REGISTERED CHARITY NUMBER: 500272
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for Friends of Lincoln Cathedral
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Friends of Lincoln Cathedral
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Friends of Lincoln Cathedral
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity as set out by its governing document are:
-
to provide a means of binding together in friendship those who, loving Lincoln Cathedral, wish to bear a part in its life and worship
-
to make grants as funds permit to the Dean and Chapter toward the worship, maintenance, preservation, improvement or repair of the fittings, ornaments, furniture and monuments in Lincoln Cathedral and the furthering of schemes to set forward its safety or utility.
Significant activities
In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission's guidance on public benefit.
Details of activities and performance are detailed within the Treasurer's and Honorary Secretary's reports.
FINANCIAL REVIEW
Reserves policy
The Trustees monitor the level of reserves of the Charity in relation to its current and planned activities.
The Trustees consider that the current level of reserves after designation of funds will allow the charity to achieve its objectives.
The Trustees feel that the adequate amount of reserves to carry excluding the designated fund is £30,000 to cover the core operating costs of the Charity.
At the year end there were total unrestricted reserves of £344,756.
FUTURE PLANS
To cover the core operating costs of the Charity the Trustees are aware that they need to have £30,000 of unrestricted general funds.
The website is fully operational and has attracted a number of new memberships generating additional revenue. The Trustees are optimistic that this trend will continue.
Recent use of QR codes within promotional literature has also resulted in new member subscriptions increasing income.
The Charity has recently introduced a new Corporate Membership scheme aimed at businesses which, whilst in its infancy, is bearing fruit. This initiative is ongoing.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by its constitution, a deed of trust, which was adopted 19 June 1982 as amended 4 July 1998 and 3 July 1999.
Recruitment and appointment of new trustees
Trustees are appointed based on their experience and expertise. The board regularly review their position and approach appropriate candidates as necessary. All new Trustees receive inductions on the objectives, beliefs and systems of the charity and directed to the Charity Commission guidance on their responsibilities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
500272
Page 1
Friends of Lincoln Cathedral
Report of the Trustees for the Year Ended 31 December 2023
Principal address
The Friends' Office Exchequergate House 18a Minster Yard Lincoln Lincolnshire LN2 1PX
Trustees
Ms C Jones Mr M R Belcher Mr A P Read Mr B Calvert
Independent Examiner
P Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG Approved by order of the board of trustees on 23 April 2024 and signed on its behalf by:
Ms C Jones - Trustee
Page 2
Independent Examiner's Report to the Trustees of Friends of Lincoln Cathedral
Independent examiner's report to the trustees of Friends of Lincoln Cathedral
I report to the charity trustees on my examination of the accounts of Friends of Lincoln Cathedral (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Colcomb
Paul Colcomb (May 7, 2024 08:38 GMT+1)
P Colcomb FCCA The Institute of Chartered Accountants in England and Wales
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
23 April 2024
Page 3
Friends of Lincoln Cathedral
Statement of Financial Activities for the Year Ended 31 December 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 29,532 Charitable activities Carols by Candlelight 20,221 Other trading activities 2 1,122 Investment income 3 10,672 Total 61,547 EXPENDITURE ON Charitable activities Carols by Candlelight 5,754 General activities 26,097 Total 31,851 NET INCOME/(EXPENDITURE) 29,696 RECONCILIATION OF FUNDS Total funds brought forward 315,060 TOTAL FUNDS CARRIED FORWARD 344,756 |
Restricted fund £ - - - - - - - - - 10,948 10,948 |
2023 Total funds £ 29,532 20,221 1,122 10,672 61,547 5,754 26,097 31,851 29,696 326,008 355,704 |
2022 Total funds £ 120,290 5,519 1,496 4,502 131,807 441 223,065 223,506 (91,699) 417,707 326,008 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
Friends of Lincoln Cathedral
Balance Sheet 31 December 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Stocks | 7 | 2,569 | - | 2,569 | 3,949 | |
| Debtors | 8 | 2,312 | - | 2,312 | 940 | |
| Cash at bank and in hand | 345,201 | 10,948 | 356,149 | 533,693 | ||
| 350,082 | 10,948 | 361,030 | 538,582 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 9 | (5,326) | - | (5,326) | (212,574) | |
| NET CURRENT ASSETS | 344,756 | 10,948 | 355,704 | 326,008 | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 344,756 | 10,948 | 355,704 | 326,008 | ||
| NET ASSETS | 344,756 | 10,948 | 355,704 | 326,008 | ||
| FUNDS | 10 | |||||
| Unrestricted funds | 344,756 | 315,060 | ||||
| Restricted funds | 10,948 | 10,948 | ||||
| TOTAL FUNDS | 355,704 | 326,008 |
The financial statements were approved by the Board of Trustees and authorised for issue on 23 April 2024 and were signed on its behalf by:
Ms C Jones - Trustee
The notes form part of these financial statements
Page 5
Friends of Lincoln Cathedral
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Shop income | 118 | 609 |
| Battle Order 204 books | 15 | 43 |
| Carols by Candlelight CD | - | 380 |
| Psalters | 955 | 281 |
| Office and sundry sales | 34 | 183 |
| 1,122 | 1,496 |
Page 6
continued...
Friends of Lincoln Cathedral
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Interest on CBF | 10,672 | 4,502 | ||
| SUPPORT COSTS | ||||
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| General activities | 8,351 | 29 | 1,200 | 9,580 |
| Support costs, included in the above, are as follows: | ||||
| 2023 | 2022 | |||
| General | Total | |||
| activities | activities | |||
| £ | £ | |||
| Newsletters, stationery & post | 4,816 | 2,251 | ||
| Computer and website | 654 | 1,566 | ||
| Office expenses and sundry | 563 | 503 | ||
| Travel and accomodation | 1,471 | - | ||
| Room, equipment hire & repairs | 347 | - | ||
| Training | 500 | - | ||
| Bank charges | 29 | - | ||
| Accountancy and legal fees | 1,200 | - | ||
| 9,580 | 4,320 |
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 120,290 Charitable activities Carols by Candlelight 5,519 Other trading activities 1,496 Investment income 4,502 Total 131,807 EXPENDITURE ON Charitable activities Carols by Candlelight 441 General activities 223,065 Total 223,506 |
Restricted fund £ - - - - - - - - |
Total funds £ 120,290 5,519 1,496 4,502 |
|---|---|---|
| 131,807 | ||
| 441 223,065 |
||
| 223,506 |
Page 7
continued...
Friends of Lincoln Cathedral
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds £ NET INCOME/(EXPENDITURE) (91,699) Transfers between funds (10,948) Net movement in funds (102,647) RECONCILIATION OF FUNDS Total funds brought forward 417,707 TOTAL FUNDS CARRIED FORWARD 315,060 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Tax 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 10. MOVEMENT IN FUNDS Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 233,568 26,371 Designated fund - organ 81,492 3,325 315,060 29,696 Restricted funds Embroidery fund 10,948 - TOTAL FUNDS 326,008 29,696 |
||
|---|---|---|
Page 8
continued...
Friends of Lincoln Cathedral
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 58,222 | (31,851) | 26,371 |
| Designated fund - organ | |||
| 3,325 | - | 3,325 | |
| 61,547 | (31,851) | 29,696 | |
| TOTAL FUNDS | 61,547 | (31,851) | 29,696 |
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund - organ Restricted funds Embroidery fund TOTAL FUNDS |
Net movement At 1.1.22 in funds £ £ 337,273 (92,757) 80,434 1,058 417,707 (91,699) - - 417,707 (91,699) |
Transfers between funds £ (10,948) - (10,948) 10,948 - |
At 31.12.22 £ 233,568 81,492 |
|---|---|---|---|
| 315,060 10,948 |
|||
| 326,008 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 130,749 | (223,506) | (92,757) |
| Designated fund - organ | |||
| 1,058 | - | 1,058 | |
| 131,807 | (223,506) | (91,699) | |
| TOTAL FUNDS | 131,807 | (223,506) | (91,699) |
Page 9
continued...
Friends of Lincoln Cathedral
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund - organ Restricted funds Embroidery fund TOTAL FUNDS |
Net movement At 1.1.22 in funds £ £ 337,273 (66,386) 80,434 4,383 417,707 (62,003) - - 417,707 (62,003) |
Transfers between funds £ (45,948) 35,000 (10,948) 10,948 - |
At 31.12.23 £ 224,939 119,817 |
|---|---|---|---|
| 344,756 10,948 |
|||
| 355,704 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 188,971 | (255,357) | (66,386) |
| Designated fund - organ | |||
| 4,383 | - | 4,383 | |
| 193,354 | (255,357) | (62,003) | |
| TOTAL FUNDS | 193,354 | (255,357) | (62,003) |
| Organ Repair Fund |
This fund is used to cover payments for scheduled repairs to the Organ.
Transfers between Funds
The amount designated is set aside for the Organ repair fund.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 10
Friends of Lincoln Cathedral
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 3,708 | 5,174 |
| Gift aid recovered | 8,134 | 924 |
| Legacies | 9,000 | 106,000 |
| Annual memberships | 5,790 | 5,442 |
| Life members | 2,900 | 2,750 |
| 29,532 | 120,290 | |
| Other trading activities | ||
| Shop income | 118 | 609 |
| Battle Order 204 books | 15 | 43 |
| Carols by Candlelight CD | - | 380 |
| Psalters | 955 | 281 |
| Office and sundry sales | 34 | 183 |
| 1,122 | 1,496 | |
| Investment income | ||
| Interest on CBF | 10,672 | 4,502 |
| Charitable activities | ||
| Events | 20,221 | 5,519 |
| Total incoming resources | 61,547 | 131,807 |
| EXPENDITURE | ||
| Charitable activities | ||
| Events and sales | 6,382 | 441 |
| Grants to institutions | 15,889 | 218,745 |
| 22,271 | 219,186 | |
| Support costs | ||
| Management | ||
| Newsletters, stationery & post | 4,816 | 2,251 |
| Computer and website | 654 | 1,566 |
| Office expenses and sundry | 563 | 503 |
| Travel and accomodation | 1,471 | - |
| Room, equipment hire & repairs | 347 | - |
| Training | 500 | - |
| 8,351 | 4,320 | |
| Finance | ||
| Bank charges | 29 | - |
| Governance costs | ||
| Accountancy and legal fees | 1,200 | - |
| Total resources expended | 31,851 | 223,506 |
| Net income/(expenditure) | 29,696 | (91,699) |
This page does not form part of the statutory financial statements
Page 11