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

5. 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
6. DEBTORS
2022
2021
Accrued Income
2.297
9,536
7. 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

8. 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
9. 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.