## **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| -1- ## **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 -2- ## **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 -3- **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.|| -4- ## **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: - To advance the education of the public in all matters relating to the County of Lincolnshire with particular regard to its social history, physical and cultural heritage, archaeology, architecture, traditions, skills and landscapes. - To preserve, or investigate for the public benefit, buildings and other features of historical, architectural, archaeological and environmental interest. The Trust has adopted the following **Mission Statement:** - The Heritage Trust of Lincolnshire is established to advance public understanding, knowledge and appreciation of all matters relating to the cultural and physical heritage of Lincolnshire with particular regard to its archaeology and architecture with their associated landscapes, and natural environments, social history and traditional skills, and to promote their preservation and continuity for public enjoyment. 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; - 2) Archaeology; 3) Heritage Led Regeneration: and - 4) Charitable Resources and Capacity. 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. -5- **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** - i. The Chief Executive Officer and the Senior Management Team have worked closely together to manage finances and obtaining significant funding for the trust during the pandemic. We had a successful bid to the Culture Recovery Fund which was administered by the National Lottery Heritage Fund. - ii. Heritage Lincolnshire’s President Lord Cormack has been assisting the organisation greatly in enhancing its profile within Lincolnshire. - iii. Our annual programme of events has been affected by the pandemic and many events have been postponed to 2021. The Heritage Open Days programme in September continued this year despite a drop in bookings, there were over 150 events throughout the festival. - iv. Volunteering opportunities with Heritage Lincolnshire, due to the pandemic, have reduced this year. We have plans for many volunteer opportunities, including tour guiding for the Old Kings Head.. - v. Our digital talks programme has been successful and we have had participants not only from all over the UK but internationally from France and America. - vi. The Trust’s work in heritage led regeneration continues to be in demand and we have been recognised as the most active and effective building preservation trust within the East Midlands. Our Heritage at Risk Solutions Officer, funded in part by Historic England, has allowed Heritage Lincolnshire to expand the level of mentoring and support that it offers to community organisations both within Lincolnshire and throughout the East Midlands. Within Lincolnshire this has included projects in Caistor, Cleethorpes, Scrivelsby, Heckington and Boston. - vii. The restoration project at the Old King’s Head in Kirton is in completion stage of the transformation into a 4* B&B and café, encouraging more visitors to this area of the County, following 3 years of fundraising and project development. Our new restoration project, Greyfriars Lincoln, is in the development stage. -6- ## **HERITAGE TRUST OF LINCOLNSHIRE** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** **_____________________________________________________________________________________________________** ## **ACHIEVEMENTS AND PERFORMANCE continued** ## **4. Summary of achievements continued** - viii. Our archaeologists (APS) have continued to work within Lincolnshire and further afield, offering professional archaeological services to commercial clients. This income has allowed the Trust to reinvest in the team and in the continued professional development of our staff. The study of Long Barrow monuments within Lincolnshire is now almost completed and a report will be published shortly on the survival of these Neolithic structures, giving us further information on the prehistoric landscape of the County. A new publication has also been produced on ‘A Millennium of Salt-making: Prehistoric and Romano-British Salt Production in Fenland Lincolnshire.’ - ix. The Trustees of the Heritage Trust of Lincolnshire recognise and acknowledge that all of the Trust’s achievements are the result of the hard work, enthusiasm and skills of its staff and volunteers and they offer their thanks for their continued commitment to the Trust and its objectives. ## **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. -7- **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**| -8- ## **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 - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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** -9- ## **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: - give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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: - the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **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: - the information given in the trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements. -10- ## **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: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; - the financial statements are not in agreement with the accounting records and returns; - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not obtained all the information and explanations necessary for the purposes of our audit. ## **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** -11- ## **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. -12- ## **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 -13- ## **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| -14- ## **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| -15- **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** - Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the trust. - Designated funds are unrestricted funds earmarked by the Trustees for a particular purpose. - Restricted funds are subject to the restrictions on their expenditure imposed by the donor. Expenditure that meets these criteria is charged to the fund. ## **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: - Donations and legacies are accrued for when received. - Grant income is recognised as the Trust becomes unconditionally entitled to the grant. Where the Charity is not unconditionally entitled to the income as at the balance sheet date the income is shown as deferred income in the balance sheet until any performance conditions are met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. ## **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. - Expenditure on raising funds comprise those costs associated with field archaeology and project funding activities. - Costs of charitable expenditure comprise those costs incurred by the Trust in the delivery of its activities and services in the furtherance of its principal activities and include both direct and indirect costs. - Other costs include those costs associated with meeting the constitutional and statutory requirements of the charity. - Support costs relating to charitable activities have been apportioned to projects based on management’s estimate of the level of support costs required and incurred by each project. -16- ## **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. -17- ## **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. -29- ## **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. -30-