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, ex￿pt to the extent othe￿iSe 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 InStan￿S 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.