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 2023 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2023 INDEX Pag• Trustees, Report R8POrt of the Independent Audltor8 10-13 Ststement of Flnanclal Actlvities 14 Balance Sheet 15 Notas to the Accounts 16-19 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY REGISTRATION NUMBER: 1102414 PRINCIPAL ADDRESS: The Honourable Soclety of Lincoln's Inn Tr8asury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: MrA G 8oyle KC Ichalrman) MrDHOayKC Mr J M Jarvls KC Mr P Jones KC BANKERS: C. Hoar6 & Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmaciniryre LLP 10 Queen Slregt Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group Pl¢ Legal & General Investmonl Management One Coloman Street London EC2R SAA THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and the audited financlal statemenls for the year ended 31 December 2023. Th8 ffinancial statements have been prepared on the basis of the accounting policies set out on pag8 11 of the ffinanclal slalements and comply with the charity's trust deed, applicable law and the requirements of the Stat8m8nt of Recomm8nd8d Practice 'Accounting and ReportSng by Charitl8S' ISSUgd in Octobèr 2019. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Dennlng Fund, previously règistered as charity number 282340, and the Lord Jenkins Fund, an unregistered charity, were merged wllh effect from 9 December 2003 to form a new charity called The Oenning Fund Sn accordance with a Charity Commission S¢hem8. The Charity Commlssion Scheme Is now the merg8d charfty's gov8rnlng document under which the Trustees are empowered to assoaate awards, at their discrellon, lo any benefactor identlfied with either of the merglng charities. The purposes of the charllies have not changed. The merger was undertaken lo improve adminiglTation processgs, make cost savings and consolldate Investments to offer the polerblial for higher Snvestment retums. The charfty 18 8 trust whose object is for géneral charitabl8 purposes. The pdnclp81 actlvlty of the Trustees is to use the income generated and Fund ¢8pltal lo assist in the provision of the scholarships or other awards lo promote or aid the legal education of members of Llncoln's Inn and in particular studénts or puplls whu iiil¥iid lu become prac118ing m8mb8r8 of tho Bar of England and Wales. ACHIEVEMENTS AND PERFORMANCE For the y8ar ended 31 Decembor 2023 Llncoln's Inn mad8 $2 Denning Scholarship awards totalling £703k12022'. 62 lolalllng £839k}. The Denning Fund contributed £152k towards Ihèse12022- £169kl. This represented 22¥0 of th8 total awards, 20YD in the previous y8ar. Investments thls year have shown a galn Df £307k (2022 loss of £543kl. The Inn offers scholarships to candidates of the requisite quality who are graduates in Law or In subjects other than Law and who have indicated that their intention is to practlse at the Bar of England and Wales. Awards are made to candldates on merit to asslst them wlth Ihelr funding Ihroughoul their continuing professional education, bar vocation81 course and pupillage years because it is the Inn's vlew thal Ih8se are the years when students need the most financi81 support. Merit is assessed in terms of the candidate's intellectual qualities. which 1$ of the highest importance at the modem Bar, together with qualities of personality and presentation also regarded as being of the greatest importance in anyone aiming at life as a barrister. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 Merit is assessed by a consideration of all the mat8rial placed befo￿ the Inn by the candidats In his or her written appllcation and references together, where a candidate is invited for interview. with consideration of the candldate by a panel of interviewers. Candidates whose written applicatbons do not. upon careful consideration. disclose the requisite quality, will not be invited for interview. Lincoln's Inn advertised the qualits'es it is looking for on ils website. Once scholars have been selected thelr financial award Is calculated on the basis of trteir Indlvidual mèans. The scholars, m8ans are calculated on the basis of their assets, savSngs, debt, other sources of flnanclal support and projected expenses for the duration of th8ir course or period of training. The Scholarships Committee sets out the formulas to be applied - é.g., only taking into account savings above 8 certain18vel and capping monthly éxpènses - and revièws Ihls regulady. All scholars, wi51 bé awarded a minimum of £1,000. Lincoln's Inn does not dlscrfmlnate unlawfully agalnst any person on the grounds of th8t person's sex, colour, race nalionallty or elhnlc or national odgin, dSsabilily, sexual orientation, religion or bellef. or age, or In any other way that Is unlawful. The Trustees of the Dennlng Fund believe that these application crbtsrla do not cr8at8 unreasonable restrictions on a¢c8ss by candidates to the scholarships avallable. Inv8Stmenls are shown on the Balance Sheet at market value In accordance with ¢hadty accounting rules. The NetA$s8ls of the Fund increased by £316k from £7,469k lo £7,784k. FUNDRAISING Whilst w8 do not actively fundraise, we are fortunate to receive donations and bequests from tlme to lime. We are grateful for the g8n8rosity of the donors. GRANT MAKING POLICY The Denning Fund donates towards the overall level of individual awards and grants made by Lincoln's Inn. Incorne is 8amed from investments in the fomi of divid8nds and interest is transferred as r8ceiv8d from the inveslmènl manager to the Honourable Society of Lincoln's Inn. At the end of each financial year the Trust88s assess the value of the total tr8nsfer of fijnds that has been made for the year and pay a balancing amount to the Inn as an annual adjustment based on set criteria. Having reviewed the criteria for this accounting period there is no additional amount due to the Inn. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 In making a grant the Denning Fund Trustees expect the responsible Committee to supeNise the spending of the monies granted. The Denning Fund Trustees arè not themselves in a position lo do so. Expenditure by Lincoln's Inn Is controlled and managed by its various officers and monitored by the Fin8nce, Education and Scholarship Committees. Llncoln's Inn pays the Individu81 in question on approval from the relevant Committees and on production of properly approved applications for scholarships payments. on￿ a payment has been rnade by the Inn, the Inn requests part or all of the promised contribullon from the fund. The value of contributions is never rnore than the lolal value of scholarships,. Lincoln's Inn m8kes up any shortfall. The Trustees agreed that Ihe grant maklng policy and proc8dure achieves tho oblectlves of the Fund. RESERVES POLICY The Trustees have revlewed the raserves of the Charlty, whlch comprise of£672k unreStri￿8d, £18k restrlcled and £7.094k expendablè endowment. Thè review encompassed the nature of the income slreams and the policy adopl&d by the Trustees. This resulted in a change in approaGh where the Trustees fell il was no longer prudent lo dislrlbulè only th¥ FOR THE YEAR ENDED 31 DECEMBER 2023 FUNDS The funds of the Charity compri88 of: unrestrfclèd funds, which are &xp8ndable in the furtherance of th8 Fund's objectives. exp8ndabl8 endowment funds which werè cr8at8d by gifts a number of y8ars ago. In accordan￿ wlth the te￿8 of the glft the capllal fund Is lo be malntained unless It Is requlred to b8 spent and the income Is treated as unrestricted Income. The Capital of the fund can be expended 8t the Trustees. discrellon. restrictad funds arise from a historic donation to a fund call8d the Joan Denning Prlze. In the oplnlon of the Trustees the Charity's 8SS8ts are sufflcienl lo m88t Ils commitments. TRUSTEES, TRAINING AND REMUNERATION Now Trustocs a￿ offered approprlate induction and Iralnlng proGedure$. All the appolntèd Trustees are exp8rfenc8d lawyer$. The Charity ha8 no employees and no Trustee rèceived remunerallon for Ihelr services. TRUSTEES. RESPONSIBILITIES The Trustees are responslbla for preparing the Annual Report and the Flnancial Slalements in accordance wllh applicable law and Unlt8d Klngdom Generally Accepted Accountlng Pr8cllces IUK-GA4P). Law applicable lo eharilies in England and Wales ￿qUireS the Trustees to prepare financial statements for each year which gives a true and fair view of the Charity's financ181 activitles during the year and of its financial positlon at the end of the year. In preparing 8¢wunls giving true and fair view, the Trustees should follow best practlGe and.. i) select sultable accounting policies and apply Ihem consistently. 111 make judgements and estSmat8S that are reasonable and prudent. 1111 state whether appllcable aecounllng standards have been followed. subject to any materfal departures dlsclosed and explained in the accounts, and iv) prepare the accounts on the going concem basis unless it is inappropriate to ¥ssume that the charity will continue in operation. THE HONOURABLE SOCIETY OF UNCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity, and which 8nable them to ascertain the financial position of the charity and allow them to ensure that tha accounts comply wlth applicable law. They are also responsible for safeguarding the assets of the charity and hen￿ for taking reasonablè slep$ for the prevention and detection of error, fraud and other irregularili8S. During the year the Trustees appointed new auditors Haysmacintyre LLP. The Trustees are r8sponslble for thé maintenance 8fMI Integrlty of the corporate and ffinandal Informatlon included In the Charfty Commis51on's webslle and recelv8 no r8muneralion. The Trustses have complled wlth the duty In 3.17 of the Charitiès Act 2011 to havè due regard to lh8 Charfty Commission's published general and relevant sub-sector guldance ¢onGemlng the oper8tlon of the Publlc Benefit r6qulr8m8nt under that Act. Approved by the Trustee5 on.. ?0/? [1 o>* and slgned on their behalf by.. )S.k MrAlan 8oyle KC Chalrman of the Truslees INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2023 OPINION W& havè audited the flnar)clal statements of The Honourable Society of Lincoln's Inn Denning Fund for the year ended 31 December 2023 whi¢h comprSse the Statement of Financial Aclivit18s. Bal8n¢e Sheet and notes to the financial statements, including a summary of slgnificant accounting pollcies. The financial reporting framework that has be8n applied in thelr preparation Is applicable18w and UnSted Kingdom A￿oUntIng Standards. applicable In the UK and Republic of Ireland (United Kingdom Generally Acc8Pt8d Accounting Practice). In our oplnlon, the ffnancSal statements.. give a true and falr view of the state of the charltvs affalrs as of 31 December 2023 and of the Charity's net movement In funds for the year then ended. have been properly pr8par8d In accordance wllh Unlted KSngdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appointed as 8udilor under section 144 of the Charilles Act 2011 and report In accordance with the Act and relevant regulations mad8 or having effect thereunder. We conducted our audll in accordance with Internatlonal Standards on Auditing IUKI IISAS {UK}I 8nd 8ppISc8ble law. Our responsibllities under those stsndards are further described in the Auditor's responsibilitiès for the audS1 of th8 financial statements section of our report. We are independent of the charity In accordance with the ethical requirements that ar8 relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllilies in accordance with these requirements. We believe that the audit 8vldence we have obtalned is sufficSent and appropriate to provide 8 basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financlal slalements, we have concluded that the Iruslees, use of the golng concem 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, indivldually or colle¢liv8ly, may cast significant doubt on the Charlvs ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibililies and the responsibilities of tho Trustees with resp8cI lo going concern are described In the relevant seclions of this report. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIEfY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER INFORMATION The Trustees are responslble for the other Infomiation. The other infomiation comprises the information Included in the TNst8es' Annual Report. Our opinion on the financlal statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of a$sur8nGe concluslon Iher80n. In connection with our audit of the financial statements. our responslbility is to read the other informalSon and. in doing 50, conslder wh8th8r th6 Othar information is materially inconslstent with the financial stalgment5, or our kno￿edge oblalned in the audll or otherwise appears to be materially misstated. If we identify such material inconsistencS8s or apparent matertal misstatements, we are requlr8d to detenmine whether there Is a material misstatement in the financb81 statements or a material misslalemant of the other Infomats'on. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are required lo r8POrt that fact. We have nothing to report In this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothlng to report in respect of the followlng mattèrs In relation to which the Charitie8 (Accounts and Reports) Regulatlons 2008 require us lo report to you If, In our oplnlon.. adequate accounting records have not been kept by the charlly,. or sufficlent accountlng records have not been kept; or the charlty financlal slat8ments aré not In agreement with the accountlng records and relums; or we have not received all the Information and explanallons we require for our audlt. RESPONSIBILITES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS As explalned more fully in the Irustees, rgsponsibilili8s statement set out on page 6, the Trustees are rgspon$ible for the preparallon of the financi81 statements and for belng sallsfled that they give a tru8 and fair view. and for such internal control as the Trustee5 determine is necessary lo enable the pr8paralion of financial stal8rn8nts that are freo from material misstatement. whether due to fraud or efror. In preparing the financi81 statemènts, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing. as applicable, matters related to going oncem and using the going concem basis of accounting unless the Trustees either intend to liquidate th8 charity or to cease operations, or have no realistic alternative bLrt to do so. INDEPENDENT AUDITORS, REPORT TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN Icont...) THE DENNING FUND FOR THEYEAR ENDED 31 DECEMBER 2023 AUDITOR'S RESPNSIBILITES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain roasonable assuranc8 about whether the Ilnanclal slalements as a whole are free from ma18rial misslalèment. whether due to fraud or error, and lo issue an audltor's report that includes our opinion. Reasonable assurance is a high lev81 of assurance but is not a guarantee that an audil conducted In a￿OrdanCe with ISAS {UK) will always dÉt8ct a malerial misstatem8nt when It exists. Misststements can arise from fraud or error and are consld8red material if, individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users tak8n on the basls of th8s8 financial stal8rn8nts. Irregularfttés. Including fraud, are instsnces of non-compliance with laws and regulallons. We design procedures In line wllh our r&sponsibllitles, OU￿1n9d 8bove, lo det8cl materlal mlsslalements In respect of Irregularities, including fraud. The extent to which our procedures a￿ capable of detecling Irregularities, includlng fraud is detsSled below: Based on our understanding of th8 charity end the environment in which it operates, we identified that the principal risks of non-compllance with 18Wg and regulatlons ￿lated lo revenue recognltion, and we considered the extent to whi¢h non-compliance might have a materlal effect on the financial statements. W8 also considerèd those 18WS and regulations that have a dir8Ct impact on th& preparation of the financial statements such as the Charlllès Ac12011. W8 evaluatéd management's incentives and opportunitles for fraudulent manipulation of the financial slalemenls lincludlng the risk of override of conlrolsl and determined that the principal risks were related to management override of controls. Audit procedure$ performed by the engagement team included- Dlscussions with m8n8gernent including consideration of known or suspectad Instances of non-compliance with laws and regulation and fraud. Evaluating management's wntrols designed to prevent and detect irregularlties. Idonlifying and lesling journals, In particular journal entries posted with unusua account combinations, postings by unusual users or with unusual descriptions. Because of the inherent limitations of an audit. there is a risk Ihal wo will not detect all Irregularities, includlng those leading lo a material misstat8ment in the financial statements or non-compliance with regulation. This rfsk increases the more that compllance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less lik8ly to become aware of Snstances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than grror. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN (¢ont...I THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2023 A further descrtpllon of our responsibilities for the audit of the financial statements is located on the Financial Reportlng Council's website at- www.frc.org.uklaud6torsresponsibilities. This descrip￿On forms part of our auditor's report. USE OF OUR REPORT Th15 r8port is made solely lo Ihe charity's trustees, as a body, in accordance with 8ectlon 144 of the Ch8rftSes Act 2011 and regulations made under section 154 of that Act. Our audit work has bèen undertaken so that w& might slats to the charfty's Trustees thos& matters we are required to stat8 to them in an Audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assumé responslbility lo anyone oth8r than the charitYs Trustees as a body for our audit work, for this report, or for the opinions we hav8 fonned. 2811012024 Haysmacintrye LLP Statutory Auditors 10 Queen Street Plac8 London EC4R 1AG Haysmacintyre LLP is eligible lo act as an audilor in terms 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 2023 Nots Unrestrfcted Funds Restrlct•d Funds Expandablè endowment Funds 2023 2022 Inoom• from: Donallons arKI Legacles Inve51mant income rebates Investment Income Int8rgSt Total Incorn• 8.553 8.553 1,673 Fee 134 151,527 790 161.004 3.451 162.729 203 168,506 151,527 790 161.004 Exp•ndStur• on: Management & Adminlstration Educational Awarfs Totsl Exp•ndltur•: 14201 151.527 151.947 {420} 151.527 151.947 14201 189,173 169,593 N•t Galnl{101s) on Inv•$trn•nts N•t Incom•llexp•ndltur•l 697 697 305,805 305.805 306,502 31 S,559 543,246 544.783 9.057 NET MOVEMENT IN FUNDS 9.057 697 305,e05 315.559 544,783 Fund b•lan¢e8 brought fonyard on l January 2023 662,S43 17.460 6,788,629 7,468,633 8,013,414 Fund balanc•8 ￿rrI•d forward on 31 D•c•mb•r 2023 671801 7.094,434 7.784.192 7.468,632 All the actlvltl&s of the fund are conllnulng in both Ihls year and the previous year. All comparatlve movements relale to unrestricted furtds apart from investment loss which was split £1,537 to unrestricted. £1,389 to restricted and £541,857 to expendable endowment. The nots$ on pages 1 S to 18 form part of Ihe80 Ilnanclal slalements THE HONOURABLE SOCIEff OF LINCOLN'S INN THE DENNING FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 FIXED ASSETS Investments 7,681.555 7.373.627 CURRENT ASSETS D8bloryJ Cash 8t Bank Amounts due from Lincoln's Inn 1,407 131,080 2,297 71,773 20,995 95,065 132.487 CURRENT LIABILITIES Sundry Credltors Amounts dug to Llncoln's Inn NET CURRENT ASSET8 180) 29,790 102.637 (601 95,005 NEf ASSESTS 7,784,192 7,468,632 FUNDS Unreslrlcted Reslricled Expendable Endowment 671.601 18,157 7 094 434 7,784 192 662,543 17.460 6 788 629 7 468 632 Approved by the Trust888 On: and slgned on thelr behalf by.. Mr Alan Boyle KC Chaim18n of the Trustees 1 st October 2024 The notes on pages 15 to 18 form part of thg3e financial ststements THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. ACCOUNTING POLICIES a) Accounting Convontlon The financial statements have been prepar8d in accordance wlth AccountSng and Reporting by Charities.. Slalement of Recornmended Practice appliGabl8 to charities preparing their a¢¢ounls In accordance with the Financial Reporting St8ndard applicable In the UK and Republic of Ireland IFRS1021 {effecliv8 1 January 2019)- (Charities SORP {FRS 1021, Ihe Financial Reporting Standard applicable in the UK and Rapublic of Ireland (FRS 102) and tha CompaniesAct 2006. b} Golng Concem accountlng pollcy The Trustees are confident that the Fund wlll have sufficient rosources lo meet its liabilities for al lèast 12 months from the dale of sSgning thls report and as such the accounts have been prepared on a going concern basls. c) Incom• All Incomlng resources ale recognised In the Slalement of Financlal Aclivllles when the charlty has 8nlitlement to th8 fund$.11 Is probable that the Income wlll be recelved, and the amount can be measured réliably. For legacl&s, èntitlement Is taken as the earlSer of the date on which ellher: The charity Is awarè that probate has been granted. Recéipt of a legacy in whole or in part, is only considered probable when the amount can be measured reliably. and the charity has been notified of tho axecutor's inlenlion lo make a dlslribulion. The estste has been fin81ised and notlficalion has been made by the execulorlsl to the Trust that a distribution will be made. When a distribution Is recelved from the estate. Recelpt of a legacy in whole or part, is only considered probable when the amount can be measured reliablyi and the charity has been notlfied of the executor's Intention to make a distrlbution. Unrestrlcted funds are available to spend on activlties that further any of the purposes of the charlty. Designated funds are unrestrlrterl fund5 of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restrlcted funds are donations which the donor has speclfied are solely used for particular areas of the Trust's work of for a specific project. Donatlons required to be retained as capital in accordance with the donor's wishes are accounted for when probable as 'endowments" permanent or expendable according to the nature of the restriction. THE HONOURABLE SOCIETh OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS (cont...> FOR THE YEAR ENDED 31 DECEMBER 2023 dl Expondlture Expenditure Is accounted for on an accruals basls and has been classified under headings that aggregate all cost5 related to the category. The irrecoverable element of VAT Is Included with the item of expendlture to which it relates. Where costs cannot be directly attrlbutable to partlcular actlvitles, they have been allocated to actlvities on a basis consistent with use of the resources. Charltable expenditure comprises expenditure donated to Lincoln's Inn toward the awards of the Dennin8 Fund Scholarshlps. e) Funds The funds of Ihe charity comprise of: i) the expendable endowment fund whlch was Created by glfts donated to the charity for general education purpos8s a number of years ago and is 8xpendable 8t the di$cr8tion of Ihe Trustees. 11) reslrlcled lund5. conslstlng of donations and legacies recèived which the donor has eamarked for a speclflc purpose. li1} urbrestrlcled funds whlch ar8 axpendable in tha furtherance of the Fund's objectives. Investments Invèstments are staled al mld-market value at the balance sheet date. 2. GOVERNANCE Th6 Inn meets the cost of remuneratlon, for advlce and seNlces by the audltors and other professional advisors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person related or connected lo them has received any remuneration or r8imbursemenl of expenses from the Fund during the current or previous year. 4. EDUCATIONAL AWARDS The Trust paid over dividend income on an as received basis lo the Honour8ble Society of Llncoln's Inn of £252k12022 £163kl, which broadly coincid8s wilh Ihe payment dates by ￿nCOln'S Inn to pupil barristers and students of scholarships and awards made. THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 5. INVESTMENTS 2023 2022 Markel Value 1 January 7,373,628 7,912.477 Additions at cost 2,980,389 2,131.958 Proc88ds of d18posals (2,978.964) (2,127,563) GainsllLos$l on Invastm8nts 306,502 {543,245} Markgt Valuo 31 Doc•mb8r 7,681,555 7.373.627 Hlstorlcal cogt 31 D•cembor 3,913,857 3.912,432 Indir8cl transaction costs are Incurred through th8 bid-offer spread on investments wllhln pooled investment vehlcles. Tha amount of Indir&ct costs is not S8paralely provlded to th8 scheme. nifi an nv sl In s at mark lueon31D 2023 2023 2022 2022 L&G UK Equitrack Fund Trust L&G Intgmational Index Trust L&G Flxed Interest Trust L&G Emerging Markets Ruffers absolute retuin H acc TOTAL 1,976,046 2,516,469 26.8 34.13 3,476,705 1,165,484 980.772 2 058 593 7 681,593 45.26 15.17 12.77 26.8 100 626,357 2 254 756 7 373.627 8.49 30.58 100 6. DEBTORS 2023 2022 A¢¢rued Incom8 1,407 2,297 7. CREDITORS 2023 2022 Sundry Creditors 60 60 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 8. SPLIT OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Restrlcted Funds Expandable Endowment Funds 2022 2023 Investments Nel currenl assets 568,964 102,637 671,601 18,157 7,094,434 7.681,555 102,637 7,784,192 18,157 7.094,434 Unreslrlcted Funds Rostrl¢tsd Funds Expondable Endowment Funds 2021 2022 Investments Net current ass8ts 567,538 17,460 6.788,629 7,373.627 95,005 7,468.632 662,543 6,788,629 9. RELATED PARTY TRANSACTIONS The Honourable Society of Lincoln's Inn Is one of the four Inns of Court. It 1$ an ancSent unlncorporated body of18wyers whlch for five cenluries and more have had the power to call to the Bar those of thelr members who have duly quallfled for the rank of degree of Barrfster-at-L8W. The fund was estsblished by members or fomer mambers of the Honourable Society of Llncoln's Inn and as laid out in Ils obl8Ctives when vacanciès arise In the body of Trustees the Counc51 of Benchers of The Honourable Soclety of Llncoln's Inn hold th8 power to appolnt replacements. The Truste8s are otherwise autonomous. The inlercompany account be￿een the Inn and the Denning at year end shows a b818nce of£29,790.