## **HERITAGE TRUST OF LINCOLNSHIRE**
(A Company Limited by Guarantee)
## **THIRTY THIRD**
## **ANNUAL REPORT AND ACCOUNTS**
## **31 MARCH 2024**
**Registered Office**
**The Old School Cameron Street Heckington Sleaford Lincs NG34 9RW**
## **Other Trading Names:**
**Heritage Lincolnshire Archaeological Project Services**
**Telephone: Fax: E-mail: Website:**
**01529 461499 01529 461001 info@heritagelincolnshire.org www.heritagelincolnshire.org**
**Registered Number: Registered Charity Number**
**2554738 (England & Wales) 1001463**
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **CONTENTS**
||Page|
|---|---|
|Board of Directors and Secretary|2|
|Professional Advisers|2|
|Report of the Trustees/Directors|3 - 5|
|Statement of Trustees/Directors’ Responsibilities|6|
|Independent Auditors’ Report|7-8|
|**Accounts**||
|Statement of Financial Activities for the year ended 31 March 2024|9|
|Balance Sheet at 31 March 2024|10|
|Cash Flow Statement|11-12|
|Notes to the Financial Statements|16 - 26|
|Detailed Statement of Financial Activities for the year ended 31 March 2024|27|
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **TRUST PATRON**
Mr Toby Dennis Esq, HM Lord-Lieutenant of Lincolnshire
## **TRUST PRESIDENT**
The Lord Cormack, DL, FSA, FRHistS
## **TRUSTEES who are also the MEMBERS OF THE BOARD 2023/2024**
Caroline Bingham (Non-Executive Director) Andrew Clark (Non-Executive Director) Anne Coltman (Non-Executive Director) Resigned 26.01.24 Simon Erskine Crum (Non-Executive Director) Resigned 26.01.24 Julian Free (Vice Chair) (Non-Executive Director) Charles Pinchbeck (Chair) (Non-Executive Director) Dorothy Hancock (Non-Executive Director) Resigned 28.04.23 Ursula Lidbetter (Non-Executive Director) Appointed 03.05.23 David Stocker (Non-Executive Director) Appointed 06.02.24 Stephen Roe (Company Secretary)
## **PROFESSIONAL ADVISERS**
Auditors: Dexter & Sharpe Audit Services Limited Chartered Certified Accountants & Registered Auditors Rollestone House, Bridge Street, Horncastle, Lincs LN9 5HZ Bankers: Lloyds Bank 51 Market Place, Boston, Lincs PE21 6NQ Solicitors: Chattertons St Swithin’s Court, 1 Flavian Rd, Nettleham Rd, Lincoln LN2 4GR
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**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **HERITAGE TRUST OF LINCOLNSHIRE**
**_____________________________________________________________________________________________________**
The Trustees, who also serve as directors of Heritage Trust of Lincolnshire (the Trust) for the purposes of company law, present their report for the year ended 31 March 2024, together with the audited financial statements. This report complies with the Charities Act 2011 and Companies Act 2006, and follows the principles set out in the Charity SORP (FRS 102).
## **OUR PURPOSE AND PUBLIC BENEFIT**
## **Chartiy Commission Charitable objects**
a) to advance the education of the public in all matters relating to the county of Lincolnshire.
b) to preserve or investigate for the public benefit buildings and other features of historical, architectural, archaeological or environmental interest.
## Vision and Mission
Vision: to preserve and promote Lincolnshire 's rich heritage for current and future generations, delivering experiences that blend heritage, community, and creativity.
Mission: to provide accessible opportunities for learning, foster wider engagement, and actively conserve the counties tangible and intangible heritage, fostering a sense of pride and connection.
Heritage Trust of Lincolnshire is a charity first and foremost. Our mission is to advance the public’s knowledge, appreciation, and understanding of Lincolnshire’s heritage. We do this by preserving and restoring historic buildings, engaging communities in their cultural heritage, and delivering learning programs. Our work directly contributes to the conservation, accessibility, and sustainability of the county’s heritage, ensuring that future generations can enjoy and learn from Lincolnshire’s historic places.
The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit when making decisions on the Trust’s activities.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Documents**
The Trust was founded in 1988 and became a registered charity in 1991. It operates as a charitable company limited by guarantee with no shareholders, ensuring that all income is reinvested into our charitable work. The Board of Trustees provides strategic oversight, while day-to-day operations are managed by the Chief Executive Officer and senior staff.
The Trust’s governing document is its Memorandum and Articles of Association.
## **Board of Trustees and Governance**
Trustees are appointed based on their expertise in heritage, business, or community engagement. New trustees receive an induction to understand their role in supporting the charity’s mission. Under the requirements of the Memorandum and Articles of Association, members of the Board are elected to serve for a period of five years after which they may be re-elected at the end of their term.
## **Risk Management**
The Trustees regularly assess the major risks facing the charity and ensure systems are in place to manage and mitigate them. A formal risk register is maintained and reviewed at board meetings.
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **ACHIEVEMENTS AND PERFORMANCE**
This year, despite a challenging financial and economic landscape, Heritage Lincolnshire continued to deliver significant outcomes for heritage and communities across Lincolnshire:
- **Heritage Regeneration Projects:**
- Progressed the **Greyfriars Lincoln project** , in partnership with the City of Lincoln Council, which will secure the long-term future of this exceptional medieval building.
- Delivered High Street regeneration projects in partnership with local authorities and the business community, including projects in **Boston, Skegness, and Mablethorpe,** as part of wider government funded regeneration schemes.
## **ACHIEVEMENTS AND PERFORMANCE continued**
- **Community and Educational Engagement:**
- Successfully ran Heritage Open Days, enabling public access to over 100 historic sites across the county.
- **Archaeological and Research Work:**
- Archaeological Project Services (APS) undertook significant commercial and research-based excavations, reinvesting income to support heritage preservation.
- **Volunteer and Membership Growth:**
- Membership levels have remained steady, reflected continued and stable support from our local community.
## **FINANCIAL REVIEW**
The past year saw continued efforts to maintain financial stability amid economic uncertainties. The Trust successfully navigated funding challenges by securing grants from key partners.
The charity has been impacted by trading challenges in the trading company, HTL Enterprises Ltd, stemming from a project that aimed to deliver regeneration of a historical building and also sustainable trading income.
The Board remains focussed on long-term financial resilience, and day-to-day financial management, ensuring that resources are effectively managed to support both immediate priorities and future growth. The Trust’s ability to adapt to evolving financial pressures remains central to its success.
## **RESERVES POLICY**
The Trustees aim to maintain unrestricted reserves at a level that ensures financial resilience and sustainability. As of 31 March 2024, unrestricted reserves stood at £953k, of which £775k comprises unrealised gains on property revaluation.
During the financial year, the Trust did not make additional contributions to unrestricted reserves. While the aspiration remains to build financial resilience, immediate operational demands required full focus. The Board continues to monitor financial stability and will reassess reserves planning as circumstances allow.
## **Investment policy**
The Trust has the authority to invest in any manner deemed appropriate by the Trustees. Investment decisions are based on financial sustainability and risk assessment.
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**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **HERITAGE TRUST OF LINCOLNSHIRE**
**_____________________________________________________________________________________________________**
## **SUBSEQUENT EVENTS**
Subsequent to the year-end some concerns were raised by the board in relation to internal financial controls and processes which highlighted some problem areas. The board have taken decisive action and have appointed advisors to assist them with a wholesale review of systems and processes to give them confidence in the underlying financial information they and management are using to review performance. Part of this review identified a potential shortfall in cash and work has been undertaken by the board with their advisors to start to address this to ensure that the charity can be placed on a sure footing.
The board have reviewed the restructuring proposals and forecasts for the year to 31 March 2026 and are content that the restructuring plan is robust. There are risks associated with the plan which may impact on the going concern assessment however, the board are content that these risks can be adequately mitigated and as such have prepared the accounts on a going concern basis.
## **PLANS FOR THE FUTURE**
In 2024/25, Heritage Lincolnshire will:
- Continue major projects, including Greyfriars Lincoln and working with heritage-at-risk sites across Lincolnshire.
- Expand our community heritage programs, offering more volunteering and learning opportunities.
- Strengthen our financial sustainability, diversifying income streams to support our charitable objectives.
## **THANK YOU**
None of our work would be possible without our dedicated staff, volunteers, members, and partners. We extend our sincere thanks to everyone who has supported us in our mission to preserve and celebrate Lincolnshire’s heritage.
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees (who are also the directors of Heritage Trust of Lincolnshire for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware, and each Trustee has taken all steps that they ought to have taken as a Trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of that information.
## **ON BEHALF OF THE BOARD**
**……………………………………….**
## **Charles Pinchbeck, Chairman**
## **27 March 2025**
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HERITAGE TRUST OF LINCOLNSHIRE FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **Opinion**
We have audited the financial statements of Heritage Trust of Lincolnshire (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 23 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HERITAGE TRUST OF LINCOLNSHIRE FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have enquired of those charged with governance around actual and potential litigation and claims.
We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of noncompliance with laws and regulations.
We have audited the risk of management override of controls, including review of journal entries and large or unusual transactions, evaluating the rationale of any significant transactions outside the normal charitable activities.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Nicola Lenton (Senior Statutory Auditor) for and on behalf of Dexter & Sharpe Audit Services Ltd (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ
27 March 2025
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
|**Notes**
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
Other trading activities
3
Investment income
4
**Income from charitable activities:**
Grants, projects and property
management
5
**Total incoming resources**
**EXPENDITURE ON**
**Costs of generating funds**
Expenditure on raising funds
6
**Charitable activities**
6
**Other costs**
6
**Total**
**Net income/(expenditure)**
Being:
**Net movement in funds**
7
Unrealised gain on fixed assets
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
22
**Total funds carried forward**|**Unrestricted**
**Funds**
**2024**
**£**
**12,270**
**258,884**
**10,571**
**763,280**
**1,045,005**
**223,638**
**917,427**
**6,240**
**1,147,305**
**(102,300)**
**80,000**
**(22,300)**
**975,488**
**953,188**|**Restricted**
**Funds**
**2024**
**£**
**290**
**1,719**
**-**
**782,062**
**784,071**
**-**
**725,620**
**-**
**725,620**
**58,451**
**-**
**58,451**
**171,738**
**230,189**|**Total**
**Funds**
**2024**
**£**
**12,560**
**260,603**
**10,571**
**1,545,342**
**1,829,076**
**223,638**
**1,643,047**
**6,240**
**1,872,925**
**(43,849)**
**80,000**
**36,151**
**1,147,226**
**1,183,377**|Total
Funds
2023
As restated
£
9,435
342,467
3,686
1,482,311|
|---|---|---|---|---|
|||||1,837,899|
|||||245,545
1,689,508
4,240|
|||||1,939,293|
|||||(101,394)
-|
|||||(101,394)
1,248,620|
|||||1,147,226|
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended arise from continuing activities.
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **BALANCE SHEET AS AT 31 MARCH 2024**
**_____________________________________________________________________________________________________**
|**Notes**
**FIXED ASSETS**
Tangible fixed assets for charity use
11
Investment properties
11
Heritage assets
12
Investments
13
**CURRENT ASSETS**
Stocks and work in progress
14
Debtors
15
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
16
**NET CURRENT ASSETS/(LIABILITIES)**
**LONG-TERM LIABILITIES**
Creditors: amounts falling due after one year
16
**NET ASSETS**
**The Funds of the Charity**
22
Restricted funds
Unrestricted funds:-
General funds
Designated funds:-
Building preservation reserve
Legacy reserve
Revaluation reserve
**Total Charity funds**|**£**
**398,554**
**744,650**
**45,695**
**1,188,899**
**1,050,812**|**2024**
**£**
**360,641**
**1,049,814**
**-**
**1**
**1,410,456**
**138,087**
**(365,166)**
**1,183,377**
**230,189**
**178,324**
**-**
**-**
**774,864**
**1,183,377**|£
217,710
427,118
652,122
1,296,950
1,369,786|2023
As
restated
£
369,588
969,814
-
1|
|---|---|---|---|---|
|||||1,339,403
(72,836)
(119,341)|
|||||1,147,226|
|||||171,738
(80,676)
83,008
278,292
694,864|
|||||1,147,226|
The financial statements were approved by the Board of Trustees on 27 March 2025 and were signed on its behalf by:
Charles Pinchbeck, Chairman
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
|**Notes**
**Cashflows from operating activities**
Net cash (used in)/inflow from operating activities
1
**Cashflows from investing activities**
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
**Cashflows from financing activities**
New loans in year
Loan repayments in year
HP Repayments in year
Net cash provided by/(used in) financing activities
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at beginning of year**
2
**Cash and cash equivalents at end of year**
2|**2024**
**£**
**(582,634)**
**(8,146)**
**(590,780)**
**-**
**(15,647)**
**-**
**(15,647)**
**(606,427)**
**652,122**
**45,695**|2023
As restated
£
707,081
(8,660)|
|---|---|---|
|||698,421|
|||20,000
(92,402)
(2,633)|
|||(75,035)|
|||623,386
28,736|
|||652,122|
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|Net surplus/(deficit) for the reporting period (as per the
statement of financial activities
Adjustments for:
Depreciation charges
Unrealised profit on revaluation
(Increase)/Decrease in WIP
(Increase) in trade and other debtors
(Decrease)/Increase in trade and other creditors
Net cash (used in)/ inflow from operating activities|**2024**
**£**
**36,151**
**17,093**
**(80,000)**
**(180,844)**
**(317,532)**
**(57,502)**
**(582,634)**|2023
As restated
£
(101,394)
21,603
-
175,501
(111,598)
722,969|
|---|---|---|
|||707,081|
## **2. CASH AND CASH EQUIVALENTS**
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:
## **Year ended 31 March 2024**
|Cash and cash equivalents
**Year ended 31 March 2023**
Cash and cash equivalents|**31.3.24**
**£**
**45,695**
**45,695**
**31.3.23**
**£**
**652,122**
**652,122**|1.4.23
£
652,122|
|---|---|---|
|||652,122|
|||1.4.22
£
28,736|
|||28,736|
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**HERITAGE TRUST OF LINCOLNSHIRE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **1. ACCOUNTING POLICIES**
## **Basis of preparation and assessment of going concern**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2017)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’; and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of land and buildings.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
In the opinion of the Trustees there ae no major judgemental or estimation matters affecting the accounts. An important matter requiring an element of judgement relates to the recognition of income. Income is recognised in an accounting period in accordance with the stage of completion of a project based on the direct and apportioned costs incurred, which requires certain judgements and estimates.
## **Fund accounting**
- Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the trust.
- Designated funds are unrestricted funds earmarked by the Trustees for a particular purpose.
- Restricted funds are subject to the restrictions on their expenditure imposed by the donor. Expenditure that meets these criteria is charged to the fund.
## **Income**
Income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- Donations and legacies are accrued for when received.
- Grant income is recognised as the Trust becomes unconditionally entitled to the grant. Where the Charity is not unconditionally entitled to the income as at the balance sheet date the income is shown as deferred income in the balance sheet until any performance conditions are met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
## **Expenditure**
Expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Expenditure on raising funds comprise those costs associated with field archaeology and project funding activities.
- Costs of charitable expenditure comprise those costs incurred by the Trust in the delivery of its activities and services in the furtherance of its principal activities and include both direct and indirect costs.
- Other costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
- Support costs relating to charitable activities have been apportioned to projects based on management’s estimate of the level of support costs required and incurred by each project.
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **1. ACCOUNTING POLICIES continued**
## **Tangible fixed assets**
Fixed assets are shown in the balance sheet at historic cost, or in the case where fixed assets have been donated at valuation at the time of acquisition, and are depreciated at rates sufficient to write off each asset over its estimated useful life.
Freehold property - not depreciated Plant & machinery - 5 years straight line Fixtures and fittings - 4 years straight line Motor vehicles - 4 years straight line
The freehold property is not depreciated as the estimated residual value is such to make any depreciation immaterial. This is a departure from the requirements of the Companies Act 2006 – true and fair view override.
## **Investment properties**
Investment properties are stated at fair value. Any surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities
## **Heritage assets**
If the charity receives any heritage assets by way of donation, it is policy to capitalise these in the balance sheet. If a value is known or easy to obtain, then this will be the cost. It is the charity’s policy to maintain these assets in a steady state of repair. Due to their historic nature, the Trustees do not therefore consider it appropriate to charge depreciation on these assets. Expenditure on these assets is recognised in the Statement of Financial Activities as it is incurred.
The charity holds two assets of historical importance. These were donated several years ago and have never had a value placed on them, as due to their nature it is difficult to determine a value. See note 11.
## **Stocks and work in progress**
Work in progress is included at the cost to date.
The value of the cost of publications is written off in the year of publication. The value of any stock of books is ignored for the purposes of these accounts.
## **Taxation**
The Charity is exempt from corporation tax on its charitable activities.
## **Pension costs and other post-retirement benefits**
The Trust has a Pension Scheme based on a money purchase policy through Standard Life for eligible employees and contributions are charged to the Statement of Financial Activities as they become payable.
## **Leasing and hire purchase commitments**
Assets under hire purchase contracts and finance leases are capitalised as tangible assets and are depreciated over their useful lives _._ Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.
## **Operating Leases**
Rentals paid under operating leases are charged on a straight line basis over the term of the lease.
## **Financial instruments**
Basic financial assets and liabilities are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.
-14-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **2. DONATIONS AND LEGACIES**
|General donations
Gift Aid
Fundraising
Heritage Open Day
**3.**
**OTHER TRADING INCOME**|**Unrestricted**
**Funds**
**2024**
**£**
**6,155**
**20**
**6,095**
**-**
**12,270**|**Restricted**
**Funds**
**2024**
**£**
**-**
**-**
**-**
**290**
**290**|**Total**
**Funds**
**2024**
**£**
**6,155**
**20**
**6,095**
**290**
**12,560**|Total
Funds
2023
£
9,170
20
-
245|
|---|---|---|---|---|
|||||9,435|
||||||
|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
Archaeology outside Lincolnshire
**248,285**
**-**
Publications
**955**
**-**
Membership
**5,215**
**-**
Miscellaneous
**4,429**
**1,719**
**258,884**
**1,719**
**VESTMENT INCOME**
**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
Rents received
**6,350**
-
Interest received
**4,221**
-
**10,571**
-
**COMING RESOURCES FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
**Archaeology within Lincolnshire**
**555,442**
-
**Grants:**
East Lindsey District Council
**27,990**
-
Boston Borough Council
**14,363**
-
North Kesteven District Council
**25,142**
-
South Kesteven District Council
**35,400**
-
Carried forward
**658,337**
-|**Total**
**Funds**
**2024**
**£**
**248,285**
**955**
**5,215**
**6,148**
**260,603**
**Total**
**Funds**
**2024**
**£**
**6,350**
**4,221**
**10,571**
**Total**
**Funds**
**2024**
**£**
**555,442**
**27,990**
**14,363**
**25,142**
**35,400**
**658,337**|Total
Funds
2023
£
272,209
1,132
5,926
63,200|
|---|---|---|
|||342,467|
|||Total
Funds
2023
£
3,600
86|
|||3,686|
|||Total
Funds
2023
£
708,117
16,024
10,357
25,143
17,520|
|||777,161|
## **4. INVESTMENT INCOME**
## **5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES**
-15-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES continued**
|Brought forward
**Property Management**
**Projects**
Boston Town Deal
East Lindsey Town Deal
Greyfriars, Lincoln
Grimsby Viking Festival
The Harlequin
Outreach to Ownership
Edward Watkin Project
ELDC Levelling Up Fund
UKSPF Kirton
UKSPF Wainfleet
Townscape Heritage Initiative, Boston
Spalding Reconnected
Spalding Heritage Strategy
Other projects|**Unrestricted**
**Funds**
**2024**
**£**
**658,337**
**19,273**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**85,670**
**763,280**|**Restricted**
**Funds**
**2024**
**£**
**-**
**-**
**85,495**
**109,270**
**12,192**
**13,328**
**158,415**
**18,137**
**17,932**
**81,265**
**9,035**
**1,733**
**11,220**
**5,236**
**9,296**
**249,508**
**782,062**|**Total**
**Funds**
**2024**
**£**
**658,337**
**19,273**
**85,495**
**109,270**
**12,192**
**13,328**
**158,415**
**18,137**
**17,932**
**81,265**
**9,035**
**1,733**
**11,220**
**5,236**
**9,296**
**335,178**
**1,545,342**|Total
Funds
2023
£
777,161
19,273
86,378
91,216
23,562
22,523
76
4,094
-
-
-
-
18,307
-
-
439,721|
|---|---|---|---|---|
|||||1,482,311|
-16-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
|**6.**
**EXPENDITURE**|**6.**
**EXPENDITURE**|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Archaeology**|**outside**
**Lincolnshire**|**Grants and**|**Contributions**|**Archaeology**|**within**|**Lincolnshire**|**Projects**|**Un-Restricted**|**Projects**|**Restricted**|**Property**|**Management**|**Miscellaneous**||**Governance**|**Total**|**2024**|Total
2023|
||||||||||||||||||||As|
||||||||||||||||||||restated|
|||**£**|**£**|||**£**|||**£**||**£**|**£**||**£**||**£**||**£**|£|
|Rent & Rates||**56**||**2,019**|||**124**||**247**||**102**||**87**||**-**|**-**||**2,635**|3,115|
|Light & heat||**-**||**9,157**|||**-**||**-**||**-**||**-**||**-**|**-**||**9,157**|8,194|
|Property repairs||**-**||**9,900**|||**-**||**75**||**2,595**||**-**||**-**|**-**|**12,570**||17,535|
|Salaries|**180,610**||**203,517**||**404,044**|||**383,913**|||**-**||**-**||**-**|**-**|**1,172,084**||1,308,033|
|Work in Progress||||||||||||||||||||
|movement||**-**||**-**|||**-**||**-**||**-**||**-**||**-**|**-**||**-**|30,304|
|HR & recruitment||**11**||**5,168**|||**24**||**-**||**-**||**-**||**-**|**-**||**5,203**|15,037|
|Travel &||||||||||||||||||||
|subsistence|**2,233**|||**1,708**||**4,996**|||**4,283**||**9,359**|**175**|||**-**|**-**|**22,754**||26,429|
|Training||**789**||**4,630**||**1,767**|||**-**||**723**||**-**||**-**|**-**||**7,909**|14,434|
|Materials &||||||||||||||||||||
|supplies|**1,589**|||**883**||**3,556**|||**172**||**4,955**||**-**||**-**|**-**|**11,155**||100,978|
|Equipment Hire|**8,649**||**15,772**|||**19,350**|||**113**||**4,383**||**-**||**-**|**-**|**48,267**||115,267|
|Equipment repairs||||||||||||||||||||
|& renewals||**159**|**12,559**||||**355**||**-**||**645**||**-**||**-**|**-**|**13,718**||16,250|
|Motor expenses|**2,759**|||**847**||**6,172**|||**-**||**-**||**-**||**-**|**-**||**9,778**|15,643|
|Telephone|**1,056**|||**6,259**||**2,363**|||**-**||**-**||**-**||**-**|**-**||**9,678**|7,731|
|Printing, postage &||||||||||||||||||||
|stationery|**1,077**|||**4,864**||**2,411**|||**910**||**5,921**||**-**||**-**|**-**|**15,183**||13,388|
|Subscriptions|**3,508**||**23,015**|||**7,848**|||**673**||**55**||**-**||**-**|**-**|**35,099**||30,358|
|Professional fees||**171**|**11,641**||||**381**||**60**||**3,562**||**-**||**-**|**-**|**15,815**||30,002|
|Specialist fees|**9,496**||**13,130**|||**21,243**||**11,071**||**286,267**||**6,165**|||**-**|**-**|**347,372**||79,511|
|Insurance|**2,670**||**12,680**|||**5,974**|||**4,068**||**381**|**904**|||**-**|**-**|**26,677**||23,354|
|Marketing||**-**||**(653)**|||**-**||**-**||**3,173**||**-**||**-**|**-**||**2,520**|2,252|
|Sundry|**1,340**||**10,067**|||**2,997**|||**3,272**||**522**||**-**||**-**|**-**|**18,198**||13,344|
|Bad debts|**4,634**|||**-**||**10,366**|||**-**||**-**||**-**||**-**|**-**|**15,000**||11,594|
|Depreciation|**2,831**|||**7,929**||**6,333**|||**-**||**-**||**-**||**-**|**-**|**17,093**||21,603|
|Bank charges and||||||||||||||||||||
|interest||**-**||**4,559**|||**-**||**-**||**-**||**-**||**-**|**-**||**4,559**|4,794|
|Hire purchase||||||||||||||||||||
|interest||**-**||**-**|||**-**||**-**||**-**||**-**||**-**|**-**||**-**|2,091|
|Loan interest||**-**|**44,356**||||**-**||**-**||**-**||**-**||**-**|**-**|**44,356**||23,962|
|Gain on sale of FA||**-**||**(95)**|||**-**||**-**||**-**||**-**||**-**|**-**||**(95)**|(150)|
|Auditors’||||||||||||||||||||
|remuneration||**-**||**-**|||**-**||**-**||**-**||**-**||**-**|**6,240**||**6,240**|4,240|
|Management||||||||||||||||||||
|charge- project||||||||||||||||||||
|contribution||**-**|**(403,912)**|||**(5,609)**|||**-**|**402,977**||**6,544**|||**-**|**-**||**-**|-|
|Provision for||||||||||||||||||||
|doubtful debt||**-**||**-**|||**-**||**-**||**-**||**-**||**-**|**-**||**-**|-|
||**223,638**|||**-**|**494,695**|||**408,857**||**725,620**||**13,875**|||**-**|**6,240**|**1,872,925**||1,939,293|
-17-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **7. NET INCOME/EXPENDITURE**
Net resources are stated after charging:
|Auditors’ remuneration
Depreciation – owned assets
**TAFF COSTS**
Wages and salaries
Social security costs
Other pension costs|**2024**
**£**
**6,240**
**17,093**
**2024**
**£**
**1,030,264**
**94,222**
**47,598**
**1,172,084**|2023
£
4,240
21,603|
|---|---|---|
|||2023
£
1,148,775
106,245
53,013|
|||1,308,033|
## **8. STAFF COSTS**
The average number of employees, full and part time, during the year was as follows:
|Chief Executive
Project workers
Finance
Administration and support|**2024**
**Number**
**1**
**33**
**2**
**4**
**40**|2023
Number
1
38
2
4|
|---|---|---|
|||45|
The Trust considers its key management personnel to comprise the Trustees, the Chief Executive officer and four senior managers. The total employment benefits, including pension contributions of the key management personnel were £224,680 (2023: £253,467).
The number of employees and Trustees who received emoluments (excluding pension contributions) in the following range was:
||||**2024**|2023|
|---|---|---|---|---|
||||**Number**|Number|
|Highest paid employee|£70,000|- £80,000|**1**|-|
## **9. TRUSTEES’ REMUNERATION AND BENEFITS**
There were no Trustees’ remuneration or other benefits for the year ended 31 March 2024, nor for the year ended 31 March 2023.
## **Trustees’ expenses**
There were no Trustees’ expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
-18-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (AS RESTATED)**
|**INCOME AND ENDOWMENTS**
Donations and legacies
Other trading activities
Investment income
**Income from charitable activities:**
Grants, projects and property
management
**Total incoming resources**
**EXPENDITURE ON**
**Costs of generating funds**
Expenditure on raising funds
**Charitable activities**
**Other costs**
**Total**
**Net income/(expenditure)**
Being:
**Net movement in funds**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**2023**
**£**
**9,190**
**332,898**
**3,686**
**948,943**
**1,294,717**
**245,545**
**1,172,241**
**4,240**
**1,422,026**
**(127,309)**
**(127,309)**
**1,102,797**
**975,488**|**Restricted**
**Funds**
**2023**
**As restated**
**£**
**245**
**9,569**
**-**
**533,368**
**543,182**
**-**
**517,267**
**-**
**517,267**
**25,915**
**25,915**
**145,823**
**171,738**|**Total**
**Funds**
**2023**
**As restated**
**£**
**9,435**
**342,467**
**3,686**
**1,482,311**|
|---|---|---|---|
||||**1,837,899**|
||||**245,545**
**1,689,508**
**4,240**|
||||**1,939,293**|
||||**(101,394)**|
||||**(101,394)**
**1,248,620**|
||||**1,147,226**|
In the financial statements for the year to 31 March 2023, unrestricted expenses were overstated by £17,224 and Cash at bank and in hand was understated by the same amount. This has been corrected in the current year’s financial statements.
After due consideration of the current situation and of plans for the future regarding The Old King’s Head, the trustees decided to reinstate that part of the debt due from the trading company, HTL Enterprises Ltd, which had been written off in the year ended 31 March 2023 and this is now corrected in the current year’s financial statements. The amount concerned was £73,136.
-19-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **11. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 April 2023
Additions
Disposals
Revaluations
**At 31 March 2024**
**Depreciation**
At 1 April 2023
Charge for year
Re disposals
Re revaluations
**At 31 March 2024**
**Net Book Value**
**At 31 March 2024**
At 31 March 2023|**Investment**
**Properties**
**Land and**
**Building**
**Used by**
**Charity**
**Motor**
**Vehicles**
**Plant and**
**machinery**
**Fixtures**
**and**
**fittings**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
1,000,000
330,000
26,645
74,759
156,553
1,587,957
-
-
-
-
8,146
8,146
-
-
-
-
(109)
(109)
80,000
-
-
-
-
80,000|
|---|---|
||**1,080,000**
**330,000**
**26,645**
**74,759**
**164,590**
**1,675,994**|
||30,186
-
26,645
52,543
139,181
248,555
-
-
-
7,777
9,316
17,093
-
-
-
-
(109)
(109)
-
-
-
-
-
-|
||**30,186**
**-**
**26,645**
**60,320**
**148,388**
**265,539**|
||**1,049,814**
**330,000**
**-**
**14,439**
**16,202**
**1,410,455**|
||969,814
330,000
-
22,216
17,372
1,339,402|
The Old School property at Heckington was valued at market value of £295,000 by Tony Gravel, Banks Long & Co on 27 January 2018. On 19 April, 2023, it was valued at £330,000 by J A Swithinbank. Investment properties comprise Mill Hill Cottage held at valuation of £235,000, performed in October 2023 by Robert Bell and Company; the Old King’s Head, Kirton, valued at £600,000 by J A Swithinbank on 19 April 2023 and a cottage at 27 High Street, Tattershall, bequeathed to the Charity on 10 June 2021 and valued at £245,000 by Robert Bell & Company. The Old Kings Head was acquired in 2016 and this was funded by a £100,000 loan from the Architectural Heritage Fund. Prior to last year’s revaluation, the Old King’s Head was held at the value of the £100,000 acquisition.
When acquired, The Old King’s Head was in a very poor condition but has since been restored with the help of a grant received from the National Lottery Heritage Fund and fundraising by the Charity. The costs of refurbishment have been recognised in the Statement of Financial Activities as a restricted project cost. The refurbishment costs have not been capitalised as part of the asset.
-20-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
## **12. HERITAGE ASSETS**
The charity holds two assets of historical importance – Holbeach Bunker and Tupholme Abbey.
Tupholme Abbey, which is classed as a Scheduled Ancient Monument, was originally transferred from Lincolnshire County Council in 1991 at a Nil value.
The Holbeach Bunker, a R.O.C. Monitoring Post, was transferred to the Trust by Nicholas Lane in 2001 at a Nil value.
## **13. UNQUOTED INVESTMENTS**
|**At Cost**|**2024**|2023|
|---|---|---|
||**£**|£|
|HTL Enterprises Ltd – 1 ordinary share of £1|
**1**|1|
The charity owns the whole of the issued share capital being 1 ordinary subscriber share of £1 issued at par. The intercompany accounts is shown in debtors.
The financial results were as follows: Summary Profit and Loss Account:
|**2024**
**£**
Turnover
**256,004**
Other income
**1,451**
Costs
**(370,088)**
Operating Profit / (loss)
**(112,633)**
The shareholders' funds at the end of the year were
**(365,989)**
**STOCKS AND WORK IN PROGRESS**
**2024**
**£**
Work in progress
**398,554**
Provision against recoverability
**-**
**398,554**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2024**
**£**
Trade debtors
**193,368**
Other debtors and taxes
**238,861**
HTL Enterprises Ltd
**-**
**432,229**|2023
As restated
£
262,359
343
(397,732)|
|---|---|
||(135,030)|
|||
||(253,356)|
||2023
£
239,042
(21,332)|
||217,710|
||2023
As restated
£
193,752
75,423
157,943|
||427,118|
## **14.**
## **15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
-21-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **15. DEBTORS continued: AMOUNTS FALLING DUE AFTER ONE YEAR**
|HTL Enterprises Ltd
**AGGREGATE**
Aggregate debtors|**2024**
**£**
**312,421**
**312,421**
**2024**
**£**
**744,650**|2023
£
-|
|---|---|---|
|||-|
|||2023
As restated
£
427,118|
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans and overdrafts
Trade creditors
Social security and other taxes
Other creditors
Deferred income
The Architectural Heritage Fund loan
LEAP loan
Deferred income is analysed below:
AHF Development Trust
Conservation Consultancy
Covid Recovery Fund
H @ R Solutions Officer
Little Steeping
NLHF Covid Recovery Fund
OKH Delivery
Outreach to Ownership
Prepaid donations
Property management
School Visits & Clubs
Wolds Walking Festival
Deferred income at 1 April 2023
Released from previous accounting periods
Income deferred in the current year
Deferred income at 31 March 2024|**2024**
**£**
**15,948**
**125,236**
**48,929**
**818,779**
**41,920**
**-**
**-**
**1,050,812**
**2024**
**£**
**578**
**-**
**-**
**38,635**
**450**
**-**
**-**
**-**
**2,000**
**-**
**257**
**-**
**41,920**
**75,485**
**(74,457)**
**40,892**
**41,920**|2023
£
32,873
67,088
48,705
883,864
75,485
198,771
63,000|
|---|---|---|
|||1,369,786|
|||2023
£
588
375
2,016
-
450
4,130
57,711
6,526
-
3,689
-
-|
|||75,485|
|||99,627
(99,627)
75,485|
|||75,485|
-22-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **16. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
|Bank loans
The Architectural Heritage Fund loan
LEAP loan|**2024**
**£**
**103,395**
**198,771**
**63,000**
**365,166**|2023
£
119,341
-
-|
|---|---|---|
|||119,341|
The Architectural Heritage Fund loan is repayable up to 48 months from initial drawdown, at an interest rate of 6.5% per annum.
The bank loan is repayable over 20 years at an interest rate of 4.96%.
The LEAP loan is repayable after 5 years, currently there is no interest being charged.
## **17. BANK AND OTHER LOANS**
|Within one year
Between one and two years
Between two and five years
More than five years
**ECURED CREDITORS**
Bank loans
The Architectural Heritage Fund loan
LEAP loan|**2024**
**£**
**15,948**
**215,019**
**85,367**
**64,780**
**381,114**
**2024**
**£**
**119,343**
**198,771**
**63,000**
**381,114**|2023
£
277,420
15,946
31,368
72,027|
|---|---|---|
|||396,761|
|||2023
£
134,990
198,771
63,000|
|||396,761|
## **18. SECURED CREDITORS**
The Architectural Heritage Fund loan is secured on the property being financed by the loan. The LEAP loan is secured on the property being financed by the loan.
The bank loan is secured on the properties owned by the Charity.
-23-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **19. LEASING AGREEMENTS**
Minimum lease payments fall due as follows:
|Net obligations repayable:
Within one year
Between one and five years
In more than five years|**Non-cancellable operating leases**
**2024**
2023
**£**
£
**10,262**
10,262
**28,328**
37,943
**-**
648
**38,590**
48,853|
|---|---|
## **20. PENSION SCHEME**
The Trust operates a Pension Scheme provided by Standard Life. The Trusts costs are the equivalent of 5% of Qualifying Members’ Pay. At 31 March 2024 there were 40 (2023: 45) members of staff eligible under the scheme rules for inclusion in the scheme. The total pension costs for the year was as follows:
||**2024**|2023|
|---|---|---|
||**£**|£|
|Standard Life|**47,598**|53,013|
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible Fixed Assets
Current Assets
Total Liabilities
Net assets at 31 March 2024|**Unrestricted**
**Funds**
**£**
**1,410,456**
**333,297**
**(790,565)**
**953,188**|**Restricted**
**Funds**
**£**
**-**
**1,141,280**
**(911,091)**
**230,189**|**Total**
**Funds**
**£**
**1,410,456**
**1,474,577**
**(1,701,656)**|
|---|---|---|---|
||||**1,183,377**|
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## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **22. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General reserve
Revaluation reserve
**Designated funds**
Building preservation reserve
Legacy reserve
**Total Unrestricted and**
**Designated funds**
**Restricted funds**
Donations & legacies
Other trading activities
**Projects:**
Boston Town Deal
East Lindsey Town Deal
Edward Watkin Project
ELDC Levelling Up Fund
Greyfriars Lincoln
Grimsby Viking Festival
The Harlequin
Outreach to Ownership
Spalding Heritage Strategy
Spalding Reconnected
Townscape Heritage Boston
UKSPF Kirton
UKSPF Wainfleet
Other Restricted Projects
**Total Restricted funds**
**Total Funds**||At
1 April
2023
As restated
£
(80,676)
694,864
83,008
278,292
975,488
At 1 April
2023
As restated
£
-
-
-
-
-
-
-
-
-
(3,720)
-
-
-
-
-
175,458|**Incoming**
**Resources**
**£**
**1,045,005**
**80,000**
**-**
**-**
**1,125,005**
**Incoming**
**Resources**
**£**
**290**
**1,719**
**85,495**
**109,270**
**17,932**
**81,265**
**12,192**
**13,328**
**158,415**
**18,137**
**9,296**
**5,236**
**11,220**
**9,035**
**1,733**
**249,508**|**Outgoing**
**Resources**
**Transfer**
**At**
**31 March**
**2024**
**£**
**£**
**£**
**(1,147,305)**
**361,300**
**178,324**
**-**
**-**
**774,864**
**-**
**(83,008)**
**-**
**-**
**(278,292)**
**-**
**(1,147,305)**
**-**
**953,188**
**Outgoing**
**Direct**
**Resources**
**Transfer**
**Project**
**Contribution**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
**(290)**
**-**
**-**
**-**
**(1,719)**
**-**
**-**
**-**
**(623)**
**-**
**(84,872)**
**-**
**(21,638)**
**-**
**(87,632)**
**-**
**(3,127)**
**-**
**(13,360)**
**1,445**
**(26,700)**
**-**
**(3,140)**
**51,425**
**(12,192)**
**-**
**-**
**-**
**(10,258)**
**-**
**(1,962)**
**1,108**
**(158,461)**
**-**
**-**
**(46)**
**(7,613)**
**-**
**(4,088)**
**2,716**
**(197)**
**-**
**(9,099)**
**-**
**(10)**
**-**
**(6,505)**
**(1,279)**
**(3,189)**
**-**
**(11,320)**
**(3,289)**
**(143)**
**-**
**(10,518)**
**(1,626)**
**(38)**
**-**
**(1,695)**
**-**
**(76,445)**
**-**
**(168,786)**
**179,735**|
|---|---|---|---|---|
||||||
||||||
|||171,738|**784,071**|**(322,643)**
**-**
**(402,977)**
**230,189**|
|||1,147,226|**1,909,076**
**(1,469,948)**
**-**
**(402,977)**
**1,183,377**||
-25-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024**
**_____________________________________________________________________________________________________**
## **23. RELATED PARTY DISCLOSURES**
The Charity has a close working relationship with the local authorities in Lincolnshire, the area in which it conducts its **c** haritable activities. This includes having representation on the Heritage Trust of Lincolnshire Advisory and Liaison Committee. These organisations provide funding which has been included within the financial statements as ‘Incoming resources from charitable activities’.
Heritage Trust of Lincolnshire owns the whole of the issued share capital of HTL Enterprises Ltd. The company’s principal activity is that of hotel and hospitality services. Costs incurred on behalf of HTL Enterprises Ltd amount to £Nil (2023: £Nil).
In the year to 31 March 2024, a member of Key Management Personnel rented one of the Charity’s properties for approximately half the commercial rent.
## **24. APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES**
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
-26-
## **HERITAGE TRUST OF LINCOLNSHIRE**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**_______________________________________________________________________**
**INCOMING RESOURCES**
**Voluntary income**
Various donations
**Activities for generating funds**
Archaeology outside Lincolnshire
Publications
Membership
Miscellaneous
**Investment income**
Rent received
Deposit account interest
**Incoming resources from charitable activities**
Archaeology within Lincolnshire
Grants
Projects
Property Management
**Total incoming resources**
**RESOURCES EXPENDED**
Rent & rates
Light & heat
Property repairs
Salaries
Work in Progress movement
HR & recruitment
Travel & subsistence
Training
Materials & supplies
Equipment hire
Equipment repairs & renewals
Motor expenses
Telephone
Printing, postage & stationery
Subscriptions
Professional fees
Specialist fees
Insurance
Marketing
Sundry
Bad debts
Depreciation
Bank charges and interest
Hire purchase interest
Loan interest
Gain on disposal of fixed asset
Auditors’ remuneration
Provision for doubtful debt
Total resources expended
Net (deficit)/surplus|**______________**
**2024**
**£**
**12,560**
**248,285**
**955**
**5,215**
**6,148**
**6,350**
**4,221**
**555,442**
**102,896**
**867,731**
**19,273**
**1,829,076**
**2,635**
**9,157**
**12,570**
**1,172,084**
**-**
**5,203**
**22,754**
**7,909**
**11,155**
**48,267**
**13,718**
**9,778**
**9,678**
**15,183**
**35,099**
**15,815**
**347,372**
**26,677**
**2,520**
**18,198**
**15,000**
**17,093**
**4,559**
**-**
**44,356**
**(95)**
**6,240**
**-**
**1,872,925**
**(43,849)**|**________________**
2023
As restated
£
9,435
272,209
1,132
5,926
63,200
3,600
86
708,117
69,044
685,877
19,273
1,837,899
3,115
8,194
17,535
1,308,033
30,304
15,037
26,429
14,434
100,978
115,267
16,250
15,643
7,731
13,388
30,358
30,002
79,511
23,354
2,252
13,344
11,594
21,603
4,794
2,091
23,962
(150)
4,240
-
1,939,293
(101,394)|
|---|---|---|
This page does not form part of the statutory financial statements.
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