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 Trustee￿D1rCetors, 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 fea￿re5 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 L￿nCol1)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 o￿lcer 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 s￿la7 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 Ti￿Sle¢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 p￿Ctice, 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
F￿ndS
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 fu￿d5
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'ifi￿l
{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 th￿￿￿k..-&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 uncondit￿OnallY 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 1￿Clude 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 pU￿hase 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
MOt￿r
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 pu￿haSe 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
ReS￿Ur¢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 na￿re 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 Int￿ming 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-