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
T￿asury 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 ￿ese￿atiOn 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 I￿egular[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
inf0m￿tiOn 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 ac￿rdanCe 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
fo￿n5 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 ExpendI￿r0
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 cuRRE￿r 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 p￿pared 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
prepa￿d 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.