REGISTERED CHARITY NUMBER: 500272 ort of the Trustees and Unaudited Financial Ststements for the Year Ended 31 December 2024 for Friends of Llncoln Cathedral Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Friends of Lincoln Cathedrnl Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustses Independent Examinerfs Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 6 to 10 Detailed Statement of Financial Activities 11 to 12
Friends of Lincoln Cathedral ort of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the finanal statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance wth 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 goveming 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 Chapler toward the worship. maintenance. preservation, improvement or repair of the fittings. omaments. fijmiture and monuments in knncoln Cathedral and the furthering of schemes to set forward its safety or utility. Slgnlficant activities In setting our objectives and planning our activities our Twstees have given careful consideration to the Charity Commission's guidan on public benefit. )etails of adivities and perfomiance are detailed within the Treasurerfs and Honorary Secretarfs reports. Grantmaking Applications for support are forwarded to the Council by the Cathedral's Senior Leadership Team. coordinated by the Cathedral's Fundraising Manager. Applications are considered by the C¢)uncil and rf approved taken to the Annual General Meeting for ratification. The Annual General Meeting also approves a discretionary allocation for use by the Executive Subcommittee of the Council for smaller grants, without these having to wait until the nexl Annual General Meeting for approval. The Council stipulates that detailed applications for grants need to be supported by quotations and invoices as necessary. FINANCIAL REVIEW Reserves policy The Trustees monitor the level of reserves of the Charity in relation to its current and planned a1Vities. 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 cary exduding the designated fund is £40,000 to cover the core operating costs of the Charity. At the year end there were total unrestricted reseNes of £384.941. £136.287 of these funds have been designated to cover the n )lanned future costs lo the Organ. Therefore the actual free reserves of the tharity are £248,654. Unrestricted reserrfes have been allowed to build up so that further significant financial support for restoration and other projects for the cathedral can be agreed when requests are made. Going concern The main risk that the charity faces is a deficit of income over expenditure. Whilst income receNed from subscriptions and events has increased the need to draw on reseNes to cover increases in regular areas of support has become apparent, although the charity has been fortunate to have reIVed income from legacies. The charitys achievements. in addition to regular areas of support, have included the remodelling of a stall in St Hugh's Choir and a cope for the Canon Missioner. After the substantial grant in 2023 towards the heating in St Hugh's Choir it was considered prudent to consolidale funds in anticipation of any future major requests. Page 1
Friends of Lincoln Cathedral ort of the Trustees for the Year Ended 31 December 2024 FUTURE PLANS Future plans of the charity include continuing to respond to further requests from the 13thedral as necessary. The funding for annual areas of support will continue. These include the Friends. Choral Scholar. the Friends. Organ Scholar, the Friends, Chorister and the Cathedral flower fund. successful Corporate Membership Scheme has been established and a redesigned website, allowing subscriptions to be accepted online, has led to a considerably higher level of income. The annual ticketed Carols By Candlelight event is now held on tsvo consecLrtive evenings, leading to a doubling of the income. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming 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. Re¢ruitment and appolntment of new trustees Truslees are appointed based on their experience and expertise. The board regularfy review their position and approach appropriate candidates as necessary. All new Trustees receive inductions on the objectives, beliets and systems of the charity and directed to the Charity Commission guidance on their responsibilities. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity numbor 500272 Principal address The Friends. Office Exchequergate House 18a Minster Yard Lincoln Lincolnshire LN21PX Trustees Ms C Jones (resigned 27.5.25} Mr M R Belcher MrAP Read Mr B Calvert Independent Examiner P Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Nthand Lincoln Lincolnshire LN1 1XG Approved by order of the board of trustees on 2 June 2025 and signed on its behalf by: Michael R Belcher lJun 3, 2025 12:45 GMT+ll Mr M R Belcher- Trustee Page 2
Inde endent Examinerfs Re ort to the Trustees of Friends of Lincoln Cathedrnl Independent examinerfs 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 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the awx*unts in accordance with the requirements of the Charities Act 2011 {'the Act). I report in respect of my examination of the Trusvs accounts carrted out under Section 145 of Ihe Act and in carrying out my examination I have followed all applicable Directions given by Ihe Charity Commission under Section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my altention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirernents conceming the form and content of accounts set out in Ihe Charities (Accounts and Reports) Regulations 2008 olher than any requiremenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection viith the examination to vthich attention should be drawn ni this report in order to enable a proper understanding of the accounts to be reached. Paul Colcomb (Jun 3, 2025 15:55 GMT+ll P Colcomb FCCA The Institute of Chartered Accountants in England and Wales Wright Vigar Limited Chartered Accountants & Business Adwsers 15 Newland Lincoln Lincolnshire LN1 1XG 2 June 2025 Page 3
Friends of Lincoln Cathedral Statement of Financial Activities for the Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 46.761 46,761 29,532 Charitable activities Carols by Candlelight 16,952 16,952 20,221 Other trading activities Investment income 917 15.635 917 15,635 1.122 10,672 Total 80,265 80.265 61.547 EXPENDITURE ON Charitable activities Carols by Candlelight General activities 5.000 35,080 5,754 26,097 35.080 Totsl 40,080 40.080 31.851 NET INCOME 40.185 40,185 29,696 RECONCILIATION OF FUNDS Total funds brought forniard 344.756 10.948 355.704 326,008 TOTAL FUNDS CARRIED FORWARD 384.941 10.948 395.889 355,704 The notes fonn part of these financial statements Page 4
Friends of Lincoln Cathedral Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unreslricted funds Restricted fund Notes FIXED ASSETS Tangible assets 574 574 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 1.555 1,555 2,569 2.312 356,149 10 391.051 10.948 401,999 392.606 10.948 403.554 361,030 CREDITORS Amounts falling due within one year 11 (8,239) (8.239) (5.326) NET CURRENT ASSETS 384.367 10.948 395.315 355,704 TOTAL ASSETS LESS CURRENT LIABILITIES 384,941 10,948 395,889 355,704 NET ASSETS 384.941 10.948 395.889 355,704 FUNDS Unrestricted funds Restricted funds 12 384,941 10,948 344,756 10.948 TOTAL FUNDS 395,889 355,704 The financial statements were approved by the Board of Trustees and auihorised for issue on 2 June 2025 and were signed on its behalf by.. ckae Sélcke Michael R Belcher lJun 3, 2025 12.'45 GMT+ll Mr M R Belcher- Trustee The notes fomi part of these financial statements Page 5
Friends of Lincoln Cathedral Notes to the FinancTal Statements for the Year Ended 31 De¢ember 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financia5 statements of the charity. which is a public benefit entty under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordan th 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 Stsndard applicable in the UK and Republic of Irelanrf 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 entttlement 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 thal expendilure, it is probable that a transfer of economic beneffts 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 viith the use of resoLsrces. Grants offered subject to conditions vthich have not been met at the year end date are noted as a commitment bLrt noi accrued as expenditure. Tangible fixed assets Depreciation is provided at the foll¢Jwing annual rates in order to write off each asset over its estimated useful life. Computer equipment- 25% on cost Stocks Stocks are valued al the lower of cost and net realisable value. after making due allowance for obsolete and sl¢)w moving ilems. Taxation The charity is exempt from tax on its charitable activitses. Fund a¢¢ounting Unrestricted funds can be used in accordance th the charitable objectives at the discretion of the trustees. Restricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or vthen funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial statements. OTHER TRADING ACTIVITIES 2024 2023 Shop income Battle Order 204 books Psalters Office and sundry sales 118 15 955 880 37 917 1.122 Page 6 continued.
Friends of Lincoln Cathedral Notes to the Financial Statements - continued for the Year Ended 31 De¢ember 2024 INVESTMENT INCOME 2024 2023 Interest on CBF 15.635 10,672 GRANTS PAYABLE 2024 2023 General activities 27.349 15,889 The total grants paid to institutions during the year vms as follows= 2024 2023 Flowers Choral Scholar Chorister Organ Scholar 2,000 7.333 7,350 10.666 2,000 13,889 27,349 15,889 SUPPORT COSTS Governance cosls Management Finance Totals General activities 4.742 224 1,320 6.286 Support costs. induded in the above. are as follows.. 2024 General activities 2023 Total activities Newsletters, stationery & post Computer and website Office expenses and sundry Travel and accomodalion Room. equipment hire & repairs Training Bank charges Depreciation of langible fixed assets Accountancy and legal fees 2.341 820 533 4,816 654 563 1,471 347 500 29 1.048 32 192 1,320 1.200 6,286 9,580 TRUSTEES. REMUNERATION AND BENEFITS There were no tnjstees, remuneration or other beneffts for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 310ecember 2024 nor for the year ended 31 Dember 2023. Page 7 continued...
Friends of Lincoln Cathedral Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 29,532 29,532 Charitable activities Carols by Candlelight 20,221 20,221 Other trading activities Investment income 1,122 10,672 1.122 10,672 Total 61.547 61.547 EXPENDITURE ON Charitable activities Carols by Candlelight General activities 5.754 26,097 5.754 26,097 Total 31.851 31.851 NET INCOME 29,696 29,696 RECONCILIATION OF FUNDS Totsl funds brought foTward 315.060 10,948 326,008 TOTAL FUNDS CARRIED FORWARD 344.756 10,948 355,704 TANGIBLE FIXED ASSETS Computer equipment COST Additions 766 DEPRECIATION Charge for year 192 NET BOOK VALUE At 31 December 2024 574 At 31 December 2023 Page 8 conlinued...
Friends of Lincoln Cathedrnl Notes to the Finan¢ial Ststsments - continued for the Year Ended 31 December 2024 STOCKS 2024 2023 Stocks 1,555 2,589 10. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Tax 224 70 2,018 2,312 11. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditors 1,588 3,738 8,239 8,239 5,326 12. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 At1.1.24 Unrestricted funds General fund Designated fund - organ 228.264 30,390 (10.000) 248.654 116.492 9.795 10,OIX) 136,287 344.756 40.185 384,941 Restricted funds Embroidery fund 10.948 10,948 TOTAL FUNDS 355.704 40.185 395,889 Nel movement in funds. induded in the above are as follows: Incoming resources Resources expended Movemenl in funds Unrestricted funds General fund Designated fund - organ 70.470 (40,080) 30,390 9,795 9,795 80.265 (40.080) 40,185 TOTAL FUNDS 80,265 (40,080) 40,185 Page 9 continued...
Friends of Lin¢oln Cathedral Notes to the Financial Statements - continued forthe Year Ended 31 December 2024 12. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers belween funds At 31.12.23 At 1.1.23 Unrestricted funds General fund Designated fund- organ 233.568 26.371 {35,000) 224,939 81.492 3.325 35.000 119,817 315.060 29,696 344,756 Restricted funds Embroidery fund 10.948 10,948 TOTAL FUNDS 326.008 29.696 355,704 Comparative net movement in funds, induded in the above are as follows= Incoming resources Resources expended Movement in funds Unrestricted funds General fund Designated fund- organ 58.222 (31.851) 26.371 3,325 3,325 61.547 {31.851) 29,696 TOTAL FUNDS 61,547 {31,851) 29,696 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. 13. RELATED PARTY DISCLOSURES There were no related paty transactions frjr the year ended 31 December 2024. Page 10
Friends of Llncoln Cathedral Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacles Donalions Gift aid recovered Legacies Annual memberships Life members 5,114 3.708 8,134 9,000 5,790 2,900 28,845 9,995 2,800 46,761 29,532 Other trading activities Shop income Battle Order 204 books Psalters Office and sundry sales 118 15 955 880 37 917 1,122 Investment income Interest on CBF 15.635 10.672 Charitable activities Events 16.952 20,221 Total incoming resources 80,265 61,547 EXPENDITURE Charitable activities Events and sales Grants to institutions 6.445 27,349 6,382 15,889 33,794 22,271 Support costs Management Newsletters, stationery & post Computer and website Office expenses and sundry Travel and accomodation Room, equipment hire & repairs Training 2,341 820 533 4,816 654 563 1,471 347 500 1,¢)48 4,742 8,351 Finance Bank charges Computer equipment 32 192 29 224 29 Governance costs Accountancy and legal fees 1.320 1.200 This page does not fom) part of the statLrtory finanaal statements Page 11
Friends of Lincoln Cathedral Detailed Statement of FTnancial Actlvitles for the Year Ended 31 December 2024 2024 2023 Total resources expended 40,080 31,851 Net income 40.185 29.696 This page does not fo part of the ststutory financial statements Page 12