The multi-million pound figure was reached just after midnight and a children in the Sleaford area contributed hundreds of pounds to the cause.
Among the schools taking part in activities on Friday were Winchelsea school at Ruskington and William Alvey school in Sleaford.
Helen Duckett, headteacher at Winchelsea said: "We all dressed as heroes of some kind and discussed the attributes of a hero in our whole school assembly in the morning and whether we can show others those traits in our everyday lives – being kind, helping others, being brave, standing up for what is right, influencing and leading others, etc."
She said their costumes reflected superheroes, everyday heroes such as nurses, police and armed forces and some came as people in their lives that are not famous but are their own personal heroes like mums and dads or grandparents.
Miss Duckett added: "We all watched a Comic Relief video and all learnt a song and dance routine about red noses."
They raised over £205 for the telethon.
Pupils turned up at William Alvey School wearing something red for a donation. Their total currently stands at £433.