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 be￿een 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 Su￿seCtor 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 AC￿pted
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 ￿l￿vant 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 bId￿ffer 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 cu￿ent 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.