SCANNED HERITAGE TRUST OF LINCOLNSHIRE (A Company Limited by Guarantee) THIRTY SECOND ANNUAL REPORT AND ACCOUNTS 31 MARCH 2023 Registered Office The Old School Caineron Street Heckiiigtoii Sleaford Llnes NG34 9RW Other Trading Names: Heritage Lincolnshire Archaeological Project Service5 Telephoiie: Fax.. E-mall: Website: 01529 461499 01529 461001 info@herltagelineolnshlr&org www.heritagelincolnshire.org Registered Nurnber: RegÈ5tered Charity Number 2S54738 (Englaiid & Wales) 11101463
HERITAGE TRUST OF LINCOLNSHIRE IIEPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 31 MARCH 2023 CONTENTS Pag¢ Board of Directors and Secretary Professional Advi5eTS Advisory and Liaison Coininittee Metiibej's Buildings Advisory CoJnn)ittee Report oftlie TrusteeslDirectoi Income and Grants fi'om Local and National Agencie5 Statement of TrusteeD1rCetors, Ilesponsibilities Independent Auditors, Report Aecounts Statement of Financial Aciivities foi. the year ended 31 March 202J 12 Balance Sheet at 31 March 2023 13 Cash Flow Stat¢ment 14- 15 Notes to the Finan¢ial Statenients 16-28 Detailed Stateinent of Financial Activities for the yearended 31 Mairh 2023 29
HERITACJE TRUST OF LINCOLN8HIRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 MARCH 2n23 TRUST PATRON Mr Toby Dennis FAq, HM Lord-Lieutet)ant of Lincolnshire TRUST PRESIDENT The Lord Coimack, DI., FSA, FRHi5t8 TRUSTEFS who are also the MEMBERS OFTHE BOARD 202212023 Michacl Ashton {Chairn)an) Caroline Bingham AndTew Clark Anne Coltman Fraiicis Dymoke Simon F.rskine Crum Julian Free Charles Pinchbeck Dorothy Hancock Ursula l.idbetter (Non-Executive Direcior) Resigned 30.11.22 (Non-Executive Director) INon-Exccutive Diitcior) (Non-Exccutive Diiecior) (Non-Execuiive Director) Resigned 30.11.22 {Non-Execuiive Director) {Non-Executive Director) {Non-Executive Directoi.) Chainnan from 30.11.22 {Non-Executive Directoi.) Resigned 28.04.23 {Non-Executive Director) Appointed 03.05.23 Stephen Roe (Company Secrelaryl PROFESSIONAL ADVISERS Auditoi's-. Dexter & Shaipe Audit Sei'vices Liinited Chartered Certified Accountants & RegTlStered Auditors Rollestone House, Bridge Street, Horn¢a5tle, Linc5 LN9 5HZ Bankers.. Lloyds Bank 51 Mai'ket Place, Boston, Lin¢s PE216NQ Solicitors.. Chatlertons Si Swiihin's Couil, l Flavian Rd, Nettleham Rd, Lincvln LN2 40R
HERITAGE TRUST OF LINCOLNSHIRE REPORT OFTHE TRUSTF.ES FOR THE YEAR ENDED 31 MARCH 2022 The Advi50ry & Liaison Committee There were no mecting5 of the Advisory and Liaison Coinmittee in the yeai. to 31 March 2023. Ttke Buildings Advisory Committee Mrs A Coltman (Committee Chaimian) The Board of Manageinent Mr P Hei'bert Accounlani Mrs J Howai'd Local Historian Mr P Thompson Quantity Surveyor Mr E Wi'eglesworth Estat¢ Agent Ms f Eales Heritage Managei. _ ELDC In 2ttcndance: Mr M Bentley M M Gilbert Mrs C Davey Conservation Project Manager Project Manager (Conservation and Herirage) Project Officei'11.li5toric Sites and Projects)
HERITAGE TRUSTOF LINCOLNSHIRF. REPORT OFTHf, TRUSTEES FOR THE YEAR CLNDE4 D 31 MARCFI 2023 The Trustees, who are also dii'ectors of the charity for the purposes of the Companies Act 2006, present theiT report with the rinancial stdtemenrs of ihe cliarity foi. the year ended 31 MaTch 2023. The Trustees have 8dgpied the provision5 of Accounting and Rtportin¥ by Lharities.. Stateineiit of Iletommended Practice applicable to charitie5 preparing Ilieir accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 1021 (errective l January 2018). STRUCTURE, GOVERNANCE AND MANAGEI MENT Governing Doeument5 The Hei'itdge Trust of LiA¢olnshiTe was formed on the initiative of Lincoliishire County Council in Sepleinber 1988. 'fhe Trust was incorporated as a Company lirnited by guaranfcc on 2 NL)vetnbcr 1990 and Te&715t¢red as a charity on 9 January 1991. On I April 1991, the Trust becaine independeni of the County Council and, ai (he saine tim¢, li incorpoi'ated the functions, staff and ssels of the Trust for Lincolnshire Archacology. The Ti'ust's governing documeni is its Memorandum and Articles of Association. Recruitment and Appoinlment of Board of Trustees The directors of the coinpaiiy are a150 charity Ti'llstees for the purpose of charity law and under the company's Articles are known as memb¢rs of the Boaixl of T]stee$. Under the requirements of Ihe Memorandutn 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 Indiiclion and Training Trustee recruitinent and appointment is undertaken with reference to the oi'gaiiisaiion's Equality & Diversity policy. There are no stated critei'ia, qualifications or constitutional provisions rela(ing to the appointment. but 'l'rustee5 are generally resident in Lincolnshire and hav¢ relevant busine55 or technical skills. An induction aiid training programme foi. new Truste¢s has been developed. Rk5k Management The Trustecs have examined the major strategic. business and operalional risks which the charity faces and confiiin that systems have been established to enable regular reports to b¢ pi'oduced so that the necessary sleps can be taken to manage th¢se Yisks. Risk Level of rlsk to eharity MitigAIioii strate%y Revised level of risk Loss of key stafflcapacity M¢dium foi. delivery Reduction in turnover of coinmercial services Effeciive staff recruitinent, developinent and manageinei)S procedures. Regulai. monitoring ofmanagement accounts and straiegic management of marketing aiid seivice delivery. Funding sti'ategies in place for individual projects. Rekjular coiminunicalioii witli inajor fundii)g partnei's. Reporting and I'isk Inaiiageinenl on individual projects r¢view¢d at quailerly board meetlllbTS. Meiiibership of relevai?t 5ectoi' orgai)isations to gain informJtion on any issues affecliiig the chai'ity. Review of business plan and slrategy at qudrlerly board meeiiiigs. Mediuin Mediiim Loss of funding foT major projects High Low Detrimental ¢hanges io econoiniclpoliti¢al Context of the charity Mediuin
HERITAGE TRUST OF LINCOLNSHIRE REPORT OF THE TRUSTEEIS FOR THE YEAR ENDED 3) MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT continued Organisational Siruclure The Trust is governed by a Board of Management ivho are its Trustee5 its non-executive Directol's. The number of Trusiees may be between five and fifteen and the present number is nine. Day to day managemenr is delegated io the Chiel Executive oIficei' of the I'rust and through to thc Management Te2m. The Senior Manag¢rnent Team meet foiinally once a Inonih to ieview the Trust's progress and io monitor perfonnance. Minuies from thesc mccting% are made available to ihe Chairinart of the Boai'd of Management. The Board of Management meet quarterly IApi'il, July, October and January) and at other times a5 necessary. They receive a report from the Chief Executivc orricer aiid the Finance Manager at each meeting. All major issues of policy and all major proje¢ts are broughi to the Board for appi'oval. OBJF.CTIVES AND ACTIVITIES The obje¢ts of the Trust, as stat¢d in its governing document, ar¢.. To advance the educalion of the public in all matters relating to the County of Lincolnshire with particular regard to irs social history, physical and culiural herilag?e, archaeology, architectuir, traditions, skills and landscapes. To preserve, or invegtigaie for the public benefit, building5 and other feare5 of historical, architectural, archaeologi¢al and environmental inter¢st. The Trust ha5 adopt¢d the following Misslon Statement: The Heritage Trll5t of Lincolnshire is established to advance public undeistanding, knowledge and appreciation of all matters relaiing to th¢ cultui?l and physical heritage of Lin¢olnshiiE wilh parliculai. regard to ils archaeology and architecture with their associated landscapes. aiid natural environments, social history and traditional skills, and to proTllore their preservation and continuity for public enjoyni¢nt. The Ti'ustees have adopted the above Inission statemet)t not only to ensure that the objects of ihe Trusi are met. but also with consideration io the Charity Cominis5ion's genei'al guidance on public benefit. In pailicular. considerati(In is given to ensure the advancein¢nt of culture and hei'itage within Lin¢olnshiiE and the surrounding areas. ACHIEVEMEP4TS Af¥D PERFORMAf4CE Buslness planning knd fundralsing slr8tegy Heritage LnCol1)Shire completed its business plan for the period 2018-2023 and tliis was adopted by the Boa7 at an extraordinary meeting in February 2018. The plaii included four core themes of l } Education and Engagement; 2} Archaenlo¥y', 3) Heritage Lcd Regeneration.. and 4) ChaTlt&ble Resources and Capacity. This was initiated in March 2018 and is being monitored by tlie Sejiior Management Tean) and Board of 'frustces. A Fundyaising and Corporat¢ Sponsorship plan was a150 adopted, which highligliÉs the strategy for bringing funding into the organisation for projects aE)d core cus15.
HERITAGE TRUST OF LINCOLNSHIR REPORT OF THE TRUSTEES FOR THE YEAR ENDEI D 31 MARCH 2023 ACHIEVEMENTS AND PERFORMANCE Continued 2. Fundlng The financial sustainability of the charity depends upon ac¢essinb7 a wide var5ety of nding sources and staff coniinue to be proactive in both fundraising aiid fee earnin&1 activities. An aniiual budget IS set, providing targets for eonsultancy, coininercial 5ervice5, tTUSt and foundation fundiaising, and in¢rea%ing effoils to encourage donations and meinbership subscrTrptions. The focus of fundraising over ihe past year has been for.. the developnient stage for the restoration of Greyfriars, Lincoln, in partnership with the City of l.incoln Council,. Lincolnsliire Locdl l.isting Project: The Harlequin complex of buildings and the Town Deal regeneration projecis in Boston, Skegne55, Mabl¢thoTpe and Lincoln. Funding for these projects ha5 been received from th¢ Naiional Lottery Hei'itage Fund, Architectural Heritage Fund, th¢ Pilgrirn Trust and Investors in Lin¢oln. Key lldIng partners such as the National Lottery Heritage Fund, the Architectural Heritag¢ Fund. and Historic England continue to inv¢8t in the Tru%t in recognition of our expertise in historic building conservation, archaeological fieldwork and iesearcli and community engagement. A wider range of charitable trusts have also coniributed to our woi'k and the level of siipport we receive within ihe coinmunities wliei'e we are workiiig is also in¢ieasing. 3. Sumrnary of achievements The Chief Executive olcer and the Senior Management Team have worked closely tog¢ther to Inanage financ¢s and obtain fvnding for the trust durink) the year. Hei'htage Lincolnshire'5 President, l.ord Cormack, has been a551$1ing the organisation greatly in enhancing its profile within Lincolnshire. The Heritage Open Days programme in September continued Ihis y¢ai' there was a rise in bookings of events throughout th¢ festival. Bollingbroke Back in Time took place in the suminer and there was an increase in visitors. iv. Volunteers w¢re operating as toiii. guides for the Old Kings Head and Kirton. Due to the pandemi¢ there has been a reduction in the iiuinber of volunteei's along with volunteering opportuniiies. Our digital talks programme has been Successful and we have had paiticipants not only from all over the UK but intemalionally from Fiance and America. vi. The Trust's WOTk heritag>e led regeiieiation continues to be in demand and we have been recog)ised as the most active and effective building preservalioii trust within tlie East Midlands. The Trust has continued to mentor and support that it offers to ¢ommunity organisalions both within Lincolnshire and throughout the East Midlands. Within Lin¢glnshire this has included projecls in Lincoln, Cleeiliorpes, Grimsby, Heckington Scampton and Boston wiihin Lin¢olnshire and we have been involved in projects outside the least Midlands in Chester. Wak¢field and Biadford. vii. Our new i'estoration projc¢t. Greyfriars Lincoln, lias finished the development stage and will be comm¢n¢ing the delivery stage in the nexi financial year. This pi'oject is in partne15hip wilh the City of l.incoln Council.
HERITAGE TRUST OF LINCOLNSHIRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENTS AND PERFORMANCE eontinued 4. Summary of ochievements continued viii. Our archaeologists IAPS) have continued to work within Lincolnshire and further afield, offei'ing professional archaeologieal services to eommewial clients. This income has allowed Ihe Trust lo reinvest in the team amd in the continued professional developinent of our stsff.. ix. The Trustees of th¢ Heritage Trust of Lincolnshire re¢o&ynise and ackiiowledge Ihat all of the Ti'usi's achiev¢men(s are the result of the hard work, enthusiasm and skills of its stuff and volunt¢¢rs aiid they off¢r their thanks for th¢ir continued cominiimeni to the Trust and its objcclives. Financial outcome The financial analy5LS for the year follows this report. It will be noted that overall the Trust's ineoming resources for the year have decreased by 7.60/D since 2021122 this was after adjustii)¥ foi. the pi'evious year's incon1¢ including the donation o a property valued at £245,000. Expenditure has incredsed by 4.9 /0. This resulted in a deficlt for the year. Thc Board of Ti'ustees has continued io scrutinise overhead expendiiure aiid to Inake savings wlieie p055ible and all of the charity's I'e50ur¢es are carefully managed in consultation with our funding pai1ners and advis01s. Foi. furthei. information on the financial Irsults of the year see pages 12 to 29. Reserves poliey Heritage Trust of Lincolnshir¢ aims to Inaintain its available unresti'icted reserves before pension liabilities at a level to ensure continued financial resilience and sustainability. Our aim is to Strike an appropriate balance between maintasning reserves to ensure a susiainable finan¢ial future and spending the charity's funds to fui'lhei. its charitable puiposes for public benefii. As at 31 Mareh 2023, Ihe charity had unrestricted resETves of £958k (202112 £1,103k) of which £778k (202011.. £778k) comprises designated funds and vnrealised gain5 (Trn the Tevaluation of pi'operties owned by the charity. The Truste¢s' ooniinually review and update the finaiicial I'i5ks with which the charity operates. This assessimcnt of I'isks sets the level of availyble unrestricted Irserves that the charity aiims to Inaintain to manage cashflow, maintain liqllidity.. provide for known oi. lik¢ly future opportunities and liabilities; and nianage financial risks eff¢¢tively (including to giv¢ the thari(y lime to adjust to any significant financial sl)o¢k). On ihe basis of rhat analysis, th¢ Trustees, kX)licy is to accun)ulate at least £420k in available unrestricted reseives and as at 31 March 2023 we need to accuiiiulate a furthei. £240k to meet the £420k lev¢1 set by our own policy. Howevcr. a5 ai 31 March 2023, there are reslricted funds of £98k ivhich are available for the ongoing servicing of plojeets. includin¥ the payment of salaries. The reserves policy is reviewed and updated annually as part of the Process of preparation of the stotutory accounts. The Trllstees, IheT¢foi'e, have put in place robust plans to grow unirstricted r¢seTves and will continue to sei realistic budgets to generaie burpluses to ¢nable arcumulaiion of a level of available unrestt'ict¢d res¢rvcs ro meet the policy requirement taking into account any futui'e fluctuations in the assesscd requiremeni. Inveslment policy Under the Memoranduiii and Ai1icles of A55OCic11ion, the charity has the power to invest any way the Ti'uslees see fit. Monie5 received in advance are sometimes placed on short terni deposit5 depending on cash flow and potential ieiurns.
HF.RITAC.E TRUST OF LINCOLNSHIRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Intome and Crants from loeal and natlonal org&nlsations for the Financial Year ending 31 Mttreh 2023 Source Architectural Herila e Truiid Alford Windinill Trust Aslackb PCC Bain Vallc Grou Ber ne-cou land Tnist Jham J¢welle Boson Borou h Cuuncil Boston District Archae¢)lo Boston Pre5ervaiion Trust Boume Arts and Communi Bourne'fown Hall Boiii'i)e Uniied Chailies Cenlend Methudisl Church Cheshire W¢st and Ch¢sliii'e Council of BTadfoi'd MetiD olitan District Council of Lincoln Council East Lindse District Council li5h Herita H¢adle Heart of Hastin Hecki ton Windmill Trust Herit e Trust Nctwork Historic En land Lincolnshire Ci)uii Council Membershi Subscri lions Mount Zion A olistic Church National Loiie Herita e Fund National Trust Noilh tQesteven District Coun¢il North Ea8t Lin¢olnshire Council North l.iJicoliishire Council Noiiin hainshire Ci Council Our Bi Picture rim Trust School for sla7 Herita St John th¢ Ba list Church South 14ollaiid Disti'icl Council South K¢steven District Council VESR Visiior Econon) Sei'vic¢s and Retail Grou Wakcfield Council West Lindse Dislrici Coun¢[ Workso and Gatchouse Coininunil Trust 2022123 41.418 4,705 1,727 2021122 5,040 2.000 uart¢r 116,676 170 157 IAS 800 TTLiS1 13,420 1,900 5,217 222 747 40,639 813 1,662 4,140 4,145 480,543 148.918 31,726 25,080 4.800 1,987 15,000 14.850 1,987 30.061 22.576 29,243 500 19.125 3,750 842 664 1038,578
IIERI'fAGE TRUST OF LINCOLNSIIIRE RTr.POR'I' Ob I'11Tr:"I'RuS'I'.Tr FOK'I'Hli, YTr.All b.NDED 31 MARCII 2023 STATbMLNT oTr-fRUSTblS IIFSPONSIBII.ITIV.S The Trusiees (who are also the directors of Flerilage TNSI of Lincolnshire for the purposes of company law) are r¢spon52ble for PTeparing Ihe Rcport of Ihc Twslecs and thc financial statcmenls in accoi'dancc with applicable law and United Kingdoin Accounting Standards Iunitcd Kit]gdoni Gcncrally Accepted Accounting Pi?cticel in¢ludir)g Fin#n¢ial Reporting Sthrtdard 102, 'The Finallcial Reporting StandaTd applicable in th¢ UK and Republi¢ of Ireland.. Company law reqiiires the TiSle¢S lo prepare financial statcmcnls for eacli financial year which give a true and fair view of the stalc of affairs of thc ehzriiablc company and of thc incoiiiing irsoul'ccs and opplication of I'c80uire5, including lh¢ incoinc and expenditurc. of the charitable coinpany for that period. In PT¢paTing ihose finan¢ial staiements, the Trusiee$ are required to select suitable zccounling policies and then apply tliein consistently. observe the methods and principles iii the Chai'ily SORP. make judgemenls 2nd esiijiiales that al'e reasoiiable and piudent,. slate whelhei. applicable accounting standards have becn followed, subject to any material departur¢5 di5c105¢d and explaincd in thc financial 81otcmcnts' and prepare Ihc financiol 51alcmcnl.% on the going ¢on¢ern basis unless il is inappropriate to prcsume that thc charitable company will continu¢ in busin¢ss. The Trustees aTe iesponsibl¢ foi keeping proper accounting rccords which disclosc wilh reasoiiable accuracy at aiiy tinie thc rinancial p051tion of the chai-ilable toinpany and to cnablc thcm lo cnsurc that Ihc financial 51atcmcnt5 coinply with thc ConJpanies Act 2006. They arc also responsible foi. safcguarding thc asscls of the charitable company and hence for taking reasonable sieps for thc prcvclltion and dctcction of fraud and oth¢i' ine¥ularities. Sl-A'fTr.MVN'I' AS'I'O DISCLOSUIIE Ob INTrOIIMAI'ION I'OAUDI'IDIIS So far as the Tnjslees are aware. there is no relevant information las d¢fin¢d by SeG¢ion 418 uf the Comparti¢s Abl 2006) of whi¢h the ch2rilabl¢ coinpany's auditors aTe uiiaware, and each Twsiee hzs iaken all Steps Iliai Ihcy oughl lo have lakcn as a Truslcc in order lo Inake Ihem aware of any audit information and to establish that Ihc charitablc company'5 auditor5 are aware of that information. ON BEIIALF OJ,"-fiiE BOARI) ChArles Pinchbeck, Chairman Dalc.. Lg Novombc £¢13
HERITACE TRUST OF LINCOLNSHIRE REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF HEI RITAGE TRUST OF LINCOLNSHIRE FOR THE YEAR ENDED JI MARCH 2023 Opinion We have audited the financial statements of Herita¥Te Trust of Lincolnshiir (the 'charitable company.) for the year ¢rtded 31 Marcli 2023 which comprige ihe Statemeni of Financial Activities, Ilie Balance Slieet, the Cash flow Siateincnt and notes to (he financial Statements. including a suinmary of sigtJific8ni accounting policies. The financial reporting framcwork that has been applied in their preparalion is applic3ble law and Uniied Kingydotn ALtounting Standards (Uni(ed Kingdom Generally Accepted Accounthng Praeiice). including Financial Reporting Stdndard 102 'The Finan¢ial Reporting Standard applicable in the UK and R¢public of Ireland,. In our opinion the financial staiements.. give a Irue and fair view of tlie state of the charitable Company's affaii's as at 31 March 2023 and of lis incoming iesources and appliLation of re50uI'ces. including lis in¢oiMe and expenditure, foi. the yeai. then ended; have been pix)perly prepared in a¢cordan¢e with United Kingdom Gen¢rally Accepted Accounting pCtice, includimg Financial Repoiling Slandard 102 'The Financial Reportin¥ Siandard applicable iii th¢ UK and Republic of Ireland,; and have been prepared in accordance with the requirements of ihe Compani¢s Act 2006. B#si5 for opinio We conducted our audit in aceoi'dance with International Standards on Auditing {UKI {ISA5 (UK)) and applicable law. Our respoiisibilities undei. those staiidai'ds are further desci'ibed iii (he Auditors, responsibilities for the audit of the finan¢ial statements section of our report. We are indepcndeni of the charitable company in accoi'dance with the ethical Tequirement5 that are relevaiit to ouy audit of the financial statemenis in the UK, including th¢ FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances 5¢t out in note 23 to rhe financial siatements, and we have fulfilled our other ethical responsibilities in accordallce with these reqiiirements. We believe that the audit evidence we have obtained is su]e1ent and appi'opriate to pi'ovide a basi5 for our opinion. Conclusions relating to going eoneeyn In auditing the financial stateinenis, we have concluded that the irustees, use of the going concern basis of aceounling in the preparation of the financial statements 15 appi'opriate. Based on the woth we have perfoTmed, we have not identified any Inalei'ial uncertainties relating to event% or conditions tliat, individually or collectively, rnay cast significant doubt on ihe charitable company's ability to coiitinuc as a going concern for a period ofat least twelve months from when the finapcial siateineiils are auihorised for issue. Our responsibilities and the respot)sibilities of th¢ trllstees witli respect to going Concei are described in the relevant se¢tions of this ieport. Other informotion Tl)e trustees are responsible for the oiher iiiformation. The other iiiformalion compi'iscs the information included in the Annual Report, other than the financiBI staiements and oui. Repoil of th¢ Independent Auditors tliereon. Our opinion on the fiJian¢ial siaiements does not cover the uther iiiforniation and, except to ihe extent otherwise explicitly stated in our report, we do not express any fonn of assurance eonclusioii thereon. In connection with our audit of the financial slaieinenls, oui. responsibility is to read the other infoiinatÈon and, in doing w, consider whether the other inforination 15 It)atei'ially iiiconsi5tent willi Ihe financial statements or our knoivledge obtained in the audit or otheivi8e appears io be n)aterially Inisstated. If we identify sucli matei'ial inconsistencies or apparent Imdterial misstatements, we are required t(Tr deiei'imine wlieiher this gives rise to a inaterial misstateimcnt in the financial 5tatemenis themselves. If, based on the work we have perfoi'ined, we concludc that there is a material imisstatement of this other information, we we required to repgrt that fact. We have nothii)g to report in thi5 regard. Opinions OD other matters preseribed by the Cornparties Act 2006 In our opinion, based on tlie work undeittaken iii the coui'5e ofihe audit.. the irtfoimiation given in ihe Repoit of the Trustees for the fjnancial year for whicli the financial stateii)ents are PTepared is consistent with the financial stateinents.. and the Report of the Trustees has been prepared in accordance with applicable legal requiren)ents. -10-
HERITAGE TRUST OF LINCOLNSHIRE REPORT OF THE INDEPENDENT AUDITORS TO THE MF.MBERS OF HF.RITAGE TRUST OF LINCOLNSHIRE FOR THE YF.AR ENDED 31 MARCH 2023 Matter5 on which we are requirtd to report by exceptiun In the light of the knowledge and understanding of the charitable coinpany and its environment obtained in th¢ course of Ihe audit, we haye not identified mat¢i'ial misstatements in the Report of tl)e Ti'ustees. W¢ have nothing lo i'eport in respect of the following mallers wher¢ the Companie5 Act 2006 requires us to irport to you if. in our opinion.. adequat¢ accounting records have not been kept or returns adequaie for our audit hav¢ not been received from br)rtches not visited by us: oi. tl)e financial statemcnts are not in agreement with the accounting records and retums,. or ¢eilain disclosuTCS of trustees, Trmuneration specified by law are not Inade: oi. we haye not r¢ceivtd all Ihe inforniation and explanations we requir¢ foi. our audit. or the tru&tees were not entitled to rake advantage of the small companies exemption from the requirement to pr¢pare a Strategic Report or in preparing the Repoii of ihe Trust¢es. Responsibilities of trustees As explained Inore fully the StateTneni of Trustees, Responsibilities, the trustees (who are also the directors of th¢ charitable company for the pui'poses of company lawl are responsible for the preparation of the finaiicial statements and for being satisfsed that they give a true and fair view, and for such inten)al control a5 Ihe irustees deteni)ine is necessary to enable the prepai'ation of fiiiancial siatenients that are free froin IMAterial Inisstatement, wheihei. due to fraud or enDr. In preparing tlie financial stat¢meiits, the trustees are responsible for assessing ihe charitable company's ability to continue as a going concern, dis¢losii)g, a5 applicable. matters related to going concern and using the gjoing Concern basis of accounting unless the trustees either intend to liquidate ihe Charitable Company or to cease op¢ratsons. or have no reltlistic altei'native but to do so. Our responsibilities for the uudlt ofthe financial stoternents Our objectives are to obtain rea50nabl¢ assurance about whether the financial statements as a whole are tree from material missiateinent, whether du¢ to I'raud or error, and to issue a Report of the Independent AuditOTS ihai includes our opinion. Reasonable dssurance is ¢1 high level of assurai)ce, but 15 not a guai'antee thai an audit Conducted in accordance with ISAS (UK) will always delect a IMat¢rial Inisstatement wlien it exists. Missiateinents can arise fivm fraud or ¢r and are considered material if. individually or in the aggiEgate. they could reasonably be expected to influence tli¢ ecoiiomic decisions of users taken on the basis of these financial statements. The extent to which our proceduTes are capable of d¢tecting in'egularities, including fraud is deiailed below.. We hav¢ enquired of those Charged with govemaiice around actual and potet)tial litigation and claims. W¢ have reviewed financial siatenient disclosures and testing to supporting documentalion to assess compliance with applicable laws and regulations. W¢ have enquired of staff engag¢d in ihe completion of VAT, tax and eompligncc work to identify any instances of non- Compliance with laws and regulations. We have auditcd ihe risk of manageinent override of contro15, including review of journal entries and large or unusual trdnsactions, evaluating the rationale of any 5igiiificanl tixnsactions outside the norn)al eharitable activities. A furthei. description of our responsibilities foi. the audit of the financial stateinents is located on the Financial Repoiting Council's web5hie ai www.frc.org.uk/audilo13r¢sponsibilities. This description fom)s part of our Report of the Independent Auditors. Ni¢ola Lenton {Senior Statutory Auditor) for and on behalf of DexteT & Sharpe Audil Services Lid (Statutory Auditor) Rollestone House BTidge Street Flomcastle Lincoliishire LN9 514Z Date.. L* Th)yJothnbJ4- .1
HERITAGE TRUST OF LINCOLNSHIRI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Funds 2023 Restrieled Funds 2023 Total Funds 2022 FndS 2023 Noles INCOME AND ENDOWMENTS FROM Donations aiid legaci¢s Other tradinsi activities Investment income 9,190 332.898 3.686 24S 9,569 9,435 342,467 3,686 252,025 249,194 3,600 Ineome from charitable &ctivitie5: Grants, projects and property manageittent 948,943 533,368 1,482Jll 1.731,257 Total incoming resourees 1,294.717 543,182 ,837,899 2.236,076 EXPENDITURE ON Costs ofgener#tlng fud5 Expenditure on raising funds 245,54S 245,545 188,812 Charitable aetlvlties ,189,465 590,403 ,779,868 1,668,259 Other costs 4,240 4240 76.980 Total 1,439,250 590,403 2,029,653 1,934,051 Iyet in¢ome/lexpenditure) Being.. P4et movement in funds (144.533) (47,221) (191,754) 302.025 Unr¢alised gain on fixtd assets 535.0(K) Net movement iii funds (144,S33) {47,221) (191,754) 837.025 Reconciliation of funds Total funds brought forward 21 1,102,797 14S,823 1,248,620 411.595 Total funds txrrled forward 958,264 98,602 1,056066 1,248,620 The stateiiient of financial activities include5 )11 gains and Ios5¢s in ihe yeai.. All incoining resources and resources expended arise from continuing activitie5.
14ERITAGE TRUSI. 01," I.INCOI.NSIIIRP. HAI.ANCIP SIIF.E'I- AS AI'31 MARCII 2023 2023 2022 Notes FIXEDASSETS Tangible fixcd a5se15 for oharity use Invesliiient piy)peiti¢s Ileiilage as5et5 10 10 369,888 969,814 382.531 969,814 1,339,402 1.352.345 CURREN'fASSETS Stocks and work in progress Debtors Cash al bank #nd in hand 12 217,710 353,982 634,8911 393.211 315,520 28,736 1,206,590 737,467 CURIIEN'I. LIABILITlb.S Creditors.. an]ounls falling due witliin one y¢aT 14 1,369,785 444,431 NET CURRENT ASSETsI{LIABILlI'ifil {163,1951 293,036 I.ONG-'I'LXM LIABILII'IES Cr¢ditors'. amounts falling due aftcr one year 15 {119,341} {396,761) NE'fASSETS I,OS6,866 1,248.620 The liund5 of th¢ C.haAty Rcsli'iclcd funds Unrcsli'ictcd fund5: General funds Designated funds: Building prcscrvalion rcscTve Lcgacy rcscive Revaluation reserve 21 98,602 145,823 197,900) 46,633 83.008 2716,292 694,864 83.008 278,292 694,864 'rotfil ChArity funds 1,056,866 1,248,620 The finanrial $12tcmenls weir approved by Ihe ljoard of TrustCe5 on thk..-&rtd w¢r¢ si8n¢d on its bchalf by.. Charles Pinchbcck, Chairman
HERITAGE TRUST OF LINCOLIYSHIRE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes CAshftoiYs frotn operatiii£ activities Net cash (used inyinflow froin operating activities 689,857 81.875 Cashtlows from inve$ting aetivities Purchase of tangibl¢ fixed assers {8,660) (36.142) Net cash (u5¢d in)Iprovided by investing acliviiies 681,197 45,733 Ca5hflows from flnancing activities New loans in year Loan repayment5 in year HP Repayments in y¢ar 20,000 (92.402) 12,633) 189,000 (145,476) (6.6701 Net cash pi'ovided byllused in) Iinancing activities (75.035) 36,854 Change Cash and cash ¢quivalents in the reporting perlod 606.162 82,587 C&5h and cash tquivalents at beginning of yegr 28,736 {53,851) Cash and tosh equlvalents at end of year 634,898 28,736
HERITACE TRUST OF LINCOLNSHIRK NOTES TO THE CASH FLOW STATF,MENT FOR THE YEAR ENDED 31 MARCH 2023 RECONCILIATION OV NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATINC ACTIVITIF.S 2023 2022 Net {deficit)15urplus for the reporting period {as per tlie statement of financial activities <191,754) 837.025 Adjustments for.. Depi'eciation charges Unrealised piofit on revaluation Value of donated property Decrease/(In¢rea5e} in stocks {IncreaseyDe¢regse in Irade and other debtors Increase in trade and other creditor5 21,603 22,366 (535,000) (245,000) (58,521) 34,197 26,808 17S,501 {38,462) 722,969 Net cash (used in) inflow from operating activities 689,857 81.875 CASH AND CASH EQUIVALENTS The amounts disclosed on the Cash Flow Staiem¢nt in respect of cash and cash equivalents are in respect of these Balanc¢ Sheei amounts.. Year ended 31 MArch 2023 31.3.23 1.4.22 Cash and cash equivalents Bank overdrafts 652,122 (17,224) 28,736 634,898 28.736 Year ended 3A March 2022 31.3.22 1.4.21 Cash and cash equivalents Bank overdi'afis 28,736 1,397 (55,2481 28,736 153.851)
HF.RITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basls of preparation as5es$menl ofgoing eoneern The financial siatements of the charitable company, whi¢h 15 a publi¢ benefit entity under FRS 102. have been prepared in accordance with ihe ChJTilies SORP (fRS 102} 'Aceounting and Reporting by Charities.. Staieinent gf Reeominended Practice applicable to charslies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Iieland IFRS 102) {effective l January 2017),, Financial Reporting Standard 102 'The Financial Reporting Standard applic&bl¢ in the UK bnd Republic of Ireland, and the Companies Act 2006. The financial sta(ements have been prepared und¢r the histori¢al cost convention, as modified by thc revaluation of land and buildin&sS. The Trustees consider that there are no rnaterial uncertainties about the Tn]si's ability to ¢onunue as a going conceni. In the vpinion of the Trnstees there ae no major judgeihental or estimation matters affeLting the accounts. An irnportant matter Tequiring an el¢inent of judgeinent i'elates lo the recognition of income. In¢omc is recogni5ed in an accountirhg p¢i'iod in accordance wi¢h tlie stage of completion of a project based on the direct and apportioned LOSts incurred, which requires certain judgements and ¢stimates. accounting Unrestricted fund5 are available for use at the dis¢reiion of the Trustees in furtherance of the gcneral objectives of the trust. Designated funds are unrestricted funds eamiarked by the Trustees for a particulai. pui'pose. Reslrict¢d funds are subject io the restrictions on their expenditure imposed by ihe dL)nor. Expenditure that meets these crit¢ria is charged to the fund. Income Income is included on the Sratement of Financial A¥tivitie5 when the chai'ity is legally entitled to the income and th¢ amount can be quantified wilh reasonable accuracy. The following specific policies ar¢ applied io particular caiegories of income.. Donations and legacies are accrued for when received. Grant iii¢oine is recognised as the Trust becomes unconditOnallY entitled to the grant. Wh¢r¢ the Charity is not uncojidilionally entitled to the incom¢ as at the balance sheet dale the incoine is shown a5 deferred incoine in the balan¢e sheet until any perfom)ancc conditions are met, or the fulfilment of those conditions is wholly within the coiiti'ol of the charity and it 15 probable that those conditioiis will be fulfilled in the reporting period. Expenditure Expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includ¢s any VAT which cannot be fully recovered, and is reponed as part of tlie expenditure to which it relates. Expenditure on raising funds comprÈse those cost5 aS50ciated with field archaeology and project funding activities. Costs of charitable expcndiiui'e compi'Trsc those costs incui'red by the Trust the delivery of its activities and servi¢¢s in the fiirtherance of its priiicipal activities and include both direct and iiidirect cost5. Oihei. costs 1Clude ihosc costs associated witli meeting the constitulional and statutoiy Yequire2neiits of the cliai'ity. Support costs ielaiing 10 charitable activities have been appoitioned to projects based on management's eslim81e of the level of supp(Tr1l Costs required ai)d incurred by each PToject. -16-
HERITAGE TRVST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEIMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES contiDued Tangible fixed assets Fixed assets are Shown in the balance sheet at historic cost, or in tlie ¢ase where fixed asset5 have been dot)ated at valuation at ihe time (Trf acquisition, and are depreciated at Yates sufficient to write off each asset over its estimated useful Freehold property not depreciated Plant & machinery 5 years stiaight line Fixtuies and fittlDgs 4 years straight line Motor vehicles 4 years straight line The fr¢ehold property is not depT¢riaied as th¢ estimated residual value is Such io make any depreciation imjnaterial. This is a departure from the requirein¢niS of the Companies Act 2006- true and fair view override. Investment prop¢rtles Investment properties arc stated ai fair valu¢. Any surplus or defiCIt arising from changes in fair value is recognised in tlie Statement of Financial Aotivities Heritage a55¢ts If ihe chai'ity receives any hei'itage asset5 by way of donation, it is policy io ¢apitali5e these in the balance sheet. If a valu¢ is known or easy to obtain, then thi8 will be the cost. It is ihe charity's policy to maintain these assers in a steady slate of repair. Due 10 their historic nature. the Trustees do noi theiEfore consider it appropriate to charge depreciation on these assets. Expenditure on these assets 15 reeognised in the Stateinent of Financial Activities as it 15 incurred. The ¢haTlty holds two a55ets of historical importanee. These w¢re doiiated several years ago and have never had a value placed on them, as due to their nature it is difficult to determine a value. S¢¢ notE I I. 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 putyoses of these accounts. TAxation The Charity 15 ¢xempt from coiporation tax on its chai'itable activities. Pension costs and other pnst-retirement benefils The Trust lia5 a Pension Scheine based on a money puithase polio thiY)ugh Standard Life for eligible employees and conrributigns are Charged to the Statement of Financial Activities as tliey beeoine payable. Leasing and hire purchase eommilments Asset5 under hire pUhase contra¢¢s and finance leases are capitali5ed as iangible assets and ar¢ depreciated over tlieir useful live& Obligati(>ns under such agieemenls are incliided creditors net of thc finance chai'&Fe allocated to fllture periods. The finance element of the ienial paytiicnt IS Charged to the profit and loss account so as to pi'oduce constant pei'iodic Yates of chaTg¢ on the net obligations outstanding in each period. Operating Leases Rentals paid under operaiing lea5¢s are charged on a straiglit line basis over the temi of the lease. Financial in5truinents Basic fiiian¢ial a55ets and liabilities are initially recognised at ttensaction pi'i¢e yiid subsequently carried at ankortised cost using Ilie effective interest method. -17-
HERITAGE TRUST OF LINCOLf4SHIRE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED31 MARCH 2023 Dof4ATIONS AP4D LEGACIES UDre$trieted Funds 2023 Re51ritled Funds 2023 Total Funds 2023 Total 2022 General donations GiftAid Legacy Heritage Open Day 9,170 20 9,170 20 6,503 20 245.000 502 245 245 9,190 245 9,435 252,025 OTHER TRADING INCOME Unrestricted Fuiid5 2023 Restricted Funds 2023 Totgl Total Funds 2022 2023 Archaeology outside Lin¢olnshire Publications Membership Miscellaneous 272,209 1,107 5,926 53,656 272,209 1,132 5,926 63,200 217,731 1,688 5,598 24,177 25 9,544 332,898 9,569 342.407 249.194 INVESTMENT INCOME Unrestricted Funds 2023 Re51rieted Funds 2023 Total Funds 2023 Total Funds 2022 Rents r¢ceived Interest received 3,61M 86 3,600 86 3,600 3,686 3.686 3,600 INCOMING RF.SOURCES FROM CHARITABLE ACTIVITICIS UThresti'i¢ted Funds 2023 Re5tritted Funds 2023 Tolal Funds 2023 Total 2022 Archaeology ivithin Lin£olnshlre 708,117 708,117 736,127 Grants: East Lindsey District Council Boston Boi'ough Council Noi111 Kesteven District Council Souili Kesleven District Ctsttncil 16,024 10,357 25,143 17,520 16,024 1(),3S7 2S,143 17,520 9,360 24.080 16.800 Carried fotivard 777,161 777,161 786,367
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Unrestricted Fund5 2023 Restricted Funds 2023 TotAI Funds 2023 Total Funds 2022 Brought forward 777,161 777.101 786,367 Property Management Projects AHf Development Twgts B05ton Town Deal Centenary Methodist Church, Boston Covid recovery fund East Lindsey Town Deal Fydell House Greyfi'iars, Lincoln Griinsby Viking Festival The Harlequin Historic England Engagement Project Isle of Axholme Local Listing Project NHLF Covid Recovery Fund Old King's Head, Kii'lon Outreach to Ownership Townscape Heritsge Initiative, Boston Oth. pi'ojects J9,273 19.273 19.273 29,280 86,378 29,280 86,378 29,947 73,730 3,685 36,751 42,626 5,670 53,704 3,750 20,375 7.229 9J,216 12,727 23,562 22,523 76 23,625 7,229 91.216 12,727 23.562 22,523 76 23,625 24,886 53,001 126.535 226.200 3.646 45,940 175,171 20,864 7,541 4,094 18,307 18S,946 20,864 7,541 4,094 18,307 338,455 152,509 948,943 533.368 1,482Jll 1,731,257 Grants received. included in the &bove, are as follows.. UThrestricted Funds 2022 Restricted Funds 2023 Total Fund5 2023 Total Funds 2022 Boston Borough Council North Kesteven Disirict Counchl Souih Kestevcn District Council East Livdscy Disirict Council 10,357 25,143 17,520 16,024 9,360 24,080 16,800 25,143 17,520 J6,024 69,044 69.044 50.240
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YFAR ENDED 31 MARCH 2023 EXPENDITURE Rent & Rates 21JO 1.893 7,950 5J95 177,428 520 377 125 3,IlS 2,195 8,194 12.442 17,535 6,471 I J08,033 1,152,970 Light & heat Property repairs Salaries Work in ProB$S niovem¢nt 244 12,140 503.728 174,1166 452.811 21,889 655 30.304 15,037 123,3261 3,933 HR & recTUitment Travel & subslstence Training Materials & suppli¢5 EquipDient Hire Eqiiipment repairs & refiewals Motor expenses Telephone Prinliiig* postage & stationery Subs¢riptions Professional fees 252 14.130 2.423 1,210 1,253 7,297 6JOS 3.146 4.506 11,931 2.781 26,429 14,434 28.835 6,511 2,481 27,111 559 6,453 711,527 91,417 3.670 100.978 115267 252,385 146 J96 13,734 225 11,8119 2.113 4,1100 1,286 9.616 2,526 16,250 15,643 7.731 12,072 12.412 7,281 3,697 1,036 217 1,447 2,179 2,013 19,271 14.424 38.893 10,508 1,028 1,796 69,730 8,428 3,76S 5,669 773 5,390 1,431 9,860 9,785 13J88 30,358 30,002 96,735 23,354 2,252 13,344 84.730 21,603 10,944 24.450 78,551 16,184 17.776 8,964 22,007 15.943 22,366 1,808 5.718 Specialist fees Insuranee Marketing Sundry Bad debts Depreciaiion Bank chaiEes and inteirst Hire purchas¢ 9,516 L157 79 5,891 582 5,610 4,212 940 694 2J26 6,615 108 10,835 9,517 3.658 4,794 4,794 5,100 265 1,137 23,962 (Iso) 689 2,091 23,962 (Iso) 1,737 6,472 Loan interes( Gain on sale ofFA Auditors, remiineration Management charge- project contribuiion Provision for doubtful debt 4,240 4,240 3.845 (443,39.5) 443 J95 73,135 245.545 638,753 443,995 $90,403 6.717 4,240 2,029,653 1,934,051 -20-
HERITAGE TRUST OF LINCOLNSHIRE NOTESTO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YV.AR F.NDED 31 MARCH 2023 NET INCOMEIEXPENDITURE Nei resources are stated after charging.. 2023 2022 Auditors, reinuneratioii Depreciation- owned assets Depreciation- assets oil finance lease 4,240 21.603 3,845 15,705 6,661 ST AFF COSTS 2023 2022 Wage5 and salaries Social security costs Other pension cost5 1,148,775 106,245 53,013 1,020,591 88,109 44,270 1,308,033 1,152,970 The average number of employees, full and part time, during the year w8s as follows.. 2023 Number 2022 Number Chief Executive Pyoject woi'kers Finance Administration and support 38 35 4S 42 The Trust consider5 Its key management peisonnel to coinpri5e th¢ Trusiees, the Chi¢f Executive officer and four 5¢nior Inanab7ers. The total employn)ent benefits. in¢luding pension contributions of th¢ key manageiiient personnel were £253,467 {2022.. £265,025}. No employee received emoluments of more than £60,000. TRUSTEES, REMUNERATION AND BENV.FITS There were no TTUStees' remun¢ration or other benefits for the year ended 31 March 2023, nor for the year ended 31 Mar¢h 2022. Trustees, expenses There were no Trustees, expenses paid for the year ended 31 March 2023 Dor for the year ended 31 March 2022.
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THF. FINANCIAL STATEMF.NTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 10. TANGIBLE FIXED ASSETS Land Building Ilsed by Charity Investment Properties MOtr Vehl¢le5 Plant miehlnery Flxtures Total ritting5 Cost Ai l April 2022 Additions l)tsposal% Revalllaiions I,oix),000 130.000 26,643 74.759 148,143 8,660 {2501 1,579,547 8,660 12501 At 31 March 2023 I,ODD,000 330,000 26,645 74,759 .$87,957 D¢prt¢iitlon At l April 2022 Charge for year Re disposals Re revaluations 30,186 22,583 4,062 44,766 7,777 129,667 9,764 1250) 227,202 21,603 12501 At 31 M#r¢h 2023 30,186 26,645 52,543 139.181 248,555 Net Book Value At JI Mareh 2022 969.814 330,000 22,216 17J72 I J39.402 At 3 I Mbrch 2022 969,814 330,000 4.062 29,993 18,476 1,352,345 Included in th¢ net book value of £1,352.345 {2022.. £1,352,345) is £Nil (2022.. £4,062) of asseis held under finance lease oi. hii'e purchase tontracts. The Old School property at Heckington was valued at n)arket value of £295,000 by Tony Gravel. Banks Long & Co on 27 January 2018. 011 19 April, 2022. il was waliied at £330.UOO by J A Swithinballk. Investment pi'operti¢s ¢omprise Mill Hill Cottage held at valuation of £124,814, pei'foimed in Januaiy 2005 by Tumer, Evans and Stevens. th¢ Old King's Head, Kirton. valued at £600,000 by J A Sm'ithinbank on 19 April 2022 and a cottabje at 27 High Stre¢t, Tallershall, bequeath¢d to ihe Charity on l O June 2021 and valued at £245,UOO by Robert Bell & Coinpany. The Old Kings Head was acquired in 2016 and thts wa5 funded by a £1 00,000 loan from the Arthitectural HeTltage Fund. Prior to this year'5 revaluation, the Old King'5 Head was held at the value of the £IOO,000 acquisiiion. When acquiied. l-he Old King's Head was in a very poor condition but lias sÈnce been resrored with the help of a kyrant received froin tlie National Lottery Heritage fund and fundiaising by the Charity. T]ie costs of refurb$11mCnt have been recogt)ised in the Siatemieiit of Financial Aciivilies as a rcstricied pi'oject C05t. The refurbishment lost% have not been apitalised as pait of Ilie asset. At this stage the Charity plans to repay ihe Architectui'al Heritage Fund loan by taking oul a commercial mortg>age on the property. -22-
HERITAGE TRUST OF LINCOLNSHIRE NOTESTO THE FIIYANCIAL STATEMENTS- CONTINUED FOR THE YF.AR ENDED 31 MARCH 2023 11. HERITAGE ASSETS The tharity holds two assets ofhistorical imp)rtance- Holbeach Bunker and Tupholtne Abbey. Tupl)olme Abbey, which ]% classed as a Scheduled Ancient Monuinent, was originally traiisferred froit) 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. ote(l inve5trnenls Al Cost 2023 2022 HTL Enteiprises Ltd- l ordinary share of £1 The charity owns the whole of the issued share capital being l ordinary subscriber share of £1 issued at par. The intercompany accounts are shown in debtors. The financial results were as follow5.. Summary Profit and Loss Account.. 2023 2022 Tumover Other income Costs 262.359 73,478 (397,732) 104,614 (200.104) Operating Profit l (105s) {61,895) (95.490) Profit l {Loss} AbsoTbed (95,490) The shareholder5, funds at the end of th¢ year were (180,221) (118,326) 12. STOCKS AIYD WORK IN PROGRESS 2023 2022 Work in progress Provision against recovei?bility 239,042 (21,332) 414,543 (21.332) 217,710 393,211 13. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2023 2022 Trade debtors Other debiors and taxes HTL Enieiyi'ises Ltd Provision for doubtful debt 193,752 75,422 84,808 264,907 50,613 73,135 (73,135) 353,982 315,520 -23-
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEMENVi- CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 14, CREDITORS: AMOUNTS FALLING DUK WITHIN ONE YEAR 2023 2022 Bank loans and overdi?fts Trade cr¢ditors Social 5¢cuI'iiy aiid other lax¢s Obligations under finance leases and hiTe purchase contracis Other ¢redilors Deferred income The Architeciural Heritage Fund loan LEAP loan 32,873 67,088 48,70S 72,401 149,262 92,933 2,633 27,575 99,627 883,863 75,485 1911,771 63,000 ,369.785 444,431 Deferred income is analysed below.. 2023 2022 AHP Development Trust Boston Borough Countil t4oston Taw) Deal Conservation Consultancy Covid Recovery Fund HTI. Volunteer 500 Legacies Little Steeping NLI4F Covid Recovery Fund OKH Delivery Outreach to Ownership Prcpaid donations PToperty management 'I'upholme- SllNey and Repairs Wolds Walking Festival 588 29.868 1.149 10.637 375 2,016 29.002 271 1.000 450 7,335 450 4,130 57,711 6,526 10,354 1,385 3,689 4,348 139 3,689 75,485 99,627 D¢ferred income at l Api'il 2022 Released from previous accounÉing p¢riods Incoine defei'red in thc current year 99,627 (99,627) 75,485 56,841 {56.841) 99.627 Deferred income at 31 March 2023 75,485 99,627 -24-
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAII ENDED 31 MARCH 2023 15. CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YV.AR 2023 2022 Bank loans Obligations under finance leases and hire puhaSe conti?cts The Archilectural Heritage Fund loan LEAP loan 119.341 134,990 198,771 63.000 119J41 396,761 The Archiiectural HeTltage Fund loan is repayabl¢ up to 48 months from initial drawdown, at an inteirst raie of 6.5 % per annum. The bank loan 15 repayable ov¢r 20 years at an intei'est rate of 4.960/0. The LEAP loan is ]tpayable after 5 yedr& ai an interest rate of Bank of England base Tate plus 20/•. 16. BANK LOANS 2023 2022 Within one year Between one and two yeai Belweeil two and five years More than five years 214,420 15,946 31,368 72,027 72,401 214,417 40.404 78,940 333,761 406,162 17. SECURE4 D CREDITORS 2023 2022 Bank loan5 The Architectural Heritage Fund loat) LEAP loan 134,990 198.771 63,000 207,391 198.771 63.000 396,761 469,162 The Arcl)itectui'31 Heiilllge Fund loan is secured on the propeyty being financed by the loan. The l.FAP 19gM is secured on the property being financed by the loan. The bank loan is secured on the properties owned by the Charity. The hiie purchase contracts are secured against the dsset for which they provided the original finan¢e. -25.
HF.RITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATEI MENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 18. LEASING AGREEMENTS Minimum lease payments fall due as follows: Hire purch3$e eontracts 2023 2022 Net obligations repayable.. Within oiie yeai. Between one and five years 2.633 2.633 Non-¢8neellable operating leases 2023 2022 Net obligalions r¢payable'. Within one year Between oiie and five years In more than fjve years 10,262 37,943 648 7,777 31,108 8,425 48,853 47.310 19. PENSION SCHEME The Trust operates a Pension Scheme provided by Standard Life. The T]StS costs are tlie ¢qiiivalent of SO/0 of Qualifying M¢mbers' Pay. Ai 31 March 2023 there were 4512022.. 421 Inemb¢r5 Of staff eligible under the scheme Tul¢s for inclusion in the heM¢. The ti)tal pension costs for the y¢ar was as follows.. 2023 2022 Staiidard Life 53.013 44.270 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unresirl¢teil Fund$ Reslritted Fund$ Total FuNd$ Taiigible Fixed Assets Curreni As5¢t 1,339,402 146,327 {527,4651 I J39,402 392,994 167q,$301 246,667 1148,065} Net a5S¢ts at 31 March 2023 9$8,264 98,602 I.OS6,866 -26-
HERITAGE TRUST OF LINCOLP4SHIRE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR F,NDED 31 MARCH 2023 21. MovfMENT IN FUNDS At l April 20?2 At 31 MArch 2023 Incorning Re50urtts Outgoing ResourLes Transfey Unrestricled funds General reserve Revalllalion irserve De$lgnAled fund5 Biiilding preservation reserye Lega¢y reserve Totil Uni'estricted and D¢signAte(I fund5 46,633 694,864 1294,717 (1,439,250) {97,900) 694064 83,008 278,292 83,008 278392 9.$8264 1,102.797 .294.717 11,439.250) At l April 2022 Oiiigoln¥ Dlr¢et Rtyourte$ ProjEcI At 31 larch TrRnsftr C.ontribulion 2023 ReSUr¢es Restrieted fund5 Donations & legacies Other trading activities Projects: AHF Development Trnsts Boston Town Deal Centenary Methodist Church Covid Recovery Fund East Lindsey Town Deal Fydell House Greyfriars Lineoln Grimsby Viking Festival The Harlequiii Historic England Engagement Project Isle of Axholme Local Listing Project NHLF Covid Recovery Fund Old King's Head, Kirto Outrcach (o Owneiship Townscape Herilagie Boslon Other Restricted Pivjectg 245 9,569 (245> (9,569) 29,280 86,378 (280) (1,705) (29,000) (84,673) (2,920) 2,920 7,229 91,216 12,727 23,562 22,523 76 (7,229) 13,788) (2,124) (23,562) (1,056) (104) (87,428) (16,246} 5,643 3,746 5,227 (25,213) (5,199) 1,830 22,786 i.o(10 8,138 23,625 {148) (261 (214) (20.864) (7,541) (7,8141 (1,2391 (59,500) (2S.307) {22,760) {786} (8,138) 20,864 7,541 4,094 18,307 18S,946 (3,720) {17.068) (118,657) 94,533 102,322 Tol21 Restrieted lunds 145,823 543,182 (147.008) (443,3951 98,602 Total Fuiid5 1,248,620 1,837,899 (1,586,2511) {443,3951 1,056,866 -27-
HERITAGE TRUST OF LINCOLNSHIRE NOTES TO THE FINANCIAL STATF,MENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 22. RELATED PARTY DISCLOSURES The Charity has a close working relationship with the lotal authorities in Lincolnshire. the area in which it conducts its eharitable activilieg. This include5 having representation on the Heritage Tnist of Lin¢olnshiiE Advisory and Liaison Committee. These organisations provide funding which has been includ¢d within the financial siatements as 'lncoming resources from chariiable activities,. Heritage Trust of Lincoln5hiiE owns the whole of the issued share eapiial of HTL F_nterprises Ltd. Th¢ ¢ompany's principal a¢tivity will be hospitality. Hl-l. bnterprises will lease the property on completion of the Old Kinbj's Head refurbishment pioject at market value from Heritage Trust of Lin¢oln5hire. Costs incurred behalf of HTL Enterprises Ltd amounl to £Nil {2022.. £73,135). During the year to 31 March 2022, in the face of delays in expected funding. a member of Key Manag¢meni Personnel ¢xt¢nded a eash flow loaii to the charity. The balance as at 31 Mareh 2023 is £Nil (2022.. £57,000}. APB ETHICALSTANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other businesses of our size and nare we use our auditor5 to assist with the prepaTation of the rinancEal siaieinents. -28-
HERITAGE TRUST OF LINCOLNSHIRE DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR F.NDED 31 MARCH 2023 21123 2022 INCOMING RESOURCES VoluntAry Income Various doiiations Legacy 9,435 7.025 245.0(X) Aetlvities for generatlng funds Archaeology outside Lineoln5hire Publications Meinbership Miscellaneous 2723119 .132 5.926 63.2110 217.731 1,688 5,598 24,177 Investment iiicome Rent received Deposit account inieresl 3.600 86 3,600 Incoming i'esourees from charitable aclivitie$ Archaeology within Lincolnshiye Gran15 Projects Property Managem¢nt 708.117 69.044 685877 19.273 736.127 50.240 9?5,617 19,273 Totxl Intming re50ur¢es 1,837,899 2,236,076 RESOURCES EXPENDED l£¢ni & rates Light & heat Property repairs Salaries Work in Progress movement HR & recruilment Travel & subsistenc¢ Trainhjig Materia15 & supplies Equipment hire Equipment repairs & renewals Motor expens¢s Telephone Printing, postage & stattollery Subscriptions Professional fees Specialist fees Insurance Marketing Sundry Bad debts DepirLialion Bank charges and irbterest Hire purchase interest Loan iiiierest Gaiii on disposal of fixed assel Auditors. Iriiiuneration PTovision for doubtful debt 3,115 8.194 17,535 ,J08,033 30.304 15.037 26,429 14,434 100.978 115,Z67 16.250 15,643 7.731 13,388 30,358 30.002 96,735 2.195 12,442 6,471 1,152,970 123.3261 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 13,344 84,730 21,603 4,794 2,091 23.962 Iisoi 4,240 3,845 7.3.135 Tothl resovr¢es ¢xpended 2,029.653 1,934,051 Net Ideficitl15urplus {191,754) 302.025 Tjiis pag¢ does not foiTh part of the statutory financial statemet)t5. -29-