CHARITY REGISTRATION 293662 THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND 31 DECEMBER 2024 Index Pag• Trustees Report Report of the Independent Auditors 8-10 Statement of Financial Activities 11 Balance Sheèt 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 2024 CHARITY REGISTRATION NUMBER.. 293662 PRINCIPAL ADDRESS: The Honourable Society of Lincoln's Inn Treasury Office Lincoln's Inn London WC2A 3TL NAMES OF CHARITY TRUSTEES: The Rl. Hon Lord Richards of camb8811 (Chair) Mr P L O Leaver KC Mr Mark Studer Mr Martin Moore KC BANKERS: C. HOARE & Co 37 Fleet Street London EC4P 4DQ AUDITORS: Haysmac LLP 10 Queen Street Place London EC4R 1AG INVESTMENT MANAGERS: Legal & General Group PIC Legal & General Investment Management One Coleman Street London EC2R SAA
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES {Cont...I FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and the audited financlal statements for the year ended 31 December 2024. The financial statements have been prepared on the arKounting policies set out on pages 1110 12 of the financial statements and comply with the Charity's trust deed, applicable law and the requirements of thè 'Statemenl of Recommended Practice, Accounting and Reporting by Charities, issued in Oclober 2019. OBJECTS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Charity is governed by ils Tru51 Deed. The purpose of the Charity is to use the whole or any part of its fund towards maintenance, improvement, repair, embellishment, upkeep or preservation of the Heritage Property or part thereof of the Honourable Society of Lincoln's Inn. PERFORMANCE OF FUND Covenants, donations and legacies received during the year ended 31 December 2024 amounted to £35k (2023.. £22k) Investment income received during 2024 was £39k12023'. £37kl. Investments this year have achieved a gain of £179k12023.' gain of £71 kl. Investments are shown on the Balance She8t at market value in accordance with charity accounting rules. The NetAssets of the Fund increased from £1,961k to £2,208k. FUNDRAISING Whilst we do not actively fundraise, we are fortunat8 to receive donations and bequests from time to time. We are grateful for the generosity of the donors. GRANT MAKING POLICY The Heritage Fund Trustees receive funding requests from th8 various Committees of the Inn, for their consideration. Projects considered are for those Ihat have been approved by the Council of Lincoln's Inn or 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. Expenditure 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 supervise the spending of the monie5 granled. The Heritage Fund Trustees are not themselves in a position lo 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 requests part or all of the promis8d grant, to the valu8 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 2024 RESERVES POLICY The Trustees have reviewed the reserves of th8 Charity, which comprise £629k unrestncted and £1,574k of expendable endowed reserves. The Trustees felt it importanl to maintain the expendable endowment at present as the investment in stocks and shares is the only significant Source of income the fund receives. The Trustees have agreed to relain a buffer of cir¢a £1.5m in total reserves in case of emergency calls due to the age and nature of the buildings supported by the Charity. This review encompassed thè nature of the income and èxpenditure streams, the need to match variable income with anticipated donations to Lincoln's Inn and the nature of the reserves. Reserves are held in anticipation of the future needs of the Inn for its heritage buildings idenlifieé from and in accordance with the Inn's 10-year estate maintenance plan produced by the Estates Department. Grants are funded from free reserves and in¢ome during the year. During the year the Charity's unrestricled reserve fund increased by £109k from £520k to £629k. FUTURE DEVELOPMENTS After a number of years of significant 8xpenditure on properties that the Fund can 8UPPOrt, there are number of years ahead where exp8nditure on relevant buildings is not expected to be incurred. The Trustees will continue to consider any suitable projects that may arise in the coming years that are not currently reflected in the Inn's 10-year estate management plan. INVESTMENT POWERS AND POLICY In accordance wllh their powers under the Trust Deed, the Trustees have delegated the day-to-day management ofthe portfolio and the investment powers to the Lincoln's Inn Investment Committee. The funds are invested with Legal & General under passlve managem8nl in pooled funds. Legal & General levy charges consist of a flat per scheme charge, plus an ad-valorem charge and a management charge. Legal & Generals, purpose is lo create a better future through responsible investing. Aligned to this purpose, ESG is a Gentral underpinning to all of Legal & Generals, activitl8s and especially within strategic initiatives. Legal & General has developed ané publicly disclosed it's policies for stewardship activities. Their policies are reviewed annually and updated where necessary lo ensure they remain allgned with the various evolvlng r8gulations, best practice 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 transferred the 30% of funds held within Ruffer LLP, to join the remaining 700h of the fund with Legal & General, which is under a passive managernent in pooled funds. The performance of the Legal & General portfolio tracked the market, so while doing no better than the market, the fund has done no worse.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES {Cont... FOR THE YEAR ENDED 31 DECEMBER 2D24 LEGAL & GENERAL'S INVESTMENT MANDATE Legal & General manage the Scheme's assets on a passive basis in their pooled index funds. The distribution of the Scheme's assets is lo be maintained in the prescribed proportions. Where possible, cashfiows into or out of the fund will be used to maintain the asset distribution within the specified ranges. In addition, switches between asset classes will tse implemented should any asset ¢lasse$ move outside their rang8S. FUNDS The expendable endowment fund was created by gifts a number of yéars ago. The income of this trust 15 trealed as unrestricted income. The terms of the endowment allow the capital of the fund to be spent if th8 Trustees so determine. In the opinion of the Trustees Ihe Charity's assets are sufficienl to meet its Gommitments. TRUSTEES, TRAINING AND REMUNERATION Appropriate induction and training procedures are made available to new Trustees. Consideration is given lo the skills required and taking into account the fact that all the appointed Trustees are experienced lawyers. The Charity has no employees and the Trustees do not recelve remuneration for their Services. TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the Financial Stal8ments in accoréance with applicable law and United Kingdom Generally Acceptad Accounting PraGtIC8s (UK- GAAP) The law applicable to charities in England and Wales requires the Trustees to prepare flnancial stalerrenls for each financial year which give a true and fair view of the Charity's financial activities during the year and of Ils financial position at the end of the year. In preparing 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 prudent. stale whether applicable accounting standards have been followed, subject to any matertal departures disclosed and explained in the accounts. and iv) prepare the accounts on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. The Trustee5 are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity, and which enable them to ascertain the financial posltion of the Charity, and which enable them to ensure that the account5 comply with applicable law. They are also responsible for safeguarding Ihe assets of the Charity and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.
THE HONOURABLE SOCIETh OF LINCOLN'S INN THE HERITAGE FUND REPORT OF THE TRUSTEES (Cont...I FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included in the Charity Commission's website. The Trustees receive no remuneration. The Trustees have complied with the duty in 8.17 of Ihe Charities Acl 2011 to have due regard to the Charity Commission's publi8hed general and relevanl su§or guidance concerning the operation of the Public Benefrt requiremenl under that Act. Approved by the Trustees on.. and signed on their behalf by.. ¢wJcL LJ. 29 July 2025 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 2024 OPINION We have audited the financial statements of The Honourable Society of Lincoln's Inn - Heritage Fund for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statem8nts.' give a Irue and fair view of the state of the Charity's affairs as at 31 December 2024 and of th8 Charity's net movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pr8dice,' and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We have been appointed as auditor under $8Ction 144 of the Charities Act 2011 and report in accordance with the AGI and relevant regulations made or having effect thereunder. We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those standards 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 audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethi¢al responsibilities in accordance with thesè requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded thal the tru51ees' use of the going concern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as going Goncern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wrth respect to going con¢8m are described in the relevant sections of this report.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND {cont...I FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER INFORMATION The trustees are responsible for the other inforniatian. The olher information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not Cover the oth8r infomialion and, except to the extent otherwise expliGilly stated in our report, we do not express any form of assurance Gonclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material mi5Stalement5, we are rèquired to det8rmine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. MATTERS ON WHICPI WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respeGt of the following matters in relation to which the Charit18S (Accounts and Reports) Regulations 2o084equl us to report to you if, in our opinion.. adequat8 accounting records have not been kept by the charity., or sufficient accounting records hav8 not been kept., or the charity financial statements are not in agreement with the accounting records and returns,, or we have not received all lh8 information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES FOR THE FSNANCIAL STATEMENTS As explained more fully in the Iruslees, responsibilities statement set out on page 6, the trustees are r8sponsible for the preparation of the financial slalemenls and for being satisfied that thay give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from m8lerial misstatement, whether due to fraud or error. In preparing the financlal statements, the trustees a responsible for ass88sing the charity's ability to continue as a going concem, disclosing, as applicable, rnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assuranek about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND Icont...) FOR THE YEAR ENDED 31 DECEMBER 2024 Irregularities, including fraud, are instances of non-compli8nce with laws and regulations. We design procedures in line with our responsibilities, outlined above, to dete¢t material misstatements in respect of irregularities, including fraud, The extent to which our pro¢edur88 are capable of detecting irregularities, including fraud is detailed b81ow'. Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-Gompliance with laws and regulations related to revenue recognition, and we considered the extent lo which non-Gompliance might have a material effect on the financlal statements. We also considered those laws and regulations that have a direct impact on the preparatlon of thè financial statements such as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined Ihal the principal rlsks were relaled lo management override of conlrol8. Audit procedures performed by the engagement team included,. Discussions wlth management includlng consideration of known or suspected Instances of non-compliance with laws and r8gulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. Identlfying and t8Sting Journals, in particular journal 8ntries posted with unusual account combinations, postings by unusual users or wlth unusual descriptions. Because of the inherent limitations of an audlt, there is a risk that we will not detect all irregularitl8S, includin9 those leading lo a material misstatement in the financial staternents or non-compliance with regulation. This rlsk increases the more that cornpliance with a law or regulation is removed from the events and transactions reflected in the financial stalements, as we will be less likely to be¢orne aware of instances of non-compliance. The risk 1$ also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omlssion or misrepresentation. A further descrlptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www,frc.org.uklauditorsr8sponsibilities. 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 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 that we might state to the charity's trustees those matters we are required to state to them in an Auditols report and for no other purpose. To the fullest extent permitted 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. Itaysmac LLP Haysmac LLP Statutory Auditors Date.. 0410812025 HaysMa¢- LLP is eligible to act as w audrtor li t8rms of sKtlt)n 1212 of the Companle5 Act 2006 10 Queen Street Place Lor#Jon EC4R 1AG
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 R9Strlcted Funds Unrestricted Funds Expendable Endowment Funds Total 2024 2023 Income: Donations & legacies & gifl aid Investment Income Intere51 Receivable 35,274 35,274 22,283 38,950 1,994 38,950 1,994 36,778 2,315 Total In¢ome 76,218 76,218 Expenditure.. MalntenanG& and Improvemènts to Heritage Property Managemént 19431 Administration Chapel and Library project expenditure 1943) (4201 {7,474> 17,474) Totsl Expendltur• 8.417 8,417 420 Net gainllloss) on investments 462 40,801 138,112 179,375 70,619 NET MOVEMENT IN FUNDS 462 108,602 138,112 247,176 131,575 Fund balances brought forward al 1 January 4,802 520,317 1,436,115 1,961,234 1,829,660 Fund balances Carrled foThvard at 31 December 5.264 628,919 1,574,227 2,208,410 1,961,235 All the activities of the fund are conlinuing in both this year and the previous year. The comparativ8 figures relate to unrestricted funds gain of £12k and a gain of £58k for Endowmenl Funds. The notes on pages 13 to 16 form part of thase financial statsments
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 FIXED ASSETS Investm8nts 2,008,579 1.790,067 CURRENT ASSETS Debtors- Gift Aid Recoverable Other Debtor8- Legal & General Cash at bank Amounts due from Lincoln's Inn 10,280 1,813 175,289 14,569 8,482 154,974 7.772 TOTAL CURRENT ASSETS 201,951 171.228 CURRENT LIABILITIES Credltors 120 120 60 60 NET CURRENT ASSETS 201,831 171,168 NET ASSETS 2,208,410 1,961,235 FUNDS Unrestricted Expendable Endowment Restricted 628,919 1,574,227 5,264 2 208410 520,318 1.436,114 1.961.235 Approved by the Trustees on: and signed on their behalf by.. 29 July 2025 The Rt. Hon Lord Richards of Camberwell Chair of the Trustees The notes on pages 13 to 16 form part of these financlal statements
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1. Accountlng Pollcles Accounting Convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191 (Charities SORP IFRS 102)), the Financi81 Rèporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Golng Concern The Trustees have considered various future scenados and thelr impact and are confident that the Fund will have sufficient resources lo meet its liabillties for at least 12 months from the date of signing this report and as su¢h the accounts have been prepared on a going concern ba8is. Income All incoming resources are recognised in thè Statement of Financial Activities when the Charity has entillement to the funds, il 15 probable that the income will be rec8ived, and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either.. The charity is aware that probate has been granted. The estate has been finalised and noliflcation had been made by th8 executorlsl lo the Trust that a distribution will be made. When a distrlbution is received from the estate. Receipt of a legacy in whole or in part, is only considered probable when the amount Gan be measured reliably, and the charity has been notified of the executorfs intention to make a distribution. Unrestricted funds are available to spend on activities that further any of the purposes of the charily. Designated funds are unrestricted funds of the Gharity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are solely used for particular areas of the Trust's work or for a specific project. Donations required to be retained as capital In accordance with the donor's wishes are ac¢ounted for when probable as "endowments" permanent or expendable according to the nature of the restriction.
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 iv. Expenditure Expenditure is accounted for on an ac¢ruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item of expenditure to which it relates. Where costs cannol be directly attributable to particular headings, they have been allocated to activities on a basis consistent with the use of the resources. Charitable expenditure comprises expenditure directly relating to the preservation, repair and maintenance of Heritage Property and land and buildings which are situated in Lincoln's Inn and whose upkeep Is for the time being charitable. The Funds of the Charlty Comprlse: The expendable endowrnent fund was Created by gifts a number of years ago. The income of this trust is treated as unrestricted income. The terms of the endowment allow the capital of the fund to be spent if Ihe Trustees so detemiine. Investrnents Investments are slated al mld-market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluation and disposals throughout the year. 2. GOVERNANCE The Inn meets the Gost of remuneration, adviser8 and services by the audltors and other professional advisors. 3. TRANSACTIONS WITH TRUSTEES No Trustee, or person related or connected to them has receiv8d any remuneration or reimbursem8nt of expenses from lh8 charity during the current or previous year. 4. INVESTMENTS 2024 2023 Market value 1 January Additions at cost Proceeds of disposals 1,790.087 619,125 581.988 1827,204 1.683,139 731,976 695.667 1719,488 Realised and Unrealised gainslllosses} 179 375 179,375 70,619 Market value 31 December Historical cost 31 December 2,006,579 342,770 1.790 067 310,436 Indirect transaction costs are inGurred 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 2024 nificant investment holdin s based at market value at 31 December 2024 2023 L&G International Index Trust L&G Emerging Markets L&G UK Index Trust L&G Short Dated Steding Corporate Bond Index Fund L&G All Stocks Index Linked Gilt Index Trust L&G All Stocks Gill Index Trust Ruffers Global Fund 43.50 13.00 14.75 19.58 872,894 260,841 295,965 392,888 45.49 13.23 25.69 814,260 263,805 459,817 4.48 89,930 4.69 94,061 25.69 100 459.817 1,790.067 100 2 006,579 5. ANALYSIS OF NET ASSETS BY FUND 2024 R88trlcted Funds Unrestrlctsd Funds Expendable Endowment Total Fixed asset Investments Net current assets Total 432,352 196,567 628,919 1,574,227 2,006,579 201831 2 208.410 5,264 5,264 1 574 227 2023 Re8trlctod Funds Unrèstrlcted Funds Expendable Endovmient Total Fixed asset investm8nl8 Net current assets Total 353,953 166,3e5 520,318 1,436,114 1,790,067 171,168 1,961,235 4,803 1,436,114 6. DEBTORS 2024 2023 Accrued income 1.813 7. CREDITORS 2024 2023 other creditors 120 60
THE HONOURABLE SOCIETY OF LINCOLN'S INN THE HERITAGE FUND NOTES TO THE ACCOUNTS (Cont...) FOR THE YEAR ENDED 31 DECEMBER 2024 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 lo the Bar those of their members who have duly qualified for the rank or dege of Barrister- at-law. The fund was established by members or former members of The Honourable Society of Lincoln's Inn and as laid out in its objectives when vacancies arise in Ihe body of Trustees the Council of Benchers of The Honourable Society of Lincoln's Inn hold the power to appoint replacements. The Trust8es are autonomous, All the expenditure incurred by them in support of projects concerning the Heritage Property is initially incurred by Lincoln's Inn which is then reimburs8d by the Trustees. The balance of the inlercompany a¢counl is now £14k and will be transferred to the Inn during 2025. 9. FINANCIAL INSTRUMENTS 2024 2023 Flnancial assets al fair value through SOFA 2,006,579 1,790,067 Financial liabilities at amortised cost 120 60 Financial asset at fair value comprise investments in shares Flnancial liabilities at amort15ed cost comprise sundry creditors and intercompany balances.