Charity number: 509021 LINCOLNSHIRE CHURCHES TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LINCOLNSHIRE CHURCHES TRUST CONTENTS Page ReferenGe and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Statements 10-22
LINCOLNSHIRE CHURCHES TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Baroness Jane Willoughby de Eresby D.L., President Councillor Penny Milnes Christopher Lowson (resigned 5 July 2024) Graham Cook, B.A., B.Arch, Hon. Secretary Mona Dickinson Jeffrey Couzens Henrietta Reeve. D.L.. Chairman Linda Lord Bsc BFP FCA TEP. Treasurer The Venerable Gavin Kirk Alexander Mauqhan MA4T BFP ACA, Assistant Treasurer John Steadman Richard Bridgen David Margarson (appointed 26 April 2024) Charity registered number 509021 Principal office Tower House Lucy Tower Street LN1 1XW Accountants Streets LLP Tower House Lucy Tower Street Lincoln LN1 1XW Bankers Nalional Westminster 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 2024 The Trustees present their annual report together with the financial statements of the charity for the year from 1 January 2024 to 31 Dember 2024. Objectives and activities a. Policies and objectives In setting objectives and planning for activities, 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 IPB2)'. Achievements and perfomiance a. Main activities undertaken In practice the 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 repairs aimed at excluding wind and weather, achieving safety and security. Assistance is not given for CUent 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 8 grants amounting to £36.750 were approved (2023.. 12 grants totalling £21,950) and some 100 churches benefited directly from a share of funds raised by the annual Sponsored Cycle Ride organised and financed by the Trust. to a total of £6.491 (2023= £7.864). Grants were approved to the following institutions= St Andrews - Little Steeping St John the Baptist- Baston St Andrew's - Immingham St Margaret- Huttoft St Peter ad Vincula - Threekingham St Peter and Paul's- Gosberton St Margaret of Antioch - Br8bOrough St Stephens - Carlby The Grants Committee has been working hard with churches across the county to develop their plans and support applicants with the various funding processes. Whilst the number of new applicants has slightly reduced. we have been able to more generously support those churches makir)g applications with higher grant amounts. In particular the Trust is proud of the work carried out by our Grants Committee to support the ommunity in Huttoft with a fvrther grant of £15,500 awarded to their project. Fundraising events continued in the year, with a SUCSSfUl Summer Paty held at Grimsthorpe Castle in July and an Aulumn Lecture and Lunch held in October. The annual Cycle Ride & Stride was held in September 2024 and continues to generate a healthy sum of funds for both the Lincolnshire Churches Trust and local churches across the area - thank you to all who took part. Work has also continued to improve ourwebsite to make it easier to advertise and tske bookings for fundraising events. It also provides an opportunity to showcase more of the chariws collection of fabulous church photos. A re-launch of the website is expected in 2025 after some delays to implementation. Page 2
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance (continued) The Steele Archive project, in partnership with Lincoln University, also 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 fomier Trustee and Treasurer. Mr Nevile Camamile. who died in April 2024. Mr Camamile had been a life-long supporter of Lincolnshire Churches Trust and served as a Trustee for over 60 years until very recently. We are grateful for his support and the contribution he had made over many decades to support the preseNation of our wonderful churches in Lincolnshire. b. Principal funding Income received by the trust is in principal from 4 main income streams. donations & subscriptions, GyGle ride & stride. investment dividends and olher fundraising activities. The annual Cycle Ride & Stride event was held with continued strong suppport, which raised a total of £17,726 (2023.. £18,761) in revenue for the Trust. Note 4 to these financial statements shows a breakdown of the fundraising income. The Trust continues to receive support from our donors and subscribers, with total donations income in the year of £4.819 (2023= £12,090). Note 3 to these financial statements shows a breakdown of the donations and legacy income. Legacies were reiVed from the Estate of Mr R Sutton, a fomier subscriber and supporter of the Trust. The Trust also receives investment income from the investments. with total income reiVed in Ihe year being £13,325 (2023.. £13,960). Note 5 to these financial statements shows a breakdown of investment income. . Fundraising activities During the year fundraising efforts included a Summer Party held at Grimsthorpe Castle, and the Autumn Lecture and Lunch. We are grateful to all our donors. supporters and volunteers for their support throughout 2024. Page 3
LINCOLNSHIRE CHURCHES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Going Goncern 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 concern basis can be found in the accounting policies. b. Reserves policy The Trustees, intention is for the funds of the charity to be use on the preservation, repair, maintenance, upkeep and reconstruction of Churches in Lincolnshire. The total reserves of the charity at 31 December 2024 amounted to £553,584 (2023: £530,335). Of these reserves £547,584 were unrestricted, with the remaining £6,000 reslricted 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 £493,582 (2023.. £468,165) 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 Gharity were £54,002 (2023: £56,170) at 31 December 2024. At the year end. the charity held £493.582 worth of investments managed by Brewin Dolphin (2023.. £468,165) and a total cash balan of £7,032 {2023.' £7,032) held with Bank of Scotland. These funds are available for immediate withdrawal should the need arise. The running costs of the charity are very low and are mostly attributable to expenses relating to fundraiser events. so liquidity of reserves is not a problem. The charity holds enough reserves in liquid fom) to be able to pay off any and all short temi 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 Policy 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 income 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 2024 Structure, governance and management Constitution 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, fvrniture, omament, bells and chattels in such churches and of the GhurGhyard belonging to any such GhurGhes. 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 irs registered charity number is 509021. b. Methods of appointment or election 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 clause 16 of the Trust's goveming document. dated 21 July 1998. Organisational structure and decision4naking policies The Trustees who served 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 Gommittee exercises delegated power to authorise grants in accordan with the objects of the Trust. Each committee reports directly to the main Board of Trustees. d. Risk 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. e. Trustee induction and training 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 2024 Plans for future periods Over the next year the Trust will continue with its usual programme of fundraising activities, including the annual Cycle Ride & Stride event in September. Grant making activities continue to be a priority of the Trust. with work UndeaY by our Grants Committee to promote the funds being tnade available and support applicants with the process. Our website improvements continue as we look to enhan the dvJttal engagement with our supporters, and streamline administration processes for subscriptions and dOnat)nS. This work continues in the 2025 year. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and Ihe financial statements in accordan with applicable law and Unf(ed Kingdom A(xounting Standards (United Kingdom Generally ACpted Accounting Practi). 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 slate of affairs of the charity and of its incoming resources and application of resources, including tts income and expenditure, for that peri(xl. In preparing these financial statements, the Trustees are required to: select suitable acrA)unting 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 disdosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate ac(x)unting records that are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements (x)mply wth 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Truslees on 25 April 2025 and signed on their behalf by: Udlo LL AL L , Baroness Jane Willoughby de Eresby D.L. (President) Henrietta RL . (Chairman) Page 6
LINCOLNSHIRE CHURCHES TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examiner's Report to the Trustees of Lincolnshire Churches Trust (Ihe charity.) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the 2011 Act')- I report in respect of my examination of the chariws accounts carried out under section 145 of the 2011 Act and in carrwng out my examination I have followed the applicable Directions given by the Charity Commission under section 145(51(b) of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slatement 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 but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in acGordanGe 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 connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act-, or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming 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 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.. 17 October 2025 Valerie Steward Bsc FCA FCCA FRSA Greenfield Fann, 23 West Street, Hibaldstow, North Lincolnshire, DN20 9NY Page 7
LINCOLNSHIRE CHURCHES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Other trading activities Investments 18,387 20,089 13.325 18,387 20,089 13.325 15,090 22.075 13,960 Total income 51,801 51,801 51.125 Expenditure on: Raising funds Charitable activities 6,816 51,781 6,816 51,781 5, 660 39,338 Total expenditure 58.597 58.597 44,998 Net (expenditure)lincome before net gains on investments Net gains on investments (6.796) 30,045 {6.796> 30,045 6, 127 10,457 Net movement in funds 23.249 23.249 16,584 Reconcilialion of funds: Total funds brought forward Net movement in funds 6,000 524,335 23,249 530,335 23,249 513, 751 16.584 Total funds carried forward 6,000 547,584 553,584 530,335 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 22 form part of these financial statements. Page 8
LINCOLNSHIRE CHURCHES TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Investments 11 493.582 468,165 493.582 468, 165 Current assets Stocks Debtors 12 13 500 6.668 74.989 1,500 3.108 80,152 Cash at bank 82.157 84. 760 Creditors.. amounts falling due within one year 14 (22.155) (22,590) Net current assets 60.002 62.170 Total assets less current liabilities 553,584 530,335 Net assets excluding pension asset 553.584 530.335 Total net assets 553.584 530,335 Charity funds Restricted funds Unrestricted funds 15 6.000 547,584 6,000 524.335 15 Total funds 553,584 530.335 The financial statements were approved and authorised for issue by the Trustees on 25 April 2025 and signed on their behalf by.. Udlo LL AL L Baroness Jane Willoughby de Eresby D.L. (President) (Chairman) The notes on pages 10 to 22 fomi part of these financial statements. Page 9
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 1XW. The principal objective of the charity is to support the preseNation of Churches in Lincolnshire, by awarding grants to Christian Churches of any denomination within the Anglican Diocese of LinGoIn. These grants are awarded to Churches being at least 100 years old and in need of repairs. Further details about the charitys main activities can be found in the Trustee's report. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 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 1021 (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 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf 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. Lincolnshire Churches Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concem The Trustees do not believe that there are any material UnrtaIntieS about the charity's ability to continue. The charity only commits to grants to the extent 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 re1vable 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. Evidence 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. ReIpt of a legacy must be recognised when it is probable that it will be reiVed and the fair value of the amount re1Vable, 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 2024 Accounting policies (continued) 2.3 Income (continued) 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 benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- Expenditure on raising funds includes all expenditure incUed 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 activities is incurred on directly undertaking the activities which further the charity's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balan 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 'GainsllLosses) 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-moving 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-temi 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 2024 Accounting policies (continued) 2.9 Liabilities and provisions Liabilities are recognised when there 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 the Gharity anticipates it will pay to settle the debt or the amount it has received as adVand payments for the goods or services it must provide. Provisions are measured at the 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 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify 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 amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designaled for other purposes. Designated funds comprise unrestricted 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 statements. 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 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 4.819 13.568 4,819 13.568 12.090 3,000 Legacies Total 2024 18.387 18,387 15.090 Total 2023 tl,090 15,090 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cycle ride Garden openings Summer party Card and calendar sales 17.726 17,726 18.761 2,326 1,632 351 1,632 351 218 Autumn paty 380 380 770 Total 2024 20.089 20.089 22,075 Total 2023 22,075 22, 075 Page 13
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 UK quoted investments 13.325 13,325 13,960 Total 2023 73,960 13,960 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cycle ride administration Summer party Insurance of events Christmas cards and calendars 775 262 775 456 262 619 1,624 68 619 1,624 68 619 248 Autumn party 69 Total 2024 3.348 3,348 1,392 Total 2023 1,392 1,392 Page 14
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 3.468 3,468 4,268 Total 2023 4.268 4, 268 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Preservation of churches in Lincolnshire 51.781 51,781 39,338 Total 2023 39.338 39,338 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total fvnds 2023 PreseNation of churches in Lincolnshire 43,241 8,540 51,781 39,338 Total 2023 29,814 9,524 39,338 Page 15
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Church preservatio Total funds 2024 Total funds 2023 2024 Granls to churches Cycle ride distribution to churches 36,750 6,491 36,750 6,491 21,950 7, 864 Total 2024 43,241 43.241 29,814 Total 2023 29,814 29,814 Analysis of support costs Church preservatio Total funds 2024 Total funds 2023 2024 Accountancy fees - administration Accountancy fees - accountancy Printing, postage and stationery Website costs 4,488 3,000 4,488 3,000 564 3,240 3, 600 1,206 1,478 488 Total 2024 8,540 8,540 9, 524 Tot812023 9.524 9,524 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024. no Trustee expenses have been incurred (2023 - £NILJ. Page 16
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Fixed asset investments Listed investments Cost or valuation At 1 January 2024 Additions 468,165 52.000 (51,678) 25,095 Disposals Revaluations At 31 December 2024 493,582 Net book value At 31 December 2024 493,582 At 31 December 2023 468, 165 12. Stocks 2024 2023 Finished goods and goods for resale 500 1,500 13. Debtors 2024 2023 Due within one year Cycle ride contributions outstanding Income tax recoverable 80 208 4,940 80 2,900 Autumn Party Legacy debtor 1,568 6,668 3,108 Page 17
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Creditors: Amounts falling due within one year 2024 2023 Grants awaiting call Accruals 16.975 5,180 18.725 3,865 22.155 22,590 15. Statement of funds Statement of funds - current year Balance at 31 Gainsl December {Losses) 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Management Reserve 468,165 322 25,095 493,582 General funds General Funds 56.170 51.801 (58.597) (322) 4.950 54,002 Total Unrestricted funds 524,335 51,801 (58,597) 30.045 547,584 Restricted funds Fenton Church Steele Archive 2,000 4,000 2,000 4,000 6,000 6,000 Total of funds 530.335 51,801 (58,597) 30,045 553,584 Page 18
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds {continued) Designated 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 Wafford 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. Page 19
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Statement of funds {continued) Statement of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Transfers in/out Gains/ (Losses) Income Expenditure Unrestricted funds Designated funds Management Reserve 461,530 (3,465) 10, 100 468,165 General funds General Funds 50.221 47. 125 (44.998) 3.465 357 56.170 Total Unrestricted funds 511.751 47. 125 (44.998) 10,457 524.335 Restricted funds Fenton Church steele Archive 2,000 2,000 4,000 2,000 4,000 6,000 Total of funds 513,751 57,125 (44,998) 10,457 530,335 Page 20
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Summary of funds Summary of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Gainsl {Losses) Income Expenditure Designated funds 468,165 56,170 322 25,095 4,950 493,582 54,002 General funds Restricted funds 51,801 (58,597) (322) 6,000 6,000 530,335 51,801 (58,597) 30,045 553,584 Summary of funds - prior year Balance at 31 December 2023 Balance at l January 2023 Transfers in/out Gains/ (Losses) Income Expenditure Designated funds 461,530 50.221 (3,465) 3.465 10,100 357 468, 165 56.170 General funds 47. 125 (44.998) Restricted funds 2.000 6,000 513,751 51,125 (44,998) 10,457 530,335 Page 21
LINCOLNSHIRE CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets 493,582 76,157 (22.155) 493.582 82,157 (22,155> 6.000 Creditors due within one year Total 6.000 547,584 553,584 Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 468,765 78, 760 (22,590) 468,165 84, 760 (22.590) 6,000 Total 6,000 524,335 530,335 18. Related party transactions Mrs Linda Lord is a partner for Streets LLP and 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 Page 22