# 



|**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|








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|**Detail**|**Controlandmiti ation**|**Key mana ement activities**|
|---|---|---|
|The unrepresentative<br>age profileofour<br>congregations, in|The Children, Youth and Families<br>PanelandtheMissionandMinistry<br>Committee overseetheworkofthe|A Diocesan Children, Youth<br>andFamilies Enabler has been<br>recruited and Deanery|
|particularthelack of|Diocesan Children, Youthand|PartnershipCYFEnablersare|
|children, youngaduIts<br>andworking age<br>people, leading to a<br>danger in continuity<br>and diminishing<br>congregation size.|Families Enabler. The College of St<br>Hugh brings togetherthedifferent<br>growth strands of TimetoChange<br>Together, includingsupportand<br>training for age-specific missional<br>activity. The Transformation Fund|being recruited. Their role will<br>bein supporting local workers<br>and parish projects including<br>actingasa repository for good<br>practice and shared learnings.<br>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<br>totrainlocally for<br>ordinationorrecruit<br>externally sufficient<br>numbers of ordained<br>andlay ministers to<br>meetourdeployment<br>needs, which may stifle<br>ourmissional activity<br>and accelerate general<br>decline.|The senior team have created a new<br>"Lincoln Offer"aspartof a drive<br>towardspositive clergy recruitment<br>from outsidethediocese. The<br>establishmentofSt Hild Lincoln is<br>increasingtherange of opportunities<br>to candidates. The Missionand<br>Ministry Committeeareresponsible<br>for review and reporting tothe<br>Bishop's CouncilofDiocesan<br>Trustees, and two diocesan<br>representatives have now been|Afteranalarming drop in<br>2023, vocation numbers have<br>bounced back encouragingly<br>thanks to proactive work by<br>theDDOVandthe<br>establishment ofStHild,<br>Lincoln. A first cohort of 24<br>Focal Ministers hasbeen<br>recruited and trained with a<br>second cohort duetobegin in<br>February 2025. The Warden<br>ofLay Ministrycontinues to|
||appointed ontotheSt Hild Council.|promote and provide|
|||opportunities for vocational|
|||exploration forallkindsofLay|
|||Minist|





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|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|





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|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|





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|||||||**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|
|||---||---|





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|**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|





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|Computer|25%perannum|straight line basis|
|---|---|---|
|Fixtures and fittings|14.30%perannum|straight line basis(i.e.over 7 years)|





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||||||**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|



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||||||**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|





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|**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|



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||||||**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|



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||||||**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|





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||**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|
||||||--||



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||||||**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|



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|**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|





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|**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|





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|**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|





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|**ANALYSISOFEXPENDITURE INCLUDING**<br>**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.**<br>**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.**<br>**ANALYSISOFGRANTS MADE**||||||
|||||**2024**|**2023**|
|||**Individuals**|**Institutions**|<br>**Total**|**Total**|
|**Number**||**£'000**|**£'000**|<br>**£'000**|**£'000**|
|**From unrestricted funds for**||||||
|**national**||||||
|**Church responsibilities:**||||||
|Contributions to Archbishop's||||||
|Council|6||758|<br>758|733|
|**From unrestricted funds:**||||||
|Support for Board ofEducation|1||100|<br>100|100|
|PEVEpiscopal Visitors|3|3||3||
|Churches Together in||||||
|Lincolnshire|1||9|<br>9|8|
|Transformation Grants|12||67|<br>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|<br>12||
||60|118|188|<br>306|352|



## 

|**2.**<br>**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<br>Committee<br>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<br>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)|||



## 

## 

## 

## 

|<br>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|