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2021-03-31-accounts

HERITAGE TRUST OF LINCOLNSHIRE

(A Company Limited by Guarantee)

TWENTY NINTH

ANNUAL REPORT AND ACCOUNTS

31 MARCH 2021

Registered Office

The Old School Cameron Street Heckington Sleaford Lincs NG34 9RW

Other Trading Names:

Heritage Lincolnshire Archaeological Project Services

Telephone: Fax: E-mail: Website:

01529 461499 01529 461001 info@heritagelincolnshire.org www.heritagelincolnshire.org

Registered Number: Registered Charity Number

2554738 (England & Wales) 1001463

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

HERITAGE TRUST OF LINCOLNSHIRE

_________________

CONTENTS

Page
Board of Directors and Secretary 2
Professional Advisers 2
Advisory and Liaison Committee Members 3
Buildings Advisory Committee 3
Report of the Trustees/Directors 4 - 7
Income and Grants from Local and National Agencies 8
Statement of Trustees/Directors’ Responsibilities 9
Independent Auditors’ Report 10 - 11
Accounts
Statement of Financial Activities for the year ended 31 March 2021 12
Balance Sheet at 31 March 2021 13
Cash Flow Statement 14 - 15
Notes to the Financial Statements 16 - 29
Detailed Statement of Financial Activities for the year ended 31 March 2021 30

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

TRUST PATRON

Mr Toby Dennis Esq, HM Lord-Lieutenant of Lincolnshire

TRUST PRESIDENT

The Lord Cormack, DL, FSA, FRHistS

TRUSTEES who are also the MEMBERS OF THE BOARD 2020/2021

Michael Ashton (Chairman) (Non-Executive Director) Caroline Bingham (Non-Executive Director) Andrew Clark (Non-Executive Director) Anne Coltman (Non-Executive Director) Francis Dymoke (Non-Executive Director) Simon Erskine Crum (Non-Executive Director) Julian Free (Non-Executive Director) Appointed April 2020 Richard Johnson (Non-Executive Director) Resigned November 2020 Charles Pinchbeck (Vice Chairman) (Non-Executive Director) Dorothy Hancock (Non-Executive Director) Stephen Roe (Company Secretary) PROFESSIONAL ADVISERS Auditors: Dexter & Sharpe Audit Services Limited Chartered Certified Accountants & Registered Auditors Rollestone House, Bridge Street, Horncastle, Lincs LN9 5HZ Bankers: Lloyds Bank 51 Market Place, Boston, Lincs PE21 6NQ Solicitors: Chattertons St Swithin’s Court, 1 Flavian Rd, Nettleham Rd, Lincoln LN2 4GR

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

The Advisory & Liaison Committee

There were no meetings of the Advisory and Liaison Committee in the year to 31 March 2021.

The Buildings Advisory Committee

Ms M Anderson Consultant Architect Mrs A Coltman (Committee Chairman) The Board of Management Mr P Herbert Accountant Mrs J Howard Local Historian Mr S Squires Conservation Specialist Mr P Thompson Quantity Surveyor Mr E Wreglesworth Estate Agent Mr M Gilbert Chartered Surveyor In attendance: Mr G Pickup Chief Executive Officer Mr M Bentley Conservation Project Manager Mrs K Moore Heritage at Risk Solutions Officer

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

HERITAGE TRUST OF LINCOLNSHIRE

_________________

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2018).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The Heritage Trust of Lincolnshire was formed on the initiative of Lincolnshire County Council in September 1988. The Trust was incorporated as a Company limited by guarantee on 2 November 1990 and registered as a charity on 9 January 1991. On 1 April 1991, the Trust became independent of the County Council and, at the same time, it incorporated the functions, staff and assets of the Trust for Lincolnshire Archaeology. The Trust’s governing document is its Memorandum and Articles of Association.

Recruitment and Appointment of Board of Trustees

The directors of the company are also charity Trustees for the purpose of charity law and under the company’s Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association, members of the Board are elected to serve for a period of five years after which they may be re-elected at the end of their term.

Trustees Induction and Training

Trustee recruitment and appointment is undertaken with reference to the organisation’s Equality & Diversity policy. There are no stated criteria, qualifications or constitutional provisions relating to the appointment, but Trustees are generally resident in Lincolnshire and have relevant business or technical skills. An induction and training programme for new Trustees has been developed.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks.

Risk Level of risk to Mitigation strategy Revised level of
charity risk
Loss of key staff/capacity Medium Effective staff recruitment, development and Medium
for delivery management procedures.
Reduction in turnover Medium Regular monitoring of management accounts and Low
of commercial services strategic management of marketing and service
delivery.
Loss of funding for High Funding strategies in place for individual projects. Low
major projects Regular communication with major funding
partners. Reporting and risk management on
individual projects reviewed at quarterly board
meetings.
Detrimental changes to Medium Membership of relevant sector organisations to gain Low
economic/political information on any issues affecting the charity.
context of the charity Review of business plan and strategy at quarterly
board meetings.

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

STRUCTURE, GOVERNANCE AND MANAGEMENT continued

Organisational Structure

The Trust is governed by a Board of Management who are its Trustees and its non-executive Directors. The number of Trustees may be between five and fifteen and the present number is nine.

Day to day management is delegated to the Chief Executive Officer of the Trust and through her to the Management Team. The Senior Management Team meet formally once a month to review the Trust’s progress and to monitor performance. Minutes from these meetings are made available to the Chairman of the Board of Management.

The Board of Management meet quarterly (April, July, October and January) and at other times as necessary. They receive a report from the Chief Executive Officer and the Finance Manager at each meeting. All major issues of policy and all major projects are brought to the Board for approval.

OBJECTIVES AND ACTIVITIES

The objects of the Trust, as stated in its governing document, are:

The Trust has adopted the following Mission Statement:

The Trustees have adopted the above mission statement not only to ensure that the objects of the Trust are met, but also with consideration to the Charity Commission’s general guidance on public benefit. In particular, consideration is given to ensure the advancement of culture and heritage within Lincolnshire and the surrounding areas.

ACHIEVEMENTS AND PERFORMANCE

1. Business planning and fundraising strategy

Heritage Lincolnshire completed its business plan for the period 2018-2021 and this was adopted by the Board at an extraordinary meeting in February 2018. The plan included four core themes of

1) Education and Engagement;

3) Heritage Led Regeneration: and

This was initiated in March 2018 and is being monitored by the Senior Management Team and Board of Trustees. A Fundraising and Corporate Sponsorship plan was also adopted, which highlights the strategy for bringing funding into the organisation for projects and core costs.

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

ACHIEVEMENTS AND PERFORMANCE continued

2. Funding

The financial sustainability of the charity depends upon accessing a wide variety of funding sources and staff continue to be proactive in both fundraising and fee earning activities. An annual budget is set, providing targets for consultancy, commercial services, trust and foundation fundraising, and increasing efforts to encourage donations and membership subscriptions.

The focus of fundraising over the past year has been for the restoration of the Old King’s Head, a Grade II listed building in Kirton, near Boston. Following the confirmation of a grant of £1.98 million from the National Lottery Heritage Fund, a further £400,000 is needed to meet the target of £2.4 million. Funding was received from the Lincolnshire Economic Action Partnership, the Garfield Weston Foundation, and the H B Allen Charitable Trust.

Key funding partners such as the National Lottery Heritage Fund, the Architectural Heritage Fund, and Historic England continue to invest in the Trust in recognition of our expertise in historic building conservation, archaeological fieldwork and research and community engagement. A wider range of charitable trusts have also contributed to our work and the level of support we receive within the communities where we are working in is also increasing.

3. Summary of achievements

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

ACHIEVEMENTS AND PERFORMANCE continued

4. Summary of achievements continued

Financial outcome

The financial analysis for the year follows this report. It will be noted that overall the Trust’s incoming resources for the year have decreased by 14% since 2019/20 and expenditure decreased by 18%. This resulted in a surplus on the year, which is due to the hard work and dedication of the team throughout the period. The Board of Trustees has continued to scrutinise overhead expenditure and to make savings where possible and all of the charities resources are carefully managed in consultation with our funding partners and advisors. For further information on the financial results of the year see pages 12 to 30.

Reserves policy

Heritage Trust of Lincolnshire aims to maintain its available unrestricted reserves before pension liabilities at a level to ensure continued financial resilience and sustainability. Our aim is to strike an appropriate balance between maintaining reserves to ensure a sustainable financial future and spending the charity’s funds to further its charitable purposes for public benefit. As at 31 March 2021, the charity had available £168k in unrestricted reserves (2019/20 £112k) and £243k in restricted reserves (2019/20 £243k).

The Trustees’ continually review and update the financial risks in which the charity operates. This assessment of risks sets the level of available unrestricted reserves that the charity aims to maintain to manage cashflow, maintain liquidity; provide for known or likely future opportunities and liabilities; and manage financial risks effectively (including to give the charity time to adjust to any significant financial shock).

On the basis of that analysis, the Trustees’ policy is to accumulate at least £465k in available unrestricted reserves and as at 31 March 2021 we need to accumulate a further £297k to meet the £465k level set by our own policy. This policy is reviewed and updated annually as part of the process of preparation of the statutory accounts.

The Trustees, therefore, have put in place robust plans to grow unrestricted reserves and will continue to set realistic budgets to generate surpluses to enable accumulation of a level of available unrestricted reserves to meet the policy requirement taking into account any future fluctuations in the assessed requirement.

Investment policy

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees see fit. Monies received in advance are sometimes placed on short term deposits depending on cash flow and potential returns.

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

Income and Grants from local and national organisations for the Financial Year ending 31 March 2021

Source 2020/21 2019/20
Architectural Heritage Fund 54,827 -
Alive Church 2,500 -
Ancaster Trust - 1,000
AslackbyTrust - 1,000
Bergne-Coupland Trust 2,000 2,000
Boson Borough Council 103,579 71,353
Boston Hanse Group - 1,450
Boston Preservation Trust 300 20,025
Breckland CountyCouncil - 4,000
Caistor & District CommunityTrust - 4,500
Co-Operative Society 1,425 3,356
East LindseyDistrict Council 5,963 2,825
English Heritage 12,720 -
Environment Agency 9,300 -
EU Leader Fund - 98,307
Fenland District Council - 428
Garfileld Weston - 75,000
Horncastle History& Heritage Society - 2,400
National LotteryHeritage Fund 922,268 1,224,454
Historic England - 13,986
Invest SK - 500
Lincolnshire CountyCouncil 12,714 45,561
MembershipSubscriptions 4,374 3,875
North Kesteven District Council 29,080 25,580
North East Lincolnshire Council 1,000 16,000
North Lincolnshire Council 14,722 32,765
Nottinghamshire CityCouncil 4,950 3,850
Nottingham Trent University 4,400 -
Pilgrim Trust - 15,000
St Swithin’s PCC 450 -
Sneath’s Mill Trust - 3,000
South Holland District Council 1,200 2,000
South Kesteven District Council 25,961 16,800
West LindseyDistrict Council - 2,550
WorksopPrioryand Gatehouse CommunityTrust 6,600 1,000
1,220,333 1,694,565

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

_________________

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware, and each Trustee has taken all steps that they ought to have taken as a Trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of that information.

ON BEHALF OF THE BOARD

……………………………………….

Michael Ashton, Chairman

27[th] January 2022

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HERITAGE TRUST OF LINCOLNSHIRE FOR THE YEAR ENDED 31 MARCH 2021

_________________

Opinion

We have audited the financial statements of Heritage Trust of Lincolnshire (the “Charity”) for the year ended 31 March 2021 which comprise Annual Report and Accounts 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 22 to the financial statements, 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 to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HERITAGE TRUST OF LINCOLNSHIRE FOR THE YEAR ENDED 31 MARCH 2021

_________________

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether 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, matters 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 detect 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charityʼs members those matters we are required to state to them in an auditorʼs 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 Charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Mrs Nicola Michelle Lenton FCCA (Senior Statutory Auditor) For and on behalf of Dexter & Sharpe Audit Services Limited (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ

27[th] January 2022

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HERITAGE TRUST OF LINCOLNSHIRE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

_________________

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Income from charitable
activities:
Grants, projects and property
management
5
Total incoming resources
EXPENDITURE ON
Costs of generating funds
Expenditure on raising funds
6
Charitable activities
6
Other costs
6
Total
Net income/(expenditure)
Being:
Net movement in funds
7
Unrealised gain on fixed assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2021
£
4,817
210,069
3,150
524,997
743,033
211,230
471,932
3,700
686,862
56,171
-
56,171
355,311
411,482		 Restricted
Funds
2021
£
-
-
-
1,340,658
1,340,658
-
1,340,658
-
1,340,658
-
-
-
113
113		 Total
Funds
2021
£
4,817
210,069
3,150
1,865,655
2,083,691
211,230
1,812,590
3,700
2,027,520
56,171
-
56,171
355,424
411,595		 Total
Funds
2020
£
24,119
209,937
1,800
2,198,232
2,434,088
198,053
2,282,933
3,840
2,484,826
(50,738)
-
(50,738)
406,162
355,424

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended arise from continuing activities.

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HERITAGE TRUST OF LINCOLNSHIRE

BALANCE SHEET AS AT 31 MARCH 2021

_________________

Notes
FIXED ASSETS
Tangible fixed assets for charity use
10
Investment properties
10
Heritage assets
11
CURRENT ASSETS
Stocks and work in progress
12
Debtors
13
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one year
14
NET CURRENT ASSETS/(LIABILITIES)
LONG-TERM LIABILITIES
Creditors: amounts falling due after one year
15
NET ASSETS
The Funds of the Charity
20
Restricted funds
Unrestricted funds:-
General funds
Designated funds:-
Building preservation reserve
Legacy reserve
Revaluation reserve
Total Charity funds		 £
334,690
349,717
1,397
685,804
(418,781)		 2021
£
333,755
224,814
-
558,569
267,023
(413,997)
411,595
113
62,183
83,008
106,427
159,864
411,595		 £
169,955
224,774
28,612
423,341
(273,270)		 2020
£
332,779
224,814
-
557,593
150,071
(352,240)
355,424
113
6,012
83,008
106,427
159,864
355,424

The financial statements were approved by the Board of Trustees on 27[th] January 2022 and were signed on its behalf by:

Michael Ashton, Chairman

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HERITAGE TRUST OF LINCOLNSHIRE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

_________________

Notes
Cashflows from operating activities
Net cash (used in)/inflow from operating activities
1
Cashflows from investing activities
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cashflows from financing activities
New loans in year
Loan repayments in year
Capital repayments in year
HP Repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2021
£
(133,822)
(16,446)
(150,268)
82,771
(4,848)
-
(9,581)
68,342
(81,926)
28,075
(53,851)		 2020
£
(157,680)
(19,855)
(177,535)
66,000
(4,625)
-
(10,928)
50,447
(127,088)
155,163
28,075

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

_________________

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (deficit)/surplus for the reporting period (as per the
statement of financial activities
Adjustments for:
Depreciation charges
Profit on sale of tangible fixed assets
(Increase) in stocks
(Increase)/Decrease in trade and other debtors
(Decrease)/Increase in trade and other creditors
Net cash (used in) inflow from operating activities		 2021
£
56,171
15,470
-
(164,735)
(124,943)
84,215
(133,822)		 2020
£
(50,738)
12,682
-
(36,891)
(19,807)
(69,296)
(157,680)

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2021

Cash and cash equivalents
Bank overdrafts
Year ended 31 March 2020
Cash and cash equivalents
Bank overdrafts		 31.3.21
£
1,397
(55,248)
(53,851)
31.3.20
£
28,612
(537)
28,075		 1.4.20
£
28,612
(537)
28,075
1.4.19
£
155,163
-
155,163

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_________________

1. ACCOUNTING POLICIES

Basis of preparation and assessment of going concern

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2017)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’; and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of land and buildings.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

In the opinion of the Trustees there ae no major judgemental or estimation matters affecting the accounts. An important matter requiring an element of judgement relates to the recognition of income. Income is recognised in an accounting period in accordance with the stage of completion of a project based on the direct and apportioned costs incurred, which requires certain judgements and estimates.

Fund accounting

Income

Income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

1. ACCOUNTING POLICIES continued

Tangible fixed assets

Fixed assets are shown in the balance sheet at historic cost, or in the case where fixed assets have been donated at valuation at the time of acquisition, and are depreciated at rates sufficient to write off each asset over its estimated useful life.

Freehold property - not depreciated Plant & machinery - 5 years Fixtures and fittings - 4 years

The freehold property is not depreciated as the estimated residual value is such to make any depreciation immaterial. This is a departure from the requirements of the Companies Act 2006 – true and fair view override.

Investment properties

Investment properties are stated at fair value. Any surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities

Heritage assets

If the charity receives any heritage assets by way of donation, it is policy to capitalise these in the balance sheet. If a value is known or easy to obtain, then this will be the cost. It is the charity’s policy to maintain these assets in a steady state of repair. Due to their historic nature, the Trustees do not therefore consider it appropriate to charge depreciation on these assets. Expenditure on these assets is recognised in the Statement of Financial Activities as it is incurred.

The charity holds two assets of historical importance. These were donated several years ago and have never had a value placed on them, as due to their nature it is difficult to determine a value. See note 10.

Stocks and work in progress

Work in progress is included at the cost to date.

The value of the cost of publications is written off in the year of publication. The value of any stock of books is ignored for the purposes of these accounts.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

Pension costs and other post-retirement benefits

The Trust has a Pension Scheme based on a money purchase policy through Standard Life for eligible employees and contributions are charged to the Statement of Financial Activities as they become payable.

Leasing and hire purchase commitments

Assets under hire purchase contracts and finance leases are capitalised as tangible assets and are depreciated over their useful lives . Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Operating Leases

Rentals paid under operating leases are charged on a straight line basis over the term of the lease.

Financial instruments

Basic financial assets and liabilities are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

2. DONATIONS AND LEGACIES

General donations
Legacy
Heritage Open Day		 Unrestricted
Funds
2021
£
2,476
-
2,341
4,817		 Restricted
Funds
2021
£
-
-
-
-		 Total
Funds
2021
£
2,476
-
2,341
4,817		 Total
Funds
2020
£
11,294
-
12,825
24,119

3. OTHER TRADING INCOME

Archaeology outside Lincolnshire
Publications
Membership
Miscellaneous		 Unrestricted
Funds
2021
£
196,586
2,130
4,374
6,979
210,069		 Restricted
Funds
2021
£
-
-
-
-
-		 Total
Funds
2021
£
196,586
2,130
4,374
6,979
210,069		 Total
Funds
2020
£
200,418
1,723
4,370
3,426
209,937

4. INVESTMENT INCOME

Rents received
Interest received		 Unrestricted
Funds
2021
£
3,150
-
3,150		 Restricted
Funds
2021
£
-
-
-		 Total
Funds
2021
£
3,150
-
3,150		 Total
Funds
2020
£
1,800
-
1,800

5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Archaeology within Lincolnshire
HMRC CJRS
Grants
RPA
Boston Borough Council
North Kesteven District Council
South Kesteven District Council
Carried forward		 Unrestricted
Funds
2021
£
317,269
137,011
1,204
9,360
24,080
16,800
505,724		 Restricted
Funds
2021
£
-
-
-
-
-
-
-		 Total
Funds
2021
£
317,269
137,011
1,204
9,360
24,080
16,800
505,724		 Total
Funds
2020
£
322,349
-
293
9,360
24,080
16,800
372,882

-18-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

_________________

5. INCOME RESOURCES FROM CHARITABLE ACTIVITIES

Brought forward
Property Management
Projects
Administration & Business Planning
Alive Church Lincoln
Aurora Wellbeing
Black Sluice I D B
Boston Cemetery consultancy
Boston Hanse HLF evaluation
Boston Heritage Trail
Boston Sessions House
Boston Town Deal
Boston Visit
Bulwell Hall Nottingham
Caistor Co-op
Conservation consultancy BBC
Covid recovery fund
East Lindsey Town Deal
Fydell House
G.R.O.W.
Grantham Trump
Greyfriars, Lincoln
Heritage @Risk Solutions
Heritage Skills
Heritage Stewards
HES website
Holbeach Cemetery Chapel
HOLTOPS
Holy Trinity Tattershall
HTL Volunteer 500
Isle of Axholme
Kirton – Old King’s Head
Layers of History
Lincolnshire Extensive Urban Survey
Lincolnshire Long Barrow Programme
Lincs CC deposits
NKDC Heritage Strategy
Nottingham City Council
Nottingham Trent University
Carried forward		 Unrestricted
Funds
2021
£
505,724
19,273
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
524,997		 Restricted
Funds
2021
£
-
-
9,770
2,500
-
9,300
1,750
1,750
2,083
-
4,000
6,000
-
-
17,500
326,814
4,000
3,225
2,812
8,891
18,801
-
835
-
8,000
764
-
1,750
-
14,722
728,831
91,705
1,879
-
5,382
4,000
4,950
4,400
1,286,414		 Total
Funds
2021
£
505,724
19,273
9,770
2,500
-
9,300
1,750
1,750
2,083
-
4,000
6,000
-
-
17,500
326,814
4,000
3,225
2,812
8,891
18,801
-
835
-
8,000
764
-
1,750
-
14,722
728,831
91,705
1,879
-
5,382
4,000
4,950
4,400
1,811,411		 Total
Funds
2020
£
372,882
23,088
9,838
-
8,050
-
1,950
3,495
-
2,261
-
-
3,850
5,250
11,022
-
-
16,925
16,346
-
3,860
56,101
302
3,330
-
82
1,800
5,373
1,000
32,707
1,325,040
127,571
8,840
13,986
618
-
-
-
2,055,567

-19-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES continued

Brought forward
Petersons smokehouse
Resilient Heritage Fund
Saltmaking in Lincolnshire
Schools Visits & Clubs
Scrivelsby Church
Shodfriars
Sneath’s Mill
South Lincs Walking Festival
South Ormsby Estate
St Barnabas Nottingham
Swaffham HS
Temple Bruer
The Mills Heritage Open Day
Townscape Heritage Boston
Watsons Yard Horncastle
Wisbech Townscape workshop
Wolds Walking Festival
Worksop Priory		 Unrestricted
Funds
2021
£
524,997
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
524,997		 Restricted
Funds
2021
£
1,286,414
-
-
-
4,000
1,200
-
-
208
962
-
-
-
1,970
39,304
-
-
-
6,600
1,340,658		 Total
Funds
2021
£
1,811,411
-
-
-
4,000
1,200
-
-
208
962
-
-
-
1,970
39,304
-
-
-
6,600
1,865,655		 Total
Funds
2020
£
2,055,567
10,000
7,950
295
6,623
2,500
4,250
1,600
20,986
2,937
6,355
4,000
375
-
50,743
3,975
428
13,348
6,300
2,198,232

Grants received, included in the above, are as follows:

Lincolnshire County Council
Boston Borough Council
East Lindsey District Council
North East Lincolnshire District Council
North Kesteven District Council
North Lincolnshire Council
South Holland District Council
South Kesteven District Council
West Lindsey District Council
DEFRA (Stewardship Scheme)		 Unrestricted
Funds
2021
£
-
9,360
-
-
24,080
-
-
16,800
-
1,204
51,444		 Restricted
Funds
2021
£
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2021
£
-
9,360
-
-
24,080
-
-
16,800
-
1,204
51,444		 Total
Funds
2020
£
45,561
71,353
2,825
16,000
25,580
32,765
2,000
16,800
2,550
293
215,727

-20-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

6. EXPENDITURE

Rent & Rates
Light & heat
Property repairs
Salaries
Subcontractors
Work in Progress
movement
HR & recruitment
Travel &
subsistence
Training
Materials &
supplies
Equipment Hire
Equipment repairs
& renewals
Motor expenses
Telephone
Printing, postage &
stationery
Subscriptions
Professional fees
Specialist fees
Insurance
Marketing
Sundry
Bad debts
Depreciation
Bank charges and
interest
Hire purchase
interest
Loan interest
Auditors’
remuneration
Management
charge- project
contribution		 Archaeology
outside
Lincolnshire
Grants and
Contributions
Archaeology
within
Lincolnshire
Projects
Un-Restricted
Projects
Restricted
Property
Management
Miscellaneous
Governance
Total
2021
Total
2020
£
£
£
£
£
£
£
£
£
£
275
522
445
-
-
124
-
-
1,366
3,444
-
6,790
-
-
1,718
-
-
-
8,508
7,610
-
-
-
-
9,118
-
7,180
-
16,298
10,030
153,440
460,319
238,684
-
-
-
-
-
852,443
885,789
-
-
-
-
-
-
-
-
-
-
(3,763)
-
(6,072)
-
15,352
-
-
-
5,517
(53,297)
147
3,676
237
-
-
-
-
-
4,060
6,274
1,825
1,019
2,945
260
289
38
-
-
6,376
20,075
119
1,225
191
-
-
-
-
-
1,535
4,452
2,287
845
3,690
671
748,165
-
-
-
755,658
1,105,348
25,196
3,353
40,660
30
-
-
-
-
69,239
53,659
284
412
459
-
-
-
-
-
1,155
4,766
3,970
-
6,406
-
-
-
-
-
10,376
13,931
845
1,191
1,363
-
31
-
-
-
3,430
3,362
1,469
(621)
2,371
4
-
-
-
-
3,223
23,620
3,745
18,139
6,045
349
-
-
-
-
28,278
23,129
16
7,456
26
-
-
340
-
-
7,838
4,565
6,386
9,672
10,304
3,557
105,053
8,236
-
-
143,208
240,280
1,924
7,956
3,105
-
14,780
378
-
-
28,143
24,490
179
337
288
-
13,341
-
-
-
14,145
26,405
2,750
11,320
4,438
1,638
1,208
41
-
-
21,395
24,677
6,013
-
9,702
-
-
-
-
-
15,715
15,000
3,467
6,407
5,596
-
-
-
-
-
15,470
12,682
-
2,918
-
-
-
-
-
-
2,918
2,892
656
-
1,058
-
-
-
-
-
1,714
1,863
-
5,812
-
-
-
-
-
-
5,812
15,940
-
-
-
-
-
-
-
3,700
3,700
3,840
-
(431,603)
-
-
431,603
-
-
-
-
-
211,230
117,145
331,941
6,509
1,340,658
9,157
7,180
3,700
2,027,520
2,484,826

-21-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

7. NET INCOME/EXPENDITURE

Net resources are stated after charging:

et resources are stated after charging:
2021 2020
£ £
Auditors’ remuneration 3,700 3,840
Depreciation – owned assets 8,809 6,021
Depreciation – assets on finance lease 6,661 6,661

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2021
£
751,748
64,904
35,791
852,443		 2020
£
786,996
61,967
36,826
885,789

The average number of employees, full and part time, during the year was as follows:

Chief Executive
Project workers
Finance
Administration and support		 2021
Number
1
27
2
4
34		 2020
Number
1
30
2
4
37

The Trust considers its key management personnel to comprise the Trustees, the Chief Executive officer and four senior managers. The total employment benefits, including pension contributions of the key management personnel were £249,939 (2020: £214,372).

No employee received emoluments of more than £60,000.

9. TRUSTEES’ REMUNERATION AND BENEFITS

There were no Trustees’ remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

-22-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

10. TANGIBLE FIXED ASSETS

Cost
At 1 April 2020
Additions
Disposals
Transfer
At 31 March 2021
Depreciation
At 1 April 2020
Charge for year
Re disposals
Transfer
At 31 March 2021
Net Book Value
At 31 March 2021
At 31 March 2020		 Investment
Properties
Land and
Building
Used by
Charity
Motor
Vehicles
Plant and
machinery
Fixtures
and
fittings
Total
£
£
£
£
£
£
255,000
295,000
26,645
37,224
134,440
748,309
-
-
-
12,165
4,281
16,446
-
-
-
(1,350)
-
(1,350)
-
-
-
-
-
-
255,000
295,000
26,645
48,039
138,721
763,405
30,186
-
9,261
37,022
114,247
190,716
-
-
6,661
1,317
7,492
15,470
-
-
-
(1,350)
-
(1,350)
-
-
-
-
-
-
30,186
-
15,922
36,989
121,739
204,836
224,814
295,000
10,723
11,050
16,982
558,569
224,814
295,000
17,384
202
20,193
557,593

Included in the net book value of £558,569 (2020: £557,593) is £10,723 (2020: £17,384) of assets held under finance lease or hire purchase contracts.

The Old School property at Heckington was valued at market value of £295,000 by Tony Gravel, Banks Long & Co on 27 January 2018. Investment properties comprise Mill Hill Cottage £124,814 held at valuation performed in January 2005 by Turner, Evans and Stevens and £100,000 for the historic property the Old King’s Head, Kirton. The Old Kings Head was acquired in 2016 and this was funded by a £100,000 loan from the Architectural Heritage Fund.

The Old King’s Head is vacant and in a very poor condition. A grant has been received from the National Lottery Heritage Fund to develop plans for its restoration. The costs of refurbishment are being recognised in the Statement of Financial Activities as a restricted project cost. The refurbishment costs have not been capitalised as part of the asset.

The Charity intends to fundraise for the full restoration of the Old King’s Head and the costs of this are expected to significantly exceed the market value of the property on completion. At this stage the Charity plans to repay the Architectural Heritage Fund loan by taking out a commercial mortgage on the property. The project is expected to take approximately four years to complete.

The Trustees have completed an annual assessment of their properties as required by FRS102 and do not consider that the value of the properties have changed sufficiently in the period to warrant any change in the valuation contained within the accounts.

-23-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

11. HERITAGE ASSETS

The charity holds two assets of historical importance – Holbeach Bunker and Tupholme Abbey.

Tupholme Abbey, which is classed as a Scheduled Ancient Monument, was originally transferred from Lincolnshire County Council in 1991 at a Nil value.

The Holbeach Bunker, a R.O.C. Monitoring Post, was transferred to the Trust by Nicholas Lane in 2001 at a Nil value.

Unquoted investments

At Cost 2021 2020
£ £
HTL Enterprises Ltd – 1 ordinary share of £1
nil		 nil

The charity owns the whole of the issued share capital being 1 ordinary subscriber share of £1 issued at par. The intercompany accounts is shown in debtors.

The financial results were as follows: Summary Profit and Loss Account:

2021
£
Turnover
-
Costs
22,837
Operating Profit / (loss)
(22,837)
Gift Aid to Blackfriars Arts Centre Ltd
-
Profit / (Loss) Absorbed
(22,837)
The shareholders' funds at the end of the year were
(22,836)
12.
STOCKS AND WORK IN PROGRESS
2021
£
Work in progress
364,690
Provision against recoverability
(30,000)
334,690
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Trade debtors
225,344
Other debtors and taxes
93,364
HTL Enterprises Ltd
31,009
349,717		 2020
£
-
-
-
-
-
-
2020
£
184,955
(15,000)
169,955
2020
£
101,353
123,421
-
224,774

-24-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts
Trade creditors
Social security and other taxes
Obligations under finance leases and hire purchase contracts
Other creditors
Deferred income
Deferred income is analysed below:
AHF Development Trust
Boston Borough Council
Conservation Consultancy
G.R.O.W.
Holbeach Cemetery Chapel
Layers of History
Lincs CC deposit
Little Steeping
OKH Celebrate
Old King’s Head
Prepaid donations
Property management
Schools Club
South Lincs Walking Festival
The Mills Heritage Open Days Projects
Tupholme – Survey and Repairs
Deferred income at 1 April 2020
Released from previous accounting periods
Income deferred in the current year
Deferred income at 31 March 2021		 2021
£
69,557
248,401
16,963
6,635
20,384
56,841
418,781
2021
£
29,827
1,149
5,578
-
-
10
-
450
270
-
3,410
3,689
3,994
4,116
-
4,348
56,841
68,116
(42,532)
31,257
56,841		 2020
£
5,384
161,572
15,266
9,512
13,420
68,116
273,270
2020
£
-
-
5,578
2,085
763
-
5,382
450
-
26,351
3,410
5,461
7,994
4,324
1,970
4,348
68,116
222,957
(164,788)
9,947
68,116

-25-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

15. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Bank loans
Obligations under finance leases and hire purchase contracts
The Architectural Heritage Fund loan
LEAP loan		 2021
£
149,558
2,668
198,771
63,000
413,997		 2020
£
113,868
9,372
166,000
63,000
352,240

The Architectural Heritage Fund loan is repayable up to 48 months from initial drawdown, at an interest rate of 6.5% per annum.

The bank loan is repayable over 20 years at an interest rate of 4.96%.

The LEAP loan is repayable after 5 years at an interest rate of Bank of England base rate plus 2%.

16. BANK LOANS

Within one year
Between one and two years
Between two and five years
More than five years
ECURED CREDITORS
Bank loans
Obligations under finance leases and hire purchase contracts
The Architectural Heritage Fund loan
LEAP loan		 2021
£
14,309
15,401
47,840
285,088
362,638
2021
£
219,115
9,303
198,771
63,000
490,189		 2020
£
4,847
5,142
16,994
257,732
284,715
2020
£
119,252
18,884
166,000
63,000
367,136

17. SECURED CREDITORS

The Architectural Heritage Fund loan is secured on the property being financed by the loan.

The LEAP loan is secured on the property being financed by the loan.

The bank loan is secured on the properties owned by the Charity.

The hire purchase contracts are secured against the asset for which they provided the original finance.

-26-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

18. PENSION SCHEME

The Trust operates a Pension Scheme provided by Standard Life. The Trusts costs are the equivalent of 5% of Qualifying Members’ Pay. At 31 March 2021 there were 34 (2020: 37) members of staff eligible under the scheme rules for inclusion in the scheme. The total pension costs for the year was as follows:

2021 2020
£ £
Standard Life 35,791 36,826

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Current Assets
Total Liabilities
Net assets at 31 March 2021		 Unrestricted
Funds
£
558,569
685,691
(832,778)
411,482		 Restricted
Funds
£
-
113
-
113		 Total
Funds
£
558,569
685,804
(832,778)
411,595

20. MOVEMENT IN FUNDS

Unrestricted funds
General reserve
Revaluation reserve
Designated funds
Building preservation reserve
Legacy reserve
Total Unrestricted and
Designated funds		 At
1 April
2020
£
6,012
159,864
83,008
106,427
355,311		 Incoming
Resources
£
743,033
-
-
-
743,033		 Outgoing
Resources
£
686,862
-
-
-
686,862		 Transfer
£
-
-
-
-
-		 At
31 March
2021
£
62,183
159,864
83,008
106,427
411,482

-27-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

20. MOVEMENT IN FUNDS continued

At 1 April Incoming Outgoing Resources Project At 31 March
2020 Resources Direct Transfer Contribution 2021
£ £ £ £ £ £
Restricted funds
Administration & Business Planning - 9,770 4,000 - 5,770 -
Black Sluice - 9,300 - - 9,300 -
Bolingbroke Moat 113 - - - - 113
Boston Hanse HLF evaluation - 1,750 - - 1,750 -
Boston Visit - 6,000 - - 6,000 -
Boston cemetery consultancy - 1,750 - - 1,750 -
Boston Heritage Trail - 2,083 - - 2,083 -
Boston Town Deal - 4,000 - - 4,000 -
East Lindsey Town Deal - 4,000 - - 4,000 -
Alive Church, Lincoln - 2,500 - - 2,500 -
Conservation Consultancy - 17,500 - - 17,500 -
Covid Recovery Fund - 326,814 151,217 - 175,597 -
Nottingham CC - 4,950 - - 4,950 -
Nottingham Trent University - 4,400 - - 4,400 -
NKDC Heritage Strategy - 4,000 - - 4,000 -
Fydell House - 3,225 - - 3,225 -
Grantham Trump - 8,891 - - 8,891 -
Greyfriars Lincoln - 18,801 192 - 18,609 -
G.R.O.W. - 2,812 2,812 - - -
Heritage Skills - 835 - - 835 -
Holbeach Cemetry Chapel - 764 1 - 763 -
Holy Trinity Tattershall - 1,750 - - 1,750 -
Isle of Axholme - 14,722 - - 14,722 -
Kirton-OKH - 728,831 703,679 - 25,152 -
Layers of History - 91,705 35,177 - 56,528 -
H.E.S. Website - 8,000 - - 8,000 -
Lincs CC Deposits - 5,382 5,382 - - -
Lincoln Extensive Urban - 1,879 - - 1,879 -
Schools Visits & Clubs - 4,000 4,000 - - -
Scrivelsby Church - 1,200 - - 1,200 -
South Lincs Walking Festival - 208 208 - - -
South Ormsby Estate - 962 - - 962 -
The Mills Heritage Open Day - 1,970 1,970 - - -
Townscape Heritage Boston - 39,304 417 - 38,887 -
Worksop Priory - 6,600 - - 6,600 -
Total Restricted funds 113 1,340,658 909,055 - 431,603 113
Total Funds 355,424 2,083,691 1,595,917 - 431,603 411,595

-28-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

_________________

21. RELATED PARTY DISCLOSURES

The Charity has a close working relationship with the local authorities in Lincolnshire, the area in which it conducts its c haritable activities. This includes having representation on the Heritage Trust of Lincolnshire Advisory and Liaison Committee. These organisations provide funding which has been included within the financial statements as ‘Incoming resources from charitable activities’.

Heritage Trust of Lincolnshire owns the whole of the issued share capital of HTL Enterprises Ltd. The company’s principal activity will be hospitality. HTL Enterprises will lease the property on completion of the Old King’s Head refurbishment project at market value from Heritage Trust of Lincolnshire. Costs incurred on behalf of HTL Enterprises Ltd amount to £39,010 (2020: £658.55).

22. APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

23. SUBSEQUENT EVENTS

During the year to 31[st] March 2021 the charity was bequeathed a property on High Street, Tattershall, with an estimated value of £245,000 - £270,000. As the probate was not completed before the year end the property’s title did not transfer to the charity until the following year. The property will therefore be accounted for in the accounts to 31[st] March 2022.

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HERITAGE TRUST OF LINCOLNSHIRE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

___________
INCOMING RESOURCES
Voluntary income
Various donations
Legacy
Activities for generating funds
Archaeology outside Lincolnshire
Publications
Membership
Miscellaneous
Investment income
Rent received
Deposit account interest
Incoming resources from charitable activities
Archaeology within Lincolnshire
Grants
Projects
Property Management
HMRC JRS
Total incoming resources
RESOURCES EXPENDED
Rent & rates
Light & heat
Property repairs
Salaries
Subcontractors
Work in Progress movement
HR & recruitment
Travel & subsistence
Training
Materials & supplies
Equipment hire
Equipment repairs & renewals
Motor expenses
Telephone
Printing, postage & stationery
Subscriptions
Professional fees
Specialist fees
Insurance
Marketing
Sundry
Bad debts
Depreciation
Bank charges and interest
Hire purchase interest
Loan interest
Auditors’ remuneration
Total resources expended
Net (deficit)/surplus		 __
2021
£
4,817
-
196,586
2,130
4,374
6,979
3,150
-
317,269
51,444
1,340,658
19,273
137,011
2,083,691
1,366
8,508
16,298
852,443
-
5,517
4,060
6,376
1,535
755,658
69,239
1,155
10,376
3,430
3,223
28,278
7,838
143,208
28,143
14,145
21,395
15,715
15,470
2,918
1,714
5,812
3,700
2,027,520
56,171		 ____
2020
£
24,119
-
200,418
1,723
4,370
3,426
1,800
-
322,349
50,533
1,802,262
23,088
-
2,434,088
3,444
7,610
10,030
885,789
-
(53,297)
6,274
20,075
4,452
1,105,348
53,659
4,766
13,931
3,362
23,620
23,129
4,565
240,280
24,490
26,405
24,677
15,000
12,682
2,892
1,863
15,940
3,840
2,484,826
(50,738)

This page does not form part of the statutory financial statements.

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