2022-12-31-accounts

CHARITY REGISTRATION NUMBER: 1102414 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2022 INDEX Page Trustees, Report Reportof the IndependentAuditors 10-13 Statement of Financial Activities 14 Balan￿ Sheet Notes to the Accounts 16-19

THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNINGFUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITY REGISTRATION NUMBER: 1102414 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A3TL NAMES OF CHARITY TRUSTEES: MrAG Boyle KC {Chairmanl MrDHDayKC MrJ M Jarvis KC Mr P Jones KC BANKERS: C. Hoare & Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmacintryre LLP 10 Qu&n Streel Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group PIC Legal & General Investment Management One Coleman Street London EC2R SAA

THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report and the audited financial statements for the year ended 31 December 2022. The financial statements have been prepared on the basis of the accounting policies set out on page 11 of the financial statements and comply with the charitys trust deed. applicable law and the requirements of the Statement of Recommended Practi 'Accounting and Reporting by Charities, issued in October 2019. OBJECTS. OBJECTIVES AND PRINCIPAL ACTIVITIES The Denning Fund, previously registered as charity number 282340, and the Lord Jenki Fund, an unregistered charity, were merged with effectfrom 9 December 2003 to form a new charity called The Denning Fund in accordance w(th a Charity Commission Scheme. The Charity Commission Scheme is now the merged charity's governing document under which the Trustees are empowered to associate particular awards, at their discretion, to any benefactor identified with either of the merging charities. The purposes of the charities have not changed. The merger was undertaken to improve administration processes, make cost savings and consolidate investments to offer the potential for higher investment returns. The charity is a trust whose object is for general charitable purposes. The principal activity of the Trustees is to use the income generated and Fund capital to assist in the provision of the scholarships or other awards to promote or aid the legal education of members of Lincoln's Inn and in particular students or pupils who intend to become practising mèmbers of the Bar of England and Wales. ACHIEVEMENTS AND PERFORMANCE For the year ended 31 December 2022 Lincoln's Inn made 62 Denning Scholarship awarc totalling £839k {2021.' 60 totalling £842KI. The Denning Fund contributed £169k towards the5e12021.' £156kl. This represented 200A of the total awards, 18 % in the previous year. Investments this year have shown a loss of £543k {2021 gain of £831 k). The Inn offers scholarships to candidates of the requisite quality who are graduales in Law or in subjects other than Law and who have indicated that their intention is to practise at the Bar of England and Wales. Awards are made to candidates on merit to assist them with their funding throughout their continuing professional education, bar vocational course and pupillage years because it is the Inn's view that these are the years when students need the most financial support. Merit is assessed in terms of the candidate's intellectual qualitie5, which is of the highest importance at the modern Bar, together with qualities of personalty and presentation also regarded as being of the greatest importance in anyone aiming al life as a barrister.

THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022 Merrt is assessed by a consideration of all the material placed before the Inn by the candidate in his or her written application and references together, where a candidate is invited for intetview, with consideration of the candidate by a panel of interviewers. Candidates whose written applications do not, upon careful consideration, disclose the requisite quality, will not be invited for interview. Lincoln's Inn advertised the qualities it is looking for on its website. Once scholars have been selected their financial award is calculated on the basis of their individual means. The scholars, means are calculated on the basis of their assets, savings, debt, other sources of financial support and projected expensesfor the duration of their course or period of training. The Scholarships Committee sets out the fomulas to be applied - e.g., only taking into account savings above a certain level and capping monthly expenses - and review5 this regularly. All scholars, 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 belief, or age, or in any other way that is unlawful. The Trustees of the Denning Fund believe that these application criteria do not create unreasonable restrictions on access by candidates to the scholarships available. Investments are shown on the Balance Sheet at market value in accordance with charity accounting rules. The NetAssets of the Fund decreased by £544k from £8,013k to £7,469k. FUNDRAISING Whilst we do not actively fvndraise, we are fortunate to receive donations and bequests from time to time. We are grateful for the generosity of the donors. GRANT MAKING POLICY The Denning Fund donates towards the overall level of individual awards and grants made Ly Lincoln's Inn. Income is earned from investments in the form of dividends and interest is transferred as received from the investment manager to the Honourable Society of Lincoln's Inn. At the end of each financial year the Trustees assess the value of the total transfer of funds that has been made for the year and pay or take a balancing amount to or from the Inn as an annual adjustment. THE HONOURABLE SOCIETYOF LINCOLN'S INN THE DENNING FUND

REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 In making a grant the Denning Fund Trustees expect the responsible Committee to supervise the spending of the monies grant8J. The Denning Fund Trustees are not themselves in a position to do so. Expendtture by Lincoln's Inn is controlled and managed by tts vario officers and monitored by the Finance, Education and Scholarship Committees. Lincoln's Inn pays the individual in question on approval from the relevant Committees and on production of properly approved applications for scholarships payments. Once a payment has b*n made by the Inn, tt)e Inn requesls part or all of the promised contribution from the fund The value of contributs'ons is never more than the total value of scholarships., Lincoln's Inn mak up any shortfall. The Trustees agreed that the grant making policy and procedure achieves the objectives of the Fund. RESERVES POLICY The Trustees have ￿vieWed the reserves of the Chanty. which compnse of£663k unrestricted, £17k restricted and £6,789k expendable endowment. 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 encompassed the nature of the income st￿aMS and the policy adopted by the Trustees, which they consider to be prudent, to distribLrte the annual investment income of the Charity. The Trustees recognise that shoukl the Inn become unable to fund rf(s scholarships. the Trustees musl hold sufficient reserves to ensure the interests of future beneficiaries. The Trustees consider the Charty's expendable endowment fund is suitable for this purpose. Grants are ftjnded from free ￿eNeS and income during the yeaf. The policies are reviewed on a regular basis. FUTURE DEVELOPMENTS The Trustees of the Denning Fund have reviewed the overall structure and efficiency of the fund and consolidated the investments into one account managed by Ihe Investment Committee and by the investment managers. The Trustees have reviewed the performance of the fund managers and will continue to do so at regular intervals. INVESTMENT POWERS AND POLICY In accordance with their powers under the Tnjst Deed, the Trustees have delegated the management of the portfolio and the investment powers to the Lincoln's Inn InvestrrEnt Committee. The Investment Commtttee n￿ets wrth the fvnd managers hvice a year and holds tsvo additional meelings to consider the lnveStrr￿nt manage¢s report. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (conL..) FOR THE YEAR ENDED 31 DECEMBER 2022

INVESTMENT PERFORMANCE During the year the Trust￿$ allocated 30% of the funds, investments to a diversnfjed gro fund held with Ruffer LLP. The other 70% of the fund remained invested wf(h Legal & General under passive management in pooled funds. The performance ofthe Legal & General portfolio trackedthe market: so. while doing no better than the market, the fund has done no worse. The Rufferselement ofthe portfolio was invested in September 2022. Its performance over the three months to the year end was +4.9%. Legal & General levy charges 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 basis in their pooled index funds. The distribution of the Scheme's assets is to be maintsined in predetermined proportions. LGIM'S purpose is to create a better future through responsible investin9. Aligned lo this purpose, ESG is a central underpinning to all of LGIM'S activi(ies and especially within Strategic in(iiatives. LGIM has developed and publicly disclosed its policies for stewardshwj activities. Their policies are reviewed annualty and updated where necessary to ensure they remain aligned Wbth the various evofving regulats'ons. best practice. and cltent feedback. Where possible, casM]ows into or out of the fund will te used to maintain the assetdislribution within the specified ranges. In addrtion, switches ￿ts¥een asset classes will be implemented should any asset classes move outside their ranges. RUFFER'S MANDATE Ruffers single investment strategy is defined by two simple inveslment objectives,. not to lose money in any 12 month period and to generate returns meaningfully ahead of the return on cash. Ruffers will always hold investments in they refer to as growth and protection assets. These are held alongside one another and exposure to each is changed dynamically over time. FUNDS The funds of the Charty comprise of. unrestricted funds, which are expendable in the fvrtherance ol the Fund's objectives. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2022

expendable endowment funds which were created by gifts a number of years ago. In accordance with the terms of the gift the caprtal fund is to be maintained unless it is required to be spent and the income is treated as unrestricted income. The capital of the fund can be expended at the Trustees, discretion. restricted funds arise from a historic donation to a fund called the Joan Denning Prize. In the opinion of the Trustees the Charity's assets are sufficient to meet its commitments. TRUSTEES. TRAINING AND REMUNERATION New Trustees are offered appropriate induction and training procedures. All the appointed Trustees are experienced lawyers. The Charity has no employees and no Trustee received remuneration for their services. TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practices (UK-GAAPI. Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which gives a true and fair view of the Charity's financial activities during the year and of rts financial position at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and.. il select suitable accounting policies and apply them consistently. ill make judgements and eslimates that are reasonable and prudent. iii) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts, and iv) prepare the accounts on the going concem basis unless ft is inappropriate to assunE that the charity will continue in operalion. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable them to ascertain the financial position of the charity and allow them to ensure that the accounts comply with applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities. During the year the Trustees appointed new auditors Haysmacintyre LLP. THE HONOURABLE SOCIETYOF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for the maintenance and integrity of the corporate and financial informalion included in the Charity Commission's website and receive no rernuneration. The Trustees have complied with the duty in s.17 of Ihe Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-seclor guidance concerning the operation of the Public Benefit requirement under that Act. Approved by the Trustees on.. and signed on t ir behalf by.. MrAlan Boy Chairman of the Trustees

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2022 OPINION We have audrted the financial statements of The Honourable Society of Lincoln's Inn Denning Fund for the year ended 31 December 2022 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as of 31 December 2022 and of the Charity's net movement in funds for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accept Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appoir)led as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordancewith International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of ihe charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibililies 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 financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt on the Charity's abilty to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilrties and the responsibilities of the Trustees with respect to goin9 concern are described in the relevant sections of this report.

INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER INFORMATION The Trustees are ￿sponSible for Ihe olher inf0M￿tiOn. The other infomiation comprises the information included in the Trustees, Annual Report. Our opinion on the financial slalemenls does not cover the other information and. except to the extent otherwise explicitty staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our respxjnsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements. or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo delemine whether the￿ is a malerial misstatement in the financial statements or a material misstatemenl of the other information. If, based on the worf( we have performed, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothir¥J to report in this regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to ￿port in respect of the foll¢)wing matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to ￿port to you rf. in our opinion= adequate accounting records have not teen kept by the chartty" or sufficient accounting records have not been kept., or the charty financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. RESPONSIBILITES OF THE TRUSTEESFOR THE FINANCIAL STATEMENTS As explained MO￿ fulty in the trustees. ￿SponSIbl1rtles statement set on page 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial ststements that are fr* from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the chartty's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so.

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN {cont...) THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2022 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 material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordancewith ISAS {UK} will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabSy be expected to influence the economic decisions of users taken 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, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedur are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of Ihe charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to revenue recognition, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and ￿gUlationS that have a direct impact on the preparation of the financial statements such as the Charities Act2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included: Discussions with management including consideration of known or suspect￿1 instances of non-compliance with laws and regulation and fraud. Evaluating managerrenl's controls designed lo prevent and detect irregularrties. Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. Because of the inherent limrtations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected 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 lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

INDEPENDENT AUDITORS. REPORT TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN Icont...) THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2022 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. USE OF OUR REPORT This report is made solely lo the charity's trustees, as a body, in accordance wtth section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit wo has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's Trustees as a body for our audit work, for this report, or for the opinions we have formed. LL Haysmacintrye LLP Statutory Auditors 08111123 10 Queen Street Place London EC4R 1AG Haysmacintyre LLP is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006 THE HONOURABLE SOCIETY OF LINCOLN'S INN

THE DENNING FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Nots Unrnstricted Funds Restricted Funds Expendable Endowment Funds 2022 2021 Income from: Donations and Legacies Investment income rebates Investment income Inte￿t Total Income 1.673 1,673 10,715 Fee 3,451 162.729 203 168.056 3,451 162.729 203 168,056 4,282 156,574 171,571 Expenditure on: Management & Administration Educational Awards Totsl Exp&nditur•: 1420 169.173 169,593 14201 169.1731 169.593 14201 156.049 156.469 Net Gainlllossl on Invesknants Net inc0me1lexpendi￿reI 1.389 1.389 541.8571 541.8571 543.246 544,783 830,599 845,701 1.537 NET MOVEMENT IN FUNDS 1,537 1,389 541.857 544.783 845.701 Fund balance5 brought forwrdrd on 1 January 2022 664.080 18.849 7.330.486 8.013,414 7.167,713 Fund balances carried forward on 31 D¥¢ember 2022 662,543 17.460 6.788.629 7.488.632 8,013,414 All the activities of the fund are continuing in tx)th this year and the previous year. All comparative movements relate to unrestricted funds apart from investment gain which wa5 split to £1.791 to restricted and £828.808 to exr*ndabie endowment. The notes on page5 15 to 18 form part of these financial statements THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 Notes 2022 2021 FIXED ASSETS Investments 7,373,827 7,912,479 CURRENT ASSETS Debtors Cash at Bank Amounts due from Lincoln's Inn 2.297 71,773 20,995 95,065 9,536 71,389 20,072 100,997 CURRENT LIABILITIES Sundry Creditors NET CURRENT ASSETS 1601 95,005 1601 89,719 NET ASSESTS 7,468,632 7,167,714 FUNDS Unrestricted Restricted Expendable Endowment 662,543 17,460 6,788,629 7,468,632 664,080 18,849 7,330,488 8,013,415 Approved by the Trustees on.. 6 November 2023 and signed on their behalf by.. Mr Alan Boyle KC Chairman of the Trustees The notes on pages 15 to 18 form part of these financial statements THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES al Accounting Convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20191- (Charrties SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. b) Going Concern accounting policy The Trustees are confident that the Fund will have sufficient resources to meet its liabilities for at least 12 months from the date of signing this report and as such the accounts have been prepared on a going concern basis. ¢1 Income All incoming resources are recognised in the Statement of Financial Activrti when the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either.. The charity is aware that probate has been granted. Receipt of a legacy in whole or in part, is only considered probable when the amount can be measured reliably, and the charty has been notified of the executor's intention to make a distribution. The estate has been finalised and notification has been made by the executorls) to the Trust that a distribution will be made. When a distribution is received from the estate. Receipt of a legacy in whole or part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Unrestricted funds are 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 have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are solely used for particular areas of the Trust's work of for a specific project. Donations required to be retained as capital in accordance with the donor'5 wishes are accounted for when probable as "endowment5" permanent or expendable according to the nature of the restriction. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022

d} Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item of expenditure to which it relate5. Where costs cannot be directly attributable to particular activities, they have been allocated to activities on a basis consistent with use of the resources. Charitable expenditure comprises expenditure donated to Lincoln's Inn toward the awards of the Denning Fund Scholarships. el Funds The funds of the charrty comprise of. i) the expendable endowment fund which was created by gits donaled to the charty for general educatr'on purposes a number of years ago and is ex￿ndable at the discretion of the Trustees. ii) restricted fvnds. consisting of donations and legacies received which the donor has eaM￿rked for a SFecnSc purpose. iii) unrestricted fvnds which are expendable in the furtherance of the Fund's objectives. fj Investments Investments are stated at mid-market value at the balance sheet date. 2. GOVERNANCE The Inn meets the cost of remuneration, for advice and services by the auditors and other professional advisors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person ￿lated or connected to them has received any remuneration or reimbursement of expenses from the Fund during the current or previous year. 4. EDUCATIONAL AWARDS The Tru5tpaid over dwidend incorrE on an as received basis to the Honourable Society of Lincoln's Inn of £169k (2021 £156k), which txoadly coincideswtth the payment dates by Lincoln's Inn to pupil barristers and students of scholarships and awards made. THE HONOURABLE SOCI￿ OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022

1. INVESTMENTS 2022 2021 Market Value 1 January 7,912,477 7,077,996 Additions at cost 2.131.958 485,384 Proceeds of disposa15 12,127.5631 (481,5000 Gainsl(Loss) on inve5tTnents (543,2451 830,599 Market Value 31 December 7,373,627 7,912,479 Histor5cal cost 31 December 3,912.432 3.901.319 Indirect transaction costs are incurred through the bid-offer spread on investments within pooled investment vehicles. The amount of indirect costs is not separately provided to the scheme. nfficant investnEnt holdi at market value on 31 December 2022 2022 2021 2021 L&G UK Equitrack Fund Trust L&G International Index Trust L&G Fixed Interest Trust L&G Emerging Markets Ruffers absolute retuin H acc TOTAL 1.976.046 2.516,469 26.8 34.13 1,976,046 3.299,001 1,233,687 783,154 32.82 41.69 15.59 626,357 2.254.756 7,373.627 8.49 30.58 100 7,912,479 100
2. DEBTORS 2022 2021 Accrued Income 2.297 9,536

3. CREDITORS 2022 2021 Sundry Credrtors 60 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022

4. SPLIT OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Expendable Endowment Funds 2022 2022 Investments Net current assets 567,538 95,005 662,543 17.460 6,788,629 7,373,627 95,005 7,468,632 17,460 6,788,629 Unrestricted Funds Restricted Funds Expendable Endowment Funds 2021 2021 Investments Nel current assets 563,143 100,937 664,080 18,849 7,330,486 7,912,478 100,937 8,013,415 18,849 7.330,486

5. 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 five centuries and more have had the power to call to the Bar those of their members who have duly qualffied for the rank of degree of Barrister-at-Law. The fund was established by members or former members of the Honourable Society of Lincoln's Inn and as laid out in its objectives when vacancies arise in the body of Trustees the Council of Benchers of The Honourable Society of Lincoln's Inn hold the power to appoint replacements. The Trustees are otherwise autonomous. The intercompany account be￿een the Inn and the Denning fund includes donations of £1k into the Inn's bank account, the balance of the account is £21k and will be transferred from the Inn to the Denning fund bank account during 2023. There are no further related parties.