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 pr￿edUres. 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 p￿parIng 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 ￿SponS￿bIe 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 W￿th 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 Signif￿cant 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 cOncl￿de 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 aC￿Unting Tecords have not been kept by the chafltyp or
Sufficient accounting records h8ve not bEen kept.. or
the charityfinancial statement5 are not In agreement w￿h 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 w￿h 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
A￿OuntIng 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 8pplica￿e in the UK and Republlc of I￿land 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 $0 determine.
11 Investment5
Invesiments are stated at mid-market value at the balance sheet date. The SOFA includes the
net gains and losses ari5in8 revaluation and disposals throughout the year.
GOVERNANCE
The Inn meets the c05t of remuneration, advisers and servlces by the auditOT5 alld other professional
alfvisois.
TRANSACTIONS WITH TRUSTEES
No Trustee, or pe￿on related or connected to them has recelved any remuneration or ￿1MbUr$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 ASS￿5 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 inCur￿d 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 w0￿S comrnenced In February 2021.
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