Charity number: $09021 LINCOLNSHIRE CHURCHES TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LINCOLNSHIRE CHURCHES TRUST CONTENTS Page Reference and Administrative Detalls of the Charity, its Trustees and Advisers Trustees. Report Independent Examlner's Report Statement of Flnancial Actlvlties Balance Sheet Notes to the Flnanclal Statements 10-21
LINCOLNSHIRE CHURCHES TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Baroness Jane Willoughby de Eresby D.L., President Councillor Penny Milnes The Lord Bishop of Lincoln, The Right Reverend Christopher Lowson Mr Graham Cook, B.A., B.Arch, Hon. Secretary Mrs Mona Dickinson Mr Jeffrey Couzens Mr Nicholas Ridley (resigned 10 November 2023) Ms Henrietta Reeve, D.L., Chairman Mrs Linda Lord Bsc. BFP FCA TEP, Treasurer The Venerable Gavin Kirk Councillor Alexander Maughan MAAT BFP ACA Mr John Steadman Richard Bridgen (appolnted 5 May 2023) Charity reglstered number 509021 Prlncipal offlce Tower House Lucy Tower Street LN11XW Accountants Streets LLP Tower House Lucy Tower Street Lincoln LN11XW Bankers National Westmlnster Bank plc 225 High Street Lincoln LN2 1AZ Bank of Scotland Ground Floor East New Uberior House 11 Earl Grey Street Edinburgh EH3 98N Page 1
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the financial statements of the charity for the year from 1 January 2023 to 31 December 2023. ObjeIVeS and activitles Policies and objectives In setting objectives and planning for actlvities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB2)'. Achievements and performance Maln actlvities undertaken In practice Ihe Trustees limit the award of grants to subject of greatest need. In principle, assistance is given to Christian churches generally of any denomination within the Anglican Diocese of Lincoln, being at least 100 years old, needing repalrs aimed at excluding wind and weather. achieving safety and security. Assistance is not given for current requirements relating to ritual or heating or lighting. or for repairs to gravestones. Grants are only considered after funds become available. The Trust is a registered environmental body which has in the past received funding from WREN. During the year 12 grants amounting to £21,950 were approved (2022: 7 grants totalling £31,000) and some 100 churches benefited directly from a share of funds ralsed by the annual Sponsored Cycle Ride organised and financed by the Trust, to a total of £7,864 (2022: £8,290). Grants were approved to the following institutions: Methodlst Church- Stamford St Paul- Fulney St Alkmund- Blyborough St Margaret- Huttoft St Nicholas- Swayfield st Mary- Covenham St Nicholas- Caboume St Nicholas- Ulceby All Saints- Lincoln St Mary the Virgin- Swineshead Sl Peter- Claypole All Saints- Mareham on the Hill During the year we commemorated the Trust's Platinum Jubilee, celebrating 70 years of Lincolnshire Churches Trust. Grant making activities continued through 2023, with additional funding being made available to Churches in our Jubilee year. The Grants Committee has been working hard with churches across the county to develop their plans and support applicants with the various funding processes. This is evidenced with an uptake in new grants awarded this year. Continuing from the successful fundraising events in 2022. we were supported by Garden Opening events in 2023 in addition to the Jubilee Autumn Paty and a Servi of dedication at Lincoln Cathedral to mark the Platinum Jubilee. The annual Cycle Ride & Stride was held in September 2023. Page 2
LINCOLNSHIRE CHURCHES TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance {Gontinued) WO has also been undertaken to improve our website to make it easier to advertise events and take bookings for fundraising events such as parties and garden openings. The Steele Archive project, in partnership with Lincoln University, progressed during the year under review with support from Trustees. The project seeks to digitalise the records and photographs of Lincolnshire Churches which are currently held in archives. We are saddened at the passing of Lord Cormack, who died in February 2024. Lord Cormack had been a long- standing supporter of Lincolnshire Churthes Trust and previously served as a Trustee. He was Vice-President of the Trust until his passing, and we are grateful for his support including at our Jubilee Party in November last year. b. Prin¢lpal funding Income received by the trust is in principal from 4 main Income stre8ms', donations & subscriptlons, cycle ride & stride, investment dividends and other fundralsing activities. The annual Cycle Ride & Stride event was held with continued strong suppport as well as card and calendar sales, which raised a total of £18,761 (2021: £22,169) in revenue for the Trust. Note 4 to these financial statements shows a breakdown of the fundraising income. The Trust continues to receive strong support from our donors and subscribers, with total donations income in the year of £12,090 (2022.. £7,398). Note 3 to these financial statements shows a breakdown of the donatlons and legacy income. Legacies were received from the Estate of Mr Clifford Knowles, a former Trustee, and the Estate of Mr R Sutton, a subscriber of the Trust. The Trust also receives investment Income from the investments, with total Income received in the year being £13,960 (2022.. £8,579). Note 5 to these financial statements shows a breakdown of investment income. During the prior year Trustees made the decision to invest an additional £150,000 from our general funds cash reserve to maximise income generation from investments for the Trust. c. Fundraislng actlvitles During the year fundraising efforts included Garden Opening events and the Autumn Party, which included Jubilee celebration and service of dedication held at Lincoln Cathedral. We are grateful to all our donors, supporters and volunteers for their support throughout 2023. In particular we give thanks to long-standing supporter and fonner Trustee, Mr N Carnamile. who donated generously to the Trust to support the activities of the Steele Archive project. Page 3
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial revlew . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves pollcy The Trustees. intention is for the funds of the charity to be use on the presenlatlon, repair, maintenance, upkeep and reconstruction of Churches in Lincolnshire. The totsl reserves of the charlty at 31 December 2023 amounted to £530,335 (2022: £513.751). Of these reserves £524,335 were unrestricted, with the remaining £6,000 restricted balances held for specific purposes. Much of the charity's unrestricted funds comprise investments and short temi bank deposits. The Trustees have designated a management reserve of £468,165 (2022: £461.530) which represents the market value of the fixed asset investments, held for the purpose of generating income for the Trust. The remaining general funds or free reserves of the charity were £56,170 (2022: £50,221) at 31 December 2023. At the year end. the charity held £468.165 worth of investments managed by Brewin Dolphin (2022: £461,530) and a total cash balance of £7,032 (2022: £7.032) held wlth Bank of Scotland. These funds are available for immedlate withdrawal should the need arise. The running costs of the charity are very low and are mostly attributable to exp8nses relating to fundraiser events, so liquidity of reseNes is not a problem. The charity holds enough reserves in liquid form to be able to pay off any and all short term debts whilst also continuing to provide grants for churches. The Trustees review the reserves at regular intervals and consider that the current level held by the charity to be sufficient for its continued operation. c. Investments Pollcy In accordance with the powers given in Its goveming document the Trustees have invested in a balanced portfolio of managed funds. The Trustees aim to maintain capital levels and produce sufficient incorne to administer the Trust. The Trust is not immune to market conditions. but the Trustees believe that the investment performance remains acceptable. Page 4
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 struGture, govemance and management a. Constltution The Trust was founded in 1952 to raise funds for the preservation, repair, maintenance, upkeep and reconstruction of churches in the County of Lincolnshire and of monuments, fittings, fixtures, stained glass. fumiture, ornament, bells and chattels in such churches and of the churchyard belonging to any such churches. The formal Declaration of the Trust was made on 12 September 1953. revised Trust Scheme was issued by the Charity Commissioners on the 21 July 1998 with further amendments issued on the 11 July 2008. The Trust is a registered charity, Its registration date is the 24 August 1979 and it's registered charity number is 509021. b. Methods of appointment or ele¢tlon of Trustees Voluntary workers for the Trust are recruited by occasional advertisement for interested persons and by word of mouth, and Trustees are mainly recruited from within those who have demonstrated their interest and particular skills aiming to maintain a geographical spread within the operating area and as wide a base of appropriate skills as possible. The Trust is administered by a body not fewer than 9 and not more than 18 Trustees, each appointed for a period of 6 years. The appointment of a Trustee must be made by the Trustees at a special meeting called under dause 16 of the Trust's governing document, dated 21 July 1998. c. Organlsational structur• and declslon-maklng pollcles The Trustees who ser¥ed the charity during the period are listed on page 1 to these financial statements. The Trustees serve on fundraising committees andlor on the grants committee. The grants commlttee exercises delegated power to authorise grants in accordance with the objects of the Trust. Each committee reports directly to the main Board of Trustees. d. Rlsk Management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. . Trustee Inductlon and tralning Prospective Trustees are made familiar with the operating framework and methods of the Trust, and the specific legal responsibilities are explained to any without previous experience as Charitable Trustees. Page 5
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods Over the next year the Trust will continue with its usual programme of fundraising activities. including a planned Summer Party at Grimsthorpe Castle. various Garden Opening events across the county, sale of Christmas cards, and Ihe annual Cycle Ride & Stride evenl in September. Grant making activities continue to be a priority of the Trust, with work underway by our Grants Committee to promote the funds being made available and support applicants with the process. Additionally, the Trust has invested over the last year in a refresh of the Lincolnshire Churches Trust website, and plan to utilise this in the coming year to promote the work undertaken to support our Lincolnshure Churches, advertise our fundraising events and provide a digital platForm for subscribers and donors to make contributions to the Trust's work. Statement of Trustees, responslbllitles The Trustees are responsible for preparing the Trustees, Report and the financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to: select suitable accountlng policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explalned in the financial ststements,, prepare the financial statements on the going concern basls unless It Is inappropriate to presume that the charity will continue in business, The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order the members board of 26 April 2024 and signed on their behalf by: Trustees on Baroness Jan (President) Wllloug by de Eresby D.L. rs Henrietta Reeve D.L. (Chairman) Page 6
LINCOLNSHIRE CHURCHES TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examlnerfs Report to the Trustee5 of Llncolnshire Churches Trust ('the Gharity.) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. Responsibllities and Basls of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charitrfs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charily Commission under section 145(5)(b) of the 2011 Act. Independent Examlner's Statement Your attention Is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention In connectlon with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as requlred by section 130 of the 2011 Act; or the accounts do not accord with those e0rds. or the accounts do not comply with the applicable requirements concerning the fomi 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 fairf 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. Signed: Dated: Valerie Steward Bsc FCA FCCA FRSA Greenfield Fami. 23 West Street, Hibaldstow, North Lincolnshire, DN20 9NY Page 7
LINCOLNSHIRE CHURCHES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donalions and legacies Other trading activities Investments 4,000 11,090 22,075 13,960 15,090 22,075 13,960 7,398 22,962 8,579 Total Income 4,000 47,125 51,125 38,939 Expenditure on: Raising funds Charitable actlvities 5,660 39,338 5,660 39,338 5,677 43, 004 Total expenditure 44,998 44,998 48,681 Net Incomel(expendlture) before net galnsl(losses) on investments Net gainsl(losses> on investments 4,000 2,127 10,457 6,127 10,457 (9, 742) (72,615) Net movement in funds 4,000 12,584 16,584 (82.357) Reconclliatlon of funds: Total funds brought foNiard Net movement in funds 2,000 4,000 511,751 12,584 513,751 16,584 596,108 (82,357) Total funds carrled forward 6,000 524,335 530,335 513,751 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 21 form part of these financial statements. Page 8
LINCOLNSHIRE CHURCHES TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Investments 11 468.165 461,530 468,165 461,530 Current assets stocks 12 13 1,500 3,108 80,152 1,686 3,301 76.499 Debtors Cash at bank 84,760 81,486 Credltors.. amounts falling due wilhin one year 14 (22,590) (29,265) Net current assets 62,170 52,221 Total assets less current liabllities 530,335 513,751 Not assets excluding penslon asset 530,335 513,751 Total nat assets 530,335 513, 751 Charlty funds Restricted funds Unrestricled funds 15 15 6,000 524,335 2,000 511,751 Total funds 530,335 513,751 The financial statements were approved and authorised for issue by the Trustees on 26 April 2024 and signed on their behalf by: Barone Ja (President) e Wllloug by de Eresby D.L. Mrs nrietta Reeve D.L. (Chairman) The notes on pages 10 to 21 form part of these financial statements. Page 9
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information As set out in the Trustee's report, Lincolnshire Churches Trust is an unincorporated registered charity in England & Wales. The principal office of the charity is Tower House. Lucy Tower Street, Lincoln, LN1 The principal objective of the charity is to support the preservation of Churches in Lincolnshire, by awarding grants to Christian Churches of any denomination within the Anglican Diocese of Lincoln. These grants are awarded to Churches being at least 100 years old and in need of repairs. Further details about the charitvs fnain activities can be found in the Trustee's pOrt. Accounting pollcies 2.1 Basls of preparatlon of flnan¢lal statements The financial statements have been prepared in accordance wlth 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). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and faiff view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Lincolnshlre Churches Trust meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognlsed at hlstorical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern The Trustees do not believe that there are any material uncertainties about the charitYs ability to continue. The charity only commits to grants to the exlent that funds are available. Accordingly the financial statements have been prepared on a going concern basis. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Eviden of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the charity. can be reliably measured. Page 10
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnued) 2.3 Income (contlnued) Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. Expendlture on ralslng funds Includes all expendlture incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activilies is incurred on directly undertaking the activities which further the charitls objectives, 88 well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Flxed asset investments are a fomi of financial instrument and are Initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it Is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. 2.6 Stocks stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-rnoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page11
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcie5 {contlnued) 2.9 Liabilitie5 and provislons Liabilities are recognised when Ihere is an obligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that Ihe charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at Ihe best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.10 Flnancial Instruments The charity only has financlal assets and finandal liabilitles of a kind that quallfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their Settlement value with the exception of bank loans which are subsequently measured at amoriised cost using the effective interest method. 2.11 Fund accountlng General funds are unrestrlcted funds whlch are avallable for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Deslgnated funds comprise unrestrlcted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements, Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. Investment income. gains and losses are allocated to the appropriate fund. Page 12
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacles Restricted Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations Legacies 4,000 8,090 3,000 12,090 3.000 7,398 Total 2023 4,000 11,090 15,090 7,398 Total 2022 7.398 7, 398 Income from other tradlng activltles Income from fundralslng events Unrestricted funds 2023 Total funds 2023 Total funds 2022 Cyde ride Garden openings Summer party Card and calendar sales Autumn party 18,761 2,326 18,761 2,326 18,786 2,510 810 435 421 218 218 770 770 Total 2023 22,075 22,075 22,962 Total 2022 22,962 22,962 Page 13
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 UK quoted investments 13,960 13,960 8,579 Total 2022 8,579 8,579 Expenditure on ralsing funds Fundralslng tradlng expenses Unrestrlcted funds 2023 Totsl funds 2023 Total funds 2022 Cycle rlde administration Summer paty Garden openings Insurance of events Chrlstmas cards and calendars Autumn party 456 456 384 126 160 601 310 124 619 248 69 619 248 69 Total 2023 1,392 1,392 1,705 Total 2022 1, 705 q, 705 Page 14
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment management Costs Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Investment management fees 4,268 4,268 3,972 Total 2022 3,972 3,972 Analysls of expenditure on charitable activitle$ Summary by fund type Unrestricted funds 2023 Total 2023 Total 2022 Preservation of churches in Lincolnshire 39.338 39,338 43,004 Total 2022 43,004 43, 004 Analysis of expendlture by actlvlties Activities undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Total fvnds 2022 Preservation of churches in Lincolnshire 29,814 9.524 39,338 43,004 Total 2022 35,490 7.514 43,004 Page 15
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by aGtivltle5 (continued) Analysis of direct costs Church preservatio Total funds 2023 Total funds 2022 2023 Grants to churches Cycle ride distribution to churches 21,950 7,864 21,950 7,864 27,200 8,290 Total 2023 29,814 29,814 35,490 rol812022 35,490 35,490 Analy51s of support costs Church preservatio Total funds 2023 Tot81 fvnds 2022 2023 Accountancy fees - administration Accountancy fees - accountancy Printing, postage and stationery Website costs 3,240 3,600 1,206 1,478 3.240 3,600 1,206 1,478 3,096 3,360 841 217 Total 2023 9.524 9,524 7,514 Total 2022 7,514 7,514 10. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 16
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Flxed asset Investments Llsted investments Cost or valuation At 1 January 2023 Additions Disposals Revaluations 461,530 111,882 (95,102) (10,145) At 31 December 2023 468,165 Net book value At 31 December 2023 468,165 At 31 Dgcembgr 2022 461,530 12. Stocks 2023 2022 Finished goods and goods for resale 1,500 1,686 13. Debtors 2023 2022 Due wlthln one year Cycle ride contributions outstanding Income tax recoverable 208 862 2,439 2,900 3,108 3,301 Page 17
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Credltors: Amounts falling due within one year 2023 2Q22 Grants awaiting call Accruals 18,725 3,865 24,500 4, 765 22,590 29,265 15. Statement of funds Statem6nt of funds . Gurrent year Balance at 31 Galnsl December {Losses) 2023 Balance at 1 January 2023 Transfers Inlout Income Expenditure Unrestrlcted funds Deslgnated funds Management Reserve 461,530 (3,465) 10,100 468,165 General funds General Funds 50,221 47,125 (44,9981 3,465 357 56,170 Total Unrestricted funds 511,751 47,125 (44,998) 10,457 524,335 Restrlcted funds Fenton Church Steele Archive 2,000 2,000 4,000 4,000 2,000 4,000 6.000 Total of funds 513,751 51.125 (44.998) 10,457 530,335 Page 18
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds (Gontinued) Deslgnated funds: The Management Reserve represents funds held which are invested for the purpose of generating income for the Trust. Restricted funds: Fenton Church A legacy of £2,000 was received in the year ended 31 December 2017 from the Estate of the Late Joyce Watford Deceased. This legacy is to be spent on the upkeep of Fenton Church, as far as possible. So far no request has been forthcoming to expend these funds. Steele Archive A donation totalling £4,000 was received in the year ended 31 December 2023, given to the Trust to cover expected future costs in connection with the Steele Archive project. Statoment of funds - prlor year Balance at 31 Dec8mber 2022 Balance at 1 January 2022 Transfers in/out Gains/ (Losses) Income Expenditure Unrestrlcted funds D8slgnated funds Management Reserve 387, 709 143,014 (69,193) 461,530 General funds General Funds 206,399 38,939 (48.681) (143,014) (3,422) 50,221 Total Unrestricted funds 594, 108 38,939 (48,681) (72,615) 511,751 Restrfcted funds Fenton Church 2. 000 2,000 Total of funds 596, 108 38, 939 (48, 681) (72,615) 513. 751 Page 19
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Transfers Inlout Income Expendlture Designated funds 461,530 50,221 (3.465) 3,465 10,100 357 468,165 56,170 General funds Restricted funds 47,125 (44,998) 2,000 4,000 6,000 513,751 51.125 (44,998) 10.457 530.335 Summary of fund5 - prlor year Balance at 31 DeGember 2022 Balance at 1 January 2022 Transfers in/out Gain (Losses) Income Expenditure Designated funds General funds Restricted funds 387, 709 206.399 143,014 (48,681) (143.014) (69, 193) (3.422) 461,530 50,221 38,939 2.000 2,000 596, 108 38, 939 (48,681) (72,615) 513,751 Page 20
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Analy51s of net assets between funds Analysls of net assets between funds - current year Restrictsd Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 468,165 78,760 (22,590) 468,165 84,760 {22,590) 6.000 Total 6,000 524,335 530,335 Analysis of net assets between funds - prlor y•ar Restricled Unrestricted funds funds 2022 2022 Total funds 2022 Fixed asset Investments Current assets Creditors due within one year 461,530 79,486 (29,265) 461,530 81,486 (29,265) 2,000 Total 2.000 511,751 513,751 18. Related party transactlons Mrs Linda Lord is a partner for Streets LLP and Councillor Alexander Maughan is a manager for Streets LLP which acts as accountants to the Trust. The fees paid to the organisation are detailed within the accounts Note 9. Page 21