CHARITY REGISTRATION NUMBER: 1102415 THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Page Trustees, Report Report of the Independent Auditors 10-13 Statement of Financial Activities 14 Balan Sheet 15 Notes to the Accounts 16-19
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITY REGISTRATION NUMBER: 1102415 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Treasury Office Lincoln's Inn London IAC2A 3TL NAMES OF CHARITY TRUSTEES: Mr A G Boyle KC (Chalrman) 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 5A4
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS 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 12 of the financial statements and comply with the charity's governing scheme. applicable law and the requirements of the Statement of Recommended Practice - 'Accounting and Reporting by Charities, issued in October 2019. CONSTITUTION AND PURPOSE OF THE CHARITY On 9 December 2003 the Trustees merged a number of existing charities in accordance with a charity Commission Scheme. These were.. - The Bennett Fund The Bernard Sunley (Walter Wigglesworth) Memorial The Brigid Cotter Fund The Buchanan Prize (314241) The Cassel Scholarship Trust (313994) The Droop Scholarship Trust (3135681 the Hubert Greenland Fund The Isaac Wolfson Fund The Kennedy Fund13135421 The Megarry Scholarship Fund The Morton of Henryton Prlze13139901 The Sir Thomas Eastham (313990) The Stiebel Trust The Thomas More Fund The Walter Wigglesworth Scholarship The merged charity is called: THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND The Charity Commission Scheme is now the merged charity's governing document under which the Truslees are empowered to attribute particular awards, at their discretion, to any of the names of the merged charities. On 1 April 2011 the assets of the 1946 Fund. a small charty with similar objectives to those of Ihe Educational Awards Fund, were transfeed into the Educational Awards Fund after agreement with the charity Commission under s.26 of the Charities Act 2011. The Transfer value amounted to £270,519.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The object of the charity is the advancement of the education of the students and pupil barristers of Lincoln's Inn in the field of law. The principal activity of the Trustees is to use the income generated and Fund capital to assist in the provision of the scholarships or other awards to promote or aid the legal education of members of Lincoln's Inn and in particular students or pupils who intend to become practising members of the Bar of England and Wales. 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. ACHIEVEMENTS AND PERFORMANCE Awards are made to candidates on merlt to assist them with their funding throughout the common professional examination, bar vocational course and pupillage years because it is the Inn's view that these are the years when students need the most financial support. Merit is assessed in terms of the candidate's intellectual 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 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 candidate in his or her written application and referenS together, where a candidate is invited for inteNiew, with consideration of the candidate by a panel of interviewers. Candidates whose written applications do not, upon careful conslderation, disclose the requisite quality, will not be invited for interview. Lincoln's Inn advertises 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 scholar's 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 Committee sets the formulas to be applied - e.g. only taking into account savings above a certain level and capping monthly expenses- and reviews this regularly. All scholaf s 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, disabilily, sexual orientation, religion or belief, or age, or in any other way that is unlawful. The TTUStees of the Educational Awards Fund believe that these application criteria do not create unreasonable restrictions on access by candidates to the scholarships available. Investments this year have shown a gain of £701 k (2023: gain of £291 k). Investments are shown on the Balan Sheet at market value in accordance with charity accounting rules.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 During the year the charty's reserves increased by £720 from £7,300k to £8,020k. FUNDRAISING Wlhilst 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 Educalional Awards Fund makes grants towards the overall level of individual awards made by Lincoln's Inn. Income 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 amounl due to the Inn. In making a grant the Educational Awards Fund Trustees expect the responsible Committee to supervise the spending of the monies granted. The Educational Awards Fund Trustees are not Ihemselves 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 scholarship payments. Once a payment has been made by the Inn, the Inn requests part or all of the promised contribution from the fund. The value 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 £5,265k unrestricted funds, £35k restricted funds and £2,720k endowment funds. The review encompassed the nature of the income streams and the policy adopted by the Trustees. This resulted in a change in approath 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. As the Charity holds a significant amount of unrestricted reseryes, the Trustees decided to stsrt to spend down this fund before applying a total retum policy to the permanent endowed funds. The investment strategy adopted is detailed below.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES {cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE DEVELOPMENTS The Trustees of the Fund have reviewed the overall structure and efficiency of the fund and consolidated the investments into one account Managed by the Investment Cornmittee and by the investment managers, Legal & General. The Trustees have reviewed the performance of the fund managers and will continue to do so at regular intervals. From 2023, the Trustees agreed to adopt total return principles in so much as reviewing the performance of the fund on a rolling three year basis and rf perfomiance is greater than 40/0 a disinvestment decision will be taken to reduce the unrestricted funds. The disinvestment will be paid over to the Inn as further grant towards the annual scholarships awarded by the Inn. INVESTMENT POWERS AND POLICY In accordance 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 annually and holds three additional meetings to consider the investment manager's reports. Advice is also regularly received from the Inn's investment consultants. INVESTMENT PERFORMANCE The funds are invested by the investment manager with Legal & General in pooled funds that track the market; while doing no better than the market, the funds have done no worse. Legal & General levy charges that 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 pred8t81ned proportions. Vvhere possible, cashflows into or out of the fund will be used to maintain the asset distribution within the specified ranges. In addition, switches between asset classes will be irnplemented should any asset classes move outside their ranges.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES {cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 FUNDS The funds of the Charity comprise of: Unrestricted funds, which are expendable at the discretion of the Trustees in the furtherance of the Fund's objectives. Pemianent endowment funds comprising endowed funds donated to the charity for general education purposes. Income is treated as unrestricted income. Restricted funds include the European Awards Fund established in 2003 wlth a balance of £4.5k, this fund including the interest has now been fully awarded. The Malaysian Book Award for which a donation of £1 Ok was received in December 2009. Also includes £59k received in 2020 for Tancred scholarships. In the opinion of the Trustees the charity's assets are sufficient to rneet its commitments. TRUSTEES, TRAINING AND REMUNERATION New Trustees are offered appropriate induction and training procedures. Consideration is given to the skills required and all the appointed Trustees are experienced lawyers. The Charity has no employees, and no Trustee received remuneration for their services. TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and Unrted Kingdom Generally Accepted Accounting Practices (UK-GAAP). Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the charity's financial activikn'es 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 that are reasonable and prudent. iii) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts, and iv) prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND REPORT OF THE TRUSTEES (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable them to ascertain the financial position of the charity, and which 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. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the Charity Commission's website and receive no remuneration. The Trustees have compiled with the duty in s.17 of the Charities Act 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 haysmaclntyre LLP to Haysmac LLP. Approved by the Trustees on.. signed on their b If by.. MrAlan Boyle KC Chairman of the Trustees 31 July 2025
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2024 OPINION We have audited the financial statements of The Honourable Society of Lincoln's Inn Educational Awards 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 at 31 December 2024 and of the Charity's net movement in funds for the year then ended. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We 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 audrt of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Elhical 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we hade not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and Ihe 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 EDUCATIONAL AWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the infomiation 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 ststements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsislencies 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 infomation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. Vve have nothing to report in this regard. MArrERS 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 pages 3 to 7. 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 detemiine 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 charty's ability to continue as a going concem, 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...) EDUCATIONAL AWARDS FUND FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITOR'S RESPNSIBILITES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objecttves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststernents can arise from fraud or error and are considered material rf, 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 irregularitles, 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 to revenue recognition, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. Vve evaluated managemenl's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detemined that the principal risks were related to management override of controls. Audit procedures perfomied by the engagement team included: Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularitie5. 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 misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions 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 ‘is eligible to act as an auditor in terms of section 1212 of the Companies
The 2023 movement of funds is split by gain on investments £189k unrestricted, £3k restricted and 99k expendable endowment.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONAL AWARDS FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 7,969,115 7,268,504 CURRENT ASSETS Debtors Owed from Lincolns Inn TOTAL CURREKf ASSETS 7,186 43,722 50,908 31,919 31,919 NEf CURRENT ASSETS NET ASSETS 50,908 8,020,024 31,919 7,300,423 FUNDS Restricted Unrestricted Permanent Endowment 35,291 5,265,197 2 719 536 8 020,024 51,362 4,767,662 2 481,400 7 300 423 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 form part of these flnancial statements
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES a) Accounting Convention Charites preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019)- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the CompaniesAct 2006. b) Golng Concern accountlng pollcy 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 incomlng resources are recognised in the Statement of Financlal Activilies when the charity ha5 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. The Estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made. When a distribution is received from the estate. Receipt of a legacy in whole or part, is only considered probable when the amount can be measured reliably, and the Charity has been notified of the executor's intention to make a distribution. Unrestricted funds are available to spend on activities that further any of the purpose5 of the Charity. Designated fvnds are unrestricted funds of Ihe Charlty which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are solely used for particular areas of the Trust's work or for a specific project. Donations required to be retained as capital in accordance with the donorfs 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 EDUCATIONAL AWARDS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 d) Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item of expenditure to which it relates. Where costs cannot be directly attributable to particular activities, they have been allocated to activities on a basis consistent with the use of the reSoUrs. Charitable expenditure is comprised of expenditure donated to Lincoln's Inn towards the awards of The Educational Awards Funds Scholarship8. e) Funds Unrestricled funds, which are expendable at the discretion of the Trustees in the furtherance of the Fund's objectives. Permanent endowment funds comprlslng endowed funds donated to the charity for general education purposes. Restricted funds, consisting of donations and legacies received which the donor has earmarked for a specific purpose. fj Investment8 Investments are stated at mid-market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. 2. GOVERNANCE The Inn meets the cost of remuneration for advice and services by the Auditors. 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 During the year grants totalling: £162k (2023: £143k) were made to Lincoln's Inn as contributions towards awards and Scholarships granted by the Inn and made in accordance with the objects of this Fund. The Fund pays over dividend income on an as reiVed basis to the Honourable Society of Lincoln's Inn which broadly coincides with the payment by Lincoln's Inn to pupil barristers and students of scholarships and awards made.
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THEACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 The Honourable Society of Lincoln's Inn pays the majority of it5 grants in two main tranches in September and December to accommodate students paying fees during the academic year. 5. INVESTMENTS 2024 2023 Investment holdings based on market value were as follows: Market Value 1 January 7,268,505 6,976,034 Additions at cost 2,388,519 2,825,843 Proceeds of disposals (2,388,519) (2,283,891) Gainsl(Loss) on investments 700,611 290,519 Market Value 31 December 7,969 116 7.268,505 Historlcal cost 31 December 4,052,113 4,000,854 Indlrect transactlon costs are incurred through the bld-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 UK Index Trust 1,170,353 L&G Short Dated Sterling 1,554,042 Corporate Bond Index Fund L&G All Stocks Index Linked Gilt Index Trust L&G All Stocks Gilt Index Trust L&G International Index L&G Fixed Interest Trust L&G Emerging Markets Ruffers absolute return H acc TOTAL 14.69 19.50 362,753 4.55 365,736 3,489,792 4.59 43.79 3,293,447 1,104,053 926,067 1,941,938 7 268,505 45.31 15.19 12.78 26.72 100 1,026,440 12.88 7,696 116 100
THE HONOURABLE SOCIETY OF LINCOLN'S INN EDUCATIONALAWARDS FUND NOTES TO THE ACCOUNTS (cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 6. DEBTORS 2024 2023 Accrued Income Owed by Lincoln's Inn 7,186 43,722 50,908 31,919 31,919 7. SPLIT OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Pemianent Endowed Funds Restrlcted Funds Totsl 2024 Investments Net current assets 5,214,289 50,908 5,265,197 2,719,536 35,291 7,969,118 50,908 8,020.025 2,719,536 35,291 Unrestrlcted Funds Pemianent Endowed Funds Restricted Funds Total 2023 Investments Net current assets 4,735,743 31,919 4,767,662 2,481,400 51,362 7,268,504 31,919 7,300,423 2,481,400 51,362 8. 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 six centuries and more have had the power to call to the Bar those of their members who have duly qualified for the rank or degree of Barrister-at-law. The Fund was established by members or fomier members ofThe 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 otheiSe autonomous. During 2020 we received funds from Tancred into the Inn's bank account where we have transferred £561 k the remaining balance of £114k was transferred to the Educational awards fund investment portfolio during 2021. There are no further related parties. During 2022 we awarded one Tancred scholarship.