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 p￿servatIon 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 SU￿seCtor 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.
mA￿ER5 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 e￿or 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
PrO￿dureS 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 CharIt￿S 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 I￿land 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
Pro￿edS 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.