**REGISTERED CHARITY NUMBER: 500272**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2025**
**for The Association of the Friends of Lincoln Cathedral**
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
**The Association of the Friends of Lincoln Cathedral**
## **Contents of the Financial Statements for the Year Ended 31 December 2025**
|||**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|to|12|
**The Association of the Friends of Lincoln Cathedral**
## **Report of the Trustees for the Year Ended 31 December 2025**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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.
## **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 Council and if 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 next 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 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 £40,000 to cover the core operating costs of the Charity.
At the year end there were total unrestricted reserves of £427,846. £152,455 of these funds have been designated to cover the planned future costs to the Organ. Therefore the actual free reserves of the charity are £275,391.
Unrestricted reserves 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 received from subscriptions and events has increased the need to draw on reserves to cover increases in regular areas of support has become apparent, although the charity has been fortunate to have received income from legacies.
The charity’s 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 consolidate funds in anticipation of any future major requests.
Page 1
**The Association of the Friends of Lincoln Cathedral**
## **Report of the Trustees for the Year Ended 31 December 2025**
## **FUTURE PLANS**
Future plans of the charity include continuing to respond to further requests from the cathedral 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.
A 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 two consecutive evenings, leading to a doubling of the income.
## **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
## **Principal address**
The Friends' Office Exchequergate House 18a Minster Yard Lincoln Lincolnshire LN2 1PX
## **Trustees**
Ms C Jones (resigned 27.5.25) Mr M R Belcher Mr A P Read Mr B Calvert Mr C P Hoskins (appointed 28.7.25) Mr P H Pinchbeck (appointed 28.7.25) Mr J M Vitoria (appointed 28.7.25) Rev M J Boughton (appointed 28.7.25) Mr P R Strange (appointed 28.7.25)
## **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 February 2026 and signed on its behalf by:
## Michael R Belcher
Michael R Belcher (Feb 24, 2026 10:29:30 GMT)
Mr M R Belcher - Trustee
Page 2
## **Independent Examiner's Report to the Trustees of The Association of the Friends of Lincoln Cathedral**
## **Independent examiner's report to the trustees of The Association of the Friends of Lincoln Cathedral**
I report to the charity trustees on my examination of the accounts of The Association of the Friends of Lincoln Cathedral (the Trust) for the year ended 31 December 2025.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 (Feb 24, 2026 12:12:50 GMT)
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 February 2026
Page 3
## **The Association of the Friends of Lincoln Cathedral**
## **Statement of Financial Activities for the Year Ended 31 December 2025**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
48,049
**Charitable activities**
Carols by Candlelight
29,377
Other trading activities
2
816
Investment income
3
16,076
**Total**
94,318
**EXPENDITURE ON**
Raising funds
190
**Charitable activities**
Carols by Candlelight
1,370
General activities
49,853
**Total**
51,413
**NET INCOME**
42,905
**RECONCILIATION OF FUNDS**
Total funds brought forward
384,941
**TOTAL FUNDS CARRIED FORWARD**
427,846|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
10,948
10,948|2025
Total
funds
£
48,049
29,377
816
16,076
94,318
190
1,370
49,853
51,413
42,905
395,889
438,794|2024
Total
funds
£
46,761
16,952
917
15,635|
|---|---|---|---|
||||80,265|
||||-
5,000
35,080|
||||40,080|
||||40,185
355,704|
||||395,889|
The notes form part of these financial statements
Page 4
## **The Association of the Friends of Lincoln Cathedral**
## **Balance Sheet 31 December 2025**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
7
383
**CURRENT ASSETS**
Stocks
8
1,365
Cash at bank and in hand
427,598
428,963
**CREDITORS**
Amounts falling due within one year
9
(1,500)
**NET CURRENT ASSETS**
427,463
**TOTAL ASSETS LESS CURRENT LIABILITIES**
427,846
**NET ASSETS**
427,846
**FUNDS**
10
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
10,948
10,948
-
10,948
10,948
10,948|2025
Total
funds
£
383
1,365
438,546
439,911
(1,500)
438,411
438,794
438,794
427,846
10,948
438,794|2024
Total
funds
£
574
1,555
401,999
403,554
(8,239)
395,315
395,889
395,889
384,941
10,948
395,889|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 February 2026 and were signed on its behalf by:
## Michael R Belcher
Michael R Belcher (Feb 24, 2026 10:29:30 GMT)
Mr M R Belcher - Trustee
The notes form part of these financial statements
Page 5
**The Association of the Friends of Lincoln Cathedral**
## **Notes to the Financial Statements for the Year Ended 31 December 2025**
## **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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost
## **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**|||
|---|---|---|
||2025|2024|
||£|£|
|Psalters|816|880|
|Office and sundry sales|-|37|
||816|917|
Page 6
continued...
**The Association of the Friends of Lincoln Cathedral**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025**
|**3.**
**INVESTMENT INCOME**
Interest on CBF
**4.**
**GRANTS PAYABLE**
General activities
The total grants paid to institutions during the year was as follows:
Flowers
Choral Scholar
Chorister
Organ Scholar
Missioner's stall
Service award
Book
Lunch
Utility vehicle
**5.**
**SUPPORT COSTS**
Management
Finance
£
£
General activities
6,903
192
Support costs, included in the above, are as follows:
Marketing
Printing
Post and carriage
Office expenses and sundry
Room, equipment hire & repairs
Bank charges
Depreciation of tangible fixed assets
Entertainment
Accountancy and legal fees|2025
£
16,076
2025
£
38,747
2025
£
1,999
-
7,340
10,666
3,092
500
363
387
14,400
38,747
Governance
Other
costs
£
£
135
3,876
2025
General
activities
£
1,485
2,348
1,551
517
1,002
-
192
135
3,876
11,106|2024
£
15,635
2024
£
27,349
2024
£
2,000
7,333
7,350
10,666
-
-
-
-
-
27,349
Totals
£
11,106
2024
Total
activities
£
-
2,341
820
533
1,048
32
192
-
1,320
6,286|
|---|---|---|
Page 7
continued...
**The Association of the Friends of Lincoln Cathedral**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
## **7. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2025 and 31 December 2025
**DEPRECIATION**
At 1 January 2025
Charge for year
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024
**8.**
**STOCKS**
Stocks
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Designated fund - Willis Organ
**Restricted funds**
Embroidery fund
**TOTAL FUNDS**|At 1.1.25
£
238,654
146,287
384,941
10,948
395,889|2025
£
1,365
2025
£
1,500
Net
movement
in funds
£
36,737
6,168
42,905
-
42,905|Computer
equipment
£
766
192
191
383
383
574
2024
£
1,555
2024
£
8,239
At
31.12.25
£
275,391
152,455
427,846
10,948
438,794|
|---|---|---|---|
Page 8
continued...
**The Association of the Friends of Lincoln Cathedral**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated fund - Willis Organ
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Designated fund - Willis Organ
**Restricted funds**
Embroidery fund
**TOTAL FUNDS**|At 1.1.24
£
228,264
116,492
344,756
10,948
355,704|Incoming
resources
£
88,150
6,168
94,318
94,318
Net
movement
in funds
£
30,390
9,795
40,185
-
40,185|Resources
Movement
expended
in funds
£
£
(51,413)
36,737
-
6,168
(51,413)
42,905
(51,413)
42,905
Transfers
between
At
funds
31.12.24
£
£
(10,000)
248,654
10,000
136,287
-
384,941
-
10,948
-
395,889|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|70,470|(40,080)|30,390|
|Designated fund - Willis Organ||||
||9,795|-|9,795|
||80,265|(40,080)|40,185|
|**TOTAL FUNDS**|80,265|(40,080)|40,185|
## **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.
Page 9
continued...
**The Association of the Friends of Lincoln Cathedral**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2025**
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2025.
Page 10
## **The Association of the Friends of**
## **Lincoln Cathedral**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2025**
|**for the Year Ended 31**|**December 2025**||
|---|---|---|
||2025|2024|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|9,835|5,114|
|Gift aid recovered|-|7|
|Legacies|20,000|28,845|
|Annual memberships|16,324|9,995|
|Life members|1,890|2,800|
||48,049|46,761|
|**Other trading activities**|||
|Psalters|816|880|
|Office and sundry sales|-|37|
||816|917|
|**Investment income**|||
|Interest on CBF|16,076|15,635|
|**Charitable activities**|||
|Events|29,377|16,952|
|**Total incoming resources**|94,318|80,265|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Opening stock|1,555|1,555|
|Closing stock|(1,365)|(1,555)|
||190|-|
|**Charitable activities**|||
|Events and sales|1,370|6,445|
|Grants to institutions|38,747|27,349|
||40,117|33,794|
|**Support costs**|||
|**Management**|||
|Marketing|1,485|-|
|Printing|2,348|2,341|
|Post and carriage|1,551|820|
|Office expenses and sundry|517|533|
|Room, equipment hire & repairs|1,002|1,048|
||6,903|4,742|
|**Finance**|||
|Bank charges|-|32|
|Computer equipment|192|192|
||192|224|
|**Other**|||
|Entertainment|135|-|
This page does not form part of the statutory financial statements
Page 11
## **The Association of the Friends of**
## **Lincoln Cathedral**
|**Other**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2025**
2025
2024
£
£
3,876
1,320
51,413
40,080
42,905
40,185|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2025**
2025
2024
£
£
3,876
1,320
51,413
40,080
42,905
40,185|
|---|---|---|
||||
|||40,080|
|||40,185|
This page does not form part of the statutory financial statements
Page 12