CHARITY REGisfRATION 293662 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND 31 DECEMBER 2023 Index Page Trustses Report Report of the Independent Auditors 8-10 Statement of Flnancial Actlvities 11 Balance Sheet 12 Note5 to the Account5 13-16
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY REGISTRATION NUMBER: 293662 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Tasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: Mr R F D Barlcml KC (Chairl RIP 3 November 2023 The Rt. Hon Lord Richards of Camberwell {Chair) Mr P L O Leaver KC Mr Mark Stud8r Mr Martin Moore KC appointed Novernber 2023 BANKERS: C. HOARE & Co 37 Fleet street London EC4P 4DQ AUDITORS: Haysmacintyre LLP 10 Queen Slrèet Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group PIC Legal & Gen8ral Investment 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 2023 The Trustees present their annual report and the audited financial statements for the year ended 31 December 2023. The financial slalemenls have been prepared on the accounting policies set out on pages 11 to 12 of the financial slalemenls and compty with the Charity's trust deed, applicable law and the requirements of the 'Statement of Recommended Practice, Accounting and ReFKJrting by Charities, issued in October 2019. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Charty is governed by it5 Trust Deed. The purpose ofthe Charity IS to use the whole or any part of ils fund towards maintenance, improvement, repair, embellishmenl, upk88p or eseatiOn of the Herttage Property or part thereof of the Honourable Society of Lincoln's Inn. PERFORMANCE OF FUND Covenants, donations and legacies recelved durfng the year ended 31 December 2023 amounted to £22k12022. £29k). Investment income r8C8ived during 2023 wa5 £37k {2022: £55k). Investments thls year have achieved a gain of £71 k12022.' loss of £223k). Investments are shown on the Balance Sheet at market value in accordance with charity accounting rules. The NetAssets ofthe Fund increased from £1,829k to £1,961k. FUNDRAISING Imilst we do nol actively fundraise, we are fortunate to receive donations and bequests from lime lo time. We are grateful for the generosity of the donors. GRANT MAKING POLICY The Heritage Fund Trustees ceNe funding requests from the various Committee8 of the Inn, for their consideration. Projects considered are for those thal have been approved by the Councll of Lincoln's Inn OT by the Finance & General Purposes Committee of Lincoln's Inn. The Heritage Fund Trustees may offer to fund either all or part of the proposed project. Expendilure not met by the Heritage Fund on an approved project is met by The Honourable Society of Lincoln's Inn itself. In making a grant the Heritage Fund Trustees expect the responsible Committee to supervlse Ihe spending of the monies granted. The Heritage Fund Trustees are not themselves in a posilion to do so. Lincoln's Inn pays the contractor in question on production of properly authorised and relevant invoices. Expenditure by Lincoln's Inn Is controlled and managed by its various officers and monitored by the Finance & General Purposes Committee. Once the Project is in progress and the 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 2023 RESERVES POLICY The Trustees have reviewed the reserves of the Charily, which compri5e5 of £447k unrestricted and £1.378k of expendable endowed reserves. The Trustees fell it important to maintain the expendable endowment at present as the investmenl in stocks and shares is Ihe only significant source of income the fund receives. The Trustees have agreed to retsin a buffer of circa £1.5m in total resep4es in case of emergency calls due to the age and nature of the buildings supported by the Charity. This review encompassed th8 nature of the income and expenditure streams, the need to match variable income wf(h anticipated donations to Lincoln's Inn and the nature of the reseTves. Reserves are held in anlioipalion of the future needs of Ihe Inn for its heritage buildings identified from and in accordance with the Inn's 10-year estate maintenance plan produced by the Estates Department. Grants are funded from free re5eNes and income during the year. During the year the Charty's unrestricted reserve fund increased by £73k from £447k to £520k. FUTURE DEVELOPMENTS After a number of year5 Of signrficanl expenditu on properties Ihal the Fund can support, ther8 are a number of years ahead where expenditure on relevant buildings is not expected to be incurred. The Trustees will continue to consider any suitable projects that may arise in the Goming years that are nol currently r8flected in the Inn's 10-y&ar estate management plan. INVESTMENT POWERS AND POLICY In accordance with their powers under the Trust Deed, the Tiuslee8 have delegated the day-lcpday managemenl of the portfolio and the investment powers to the Lincoln's Inn Investment Commitiee. 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 aclivities and especial wrthin strategic initiatives. LGIM has developed and publicty disclosed its policies for slewaTdship activities. Their policies are reviewed annually and updaled where necessary lo ensure they remain aiigned with the various evolving gu18tions. best praclice and client feedback. Legal & General levy charges that consist of a flat per scheme charge, plus an ad-valorem charge and a management charge. INVESTMENT PERFORMANCE During the year the Trustees allocated 30Yo of the funds investments to a diversffled growth fund held wrth Ruffer LLP. The other 70Yo of the fund remained invested with Legal & General under passive management in pooled fund5. The perfomance of the Legal & General portfolio tracked the markel., so while doing no better than the market. the fund has done no worse. The Ruffers element of the portfolio was invested in September 2022. bts perfomiance over the three months to the year end was +4.90kn.
THE HONOUFiABLE 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 passive basis in their pooled index fund5. T distribution of the Scheme's assets is to be maintained in the prescribed proportb)ns. IM8re possible, cashflows into or out of the fund will be used to malnlaln the asset distributlon within the specified ranges. In addf(ion, switches belween asset classes will be implemented should any asset cjasses move outside their ranges. FUNDS The expendable endowment fund was created by gifts a number of years ago. The Income of this trust is treated as unrestricted income. The temis of the endowment allow the capital of the fund to be spent Iflhe Trustees so determine. In the opinion of the Trustees the Charity's assets are sufficient to meet its commitments. TRUSTEES. TRAINING AND REMUNERATION Appropriate induction and training procedure5 are made available to new Trustees. Considerationls glven to the skills required and taking into account the fact that all the appointed Trustees are experienced lawyers. Th8 Charty has no employees and the Trustees do not receive remuneratlon for their services. TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Financial Statemenls In accordance with applicable law and Unr(ed Kingdom Generalty Accepted Accounting Practices (UK- GAAPI. The law applicable to charitles in England and Wales requires Ihe Tnjstees to prepare fin8nclal slalements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position al the end of the year. In weparing accounts giving a true and fair view, the Trustees should follow best practice and.. select suitable accounting policies and apply them consistently. make judgements and estimates that are reasonable and prudenl. state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the acceunts, and iv) prepare the accounts on Ihe going concem basis unless it is inappropriate to assume Ihat the Charity will continue in operation. The Trustees are respjnsible for keeping accounting records which disdose wilh reasonable accuracy the financial position of the Charity, and which enable them to ascertain the financial position of the Charity, and which enable them to ensure that the accounts comply with applicable law. They are also sponSible for safeguarding the assets of the Chartty and hence for taking reasonable steps for the prevention and detection of error. fraud and other Iegular[lIe$.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for the maintenance and integrity of the corporate and financial inf0mtiOn induded in the Charity Commiwon's website. The Trustees receive no remuneration. The Trustees have complied wilh the duty in s.17 of the Charities Act 201110 have due regard to Ihe Charliy Commission's publlshed general and relevant sub-sector guidance conceming the operation of the Public Benefit requirement under Ihat Act. Approved by the Trustees on.. and signed on their behalf by.. The Rt. Hon Lord Richards of Camberwell Chair 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 2023 OPINION We have audited the flnanclal slatements of The Honourable Society of Lincoln's Inn - Hentage Fund for the year ended 31 December 2022 which comprise the Statement of Financial Aclivilies, Balance Sheet and not85 lo the financial statements. including a summary of significant accounting policies. The financial Teporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. applicable in the UK and Republic of Ireland (United Klngdom Generalty Accepted Accounting Practice). In our oplnlon, Ihe financial statements.. glve a true and falr vlew of the stste of the Charity's affairs as at 31 December 2022 and of the Charty's net movement in funds for the year then ended., have be8n property prepared in acrdanCe wlth United Kingdom General Accepted Accounling Practice. and have been pr8par8d in accordance wlth the requirements of the Charities Acl 2011. BASIS FOR OPINION We have been appointed as auditor under Section 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Internation81 Standards on Auditing (UK} {ISAs IUKI) and applicable law. Our responslbililies under those slandaTds are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wilh the ethical requirements that are relevant to our audll of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinlon. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial stalemenls, we have concluded that the truslees, 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 8ny material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at leasttsvelve months from when the financial statements are avthorised for issue. Our responsibilities and the responsibilities of the truslees with respect to going concern gre describ8d in the relevant sections of Ihis report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND Icont...) FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER INFORMATION The Iruslees are responsible for the other information. The other infomialion comprises the information induded in the Trustees, Annual Report. Our opinion on the finanual slatements does not ver the other information and, except lo Ihe extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of Ihe finanual statements, our responsibility is to read Ihe other information and, in doing so, consider whether the other information is materially inconsislent with the financial statements, or our knowledge obtained in the audrt or otherwise appears to be materialty misstated. If we identfy such material inconsistencies or apparent material mi5Statemenls, we are required to delerrnine whether there is material mi55talement in the financial statements or a material misstatement of Ihe other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Infomialion, we are required to report that fact. We have nothing io report in thls regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to Teport in fespect of the following matters In relation to which the Charltles (Accounts and Reports) Regulations 2008 require us to report to you rf, in OUT opinion.. adequate accounting record8 have not been kepl by the charity," or sufficient accounting records have not been kept,. or the charty financial statements are not in agreement with the accounting records and returns; or we have not received all Ihe information and explanations we require for our audrt. RESPONSIBILITIES OF TRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in Ihe trustees, responsibilities slalemenl set out on page 6, Ihe trustees are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such Snternal control as the trustees determine is necessary to enable the preparation of financial statements that ar8 free from material mlsstatement, thether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matter5 relaled lo going concern and using the going concem basi5 of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realisllc atternative but to do so. AUDITOR'S RESPONS181LITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to oblain reasonable assuran about whelher the financial statements as a whole are free from material misstalement. whether due to fraud or error, and to Issue an auditor's report that indudes our opinion. Reasonable assuranR is a high level of assurance but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are nsidered materi81 rf, individualty or in the aggregale, Ihey could rea50nabty be exp8cted to influence the economic 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 {cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 Irregularities. Including fraud. are instances of nofvcompliance with laws and regulations. We design procedures in line with our responsibilities, oullin8d above, to delect material mi5Statements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understandlng of the charity and the environment in which it operates, we Identified that the principal risks of non-compliance with laws and regulations related lo revenue recognition, and we considered the extent to whlch non-cornpliance might have a material effect on the financial slalement5. W8 also considered those laws and regulations Ihal have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulatlon of the flnancial statement5 (including the risk of override of controls) and determined that the principal risks were related to management override of controbs. Audit procedures performed by the engagemenl team Included.. Discusslons with management including consideratlon of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed lo prevent and detect irregularities. Identifying and testing journals, in particular journal entries posted with unusual account combin8tbons, poslings by unusual users or with unusual descnplions. Because of the inherent Ilmitalions of an audit, there is a risk thal we will not d8tect all irregularities, including those leading lo a material misstatement In the financial statements or non-compliance with regulation. This risk increases the more Ihal compllance with a law or regulation is removed from the events and transactions reflected in ihe financial statements, as we will be less likely lo become aware of instances of non-complianGe. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves inlentional concealment. forgery, collusion, omission or misrepresentation. A further descnplion of our responsibilities for the aud5t of the financial slalemenls is located on the Financial Reporting Council's website at.. wMN.frc.org.uklauditorsresponsibilities. This description fon5 part of our auditor's report. USE OF REPORT This report is made solely to the charlty's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so Ihat we might slate to Ihe charity's trustees those malters we are required to stale to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charity's trustees as a body for our audtt work, for this report, or for the opinions we have formed. 22108124 10 Queen Street Place London EC4R 1AG Haysmacintyre LLP Statutory Auditors Itaysma6infyr6 LL, Haysmacintyre LLP 1$ eligible to act a5 an auditor in terms of section 1212 of the Companles Act 2006
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Funds Unrèstrlcted Funds Expendable Endo%vment Funds Totsl 2023 2022 Incom•: Donations & legacies & ghl aid Investment Income Interèst Re¢eivab18 22,283 22,283 28,817 36,778 2,315 36.778 2.315 54,522 253 Totsl Income 83.592 Expendlturn: Malntenance and Improvements to Herlt•ge Property Management 14201 Administration Chapel and Library rafurfoishment project expenditure (420) (4251 (1.000.000) Total ExpendIr0 420 420 1000 425 Nel gainl(lossl on Investments 12,597 57,828 70,619 {223,067) NET MOVEMEKf IN FUNDS 73,553 57,828 131,575 (1,139,900) Fund balances brought forward at 1 January 4.609 446,785 1,378,286 1,829,660 2,969,560 Fund balance8 carrled foThvard at 31 December 4,803 520,318 1,436,114 1.961,235 1,829,660 Al the activities of the fund are continuing in both this year and the previous year. The comparative figures relale to unrestrlcted funds loss of £21 k and a loss of £202k for Endowment Funds. The notes on pages 13 to 16 fonn part of these flnanclal statements
THE HONOURABLE SOCIEfY OF LINCOLN'S INN THE HERITAGE FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Investmenls 1790 067 1.683 139 CURRENT ASSETS Debtors- Gift Aid Recoverable Other Debtors - Legal & General Cash at bank TOTAL cuRREr ASSErs 8,482 5,687 182.087 187.754 163,456 CURREKf LIABILITIES Amounts due lo Lincoln's Inn Credltors (7,7721 60 7,712 41.173 60 41,233 NEf CURRENT ASSETS 171,168 146,521 NET ASSETS 1,961,235 1,829,660 FUNDS UnrestTiCted Expendable Endowmenl Restricted 520,318 1,436,114 446,765 1,378,286 4,609 1829 660 1961.235 Approved by the Trustees on.. and signed on their behaw by.. The Rt. Hon Lord Richards of Camberwell Chair of the TTU5tees The notes on page8 13 to 16 fom part of these flnancial ¥tatements
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 1. Accountlng Policies 1. Accountlng Conventlon The financial slalements have been ppared in accordance with Accountlng and Reporting by Charities.. Statement of Recommended Practice appli¢8ble to chanlies preparing their account5 in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 2019) (Charities SORP IFRS 102)), the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. 2. Golng Concern The Trustees have considered various future scenarios and their impact and are confident that Ihe Fund will have sufficient resources to meel its liabilities for at least 12 months from the d8te ol signing this report and as such the accounts have been prepad on a golng concem basi3. 3. Income All incoming resources are recognised in the Statement of Financial Activities when the Charty has entitlement to the funds, it is probable that the income will be recelved, and the amount can be measured Teliably. For legacies, enltdement 15 taken as Ihe earfier of the date on which either.. The charity is aware Ihal probate has been granted. The estate has been finalised and notification had been made by the execulor(s) lo the Trust thal a distribution will be made. When a distribution is received from the estate. Receipt of a legacy in whole or in part, is only considered probable en the amount can be measured reliably, and the chaTty has been notified of the executols intention to make a distribution. Unrestricted funds are available lo spend on aGlivrties that further any of the purposes of the charity. Designaled funds are unrestn'cted fund5 of the charity which the TTUStees have deaded at their discretion to set aside to use for a 5pecffic purpose. Restricted funds are donations which the donor has specrfied are solely used for particular areas of the TTusI's work or for a specrfic project. Donalions required to be retained as capf(81 in accordance with the donorfs wishes are accounted for when probable as 'endowments" _ pemianent or expendable according to the nature of the restriction.
THE HONOURABLE SOCIEfY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 310ECEMBER 2023 4. Expendlture Expenditure is accounted for on an accwals basis and has been dassified under headings that aggregate all costs Telated to the category. The irrecoverable elemenl of VAT is included with the item of expenditure to which it relates. Where costs cannot be directly atlribulable to particular headings, they have been allocated lo activities on a basis consistent with Ihe use of the resources. Charitable expenditure comprises expenditure directly relating to the preserrfation, repair and maintenance of Heritage Propety and land and buildings which are situated in Lincoln's Inn and whose upkeep is for the time being charitable. 6. The Funds of the Charity Comprfse: The expendable endowment fund was created by gtfts a number of years ago, The income of this trust is treated as unrestricted income. The terms of the endowmenl allow the capital of the fund to be spent rf the Trustees so d81emiine. 6. Investments Investmerrts are stated at mid-market value at the balance sheet dale. The SOFA include5 the net gains and losses arislng on valUation and disposals throughout the year. 2. GOVERNANCE The Inn meets the cost of remuneration, advisers and services by the auditors and other professional advisors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person related or connected to them has recelved any remuneraUon OT reimbursement of expenses from the charity during the current or previous year. 4. INVESTMENTS 2023 2022 Market value 1 January Additions al c05t Proceeds of disposals 1,683,139 731,976 695 667 1 719.488 2,852,568 534,714 1481.076 1906 206 Realised and Unrealised gainsl(losses) 223.066 223.206 70,619 Market value 31 Oecember Historical cost 31 December 1,790,067 310,436 1638,139 279,725 Indirect transaction ¢ost5 are incurred through the bid-offer 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 2023 nificant investm holdin sba d I market value at 31 December 2023 2022 L&G Equitrack Fund L&G Internatlona5 Index Trust L&G Emerging Market5 L&G UK Index Trust Ruffers Global Fund 0.00 45.49 13.23 25.69 25.69 100 27.37 34.71 8.72 0.00 29.2 100 460,681 584,285 146.740 814.260 236,805 459,817 459,817 1790.067 491.433 1683 139 5. ANALYSIS OF NET ASSETS BY FUND 2023 RestrlGtod Fund8 Unrestrlct•d Funds Expondablo Endowm•nt Total Fixed asset investments Net current assets Total 353,953 166 365 520 318 1,436,114 1,790,067 171 168 1.961,235 4,803 1.436,114 2022 Restricted Funds Unrestrlctod Funds Expendablo Endowmont Total Fixed asset investments Net current assets Total 304,853 141912 1,378,286 1,683,139 146 521 2 969 560 4.609 1 378 286 6. DEBTORS 2023 2022 Accrued income 7. CREDrfoRS 2023 2022 Other creditors 60 60 8. RELATED PARTY TRANSACTIONS The Honourable Soclely of Lincoln's Inn is one of the four Inns of Court. It is an ancient unincorporaled 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 HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2023 The fund was established by members or fomier members of The Honourable Society of Lincoln's Inn and as laid out in its objectives when vacancies arise in the body of Trustees the Council of Benchers of The Honourable Society of Lincoln's Inn hold the power to appoint replacements. The Trustees are autonomous. All the expendllure incurred by them in support of projects concerning the Heritag8 Propety is initially incurred by Lincoln's Inn which is Ihen reimbursed by the Trustees. The balance of the intercompany account Is now £8k and will be transferred to the Inn during 2024. 9. FINANCIAL INSTRUMENTS 2023 2022 Financial assets at fair value through SOFA 1,790,067 1.683,139 Flnancial liabilities at amort16ed cost (7,712) 41.233 Financlal asset at fair value comprise Investments in shares Financial Ilabilities at amortlsed cost comprlse sundry cyeditors and Intarcompany balances.