REGISTERED COMPANY NUMBER: 02554738 {England and Wales) REGISTERED CHARITY NUMBER: 1001463 Re ort of Ihe Trustees and Consolldated Flnanclal Statements for Ihe Year Ended 31 March 2025 for Herlia e Trust of Llncolnshlre
Herlta e Trust of Llncolnshlre Contents of the FlnanGSal Statemènts for th& Year Ended 31 March 2025 Page Report of the Trustees 1to5 Report of Ihe Independent Auditors 6t08 Consolidated Statement of Financial Activlties Consolidated Balence Sheet 10 Company Balance Sheet 11 Consolidated Cash Flow Statement 12 Notes to the Consolldated Cash Flow Statement 13 Notes to the Consolidated Flnanclal Statements 14to25
Herita e Trust of Llncolnshlre Re ort of the Trustees orthe Year Ended 31 March 2025 The Trustees, who also serve as directors of Heritage Trust of Lincolnshire (the Trust) for the purposes of company law. presenl their report for the year ended 31 March 2025, together with the audited financial stalemenls. This report complie5 with the Charilies Act 2011 and Companies Act 2006, and follows the principles set out in the Charily SORP (FRS 102). OUR PURPOSE AND PUBLIC BENEFIT Charlty Commlsslon Charllable objects a) to advance Ihe education of Ihe public In all malt8rs relating to the history and heritage of the county of Llncolnshire. b) lo preseNe or investigate for the public benelit buiklings and other features of hlslorlcal, archltectural, archaeologlc81 or environm&ntal interest. lo nd Mlsslo Vision.. lo preserve and promote Lincolnshlre's rlch herilage for current and future generallons. de15verlng 6xp&riences that blend heritage. community, and creativily. Mission.. to provide 8¢ce8slble opportunilies for learning, foster wider engagement, and eclively conserve the counties tanglble and Intangible herilage, fosterlng a sense of pride and connecllon. Heritage Trust of Lincolnshlre Is a charily flrsl and foremost. Our misslon is to advance the public's knowledge, apprecl8llon, and understanding of Lincolnshlre's heritage. We do IhS9 by preservlng and resloring hlstorlc buildings, engaging communities In thelr cultural heritage, and delSvering 188rnlng progr8m$. Our work dlrectly contribuies to the conservatlon, accessibility, and sustainabillly of the county's heri18ge, ensuring that future generations can enjoy and learn from Llncolnshlre's hlstoric places. The Trustees conllrm thal they have pald due regard to the Charity Commission's gUIdan on publlc beneflt when maklng declslons on the Trust's aclivilies. STRUCTURE, GOVERNANCE AND MANAGEMENT Govérnlng Document8 The Trust was founded In 1988 and became a reglstered charity In 1991. It operates as a charltable company Ilmlled by guaranlee with no shareholders, ensuring that all Income is reinv8Sted into our charitable work. The Board of Truslees provides strategic oversight, while day-to-day operations are managed by the Chlef Executlve Offlcer and senlor staff. The Trusl's govarnlng document Is Its Memorandum and Articles of Association. Board of Trustees and Govornance Trustees are appointed based on their expertise in herilage, business, or communlly engagement. New truslees recelve an induction to understand thelr role in supporiing the charily's mission. Under the requirements of the Memorandum and Articles of Associalion, members of the Board are elected to serve for a perlod of fNe years after whlch they may b8 re-elected at the end of Ihelr term. Rlsk Management The Trustees regularly assess the major risks facing the charity and ensufe syslems are In place to manage and mlllgate thern. A formal rlsk register is maintalned and reviewed al l)oard meetings. ACHIEVEMENTS AND PERFORMANCE The year to 31 March 2025 was one of the most significant In the Trust's recent hlstory. VsJh81 began as a year of contlnued delivery became, by the autumn, a pefiod of decisive action to address serlous financial control issues and restore the charily lo a slable footing. By the end of the linancial year, Heritage Llncolnshlre had completed a full organisational restructure, Introduced new financial systems and governance processes, and positioned itself foT recovery and renewal. Page 1
Herlta e Trust of Llncolnshlre ort of the Trustees or the Year Ended 31 March 2025 Flnanclal and Organlsatlonal Reform In September 2024, the Trustees and Chief Executive identified weaknesses In the charily's financlal managem8nt. Immediate steps were taken to investigate the causes. SUPPOrted by external advisers. An overhaul of financial contfols followed. New systems for cash flow, reporting, and authorlsation were introduced, alongside stronger Board oversight and more regular financial monilorlng. A full organlsational restructure was completed by March 2025. aligning the chaiily's staffing and operations with its strategic and linancial capacity. These measures have been crittcal to iesloring confidence and ensuring long-term resilience. Major Projects and Conservallon Throughout the year, the Trusl made substanlial progress on the Greyfriars, Lincoln project In partnershlp wltl) the City of Llncoln Council. Construction advanced and preparations are underway for public opening In 2026-27. The prolecl will secure the long-term future of one of Lincolnshlre's most Important medleval buildlngs and create a new space for herilage learning. events, and community use. Progress also contlnued on the Town Deal projects in Boston and East Llndsey where the Trust seNes as delivery partner for multiple heritage building grants that are revitalising the town centres of South East LincolnshSre. Comm6rclal and Property Management Durlng the year, the Trust made the slraleglc decision to lease The Old Klng's Head In Kirton. Thls wlll seGure a sustainable Income stream, reduce finanolal exposure, and ensure the continued preservation and public enjoyment of the building. The charity also began a wlder review of Ils other property holdlngs lo ensure 811 assets 8UPPOrt Its charltable objectives. Two surplus properties are now in the process of belng Sold, and the future of the main office is under 8Gtive review In 2025-26 to support longer-16rm ftnanclal slablllly and operatlonal efficienGy. Communlty and Engagement In September 2024, the Trust successfully delivered ils flnal Heritage Open Days programm&, coordlnallng public access to historic Sltes across Lincolnshlre and produclng an accompanying guidebook. Following a review of costs and impacl, the Board agreed that lh8 charity would not contlnue lo lead the counly4vide programme In future years. While 11 has played an bmportant role In promotlng heritage engagement ovar many years, the decision enables the Trust to focus resources on aclSvllle8 that generale clearer public benefit and financlal relurn. Partnershlp and Development The Trust strengthened its partnershlps across Llncolnshlre during the year. Work continued wllh North East Lincolnshlre Council on herilage-led regeneralion in Grimsby, Including activity wllhln the Kasbah Conservation Area and supporl for the NEL Heriiage Forum. The Ttust continued delivery of the National Lollery Herltage Funded Edward Walkln projecl continulng into 2025-26. Thes8 initiallves reflecl the Trust's role as a trusted delivery partner connecting heritage with place-based economic renewal. The charily also maintalned close worklng relatlonships wilh English Heritage on the management and conseNallon of Bollngbroke Castle and Tatlershall College, ensurlng the continued care of these nationally slgnlficant sites. At Bolingbroke, the Friends of Bolingbroke Castle continued lo provide valuable volunteer support, helping to care for the sile and engage the local communlty In Its herltage. People and Culture The progress made during 2024-25 was achleved through Ihe dedication and professionalism of the Twst's staff, volunteers, and trustees. Their collective effort ensured Ihat the charily could face unprecedenled challenges wilh resllience and integrity, emerging stronger and more focused on its Gharilable purpcse. FINANCIAL REVIEW The past year saw continued efforts to maintaln linancial stability amkl economlc uncertainties. The Trust successfully navigated funding challenges by securing grants fiom key partners. Th& charily has been Impacted by trading challenges in the trading company, HTL Enlerprises Ltd, stemmlng from a project that aimed to deliver regeneration of a hislorical building and sustainable tiading Sncorne. Page 2
Herlta e Trust of Lincolnshlre Re ort of the Trustees forthe Year Ended 31 March 2025 The Board remains focussed on long-term financlal resilience, and day-to-day financlal management, ensuring thal resources are effeclively managed to support both Immediate priorlties and future growlh. The Trust's ability to adapt lo evolving financial pressures remains central to its succe5S. RESERVES & INVESTMENT POLICY The Trustees alm to mainta5n unrestricted reSe8S at a level that ensures flnancial reslllence and sust8lnabilily. As of 31 March 2025, unrestricted reseNes stood at £303k, of which £605k comprises unrealised gains on property revalualion. Durlng Ihe financlal year, the Trusl did not make additional conlrlbutions to unrestricted reserves. While the asplralion remains to bulld financial resilience, immediate operational demands iequired full focus. The Board continues lo monilor financial stability and will reassess reseNes planning as circumstances allow. The Trust has the authority to invest in any manner deemed appropriate by the Trustees. Investment declslons are based on flnancial sustainability and risk assessmenl. PLANS FOR THE FUTURE Havlng completed a period of slgnilicant reforrn during 2024-25. the Trust's foGus for 2025-261s on Tecovery, delivery. and rebuilding financial resilience. The Immediale priorily is to consolidate the progress made through stronger governance, clearer financial controls, and a sharper focus on sustalnable income generatlon. Operalionally, work Continue8 to stabllise the organisation's core SeIceS and ensure Ihal heritage delivery remalns at the heart of everythlng the Trust does. This Includes the management of key assels such as Mlchaelgate and Greyfriars, Llncoln, preparing for public access and ongolng operation, alongslde continued project delivery across the counly Sn partnershlp with local authorilies and funders. The Trust Is progre881ng the sale of two surplus properties and revlewlng the fulure of Its maln office to Improve financial efficiency. Alongside these measure5, the Board and Chief Execulive ere developlng 8 longer-term slrategy to dlverslfy Income. slrenglhen the property portfollo's performance, and ensure the charllls aclivilies are flnancially and operationalty sustalnable. Looklng ahead, the Trust wlll conllnue lo build on ils reputation as Llncolnshlre's leading herltage d8velopmenl trust - working collaboratlvely wilh partners. developing skllls and capaclly withln the sector, and ensurlng that the county's herilage contlnues to play a vital role In shaplng ils communlties and place3. SUBSEQUENT EVENTS Since the year end, the Trusl has continued to lrnplement the financlal and organlsational recovery measures established In 2024-25, The sale of two properties Is progresslng, and preparatory work for Ihe openlng of Greyfriars. Lincoln continues in partnershlp wilh the Cily of Lincoln Councll. No events have occurred slnce 31 March 2025 that wouEd require adjustment to, or disclosure withln, these financial slatemenls. THANK YOU The Trustees wish to record Iheir sincere thanks to the slaff, volunteers. partners, and members who have supported Heritage Llncolnshire through an exceptionally demanding year. Thelr professionalism. commitment, and care for Lincolnshire's herilage have erobled the charity to recover, rebulld, and conllnue delivering its mission for the public benefit. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of Heritage Trust of Lincolnshire for the purposes of company law) are responslble for preparing the Report of the Trustees )d the financial stalements In accordance wilh appllcable law and United Kingdom Accounling Slandards (United Kingdom Generally Accepted Accounting Pracllce) including Financial Reporting Slandard 102, 'The Financlal Reporting Slandard applicable In the UK and Republic of Ireland,. Page 3
Herita e Trust of Llncolnshlre Re ort of the Trustees for the Year Ended 31 March 2026 Company law requires the Trustees to prepare financi81 statements for each financial year whlch glve a true and fair view of th8 slate of affairs of the charilable company and of the Incoming resources and application of resources, including the income and expenditure, of the charitable company for that perlod. In preparing those financial statements, the Trustees are required to select sultable accounting policies and then apply them consistently. observe the methods and princlples In the Charity SORP. - make judgements and estimates that are reasonable and prudent; slate whether applicable a¢counting standards have been followed. subject to any material departures disclosed and explained in the financial slalemenls; and prepare the financial ststemen(s on the going concern basis unless it Fs Inappropriate to pSuMe that the charilable company wlll contlnue In buslness. The Truslees are responsible for keeping proper accounting records whlch dlsclose with reasonable accuracy al any time the linancial position of the charitab18 company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. They are 8lso responsible for safeguarding the assets of the charilabla company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularllies. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees ar6 aware. there 18 no relevant Information (as defined by Section 418 of the Companles Act 2006) of whlch the charllable 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 informallon and to establish that the charltable company's auditors are aware of that Information. STRATEGIC REPORT STRUCTURE, GOVERNANCEAND MANAGEMENT Governlng document The charlty is conlrolled by ils governing document, a deed of trust, and constilutes a limlled company, limited by guaranlee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02554738 (England and Wales) Reglstgred Charlty numbèr 1001463 Reglstered offlce The Old School Cameron Streel Heckinglon SLEAFORD Llncolnshlre NG34 9RW Trustèes J C Blngham A S Clark JRFree U F R Lldbeller C A Plnchbeck D A Stocker Page 4
Herlta e Trust of Uncolnshire Re ort of thè Trustees forthe Year Ended 31 March 2025 a strategic r8POrt, approved by order of the board of trustee8, as the and signed on the board's behalf by: ompany directors, on .......... . C A Pinchbeck - Trust Page 5
Re ort of the Inde endent Auditors to the Members of HerAta e Trust of Lincolnshlre Llmlted Oplnlon We have audited the financial slatemenls of Heritage Trust of Lincolnshlre Llmited (the 'p8rent companv) and Its subsidiary (the 'group') for Ihe year ended 31 March 2025 which comprise the Slalement of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes lo the financlal statements. including a summary of signlficant accounting policies. The financlal reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practrce), including Financial Reporting Slandard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland, In our opinion Ihe financlal statements: give a true and fair view of the slate of the group's affairs as at 31 March 2025 and of ils Incomlng resources and appllcation of r8sources. Including Income and expendilure, for the year then ended: have be8n properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice, includlng Financial Reporting Standard 102 'The Financial Reporting Slandard applicable In the UK and Republlc of Ireland., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit In accordance with Inlernatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law, Our responslbllS1ies under those standards are further described In the Audltors, responslbilllles for the audil of the financial statements section of our report. We are Indep&ndenl of the group Sn accordance with the elhical requirements that are relevant to our audil of the financial statements In the UK, including the FRC'S Ethlcal Slandaid. and we have fulfilled our other ethical responslblllties in accordance with these requirements. We believe that the audil evidence we have oblaSned Is 8ufliclenl 8nd approprlale to provide a basls for our opinion. Concluslons relatlng to golng conGern In audlllng the financial statements, we have concluded that the trustees, use of the golng concern basis of ac¢ountlng In the preparallon of the financial statements is appropriate. Based on the work we have p&rformed, we have not Identified any material uncertalnlies relating lo events or conditions that, Individually or collectively, may cast signlficant doubt on the group and the parent company's 8blllly to continue as a going concern for a perbd of at least Iwelve months from when the financial slalements are aulhorised for i8sue. Our responsibilities and the r8sponslbilities of the trustees with respect to going concern are described in ihe relevant secllons of this report. Other Informatlon The trustees are responslble for the olher information. The other informatlon comprises the Information included In the Annual Report, olher than the financial statements and our Report of Ihe Independent Auditors thereon. Our oplnlon on the financlal statements does nol cover the other information and, except lo the extent otherwise explicilw Staled in our report, we do not express any foim of assurance conclusion thereon. In connection wllh our audit of the linancial stalements, our re5ponslbilily Is lo re8d the olher information and, In dolng so. consider whether Ihe other information is materially Inconsistent with the financlal slalements or our knowledge obtained in the audit or othemise appears lo be malerially misstated. If we Identify such material inconslstencies or apparent material misslalements, we are required to determlne whether this gives rlse to a material misstatement In the flnanclal statements themselves. If. based on the work we hav6 perfomied, we conclude that there is a material mlsstatement of thls olher information, we are required lo report that fact. We have nothing lo report In thSs regard. Page 6
ort of the Inde endent Audltors to the Members of ita e Trust of Llncolnshlre Llmlted Opinlons on other matters prescrlbed by the Companles Act 2006 In our oplnion, based on Ihe work undertaken In the course of the audit: the information given in the Report of the Trustees for the linanclal year for whlch the finanGial slal8ments are pTepared is consislent wilh the financlal statements: and the Report of the Truslees has been prepared In accordance with applicable legal requSrements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the parent company and Its environment obtained in Ihe course of the audit, we have not identified material misstalemenls in the Report of the Trustees. We have nolhlng to report in respect of the following matters where Ihe Companles Act 2006 requires us to report to you If, In our opinlon; adequate accounllng records have nol been kept or returns adequate for our audit have not been received from branches not vislted by us., or the financSal statements are not in agreement wllh the accounting records and returns- or certain disclosures of trustees, remuneration specilied by law are not made. or we have not received all the Informatlon and explanatlons we requlre for our audit. Responslbllltles of Irustees As explained more fully in Ihg Slalemenl of Trusiees, Responsibilities, the Irustees (who are also the dlrectors of the charllable company for the purposes of company law) are responsible for the preparatSon of the financial statements 8nd for being satisfied Ihat they give a true and fair v58w, and for such internal control as the trustees determlne is necessary to enable the preparation of financlal statements that are free from material mlsstatement, whether due to fraud or error. In preparlng the financlal statements, tha trustees are responslble for assessing the group and the parenl company's abS1ily to continue as a golng concern, disclosing, as appllcable, malters related to going concern 8nd uslng the going concern basls of accountlng unless the tru8lees either Intend to liquidate the group or the parent company or to cease operalions, or have no realistic alternatlve but to do 80. Our responslbllltle8 for the audlt of the flnanclal statements Our oble¢llv8s are to obtain reasonable assurance about whether the financial statements 8$ a whole are free from material m5sstalemenl, whelher due lo fraud or error, and to ISSU8 8n audltorf8 report Ihal Includes our opinlon. Reasonable assurance Is 8 high level of assurance bul is not a guarantee that an audlt conducled In accordance with ISAS (UK) will always detect a material mlsslatement when 11 exlsls. Mlsslatements can arise from ffaud or error and are considered material Sf. Indiv5dually or In Ihe aggregate, they could ieasonably be expected to influence the economic declsions of users taken on the basls of these financial statements. The extent to whlch our procedures are capable of detecting Irregularities, Includlng fraud Is detalled below.. Our work is performed to include an assessment of the susceptibilily of the entily's flnanclal stalements to materi81 misstatement. Including Ihe risk of fraud. Owing to the inherent limilations of an audit, there is an unavoidable risk that malerSal misslatemenls in the financial statements may not be detected. even Ihough the 8udit is properly planned and perfoTmed in accordance wilh the ISAS (UK), In identifying and assessing risk of material misstatement In respect of irregularlties, Sncluding fraud and non-compliance with laws and regulations. our procedures included the followlng,, We plan our Work to gain an understandlng of the significant laws and regulalions that are of significance to the entity and the sector in which they operate. We perform our work to ensure Ihat the enlily is complying wilh its legal and regulatory framework. We obtained an understanding of how the group is complylng with those legal and regulatory frameworks by making inquiries to the management and people charged wilh governance. Page 7
ort of the Inde endent Auditors to the Members of Herlta e Trust of Llncolnshire Llmited We assessed the susceplibilily of the group's financial statements to material mlsstalem&nt, including how fraud mighl Occur. Audit procedures performed by the engagement team included,. Substantive procedures performed in accordano wilh the ISAS {UK). Challenging assumptions and judgments made by management in ils significant accountlng estimates. Identifying and testing journal enlries. in particular malerial journal entries and an assessment of year end journals. Assessing the extent of compliance with the relevant laws and regulations. A further description of our responslbilities for th& audil of the financial statements Is located on the Flnancial Reporting Council's web51te at wvM,frG.org.uklauditorsresponsibllltles. This descriptlon forms part of our Report of the Independent Auditors. Use of our report This report Is made solely to the group's members, as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2008. Our audit work has been undertaken so that we might slate to the groups's members those matters we are required to stale to them in an audilors, report and for no other purpose. To the fullesl exlenl permltted by law, we do not accept or assume responslbllity to anyone other than the group and the group's members a8 a body, for our aud work, for thls report, or for the oplnions WÉ have formed. other Matter The consolldated flnancial stalements Incorporate the financial InformatSon of subsldlary company, HTL Enlerprlses Ltd, whlch was not audited because once inter-group balances gre ellminaled the balance sheet Is immaterial to the group financial stalemenls. Our group audil procedures, performed In accordance wllh Internatlonal Standards on Audillng (UK), included speclflc work at the group level to ensure that the aggregate of all uncorrected end undetected mlsstaiemenls, Including those related to Ihls unaudited component. does not exceed the materiality for the financial Statements as 8 whole. Our op5nlon on the consolldated financlal statements Is not modified In respact of Ih5s matter. James Sewell BA (Hons) FCA CTA (Senior Stalulory Auditor) for and on behall of Wrlght Vigar Limlled Slalulory Auditor8 Chartered Accounlanls & Buslne88 Advise18 Northgale Hou$e Northgate Sleaford Llncolnshire NG34 78Z 18 December 2025 Page 8
Herlta e Trust of Lincolnshire Consolldated Statement of Flnanclal Actlvitles for the Year Ended 31 March 2025 3113125 Total funds 3113124 Total funds Unrestricted Restricted lunds funds Notes INCOME AND ENDOWMENTS FROM Donalions and legacies 5,880 5.880 12,560 Charltable actlvltles Herltage development Community engagement 682,078 193,012 113,426 267,510 795,504 460,522 677,611 867,731 Other trading actlvlties Inveslment Sncome 429,889 429,889 516.607 Total 1317426 1698 362 2,086.531 EXPENDITURE ON Raislng funds 1,000 1,000 1,000 Charltable actlvltles Charitable aclivlties Trading activllies Investment 1,147,813 765,154 199,478 1.347,291 765,154 1,478,346 751,098 Total 1919926 199478 2119404 2 243013 NET INCOMEI<EXPENDITURE other recognlsed galnsl{losse8) Galns on revaluatlon of fixed assets Impalrment of fixed assets (602,500) 181,458 {421,042) {156,482) 80,000 170,000) 170000 Net movement In funds (772,500) 181,458 (591,042) {76,482} RECONCILIATION OF FUNDS Total funds brought forward 587,199 230,189 817,388 893,870 TOTAL FUNDS CARRIED FORWARD 185 301) 411647 226 346 817,388 Page g
Herlta e Tyust of LFncolnshlre Consolidaled Balance Sheet 31 March 2025 3113125 3113124 Notes FIXED ASSETS Tangible assets Investments Investment property 13 326,063 377,964 14 909 814 1,049 814 1,235,877 1,427,778 CURRENT ASSETS Stocks Debtors Cash at bank 15 16 155,248 145,120 138.868 398,554 439.979 439,236 895,549 CREDITORS Amounts falllng due wilhin one year 17 1,140773 NET CURRENT ASSETS 489 221) 245 224) TOTAL ASSETS LESS CURRENT LIABILITIES 746,656 1,182,554 CREDITORS Amount8 falllng due after more Ihan one year 18 {520,311) {365,166) NET ASSETS 226 345 817 388 FUNDS Unreslrlcled funds Reslrlcted funds 20 (185,302) 411647 587,199 230.189 TOTAL FUNDS 817 388 The flnaDcial statements were approved by the Board of Trustees and aulhorlsed for Issue on .,I.t./124Lf..............,. and were slgned on Sls behalf by.. C A Pinchbeck - Trustee Page 10
Herlta e Trust of Llncolnshlre Com an Balance Sheet 31 March 2025 3113125 3113124 Notes FIXED ASSETS Tangible assets Investments Inveslments Investment property 13 317,651 360,641 14 909 814 1,049 814 1,227,466 1,410,456 CURRENT ASSETS Stocks Debtors Cash al bank 15 16 155.248 620,012 130 506 398,554 744,650 905,766 1,188,899 CREDITORS Amounls falling due within one year 17 1050 812 NETCURRENT ASSETS 138,087 TOTAL ASSETS LESS CURRENT LIABILITIES 1,235,116 1.548,543 CREDITORS Amounls falling due after moré than one year 18 (520,311) (365,166) NET ASSETS 1183 377 FUNDS Unreslrlcled funds Restricted funds 20 303,158 411647 953,188 230 189 TOTAL FUNDS 714,805 1183377 The flnancial slatemenls were approved by the Board of Tiustees and aulhorised for Issue on ..Xf llv.................... and wKre signed on ils behalf by: C A Pinchbeck - Trustee Page 11
Herlta e Trust of Llncolnshire Consolidatod Cash Flow Statement forthe Year Ended 31 March 2026 3113125 3113124 Notes Cash flows from operatlng actlvltlès Cash generated from operations Interest paid 32,210 (526,421) 44 356) Net cash used in op8rating aclivitles 27.069 570 777) Cash flows from Invèstlnu actlvltles Purchase of tangible fixed assels Sale of langlble fixed assels {4,340) 350 (13,644) 95 Net cash used In 5nvestlng activities 13 549) Cash flows from flnanclng actlvltles New loans in year Loan repayments In year 81,000 22 227) 15 647) Net cash provided byl{u8ed in) financlng actlvllies 15 647> Change In cash and cash equlvalents In the reportlng perlod Cash and cash equlva18nts at tho beglnnlng of the reportlng perlod Cash and cash equlvalents al Iho end of the reportlng perlod 81,852 (599,973) 57,016 656 989 138 868 Page 12
Herita e Trust of Llncolnshire Notes lo the Cons Ildated Cash Flow Statement for the Year Ended 31 March 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 3113125 3113124 Net expendlture for the reportlng perlod (as per the Statement of Flnanclal Acllvltles) Adjustmenls for: Depreciation charges Impairmpnt Profil on disposal of fixed assets Interest paid Decreasel(increase) in slocks Decrea8el(Increase) in debtors Decrease In creditors (591,042) (156,482) 26,241 170,000 (350) 5,141 243,306 285.029 106,115) 27,168 {95) 44,356 (180,844) <167,021) 93,503) Net Gash provlded byl(used In) operatlons ANALYSIS OF CASH AND CASH EQUIVALENTS 3113125 3113124 Cash and cash equlvalent8 138,868 57,016 Total cash and cash equlvalents 138 868 57,016 ANALYSIS OF CHANGES IN NET DEBT At 1.4.24 Cash flow At 31.3.25 N8t cash Cash al bank 57,016 81,852 138,868 138 868 Debt Debts falling due wilhin 1 year Debts falllng due 8fter 1 year (15,948) 4,387 (11,561) Total 68,906) Page 13
Herita e Trust of Llncolnshire Notes to the Consolldated Flnancial Stateme for the Year Ended 31 March 2025 ts ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charilable company. which is a publrc benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounling and Reporting by Charities: Statemenl of Recommended Pracllce applicable to charities preparing their accounts In accordance with the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019),, Financial Reportlng Standard 102 'The Financial Reporting St8ndard applicable In the UK and Republic of Irfjland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. with Ihe exception of investments which are included at market value, as modified by Ihe revaluatM)n of certaln assets. The Trustees conslder that Ihere are no material uncertainlles about Ihe Trust's abilily to continue as a going concern. In the opinion of the Trustees there are no major judgernental or eslimatlon matters 8ffecllng the accounts. An Important maller requlring an element of judgement relates to the recognlllon of income, Income is recognised in an accounting period in accordance with the Stage of complellon of a project based on the direct and apportioned costs incuried, which requires certain Judgements and estimates. Tl)e structure of the accounts has been amended thls year so that the financSal performance end position of the charity and ils subsidiary are clearer. Fund accountlng Unrestrlcled funds are avajlable for use at the dlscretlon of thè Trustees in further8nce of the general objectives of the trust. Deslgnsled funds are unreslricled funds earmarked by the Truste8s for a particular purpose. Restflcled funds ar8 Subjecl to the r&strtIOnS on thelr expenditure Imposed by the donor. Expenditure that meets these crlteria is charged to the fund. Income All income Is recognlsed in the Statement ol Financlal AclNilies once the charity has entitlement to the funds; it Is probable that the Income will be received and the amount can be measured rellab. The followlng specllic policies are applled to particular categories of income., Donatlons and legacles are accrued for when received Grant Incom8 Is recognised as the Trust becomes uncondillonally entitled to the grant. Where the Charity Is not unconditionally enlilled to the income as at th8 balance sheet dale the income Is shown as deferred Income In the balance sheet unlil any performance conditions are mel, or the fulfilment of Ihose condilions il wholly wilhln the control of the charily and it Is probably that those conditions will be fulfilled In the reporting perlod. Expendlture Llabllities are recognised as expenditure as soon as there is a legal or constructive obligatSon commilling the Charity lo that expenditure, it is probable that a transfer of economlc benefils wlll be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and h85 been classilied under heading5 that aggregate all c05t related lo the Calegory. Where cosls cannot be directly atlributed to partlcular headlngs they have been allocated to aclivilies on a basls consistent with the use of resources. Expenditure on ralsing funds comprises Ihose costs associated with field archaeology and project funding activities. Costs of charitable expenditure comprlse those costs Incurred by the Trust in the dellvery of its activities and services in furtherance of its principal activities arKI include both direct and Indirect costs. Other costs include those costs associated with meeting the ¢onstilutional and st8lutory requirements of the charity. Support costs relating to charitable activitles have been apportioned to projects based on man8gemenl's estlmate of the level of support costs required and incurred by each project. Page 14
Herlta e Trust of Llncolnshlre otes to the Consolldated Flnanclal St tements - contlnued forthe Year Ended 31 March 2025 Tanglble flxed assets Fixed assets are shown in the balance sheet at hlstorlc cost, or in the case where lixed assets have been donated at valuation al the time of acquisition, and are depreciated at rates sufficient to write off each assel overs Its eslimaled useful life. Freehold property Plant and rnachinery Fixtures and flltlngs Motor vehlGles Nol deprecialed 5 years straight line 4 years slraighl Ilne 4 years straight line The freehold property is not depreciated as the estimated resldual value is such to make any depreciallon immaterial. Thls is a departure from the requirements of the Companles Acl 2006 - true 8nd falr vlew overrlde. Investmont property Investment property is staled at fair value. Any aggregate sutplus or deflclt arlslng from changes In falr value 18 recognlsed In the Statement of F5nancial Aclivlti8S. Harltage assets 11 the Gharity receives any heritage assets by way of donatlon, It is policy to capilalise these In the balance sheet. If a value Is known or easy lo obtain, then thls wlll be the cost. It Is the charily's pollcy lo maintain these assets in a steady state of repair. Due to thelr historic nature, Ihe Tru5te85 80 not therefore consider il appropriate to chang8 depreciallon on these assets. Expenditure on thes& assèts is recognised In the Stalement of Financlal Activities as it Is incurred. The charlly holdg two assets of hlslorlcal Importance. These were donaled several year8 ago and have never had a value placed on them, as due to thelr nature It Is dSfficull to determlne a value. stocks Work In progre8s Is valued at cost to date. The value of the cost of publicatlons Is wrilten off in the year of publlcatlon The value of any stock of books is ignored for the purpose of these accounls. Taxatlon The Gharlly Is exempl from corporatlon tax on Its charllable actlvities. Penslon costs and other po8t.r6tlrement beneflts The Trust has a Pension Scheme based on a money purchase policy Ihrough Standard Llfe for eligibFe employees and contributions are charged to the Statement of Flnanclal Activities as they become payable. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Slatemenl of Flnanclal Actlvlties on a straight line basls over the period of the lease. Assels under hlre purchase contracts and finance leases are capllalised as langible assets and are depreciated over their useful lives. Obligations under such agreemenls are Included Sn Greditors net of Ihe finance charge allocated to future periods. The finance element of the rental paymenl18 charged lo the statement of financial activities so as lo produce conslanl periodic rates of charge o the nel obligations oulstanding in each period. Flnanclal Instruments Basic financial instruments and Ilabllities are initially recognlsed at transaction price and subsequently carrled at amortised cosl usin9 the effeclive interest method. Pag8 15
Herita e Trust of Lincolnshlre No es to the Consolldated Flnanclal Statements- contlnue forthe Year Ended 31 March 2025 DONATIONS AND LEGACIES 3113125 3113124 Donations Fundralsing Other 2.406 3,474 12,560 12,560 OTHER TRADING ACTIVITIES 3113125 3113124 Archaeology oulslde Llncs Publications Membership Mlscellaneous Commerclal trading 215,886 810 4,523 28,474 180 196 248.285 955 5,215 6.148 256.004 429 889 516 607 INVESTMENT INCOME 3113125 3113124 Renls recelved Interest recelved 6,567 7,801 INCOME FROM CHARITABLE ACTIVITIES 3113125 3113124 Unrestrlcted Restrlcted Herltage devèlopment The Harlequin Town Deal Archaeology & plannlng advice In Lincolnsh5re Property management 113,426 113,426 62.832 565,784 53,462 158.415 62,832 565,784 53,462 499.923 19,273 Communlty engagement Edward Walkln projecl Other projects 154,495 113,015 154,495 306.027 17,932 849,799 193,012 Aggregate amounts Page 16
Herlta e Trust of Llncolnshire Notes to the Consolldated Flnanclal Statements - contlnued for the Year Ended 31 March 2025 3113125 3113124 Unrestricted Restricled Othei Projects Herilage Skills Hussey Tower Michaelgate Other projects 64,134 27,388 21,493 64.134 27,388 21.493 193,012 193,012 849,799 RAISING FUNDS Ralslng donatlon8 and legacles 3113125 3113124 Events 7,000 1,000 CHARITABLE ACTIVITIES COSTS 3113125 3113124 Unrestrlcled Reslrlcted Charltable actlvltles Wages and salarles Hire and plant & equlpment (Inc repalrs) Motor expenses Speciallst fees Bad debts Marketing Tralnlng AlloGatlon of support costs 806.403 83,047 3,642 40.886 829 2,490 3,293 207,223 103,223 909,626 83,047 3,642 40,886 829 2,490 3,293 303,478 742,179 45,010 347,372 96,255 343,784 Other tradlng actlvltles 3113125 3113124 Wages and Salaries Hire and plant & equipment (inc repays) Motor expenses Speclalist fees Bad d8bts Marketing Tralnlng Allocation of support costs 285,860 37.252 1,515 208,115 11,044 4,525 4,112 212,731 475,889 28,505 3,112 15.000 7,578 12,320 208.694 765,154 751098 Investment management costs 3113125 3113124 Property repairs Page 17
Herlta e Trust of Lincolnshlre otes to the Consolldated Flnanclal Statements - continued for the Year Ended 31 March 2025 SUPPORT COSTS 3113125 3113124 Wages and salaries Insurance Office costs Bank charges Professional fees Deprecialion Loan Interest Motor and travel Subscripltons Other 150,000 25,397 37,257 10,256 20,712 25,890 5,141 28,096 46,940 166,520 150.000 26,677 36,653 10,299 27,258 27,073 44,356 32,532 35,099 162,531 Support costs are 8PPOrtioned on the folbwlng basis: Tredlng Chari12ble activities 17.21% {2024: 14.43%) 82.79% (2024: 85.57%) NET INCOMEI(EXPENDITURE) Net incomel(exp8ndllure) is slated after charglngl(credillng): 3113125 3113124 Auditors, remuneration Depreciallon - owned assets Hire of plant and machinery Other operating leases Surplus on disp08al of flxed assets 6.750 26,241 31,480 21,189 6,240 27,168 48,642 13,718 95) 10. TRUSTEES, REMUNERATION AND BENEFITS There were no truslees, remuneralSon or other beneflts for the year ended 31 March 2025 nor for the year ended 31 March 2024. Truste8s' expenses There were no tTustees' expenses pald for the year ended 31 March 2025 nor for the year ended 31 March 2024. 11. STAFF COSTS 3113125 3113124 Wages and salarles 1345 486 1368 068 Page 18
Herlta e Trust of Llncolnshlre Notes to the Consolidated nanclal Statements - contlnued forthe Year Ended 31 March 2025 The average monthly number of empbyees during the year was as folows: 3113125 3113124 Chi&f Executive Project workers Flnance Administration and support Trading 33 33 13 49 53 The number of employees whose employee benefits (excluding employer penslon costs) exceeded £60,000 was: 3113125 3113124 £60,001- £70,000 £70,001- £80,000 The Trust conslders ils key management personnel to comprlse th6 Trustees, Ihe Chlef Execullve office and four senior managers. The total employment beneflls, 5ncluding penslons contilbutions of the key management personnel were £178,813 (2024: £224,680). Page 19
Herlta 6 Trust of Llncolnshlre Not s to the Consolidated Flnanclal Statements - contlnued for the Year Ended 31 March 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestficled Restricted funds funds Tolal funds INCOME AND ENDOWMENTS FROM Donations and legacies 12,270 290 12,560 Char5table acllvltles Heritage development Communlty engagement 677,611 85,669 677,611 867.731 782,062 Other tradSng actlvltles Investment Income 514.888 12.022 1,719 516.607 Total 1302.460 784 071 2 086 531 EXPENDITURE ON Raising funds 1,000 1,000 Charltable actlvltles CharSlable aclivitles Tradlng aclivllies Investment 755,320 751,098 723,025 1,478.345 751.098 Total 1517 393 725 620 2 243013 NET INCOMEI(EXPENDITURE) Other recognlsed galnsl(losses) Gain5 on revaluation of fixed assets (214,933) 58,451 (156,482) Net movem8nt In lunds (134,933) 58,451 (76,482) RECONCILIATION OF FUNDS Total funds brought forward 722,132 171,738 893,870 TOTAL FUNDS CARRIED FORWARD 587 199 230 189 817 388 Page 20
Herlta e Trust of Llncolnshlre Notes to the Consolldated Flnanclal Statemenls - contlnued for the Year Ended 31 March 2025 13. TANGIBLE FIXED ASSETS - Group Land and Building Used by Charity Fixlures and fillings Plani and machinery Motor vehicles Totals COST At 1 April 2024 Addillons Impairment Disposals 330.000 119,221 1,967 164,590 2,373 26,645 640,456 4,340 (30,000> (30,000) At 31 March 2025 300.000 121.188 166 983 19,651 607 802 DEPRECIATION At 1 Aprll 2024 Charge for year Ellminated on dlsposal 87.459 18,655 148,388 7,586 26,645 262,492 26,241 At 31 March 2025 106.114 155,974 281739 NET BOOKVALUE At 31 March 2025 300,000 326 063 Al 31 March 2024 330 000 377,964 14. INVESTMENT PROPERTY FAIR VALUE Al 1 Aprll 2024 Impairment At 31 March 2025 1,080,000 {140,000) 940 000 AMORTISATION At 1 Aprll 2024 and 31 March 2025 NET BOOK VALUE Al 31 March 2025 909 814 At 31 March 2024 1049 814 Page 21
Herlta e Trust of Llncolnshlre Notes to the Consolldated Financlal Statements - contlnued for the Year Ended 31 March 2025 15. STOCKS 3113125 3113124 Work-in-progress 155.248 398 554 16. DEBTORS- Group 3113125 3113124 Amounts falling due withln one year. Trade debtors Other debtors 131.320 193,368 246611 145 120 439,979 DEBTORS - Company 3113125 3113124 Amounts falllng due wilhln one year., Trade debtors Olher debtors 131,320 193,368 238 861 143,282 432 229 Amounls falling due after more than one year: Other deblor8 476 730 312 421 Aggregate amounts 620,012 744,650 17. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR - Group 3113125 3113124 Bank loans and overdrafls (see note 20) Trade creditors Social security and other taxes Other creditors Accruals 8nd deferred Income 11,561 120,049 76,907 433,488 288,452 15,948 133,391 63,005 886,509 41,920 928 457 1140 773 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR- Company 3113125 3113124 Bank loans and overdrafts {see note 20) Trade creditors Soc181 securily and other taxes Other creditors Accruals and deferred income 11,561 119,443 54.324 426,336 286,452 15,948 125,236 48,929 818,779 898116 1.050 812 Page 22
Herlta e Trust of Llncolnshlre Notes to the Consolidated Flnanclal Ststements - continued for the Year Ended 31 March 2025 18 . CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- Group and Company 3113125 3113124 Bank loans (see note 19) Other creditors Social security and olher taxes The Ar¢hitectural Heritage Fund loan LEAP loan 93,555 81,000 91,985 198,771 103,395 198,771 520311 365,166 Included in other Creditors are amounts Ihe charliy Is holding on behalf oftwo Town Boards for use In Town Deal projects. These amounts are separately identifiable and will be paid to grant reciplents of the Town Deal programme when projects have been agreed and delivered, 19. LOANS- Group and Company An analysls of the maturity of loans18 glven below.. 3113125 3113124 Amounts falllng due wllhin one year on demand: Bank loans Amounts falllng between one and two years: Bank loans- 1-2 years 428 328 365 186 20. MOVEMENT IN FUNDS - Group Net movement in fund8 At 31.3.25 At 1.4,24 Unrestrlcted funds General Reserve Revaluation Reserve (187,666) 774,864 (602,500) (790,166) (170,000) 804,864 587,198 (772,500) (185,302) Restrlcted funds The Harlequln Edward Walkin Project other Projects (46> 1.445 228.790 77,874 36,327 77.828 37.772 2*,047 230 189 181,458 411647 TOTAL FUNDS 226.345 Page 23
Herlla e Trust of Llncolnshlre otes to the Consolidated Flnancial Statements - continued for the Year Ended 31 March 2025 Nel movement In funds, included in the above are as follows: Incoming resources Resources expended Movement In funds Unrestrlcted funds General Reserve Impairment 1,262.426 (1,864,926) (602,500) (170,000} (170,000) Restrlcted funds The Harlequin Edward Watkin Project Other Projects 1,262,426 {2.034,926) {772,500) 113,427 (35,553) 154,494 (118,187) 77,874 36,327 67,257 181458 TOTAL FUNDS MOVEMENT IN FUNDS - Company Net movement Sn funds Al 31,3.25 At 1.4.24 Unrestrlcted funds General Reserve Revalu81ion Resetve 178,324 774,864 {480,030) (301,706) (170,000) 604,864 Restrlcted funds The Harlequln Edward Walkln Prolecl Other Projects 953,188 (650,030) 303,158 (46) 1,445 228 790 77,874 36,327 77,828 37,772 296 047 230 189 181468 411647 TOTAL FUNDS 714 805 Page 24
Herlla 8 Trust of Lincolnshlre Notes to the Consolldated Flnancial Staternents - contlnued for he Year Ended 31 March 2025 Net movement in funds, included In the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcled f unds General ReseN6 Impalrmenl 1,080,763 (1,560.793) {480,030) (170,000) (170,000) 1,080,763 {1,730.793) (650,030) (35,553) 77,874 (118,167) 36,327 45 758) Restrlcted funds The Harlequin Edward Walkin Projeci Other Prolecls 113.427 154,494 113.015 380 936 199,478) 181458 TOTAL FUNDS 21. RELATED PARTY DISCLOSURES The Charily has a close worklng relallonshlp wlth the local authorfties in Llncolnshlre, the area In whlch It conducts its charllable activities. This includes havlng repiesentalion on the Heritage Trust of Llncolnshlre Advisory and Llaison Comm5ltee. These organisatlons provide fundlng which has been included wlthin Ihese financial statements as 'lncomlng resources from charltable actlviti8S. Herilage Trusl of Llncolnshlre owns Ihe whole of the Issued share capllal of HTL Enterprises Ltd. The company's principal activity Is that of hotel and hospitalily servlces. Costs Incurred on behslf of HTL Enterprlses Lld amounl to £237,445 {2024: £154,478). Included In other debtors as at 31 March 2025 was a balance of £476,730 (2024: £239,285) owed by HTL Enterprises Ltd, In Ihe year to 31 March 2025, 8 member of Key Management Personnel renled on8 of the Charily's propertie8 for approxlmately half the Gorrmercial renl. Page 25