| TABLEOFCONTENTS | PAGENUMBER |
|---|---|
| Mission Statement | 3 |
| Legal Objects | 4 |
| Strategic Report: | |
| Strategic priorities | 5 |
| Strategy | 6 |
| National Funding | 7 |
| Provision of resources | 7 |
| Safeguarding | 7 |
| Governance and Leadership | 8 |
| Church Buildings and Pastoral | 8 |
| Property Assets & Trust | 9 |
| Financial review | 10 |
| Principal risks and uncertainties | 13 |
| Structure and Governance | 15 |
| Trustees' responsibilities | 19 |
| Administrative details | 20 |
| Independent Auditor's Report | 23 |
| Statement of Financial Activities | 26 |
| Income and Expenditure Account | 27 |
| Balance Sheet | 28 |
| Cash Flow Statement | 29 |
| Notes to the Financial Statements | 31 |
| Detail | Controlandmiti ation | Key mana ement activities |
|---|---|---|
| The unrepresentative age profileofour congregations, in |
The Children, Youth and Families PanelandtheMissionandMinistry Committee overseetheworkofthe |
A Diocesan Children, Youth andFamilies Enabler has been recruited and Deanery |
| particularthelack of | Diocesan Children, Youthand | PartnershipCYFEnablersare |
| children, youngaduIts andworking age people, leading to a danger in continuity and diminishing congregation size. |
Families Enabler. The College of St Hugh brings togetherthedifferent growth strands of TimetoChange Together, includingsupportand training for age-specific missional activity. The Transformation Fund |
being recruited. Their role will bein supporting local workers and parish projects including actingasa repository for good practice and shared learnings. The Transformation Fund will |
| has funded a numherofChi!drenand | continue to make grants | |
| Youth workers and activities across | available for appropriate | |
| thediocese. The possibilityof | projects. | |
| focusedworkonmissionand | ||
| ministry to young, working age | ||
| adults is under consideration. |
| Congregation numbers | The strategic development funding | Focus being placedongrowth |
|---|---|---|
| continue to fall | programme is ongoing which aims to | ofmatureand committed |
| resulting in a 'cycle of | revitaliseoururbanareas. | discipleship through pbnning, |
| decline', a drop in | Congregation numbersare | resourcesand support. Eight |
| Covenant Pledges arid | monitored by annual statistics and | outof nine Deanery |
| therefore available | Covenant Pledge returns. New 10- | Partnership Mission Enablers |
| resources to invest in | yearstrategy is being created to | havebeenappointed,andan |
| mission and ministry. | continuethegrowth aspirations of | earlyoutputis a Mission |
| TTCT. | Action Planning tool called | |
| "SeekingGod:Seeking | ||
| Growth" whichiscurrently | ||
| being piloted in multiple | ||
| locations across the Diocese | ||
| Volatile financial | Regular management accounts | Asoftheend of 2024the |
| markets and the need | reviewedbytheFinance Committee | deficitwassignificantly |
| for investment | andBCDT.Our auditors have been | reduced with the benefitof |
| expenditure may | contentwithourapproachtoTotal | windfallsondisposals. |
| impactonourlong- | Return following detailed forecasting | Additionalfunds from |
| termbudget plan, | projections created in 2020andthen | disposals have been |
| which mayresultin the | updated regularly. Monitoring any | successfully reinvestedor |
| needtodrawdownon | reductions in costswherepossible. | heldondepositearning a high |
| Total Return forthe | rateof interest. The new | |
| longertermwhich | Finance Committeeis looking | |
| would shrinkour | more strategicallyatouruse | |
| income and lead toan | of funds and Total Return for | |
| increasing deficit. | thelong term. | |
| That the necessary | The Bishop's Council of Diocesan | A new Strategy Working Party |
| culture change | Trustees considerTTCTatevery | hasbeenestablished to advise |
| (partnerships, | meeting receiving regular updateson | Trustees on the nextphase of |
| generosity, growth) | progress. Devoted section ofthe | strategicchange withtheaim |
| requiredunderTime to | website providesthenecessary high- | oftheBoard adopting a new |
| Change Together and | level visionaswell as practical | and costed strategy for the |
| thedeveloping strategy | guides. | Diocese before the Summer. |
| isnotachieved. That | ||
| theendpoint becomes | ||
| financialratherthan | ||
| missionalandthat | ||
| insufficient energy is | ||
| putintotheculture | ||
| chan ereuired. | ||
| Thatwewillnotbeable totrainlocally for ordinationorrecruit externally sufficient numbers of ordained andlay ministers to meetourdeployment needs, which may stifle ourmissional activity and accelerate general decline. |
The senior team have created a new "Lincoln Offer"aspartof a drive towardspositive clergy recruitment from outsidethediocese. The establishmentofSt Hild Lincoln is increasingtherange of opportunities to candidates. The Missionand Ministry Committeeareresponsible for review and reporting tothe Bishop's CouncilofDiocesan Trustees, and two diocesan representatives have now been |
Afteranalarming drop in 2023, vocation numbers have bounced back encouragingly thanks to proactive work by theDDOVandthe establishment ofStHild, Lincoln. A first cohort of 24 Focal Ministers hasbeen recruited and trained with a second cohort duetobegin in February 2025. The Warden ofLay Ministrycontinues to |
| appointed ontotheSt Hild Council. | promote and provide | |
| opportunities for vocational | ||
| exploration forallkindsofLay | ||
| Minist |
| Diocesan Secretary | The Revd Canon David Dadswell (to31Dec |
|---|---|
| 2024) | |
| AndrewHolmesACMACGMA(from 1 Jan | |
| 2025) | |
| DirectorofFinance | Ann TreacyFCMA,CGMA(to 11 Apr 2024) |
| Andrew HolmesACMACGMA(from 1 May | |
| 2024) | |
| Registered Office | Edward King House, Minister Yard, Lincoln, |
| LN21PU | |
| Bankers | National WestminsterBankPie,(Smith |
| Bank Branch), Lincoln,LN2lDS | |
| Auditors | HaysMac,10QueenStreetPlace, London, |
| EC4RlAG | |
| Solicitors | Lee Bolton Monier-Williams,1 The |
| SanctuaryWestminsterLondon SWlP3JT | |
| Chattertons Solicitors,1 Flavian Road, | |
| Lincoln,LN24GR | |
| InvestmentAdvisers | CCLAInvestment Management Ltd, |
| SenatorHouse, 85 Queen Victoria Street, | |
| London,EC4V4ET | |
| Schroder &Co.Limited,1 London Wall | |
| Place, London,EC2YSAU | |
| Edentree Investment Management Ltd, | |
| Sunderland, SR434AU | |
| LGTWealthManagement,14Cornhill, | |
| London,EC3V3NR | |
| Baillie Gifford,Carlton Square, 1 Greenside | |
| Row, EdinburghEHl3AN |
| Glebe Agents | Savills,Olympic House, Doddington Road, |
|---|---|
| Lincoln,LN21AS | |
| Parsonage Agents | Mundy's Estate Agent,29 Silver Street, |
| Lincoln,LN21AS | |
| Insurers | PIB Insurance Brokers,Poppleton Grange, |
| Low Poppleton Lane, York, YO266GZ |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | funds | |||
| General | Designated | Funds | Funds | 2024 | 2023 | ||
| Note | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Income and | |||||||
| endowments from | |||||||
| Donations | 2 | ||||||
| - Parish contributions | 3,786 | 3,786 | 3,723 | ||||
| - Archbishop's Council | 1,207 | 459 | 1,666 | 1,648 | |||
| - Other donations | 159 | 160 | 319 | 231 | |||
| Charitable activities | 3 | 480 | 11 | 491 | 606 | ||
| Other trading activities | 4 | 22 | 291 | 313 | 446 | ||
| Investments | 5 | 90 | 613 | 2,771 | 3,474 | 3,400 | |
| Other income | 6 | 52 | 1,114 | 429 | 1,595 | 3,459 | |
| Total income | 5,796 | 2,648 | 3,200 | 11,644 | 13,513 | ||
| Expenditure on | |||||||
| Raising funds | 7 | 11 | 436 | 447 | 316 | ||
| Charitable activities | 8 | 8,515 | 1,476 | 9,991 | 9,309 | ||
| Total expenditure | 8,515 | 1,487 | 436 | 10,438 | 9,625 | ||
| Net | |||||||
| income/(expenditure) | (2,719) | 1,161 | 2,764 | 1,206 | 3,888 | ||
| before investment | |||||||
| gains/(losses) | |||||||
| Loss on disposalof | |||||||
| fixed assets | (41) | (41) | |||||
| Net gains/(losses) on | |||||||
| investments | 15 | 17 | 667 | 1,623 | 2,307 | 2,590 | |
| Net | |||||||
| income/(expenditure) | (2,702) | 1,787 | 4,387 | 3,472 | 6,478 | ||
| Transfers between | |||||||
| funds | 13 | 2,677 | 33 | (8) | (2,702) | ||
| Other recognised | |||||||
| gains/(losses) | |||||||
| Actuarial gains/(losses) | |||||||
| onpension scheme | 26 | ||||||
| Gains/(losses) on | |||||||
| revaluationof | 14,15 | (5) | 5,457 | 5,452 | 3,935 | ||
| properties | |||||||
| Net movement in | |||||||
| funds | (25) | 33 | 1,774 | 7,142 | 8,924 | 10,413 | |
| Total funds brought | |||||||
| forward | 1,328 | 808 | 26,566 | 154,327 | 183,029 | 172,616 | |
| Total funds carried | |||||||
| forward | 19 | 1,303 | 841 | 28,340 | 161,469 | 191,953 | 183,029 |
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
| £'000 | £'000 | |
| Total income (excluding endowments) | 8,444 | 9,219 |
| Total expenditure (excluding endowments) | (10,002) | (9,309) |
| Surplusofincome over expenditure in the year before transfers | (1,558) | (90) |
| Net gains/(losses) on investments | 684 | 371 |
| Transfers from endowment of total return applied in the year | 2,702 | 2,530 |
| Net income/expenditure for the year | 1,828 | 2,811 |
| Other comprehensive income: | ||
| Revaluation of fixed assets | (5) | 305 |
| Net (losses) on disposal offixed assets | (41) | |
| Transfer of fixed assets to restricted funds | ||
| Total comprehensive income | 1,782 | 3,116 |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £'000 | £'000 | £'000 | £'000 | |
| FIXEDASSETS | |||||
| Tangible assets | 14 | 54,995 | 58,652 | ||
| Investments | 15 | 124,429 | 110,394 | ||
| 179,424 | 169,046 | ||||
| CURRENTASSETS | |||||
| Debtors | 16 | 1,096 | 607 | ||
| Cash on deposit | 10,000 | 10,253 | |||
| Cashatbank and in hand | 2,360 | 3,817 | |||
| 13,456 | 14,677 | ||||
| CREDITORS: amounts falling | |||||
| duewithinoneyear | 17 | (855) | (622) | ||
| NET CURRENTASSETS | 12,601 | 14,055 | |||
| TOTALASSETSLESSCURRENT | 192,025 | 183,101 | |||
| LIABILITIES | |||||
| CREDITORS: amounts falling due | |||||
| aftermorethan one year | |||||
| Other creditors | (72) | (72) | |||
| NETASSETS | 191,953 | 183,029 | |||
| FUNDS | |||||
| Endowment funds | 19,21 | 161,469 | 154,327 | ||
| Restricted income funds | 19 | 28,340 | 26,566 | ||
| Unrestricted income funds: | |||||
| General funds | 19 | 1,303 | 1,328 | ||
| Designated funds | 19 | 841 | 808 | ||
| TOTAL FUNDS | 191,953 | 183,029 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| £'000 | £'000 | £'000 | £'000 | |
| Net cashinflow/(outflow) from operating activities | (3,841) | (3,058) | ||
| Cashflows from investing activities | ||||
| Dividends, interest andrentfrom investments | 3,474 | 3,400 | ||
| Proceeds from the sale of tangible fixed assets | 5,229 | 8,130 | ||
| Purchase of tangible fixed assets | (542) | (1,396) | ||
| Proceeds from the sale of investments | 2,087 | 4,056 | ||
| Purchase of investments | (8,117) | (1,006) | ||
| Net cash providedby/(used in) investing activities | 2,131 | 13,184 | ||
| Cashflows from financing activities | ||||
| Loans repaid toLDTBF | 41 | |||
| --- | ||||
| Net cash providedby/(used in) financing activities | 41 | |||
| Change in cash and cash equivalents in the reporting | ||||
| period | (1,710) | 10,167 | ||
| Cashand cash equivalents at 1 January | 14,070 | 3,903 | ||
| Cashand cash equivalents at 31 December | 12,360 | 14,070 | ||
| --- | -- | |||
| Reconciliationofnetmovements in funds tonetcash flow | from | |||
| operating activities | ||||
| Net movement in funds for the year ended | ||||
| 31 December | 8,924 | 10,413 | ||
| Adjustmentfor: | ||||
| Depreciation charges | 10 | 6 | ||
| Dividends, interest andrentfrom investments | (3,474) | (3,400) | ||
| Loss/ (Gain) on revaluation of tangible fixed assets | 5 | (305) | ||
| (Gain)/Loss on revaluation of investments | (2,307) | (2,590) | ||
| (Gain) on revaluation - investment properties | (5,457) | (3,630) | ||
| Loss on disposal of fixed assets | 41 | |||
| (Profit) on sale affixed assets | (1,327) | (3,445) | ||
| Decrease / (Increase) in debtors | (489) | 301 | ||
| Increase / (Decrease) in creditors | 233 | (408) | ||
| Net cash providedby/(used in) operating activities | (3,841) | (3,058) | ||
| Analysisofcash and cash equivalents | ||||
| Cash in hand | 2,360 | 3,817 | ||
| Notice deposits (less than 3 months) | 10,000 | 10,253 | ||
| 12,360 | 14,070 | |||
| --- | --- |
| ANALYSISOFCHANGESINNET DEBT | ||||
|---|---|---|---|---|
| Asat1 | Other | Asat31 | ||
| January | Cashflow | Changes | December | |
| 2024 | 2024 | |||
| £ | £ | £ | £ | |
| Cashand cash equivalents | ||||
| Cash | 3,817 | (1,457) | 2,360 | |
| Deposit accounts | 10,253 | (253) | 10,000 | |
| Borrowings | 14,070 | (1,710) | 12,360 | |
| Debt due within one year | ||||
| Debt due within one year | 72 | 72 | ||
| 72 | 72 | |||
| Total | 13,998 | (1,710) | 12,288 |
| Computer | 25%perannum | straight line basis |
|---|---|---|
| Fixtures and fittings | 14.30%perannum | straight line basis(i.e.over 7 years) |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Current year | ||||||
| apportionment | 4,028 | 4,028 | 3,955 | |||
| Shortfall in | ||||||
| contributions | (232) | (232) | (232) | |||
| 3,796 | 3,796 | 3,723 | ||||
| Receipts for | ||||||
| previous years | (10) | (10) | ||||
| Total Income | 3,786 | 3,786 | 3,723 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Lowest Income | ||||||
| Funding | 1,207 | 1,207 | 1,167 | |||
| Strategic | ||||||
| Development | 291 | 291 | 481 | |||
| Strategic Capacity | 62 | 62 | ||||
| Sustainability Grant | 56 | 56 | ||||
| Ministry Experience | ||||||
| Scheme | 6 | 6 | ||||
| Parish Giving | ||||||
| Support | 32 | 32 | ||||
| Parish Repairs and | ||||||
| Improvements | 12 | 12 | ||||
| 1,207 | 459 | 1,666 | 1,648 |
| ther donations | ||||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Unrestricted funds | Restricted | Endowment | funds | funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Benefact Grant | 106 | 106 | 123 | |||
| Historic England - | ||||||
| Historic Churches | ||||||
| Support Officer | 13 | 13 | ||||
| Church Army | 46 | 46 | ||||
| Marshalls Charity | 8 | 8 | ||||
| Donations | 53 | 93 | 146 | 108 | ||
| 159 | 160 | 319 | 231 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Statutory fees | 476 | 476 | 486 | |||
| Church | ||||||
| Commissioners' | ||||||
| Fees from training | 11 | 11 | 117 | |||
| Income recharged for | ||||||
| Support to parishes | 4 | 4 | 3 | |||
| 480 | 11 | 491 | 606 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Housing income | 291 | 291 | 446 | |||
| Rents receivable | 22 | 22 | ||||
| 22 | 291 | 313 | 446 |
| Unrestricted funds | Unrestricted funds | Total | ||||
|---|---|---|---|---|---|---|
| Restricted | Endowment | funds | Total funds | |||
| General | Designated | Funds | funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Dividends receivable | 6 | 613 | 1,248 | 1,867 | 1,634 | |
| Interest receivable | 84 | 424 | 508 | 655 | ||
| Rents receivable | 1,099 | 1,099 | 1,111 | |||
| 90 | 613 | 2,771 | 3,474 | 3,400 | ||
| -- |
| Total | ||||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | Total funds | ||
| General | Designated | Funds | Funds | 2024 | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Gain on sale of | ||||||
| Properties&Glebe | 1,085 | 241 | 1,326 | 3,445 | ||
| Gain on sale of | ||||||
| Investments | 1 | 1 | ||||
| Sale receipts from | ||||||
| churches | 28 | 28 | 14 | |||
| Sale of Glebe | ||||||
| Mineral Rights | 188 | 188 | ||||
| Contribution to | ||||||
| office running costs | 52 | 52 | ||||
| 52 | 1,114 | 429 | 1,595 | 3,459 |
| RAISINGFUNDS(2024) | Unrestricted funds | Unrestricted funds | Restricted | Endowment | Total funds |
|---|---|---|---|---|---|
| General | Designated | Funds | Funds | 2024 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Glebe agent'sfee | 436 | 436 | |||
| Parsonage rental costs | 11 | 11 | |||
| 11 | 436 | 447 |
| RAISINGFUNDS(2023) | Unrestricted funds | Unrestricted funds | Restricted | Endowment | Total funds |
|---|---|---|---|---|---|
| General | Designated | Funds | Funds | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Glebe agent's fee | 308 | 308 | |||
| Parsonage rental costs | 8 | 8 | |||
| 8 | 308 | 316 |
| CHARITABLEACTIVITIES | Total | ||||
|---|---|---|---|---|---|
| (2024) | Unrestricted funds | Restricted | Endowment | funds | |
| General | Designated | Funds | Funds | 2024 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Contributions to | |||||
| Archbishops' Council | |||||
| Training for Ministry | 301 | 301 | |||
| National Church | |||||
| Responsibilities | 180 | 180 | |||
| Grants&Provisions | 31 | 31 | |||
| Retired clergy housing costs | 125 | 125 | |||
| Pooling of ordinands | |||||
| maintenance grants | 121 | 121 | |||
| 758 | 758 | ||||
| Resourcing Ministryand | |||||
| Mission | |||||
| Parish Ministry Stipends | |||||
| and national insurance | 3,504 | 3,504 | |||
| Pension contributions | 693 | 693 | |||
| Housing costs | 689 | 958 | 1,647 | ||
| Removal and resettlement | |||||
| grants | 130 | 130 | |||
| Other expenses | 132 | 132 | |||
| 5,148 | 958 | 6,106 | |||
| Support for parish ministry | 1,238 | 518 | 1,756 | ||
| Support costs | 1,271 | 1,271 | |||
| 2,509 | 518 | 3,027 | |||
| ExpenditureonEducation | |||||
| Support for church schools | |||||
| and parishes | 100 | 100 | |||
| 8,515 | 1,476 | 9,991 |
| CHARITABLEACTIVITIES | |||||
|---|---|---|---|---|---|
| (2023) | |||||
| Unrestricted funds | Restricted | Endowment | Total funds | ||
| General | Designated | Funds | Funds | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Contributions to | |||||
| Archbishops' Council | |||||
| Training for Ministry | 306 | 306 | |||
| National Church | |||||
| Responsibilities | 179 | 179 | |||
| Grants&Provisions | 32 | 32 | |||
| Mission agency pension | |||||
| costs | 10 | 10 | |||
| Retired clergy housing costs | 122 | 122 | |||
| Pooling of ordinands | |||||
| maintenance grants | 84 | 84 | |||
| 733 | 733 | ||||
| Resourcing Ministry and | |||||
| Mission | |||||
| Parish Ministry Stipends | |||||
| and national insurance | 3,486 | 3,486 | |||
| Pension contributions | 838 | 838 | |||
| Housing costs | 664 | 678 | 1,342 | ||
| Removal, resettlement and | |||||
| grants | 98 | 98 | |||
| Other expenses | 62 | 62 | |||
| 5,148 | 678 | 5,826 | |||
| Support for parish ministry | 1,302 | 380 | 1,682 | ||
| Support costs | 968 | 968 | |||
| 2,270 | 380 | 2,650 | |||
| ExpenditureonEducation | |||||
| Support for church schools | |||||
| and parishes | 100 | 100 | |||
| 8,251 | 1,058 | 9,309 |
| ANALYSISOFEXPENDITURE INCLUDING ALLOCATIONOFSUPPORTCOSTS(2024) |
||||
|---|---|---|---|---|
| Activities | Grant | |||
| Funding | ||||
| Undertaken | of | Support | Totalcosts | |
| Directly | Activities | Costs | 2024 | |
| £'000 | £'000 | £'000 | £'000 | |
| Raisings funds | 446 | 446 | ||
| Charitable activities: | ||||
| Contributions to Archbishop's | ||||
| Council | 758 | 758 | ||
| Resourcing parish ministry | 6,106 | 1,757 | 1,271 | 9,134 |
| Education | 100 | 100 | ||
| 6,552 | 2,615 | 1,271 | 10,438 | |
| ANALYSISOFEXPENDITURE INCLUDING | ||||
| ALLOCATIONOFSUPPORTCOSTS(2023) | ||||
| Activities | Grant | |||
| Funding | ||||
| Undertaken | of | Support | Totalcosts | |
| Directly | Activities | Costs | 2023 | |
| £'000 | £'000 | £'000 | £'000 | |
| Raisings funds | 316 | 316 | ||
| Charitable activities: | ||||
| Contributions to Archbishop's | ||||
| Council | 733 | 733 | ||
| Resourcing parish ministry | 5,826 | 1,682 | 968 | 8,476 |
| Education | 100 | 100 | ||
| 6,142 | 2,515 | 968 | 9,625 |
| 10. ANALYSISOFSUPPORT |
COSTS | ||||
|---|---|---|---|---|---|
| ANALYSISOFSUPPORTCOSTS | Total | ||||
| (2024) | Unrestricted funds | Restricted | Endowment | funds | |
| General | Designated | Funds | Funds | 2024 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Central administration | 1,000 | 1,000 | |||
| Governance: | |||||
| External audit | 31 | 31 | |||
| Registrar and Chancellor | 136 | 136 | |||
| Synodical costs | 104 | 104 | |||
| 1,271 | 1,271 |
| ANALYSISOFSUPPORTCOSTS | |||||
|---|---|---|---|---|---|
| (2023) | Total | ||||
| Unrestricted funds | Restricted | Endowment | funds | ||
| General | Designated | Funds | Funds | 2023 | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Central administration | 705 | 705 | |||
| Governance: | |||||
| External audit | 31 | 31 | |||
| Registrar and Chancellor | 109 | 109 | |||
| Synodical costs | 123 | 123 | |||
| 968 | 968 | ||||
| 1. ANALYSISOFGRANTS MADE |
|||||
| 2024 | 2023 | ||||
| Individuals | Institutions | Total |
Total | ||
| Number | £'000 | £'000 | £'000 |
£'000 | |
| From unrestricted funds for | |||||
| national | |||||
| Church responsibilities: | |||||
| Contributions to Archbishop's | |||||
| Council | 6 | 758 | 758 |
733 | |
| From unrestricted funds: | |||||
| Support for Board ofEducation | 1 | 100 | 100 |
100 | |
| PEVEpiscopal Visitors | 3 | 3 | 3 | ||
| Churches Together in | |||||
| Lincolnshire | 1 | 9 | 9 |
8 | |
| Transformation Grants | 12 | 67 | 67 |
77 | |
| Elloe East Deanery | 25 | ||||
| Clergy Settlement Grants | 15 | 42 | 42 | 41 | |
| Clergy1stAppointment Grants | 10 | 31 | 31 | 28 | |
| Miscellaneous grants | 4 | ||||
| Clergy Robing Grants | 2 | ||||
| Ordinands in training | 4 | 36 | 36 | 32 | |
| Ministry Division grants | 11 | 6 | 6 | 35 | |
| Minor Repair Grants | 3 | 12 | 12 |
||
| 60 | 118 | 188 | 306 |
352 |
| 2. STAFFCOSTS |
||
|---|---|---|
| 2024 | 2023 | |
| £'000 | £'000 | |
| Employee costs during the year were as follows: | ||
| Wages and salaries | 1,732 | 1,458 |
| National insurance contributions | 168 | 140 |
| Pension costs | 210 | 137 |
| 2,110 | 1,735 |
| The average number of persons employed by the charity during the year | 2024 | 2023 |
|---|---|---|
| were: | Number | Number |
| Administration and financial management | 24 | 18 |
| Property | 5 | 5 |
| Discipleship&Ministry, Stewardship | 11 | 15 |
| Safeguarding & inclusion | 4 | 4 |
| Total for the Charity | 44 | 42 |
| 2024 | 2023 | |
| Number | Number | |
| The numbers of staff whose emoluments (including benefits in kindbut | ||
| excluding | ||
| Pension contributions) amounted to more than £60,000 were as | ||
| follows: | ||
| £80,001 - £90,000 | 2 | 2 |
| £120,001 - £130,000 | 1 |
| Stipend | Housing | |
|---|---|---|
| TheRtRevd Stephen Conway | No | No |
| TheRtRevdDrNicholas Chamberlain | No | Yes |
| TheRtRevdDrDavid Court | No | Yes |
| The Venerable Alyson Buxton | Yes | No |
| The VenerableDrJustine Allain Chapman | Yes | Yes |
| The Venerable Gavin Kirk | Yes | Yes |
| TheRevJulie Donn | Yes | No |
| The Revd Georgina Machell | Yes | Yes |
| The Revd Rachel Heskins | Yes | Yes |
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| Stipends | 3,223 | 3,216 |
| National insurance contributions | 281 | 270 |
| Pension costs -currentyear | 696 | 838 |
| - deficit reduction | ||
| - interest cost | ||
| 4,200 | 4,324 |
| Unrestricted funds | Unrestricted funds | Restricted | Endowment | |
|---|---|---|---|---|
| General Designated | Funds | Funds | ||
| £'000 | £'000 | £'000 | £'000 | |
| From General Fund to Designated Fund | (33) | 33 | ||
| From Restricted Fund to General Fund | 8 | (8) | ||
| From Endowment Funds Unapplied Total | ||||
| Return to the General Fund | 2,702 | (2,702) | ||
| 2,677 | 33 | (8) | (2,702) |
| Freehold | Office | ||
|---|---|---|---|
| **Land& ** | Equipment | Total | |
| Buildings | |||
| £'000 | £'000 | £'000 | |
| Costofvaluation | |||
| At1 January 2024 | 58,615 | 189 | 58,804 |
| Additions | 542 | 1 | 543 |
| Transfers | |||
| Disposals | (4,185) | (140) | (4,325) |
| Revaluation | (5) | (5) | |
| At 31 December 2024 | 54,967 | 50 | 55,017 |
| Depreciation | |||
| At1 January 2024 | 152 | 152 | |
| Disposals | (140) | (140) | |
| Charge for the year | 10 | 10 | |
| At31December 2024 | 22 | 22 | |
| Net Book Value | |||
| At31 December 2024 | 54,967 | 28 | 54,995 |
| -- | |||
| At31 December 2023 | 58,615 | 37 | 58,652 |
| -- |
| 2024 | 2024 | |
|---|---|---|
| £'000 | £'000 | |
| Investment properties - 15 (a) | 63,649 | 59,921 |
| Investments - 15 (b) | 60,780 | 50,473 |
| Total investment assets | 124,429 | 110,394 |
| 5(a).INVESTMENT PROPERTIES | ||
| 2024 | 2023 | |
| £'000 | £'000 | |
| Market value at 1 January 2024 | 59,921 | 58,707 |
| Disposals | (1,729) | (2,416) |
| (Loss)/Gain on revaluation | 5,457 | 3,630 |
| Market value asat31December 2024 | 63,649 | 59,921 |
| Asatl | Change in | Asat31 | ||||
|---|---|---|---|---|---|---|
| January | Additions | Disposals | Transfers | Market | December | |
| 2024 | Value | 2024 | ||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Endowment Funds | ||||||
| CBFChurchofEngland | ||||||
| Fund | 8,795 | 201 | 8,996 | |||
| EdentreeResponsibility | ||||||
| &Sustainable Global | ||||||
| Equity Fund B | 2,384 | (150) | 2,234 | |||
| Cazenove Capital | 8,399 | 325 | 8,724 | |||
| LGTAbrdn | 10,614 | 2,333 | 805 | 13,752 | ||
| LGTWealth Management | 10,121 | 2,333 | 442 | 12,896 | ||
| 40,313 | 4,666 | 1,623 | 46,602 | |||
| Diocesan Pastoral Fund | ||||||
| CBFChurchofEngland | ||||||
| Fund | 2,063 | 2,333 | 25 | 4,421 | ||
| EdentreeResponsibility | ||||||
| &Sustainable Global | ||||||
| Equity Fund | ||||||
| 5,511 | 577 | 6,088 | ||||
| Cazenove Capital | 1,956 | 76 | 2,032 | |||
| Bailie Gifford | 1,000 | (15) | 985 | |||
| 9,530 | 3,333 | 663 | 13,526 | |||
| Trust funds | ||||||
| M&G Charifund | 117 | (117) | ||||
| CBFChurchofEngland | ||||||
| Fund | 202 | 118 | 4 | 324 | ||
| 319 | 118 | (117) | 4 | 324 | ||
| Unrestricted Funds | ||||||
| EdentreeHumphrey | 311 | 17 | 328 | |||
| Bequest | ||||||
| 311 | 17 | 328 | ||||
| Total | 50,473 | 8,117 | (117) | 2,307 | 60,780 |
| 2024 | 2023 | |
|---|---|---|
| Due within one year | £'000 | £'000 |
| Debtors | 225 | 139 |
| Other debtors and prepayments | 771 | 456 |
| Interest free loans within the Diocese | 100 | 12 |
| Total debtors | 1,096 | 607 |
| 7.CREDITORS: amounts falling duewithinoneyear | ||
| 2024 | 2023 | |
| £'000 | £'000 | |
| Creditors | 302 | 188 |
| Other taxes and social security | 51 | 48 |
| Other creditors and accruals | 502 | 386 |
| Total creditors: amounts falling due within one year | 855 | 622 |
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| Church Commissioners value-linked | 72 | 72 |
| loan | ||
| Pension deficit | ||
| Total creditors: amounts falling due after more than | ||
| one year | 72 | 72 |
| Asat1 | Gains | Asat31 | |||||
|---|---|---|---|---|---|---|---|
| January | Income | Expenditure | Transfers | and | December | ||
| 2024 | Losses | 2024 | |||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| UNRESTRICTED FUNDS | |||||||
| General | 1,328 | 5,796 | (8,515) | 2,677 | 17 | 1,303 | |
| DESIGNATED FUNDS | |||||||
| Pension Reserve | 1 | 1 | |||||
| Building Committee Reserve |
30 | 30 | |||||
| Clergy Conference | 9 | 9 | |||||
| Vat Buffer Fund | 100 | 100 | |||||
| Transformation Fund | 231 | 33 | 264 | ||||
| Resource Church Funding | 437 | 437 | |||||
| 808 | 33 | 841 | |||||
| RESTRICTEDFUNDS | |||||||
| Pastoral fund | 25,877 | 2,481 | (1,466) | (8) | 617 | 27,501 | |
| PastoralNo.2Account | 27 | 27 | |||||
| Trusts | 319 | 2 | 4 | 325 | |||
| Other Restricted | 343 | 165 | (21) | 487 | |||
| 26,566 | 2,648 | (1,487) | (8) | 621 | 28,340 | ||
| ENDOWMENT FUNDS | |||||||
| Permanent | |||||||
| Trustfor Investment | 36,524 | 1,424 | 37,948 | ||||
| Unapplied Total Return | 41,965 | 2,771 | (4,126) | 1,623 | 42,233 | ||
| Other Investment Assets | 32,908 | 429 | (436) | 5,457 | 38,358 | ||
| Expendable | |||||||
| Parsonage Fund | 42,930 | 42,930 | |||||
| 154,327 | 3,200 | (436) | (2,702) | 7,080 | 161,469 | ||
| Total funds | 183,029 | 11,644 | (10,438) | 7,718 | 191,953 |
| Asatl | Asat31 | ||||||
|---|---|---|---|---|---|---|---|
| January | Income | Expenditure | Transfers | Gains | December | ||
| 2023 | and | 2023 | |||||
| Losses | |||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| UNRESTRICTED | FUNDS | ||||||
| General | 1,188 | 5,721 | (8,251) | 2,665 | 5 | 1,328 | |
| DESIGNATEDFUNDS | |||||||
| Pension Reserve | 159 | (158) | 1 | ||||
| Building Committee |
30 | 30 | |||||
| Reserve | |||||||
| Clergy Conference | 9 | 9 | |||||
| Vat Buffer Fund | 100 | 100 | |||||
| Transformation Fund | 208 | 23 | 231 | ||||
| Resource | Church | 437 | 437 | ||||
| Funding | |||||||
| 943 | (135) | 808 | |||||
| RESTRICTEDFUNDS | |||||||
| Pastoral fund | 22,818 | 3,370 | (961) | 650 | 22,877 | ||
| PastoralNo.2Account | 27 | 27 | |||||
| Other Restricted | 618 | 128 | (105) | 21 | 662 | ||
| 23,463 | 3,498 | (1,066) | 671 | 26,566 | |||
| ENDOWMENT FUNDS | |||||||
| Permanent | |||||||
| Trustfor Investment | 34,231 | 2,293 | 36,524 | ||||
| Unapplied Total Return | 41,961 | 2,654 | (4,869) | 2,219 | 41,965 | ||
| Other Investment | Assets | 27,900 | 1,640 | (308) | 46 | 3,630 | 32,908 |
| Expendable | |||||||
| Parsonage Fund | 42,930 | 42,930 | |||||
| 147,022 | 4,294 | (308) | (2,530) | 5,849 | 154,327 | ||
| Total funds | 172,616 | 13,513 | (9,625) | 6,525 | 183,029 |
| 20. ENDOWED FUND- TOTAL RETURN | ||||
|---|---|---|---|---|
| Trust for | Unapplied | Other | Total | |
| Investment | Total | Investment | Endowment | |
| ENDOWEDFUND-TOTALRETURN2024 | Return | Assets | ||
| £'000 | £'000 | £'000 | £'000 | |
| Atthebeginningofthe reporting period: | 36,524 | 41,965 | 32,908 | 111,397 |
| Income | ||||
| DBFFundraising | ||||
| Dividends | 1,672 | 1,672 | ||
| Rents | 1,099 | 1,099 | ||
| Sale of Glebe - Profit | 429 | 429 | ||
| Expenditure | ||||
| Stipends Cost | (436) | (436) | ||
| Gain/(Loss) on fixed assets | ||||
| Gain/(Loss) on investments | 1,623 | 5,457 | 7,080 | |
| Transfer to cover stipends | (2,702) | (2,702) | ||
| Indexation | 1,424 | (1,424) | ||
| Gain on pension | ||||
| Gain on revaluation of property | ||||
| Atendofthe reporting period | 37,948 | 42,233 | 38,358 | 118,539 |
| Trust for | Unapplied | Other | Total | |
| Investment | Total | Investment | Endowment | |
| ENDOWEDFUND-TOTALRETURN2023 | Return | Assets | ||
| £'000 | £'000 | £'000 | £'000 | |
| At the beginningofthe reporting period: | 34,231 | 41,961 | 27,900 | 104,092 |
| Income | ||||
| DBFFunding | 46 | 46 | ||
| Dividends | 1,497 | 1,497 | ||
| Rents | 1,111 | 1,111 | ||
| Other Glebe Income | 1,640 | 1,640 | ||
| Expenditure | ||||
| Stipends Cost | (308) | (308) | ||
| (Loss) on fixed asset | ||||
| (Loss) on investments | 2,219 | 3,630 | 5,849 | |
| Transfer to cover stipends | (2,530) | (2,530) | ||
| Indexation | 2,293 | (2,293) | ||
| Atendofthe reporting period | 36,524 | 41,965 | 32,908 | 111,397 |
| SUMMARYOFASSETSBY | Tangible | Investments | Net | Long Term | Net Assets |
|---|---|---|---|---|---|
| FUND2024 | Fixed Assets | Current | Creditors | ||
| Assets | |||||
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Unrestricted funds- General | 28 | 328 | 947 | 1,303 | |
| Unrestricted-designated | |||||
| Pension Reserve | 1 | 1 | |||
| Building Committee Reserve | 30 | 30 | |||
| Clergy Conference | 9 | 9 | |||
| Discipleship Donation Fund | |||||
| Vat Buffer Fund | 100 | 100 | |||
| Transformation Fund | 264 | 264 | |||
| Resource Churches funding | 437 | 437 | |||
| --- | |||||
| 841 | 841 | ||||
| --- | |||||
| Restricted | |||||
| Pastoral fund | 14,365 | 13,526 | (390) | 27,501 | |
| PastoralNo.2Account | 27 | 27 | |||
| Trusts | 324 | 1 | 325 | ||
| Other Restricted | 487 | 487 | |||
| 14,365 | 13,850 | 125 | 28,340 | ||
| Endowment Permanent | |||||
| Trust for Investment | 31,841 | 6,107 | 37,948 | ||
| Unapplied Total Return | 42,233 | 42,233 | |||
| Other Investment Assets | 2,181 | 36,177 | 38,358 | ||
| Expendable | |||||
| Parsonage Fund | 38,421 | 4,581 | (72) | 42,930 | |
| 40,602 | 110,251 | 10,688 | (72) | 161,469 | |
| --- | |||||
| Total funds | 54,995 | 124,429 | 12,601 | (72) | 191,953 |
| --- | --- | --- |
| SUMMARYOFASSETSBY | Tangible | Tangible | Investments | Net | Long | NetAssets |
|---|---|---|---|---|---|---|
| FUND2023 | Fixed | Current | Term | |||
| Assets | Assets | Creditors | ||||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| Unrestricted funds- General | 37 | 311 | 980 | 1,328 | ||
| Unrestricted- designated | ||||||
| Pension Reserve | 1 | 1 | ||||
| Building Committee Reserve | 30 | 30 | ||||
| Clergy Conference | 9 | 9 | ||||
| Vat Buffer Fund | 100 | 100 | ||||
| Transformation Fund | 231 | 231 | ||||
| Resource Church Funding | 437 | 437 | ||||
| 808 | 808 | |||||
| Restricted | ||||||
| Pastoral fund | 14,931 | 9,530 | 1,759 | 26,220 | ||
| PastoralNo.2Account | 27 | 27 | ||||
| Other Restricted | 319 | 319 | ||||
| 14,931 | 9,849 | 1,786 | 26,566 | |||
| Endowment Permanent | ||||||
| Trust for Investment | 27,519 | 9,005 | 36,524 | |||
| Unapplied Totalreturn | 41,965 | 41,965 | ||||
| Other Investment Assets | 2,158 | 30,750 | 32,908 | |||
| Expendable | ||||||
| Parsonage Fund | 41,526 | 1,476 | (72) | 42930 | ||
| 43,685 | 100,234 | 10,481 | (72) | 154,327 | ||
| Total funds | 58,652 | 110,394 | 14,055 | (72) | 183,029 |
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| Other operatingleases | ||
| Amounts due: | ||
| Within one year of the balance sheet date | 12 | 12 |
| In the second to fifth years inclusive of the balance sheet date | 12 | 24 |
| 24 | 36 |
| Year | %ofpensionable stipends |
|---|---|
| 31stDecember 2021 | 7.1% payable from January 2021 to December 2023 |
| 31stDecember 2022 | Nil |
| 31stDecember 2023 | Nil |
| 31stDecember 2024 | Nil |
| reconciliationofthe balance sheetliabilityis set out below: | ||
|---|---|---|
| 2024 | 2023 | |
| £'000 | £'000 | |
| Balance sheet liability asat1 January | ||
| Contributions paid | ||
| Interest cost (recognised in theSOFA) | ||
| Re-measurement of the balance sheet liability*(recognised in theSOFA) |
here were outstanding loans to the following parishes: |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Saxby all SaintsPCC | 3,000 | |
| WilsfordPCC | 9,343 | |
| OldBolingbrokePCC | 38,933 | |
| Hackthorn wColdHanworthPCC | 17,060 | |
| UlcebyPCC | 9,200 | |
| Little SteepingPCC | 29,000 | |
| HuttoftPCC | 6,205 | |
| Total outstanding loans to parishes | 100,398 | 12,343 |
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| CBFChurch of England Deposit Fund (Capital) | 1,440 | 2,483 |
| CBFChurch of England Investment Fund accumulation income | 2,046 | 2,027 |
| CBFChurch of England Investment Fund | 17,318 | 16,001 |
| CBFChurch of England Fixed Interest Securities | 56 | |
| COIFincome and accumulation shares | 176 | 172 |
| M & G Charifund | 2,349 | 3,097 |
| M & G Charibond | 37 | 38 |
| Edentree Investment Management | 171 | 166 |
| Miscellaneous Investments | 90 | 90 |
| Total assets held as custodian trustee | 23,627 | 24,130 |
| Total | ||||||
|---|---|---|---|---|---|---|
| Unrestricted funds | Restricted | Endowment | funds | |||
| General | Designated | Funds | Funds | 2023 | ||
| Note | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Income and endowments | ||||||
| from | ||||||
| Donations | ||||||
| Parish contributions | 2 | 3,723 | 3,723 | |||
| Archbishop's Council | 1,167 | 481 | 1,648 | |||
| Other donations | 185 | 46 | 231 | |||
| Charitable activities | 3 | 496 | 110 | 606 | ||
| Other trading activities | 4 | 62 | 384 | 446 | ||
| Investments | 5 | 88 | 704 | 2,608 | 3,400 | |
| Other income | 6 | 1,819 | 1,640 | 3,459 | ||
| Total income | 5,721 | 3,498 | 4,294 | 13,513 | ||
| Expenditure on | ||||||
| Raising funds | 7 | 8 | 308 | 316 | ||
| Charitable activities | 8 | 8,251 | 1,058 | 9,309 | ||
| Total expenditure | 8,251 | 1,066 | 308 | 9,625 | ||
| Net income/(expenditure) | ||||||
| before investment | (2,530) | 2,432 | 3,986 | 3,888 | ||
| gains/(losses) | ||||||
| Losson disposal of fixed assets | ||||||
| Net gains/(losses) on | ||||||
| investments | 15 | 5 | 366 | 2,219 | 2,590 | |
| Net income/(expenditure) | ||||||
| (2,525) | 2,798 | 6,205 | 6,478 | |||
| Transfers between funds | 13 | |||||
| 2665 | (135) | (2,530) | ||||
| Other recognised | ||||||
| gains/(losses) | ||||||
| Actuarial gains/(losses) on | ||||||
| pension scheme | 26 | |||||
| Gains/(losses) on revaluation | ||||||
| of properties | 14,15 | 305 | 3,630 | 3,935 | ||
| --- | ||||||
| Net movement in funds | ||||||
| 140 | (135) | 3,103 | 7,305 | 10,413 | ||
| Total funds brought forward | ||||||
| 1,188 | 943 | 23,463 | 147,022 | 172,616 | ||
| Total funds carried forward | 19 | |||||
| 1,328 | 808 | 26,566 | 154,327 | 183,029 |