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.
Obje￿IVeS 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 re￿iVed 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