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 2024
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Page Trustees, Report Report of the Independent Auditors 10-13 ststement of Financial Activitles 14 Balance Sheet 15 Notes 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 2024 CHARITY REGISTRATION NUMBER: 1102414 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: Mr A G Boyle KC (Chairman) MrDHDayKC Mr J M Jarvis KC Mr P Jones KC BANKERS: C. Hoare & Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmac LLP 10 Queen Street 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 2024 The Trustees present their annual report and the audited financial statements for the year ended 31 December 2024. 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 charit5ls trust deed, applicable law and the requirements of the Ststement of Recommended Practice 'AGcounting and Reporting by Charities, issued in October 2019. OBJECTS. OBJECTIVES AND PRINCIPALACTIVITIES The Denning Fund, previously registered as charity number 282340, and the Lord Jenkins Fund. an unregistered charity, were merged with effect from 9 December 2003 to form a new charity called The Denning Fund in accordance with a Charity Commission Scheme. The Charity Commission Scheme is now the merged charity's governing document under which the Trustees are empowered to associate 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 memb8rs of Lincoln's Inn and in particular students or pupils who intend to become practising members of the Bar of England and Wales. ACHIEVEMENTS AND PERFORMANCE For the year ended 31 December 2024 Lincoln's Inn made 61 Denning Scholarship awards totalling £785k (2023: 52 totalling £703k). The Denning Fund contributed £171 k towards these (2023: £152k). This represented 21.8 % of the total awards, 220/0 in the previous year. Investments this year have shown a gain of £740k (2023 gain of £307k). 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 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 tenns of the candidate's intellectual qualities, which is of the highest importance at the modern Bar, together with qualities of personality and presentation also regarded as being of the greatest Importan 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 2024 Merit 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 interview, 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 expenses for the duration of their course or period of training. The Scholarships Commiltee sets out the formulas to be applied - e.g. only taking into account savings above a certain level and Gapping monthly expenses - and reviews 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 Net Assets of the Fund increased by £751 k from £7,784k to £8,535k. FUNDRAISING Whilst we do not actively fundraise, 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 by 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 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 2024 In making a grant the Denning Fund Trustees expect the responsible Committee to supervise the spending of the monies granted. The Denning Fund Trustees are not themselves in a position to do so. Expenditure by Lincoln's Inn is controlled and managed by its various 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 been made by the Inn, the Inn requests part or all of the promised contribution from the fund. The valu6 of contributions is never more than the total value of scholarships. Lincoln's Inn makes up any shortfall. The Trustees agreed that the grant making policy and procedure achieves the objectives of the Fund. RESERVES POLICY The Trustees have reviewed the reserves of the Charity, which comprise of £682k unrestricted, £20k restricted and £7,832k expendable endowment. This resulted in a change in approach where the Trustees felt it was no longer prudent to distribute only the annual investment income of the Charity. The trustees recognised that they have significant reserves and agreed to approach spending down their reserves in a way that aligns with a total return investment strategy and still ensures the end beneficiaries are not in any way deprived from the benefit of the Charity's objectives. The investment strategy adopted is detailed below. The Trustees consider the Charitrfs expendable endowment fund is suitable for this purpose. 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 the Investment Committee and by the investment managers. The Trustees have reviewed the performance of the fund manager8 and will continue to do so at regular intervals. INVESTMENT POWERS AND POLICY In accordan with their powers under the Trust Deed, the Trustees have delegated the management of the portfolio and the investment powers to the Lincoln's Inn Investment Committee. The Investment Committee meets with the fund managers twice a year and holds two additional meetings to consider the investment manager's report.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT PERFORMANCE The funds are invested with Legal & General under passive management in pooled funds that track the market., while doing no better than the market, the fund has done no worse. 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 maintained in predetermined proportions. LGIM'S purpose is to create a better future through responsible investing. Aligned to this purpose, ESG is a central underpinning to all of LGIM'S activities and especially within strategic initiatives. LGIM has developed and publicly disclosed its policies for stewardship activities. Their policies are reviewed annualty and updated where necessary to ensure they remain aligned with the various evolving regulations, best practice and client feedback. Where possible, cashflows into or out of the fvnd will be used to maintain the asset distribution within the specified ranges. In addition, switches between asset classes will be implemented should any asset classes move outside their ranges. FUNDS The funds of the Charlty comprise of: unrestricted funds, which are expendable in the furtherance of the F.und's objectives, expendable endowment funds which were created by gifts a number of years ago. In accordance with the terms of the gift the capital fund is to be maintained unless it is required to be spent and the incorne 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 Ihe appointed Trustees are experienced lawyers. The Charity has no employees, and no Trustee received remuneration for their services.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 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-GA4P). 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 its financial position at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and: i) select suitable accounting policies and apply them consistently. ii) make judgements and estimates Ihat 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 concern basis unless it is inappropriate to assume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charrty, 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. Durlng the year the Trustees appointed new auditors Haysmacintyre LLP. The Trustees are responsible for the Maintenan and integrity of the corporate and financial information included in the Charity Cornmission's website and receive no remuneration. The Trustees have complied with the duty in s.17 of the CharitiesAct 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. On 18 November 2024 the company's auditor changed its name from haysmacintyre LLP to Haysmac LLP. Approved by the Trustees on: igned on their Ifb Mr Alan Boyle KC Chaimian of the Truste 31 July 2025
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND FOR THE YEAR ENDED 31 DECEMBER 2024 OPINION We have audited the financial statements of The Honourable Society of Lincoln's Inn Denning Fund for the year ended 31 December 2024 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 2024 and of the Charity's net movement in funds for the year then ended. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice; and have been prepared in accordan with the requirements of the Charities Act 2011. BASIS FOR OPINION Vrfe have been appointed 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 accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financi81 staternents section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities 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 oncern 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 Charitys ability to continue as a going concern for a period of at least twelve monlhs from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going 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 2024 OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, expt to the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the olher infomiation 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 to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the charity. or sufficient accounting records have not been kept; or the charity 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 TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees, responsibilities statement set out 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 internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity'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 alternative 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 2024 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 assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably 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 procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related lo 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 regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. 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 suspected instsnces of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. 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 limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material mi5Statement 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 reflected in the financial statements, as we will be less likely to become aware of InStanS of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
HaysMac LLP
HaysMac LLP
Date: 04/08/2025
HaysMac LLP
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Not8 Unrestricted Funds Restricted Funds Expendable Endowment Funds 2024 2023 Income from: Donations and Legacies Investment income rebates Investment income Interest Total Incoma 2.386 2,386 8,553 Fee 134 151,527 790 161,004 171,104 9,199 182,689 171,104 9,199 182,689 Expendltura on: Management & Administration Educational Awards Total Expenditure: (420) 171,104 171,524 1420) 171,104 171524 (420) 151527 151947 Net Galnl(1088) on Investments Net Incomel(expenditure) 1,595 1,695 738 340 738 340 739,935 751,100 306,502 315,559 11,165 NET MOVEMENT IN FUNDS 11,165 738,340 751,100 315 559 Fund balances brought forward on 1 January 2024 871,601 18,157 7,094,434 7,784,192 7,468,633 Fund balances carri8d forward on 31 Docember 2024 682,768 19,752 7 832 774 8 535,292 7,784 192 All the activities of the fund are continuing in both this year and the previous year. All comparative movements relate to unrestricted funds apart from investment gain which was split £697 to restricted and £305,805 to expendable endowment. The notes on pages 15 to 18 fomi part of these financial statements
THE HONOURABLE SOCIEfY OF LINCOLN'S INN THE DENNING FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 8,421,490 7,681,555 CURRENT ASSETS Debtors Cash at Bank 9,275 133,426 142,701 1,407 131,080 132,487 CURRENT LIABILITIES Sundry Creditors Amounts due to Lincoln's Inn NET CURRENT ASSETS (120) 28,779 113,802 (60) 29,790 102,637 NET ASSESTS 8,535,292 7,784,192 FUNDS Unrestricted Restricted Expendable Endowment 682,766 19,752 7 832 774 8,535,292 671,601 18,157 7,094,434 7,784,192 Approved by the Trustees on: and signed on their behalf by: Mr Alan Boyle KC Chairman of the Trustees 31 July 2025 The notes on pages 15 to 18 fonn part of these financlal statements
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES a) Accountlng Conventlon 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)- (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. b) Golng Concern accountlng 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. c) Income All incorning resources are recognised in the Statement of Financial Activities 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 charity has been notified of the executorfs intention to make a distribution. The estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made. IAlhen a distribution is received from the estate. Recelpt 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 executorfs intention to make a distribution. Unrestrided 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 8t 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's wishes are accounted for when probable as "endowments" permanent or expendable according to the nature of the restriction.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 d) Expendlture 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 relates. Where costs cannot be directly attributable to particular activities, they have been allocated to activities on a basis consistent with use of the resources. Charltable expenditure comprises expendlture donated to Lincoln's Inn toward the awards of the Denning Fund Scholarships. e) Funds The funds of the charlty comprise of: i) the expendable endowment fund whlch was created by gifts donated to the charity for general education purposes a number of years ago and is expendable at the discrelion of the Trustees. li) restricted funds, consisting of donations and legacies received which the donor has earmarked for a specific purpose. iii) unrestricted funds which are expendable in the furtherance of the Fund's objectives. n Investments Investments are stated at mid-market value at the balance sheet dale. 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 related 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 Trust paid over dividend incorne on an as received basls to the Honourable Society of Lincoln's Inn of £152k (2023 £252k), which broadly coincides with the payment dates by Lincoln'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 2024 5. INVESTMENTS 2024 2023 Market Value 1 January 7,681,555 7,373,628 Additions at cost 2,525,508 2,980,389 Proceeds of disposals (2,525,508) (2,978,964) Gainsl(Loss) on investments 739,935 306,502 Market Value 31 December 8,421490 7 681555 Hlstorical cost 31 December 3,809,374 3,913,857 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. nificant investment holdin s at market value on 31 December 2024 2024 2023 2023 L&G Intemational Index Trust L&G All Stocks Gilt Index Trust L&G All Stocks Index Linked Gilt Index Trust L&G Short Dated Sterling 1,641,978 Corporate Bond Index Fund L&G Fixed Interest Trust L&G Emerging Markets L&G UK Index Trust Ruffers absolute retum H acc TOTAL 3,688,194 386,346 383,667 43.80 4.59 4.56 3,467,705 45.26 19.50 1,165,484 980,772 15.17 12.77 1,084,641 1,236,665 12.88 14.68 2 058,593 7,681,554 26.8 100 8 421,490 100 6. DEBTORS 2024 2023 Accrued Income 9.275 1.407 7. CREDITORS 2024 2023 Sundry Creditors 120 60
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE DENNING FUND NOTES TO THE ACCOUNTS {cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 8. SPLIT OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Expendable Endowment Funds 2024 2024 Investments Net current assets 568,964 113.802 682,766 19,752 7,832,774 8,421,490 19,752 7,832,774 8,535,292 Unrestricted Funds Restricted Funds Expendable Endowment Funds 2023 2023 Investments Net current 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 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 qualified for the rank of degree of Barrister-at-Law. The fund was established by members or forner 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 between the Inn and the Denning at year end shows a balance of £28,779 (2023.. £29,790) owed to the Inn. There were no other related paty transactions.