CHARITY REGISTRATION 293662 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND 31 DECEMBER 2022 Index Page Trust88s Report Report of thè Independent Audltors 8-10 ststement of Financial Activities 11 Balance Sheet 12 Notes to the Accounts 13-16
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITY REGISTRATION NUMBER: 293662 PRINCIPAL ADDRESS: The Honourable Soclety of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: Mr R F D Badow KC (Chairman) Mr P L O L8aver KC Th8 Rt. Hon Sir Davld Richards Mr Mark Studer BANKERS: C. HOARE & Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmaclntyre LLP 10 Queen Street Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group PIC Legal & General Inv8stment Management One Coleman Street London EC2R SAA
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present th8ir annual report and the audited financial statements for the year end8d 31 December 2022. The financial statements have baèn prepared on the a¢counting policies set out on pages 11 10 12 of the financial statements and comply with the Charitys trust deed. applicable law and the requirements of the 'Statem8nt of Recommended Practice, Accounting and Reporting by Charities, issued in October 2019. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES Th8 Charity is governed by its Trust Deed. The purposè of the Ch8rity is to use the whole or any part of its fund towards maintenance, improvement, repair, embellishment. upkeep or pservatIon of the Herilage Property or part thereof of the Honourable Society of Lincoln's Inn. ACHIEVEMENTS In 2022 the Heritage Fund has supported two proj8Cts. Disinv8Sting a total of £1 m to contribute £250k towards the Chapel works and £750k towards the library refurbishment. PERFORMANCE OF FUND Covenants, donations and legacies r8c8iv8d during the year ended 31 December 2022 amounted to £29k12021'. £37k). Investment income received during 2022 was £55k12021'. £54k). Investrnents this year have achi8ved a loss of £223k (2021: gain of £318k}. Investments are shown on the Balance Sheet at market value in accordance with charity accounting rules. The Nel Assets of the Fund decreased from £2,969k to £1,829k. FUNDRAISING Whilst we do not actively fundralse, we are fortunate to receive donations and bequests from time to time. W8 are grateful for the generosity of the donors. GRANT MAKING POLICY The Heritage Fund Trustees r8c8ive funding requests from the various Committees of the Inn, for their consideration. Projecls considered are for those that have been approved by the Council of Lincoln's Inn or by the Finance & General Purposes Committ8e of Lincoln's Inn. The Heritage Fund Trustees may offer to fund either all or part of the proposed projed. Expenditure not met by the Heritage Fund on an approved project is met by The Honourable Soci8ty of Lincoln's Inn itself. In making a granl the Heritage Fund Trustees expect Ihe r8sponsible Cornmittee to supervise the spending of the monies granled. The Heritage Fund Trustees are not themselves in a position to do so. Lincoln's Inn pays the contractor in question on production of properly 8LJthoris8d and relevant invoices. Expenditure by Lincoln's Inn is controlled and managed by its various officers and monitor8d by the Finance & General Purposes Committee. Once the project is in progress and Ihe costs of the project are being met, the Inn request's part or all of the promised grant, to the value of its already expended funds.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 RESERVES POLICY The Trustees have reviewed the reserves of the Charrty. which ¢ompris8s of £447k unrestricled and £1,378k of expendable endowed reserves. The Trustees felt It important to maintain the expendable endowment at present as the investment in stocks and shares is the only significant Sour of incomè the fund receives. The Trustees have agreed to retain a buffer of circa £1.5m in total reserves in case of emergency Calls due to the age and nature of the buildings support8d by the Charity. Thls review encomp8SS8d the nature of the income and expenditure strèams, the need to match variable income with anticipated donations to Lincoln's Inn and the nature of the reserves. Reserves are held in anticipalion of the future needs of the Inn for its haritage buildings identified from and in accordan with the Inn's 10-year estate maintenance plan produced by tha Estates Department. Grants are funded from fr88 reserves and income during the year. During the year Ihe Charity's unrestricted reserve fund increased by £63k from £384k to £447k. FUTURE DEVELOPMENTS After a number of years of significant expenditure on propertles that the Fund can support, there are a number of years ahead where expenditure on relevant buildings is not expected to be incurred. The Trus1688 w511 continue to Gonsider any suitable projects that may arise In the coming years that are not currently refle¢led in the Inn's 10-year estat8 management plan. INVESTMENT POWERS AND POLICY In accordance with their powers under the Trust D88d, the Trustees hav8 delegated the day to day management of the portfolio and the investment powers to the Llncoln's Inn Investment Committee. 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 aGtivities and especially within strategic initl8tives. LGIM has developed and publicly disclosed ils policles for stewardship activities. Their policies are reviewed annually and updated where necessary to ensure they ramain aligned with the various evolving regulations, best practice and client feedback. Legal & General levy charges th8t consist of a flat P8r scheme ¢harge, plus an ad-valorem charge and a manag8ment charge. INVESTMENT PERFORMANCE During the year the Trusle8s allocated 300/0 of the funds investments to a diversified growth fund held with Ruffer LLP. The other 700/0 of the fund remained invest8d with Legal & General under passive managemant in pooled funds. Th8 perfomiance of Ihe Legal & General portfolio tracked the market. so while doing no better than the Market, th8 fund has done no worse. The Ruffers element of the portfolio was invested in September 2022. Its performance over Ihe three rnonlhs to the year end was +4.9%.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 LEGAL & GENERAL'S INVESTMENT MANDATE Legal & General manage the Scheme's assets on a passiv8 basis in their pooled index funds. The distribution of the Schem8's assets is to be maintained in the prescribed proportions. Where possible, cashflows into or out of the fund will be used to maintain th8 asset distribution within the specified ranges. In addition, switches betW68n asset classes will be implemented should any asset classes move outside their ranges. RUFFER'S MANDATE Ruff8r's single inveslm8nt strategy is defined by simple investment objeclives,. not to lose money In any 12-month period and to generate retums meaningfully ahead of the return on cash. Ruffers will always hold investments in Ihey refer to as growth and protection assets. These are held alongside one another and exposure to each is Ghanged dymanically over tim8. FUNDS The axpendable endowment fund was created by gifts a number of years ago. The income of this trust is treated as unrèstricted income. The terms of the endowment allow the capital of the fund to be spenl if the Trustees so delermine. In the opinion of the Trustees the Charitvs assets are suificient lo meèt ils commitments. TRUSTEES. TRAINING AND REMUNERATION New Trustees receive appropriate induction and training procedures. Consideration is given to the skills required and taklng into account the fact Ihat all the appoint8d Trustees are experienced lawyers. The Charity has no employees and lh8 Trustee5 do not recelve remuneration for their services. TRUSTEES. RESPONSIBILITIES The Trustees ar8 responsible for preparing the Annual R8POrt and the Financial Statements in 8cGordan¢e wlth applicable law and United Kingdom Generally Accepted Accounting Practices {UK- GAAP). The law applicabl8 to chadties in England and Walès requires the Truslees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial adivitl8S during the y8ar and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the Truslees should follow best practice and.. select suitable accounting policies and apply them consistently. make judgem8nts and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any materlal departures disclosed and explained in the accounts, and iv) prèpare the accounts on the going concem basis un18SS It is inappropriate to assume that the Charity will continue in operation.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 Tha Trustees are responsible for keeping accountSng records which dlsclose with reasonable accuracy the financial position of the Charity, and which enable them to ascertain the financial position of the Charity, and which enable th8m to ensure that tha accounts comply with applicable law. They ar8 also responsible for safèguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities. The Trustees are responslble for the maintenanc6 and integrity of the corporate and financial infomiation included in the Charity Commission's website. The Truslees receive no remuneration. The Twste8s hav8 complied wlth th8 duty in s.17 of th8 Charities Act 2011 to have due regard to the Charity Commission's published general and relevant SUseCtor guidance conceming Ihe operation of the Publi¢ Benefit requirement under that Acl. Approved by the Truste8s on: and slgned on their behalf by.. zoas Mr Fran¢i$ Barlow KC Chaimian of the Trustees
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND FOR THE YEAR ENDED 31 DECEMBER 2022 OPINION We have audited the financial statements of The Honourab18 Society of Lincoln's Inn - Heritage Fund for the year ended 31 Dec8rnber 2022 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting polici8s. The financial reporting framework that has been applied in their preparation is applicablè law and United Kingdom Accounllng Standards, applicable in the UK and Republic of Ireland (United Kingdom Generally AGcept8d Accounting Practice). In our opinion, the financial statem8nts.' give a tru8 and fair view of the state of the Charltys affairs as at 31 D8cember 2022 and of the Charity's net movement in funds for the year thén ended; have been properly prepared in accordance with United Kingdom G8nerally Accept8d Accounting Practice,. and have been prepared in accordance wilh the requiremenls of the Charities Act 2011. BASIS FOR OPINION We have been appoinled as auditor under section 144 of the Charities Act 2011 and rèport in accordanc8 Wlth the Act and relevant regulations mad8 or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibililies for the audit of the financi81 statements section of our report. We ar8 independenl of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in lh6 UK, including the FRC'S Ethical Standard, and we have fulfilled our olh8r ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is suffi¢i8nt and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatements, we have con¢luded that the trust8es' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condttions Ihal, individually or collectively, may cast signifiGant doubt on the Charitls ability lo continue as a going ¢oncern for a period ofat least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitl8s of the trustees with respect to going concem are described in the relevant sections of this report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF UNCOLN'S INN THE HERITAGE FUND {cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 OTHER INFORMATION The trustees are responsible for the other infomation. The other informalion comprises th8 infomation included in tha Trustees, Annual Report. Our opinion on the financial statemerbts does not cover the other infomialion and, except lo the exlenl otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In conneGlion wilh our audit of the financial stat8ments, our responsibility is to read the other information and, in doing so, consider wh8ther Ihe other information is materially inconsistent wilh th8 financial statements, or our knowledge obtained in the audit or otherwise appears to b8 materially misstated. If w8 identify such matèrial inconsistencies or appar8nt material misslatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other infomialion. If, based on the work we have performed, we conclude that Ihere is a material misstatem8nt of this oth8r information, we ar8 required to report that fact. We have nothlng lo report in this regard. mAER5 ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respèct of the following matters In r81ation to which the Charities (Accounts and Reports) Regulations 2008 requir8 US to report lo you if. in our opinion.. adequate accounting records have not been kept by the charity., or sufficient accounting records have not been k8Pt,' or Ihe charity financial stat8ments are not in agreement with the accountlng COrdS and retums., or W8 hav8 not received all the Snfomiation and explanatlons we require for our audit. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the trustees, responsibilities statement set out on page 6, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give 8 true and fair view, and for such internal control as the trus188s determine is nocessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In praparing the financial statements. the trustees are responsible for assessing th8 charity's ability to continu8 as a going concern, disclosing, as applicable, matters related to going concem and using the going concorn basis of aGcounting unless the truslees èlther intend to liquidate the charity or to ¢e8se operations, or have no realistlc alternative but lo do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about wh8th6r the financial statements as a whole are free from mat8rial misstatement, wh8ther due to fraud or error. and to issue an audltor's report that includes our opinion. Reasonable assurance is a high lev81 of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influenc8 the economi¢ decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND Icont...) FOR THE YEAR ENDED 31 DECEMBER 2022 Irregularities, including fraud, are inslan¢&s of non-complianc8 With laws and regulations. We design PrOdureS in line with our responsibililies, outlined above, to delect material rnisslatem8nts in respect of irregulariti8s, including fraud. The extent to which our procedures ar8 capable of detecting irregularities. including fraud is detailed b810w: Based on our understsnding of th8 charity and the environment in which il operates, we identlfi8d that the principal risks of non-complianrE with laws and regulations related to rèvenue recognition, and we Considered the extent to which non-compliance might have a material effect on the financial statements. W8 also consideffjd those laws and ragulations that have a direct impact on the preparatlon of the financial statèments such as the Charities Act 2011. We evaluat8d managemenl's inc8ntives 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 engagemenl 18am included: Dlscussions with managem8nt including consid8ralion of known or suspected instances of non-cornpliance with laws and regulalion and fraud., Evaluating management's controls designed lo prev8nt and detect irr8gularities', Identifying and testing journals, In particular journal entries posted with unusual account mblnations, postings by unusual users or wilh unusual descriptions. Because of th8 inherent lirnitations of an audit, there is a rlsk that we will not detect all irregularities, including those leading lo a material misstatement in th8 financial statements or non-compliance with regulation. This risk increases the mor8 that compliance with a law or regulalion is removed from the events and transactions reflected in the financial slalements, as we will be lèss likely lo become aware of instances of non-complianGe. The risk is also greatèr regarding irregularities occurring due lo fraud rather than error, as fraud involv8s intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the fin8ncial slal6ments is localed on the Financial Reporting Council's website at.. www.frc.org.ukJauditorsresponslbilities. This description forms part of our auditor's report. USE OF REPORT This report is made solely to the charity's trustees, as a body. in accordanca with section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might slate to th8 CharItS Irustees those matters we are required to slale to them in an Auditorfs report and for no other purpose. To the fullest extent P8mitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report. or for the opinions we have formed. Haysmacintyre LLP ststutory Auditors 07111123 Haysma¢intyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 10 Qu88n Streel Place London EC4R 1 AG
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Restrlctad Funds Unrestricted Funds Expendablo Endowment Funds Total 2022 2021 Incomg: Donalions & legacies & gift aid Inveslment Income Interest Receivable 28,817 28,817 37,143 54,522 253 54,522 253 54,437 Total Income 83,592 Expendlture: Maintenance and Improvements to Horltage Property Managemenl (4251 Administratlon Chapel and Library refurbishment prolect expenditure (425) (428> (1,000,000) 11,000.000) (9,487> Total Expondlturo 425 1000 000 1000 425 9,915 N8t gainl{loss) on investments (391) {20,9201 1201.756) (223,067) 318.570 NET MOVEMENT IN FUNDS (391) 62.247 (1,201,756) 11,139,900) 400,235 Fund balanc8s brought forward al 1 January 5,000 384.518 2,580,042 2,969,560 2,569,325 Fund balances carrlod forward at 31 December 4,609 446.765 1,378,286 1.829,660 2.969,560 All the activities of the fund are conlinuing In both this year and the previous year. The compar8tlve figures relate to unrestricted funds gain of £30k and a gain of £289k for Endowment Funds. Tho notes on pagos 1310 16 form part of these financial statements
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 FIXED ASSETS Investrnents 1,683,139 2 852 568 CURRENT ASSETS Debtors - Gift Aid Recoverable Other Debtors - Legal & General Cash at bank TOTAL CURRENT ASSETS 5,667 5.290 2,346 161509 169,145 182,087 187,754 CURRENT LIABILITIES Amounts due to Lincoln's Inn Creditors 41.173 60 41,233 52,092 60 52,152 NET CURRENT ASSETS 146,521 116,993 NET ASSETS 1.829,660 2,969,560 FUNDS Unrestricted Expendable Endowment Reslrict8d 446,765 1,378,286 4,609 1,829,660 384,518 2,580,042 5,000 2,969,560 Approv8d by the Trustees on.. and signed on their behalf by.. 202 Mr Francis Barlow KC Chalrman of the Trustees The notes on pages 13 to 16 fomi part of these Ilnanclal statemenls
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES 1. Accountlng Polici08 1. Accountlng Convenllon The financial statements have been prepared In accordance with Accounting and Reporting by Charitie5'. Statem8nt of Recommended Practice applicable to ¢hariti8s 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 Financlal Reporting Standard applicable in the UK and RepubliG of Iland IFRS 1021 and the Companies Act 2006. 2. Golng Concèrn The Trustees have considered various future scenarios and their impact and ara confident that th8 Fund will have sufficient r8sources 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. 3. Income All incoming resources are recognised in the Slalement of Financial Activities whan the Charity has entitlement to the funds, It is probable that th8 income will be received, and the amount can be measur8d reliably. For18gacies, entitlement is taken as the earlier of the date on which either. Th8 charity is aware that probat& has been granted. The estatè has been finalised and notification had been made by the ex8CUtorls) to the Trust that a distrlbution will be made. When a distribution Is received from the eslale. Receipt of a legacy in who18 or in part, is only considered probable when the amount can be measured r81iably, and the charity has been notified of the executorfs int8nlion to make a distribution. UnreslriGted funds are available to spend on aclivrties Ihal further any of the purposes of the charity. Designated funds are unre5trict8d funds of the charity which th8 Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has sp8cified are solely used for particular areas of th8 Trust's work or for a specific project. Donations required to be retained as capital in accordanc8 With the dono¢s wishes are accounted for when probable as 'endowments" _ pemianent or expendab18 according to the natur8 of the restriction.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 4. Expenditure Expenditure is a¢count8d for on an aGGrua15 basis and has been classified under headings that aggregale all costs related to the category. The irrecoverable elemenl of VAT is included with the Item of expenditure to which it relates. Where costs cannot be directly attributab18 to particular headings, they have been allocated to activities on a basis consist8nt with the use of the resources. Charitable expenditure comprises expenditure directly relating to the preservation, repairand maintenance ofHeritage Property and land and buildings which are situat8d In Lincoln's Inn and whose upkeep is for the time being charitable. 5. The Funds of the Charlty Comprlsè: The exp8ndable endowment fund was created by gifts a number of yeats ago. The income of this trust is treated as unr8slricted income. The terms of the endowment allow lh8 capital of the fund to be spent if the Trustees so determine. 8. Investments Investments are stated at mid-market value at the balance sheet dat8. The SOFA includes the net gains and losses arising on revaluation and disposals throughout the year. 2. GOVERNANCE The Inn meets the cost of remun8ratlon, advi$8rs 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 charity during the current or previous year. 4. INVESTMENTS 2022 2021 Market value 1 January Additions at cost ProedS of disposals 2,852,568 534,714 1481076 1906,206 2,480,262 53.736 2,533.998 Reallsed and Unrealised gainsl(losses) 223,066 223,066 318570 318 570 Market value 31 De¢emb8r Historical cost 31 December 1683,139 279.725 2 852 568 1226.087 IndireGt transaction costs are incurred through the bid-off8r spread on investments within pooled.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 nificant inveslm8nt holdin s based at market value al 31 December 2022 2021 L&G Equitrack Fund L&G International Index Trust L&G Fixed Interest Trust L&G Emerging Mark8ts Ruffers 27.37 34.70 460,682 584,285 33.15 40.40 15.83 10.62 945.507 1,152,4887 451,685 302,889 8.72 29.2 71 146,740 491,433 1,683,139 100 2,852 568 5. ANALYSIS OF NET ASSETS BY FUND 2022 Rostrlcted Funds Unrestrlcted Funds Expendable Endowmont Total Fixed asset investments Net Gurrent assets Total 304,853 141912 446,765 1.378,286 1,683,139 146,521 1,829,660 4,609 4,609 1,378,286 2021 Rostrlcted Funds Unrestrlcted Fund5 Expendable Endowment Total Flxed asset investments Net current assets Totsl 272,526 111,993 384 519 2,580,042 2,852,568 116,993 2,969,560 5,000 5,000 2,580 042 6. DEBTORS 2022 2021 Accrued Income 2.346 7. CREDITORS 2022 2021 Other creditors 60 60 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 Ihose of their members who have duly qualified for the rank or degree of Barrister- at-law.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2022 The fund was established by members or former mernbers of The Honourable Society of Lincoln's Inn and as laid oul in its obj8Ctives when vacancies arise in the body of Trustees the Councll of Benchers of The Honourable Sociely of Lincoln's Inn hold the power to appoint replacements. The Trustaes arè autonomous. All the expenditure incurr8d by them in support of projects conceming the Heritage Property is initially incurred by Lincoln's Inn which is then reimbursed by the Trustees. Th8 balance of the intercompany account is now £41 k and will be transferred to the Inn during 2023. 9. FINANCIAL INSTRUMENTS 2022 2021 Financlal assets at fair value through SOFA 1.683,139 2,852,568 Flnanclal liabililies at amortised cost 41.233 52,152 Financial asset at fair value comprise investm8nts in shares Financial liabilities at amortised cost comprlse sundry creditors and intercompany balances.