CHAAITY REG15TRATK)N 193662 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 TNE HONOUKABLE SOCIETr OF LIt4COLN'5 INN THE HERITAGE FUND 11 DECEM8ER3021 INDEM Pa8e Trustees Report RopDrtof the Independent Audltors ststemeni ol Finanel81 ActMtle5 balance Sheet io Notes to the A£tount5 11-13 Page 2¢f14 IHE TrI(XIOUPABLE SOCiETYOF LINCOLNS INN THE HERITAGE FUPID REPOAT OF THE TIIV5TEES PORIHE YEAR EIXIED 31 DE(￿mBER 2021 CHAftITh REGISTRAIW)N PJUMBER: 293662 PAINCIPALADDREg5: The HonOUrab￿ Sodety of Llncoln's Inn Treasury Office Uncoln's lthn Londan WC2A3TL 1￿M£s OF CNARllY TRUSTEES: The Trustee5who seNed durln8theyeir **re.' Mr R F D BarfowQC (Chalmanl Mr P LO Leaver qc The Rt. Hon Sir Da¥ld Althifds Mr Mark Studer W4KERS: G HOARE & Co 37 Fleet Street London C4P 4CQ AUDffORS: H8ysm•clntyre LLP ID Queen Street Place London EC4R IAG IPWESTMEIIT MAPIAGEAS: Le8al k Gener41 Gr¢yJp Pk Le8al & Génoral Investrnent Management One ColeTrbAn Str London EC2R Pa8e 3of 14 THE HOIIOUIIABLE SOCIETY OF UPICOiKS INN THE HERITAGE FUND POAT OF THETRU5TEES ICONTWIUEOI FOR THE YEAR ENDED 31 DECEMBER ZOII The Trusiees present thelr annual report and audlted finan¢lal statwnents fof the year ended 31 Decernber 2021. The flnan¢ial Statements have been prepared on accountlDg policies sa out on pa8es 11 to IZ of the financial statements arKI compNf wlth the Charity'5 trust deed, applicable law and the requlrements of the 'StJtement of Recommet)ded PrxtSce, AcEountin8 ènd Rewrtin8 by Ch#ritles' Issued In October 2019. OBJECTS, OBJecTfVES AND PRIP4apALAcfMTrE5 The CharW Is 8overned by Its Trust DÈed. The purpose of the Charity15 to use the whole or aThy part of It5 fund towards maintenance, improvement, repair. emklllshment, upkeep or pr25Ervatlon of the Hedts8e Property or part thefeDf of the Honourowe Soclety of tincoln'5 Inn. ACHIEVEMEP4TS ID 2021 the Hertta8e Fund contlnued 10 SUPPOrt the Chapel refUr￿"shme￿t prolert whlch was approved In 2019. The total spet)l in 2021 wbs £9,48712020.' £10,210112019.' £394,071). A total Df £410,LX)Owas dlslnve5ted In ZOI9, PERFORMANCE OF FUND Covenant5. donallon5 and leycles retelved dullni the year ended 31 December 2021 amounted to £J7k12020.. £15.6kl. Investment Incomt retelved durini 2021 £54k12020.. É49kl. Invpstment5 Ihls year have achieved g•ln5 of £318k1202C.' 8aln of £48kl. ￿VeStments are sho4vn on the Balance Sh£et at market volue In accordance ￿th chèrityattouniln8 rules. The Net Assets ofthe Fund Increased from £2,569k to £2.964k. FUNOIIAISING Wh115t wo do not actlvely fundralse, we ale fortunote to reCe￿e donitlons and bequest5 from tlmt to tlme. We •re 8ratelul forthe senerosityof the donor5. GRANT MAKING POLICY The Herlta8e Fund Trusiees reEeive lundln8 reque5t$ from the varfous Cornmlttees of the In￿ for thelr consid•r•tlon. Pr¢iects consldered are for those that have been apprO￿d by the Councll of Uncoln's Inn or by the Flnathce & GeTheral Purpose5 Commbttee of Lincoln'5 Inn. The Herita8e Fund Trustee5 mty olfer to fund eit*Èr all or part of the proposed project. Expendittsre not met by the Her￿age Fund on an appfoved project Is met by The Honourable Soclety of Lirtcoln'$ In maklni a Brant the Hedtg8e Fund Tru5tee5 expett the rEspon51blÈ Commlttee to $UPe￿Ise the spendln8 of the monlos grgnted. The Herkage Fund Trustees are not thern$elv¢s In a positlon io do so. Lincoln's Inn pays the contra¢t¢r In questlon on productlon of propedy authorised athd relevant In¥o1tt5. Expendture ty Uncoln's Inn Is controlled and manè8ed b¥ Its various offieer5 and mnitored by the Flnance & General Purp05È5 Committee. Once the prolecr 15 In proBres5 and the costs of the project ire belng met, the Inn requests part or all of the promlsed grant, to the value of its •lrea(tyexpended fvnds. RESERVES POLICY The fru5tees have mlewed tlt reseThes of the Charlty, whlth COM￿Se5 of f384k Unrestr￿le0 and El.580k of expendable endowed reserves. The Trustees felt It important to rnalntain the expendable endowrnent at present as the investment in $tock5 and shares is tho onl¥ 5i¥nificant source of income the fund receive5. The Trustees ha￿ 38reÈd to retèln a buffer ol rca £1.5m In total Te5erves In case Of emer8enc¥ calls due to tho ade and Ddiyfe ol the bulldln85 SUPPOrted by the Charfty. Pa8e 4 of 14 HOIKJUKABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FL114D REPORT OF THETRUSTEES ICONnMUEOI FOR THE YEAR E14DED 31 DECEMBER 1011 Thls revlew encarnpassed the nature of the income and expenditure St￿aM$. the need to match w8rlèNe Income wlth antlclpated dDDations to Lincoln's Inn and the nature of the re5etves. ReseNe$ are held in antlclpaJon of the future needs ol the Inn for it5 herltoge bulldln8s Identlfled froffl and In accOrdar￿e with thE Inn's 10 year estate rnaintenance plan produced by Estates t*partment. Grants are funded from tree rpseryes and Income thÈ ye8r. Durlng the year the Charity's unrestricted reserye fvnd intreèsed by £106k from £278k to £384k. FUTURE DEVÉLOPMEIITS After a number of years of sl8nlflcant expendture on propertles that thè Fund ean support. Ihpre aTe & number of years ahead Whe￿ exp¢ndkure on relevant bulldln85 Is not ewected to be Incuryed. It Is forthat reason that the Tfu5tees have agreed to fund a slgnlficant propotlon, f750k, of the works assoclated wlth the ￿brary roof and masonry Teyir$ and re￿a¢ement In 2022. Th1$ 8rani ￿11 bt 5UPPOrted by the investment portfollo. The Trustees wlll continue to consldeT any suiiable prDiErts that may ar45e In the tomlnB ye4r5 that are noi cuurently refierted In the Inn'5 10 yeav esi•ie m4nagement plan. IN¥EFfMENT I¥OWIRSAND POIICI In ictordènce w5th thelr powers under the Trust Deed, the Trustees have dele8ated the doy to day mathwent of the pottfollo Ind the Investment power5 to the Uncoln's IDD Investment Commiltee. LGIM'5 purpose Is to create a better fvture throuBh responslble In¥e5tln8. All8ned to th15 purpose. E5G is a centrnl underpinnlng to all of LGIM'5 artlvlties and espttlallyvAthln 5tr4te8lc Initial￿e$. LGIM has developed and publldy dlstlosed It5 poll£les for 5teward5hip actlvitks, Thelr pollcles aro revlÈv+ed annually and vpdated where nece$5ary ta ensure they reTholn Jll8nÈd wlth the vqrious evolvln8 re8ulatlons, best prKtko Ind ellent feedback, Legal & Gener•1 levy ch•rKe5 thot conslst of è Ilat per Kheme ¢haf8e, Flus ￿ ad-v•lorem charae and g maDo8•rn•nl LEfjAL & GENERAL'5 INVESTMENT MANDATE Lerdl & Generol rnana8e the Scheme's assets On • Pa55fve b•51s In thdr pooled Indox funds. The dlstrfbutlon of the Seherne's 35set$ Is to be milntalned In the prescrlbed propOrt￿n5. Where p055*1le, c•shflows Into or out of the fund ￿11 be used to malrtaln the asset dlsidbutlon wlthln the speclfied ianBes. In odditSon. swltche5 betweÈn •sset classe$ VAII bÈ Imp￿mented shoukj •ny asset classe5 move offlsldè th*lr rnn8es. FU14DS The expendable endowment fund was uèated by 81ft5 a number ol years ago. The Incorne of th15 trust Is treated D5 unrestrlcted Income. The term5 01 rhe endLV4ment allow the capltal of thtr fund to be spent If tho TrU￿ee$ so determirbe. In the oplnlon of the Twstee5the Charity's assets are 5uffirient to meet Its comrn*ments. TRUSTEES, TK4JNING ANDfteMUNERATION New Trustee5 recelve approprfate Indudion and trainSn& procedure5. Consideratlon 15 8iven tD the skills requlred and takin8 Snto accountthe fact that all the appointed Trustees ère experlenced lawyers. ThethJrity ha5 no employees and the Trustee5 do not recelve remuntratlon fof their sethce5. IPUSTEES, RESPONSIBILITIES The Trustee5 are responsible for preparin8 the Annual Report ond the Flnanclal Statements In attordarKe wirh appllcabl• 4w3nd Unfted KlnEdom GenerJltyAccepted Accountln8 Practlces IUK-GMPI. P¥e5of14 ThE HONOURABLE SIXIETYQF UNCOLN'S INN THE WERITAGE FUND REPORTOF THE TRUSTEES (CON￿NuED> FORTHEYEAR ENOED JI DECEMBER 1011 The law èppllcable to tharities In England ond Wales requlre5 the T￿Stee$ io prepèr* financial statements for each finarKial year whlch glve o true and frdlr vlew of the Charltys finantlal aaivltles during the year and of it5 financial po$itk)n at the end of the year. In preparln8accountS 8Mn8 a true and faSrvlevJ, the Trustees should follow bp5t prdctke and.. 11 select sultable actountln8 polldes and applythem consistentrv.. 111 t))ake ludBement5 and estlmatesthat are reasonable and prudent., state whe1￿[ applc8bk acmuntln8 siindJrds have been followed, Subject to any matertal departure5 ￿5¢105tdand explakned In the atcounts and p￿Pa￿e accounts on the 8oln8 concern bJ515 unless It 1$ inapwoprl•te to assume that the Cha will conilnue In oper•tlon. The Trustees are rt5ponslble for keepln8accountlnE rttord5 whlch dlsclose wSth reason•ble atcurncy the flnindal ppsttlon of the Charitv 8nd which enable thorn to ascertain the fln•nclal posltion of the Charlty and whlch enable thern to ensure thot the accounts cornply wlth appllcable law. ThEy are also re5P01151ble for safeRuardlna thE J5sets of the Cknarlty and hence fortakin8 rea50thab￿ Steps for the preventlon and dete¢iion tsf error, froud and other irrewlarltle5. The TrusteE5 are respon51ble for the malntenance and Inte8rSty of the cO￿Drate and ftnarKlal Inlorm•¢ion Included In the Charlty CoThmlsslon'5 webslte. The Trustees retel¥e no remuneration. TheTrustees ha¥e COM￿￿e￿ w+th the duty In 5.17 olthe Chadtles Acr 2011 to have due rg8ard tothe ChariiyCommIs51on's publlshed general and relevant 5vb.5ector 8uhlanee concernlni tho operatlon of th• Publlc Beneflt requlrewont under t￿1 Ap￿ved bythe Trustees on.. Idatel Bnd 518hed On theSr beholf by.. 5 June 2022 Mr Frands Bathiw QC Chalmian ofthe Trustees Pa8e6of 14 INDEPENOENT AUDITOPS. REPORT TOThE TRUSTEES OF ThE HONOURA8LE SOC*TY 0$ LINCOLN¥ INN THE HERITAGE FUPID FOR THEYEAR ENOED JI DECEMBER ZQII OPINION We hove audited the financi315tJtements oFThe Honourable Society of Lin£oln'5 Inn- HerStaÉe Fund farthe year ended 31 December 2021 which cornprlseihe Statement of Flnanclal Acdvltles, BaLqTh¢e Sheet and nores to the financlal statements. Includlng a Summary of $18nlflc3nt accountln8 pollcles. The finantial reporting framework that has beet) applied in their preparation 15 appllcable law and Uthited KiTr8dom Actountlng Standard5. Jppllcable In the UK and Republlc of Irdand Iunited Kln8dorn GeThÈrally Accepted Accountln6 Practlcel- In our oplnlon, the flnanclal 5tatèments'. Ive a true ènd fall ¥lew of the 5tite of the Charfly's affairs ès ai 11 tjecernber 2021 and of the Charity'5 net fflovemetht In funds lor the yearthen ended., have been properfy yepared ITh accordante wkh Unlted ￿nadOrn Genernlly Accepred Accountin8 Prnctlce.. and have been prep•r•d In atcordancewtth the requlrements ofthe Charltles Act 2011. B•SIS Foft OPINION We have bqen oppolnted a5 auoltor ullder seetlon 144 of the Chaiities Ati 2011 and report in accordance ¥￿th the Aa and relevant re8ulations made or havin8 effert thereunder. We colldutted our audlt In acctsrdance ¥￿th Intematlonal Standards on Audltln8 IUKI IISAS IUKII ènd applicable14¥Y. Our ro5pcffjslbllltle5 undEr those standards arE further descrlbed In the Audltorfs re5ponslbilltles for rhe oudlt of the ftnanclal staternents 5èCt5on of our report. We are Independent of the chadty In K¢ordance wlth rhe ethkal requlrement5 that art relevant to our audlt of the NnancSal 51atemerf5 In tht UL Includln6 thé FRC'S Ethlcal Standard. and we have fuffilled our other ethlcal responslbllltle5 In x(ordJnce wKh these requlrements. We believe that the audlt e¥lden¢t we have obtalDed Is sufflclent and approprlate to provlde a basls for ouropinion. CONCLVSIOMS RELATING TOGOING CONCERN ITh auditln8 the finan￿al $tatement5, we have concluded that the tru5tees' use ol the Bolng concern basls of accounlln8 In the preparation of the financl31 statements Is approprlate. B35ed on the work we hive perforThtd, we have not Identlfied any matprl•l uncertalntle5 relatln8 to events or condltlons thèt, Indi￿duallY or collertlvelyi mav c35t Si8nlflcant doubt on the Charity'5 ablllty to continue Js a 8olns toncern for a perlod of at least twelve montI5 from when the flnanclal statement5 are authorlsed for 15sue. Our responslblllt*$ and the responsI￿lItIeS 01 the tNstee5 ￿th respect to 8olng concern ire descrlbed In the r¢lev8nt settions ofthis report. OTHER INFORMAnON The trustee5 I￿ rp5ponslble for the other Informatlon. The other Informatlon ¢ompr15es the information Included In tht Tru5tees' Annual Report. Our oplnlon on the finaDclal statements doe5 not £DvEr the Other Informatlon ond. except to the otherw15e pxplicitfy stated In our report. we do not express any form of a55urancE eoncluslon thereon. I tonnettlon wlth our audit ol the finJnclal statements, our re5ponslblllty Is ro read the other Infrjrmation and, In doln8 SO, con51der whether the orher InForm*lon Is materlally In¢onslstent with the flnancl31 statements or our knowledge obtained In the aud￿ or oiherwlse appears to be materially misstated. If we identlfv wch Mate￿01 i￿on515tencles or apparent mateiial misstatements, we are required to deterrnlne v4hether there Is a materlal rnlsstatement In the financlol st*ement$ or a m8terlal misstateTh*nt of the other Informatlon. If, based on ihe work we have performed. we Eonclude that thEfE is a materlal mlsstatemeni of thls other Information, we are required to feport that Fa￿. We hJve nothln8 to report In thls regard. Pjge 701 14 MATTEPS ON WHICH WEARE REQVIREOTO REPORT BY EXCÉPTION We have nothing to report In re5pert ol the followlng m3ttgr5 In rdatlon to Kthlch the ChJrltlE5 lknout)ts and Reports1 Regulotlons 2CQ8 requlre u5 to report to yow If, In ouropinion.. adequate accountins records have not been kept bythe charfty, or suftkient accountln8 record5 have not been kept,. or thp Iharlty flnanci31 statements are not in a8reement w￿h the attountln8 records and returDS,' or we have not receDied all the Information and explanatlon$ we requlreforouraudlt. AESPON5bPILmES OFTRUSTEES FOR THE FINANCIAL STATEMENTS A5 explained more fully in the IT￿Slee$, responsibilitie5 5taternent set out on pa8e 6, the trustees are re5ponslble for the Prepara￿0￿ of the financlal ststement5 and for beln8 satlsfled that they a rrue and lair view, and for such internal control as the trustees deterM￿e&S necessary ro enab￿ the prepbrètlon of finanDal 5toternent5 that arefree frorn materlal mlS5tJtement, wheiher due to frèud orerror. ITh preparln8 the fln4n¢lal stètements, the tFustee5 are responslble for w$essln8 the charltl$ Jbilly to co*)tlnue as a goiiii concern, dlsclosln& as applicable, mitttrs related to going concern and uslng ihe 8olng contem ba51s ol dccountlng unless the tru5tee5 Èlther Intendto Ilquidate the charlty orto ¢¢ase operatlons, or have no re•listSc altemoiive but to do so. ALIDITORS RE5PONSIOILITIES FOR THÈAUDITOF ThE FINANCIAL STATEMENTS Our Dbiectlves are to obtaln feas0nè￿e assurance Jbout whether the finanElal $tatement5 as a whole are free from materlal rnlsstatement, whether due to fraud or èrror, to 155ue •n audltorfs report that Includes our oplnlon. Reasonèblo assurance Is a hl8h level pf a55urènce, but 15 not a 8uarnntee that an audlt ¢onducted In accordance ISAS ILIKI ¥vill always detect a Matt￿￿1 mlsstaiement when It eklsts. Mlsstatements can arfse from fiaud or error and are ¢onsSdered matertal If, Indlvldualty or In thE a8gregate. they could reisonably be expected to Influence the economl deCI￿on5 Qf users taken on the bos1$ oftheseflninclal $iatorntfit$. Irr¢8ularftles, In¢1udln8 fraud, are In5tonces Df non-comp113nce with laws and re8ul8tlons. We de51Bn procedures In Ilne wbth our re5ponslbllltles, OU￿lDed above, to detect materlal mlsStJtements In respect of irrt8ularltles, Includlng frnud. Th• eNthnt to whlch ow procedures •re¢apa￿e of dete¢tln8 lrre6ul4rlt￿s, Includkn8 fra￿1$ detalled below.. Pay8of14 INDEPENDENT AUPITOHS, REPORT TOTHETAUSTEES OFTHE HONOUKABLE s¢XIÉTY OF L114COLN'S ThE HER ￿AGE FUND ICONnNUEOI FOR THEY&Ift ENDED 31 DECEMBER 1021 Based on our understandlng of the charfty and the envlronment In wh￿h It operates. we Identlfied that the prfndpal ri5k5 of non-cornpllance wlth law5 and fesulations and we consldered the e￿ent to whith non-tompliance mi8ht have b material effort on the finan￿01 Statements. No such areo's of non-compliance wère idenrified We ￿alUated man8Éement's In¢pntl¥es and opporrunltlo5 for ffaudulent fflanlpulJt*)n af tk financlol stJtefftentS Ilncludlng the rlsk of overrlde of cofflro151 and determlned that the princlpal risks were felated to management overrlde of ontrols. Audlt procedure5 performed b¥the2ny8ementteam Included.. tX5CV551ons wSth manJ8qment Indudln8 cofflslderatlofi of known or Suspected Instinces of nOTFcompllaTKe wlth I￿5 and re8ulatSon and frnud., Iuaiin8 rnan•gement'S Controls deslÉned to prevent ond detect Irregular￿e5,. Identi￿nE ènd te5tln8 journals, In partlcular ￿¥m•1 entrfe5 Posted w5th unusual account cornblnatlohs. posfjny by unUs￿al users or wlth unusual descrfptions,. A fvrther descrlptlon of our responslbSlltle5 for the audlt uf the flnandal s¢￿ementS Is located on the Flnanclal Repo￿nI Couftcll's webslte at.. www.frc.or&uVaydltor5responsSblllties. This dtscrlptlon fornis wrt gtouriudiiorfs report. USE OF ftEPORT Thls report 15 madE solelyto the chirly's twstees, 45 a body. In accordance wlth sedlon 144 of the Charltle5 Act 2011 Ind re8ulètl¢*s made under sedlon 154 of that Act. Oyr iudlt work has been undErtaken so thot we Thlght state to the charIt￿5 trustee5 thp5e thatters we are required to state to them In an A￿lIOr'S rewrt and for no other purpose. To the lullest extent pemitted by law, WE do not attept Of a55ume rtsponslblllty to arryone Dther than the charl¢y'5tru$te*s as body for ouraudrt woth, for Ihls ￿Port, or forthe pplnknns we have forrned. HaysqmointyY$ LLP Hay5maclntyre LLP 5totutory Audllo 28 july 2022 Haysmaclntyre LLP Is ell81b￿ to act •$ in audltor In term5of s¥tion 1212 of the Companles Art 2￿6 10 Queen str￿ Place london EC4A IAG P¥ge 9of 14 THE HONOLUBLE SOCIETY OF LINCOLNS WIN THÉ HERITAGE FUND STATEMENTOF FINANOALACTWITIES FOR TNEYW ENDEO 31 DECEMBER 2021 Re5tr1cted Funds Unre5trfc¢•d Funds Expenthble Endowrnent Fund5 Tot•1 21 Total 2010 Intome: Donat￿n5 & ￿8a￿e$ IDvestment Income s,oD) 32,143 54,437 37.143 54,437 15.669 49,491 Total lfitom• 86,581 91,581 65.160 Exp•ndlturv. M•lnt4nan¢•*nd Irwovements to Hnrltiiq Property MBn•yÈmenr & Admlnistratlon Chapel refurblshment proleet expeTrJlturg 14281 19,4B71 14281 19.4871 iio,zioi Total Expendltur¢ 9.915 10,450 Net 8alnlllossl on Invostments 30,056 2B8,514 318,570 48.022 NET MOVEMENT IN FUNOS 106,721 288,514 ,235 102,n2 Fund balincts broughi foww•rd at I January 277,797 2,291.528 2,569,325 2,466,593 Fund b•l•nctsurrf•d foNv4rd •t JI D¢¢*mbv 384,518 1.580,042 2,969.560 2,569.325 All thp •ctlvltles of thefvnd are tonthuln8 In btyththls year and the prevlous ye8r. The comwr￿1Ve fl8ures relète ro unresttitted fundsgaln of £3k and a 8aln of £45k for EndoY4mEnt Funds. Th• notts on p•iu 11 to 13 fomi partolth•s•flnand•l it4ternNI P4e 10 of 14 HOMOURABiE SOCIETYOF LINCOLNS INN THE HERITAGE FUND ALANCE SHEET FOR THE YV4R ENDED 31 DECEMBER 2011 1021 2010 FLXED ASSETS Invertments 2,851568 2,4BC,261 CUPRENT ASSETS Debtors- Gift Aeco¥ernble Other DebtOfS- Le8al & Genernl Cash at bank TOTAL CURREpifASSETS s.2￿+ 2.346 161.509 169,145 2.733 1,645 129,952 134,330 CURHEMf L￿lUnEs Amounts dueto Uncoln's Infi Credhtors 52,092 45,2C 52,152 45,266 NETCURRE14T ASSETS 116,993 89,Q64 NET ASS 2,969,560 2,569,325 FVNOS Unrestrlcted Expendable Endowment Restrlcted 384,518 2,580,042 277,797 2.291,528 2.569,325 Appr¢ved bythe TN5tees on.. IOATEI •nd slgned ort thelr behblf bv.. 5 June 2022 Mr Frnn¢l$ 8adowaC Chalrman of theTrustees TheMI85 on p•815 11tt+ IJ form p•rtof lh￿•￿NIntlll stotamen P¥e 11 of 14 ThE HONOURABLE 51XIETY OF LINCOLN'5 INN THE HÉRITAGE FUNO NOTES TOTrIE ACCOUNTS FOR THE YEAR EP40ED JI DECEMBERIOZI ACCOUNTr￿ POUC￿5 Ac(ounifjnB Polltles al ACcoun￿nI Corwentlon The financlal Statements have been prepared In atcordance wlth Accountirta and Rep)rtln8 bv CharStle5.' Staternent of Recommended Practice applicable to charities preparing thelr •ccounr5 In a￿Ordance with the Flnancial Rewrting Standard appli¢obl2 In the UK and Republic of Irelalld IFRS 1021 leffectNe l Januory 20191 Icharllles SORP IFRS 10211, the Flnanclal RepDrtln8 standard applkable In the UK and Republlc of Ire14nd (Ffis 1021 ano theCompanle$Art 21t*. bl Golni Contem The Trnstees have considered the Impact on thg Fund of the CDVID 19 pandemlt and durlD8 the course of preparln8 the fifianclal 5taternents thÈ Trustees have consldered varlous luture scenarios and thelr Impatt and are confldefit that the Fund wlll have suffi¢lent resouices to mttt It5 IlabllltlES for at least 12 months frorn tfve date of sliniD8 thls report ènd a5 such the iccounts have been prepared on 3 soln8concem ba515. cl Int•me All Incoming resource5 are reco8nlsed In the Staternent ef Flnancial kIl￿tIeS when the Charlty has efitltlement to the fund5, It Is probable rhal the Income w411 be recewed and the imount can be meI5ured rellèbty. For le8acles. entitlement ls taken as ihl earflerof the date on whlch elrher.. The rh4rtty Is aware that prob•te has been 8rènted. The estate has been fln4ll&ed and notlflcatk)n hod been made by the oxecutor(sl to the Twst that a dlstrlbutlon wlll be made. When a dlstdbutlonls recelved from the estat•. Recelpt ol a Ipsaey In whole or In parL Is onty consldered probl￿e when the amaunt Ean bo measufed relIab￿ and the rh•rMy has bew notlfled ofthe executorfs Intenilon to make idlstrlbutlon. Unrestilrted funds are wailable to spend on 3rtlvltles thèt further any of the purp¢ses of the charttv. Desl8nated Fund5 are unrestrlcted fvnd5 of the charrty whlth the TNstees ha¥e decided at rhelr dlscretlpn to set aslde to Use for a spttffic puwose. Re5trlutrd funds are doftatlons 4vhkh the donor his speclfled are 501ely used lor partlcular area5 of the Trust's work Dr for a 5pKlfic prohect. Donations requlied tts be retalned a5 Capital in accordance ￿th the donor's wishes are a￿Ounted for when probdble a5 "endowments" penttanent or expendable •tcordln8 to the noture of the restdttion. dl Expendtture Expenditur* is •ccounted for on an acuuals basis and has beefi classlfied un¢kr he•dln85 thai a88re8ate all c05t5 related to the cate80ry. Th¢ Irrecoverable elemqnt of VAT is included wlth the em of expefidlture to whlch h relate5. Where costs cannot be dirertly attributable to parricular headln85 they have been albcatedto activities on a ba515 Conststent wlth the use ofthe resources. •rlt•ble expeThdlture ¢tsmprises ey4endlturq dlrectly rdatln¥ to the preseNation, repair and maintenance of Herita8e Pruperty and land and buildings which are 51tuated in Uncoln's Inn and whose upkeep is forthe tlme bEln8chartsble. Pa89 12of 14 THE HOP40VRA8LE 5(KIETY OF LINCOLNS INM THÉ HERITAGE FUND NOTES TOTHE ACCOUNTS ICONMNVEDI FOR T￿￿Y£Aft ENDED 31 DECEMBER20ZI el The Fund5 of the Charrty C¢wnprfsv. The expendable endowment fund was cre3tqd by 81fts a numter of VRar5 ago. The Income of thls trust 15 treated as unrestrlcted Income. The terms of the endowm2nt •llovi the capStal of the fund to be spent If the Trustees $0 determinè. li knvestm¢r lfivestments are stated èt mld-math value at the balance sheet date. The SOFA ihdudes the net 8alns and losses aw151n8on rewaluatk?n ond disposals throughout the y¢&r. rJOVERNANCE The Inn m*ets thè Cost of renwner*lon, Idvlsets •nd se￿1(￿ bythe audltors ènd other piofesslonil •dvlsors. TRAt45AcfioNS WITH TRUSTEES No Trustrt, or person rdoted or tonnerted to them has r￿1ved any remuner•tknn or relmbursem•nl of expenses from the charty durlnothe currentor pr￿0￿$ year. •IESTMENTS 2021 1020 M3rk¢t value l JènuJry Addltlon5 at cost Proceeds ol dIsp￿lS 2,4BO,252 53,7J6 1,382,701 49,538 2,533,998 2,4a2,239 Real￿ed and Unreallsed 8aln5111058e51 Net Investment Balnlllossl 318,570 318.570 48,Q22 48,Q22 Markd value 31 Oecember Hlstorfcal cost 11 December 2,852,568 1,126,087 2.480 261 1,172,351 Indlrert ¢r•fisactknn costs ar¢ incurred throu8h the ￿￿￿lleTSPread on knvestments wlthln p¢oled. 111 Inv 2021 I￿0 L&G Equltrack Fvnd L&G Internotional IndexTrust L&G Fl¥ed Interest Trust L&G ETr￿81￿8 Markets 33.15 40.39 15.83 10.61 945,507 1.152,487 451.685 302.889 32.86 46.53 12.10 8.51 815.041 1,154,158 3QO,105 210.957 Ico 2,851558 2,480,261 PiEe 13of 14 THE HCWOVRABLE s