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2025-07-31-accounts

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Charity Number: 527278

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

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 Rosie. Dawson
The Venerable Dr William M Jacob
Professor Frances Knight
Reverand Canon Grace Thomas
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 2025

The Trustees present their report along with the financial statements of the charity for the year ended 31 July 2025. 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 27 September 2024 and 25 April 2025, 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 JULY 2025

(continued)

Review of the year (continued)

Among the Institute’s activities, the Director continued to supervise doctoral students. During the review period 202425, the trustees maintained their funding of the Lincoln International Doctoral Studentship (2021-2025); the holder of the studentship submitted their thesis shortly after the review period ended, and was awarded their PhD in early 2026. Moreover, during the review period, the trustees agreed to fund a further doctoral studentship (2025-2029), and a doctoral student was successfully recruited during the review period. Holders of the studentship are supervised by the Director. Among the Institute’s activities, the Director’s research project, funded by the Arts and Humanities Research Council, and entitled Religion, Theology and Climate Change , was in its third year during the review period. In the third year, the research team led by the Director secured a monograph contract and undertook most of the writing for the book. During the review period the Director also successfully secured funding (awarded May 2025) to develop the impact of the project until March 2026. The Institute’s postdoctoral research project, funded by the trustees and led by Dr Charlotte Bray, entered its second and final year during the review period, and hosted a conference and prepared articles for publication. Looking forward, the trustees approved funding for the next postdoctoral project (2026-28) and the planning to appoint a researcher to the project is well advanced.

Risk Review

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. They are satisfied that systems are in place to mitigate exposure to the major risks.

Financial Review

Investment income for the year of £93,701 compared to £92,720 in the previous year. Resources expended, mainly in support of teaching costs at Manchester University, amounted to £148,238 compared to £152,792 in 2024. Net expenditure before gains on investments for total funds amounted to £54,527 compared to net expenditure of £60,062 in 2024. Net gains on investments in 2025 amounted to £33,317 compared to net gains of £205,166 in 2024. The net decrease in funds for the year amounted to £21,210 compared to a net increase in funds of £145,104 in the previous year. Total funds at 31 July 2025 amounted to £3,277,818.

Reserves Policy

Reserves represent some permanent endowment Trusts and the net proceeds from the sale of the former Lincoln Theological College building in Lincoln as well as the proceeds from the sale of residential properties of the College during the late nineties. Money is wisely invested for capital growth and income to fund activities on a total return approach whilst ensuring reserves are maintained for the future.

Investment Powers

The charity’s powers of investment are governed by the 1994 Charity Commission Scheme.

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 2025 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: 28 May 2026

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY 2025

Total Total
Unrestricted Restricted Endowment Funds Unrestricted Restricted Endowment Funds
Notes Funds Funds Funds 2025 Funds Funds Funds 2024
£ £ £ £ £ £ £ £
Income from:
Donations, gifts & bequests 10 - - 10 10 - - 10
Investment income 2 88,393 5,308 - 93,701 87,511 5,209 - 92,720
Total income 88,403 5,308 - 93,711 87,521 5,209 - 92,730
Expenditure on:
Investment management costs 6,097 - - 6,097 8,311 - - 8,311
Charitable expenditure 3 136,833 5,308 - 142,141 139,272 5,209 - 144,481
Total expenditure 4 142,930 5,308 - 148,238 147,583 5,209 - 152,792
Net (expenditure) before
gains/(losses) on investments (54,527) - - (54,527) (60,062) - - (60,062)
Net gains/(losses) on investments 34,392 - (1,075) 33,317 188,964 - 16,202 205,166
Net movement in funds (20,135) - (1,075) (21,210) 128,902 - 16,202 145,104
Balance brought forward at
1 August 2024 3,062,269 - 236,759 3,299,028 2,933,367 - 220,557 3,153,924
Balance carried forward at
31 July 2025 3,042,134 - 235,684 3,277,818 3,062,269 - 236,759 3,299,028

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

BALANCE SHEET

AS AT 31 JULY 2025

Note
Fixed assets
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors:
Amounts falling due within one year
8
Net current (liabilities)/assets
Net assets
Funds
Unrestricted
9
Restricted
10
Endowment
11		 £
14,394
52,781
67,175
(70,003)		 2025
£
3,280,646
3,280,646
(2,828)
3,277,818
3,042,134
-
235,684
3,277,818		 2024
£
3,317,799
3,317,799
21,336
39,124
60,460
(79,231)
(18,771)
3,299,028
3,062,269
-
236,759
3,299,028

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

2025
Total
Funds
Notes
£
Net cash used in operating activities
14
(150,514)

Cash flows from investing activities:
Interest, dividends from investments
93,701
Proceeds from the sale of investments
2,052,384
Purchase of investments
(2,016,068)
Change in capital float
34,154

Net cash provided by investing activities
164,171

Change in cash and cash equivalents in the year
13,657
Cash and cash equivalents brought forward
39,124

Cash and cash equivalents carried forward
52,781
 2024
Total
Funds
£
(122,668)

92,720
258,410
(218,361)
(31,100)

101,669

(20,999)
60,123

39,124

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

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 2019, 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 2025.

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025 (continued)

2. Investment income

Unrestricted
Funds
2025
£
Income from quoted investments
86,798
Bank & other interest
1,595
88,393		 Restricted
Endowment
Funds
Funds
2025
2025
£
£
5,308
-
-
-
5,308
-		 Total
Funds
2025
£
92,106
1,595
93,701		 Total
Funds
2024
£
91,087
1,633
92,720

Restricted fund income is income generated from the investments held for the Endowment Fund - Burgh College Sales Proceeds Trust (note 11). The totals for 2024 include £5,209 of income relating to restricted funds.

3. Direct charitable expenditure

Unrestricted
Funds
2025
£
Teaching costs
126,075
Support costs
1,567
Administrator & accountancy costs
7,422
Independent examination costs
1,626
Trustee meetings and other travel costs
143
136,833		 Restricted
Endowment
Funds
Funds
2025
2025
£
£
5,308
-
-
-
-
-
-
-
-
-
5,308
-		 Total
Funds
2025
£
131,383
1,567
7,422
1,626
143
142,141		 Total
Funds
2024
£
134,355
1,460
7,104
1,426
136
144,481

Included within “Support costs” is indemnity insurance with a cost of £978 (2024: £978).

The totals for 2024 included unrestricted funds expenditure of £139,272 and restricted fund expenditure of £5,209.

4. Total expenditure

Investment management costs
Direct charitable expenditure		 Staff
Costs
2025
£
-
-
-		 Depreciation
2025
£
-
-
-		 Other
Costs
2025
£
6,097
142,141
148,238		 Total
Total
Costs
Costs
2025
2024
£
£
6,097
8,311
142,141
144,481
148,238
152,792

5. Trustees’ emoluments

Trustees are not remunerated. Expenses reimbursed to trustees for travel costs amounted to £143 (2024: £136).

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025 (continued)

6. Investments

Valuation:
At 1 August
Additions
Disposal

Change in capital float
Unrealised investment gain/(loss)
At 31 July
Analysis
Multi-asset funds
Global Equity Funds excluding UK
Global Equities & Equity Funds including UK
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		 2025
£
3,317,799
2,016,068
(2,127,140)
(34,154)
108,073
3,280,646
£
2,031,857
-
234,443
-
-
54,762
958,921
663
3,280,646
2,720,233
2,645,673
2025
£
14,394
2025
£
70,003		 2024
£
3,121,582
218,361
(203,688)
31,100
150,444
3,317,799
£
-
930,120
1,175,359
53,981
90,793
125,686
935,043
34,817
3,317,799
£
2,703,191
2,720,233
2024
£
21,336
2024
£
79,231

THE LINCOLN THEOLOGICAL INSTITUTE FOR THE STUDY OF RELIGION AND SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025 (continued)

9. Unrestricted funds
Balance at Incoming Gains & Balance at
1 August 2024 Resources Expenditure (losses) 31 July 2025
£ £ £ £ £
General Fund 3,062,269 88,403 (142,930) 34,392 3,042,134
Balance at Incoming Gains & Balance at
1 August 2023 Resources Expenditure (losses) 31 July 2024
£ £ £ £ £
General Fund 2,933,367 87,521 (147,583) 188,964 3,062,269
10. Restricted funds
Balance at Incoming Gains & Balance at
1 August 2023 Resources Expenditure (losses) 31 July 2025
£ £ £ £ £
General - 5,308 (5,308) - -
Balance at Incoming Gains & Balance at
1 August 2022 Resources Expenditure (losses) 31 July 2024
£ £ £ £ £
General - 5,209 (5,209) - -

The restricted fund was established to assist overseas students.

11.
Endowment funds
Balance at
1 August 2024
£
Mitchell Bequest
22,263
Beck and Lawson Trust
4,183
N B Jarvis (Greenleaves)
1,239
Booth Bequest
177
Garton Bequest
2
Burgh College - Bursary (Moore) Trust
10,992
Burgh College - Sale proceeds Trust
194,836
Burgh College - Wheat Trust
3,067
236,759		 Losses
Balance at
31 July 2025
£
£
(102)
22,161
(19)
4,164
-
1,239
(1)
176
-
2
(50)
10,942
(890)
193,946
(13)
3,054
(1,075)
235,684		 Losses
Balance at
31 July 2025
£
£
(102)
22,161
(19)
4,164
-
1,239
(1)
176
-
2
(50)
10,942
(890)
193,946
(13)
3,054
(1,075)
235,684
235,684

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 people 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 2025 (continued)

12. Analysis of net assets between funds

Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
Fund balances at 31 July 2025
Fixed Assets - Investments
3,046,203
-
234,443
Current assets
65,934
-
1,241
Current liabilities
(70,003)
-
-
Total Net Assets
3,042,134
-
235,684
Unrealised gains/ (losses) included:
On investment assets
411,625
-
223,348
£
£
£
Fund balances at 31 July 2024
Fixed Assets - Investments
3,082,281
-
235,518
Current assets
59,219
-
1,241
Current liabilities
(79,231)
-
-
Total Net Assets
3,062,269
-
236,759
Unrealised gains/ (losses) included:
On investment assets
373,143
-
224,423		 Total
Funds
£
3,280,646
67,175
(70,003)
3,277,818
634,973
£
3,317,799
60,460
(79,231)
3,299,028
597,566

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 2025 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 2025 (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:
(Gains) on investments
Deduct interest, dividends from investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash generated used in operating activities		 2025
£
(21,210)
(33,317)
(93,701)
6,942
(9,228)

(150,514)
 2024
£
145,104
(205,166)
(92,720)
(441)
30,555

(122,668)

15. Related Party Transactions

The trustees do not consider that there are any related party transactions to disclose for the reporting period or in the prior period.