains and losses arising on r8valuation and disposals throughout the year. h) Taxatlon The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets Ihe definition of a Charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains rerbived within categories wvered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS {cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 i) General Informatlon Th8 Charity is unincorporated. Its registered address Is shown on page 3. The charitable objectives are detailed within the Trustees report under the heading Oblacts. Objectives and Principle A¢ts'vit18S. 2. GOVERNANCE The Inn meets the cost of remuneration for advice and s6tvicés by the Auditors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person related or connected to them has received any remuneratlon or reimbursement of expènses from the Fund durlng the currenl or previous year. 4. EDUCATIONAL AWARDS During the year grants totalling: £198k (2024: £162k) were mad8 to Lincoln's Inn as contrlbutions towards awards and Scholarships granted by th8 Inn and made In accordance wlth the objects of this Fund. The Fund pays over dividend income on an as ceiVed basls to the Honourable Society of Lincoln's Inn which broadly coincides with th8 payment by Lincoln's Inn to pupil barrlst8rs and students of scholarships and awards made. The Honourable Soclely of Llncoln's Inn pays the majority of its grants in two main tranches in September and December to accommodate students paying fees during the academic year. 5. INVESTMENTS 2024 2024 Investment holdings based on market value were as follows.. Market Value 1 January 7,969,116 7,268,505 Additions at cost 2,388,519 Proceeds of disposals (2.388,519) Gainsl(Loss) on investments 861,765 700,611 Market Value 31 December 8 860,881 7969 116 Hlstorical cost 31 December 3,902,316 3,902,316
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 Indirect transactlon costs are incurred through the bIdffer spraad on inv8Stments within pooled Investment vehicles. The amount of indirect C05ts is not S8parately provided to th8 sGhem8. nificant investment holdin s at market value on 31 De¢&mber 2024 2024 2024 2024 L&G UK Index Trust 1.400,209 L&G Short Dated sterling 1,588,590 Corporate Bond Index Fund L&G All Stocks Index Linked Gilt Index Trust L&G All Stocks Gllt Index Trust L&G International Ind8X L&G Emerging Markets TOTAL 15.86 17.99 1,170,353 1,554,042 14.69 19.5 366,683 4.15 362,753 4.55 368,196 3,926,636 1,180,567 8,830,881 4.17 365,736 3,489,792 1,026,440 7,969.116 4.59 43.79 12.88 100 13.37 100 6. DEBTORS 2025 2024 Accrued Income Owed by Lincoln's Inn 7,764 65,864 73,628 7.186 43,722 50,908 7. SPLIT OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Pèrmanent Endowed Funds Rèstrlcted Funds Total 2025 Investments Nel cuent assets 5,807,646 73,628 5,881.274 3.011,912 11,323 8,830,881 73,628 8.904,509 3,011,912 Unre8tricted Funds Permanent Endowed Funds Rostrlcted Funds ToLql 2024 Investments Net current assets 5,214,289 50,908 5.265,197 2,719,536 35,291 7,969,116 50,908 8.020,024 2,719,536 35,291
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS {cont...) FOR THE YEAR ENDED 31 DECEMBER 2025 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 to th8 Bar those of their members who have duly qualified for the rank or degree of Barrister-at-law.