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 2025

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
FOR THE YEAR ENDED 31 DECEMBER 2025
INDEX
Page
Trustees, Report
Report of the Independent Auditors
10-13
ststement of Financial Activltles
14
Balance Sheet
15
Notes to the Accounts
16-20

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
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:
MrA G Boy18 KC (Chaiman)
MrDHDayKC
Mr J M Jarvis KC
Mr P Jones KC
BANKERS:
C. Hoare & Co
37 Fleet Street
London
EC4P 4DQ
AUDITORS:
Haysmacintryr6 LLP
10 Quean Street Place
London
EC4R 1AG
INVESTMENT MANAGERS:
Legal & G8neral Group PIC
Legal & General Investment Managem8nt
One Coleman Slreet
London
EC2R 5A4

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The TnJst8es present their annual report and Ihe audited financial statements for the year
ended 31 December 2024. The financial statements have been prepared on the basis of the
accountlng policies set oul on page 11 of the financial statem8nts and comply with the charitls
trust d88d, applicable law and the requiremènts of the Statement of Recommended Pra￿1¢8
'Accounting and Reporting by Charities, issued in October 2019.
The Twstees are responsib18 for the overall control and strategic dlrection of the charity.
Trustees are appointed by The Honourable Society of Lincoln's Inn, in accordance with th8
governing document and are expected to act in the best inter8Sts of the charity and its
beneficiaries.
OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES
The Denning Fund, pr8viously registered as charity number 282340, and the Lord Jenklns
Fund, an unregistered charlty, were merged with effect from 9 December 2003 to fom a new
harity called The Dennlng Fund in accordance with a Charity Commission Scheme. The
Charity Commlssion Scheme is now the merged charity's goveming document under which
the Trustees are empowered to asso¢iat8 awards, at their discretion, to any benefactor
Identilted with either of th8 merging charities. The purposes of the charities have not changed.
The merger was undertak8n to improve administration processes, make cost Savings and
consolidate investments to offer the potential for higher investm8nt returns.
The charity is a trust whose object is for gen8ral charitable purpos8s. The principal acllvily of
the Trustees is to use the income generated and Fund capital to assist in Ihe provision of the
scholarships or other awards to promote or aid the legal educallon of members of Lincoln's
Inn and in particular stud8nts or pupils who intend to become practising members of the Bar
of England and Wa188.
ACHIEVEMENTS AND PERFORMANCE
For the year ended 31 December 2025 Lincoln's Inn made 53 Denning Scholarship awards
totalling £629k12024: 61 totalling £785k).
The Denning Fund contributed £21 Ok towards these (2024: £171k). This represented 33.4%
of the lotal awards. 21.8 % in the previous year. Investments this year have shown a gain of
£911k (2024 gain of£740k).
The Inn offers ￿hOlarshIpS 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 pra¢lise at Ihe Bar
of England and Wales.
Awards are mad8 to candidates on meril 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.

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES (cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
Merit is ass8ssed in terms of the candidate's intellectual qualities, which is of the highest
Importan￿ at the modern Bar. together with qualities of personality and presentation also
regarded as being of the greatest importance in anyone aiming at life as a barrister.
Merit is assessed by a consideration of all the material placed before the Inn by the candidat8
in his or her written application and references together, wher8 a candidate is invited for
interview, with consideralion of the candidate by a pan81 of interviewers. Candidates whose
wrillen 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 ils w8bsite.
Once scholars have b88n selected their financial award is calculated on the basis of thelr
individual means. The scholars, means are calculated on the basis of their assets. savings,
debt, other sources of financial support and projected 8XP8ns8s for the duration of their course
or period of training. The Scholarships Committ8e sets out the formulas to be applied 8.g.,
only taking into account savings above a certain level and capping monthly expenses - and
reviews this r8gularly. All scholars, will be awarded a minimum of £1,000.
Lincoln's Inn does not discriminale unlawfully against any person on the grounds of that
person's sex, colour, race nationality or ethnic or national origin, dlsability, sexual orientatlon,
r81igion or belief. or age, or in any other way that is unlawful.
The Truste8s of the Denning Fund believe that th8s8 application ¢riteria do not create
unreasonable re5tri¢tions on access by candidates to the scholarships available.
Investments are shown on the Balance Sheet at mark8t value in accordance with charlty
accountlng rules.
The Net Assets of the Fund increas8d by £925k from £8,535k to £9,460k, £751 k increase in
2025.
GOING CONCERN ASSESMENT
After making appropriate enquiries. the Trustees have a reasonable expectation that the Trust
has adequate resources to continue in operalional existence for the foreseeable future. For
this reason, they continue to adopt the going concem basis in preparing the financial
stalemenls. Further details regarding the adoption of the going concern basis can be found in
the accounting policies.
FUNDRAISING
Whilst we do not actively fundraise, we are fortunate to receive donations and bequests from
time to time. We ar8 grateful for the generosity of the donors.

THE HONOURABLE SOCIETYOF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES (cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 fomi of dividends and interest is
transferred as received from the inv8Stment manager to the Honourable Society of Lincoln's
Inn. Al lh8 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 crileria. Having reviewed the ¢riteria for Ihis accounting period there
is no additional amount due to the Inn.
In making a grant the Denning Fund Trustees expect the responsible Committ88 to supervise
the spending of the monies gran18d. The D8nning Fund Trustees are not themselv8s in
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 Comrnitte8s. Lincoln's Inn
pays Ihe individual in queslion on approval from th8 r818vanl Committèes and on production
of properly approvèd applications for scholarships payments. Once a payment has been
made by the Inn, th8 Inn requests part or all of the prornised contribution from the fund. The
value of contributions is never more than the total valu8 of scholarships., Lincoln's Inn makes
up any shortfall.
The Trust88s agreed that the grant making pollcy and procedure achieves the objectives of
the Fund.
RESERVES POLICY
Th8 Trustees havé r8vi6wed the reserves of the Charity, which comprise of £696k unrestricted
(£683k in 2024), £22k restricted {£20k in 20241 and £8,742k expendable endowm8nl1£7,833k
in 2024). The Trustees have identified Ihal the end beneficiaries of the Charity are not in any
way d8prived from tt)8 benefit of the Charity's objectives.
The review encompassed the nature of the income slreams and the policy adopted by the
Trustees, which they Gonsider to be prudent, to distribute the annual inv8Stment income of the
Charity. The Trustees recognise that should the Inn become unable to fund its scholarships.
the Trustees must hold sufficienl reserves to ensure the interesls of future beneficiaries. The
Trustees consider the Charity's expendable endowment fund 15 suitable for this purpose.
Grants are funded from fr88 reserves and income during the year. The policies are reviewed
on a regular basis.
The Trustees recognise that the reserves on the fund are high, as the tolal return approach is
being applied. This approach assumes that anything above a 4¥0 return over a three-year
period will be disinvested and contributed towards Lincoln's Inn scholarships. The aim is to
ensure that Ihe trust continues to support its beneficiarl8s for twenty years. Since this policy
has been put in place, due to investment market perfomiance, no disinvestment has been
made.

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES {cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
RISK MANAGEMENT
The trustees have assessed the major risks to which the Trust is exposed and are satisfied
that systems and pro¢edur8s are in place to mitigate exposure to the major risks.
FUTURE DEVELOPMENTS
The Trustees of Iha Denning Fund have r8viewed the overall stnjcture ané efficiency of the
fund and consolidated the investments into one account managed by th8 Investment
Committee and by the investment managers. The Trustees have reviewed the perfomiance
of Ihe fund managers and will continue to do so al r8gular intervals.
INVESTMENT POWERS AND POLICY
In accordance with their powers under the Trust Deed, thè Trustees have delegat8d the
managem8nt of the portfolio and the investment powers to the Lincoln's Inn Investrnent
Committee.
The Trustees have assessed Ihe major risks to which the Trust is exposed and are satisfied
that syst8ms and procedures ar8 in place lo mitiga18 8xposure to the major risks.
The Investment Committee meets with the fund managers twice a year and holds ￿0
additional meetings to consider the investment managerfs report.
INVESTMENT PERFORMANCE
The funds are invested with Legal & General under passiv8 management in pooled funds that
track the market: while doing no better than Ihe market, the fund has done no worse.
Legal & General levy charges consist of a flat per s¢h8me charge. plus an ad-valorem charge
and a management charg8.
LEGAL & GENERAL'S INVESTMENT MANDATE
Legal & General manage the Scheme's assets on a passive basis in Iheir pooled index funds.
The dislribulion of the Scherne'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 cenlral underpinning to all of LGIM'S activities and especially within
strategic initiatives. LGIM has developed and publicly disclosed ils policies for slewardship
activitie5. Their policies are reviewed annually and updated where necessary to ensure they
remain aligned with the various evolving regulalions, best practi￿ and client feedback.
Where possible. cashflows into or out of the fund will be used to maintain Ihe asset distribution
within the specified ranges. In addition, switches bebmeen asset classes will be implemenled
should any asset classes move outside th8ir ranges.

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES {cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
FUNDS
The funds of the Charity comprlse of:
unrestricted funds, which are expendabla In the furtherance of the Fund's
obj8Ctives.
expendabl8 8ndowment funds which were created by gifts a number of years ago.
In accordance with the temis of the gift the capital fund is lo be maintained unless
11 is required to b8 spent and the income is treated as unrestricted income. The
capital of the fund can be exp&nd8d at the Trustees, discretion.
restricted funds arlse from a historic donation to a fund called the Joan Denning
Prize
In the opinion of the Trustees th8 Charity's assets are sufflcienl to meet its commitments.
TRUSTEES. TRAINING AND REMUNERATION
The fund was establlshed by members or fomier memb8rs of the Honourable Society of
Lincoln's Inn and as laid out in its obj8clives when vacancies arise in Ihe body of Truste8S the
Council of Benchers of The Honourable Society of Lincoln's Inn hold the power to appoint
replacements. The Trustees are otherwise aulonomous. The in18rcompany account be￿een
the Inn and the Denning Fund al year end show5 a balance of£28,074 (2024.. £28,779) ow8d
to the Inn. Ther8 were no other related party transactions.
New Trustees are offered appropriate induction and training procedures. Consideration Is
given to the skills r8quired and all Ihe appointed Trustees are experienc8d lawyers.
The Charity has no employees, and no Truste8 received remun8ration for thelr s8rvices.
TRUSTEES. RESPONSIBILITIES
The Trustees are responsible for preparing th8 Annual Report and the Financial Stalements
in acGordance with applicable law and United Kingdom Generally Accepted Accounting
Practices (UK-GAAP).
Law applicable to charities in England and Wales requires the Truslees to prepare financial
statements for each year which gives a tru8 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 suilabl8 accounting policies and apply them consistently.
li} make judgem8nts and estimatas that are reasonable and prudent.

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
REPORT OF THE TRUSTEES {cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
ill) state whether 8ppllcable accounting slandards 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.
v) observe the methods and principles of th& Charities SORP {FRS 102)
The Trustees are responsible for k88ping accounting records which dlsclose with reasonable
accuracy th8 financial position of the charity, and which enable them lo ascertain the financial
position of the charlty 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 detedion of 8rror, fraud and other irregularitles.
The Trustees meet regularly to oversee the activitie5 of the charity and to make decisions on
its strategic direction. The Trustees are responsible for setting pollcies and monitoring the
h8rity's financial position and performance.
All significant decisions a￿ tak8n collectively by the Truslees, in accordance wlth the
procedures set out in the governing document. Decisions ar8 generally mad8 by consensus
or, where necessary, by majority vole, with a quorum present as required by the governlng
document.
Given the si28 of the charity, the Tnjstees do not operate formal sub-committees. All matters
are considered by the full Board.
Approved by the Trustees on.. 6 May 2026
and sign8d on their behalf by:
Mr Alan Boyle KC
Chairman of the Trustees

INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF THE HONOURABLE SOCIETYOF LINCOLN'S INN
THE DENNING FUND
FOR THE YEAR ENDED 31 DECEMBER 2025
OPINION
We h8va 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, Balanc8 Sheet and notes to the financial statements, inclLJding a summary of
significant accounting policies. The financial raporting framework that has been applied in their
preparation is applicablè law and United Kingdom Accounting Standards, applicable in the UK
and RepubliG of Ireland (United lQngdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a tru8 and fair view of thè state of the charity's affairs as of 31 D8cember 2025
and of the Charity's net movem8nt in funds for th8 year then ended.
have been properly prepared in accordance with Unit8d Kingdom Generally Accepted
Accounting Practice., and
have been prepared In accordance with the r8quirernents of th8 Charities Act 2011.
BASIS FOR OPINION
We have been appointed as auditor under s8clion 144 of lh8 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 Audiling (UK) {ISAs IUKI}
and applicable law. Our responsibilities under Ihos8 Standards are further described in the
Auditor's responsibillt18s for the audit of the financial stalements section of our r8POrt. We are
independent of the charity in accordanc8 Wlth the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we hav8
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 basi5 for
our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Irustees, use of the going
concern basis of accounting in the preparation of Ihe financial statements is appropriale.
Based on the work we have performed, w8 have not id&ntified any material uncertainties
relating lo events or conditions that. individually or collectively. may cast slgnificant doubt on
the Charity's ability to continue as a going concern for a period of at least iwelve monlhs from
when the financial statements are authorised for issue.
Our responsibilities and the rasponsibilities of the Trustees with re$p8Ct lo going concem are
described in the relevant sects'ons 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 2025
OTHER INFORMATION
Th8 Trustees a￿ responsible for the other information. The other infomiation Gompris8S the
information included in the Trustees, Annual Report. Our opinion on the financial statements
does not cover the other information and, except to the extent otherwise explicitly ststed in
our r8POrt, we do not axpress any fom of assurance conclusion thereon.
In connection with our audit of th8 financial slatemants, our responsibility is to read the other
information and, irb dolng so, consider whether the other information is materially inconsistent
with the financial statements, or our knowledge obtained in the audit or otherwis8 appears to
be materially misstated. If we identlfy such material inconsistencies or apparent material
misstatements, we are required to determine whether thera is a material misstalemant in the
financial slataments or a material misstatement of the othar infomiation. If, based on the work
we have p8rformed, we Conclude that there is a material misslat8ment of this other
infomalion, we are required to report that fact. We have nolhlng to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respact of the following matters in relation to whlch the Charities
(Accounts and R8POrts) Regulations 2008 requlr8 US to report to you if, in our opinion-
adequate accounting records have not been kept by the charty.. or
sufficient accounting records have not been kept; or
the charity financial slalements are nol in agreement with the accounting records and
retums., or
we have not received all the infomiation and explanallons we require for our audit.
RESPONSIBILITES OF THE TRUSTEES FOR THE FINANCIAL STATEMENTS
As exp18ined more fully in the truslees, responsibilities statement set out on page 6, the
Trustees are responsible for th6 preparation of the financial statements and for being satisf18d
that they give a true and falr view, and for such internal control as the Trustees determine is
n8cessary to enabl8 the preparation of financial statements that are free from materlal
misstatement, whether due to fraud or error.
In pr8paring the financial statements, the Trustees are responsible for assessing th6 charity's
ability to continue as a going concern. disclosing, as applicable, matters related to going
concern and using the going concern basis of aGcounting unless the Trustees either int6nd to
liquidate the Gharily or to cease operations. or have no realistic alternative bul 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 2025
AUDITOR'S RESPNSIBILITES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial slatemenls as
a who18 are free from material misstatemenl, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high18vel of assurance
but is not a guarantee Ihat an audit conducted in accordance with ISAS {UKI will always detecl
a material misstatement when it exists. Misstatements can arise from fraud or error and are
¢onsidered malerial if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of thase financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. W8
design procedures in line wlth our responsibilities, outlined abov8. to detect material
misstalements 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 charlty and the environment in which It Operates, we
id8nlified that the prlncipal 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 affect on the financial ststements. We also consid8red those laws and regulations
that have a direct impact on the preparation of the financial statements 5u¢h 8S the Charities
Act2011.
We evaluated management's incentlv8s and opportunities for fraudulent manipulation of Ihe
financial slalements (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:
Dis¢ussSons with man898ment including consbderation of known or suspected
instances of non-￿mplIance with laws and regulation and fraud.
Evaluating managemont's controls design8d to prevent and detect irr8gularlties.
Identifying and testing joumals, 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
Irregularitie5, including those leading to a material misstalement in the financial ststements or
non-complianc8 Wlth regulation. This risk increases the more that compliance with a law or
regulation is removed from th8 events and transactions reflected in the financi81 statements.
as we will be less likely to become aware of inStsn￿$ of non-compliance. The risk is also
greater regarding irregularities occurring due to fraud rather than 8rror, as fraud involves
intenlional Con￿alMent, forgery, collusion, omission or misrepresentation.

INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEESOF THE HONOURABLE SOCIETY OF LINCOLN'S INN (Gont...)
THE DENNING FUND
FOR THE YEAR ENDED 31 DECEMBER 2025
A further description of our responsibilitles for the audlt of the financial slal8ments is lo¢at8d
on the Financial Reporting Council's website at.. www.frc.org.uklaudltorsresponsibilities. This
description foms part of our auditorfs report.
USE OF OUR REPORT
This report is made solely to the charity's trustees, as 8 body, in accordan￿ with section 144
of the Charities Act 2011 and regulations made under section 154 of IhatAct. Our audit work
has been undertaken so that we might state to the charity's Trustees those matters we are
required to state to them in an Auditols report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibS1ity to anyone oth8r than lh8 charity's
Trustees as a body for our audit work, for this r8POrt, or for tha opinions we have fomied.
Haysmac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
1310512026
Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act
2006

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
STATEMENT OF FINANCIALACTIVITIES
FOR THE YEAR ENDED 31 DECEM8ER 2025
Note
Unrestrlctgd
Funds
R•strlctgd
Funds
Expèndable
Endowment
Funds
2025
2024
Incorne from:
Donations and Legacies
Investment income
rebates
Investment income
Interest
Total Income
12,712
12.712
2,386
Fee
209.605
1.515
223,832
209.605
1,515
223,832
171,104
9,1g9
182 689
Expendlture on..
Management &
Administration
Eéucalional Awards
Total Expondlture:
600
209 605
210,205
420
171,524
Nel Galn on Inve81m8nls
908,756
910684
751 1ty)
NET MOVEMENT IN FUNDS
908 756
924 311
751.100
Fund balance$ brought
forward on 1 January 2025
882 786
19,752
7 832 774
8 535,292
7784 192
Fund balances urriad
forward on 31 o•c•m￿r
2025
696.393
21,680
8 741,530
9 459,603
8,535.292
All the activities of the fund are continuing in both this year and the previous year.
The notes on pages 15 to 18 form part of th8se financial slatements

THE HONOURABLE SOCIETYOF LINCOLN'S INN
THE DENNING FUND
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2025
Notes
2025
2024
FIXED ASSETS
Investments
9,332,174
8,421,490
CURRENT ASSETS
Debtors
Cash at Bank
10.283
9.275
133 426
142,701
155,623
CURRENT LIABILITIES
Sundry Crèditors
Amounts due to Lincoln's Inn
NET CURRENT ASSETS
1120)
(120)
28,779
113,802
127,429
NET ASSESTS
9,459,603
8,535,292
FUNDS
Unrestricted
Restricted
Expendable Endowment
696,393
21,680
8,741,530
9,459,603
682,766
19,752
7 832,774
8 535,292
Approved by the Trustees on..
6 May 2026
and signed on their behalf by..
Mr Alan Boyle KC
Chairman of the Trusteas
The notes on pagos 15 to 18 fom) part of these flnancial statements

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES
a) Accounting Convantlon
The financial statements have been prepared in accordance with Accounting
and Reporting by Charities= Stat8m8nt of Recommended Practice applicable
lo charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1
January 2019)- (Charities SORP {FRS 102), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Compani8sAct
2006.
b) Golng Concarn accounting pollcy
The Trustees assess whether the use of going concern is appropriate i.e.
whether there are any material uncertainlies related to evenls or conditions thal
may Gast slgnificant doubt on the ability of the Trust to continue as a going
concern. The Truste95 make this assessment In respect of a period of al least
one year from th8 dale of authorisation for issue of the financial statements and
have concluded that the Trust has adequate resources to continu8 in
OP6rational existence for the foreseeable fulure and there 8re no material
uncertainties about the Trusvs ability lo continu8 as a going concern. thus they
conllnue to adopt the going conc8m basis of accounting in preparing the
financial statements.
c) Incoma
All income is recognised in ihe Statement of Financial Activities when the
charity has entitlement to the funds, il is probable that the incom8 will be
received and the arnount can be measur8d reliably.
For legacies, entitlement is taken as the earlier of the date on whl¢h elther..
The charity is awar8 that probate has been granted.
Receipt ofa 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 inlenlion to make a distribution.
The estate has been finalised and notification has been made by the
executor{sl to tha 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
executorfs intention to make a distribution.

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
NOTES TO THE ACCOUNTS (cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
d) Expendlture
Expenditure is accounted for on an accruals basis and has been classified
under haadings that aggregate all costs related to the category. Thè
irrecoverable element of VAT is included with the item of expenditure to which
it relates. Where costs Gannot be directly attributable to particular activities,
they have been allocated to activities on a basis consislent with use of the
resources.
Charitable expenditure comprises expenditure donated lo Lincoln's Inn toward
the awards of the Denning Fund Scholarshlps.
81 Debtors
Debtors (includlng trade debtors and loans receivable) 8re measur8d on initial
recognition at settlement amount aft8r any trade discounts or amount advanod
by th8 charity. Subsequently, they are measured at the cash or other
consideration èxp8Cted to be received.
f) Credltors
The charity has ¢redltors which are measur8d at settlement amounts less any
trade discounts.
g) Cash at bank and In hand
Cash al bank and in hand Is recognised at the transaction value and
subsequently measured at their settlement valuè.
h) Llabilities and Provl8lons
A liability is measured on recognition at its historical cost and then subsequently
measured al the best asts'male of the amount requir8d lo settle the obligation
al the reporting date.
i) Flnan¢lal Instrumonts
The charity accounts for basic financial inslruments on initial recognition as per
paragraph 10.7 FRS102 SORP. Subs8qU8nt measurement is as per
paragraphs 11.17 to 11.19, FRS102 SORP.
l) Funds
Unrestricted funds ar8 available to spend on activities thal further any of the
purposes of the charity. Designatèd funds are unrestricted funds of the charity
which the Trustees have decided at their discretion to set aside to use for a
specific purpose. Reslricted funds are donations which the donor has speafied
are solely used for particular areas of the Trust's work of for a specific project.
Donations required to be retainèd as capital in accordance with the donor's
wishes are accounted for when probable as "endowments"
permanent or
expendablg 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 2025
Th8 funds of the charity comprise of..
i) thè èxpendable endowment fund which was creat8d by gifts donated to
the charity for g8n8ral education purposes a number of years ago and
is expendable al the discretion of th8 Trustees.
ii) restricled funds. ￿nsist1ng of donalions and legacles received which
the donor has eamarked for a specific purpose.
iii) unrestricted funds which are expendable in the furtherance of the
Fund's objectives.
k) Invastmonts
Fixed asset investm8nts are a fomi of financial instrument and are initially
recognised at their transaction cost and subsequently m8asured at fair value
at lh8 Balance sheet date. unless the value rAnnol be measured reliably In
which case It is measured at cost less impairment. Invèstment gains and
105ses. whether realised or unrealised, are combined and presented as
'GainsllLosses) on investm8nts' in the Statement of financial activlties.
11 Taxatlon
Th8 Trust is considered lo pass the tests sel out in Paragraph 1 Schedul8 6 of
th8 Finance Act 2010 and therefore It m88ts the definition of a charitable
company for UK corporation tax purposes.
Accordingly, the Trust is potentially exempt from taxation in re5pecl of income
or capital gains received within calegori8s covered by Chapter 3 Part 11 of the
Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains
Act 1992, to the extent that such income or gains are applied exGlusively lo
charitable purposes.
ml General Informatlon
The Charity is unincorporated. Its registered address is shown on pag8 3. The
charitable objectives are detailed within Ihe Trustees, Report under the heading
Objects, Objectives and Principle Activities.
2. GOVERNANCE
The Inn meets the ¢ost of remuneration, for advice and services by Ihe 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 th8 Fund during th8 current or previous year.

THE HONOURABLE SOCIETYOF LINCOLN'S INN
THE DENNING FUND
NOTES TO THE ACCOUNTS (cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
4. EDUCAnoNAL AWARDS
The Trust paid over dividend income on an as received basis to the Honourable Society
of Lincoln's Inn of £210k (2024 £171 k), which broadly coincides with the payment dates
by Lincoln's Inn to pupil barristers and students of scholarships and awards made.
5. INVESTMENTS
2025
2024
Market Value 1 January
8.421,490
7,681,555
Additions at cost
2,525,508
Proceeds of disposals
12,525,508)
Gainsl(Loss) on investrnents
910,684
739,935
Markot Value 31 Decamber
9,332.174
8,421,490
Hl8torlcal cost 31 Docember
3.809,374
3,809,374
IndI￿ct transaction costs are Incurred through the bid-offer spr8ad on investm8nts
wlthin pooled investment v8hicles. Th8 amount of indirect Costs is not separately
provided to th8 schem8.
ificant inves
me
s at market v
lue on 31 December
2025
2025
2024
2024
L&G Intemational Index Trust
L&G All Stocks Gilt Ind8x Trust
L&G All Stocks Indèx Linked Gilt
Index Trust
L&G
Short
Dated Sterling 1,678,481
Corporate Bond Index Fund
L&G Em8rging Markets
L&G UK Index Trust
TOTAL
4,149,874
388,945
387,822
44.47
4.17
4.16
3,688,194
386,346
383,667
43.80
4.59
4.56
17.99
1,641,978
19.50
1,247,508
1479 544
9,332 174
13.37
15.84
100
1,084,641
1236,665
8 421,490
12.88
14.67
100
6. DEBTORS
2025
2024
Accrued In¢om8
10,283
9.275

THE HONOURABLE SOCIETY OF LINCOLN'S INN
THE DENNING FUND
NOTES TO THE ACCOUNTS (cont...)
FOR THE YEAR ENDED 31 DECEMBER 2025
7. CREDITORS
2025
2024
Sundry Credllors
120
120
8. SPLIT OF NET ASSETS BETWEEN FUNDS
Unrostrlctod
Funds
Restri￿0d
Funds
Expendable
Endowment
Fund8
2025
2025
Investments
Nel current assets
568,964
127.429
696,393
221,680
8,741.530
9,332,174
127,429
9,459.603
21.680
8 741530
Unrostrlcted
Funds
Restrlctod
Funds
Expendable
Endowment
Fund8
2024
2024
Investments
Nel current 8ss8ls
568,964
113.802
682 766
19.752
7,832,774
8,421,490
113.802
8 535 292
7 832 774
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 whlch for five centuries and more have had the power
lo call lo the Bar those of their members who have duly qualified for thè rank of degree
of Bamster-at-Law.