CHARITY REGISTPATION 293662 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE HONOURABLE soaETY OF LINCOIN'S INN THE HERITAGE FUND 31 DECEMBER 2020 INDEX Page Trustees Rewrt Report of the Independent Auditors Statement of Financial Actlvlties Balance Sheet io Notes to the Accounts 11-13 Page 2 0114
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORTOF THE TRUSTEES FOR THE YEAR ENOED 31 DECEMBER 2020 CHARITY REGISThATION NUMBER: 293662 PRINCIPALADDRESS: The HonouTable society of Ltncoln's Inn Treasury Office Lincoln'5 Inn London WC2A 3TL NAME5 OF CHARITY TRUSTEES: The Trustees who served during the yearwere.. Mr R F D Barlow QC Ichairmanl Mr P L O Leaver QC The Rt. Hon Lord Justice David Rlchard5 Mr Mark StudeT BANKERS: Q HOARE & Co 37 Fle2t Street London EC4P 4DQ AUDITORS: HaysmacSntyre LLP 10 Queen Street Place Londo EC4R IA6 INVESTME MANAGERS: Legal & Gener81 Group PIC Legal & General Investment Management One Coleman Street London EC2R SAA PagÈ 3 of 14
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORTOF THE TRUSTEES ICONYINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present thelr annua1 report and the audited Ilnancial statementsforthe year ended 31 December 2020. The financial statements have been prepared on the accounting policie5 Sel Out on pages 11 to 12 of the flnaTrcial statements and comply with the Charity's trust deed, applicable law and the requirernenis of the 'Statement of Recommended Practice. Accountlng 8nd Reporting by Charitles, i55ued In October 2019. OBJECT5, OBJEcfivES AND PRINCIPAL ACTIVITIES The Char¢ty is governed by its Trust Deed. The purpose ol the Charlty is to use the whole or any part of its fund towards maintenance, Improvement. repalr, embellishment, upkeep or preserv&tlon of the Heritage Property or part thereof of the Honourable Society of Llncoln's Inn. ACHIEVEMENTS In 2020 the Heritage Fund continued to support the Chapel refurbishmerrt project which was approved in 2019. The total spent In 2020 was £10.21012019.. E394,0711. A total of £420,tM)O was dI51nvested in 2019. PERFORMANCE OF FUND Covenants, donatSons and le8atles received durlng the year ended 31 Decernber 2020 arnounted to £15.6k12019.. £6kl. Investment income received during 2020 was £49k12019'. £70kl. Investments this year have Incurred gains of £48k12019.' galn of E376kl. Investments are shown on the Balance Sheet at market value in atLordance with charity accounting rules. The Net A55ets of the Fund increased from £2,467k to £2,569k. FUNDRAISING Whilst we do not actively fundraise, we are fortullate to recelve donations and bequests from tlme to time. We are grateful forthe generosity of the donors. GKANT MAKING POLICY The Pleritage Fund Trustees recelve funding reouests from the vaiious Commlttees of ihe Inn, for theirconslderatiorb. ProjKts considered are for those that have been approved by the Councll of Lincoln's Inn or by the Finance & General purpos Cotnmittee of Lincoln's Inn. The Heritage Fund Trustee5 may offer to fund elther all of part of the proposed project. Expendlture not rnet by the Heritsge Fund on an approved project is met by The Honourable Society of Llncoln's Inn itself. In making a grant the Herita82 Fund Trustees expect the responsible Committee to 5upervlse the spendlng of the monie5 granted. The Herltage Fund Trustee5 are not themselves in a position to do so. Lincoln's Inn pays the contractor in question on production of properly authorised and relevant Snvoice5. Expendlture by Lincoln's Inn 15 controlled and managed by its various offlcers and monitored by the Yin30 & General Purposes Cotntnittee. Once the project is in piogre5s and the cost5 of the project aTe belng met, the Inn qUestS part or all of the promised grant, to the value of Its already expended funds. RESERVES POLICY The Trustees have reviewed the reserves of the Charrfty. which comprlses of £275k unrestricted and F2.294k of expendable endowed reserves. The Trustees felt it important to malnt8in the expendable endowment at present as the Investment in Stoc and shares IS the only significant source of income the fund receSves. The Trustees have 3greed to retain 3 buffe¥ of clrca Elm In total reserve5 in c3sÈ of emergency calls due to the age and nature of the buildings supported by the Charity. Page 4 of 14
THE HONOUIIABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OFTHE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 This review encompassed the nature of the Incorne and expendlture Streams, the need to rnatch variable income with anticipated donations to Lincoln's Inn and the nature of the reserves. Reserves are held In antlcipation ol the future needs of the Inn for its heritage buildings Identified from and in accordance with a 4 year project schedule produred by the Estates Department. The schedule has identified significant levels of expenditure in the coming years. Grants are funded from free reserves and Income during the year. During the year the ChaTiWs unrestritted reservefund Increased by £58kfrom £220k to £278k. FUTURE DEVELOPMENT5 The Estates Committee has been developing a 15 year strate8y plan for large projects. During 2020 a Chapel refurbishment project was approved for a total of £756k where the works will commence ID 2021. The Heritage Fund ha5 agreed to contTibute £500k towards thls project from the investment portfolio. The Trustees have also Indic8ted a contlnued commitment to cover the costs of maintaining the heraldry collection In the Chapel and the commlssioning of Treasurers, arms. INVEsfMENT POWERS AND POLICY In accordance with their powers under the Trust Deed, the Trustees have delegated the day to day management of the PDrtfollo and the investment powers to the Llneoln's Inn Investment Committee. Legal & fjeneTal levy charges that consist of a flat per scheme char8e, plus an ad-valtrrem charge and a management charge. LE6AL& GENEIIAL'S INVESTMENT MANDATE Legal & General manage the Scheme's assets on a pa551ve basls In their pooled index funds. The dlstribution of the kherne's assets is to be maintained in the prescrlbed proportions. Where p0551ble, c8shflows into or out of the fund will be used to maintain the asset distribution wlthin the specifSed range5. In addition, switches between asset classes wlll be implernented should any asset cla55es move outside thelr ranÈes. FUNDS The expendable endowment fund was created by glfts a number of year5 ago. The ¢ncorne of thls trust is treated as unrestricted income. The terms of the endowrtlent allow the capital of the fund to be 5pÈnt if the Trustees $0 determine. In the opinion ol theTrustee5 the Charltvs assets are 5ufliclent to meet its commitments. TRUSTEES, TRAINING AND REMUNERATION New Trustees receive approprSate inductlon and trainlng predUres. Conslder3tion 15 given to the skills requlred and taking Into account the factthat all the appolnted Trustees are experfenced lawyets. The Charlty has no efflployees and theTrustees do not recelve remuneratlon fortheir 5ervlces. TRU5TEES' RESPON518ILITIES The Trustees are responsible for preparing the Annual Report and the Financial Statements In accoTdanTr wlth applic6ble law and United Klngdom Generally Accepted Accounting Practices IUK-GAAPI. Page 5 of 14
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER ZDZO The law applicable to charitles In England and Wales require5 the Trustees to prepare flnancbal statements for each financlal year which give a irue and fair vSew of the Charily's flnancial activities during the yeai and of its financial sltion at the end of the year. In pparIng accounts 8lvlng a true and fair vSew, the Trustees should follow best pr3ctlce and.. il seleEt suitable accounting policies and applythem consistently.. 111 makejud8ements and estimates that a reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any materlal departures disclosed and explaln&d in the accounts, and prepare the accounts on the golns concem basls ynless It is inapproprlate to assume that the Charity wlll continue in operation. The Trustees are responslble for keeping accountlng records which dlsclose with reag)nable accuracy the flnancial position of the Charity and whlch enable them to ascertain the financial p051tion of the Charity and which enable thern to ensure that the accounts comply with applicable law. They are a150 SponSbIe for safegu3rding the assets of the Charity and herKe lor taksn8 reasonable steps for the preventlon and detection of error, fraud and other The Trustees are responsible for the malntenance and Integrity of the corporate and financial iNformation included in the Ch8rity Commi5s1on's website. The Trusiees receive no remuneratioll. The Trustees, have complled Wth the duty In s.17 of the Charities Act 2011 to have due regard to the Chartty Commlsslon's published general and relevant sub-sector 8uldance concemin8 the operdtion of the Public Benefit requlrement under that Act. Approved by the Trustees on.. Idatel and signed on their behalf by: 10 June 2021 Mr Francls Bailow QC Chairtn3n of theTru5lees Page 6 of 14
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OFTHE HONOURABLE SOCIETY OF LINCOLN'5 INN THE HERITAGE FUND FOR THE YEAR ENDED 31 DECEMBER 2020 OPINION We have audited the flnancial statements of The Honourable Society of Lincoln's Inn - Heritage Fund fDr the year ended 31 December 2020 which comprise the Statement of Flnancial Artivitie5, Balance Sheet and notes to the flnancial statements, includln8 a Summary of Signifcant accounting policies. The flnancial reporting framework that has been applled thelr preparatlon Is applicable law and United Kingdom Accounting Standards, applicable in the UK and Republlc of Ireland IUn*ted Kingdom Generally Accepted Accountin8 Prarticel. In our opinion. Ihe flnancial staternents.. glve a true and f3ir vSew of the state of the Charity's affairs as at 31 December 2020 and of the Charity's net movement in funds for the yearthen ended.. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practlce,. and have been prepared in accordante with the requlrements of the Charities Act 2011. BASIS FOR OPINION We have been appoSnted as auditor under section 144 of the Charsties Act 2011 and report in accordance with the Act and reSevant regvlations made or having effett thereunder. We conducted our audit In accordance wlth Intemational Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standèrds are further described in the Auditor's responsibilities for the audit of the fin3nclal statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statetnents In the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibillties Sn accordance with these requirement5. We believe that the 8udit evidence we have obtalned is sullicient and appropriate to provlde a basis forour oplnion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the flnanclal statements, we have concluded that the trustees, use of the 8Oln8 concern ba515 of accounting in the preparation of the finanaal statements Is appropriate. B35ed on the work we have pÈrformed. we have not idelltilied any rnateri31 uncertainties relating to events or condStlons that, Indivldually or collectivelyi may cast Sl8nlflc8nt doubt on the CharSty's ability to continue as a going concem for a period of at least twelve months from when the linanclal statements are authorlsed for issue. Our responsibilities and the re5ponsibS1itles of the trustees with respect to golng concern a descrlbed in the Televant section5 of this report. OTHER INFORMATION The trustees are responsible for the other information. The other Information comprfses the inforfflation Included in the Trustees, Annu65 Report. Our opinlon on the financial statements does not cover the other Information and, except to the extent otherwise explicltly stated In our rewrt, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our re5ponslbllity is to read thÈ other information and. in doing 50, consider whether the other information is materlally inconsistent with the fSnanclal statement5 or our knowledge obtained in thE audit or otherwise appears to be materlally misstated. If we identlfy such material Inconslstencies or appa¥ent material ffli55tatEments, we are requlred to determine whether there is a materlal mSsstatement in the financial ststements or a material misstatemènt of the other information. If. bèsed on the work we have performed, we cOnclde that there is a material mlsstatement of thi5 Other information. we are required to rerx)rt thatfact. We have nothingto report in thi5 regard. P&Ee 7 of 14
MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothlng to report in respect of the followlng matters In relatlon to whlth the Charitie5 (Accounts and Report51 Regulations 2008 require us to report to you if, in our opinlon.. adequate aCUnting Tecords have not been kept by the chafltyp or Sufficient accounting records h8ve not bEen kept.. or the charityfinancial statement5 are not In agreement wh the accounting records and returns,. or we have fiot recelved all the information ènd explanattons we require for our audit. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENT5 As explained tnore fully in the trustees, responsibllities stat&ment set out on page 6. the trustees are respon51ble for the preparatlon of the financial statements and for being satlsfled that they give a true and falr view. and for such inte¥nal control as the trustees deterrnine is netessary to enable the preparation of Ilnancial statements that are free from material rnis5tatement. whether due to fraud OT error. In preparlng the financlal statements, the trustees are responsible for as5e55ing the charitvs ability to continue as a golng concern, disclosin& as applicable, matters related to going concern and using the golng concern basis of accounting uThless the trustee5 either intend to liquldate the charity or to cease operations, or have no reallstic alternatlve but to do so. AUDITOR'S RE5PONSIBILtTIES FOR THE AUDIT OF THE FINANCSAL STATEMENTS Our objectives are to obtain reasonable assurance atr)ut whether the flnancial statements as a whole are free frorn materlal misstaternenl, whether due to fraud or error. and tts issue an audlttsrfs pOrr that includes our oplnion. Reasonable as5uratKe Is a high level of assurance. but is not a guarantee that an audit conducted In accordance with ISAS ILJKI wi51 always detect a material mlsstat&ment when it exists. Misst3tements can aTise from fraud or error and are considered material if. individually or In the aggregate, they could reasonably be expected to influence the economic declsions of user5 taken on the basls of these financial statements. IrTe8ularities, includlng fraud. are instance5 of non-cornpliance with laws and regulations. We desSgn procedures In line with our responsibilities, outlined above, to detect material mSsstaternent5 in respect of irfftgularities, includinE fraud. The extent to which our procedures are capable of detecting IrregularltSes, Including fraud Is detailed below.. Paae 8 of 14
INDEPENDENT AUDITORS, REPORT TOTHE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Based on our understandin8 of the charlty arbd the environment in which it operates, we identified that the prlncipal risks of non-compllance with laws and regulbtions and we considered the extent to which non-compliance might have a material effect on the flnancial 5tatetnents. No such aTea's of non-compliance were identified We evaluated management's incentives and opportun5ties for fraudulent manipulation of the financial statements lincluding the risk of override of controls) and detemined that the PTincipal risks were related to managernent overrlde of coThtro15. Audit pro£edures perforrned by the engagement team Included.. DIscu5slons with management Including considerntlon of known or suspected instance5 of non-compliance with laws regulation and frdud.. Evaluating management'5 Controls desSgned to prevent and detett IrreEularitie5; Identifying and testing journals. in particular journal entrles wsted wh unusual account combinations, wstinss by unusual users or with uNu5ual descriptions.. A further descrlptlon of our responsibilities for the audit of the flnan¢lal statements 15 located on the Financial Reporting Councll's website at.. W¥W4.frc.org.uklauditorsre5ponslbllltSes. Thls description forms part of our auditorfs report. USE OF REPORT Thls Port Is made solely to the charit¢s trustee5, as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 01 that Act. Our audit work has been undertaken 50 that we might state to the charltrfs trustees those rnatters we are required to State to them in an Auditor's rÈport and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone otherthan the charit(s trustees as a body for our audit woth. for thls rewrt, or ft)r the opinions we have formed. Haysmacintyre LLP 10 Queen Street Pla StatLrtory Auditors London Idatel 20 luly2021 EC4R IAG Haysmacintyre LLP is elloble to art as an audltor In term5 of section 1212 of the CompaThie5 Act 2006 Pa8e 9 of 14
THE HONOURABLE socIErY OF LINCOiN'S INN THE HERITAGE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestrl¢ted Funds Expendable Endowment Funds Total 2020 Total 2019 Income From.. Covenants, donatlons & legacie5 Investment Income IS,669 49,491 15.669 49,491 6.156 70,072 Total Income 65,160 65,160 76,228 Income Expendlture on: Maintenance and Improvements to Heritage Property Managernent & Administratio Chapel Lighting project expenditure Chapel refurbishment project expendlture Total Expendlture 12401 12401 1601 15,2871 1394.071 1399,4181 110.2101 10,4501 110,2101 110.4501 Net gainll105sI on Investments 2,75a 45.272 48.022 375,682 NET MOVEMENT IN FUNDS 57,459 45,272 102.731 52,492 Fund Iialances brought forward at l January 220.337 2,246.256 2,466,593 2.414.101 Fund balances carried forward at 31 December 277.796 2.291.528 2,569,324 2,466,593 All thÈ activitie5 of the fund are continuing in both thls yearand the prevlous year. The comparatlve figures relate to unre5trlcted funds apart from the loss on investrnents which relates to expendable endowed funds. The on pages 11 to 13 form part of these ffnanclal statements Paae Ioof 14
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020 Note 2020 2019 FIXED AsseTS Investments 2,480,261 2,382.701 CURRENT ASSETS Amounts du& from Lincoln's Inn Debtor5- Gift Ald Recoverable Other Debtor5- Legal & Generdl Cash at bank TOTAL CURRENY ASSETS 2,733 1,645 129,952 134.330 420 1,692 118,792 120,904 CURRENT LIABIUTIES Amounts due to Lincoln's Inn Creditors 45.206 36,952 60 37.012 45,266 NETCURRENT ASSETS 89.064 83,892 NET ASSErs 2,S69.325 2,466,593 FUNDS Unrestricted Expendable Endowment 277,796 2.29L,528 2,569,324 220,337 2.246.256 2.466.593 Approved by theTrustees on: IDATEI and slgned on their behalf by: 10 June 2021 Mr Francls Barlow QC Cthairman of the Trustees The note5 on pages 11 to 13 forrn part of these finan¢lal statements PJEe 11 of 14
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAfjE FUND NOTE5 TOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 AccouMfiNG POLICIES AOuntIng Po15cles al AccountinE ConveThtion The firbanci31 statements have been prepared in accordance with Accountin8 and Reporting by Charitles.. Ststement of Recommended Practice applicoblÈ to charities preparing their accounts in accordance with the Financlal ReportSn8 siandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- (Charlties SORP IFRS 10211, the Financial Reportln8 Stand8rd 8pplicae in the UK and Republlc of Iland IFRS 10218nd the Companies Act 2006. bl Golng Concern The Trustees have considered the impact on the Fund of the COVID 19 pandernic and duringthe course of preparing thÈ financial statements the Trustees have considered varlous future scenarlos 8nd thelr Impact and are confident that the Fund will have 5ufflcient resource5 to meet its liabilities for at least 12 months from the date of slgning this report and as such the accounts have been prepared on a going concern basis. cl Income All incDmin8 resource5 are recogThi5ed in the Statement of Flnanclal Attivitles when the Charity has entitlement to the funds. it is probable that the income will be recelved and the amount fdn be measured reliably. For legacies. entltlement Is taken asthe earlier of the date on whlch either.. The charity is aware that probate has been granted. The estate has been finallsed and notification had been made by the executorlsl to the Trust that a distrSbutlon will be mède. When a dlstrlbution is recetved from the estate. Receipt of a legacy in whole or in part, is only consldered probable when the arnount can be measured reliably and the charity has been notified of the executor's intemlon to make a dlstribution. Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated fund5 are unrestrjcted funds of the charity which the Trustees have declded at their discretion to set aside to Use for a specific purpose. Restricted funds are donations whlch the donor has specified are solely used for particular areas of the Tfust's work or for a specific project. Donations required to be retsined as capttal Sn accordance with the donor's wishes are accounted for when probable 35 "endowments. permanent or expendable accord5ng to the nature of the restriction. dl EypÈndlture Expenditure 15 accounted for on an accruals basis and has beÈn classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT Is Included with the itern of expenditure to whlch It relates. Where costs cannot be dlrectly attributable to particular hÈadings they have been allocated to artlvities on a ba515 conslstent wlth the use of the resources. Charfjtable expendituie comprfses eKpenditu¥e dlrectly relating to the preservation. repair and maintenance of Heritage Property and land and bulldings which are sltuated in Lincoln's Inn and whose upkeep 15 forthe time being charitable. PaEe 12 of 14
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 1020 el The Funds of the Charlty Comprt5e'. The expendable endowm&nt fund was ueated by gift5 a nutnber of years ago. The Income of this trust Is treated as unre5trirted Income. The terms of the endowment allow the capltal of the fund to be spent if the Trustees $0 determine. 11 Investment5 Invesiments are stated at mid-market value at the balance sheet date. The SOFA includes the net gains and losses ari5in8 revaluation and disposals throughout the year. GOVERNANCE The Inn meets the c05t of remuneration, advisers and servlces by the auditOT5 alld other professional alfvisois. TRANSACTIONS WITH TRUSTEES No Trustee, or peon related or connected to them has recelved any remuneration or 1MbUr$eMent of expenses from the charity durlng the current or previou5 year. INVESTMENTS 2020 2019 Market value l January Additions at cost Proceeds of disposals 2,382,701 49,538 2.356,535 70,484 1420,0001 2.007,019 2.432,239 Realised and Unreallsed galnslllossesl Net investment gain/llossl 48,022 48.022 375,682 375,682 Market value 31 December Historfcal cost 31 December 2.480,261 1,172,351 2,382,701 1,122,812 Indlrect transaction costs are Tncurredthrough the bid-offerspread on Inve5tment5 wlthin pooled. nificant investment holdSn s based at m8rketWdlue Bt 31 December 2020 2019 L&G Equitrack Fund L&G Internatlonal IndexTru5t L&G FLKed Interest Trusr L&G Emerging Markets 32.86 46.52 12.10 8.51 815,041 1,154.158 300.105 210,957 37.78 42.75 11.49 7.98 900,146 1,018,751 273,750 190,054 loo 2,480,261 i(K) 2,382,701 Page 13 of 14
THÉ HONOURABLE 50CIÉTY OF LINCOLN'5 INN THE HERITAGE FUND NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 ANALYSIS OF NET ASS5 BY FUND Unrestrlcteil Fund5 Expendable Endowment 2020 Total Fhed asset investments Net current assets Total 188,733 89,064 277,796 2,291.528 2,480,261 89.064 2569,324 2,291,528 Unrestricted Fund$ Expendable Endowment 2019 Total FSxed a55et investments Net Current assets Total 136,445 83,892 220.337 2,246,256 2,382.701 83.892 2.466,593 2,246.2S6 DEBTORS 2020 2019 Accrued Income 1,645 1,692 CREDITORS 2020 2019 other creditors 6D RELATED PARTY TRANSAcfioNS The Honourable Society of Lincoln'5 Inn is one of the Four Inns of Court. It 5$ an ancient uTrincorporated body of lawyers which for six centurles and more h8vÈ had the wwer to call to the Bar those of thelr embers who have duly qualified for the rankor degree of Barri5ter-at-law. The fund was established by member5 or former rnernbers of The Honourèble society of Llncoln's Inn and as laid out in its objectlves when vacancles arise in the body of Trustees the Council of Benchers of The Honourable Society of Llncoln's Inn hold the wwer to appoint replacernent5. The Trvstee5 are autofiomous. All the expenditure incurred by them In support of projects concernlng the HeTltage Property is initialty inCurd by Lincoln's Inn whlch is then reirnbursed by the Tiustees. Dvrlng 2020 the Inn pald £IOk of the invoices received forthe 2019 refurbishment project whlch is now complete. The balance of the Intercompany account is now £45k and will betransferred to the Inn durSng 2021. FINANCIAL INSTRUMENIS 2020 2019 Financial assets at falrvalue through 50FA 2,480.261 2,382,701 Financial Ilab11ities at amortised cost 45.206 36,952 Financial asset at fairvalue comprlse Investments shares Finallaal assets at amortised cost comprise sundry Ireditors arbd intercompany iKlances. io. CAPITAL COMMITMENT NOTE During 2020 the Heritage fund cornmlteed to £5(X)k expenditure for a Chapel refurbishment works project where the total c05t of the project 15 £756k. The w0S comrnenced In February 2021. P38e 14 of 14