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2023-07-31-accounts

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Charity Number: 527278

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Contents Page
Legal & administrative details 1
Trustees’ report 2 - 3
Independent examiners report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 13

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

_____________

Trustees: The Right Reverend Dr David Walker - Chair
Mr Christopher Bredholt
Ms R. Dawson
The Venerable Dr William M Jacob
Professor Frances Knight
Charity Number: 527278
Registered Office: c/o Atherden & Co
Chartered Accountants
PO Box 660
Altrincham
WA14 3UZ
Bankers: Natwest Bank plc
42 High Street
Sheffield
S1 2GE
Independent Examiner: Natalie Bracey FCA
Hart Shaw LLP
Chartered Accountants
Europa Link
Sheffield Business Park
Sheffield
S9 1XU

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their report along with the financial statements of the charity for the year ended 31 July 2023. The financial statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities (FRS 102).

Structure Governance and Management

The Lincoln Theological Institute for the Study of Religion and Society is an unincorporated registered charity, number 527278. It is governed by a scheme approved by the Charity Commissioners, which was sealed on 27 September 1994. On 25 June 1999 the Trustees became a body corporate. Trustees are normally appointed by existing trustees following an interview conducted by the chair. New trustees are given a formal induction on appointment aimed at building knowledge and understanding of the role of trustee and the workings of the charity.

Objects

The Charity’s object is to support and develop academic research into the theological study of religion and society, in accordance with the doctrine and principles of the Church of England. The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake.

Policies

The Institute aims to promote theological research and study to ethical, social, pastoral and ministerial questions in the following ways:-

Organisation

The Trustees who have served during the year and since the year end together with their terms of office are set out below:-

Every future co-opted Trustee shall be appointed for a term of 5 years by a resolution of the Trustees passed at a special meeting of which not less than 21 days’ notice has been given.

Review of the year

Staffing: -

Located in the Department of Religions & Theology in the School of Arts, Languages and Cultures at the University of Manchester, the work of the Institute was taken forward during the review period by its Director, Prof Peter Scott. This post is funded by the Institute via the University.

Management: -

The relationship between the University and Institute continues to be managed through an Advisory Group. This Group, whose membership comprises a link group of trustees, the Institute’s staff and the Head of Religions and Theology, met on 23 September 2022 and 21 April 2023, and this arrangement for overseeing the activities of the Institute continues to work well. The Director is also in attendance at the Trustees’ meetings, held biannually.

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 JUL Y2023 Iconbnuedl Review of the year {continued) The Director made Varic￿ aca1ern￿ preswttsth)ns and conb.nued tr) supeNise dcthral students. As its chair. the Director worked wth the EuTopean Forum for the S￿ty of Re1￿J￿n and the Envronmenl t(hvafds the publulion of w¢xeedings of an online conference held In May 2022.. publ￿tson, under the tst￿ Relwky), Mal8nalism and Ecdogy, Icx)k place in May 2023. The Directorfs krge grant furKling ap￿￿ts0n to the Arts and Humantb"es Research Council in May 2021 was approved for funding in 2022 The three-year pro1￿t, Cal￿d Rel￿￿￿. Theokw and Clim816 Change. tegan in the review period Ii)ctoter 20221. and a wstd¢xt(Kal research assocpts was reU￿rted lo the project. The trustees maintained their fvnaing of the Lincoln 1ntemats.onal Doctoral Stydentship12022-20251. The Iruslees aulhorised the 8ppointrnenl ot a nffiv pJS￿c￿l researth asswate arKI the reuuthwnt pr(￿ was undertaken In the review perio Rlsk Revlew The Tru5tses have assessed the major nsks to whth the chanty B eXp￿d. in parb'cular those plated lo the OFeratson5 and finances of the Chanty. They are sats5￿d Ihat systeff6 aR in pL%e lo mitigate exposure lo the major risks. FlnanclAI Revlew Investment income for the year of £88.791 compared lo £99,319 in the prevJJ$ year Resources exFended, mainly in support of teaching costs at MarKhe51w Univer5ty, anDJnted to £114,911 eompared to £144.841 in 2022. The decrease in costs was due to the thanty tsking a one-year break in the fijnding of a Post D￿tOral Research Assoc in the year. Nel exFendrture tefore losses on inveslnEnts for total fvnds aTh)unted lo £26.110 compared lo nel expenditure of £45,512 in 2022. Nel I￿SeS on invesknents In 2023 arrounled lo £72,950 ojmpared to net losses ol £139,823 in 2022 The nel decrease in funds for the year aff#)unl&J lo £99,(EO compared lo a net decrease in Kjnds of £185,335 in the prevK)LKS year. Total fvnds a131 Juty 2023 anKunted to £3,153,924. R￿er¥0$ Poll¢y Reserves reryesents sotYÈ pempnent end¢xnnl Trusts and Ihe net proce&as from tr& sale of the fomier Lincoln Theolog￿?1 College ￿1]dIng In LIn￿1n as well as the prcceeds from the sale of resKlenb"al Fxoperties of the College during the Lgle ninets"es. Money Ls wisety Invest￿ caprtal grThth and IncorrE to luNJ ath￿.&$ on a total return approach whilst ensuring ￿seryes are maintained kn the future. Invoslment Powern The charty's p)wers of inveslnMt are by the 1994 Chanty Comiisshm Schenx. Th• Vengrnblg Dr byilliam Jacob (Trustee) Dat8d: 3 May 2024

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

I report on the accounts of the charity for the year ended 31 July 2023 as set out on pages 5 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with the examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Natalie Bracey FCA on behalf of Hart Shaw LLP Chartered Accountants Sheffield Business Park Europa Link Sheffield S9 1XU

Dated: 08.05.2024

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY 2023

Total Total
Unrestricted Restricted Endowment Funds Unrestricted Restricted Endowment Funds
Notes Funds Funds Funds 2023 Funds Funds Funds 2022
£ £ £ £ £ £ £ £
Income from:
Donations, gifts & bequests 10 - - 10 10 - - 10
Investment income 2 88,791 - - 88,791 99,319 - - 99,319
Total income 88,801 - - 88,801 99,329 - - 99,329
Expenditure on:
Investment management costs 8,116 - - 8,116 8,707 - - 8,707
Charitable expenditure 3 99,545 7,250 - 106,795 136,134 - - 136,134
Total expenditure 4 107,661 7,250 - 114,911 144,841 - - 144,841
Net (expenditure) before
gains/(losses) on investments (18,860) (7,250) - (26,110) (45,512) - - (45,512)
Net gains/(losses) on investments (68,942) - (4,008) (72,950) (137,248) - (2,575) (139,823)
Net movement in funds (87,802) (7,250) (4,008) (99,060) (182,760) - (2,575) (185,335)
Balance brought forward at
1 August 2022 3,021,169 7,250 224,565 3,252,984 3,203,929 7,250 227,140 3,438,319
Balance carried forward at
31 July 2023 2,933,367 - 220,557 3,153,924 3,021,169 7,250 224,565 3,252,984

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY BALANCE SHEET ASAT31 JULY2023 2023 2022 Flxed assets Investments 3.121,582 3,252,162 3.121,582 3,252,162 Current assets Debtors Cash al bank arKI in hand 20,895 60,123 22,461 87,808 81,018 110,269 Creditors: ArTr)unts falling due wihin one year 148,6761 {109,4471 Net current assets 32,342 822 Net a8set8 3,153.924 3,252,984 Funds Unrestricted Restncted Endowrrnnl 2,933,387 3,021,169 7,250 224,565 10 11 220,557 3,353,924 3,252,984 Approved by the Trustees on 3 May 2024 and slgned on their behall ty: The Rlght Revernnd Dr Davld Walker The Venerable Dr iam M Jacob

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

Notes
Net cash used in operating activities
14
Cash flows from investing activities:
Interest, dividends from investments
Proceeds from the sale of investments
Purchase of investments
Change in capital float
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2023
Total
Funds
£
(174,106)
88,791
340,173
(284,589)
2,046

146,421
(27,685)
87,808

60,123
 2022
Total
Funds
£
(100,021)

99,319
263,869
(259,707)
4,185

107,666

7,645
80,163

87,808

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1. Accounting policies

The financial statements comply with the Charities Act 2011 and have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities SORP (FRS 102)” effective January 2022, applicable UK Accounting Standards and the Charities Act 2011.

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.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

The Charity is a registered charity and its activities are not subject to taxation.

Investments are carried in the balance sheet at market value on 31 July 2023.

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023 (continued)

2. Investment income

Unrestricted
Funds
2023
£
Income from quoted investments
87,930
Bank & other interest
861
88,791		 Restricted
Endowment
Funds
Funds
2023
2023
£
£
-
-
-
-
-
-		 Total
Funds
2023
£
87,930
861
88,791		 Total
Funds
2022
£
99,233
86
99,319

The totals for 2022 all related to unrestricted funds.

3. Direct charitable expenditure

Unrestricted
Funds
2023
£
Teaching costs
89,652
Support costs
1,429
Administrator & accountancy costs
7,032
Independent examination costs
1,351
Trustee meetings and other travel costs
81
99,545		 Restricted
Endowment
Funds
Funds
2023
2023
£
£
7,250
-
-
-
-
-
-
-
-
-
7,250
-		 Total
Funds
2023
£
96,902
1,429
7,032
1,351
81
106,795		 Total
Funds
2022
£
126,235
1,483
6,918
1,224
274
136,134

Included within “Support costs” is indemnity insurance with a cost of £906 (2022: £903).

The totals for 2022 all related to unrestricted funds.

4. Total expenditure

Investment management costs
Direct charitable expenditure		 Staff
Costs
2023
£
-
-
-		 Depreciation
2023
£
-
-
-		 Other
Costs
2023
£
8,116
106,795
114,911		 Total
Total
Costs
Costs
2023
2022
£
£
8,116
8,707
106,795
136,134
114,911
144,841

5. Trustees’ emoluments

Trustees are not remunerated. Expenses reimbursed to trustees for travel costs amounted to £81 (2022: £274).

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

(continued)

6.
Investments
Valuation:
At 1 August
Additions
Disposal
Change in capital float
Unrealised investment gain/(loss)
At 31 July
Analysis
Global Equity Funds excluding UK
Global Equities & Equity Funds including UK
Multi-Asset Funds
Direct Property & Property Funds
Fixed Interest & Fixed Interest Investment Funds
Other funds
Equity Investment Instruments
Cash
Historical cost:
At start of year
At end of year
7.
Debtors
Prepayments and accrued income
8.
Creditors
Amounts falling due within one year:
Accruals and deferred income		 2023
£
3,252,162
284,589
(363,657)
(2,046)
(49,466)
3,121,582
£
887,126
875,893
138,809
86,442
72,568
199,447
857,580
3,717
3,121,582
2,756,551
2,703,191
2023
£
20,895
2023
£
48,676		 2022
£
3,400,332
259,707
(258,235)
(4,185)
(145,457)
3,252,162
£
812,948
1,021,473
184,195
202,202
56,805
65,890
902,886
5,763
3,252,162
£
2,737,730
2,756,551
2022
£
22,461
2022
£
109,447

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023 (continued)

9. Unrestricted funds

Balance at
Incoming
1 August 2022
Resources
Expenditure
£
£
£
General Fund
3,021,169
88,801
(107,661)
Balance at
Incoming
1 August 2021
Resources
Expenditure
£
£
£
General Fund
3,203,929
99,329
(144,841)
10.
Restricted funds
Incoming/
Balance
(outgoing)
1 August 2022
Resources
£
£
General
7,250
(7,250)
7,250
(7,250)		 Gains &
Balance at
(losses)
31 July 2023
£
£
(68,942)
2,933,367
Gains &
Balance at
(losses)
31 July 2022
£
£
(137,248)
3,021,169
Gains &
Losses
Balance
31 July 2023
£
£
-
-
-
-		 Gains &
Balance at
(losses)
31 July 2023
£
£
(68,942)
2,933,367
Gains &
Balance at
(losses)
31 July 2022
£
£
(137,248)
3,021,169
Gains &
Losses
Balance
31 July 2023
£
£
-
-
-
-
-

The restricted fund was established to assist overseas students.

11. Endowment funds

Endowment funds
Balance at
1 August 2022
£
Mitchell Bequest
21,110
Beck and Lawson Trust
3,966
N B Jarvis (Greenleaves)
1,239
Booth Bequest
168
Garton Bequest
2
Burgh College - Bursary (Moore) Trust
10,423
Burgh College - Sale proceeds Trust
184,748
Burgh College - Wheat Trust
2,909
224,565		 Gains/
Balance at
(losses)
31 July 2023
£
£
(379)
20,731
(71)
3,895
-
1,239
(3)
165
-
2
(187)
10,236
(3,316)
181,432
(52)
2,857
(4,008)
220,557
220,557

The Mitchell Bequest was set up by the will of the late John William Mitchell. The income is to be applied towards bursaries and general purposes.

The Beck and Lawson Trusts were amalgamated in July 1993. Income from the fund is available for general purposes.

The Bursary (Moore) Trust was set up by letters of bequest in 1928. Income from the fund was originally to be applied by the Principal or Treasurer of St Paul’s Missionary College at Burgh towards the provision of bursaries or to assist resident students. However, after the closure of Burgh College the Secretary of State for Education and Science agreed that the Burgh College funds to be used for purposes in connection with The Lincoln Theological Institute.

The Burgh College Sales proceeds Trust consists of the sale proceeds of Burgh College sold in 1967. The income is to be used for the education and training of young men in the missionary work of the church.

The Burgh College Wheat Trust was set up by letters of bequest in 1956. Income from the fund is available for general purposes.

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023 (continued)

12. Analysis of net assets between funds

Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
Fund balances at 31 July 2023
Fixed Assets - Investments
2,902,266
-
219,316
Current assets
79,777
-
1,241
Current liabilities
(48,676)
-
-
Total Net Assets
2,933,367
-
220,557
Unrealised gains/ (losses) included:
On investment assets
210,170
-
208,221
£
£
£
Fund balances at 31 July 2022
are represented by:
Fixed Assets - Investments
3,028,838
-
223,324
Current assets
101,778
7,250
1,241
Current liabilities
(109,447)
-
-
Total Net Assets
3,021,169
7,250
224,565
Unrealised gains/ (losses) included:
On investment assets
283,383
-
212,229		 Total
Funds
£
3,121,582
81,018
(48,676)
3,153,934
418,391
£
3,252,162
110,269
(109,447)
3,252,984
495,612

13. Pension commitments

The Lincoln Theological Institute for the Study of Religion and Society (the Institute) participates in the Church of England Defined Benefits Scheme (DBS), part of the Church Workers Pension Fund, as well as the Clergy Pension Scheme.

At 31 July 2023 the Institute had no active members and two deferred pensioner members in the DBS and one member of the Clergy Pension Scheme.

The Institute is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS.

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023 (continued)

14.
Cash flow
Reconciliation of net income to net cash used in operating activities:
Net movement in funds as per the statement of
financial activities
Adjustments for:
Losses/(gains) on investments
Deduct interest, dividends from investments
(Increase) in debtors
Increase in creditors
Net cash used in operating activities		 2023
£
(99,060)
72,950
(88,791)
1,566
(60,771)

(174,106)
 2022
£
(185,335)
139,823
(99,319)
(2,616)
47,426

(100,021)

15. Related Party Transactions

The trustees do not consider that there are any related party transactions to disclose.