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2022-03-31-accounts

HERITAGE TRUST OF LINCOLNSHIRE

(A Company Limited by Guarantee)

TWENTY NINTH

ANNUAL REPORT AND ACCOUNTS

31 MARCH 2022

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

HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

_________________

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 2022 12
Balance Sheet at 31 March 2022 13
Cash Flow Statement 14 - 15
Notes to the Financial Statements 16 - 28
Detailed Statement of Financial Activities for the year ended 31 March 2022 29

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

_________________

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 2021/2022

Michael Ashton (Chairman) (Non-Executive Director) Resigned 30.11.22 Caroline Bingham (Non-Executive Director) Andrew Clark (Non-Executive Director) Anne Coltman (Non-Executive Director) Francis Dymoke (Non-Executive Director) Resigned 30.11.22 Simon Erskine Crum (Non-Executive Director) Julian Free (Non-Executive Director) Charles Pinchbeck (Vice Chairman) (Non-Executive Director) Chairman from 30.11.22 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 2022

_________________

The Advisory & Liaison Committee

There were no meetings of the Advisory and Liaison Committee in the year to 31 March 2022.

The Buildings Advisory Committee

Mrs A Coltman (Committee Chairman) The Board of Management

Mr P Herbert Accountant Mrs J Howard Local Historian Mr P Thompson Quantity Surveyor Mr E Wreglesworth Estate Agent Ms E Eales Heritage Manager - ELDC In attendance: Mr M Bentley Conservation Project Manager M M Gilbert Project Manager (Conservation and Heritage) Mrs C Davey Project Officer (Historic Sites and Projects)

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

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 2022. 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 2022

_________________

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 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 2018-2023 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 2022

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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 development stage for the restoration of Greyfriars, Lincoln, in partnership with the City of Lincoln Council; Lincolnshire Local Listing Project; The Harlequin complex of buildings and the Town Deal regeneration projects in Boston, Skegness, Mablethorpe and Lincoln. Funding for these projects has been received from the National Lottery Heritage Fund, Architectural Heritage Fund, and the Pilgrim 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 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 2022

_________________

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 increased by 7% since 2020/21 but the current year’s incoming resources include the donation of a property valued at £245,000. If this is excluded, incoming resources have decreased by 4%. Expenditure has decreased by 8%. 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 charity’s 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 29.

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 2022, the charity had unrestricted reserves of £1,103k (2020/1 £411k) of which £778k (2020/1: £243k) comprises designated funds and unrealised gains on the revaluation of properties owned by the charity.

The Trustees’ continually review and update the financial risks with 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 £480k in available unrestricted reserves and as at 31 March 2022 we need to accumulate a further £400k to meet the £480k level set by our own policy. However, as at 31 March 2022, there are restricted funds of £146k which are available for the ongoing servicing of projects, including the payment of salaries. The reserves 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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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

HERITAGE TRUST OF LINCOLNSHIRE

_________________

Income and Grants from local and national organisations for the Financial Year ending 31 March 2022

Source 2021/22 2020/21
Architectural Heritage Fund 55,670 54,827
Alive Church - 2,500
Bain ValleyGroup 5,040 -
Bergne-Coupland Trust 2,000 2,000
Birmingham Jewellery Quarter 3,000 -
Boson Borough Council 170,157 103,579
Boston District ArchaeologyIAS 1,709 -
Boston Preservation Trust - 300
Bourne Arts and CommunityTrust 3,913 -
Bourne Town Hall 3,975 -
CentenaryMethodist Church 3,685 -
Cityof Lincoln Council 40,639 -
Co-Operative Society - 1,425
East LindseyDistrict Council 18,667 5,963
English Heritage 15,420 12,720
Environment Agency - 9,300
HeadleyTrust 7,500 -
Heart of Hastings 813 -
Historic England 15,800 -
Lincolnshire CountyCouncil 77,127 12,714
MembershipSubscriptions 5,598 4,374
Mount Zion Apolistic Church 4,145 -
National LotteryHeritage Fund 480,543 922,268
North Kesteven District Council 25,080 29,080
North East Lincolnshire Council 32,423 1,000
North Lincolnshire Council 22,962 14,722
Nottinghamshire CityCouncil 14,850 4,950
Nottingham Trent University - 4,400
Our BigPicture 1,987 -
StSwithin’s PCC - 450
South Holland District Council 1,000 1,200
South Kesteven District Council 19,125 25,961
VESR(Visitor Economy,Services and Retail Group) 3,750 -
WorksopPrioryand Gatehouse CommunityTrust 2,000 6,600
1,038,578 1,220,333

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HERITAGE TRUST OF LINCOLNSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

_________________

STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees (who are also the directors of Heritage Trust of Lincolnshire for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, 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

……………………………………….

Charles Pinchbeck, Chairman

26 January 2023

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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 2022

_________________

Opinion

We have audited the financial statements of Heritage Trust of Lincolnshire (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 23 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 2022

_________________

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company'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 charitable company 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have enquired of those charged with governance around actual and potential litigation and claims.

We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of noncompliance with laws and regulations.

We have audited the risk of management override of controls, including review of journal entries and large or unusual transactions, evaluating the rationale of any significant transactions outside the normal charitable activities.

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 Report of the Independent Auditors.

Nicola Lenton (Senior Statutory Auditor) for and on behalf of Dexter & Sharpe Audit Services Ltd (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ

Date: 26 January 2023

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HERITAGE TRUST OF LINCOLNSHIRE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

_________________

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
21
Total funds carried forward		 Unrestricted
Funds
2022
£
251,503
245,910
3,600
803,472
1,304,485
188,812
882,378
76,980
1,148,170
156,315
535,000
691,315
411,482
1,102,797		 Restricted
Funds
2022
£
522
3,284
-
927,785
931,591
-
785,881
-
785,881
145,710
-
145,710
113
145,823		 Total
Funds
2022
£
252,025
249,194
3,600
1,731,257
2,236,076
188,812
1,668,259
76,980
1,934,051
302,025
535,000
837,025
411,595
1,248,620		 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

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 2022

_________________

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
21
Restricted funds
Unrestricted funds:-
General funds
Designated funds:-
Building preservation reserve
Legacy reserve
Revaluation reserve
Total Charity funds		 £
393,211
315,520
28,736
737,467
444,431		 2022
£
382,531
969,814
-
1,352,345
293,036
(396,761)
1,248,620
145,823
46,633
83,008
278,292
694,864
1,248,620		 £
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

The financial statements were approved by the Board of Trustees on 26 January 2023 and were signed on its behalf by:

Charles Pinchbeck, Chairman

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HERITAGE TRUST OF LINCOLNSHIRE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

_________________

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		 2022
£
81,875
(36,142)
45,733
189,000
(145,476)
-
(6,670)
36,854
82,587
(53,851)
28,736		 2021
£
(133,822)
(16,446)
(150,268)
82,771
(4,848)
-
(9,581)
68,342
(81,926)
28,075
(53,851)

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

_________________

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
Unrealised profit on revaluation
Value of donated property
(Increase) in stocks
Decrease/(Increase) in trade and other debtors
Increase in trade and other creditors
Net cash (used in) inflow from operating activities		 2022
£
837,025
22,366
(535,000)
(245,000)
(58,521)
34,197
26,808
81,875		 2021
£
56,171
15,470
-
-
(164,735)
(124,943)
84,215
(133,822)

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 2022

Cash and cash equivalents
Bank overdrafts
Year ended 31 March 2021
Cash and cash equivalents
Bank overdrafts		 31.3.22
£
2,789
25,947
28,736
31.3.21
£
1,397
(55,248)
(53,851)		 1.4.21
£
1,397
(55,248)
(53,851)
1.4.20
£
28,612
(537)
28,075

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HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_________________

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 2022

_________________

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 straight line Fixtures and fittings - 4 years straight line Motor vehicles - 4 years straight line

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 11.

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 2022

_________________

2. DONATIONS AND LEGACIES

General donations
Gift Aid
Legacy
Heritage Open Day		 Unrestricted
Funds
2022
£
6,483
20
245,000
-
251,503		 Restricted
Funds
2022
£
20
-
-
502
522		 Total
Funds
2022
£
6,503
20
245,000
502
252,025		 Total
Funds
2021
£
2,476
-
2,341
4,817

3. OTHER TRADING INCOME

Archaeology outside Lincolnshire
Publications
Membership
Miscellaneous
VESTMENT INCOME
Rents received
Interest received		 Unrestricted
Funds
2022
£
217,731
1,552
5,598
21,029
245,910
Unrestricted
Funds
2022
£
3,600
-
3,600		 Restricted
Funds
2022
£
-
136
-
3,148
3,284
Restricted
Funds
2022
£
-
-
-		 Total
Funds
2022
£
217,731
1,688
5,598
24,177
249,194
Total
Funds
2022
£
3,600
-
3,600		 Total
Funds
2021
£
196,586
2,130
4,374
6,979
210,069
Total
Funds
2021
£
3,150
-
3,150

4. INVESTMENT INCOME

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
2022
£
736,127
-
-
9,360
24,080
16,800
786,367		 Restricted
Funds
2022
£
-
-
-
-
-
-
-		 Total
Funds
2022
£
736,127
-
-
9,360
24,080
16,800
786,367		 Total
Funds
2021
£
317,269
137,011
1,204
9,360
24,080
16,800
505,724

-18-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

_________________

5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Brought forward
Property Management
Projects
AHF Development Trusts
Birmingham Jewellery Quarter D’ment
Black Sluice I D B
Boston Town Deal
Centenary Methodist Church, Boston
Conservation consultancy BBC
Covid recovery fund
East Lindsey Town Deal
Fydell House
Greyfriars, Lincoln
Grimsby Viking Festival
The Harlequin
Isle of Axholme
Layers of History
Local Listing Project
Mount Zion, Nottingham
NHLF Covid Recovery Fund
Old King’s Head, Kirton
Outreach to Ownership
Scrivelsby Church
Townscape Heritage Initiative, Boston
Other projects		 Unrestricted
Funds
2022
£
786,367
19,273
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,168)
803,472		 Restricted
Funds
2022
£
-
-
29,947
3,000
1,050
73,730
3,685
26,578
36,751
42,626
5,670
53,704
3,750
20,375
24,886
-
53,001
4,145
126,535
226,200
3,646
14,048
45,940
128,518
927,785		 Total
Funds
2022
£
786,367
19,273
29,947
3,000
1,050
73,730
3,685
26,578
36,751
42,626
5,670
53,704
3,750
20,375
24,886
-
53,001
4,145
126,535
226,200
3,646
14,048
45,940
126,350
1,731,257		 Total
Funds
2021
£
505,724
19,273
-
-
9,300
4,000
-
17,500
326,814
4,000
3,225
18,801
-
-
14,722
91,705
-
-
-
728,831
-
1,200
39,304
81,256
1,865,655

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

Boston Borough Council
North Kesteven District Council
South Kesteven District Council
DEFRA (Stewardship Scheme)		 Unrestricted
Funds
2022
£
9,360
24,080
16,800
-
50,240		 Restricted
Funds
2022
£
-
-
-
-
-		 Total
Funds
2022
£
9,360
24,080
16,800
-
50,240		 Total
Funds
2021
£
9,360
24,080
16,800
1,204
51,444

-19-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

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
Provision for
doubtful debt		 Archaeology
outside
Lincolnshire
Grants and
Contributions
Archaeology
within
Lincolnshire
Projects
Un-Restricted
Projects
Restricted
Property
Management
Miscellaneous
Governance
Total
2022
Total
2021
£
£
£
£
£
£
£
£
£
£
171
1,292
549
-
84
99
-
2,195
1,366
-
6,475
-
148
5,819
-
-
12,442
8,508
-
6,471
-
-
-
-
6,471
16,298
136,549
201,171
437,875
377,375
-
-
-
1,152,970
852,443
-
-
-
-
-
-
-
-
-
(1,379)
-
(4,420)
-
(17,527)
-
-
(23,326)
5,517
118
3,066
380
-
369
-
-
3,933
4,060
4,762
375
15,270
2,942
5,404
82
-
28,835
6,376
47
4,827
152
-
1,485
-
-
6,511
1,535
1,776
3,713
5,694
246
240,896
60
-
252,385
755,658
31,015
12,543
99,456
89
3,293
-
-
146,396
69,239
175
9,550
563
-
1,784
-
-
12,072
1,155
2,573
1,589
8,250
-
-
-
-
12,412
10,376
710
4,293
2,278
-
-
-
-
7,281
3,430
923
509
2,960
1,019
11,533
-
-
16,944
3,223
1,904
14,186
6,105
1,772
483
-
-
24,450
28,278
10
8,916
32
2,353
67,240
-
-
78,551
7,838
1,784
(1,658)
5,720
-
5,044
5,294
-
16,184
143,208
1,349
7,384
4,326
3,424
993
300
-
17,776
28,143
539
805
1,728
200
5,692
-
-
8,964
14,145
2,130
3,030
6,830
3,354
6,594
69
-
22,007
21,395
940
11,990
3,013
-
-
-
-
15,943
15,715
2,409
12,233
7,724
-
-
-
-
22,366
15,470
-
4,967
-
-
133
-
-
5,100
2,918
307
447
983
-
-
-
-
1,737
1,714
-
6,472
-
-
-
-
-
6,472
5,812
-
-
-
-
-
-
-
3,845
3,845
3,700
-
(324,646)
-
(121,916)
446,562
-
-
-
-
-
-
-
-
-
-
-
73,135
-
73,135
-
188,812
-
605,468
271,006
785,881
5,904
73,135
3,845
1,934,051
2,027,520

-20-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

7. NET INCOME/EXPENDITURE

Net resources are stated after charging:

et resources are stated after charging:
2022 2021
£ £
Auditors’ remuneration 3,845 3,700
Depreciation – owned assets 15,705 8,809
Depreciation – assets on finance lease 6,661 6,661

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
1,020,591
88,109
44,270
1,152,970		 2021
£
751,748
64,904
35,791
852,443

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

Chief Executive
Project workers
Finance
Administration and support		 2022
Number
1
35
2
4
42		 2021
Number
1
27
2
4
34

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 £265,025 (2021: £249,939).

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 2022 nor for the year ended 31 March 2021.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

-21-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

10. TANGIBLE FIXED ASSETS

Cost
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
Re disposals
Re revaluations
At 31 March 2022
Net Book Value
At 31 March 2022
At 31 March 2021		 Investment
Properties
Land and
Building
Used by
Charity
Motor
Vehicles
Plant and
machinery
Fixtures
and
fittings
Total
£
£
£
£
£
£
255,000
295,000
26,645
48,039
138,721
763,405
245,000
-
-
26,720
9,422
281,142
-
-
-
-
-
-
500,000
35,000
-
-
-
535,000
1,000,000
330,000
26,645
74,759
148,143
1,579,547
30,186
-
15,922
36,989
121,739
204,836
-
-
6,661
7,777
7,928
22,366
-
-
-
-
-
-
-
-
-
-
-
-
30,186
-
22,583
44,766
129,667
227,202
969,814
330,000
4,062
29,993
18,476
1,352,345
224,814
295,000
10,723
11,050
16,982
558,569

Included in the net book value of £1,352,345 (2021: £558,569) is £4,062 (2021: £10,723) 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. On 19 April, 2022, it was valued at £330,000 by J A Swithinbank. Investment properties comprise Mill Hill Cottage held at valuation of £124,814, performed in January 2005 by Turner, Evans and Stevens; the Old King’s Head, Kirton, valued at £600,000 by J A Swithinbank on 19 April 2022 and a cottage at 27 High Street, Tattershall, bequeathed to the Charity on 10 June 2021 and valued at £245,000 by Robert Bell & Company. The Old Kings Head was acquired in 2016 and this was funded by a £100,000 loan from the Architectural Heritage Fund. Prior to this year’s revaluation, the Old King’s Head was held at the value of the £100,000 acquisition.

When acquired, The Old King’s Head was in a very poor condition but has since been restored with the help of a grant received from the National Lottery Heritage Fund and fundraising by the Charity. The costs of refurbishment have been recognised in the Statement of Financial Activities as a restricted project cost. The refurbishment costs have not been capitalised as part of the asset.

At this stage the Charity plans to repay the Architectural Heritage Fund loan by taking out a commercial mortgage on the property.

-22-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

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 2022 2021
£ £
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:

2022
£
Turnover
104,614
Costs
199,479
Operating Profit / (loss)
(94,865)
Profit / (Loss) Absorbed
(94,865)
The shareholders' funds at the end of the year were
(117,701)
TOCKS AND WORK IN PROGRESS
2022
£
Work in progress
414,543
Provision against recoverability
(21,332)
393,211
EBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade debtors
264,907
Other debtors and taxes
50,613
HTL Enterprises Ltd
73,135
Provision for doubtful debt
(73,135)
315,520		 2021
£
-
22,837
(22,837)
(22,837)
(22,836)
2021
£
364,690
(30,000)
334,690
2021
£
225,344
93,364
31,009
-
349,717

12. STOCKS AND WORK IN PROGRESS

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

-23-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

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
Boston Town Deal
Conservation Consultancy
Covid Recovery Fund
HTL Volunteer 500
Layers of History
Legacies
Little Steeping
NLHF Covid Recovery Fund
OKH Celebrate
Outreach to Ownership
Prepaid donations
Property management
Schools Club
South Lincs Walking Festival
Tupholme – Survey and Repairs
Wolds Walking Festival
Deferred income at 1 April 2021
Released from previous accounting periods
Income deferred in the current year
Deferred income at 31 March 2022		 2022
£
72,401
149,262
92,933
2,633
27,575
99,627
444,431
2022
£
29,868
1,149
10,637
-
29,002
271
-
1,000
450
7,335
-
10,354
1,385
3689
-
-
4,348
139
99,627
56,841
(56,841)
99,627
99,627		 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

-24-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

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		 2022
£
134,990
-
198,771
63,000
396,761		 2021
£
149,558
2,668
198,771
63,000
413,997

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		 2022
£
72,401
214,417
40,404
78,940
406,162		 2021
£
14,309
15,401
47,840
285,088
362,638

17. SECURED CREDITORS

Bank loans
Obligations under finance leases and hire purchase contracts
The Architectural Heritage Fund loan
LEAP loan		 2022
£
207,391
-
198,771
63,000
469,162		 2021
£
219,115
9,303
198,771
63,000
490,189

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.

-25-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Net obligations repayable:
Within one year
Between one and five years
Net obligations repayable:
Within one year
Between one and five years
In more than five years		 Hire purchase contracts
2022
2021
£
£
2,633
6,635
-
2,668
2,633
9,303
Non-cancellable operating leases
2022
2021
£
£
7,777
-
31,108
-
8,425
-
47,310
-

19. 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 2022 there were 42 (2021: 34) members of staff eligible under the scheme rules for inclusion in the scheme. The total pension costs for the year was as follows:

Standard Life
20.
ANALYSIS OF NET ASSETS BETWEEN FUNDS		 2022
£
44,270		 2021
£
35,791
Tangible Fixed Assets
Current Assets
Total Liabilities
Net assets at 31 March 2022		 Unrestricted
Funds
£
1,352,346
425,177
(674,726)
1,102,797		 Restricted
Funds
£
-
369,498
(223,675)
145,823		 Total
Funds
£
1,352,346
794,675
(898,401)
1,248,620

-26-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

21. MOVEMENT IN FUNDS

Unrestricted funds
General reserve
Revaluation reserve
Designated funds
Building preservation reserve
Legacy reserve
Total Unrestricted and
Designated funds
Restricted funds
Donations & legacies
Other trading activities
Projects:
AHF Development Trusts
Birmingham Jewellery Quarter
Black Sluice
Boston Town Deal
Centenary Methodist Church
Conservation Consultancy
Covid Recovery Fund
East Lindsey Town Deal
Fydell House
Greyfriars Lincoln
Grimsby Viking Festival
The Harlequin
Isle of Axholme
Local Listing Project
Mount Zion, Nottingham
NHLF Covid Recovery Fund
Old King’s Head, Kirton
Outreach to Ownership
Scrivelsby Church
Townscape Heritage Boston
Other Restricted Projects
Total Restricted funds
Total Funds		 At
1 April
2021
£
62,183
159,864
83,008
106,427
411,482
At 1 April
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
113		 Incoming
Resources
£
1,059,485
535,000
-
245,000
1,839,485
Incoming
Resources
£
522
3,284
29,947
3,000
1,050
73,730
3,685
26,578
36,751
42,626
5,670
53,704
3,750
20,375
24,886
53,001
4,145
126,535
226,200
3,646
14,048
45,940
128,518		 Outgoing
Resources
Transfer
At
31 March
2022
£
£
£
(1,075,035)
-
46,633
-
-
694,864
-
-
83,008
(73,135)
-
278,292
(1,148,170)
-
1,102,797
Outgoing
Direct
Resources
Transfer
Project
Contribution
At 31 March
2022
£
£
£
£
(522)
-
-
-
(3,284)
-
-
-
(120)
-
(29,827)
-
-
-
-
3,000
(2,009)
-
-
(959)
(2,505)
-
(71,225)
-
(765)
-
-
2,920
(53)
-
(26,525)
-
(10,031)
-
(26,720)
-
(1,352)
-
(41,274)
-
(27)
-
-
5,643
(19,702)
-
(34,002)
-
(4)
-
-
3,746
(15,148)
-
-
5,227
(2,100)
-
-
22,786
(596)
-
(51,405)
1,000
-
-
-
4,145
(40,086)
-
(78,311)
8,138
(226,200)
-
-
-
-
-
(3,646)
-
(3,481)
-
-
10,567
(924)
-
(45,016)
-
(10,410)
-
(38,611)
79,610
113 931,591 (339,319)
-
(446,562)
145,823
411,595 2,771,076
(1,487,489)
-
(446,562)
1,248,620

-27-

HERITAGE TRUST OF LINCOLNSHIRE

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

_________________

22. 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 £73,135 (2021: £39,010).

During the year to 31 March 2022, in the face of delays in expected funding, a member of Key Management Personnel extended a cash flow loan to the charity. The balance as at 31 March is £57,000. The loan is expected to be repaid in full in the year to 31 March 2023.

23. 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.

-28-

HERITAGE TRUST OF LINCOLNSHIRE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

___________
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
Provision for doubtful debt
Total resources expended
Net (deficit)/surplus		 __
2022
£
7,025
245,000
217,731
1,688
5,598
24,177
3,600
-
736,127
50,240
925,617
19,273
-
2,236,076
2,195
12,442
6,471
1,152,970
-
(23,326)
3,933
28,835
6,511
252,385
146,396
12,072
12,412
7,281
16,944
24,450
78,551
16,184
17,776
8,964
22,007
15,943
22,366
5,100
1,737
6,472
3,845
73,135
1,934,051
302,025		 ____
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

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

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