REGISTERED COMPANY NUMBER: 03525877 (England and Wales) REGISTERED CHARITY NUMBER: 1107790 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR LUTON CARNIVAL ARTS DEVELOPMENT TRUST FKC.A Lirnited Stalulory Auditor 260 - 270 Butlerfjeld GrLdt Marling Lulon Bedfordshire LU2 8DL
LUTON CARNIVAL AR TS DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS for th¢ Vcur End¢d 31 MARCH 2024 Page Reference and Admlnlstratlve Detalls Report of the Trustees 2 to lu Report of the Independent.4udltors Statement ot. Flnanclal Aclli'ltles 15 Balanee Sheet 16 Cash Flow Statement 17 Lyoles to the Cash Flow, Statemenl Notes to the Fln&nelal Statement$ 19 to 29
LUTON CARNIVAL AR TS DEVELOPMENT TRUST REFERELNCE AND ADMINISTIL4TIVE DETAILS for the Ye#r Ended 31 MARCH 2024 TRUSTEES Mr A W Isles Mr R G Reiiwick Ms A E Binks Mr% L G.Allcn Mr M N Walker (resigned 17.9.24) DrRNYOwen Mr R Rudie REGISTERED OFFICE 3 St Mary s Road Luton Bedford¥liire LUI IJA REGISTERED COMPAIYY NUMBER 035?5877 (EnbTland Aiid WAlcs) REGISTERED CHARITY NUMBER 1107790 AUDITORS FKCA Limited Sialutory Audiior 260 270 Bullerfield Great M.11]IgS Luton Bedfordshire LU2 RDL BANKERS Bank ofscotland PO Box IUOO BX2 ILB Page I
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 The Irustees who are also directors of the cliarity for th¢ purtK)5es of the Compaiiies Act £006, present their report with the financial slalemenls of the charit), for the year ended 31 March 2024. The trustees have adopted ihe provisions of Accounling and Reporting by C,harilie%.' StutcmLnl ot Recoinm¢ndLd PrdLtiLL appliLdblL to Lharitie% prLparing theii- dccuunt% in aLLordanLe Wlth tlie FinanLidl Reporting Standard applicable in the UK and Republic ofTreland (FRS 1021 (effective l Jaiiuary 2019). The trustees are ple85ied to presient their annual Trustees. report logyether with the tinancial Sitatements ot. the charity for the year eliding I l March 2024 wbich aty also prepared 10 ineel ihe requirements for a directors, report and accounts for Companies Acl purposes. Thiq rLpon has bccn preparcd in acLordancc with Ihc provisions of Part 15 of thc Companics ALI 2006 rclating lo small companies. OBJECTIVE5 AND ACTIVITIES Objectives. vision and aims Thc charilablc objeLtivcs ot" Lulon Cariiival Arts Dcvclopincnt TrLisI (also known as thc UK C'cntre l.or C".arnival Arts - UKC'CA), as set out in its Tnemorandurn and articles ot. association, are to advance, promote, encourage and develop public education, appreciatio of and participation in carnival arts and the crafts and traditions which s¢rv¢ carnival arts.The Trust has essentially b¢¢n established to rai%e the %tulus ot carniial iJrt4 to u level enjoyed by oilier urt tonns to improve the vi%ibiliiy. education, undeTrildnding ot the Cdrnival arts> parLiLularly for future gFenerations. The Vision for the UK Cenlre foi. Carniial Arts Our Vision is lo see carnival iiniversally recognised as a leading genre of artistic excellence and inclusive cultural expression. The.M15sfion of the UK Cenfre for Carnlval Arts Our Mission li 10 aLhiei'e our Vision by.. CliampioninL higTrh qual ity arl that is ainbitious. chal leiigiingy and iiinovative Connecling, inspiriiig and blrengihening Ihe Carnival ar15 sector across the UK Uniting, supporting, developing und 8u8ldinill¥ the Luliural and llrtisli¢ infrd%truLture of Luton Aims of the UK Centre for Carnival Art5 To build a more inclusive Carnival arts sector and to position UK Carnival arts as leadin&J the world in quality and inclusivity,. To support the eleinenl of risk and innovation in making exLellenl arl and celebrating ainbilion and Ihe creative process, as well as the tiiii%hvd prudiiLt; To celebraie, proinoie and sustain traditional Carnival arts skills and the diverse heritage of Carnival traditions across the UK; To einbed a culture of philanthropy, fundraising and sustainability in the organisation and to share this learning to strengthen with tlie M'ider sector; Through developing slralegiL parlnerships across Ihe Carnival sector and between Carnival and oilier cultural sectors, strengthen dnd up-%kill Curnivdl arl% in thL L K- (Ind To engage and excite diverse audiences and parlicipanis. Kev Funders Th¢ UKCCA is indebted lo its funders and sponsors. who together provide significant and highly valued support for the organi.%alion'% aLtivitiL.%. ThL ArL%' Council ot En¥land providL% funcling tu 4upport IhL Tiii%t's arti.%tAL uinbilion% and dLvLlopniLnt prograrnines for public benefit. Additional funders and sponsors during tl)e year include Luton Borough Council, LutOi1 Rising (forn)erly known as Lulon Airport) and Bedfordshire and LulDn Community Fund (Stability Fund. Comniunily Inveslmeiil Fund and Lulon's c.ilizeii Fund) and Royal Opera House Bridgye Fund. Lutun Burough CoiinLiI, Ea%1 uf En¥land DLvLlopinLnt AgLllLy, EurvpLan Rcgionul DLvLlupmLnt Fund, and thc Art4 CounLiI uf England have previously provided a total o1.£7.2m for the building ot- the tirsl UK C.entre lor Camival Arls. Page 2
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Public beiiefit de%Lribed dbovL, the objcLtivc% of thu UKCCA to udvanLe, prornutL, encourage und dLvclop publiL LduLution, opprcLiulion of and parlicipatioii iii carnival arts and tlie crafts and traditions whicli serne carnival art5. By takingr a community art form and givingy it a wider, regrional, national and international audience, the Trust's ambition is to increase opporliinilies and raise the sialiis of communily-based Carnival groiips in Lulon and more broadly across th UK. In shaping our objectives tor the ye4r and planning our activities, the trustee5 have considered the c.harity Comniission's guidance on publie benefit including ihe guidance on public benefit fee charging. In selling the lei'el of lees and Lharges lor its activities and evenr.% the trust gyives curetul consideration lo acce%Nibility for tho%e on low income. Where possible the Tru.4t eii%ure% tliose oli low income are iiol charged for access lo aclivilies. Page 3
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Overvieiv During - ?023124 UKCC.Q Lontinued delivery Arts CounLil of England (ACE) Nutiol Portfolio Orgunisutiun {NPO I } having secured 3-year5 of fundiiig under Ihi5 desigllalion {2023-20?6) aiid were advised of a furiher l year extension to 2027. UKCCA delivered an extensive Larnival artb programme in Luton and across the UK. Luton Carnlval 21123 and Plannlng for Luton Carnli'al 2024 PrLparalions tor Lulon Intcrnational Carnival 2023 beo&n in thL prcvious Iin&ncial yLar. WorkiIig in partncrship with Luton Boiough Council and in support ot iheir regeneration strategy, Luton c.arnival continues to lake place Lulon Town cenlre. Tlie eveni was ucLessfully dtlivered with strong audience numberb exceeding 8000. deinonslrating the ei'ent Lonlinues to recover following the COVID pundemic. PlaiininiT for Luloii Cariiival 2024 begran in October 2Q23 lead by the Executive Producer, u role implemented lo ensure Ihe eveiii was delivered ¢conon)ically aiid professioi)ally. Working wilh UKCCA'S Executive Director sponsorship resources wcrL SCLufLd for Lulon Carnival 2024, on a schcdulcd pdymeiil progranimL, somL of whicli wcrc paid in the ?3124 finanLLal ycar to supporl preparations tor Liiton Camival 2024. NAtif¥nal C.hildren's Carnival Week UKCCA LonliiiuL.d IL'adingF Ihi. dL.livL'ry of this now established national partnership prograinme which fornis part of Ihe Arts Counci I NPO proortsmtne. National partners or4tsnisalions worked with local SLhools delivering a Ldmival urls prograniine whiLh Culminated iii mini caniival parades in schools. Wiih Ihe SUPPOTI ot resources secured trom tl)e Steel Trust we were able lo expand the scope ot what we delivered in Lulon. Thig ensured schools did noi struggle io seciire the resourc.es required to engage in the initiative. Both rhe locdl and ndtiondl projeci element% were %ucce4.%tul, and the pdrtnersliip comimiiteLI lo deliver Ndiiofidl Children'% Carn ivdl Week aè an annual prograinme. Due 10 rlie success of the programine. discussions also began on wheiher tliis could be a siandalone ini(iaiive. Di$¢overing and Nurturing New Talent UKC-C,A ci)nlinued lo support new arlislb ivhich includes menioring and training. With resources secured from the Foyle Foundation pilot, fornidl arti%t developiMent prugraniine wa4 IdunLhed. The pro¥rdiMme alin% lu 4upport Ilie arti%14 lo becorne bu¢¢e%¥ful working arlisis, by proi'iding both ¥r¢aliv¢, busiii¢ss adininislralioii aiid business developmeiil skills. Tl)¢ arts elemeii15 were led by the one of UKLLA'S ArtislS-in-ResidenLe, RalpU¥e Mas Lland. The biisiness developnienl Jnd Adniinistration training will be delivered by Lulon Camival Executive Producer who is also rhe tonner CEO of Notiingi Hill Carnival, in the second year of the pro(iraniime ivhich will be delivered in the ?4125 finaiicial year. Tlie arlisls who participaie will display the cosluimes produced during Ilie programine al Lulun Carnival 2024 and thi.% will be fullowed by u ioiir of the LJslume¥ lo key LdrniV<il.4 aLro%.s the UK. Work Experience Placements The orbFani5atioii continued to deliver work experience placem¢n15 'OrkinT in partnership M'iih schools, collegFes and other educaiional eslablishnienls in Lulon. The work experience opporlunilies were aligned iviih the delivery of key aspects of the Luion Carnivul und uthL'r LoniiilLilliiy CVLnt LIL'vLlupnicnl LYL'ILS to Ln4uri thL sludLnt% Lould rLporl on CV% dnd oilii'r kL'y LmployinLnt toul thai their work had feaiiired in live arts and culiure events. These pla¢einents also included opporlunilies for disadvantaged young people, Slich a5 new retugees, where the arts helped them to settle in the UK. There was also a tOiUS on young people with special educational needs demonslralingy the inclusive iiature of the carnival art5. Master Classes #nd Communlty Workshops Communily workshop5 and mastercla5ses were delivered iii the building and at otl)er organisalion in Lulon. Workshop and costume making autivilies were plaiined and delivered lo support the build_up to both Luton Carnival 2024. These maslerclasses were delivered by the UKCCA'S two Artist.s-in-Residence, Sieve Hoyte ot" Rampagye Carnival Band, who was also appointed as both the Liilon Qamival 2021 #nd 2024 lead ArtLsI, and by me.lissa Siinon-Hartrnan, a renowned carnival eosiiiine. designer who specialises in Li4ing grcLn and %u%tainablc tLchnique%. ShL 1% also dn CAamplc ot" thL Iran%terabilily uf Lainival dcsign .%kills 4he 14 al40 a fa%liiun designer who has designed tor a range ot. celebrities, including the global superslar, Beyonue. Conimiinit). PrDgrAmmes and Events Iii-IIoL15C Colllllluiiity piograiniiic5 werc i'ciiili'oduccd to siipporl orgaiiisali0175 to parlicipal¢ iii Liiton Caniival. UKCCA coiitiiiiicd lo parti)cr willi a range of eominLinity organisations whiLh rcsultLd in UKCC.A cngaging in a rangL of eonimunity cvcnls, partnLrships participating in Eid, Diwali, EaslFesl. Luton YouthFesl. Children's Sumnier and Christnias c.arnival Clubs Black History Month. Luion Pride and St PalriLk's Day Parade. Page 4
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 Support for the Carnival Sector nationally and in Luton UKCCA continued ils alliances with the wider carnival sector. This was principally done via the National Cliildren's Carnival Week progrdmine. Thi% w&5 LxpandLd by the estdblisliment uf un Advigory Gruup lo over%cc thc Art% Admini%tration projeL1 fundcd by the Arts Council NPO upli ft. It is the iniention for the arts administi-ation findings lo be shaT¢d acros5 the carnival sector as robust arts dminislralion skills are key to the Lonlinued stability and growth of the carnival arts sector. We also Lonlinued lo support the community oriyanisations who are part of Luton Associatioii of Mas (LAMJ with their etyorts to be part of Luton Cariiival, focusing on providing expert help wilh the costume making acliviiies. Tl)is suppori was also extended lo seciire funding support fron) a lead sponsor for somL of Ilic mcmbcrs who arc rcgistcrcd Lharilics. DisLiJssions are undcrway lo scc liow Ihis sponsorship SLlPPOrt L'&n bc extended to CIC. and C.10 organisations. Support work continues to extend beyond LAM and SUPPDrt was provided to organisation5 like Pride in Luton, Igbo Cominunity Association of Luton and a range of Eastern European Co1MunitY groups as we assisted with their preparations la be part ot Lutoll Carnival 2024. Fundraising The fundraising is viewed as a signiticant activily as it assists Ilie organisation to achieve increased linancial stability. Tlie fiinilraising 1% led by d consiiltancy tirin, Counterculture. The progTramnie ot.work is over%een bv a Coiintercultiire partner und the opLraliunal delivery 18 by an expL'riLnced AssocidlL. The AsSOLlatL. has extensive experience of boil) raisingy capital and rei'enue resourLes froin a wide range of funding sources.. publiL funds, Irusts, spoiigorship, elL. The Associ¥Ate is also part of the senior l¢adership teain of'a very su¢¢¢sstul cultural Inusic orgvanisat1011 111 the Northwest ot. EngTrland, The fundrai4ei' iti not boiiiid by a re¥Lilatory scheme. The tundrai4er Ineels iveekly with the Execuiive Director who lea(Ls the moniloriiig and oversighi of all fundraising aciiviiiei+. The ensures Ihe works is delivered efficienilv and cosi-effeciively. A progress report is pi'ovided lo tl)¢ UKCC.4 Bojrd with a foLUS on successful bids bids to be develop¢d. The Board also approv¢s all fundingy aSSiLiiied io the fuiidraisingy activities and also approved an exleiisioii of the contract based oli the successful tundraising, programme being delivered. No coinplainls have been received. FINANCIAL REVIEW Fiii&iieial Revie In 2023124, was the tirsl year ot. UKCCA'S del ivery of the An8 Council NPO Iroin 2023-2026. We were also notified that Ihis period would be exleilded lo March 2027 Unrestricted reserves al the year-end were in surplus of £48.6.31 (2023.. in surplus £46,743) and cash reserves of £94,450 (2023.. £77,690). Restricted tunds al the year-end were L4,171,812 12023: £4,287,147) which is split by restricted fund of L41,054 {?023,. £44,ry54) and desig?nated funds ot'£4,130,758 (2023.. £4,292,893). Suprx)rt Lu%1% wL'rL dlloLdlLd by .%quarL' InLtrL, nunibLf L)t" Ntuft" ILquiN'dlLnt bodi&%) dnd tiinL USd¥L of thL LLntrL'. A t(Jtal ot £125,706 (2023.. £101,6S9) suppon costs were allocated to charitable and trading acliviiies. Incoming Resources Resource5 Expended Incomin&J resources from all sources includinby bank inlerebl and sundry income was £433.57612023.' £469.348). Resources expended durinu thL yLar totallLd L547,022 (2023.. £450,600). AII 2023 comparatives are as per the restated figures. PrliielpAI fundlng soiiree% The fLind% fur Liiton Cdrnival 2023 4CLLifLd durin¥ tlie 22123 tindllLidl ycaT, During IhL 2fj123 findnLial year Lutun Ri%ing committed lo provide £IOO,000 lo suppori the delivery ot. Luton Carnival 2023. UKCC.A secured the tirsl year Arts Council NPO funding which iiicluded an uplift lo deliver a programme that gupporls the development of arts adrninistralion personnel; Key learning and participatic)n work was supported Iiy £36,200 %ecured troin the BLCF Community Inve%lmenl Fund aiid al Ilie elld ot" the ?3124 ycar BLCF also coiifiiiiicd UKCCA would bc givcii a .3 ycar fiiiidiiig pi-ogi'aiiuiic foT tlic Icaii)iiig alid parlicipalioii actiThilics, cxtcllding SLlPPOrt lo thL March 2027. UKCC'A alsck sccurLd £25,000 from thL SILLI Trust to support work Lomplcmcnldry to thL National Children's Camival Week programme - with a tocus on Luton. the Foyle Foundation provided £20000 tor the pilot artist developlent programme, supporting artl5ts to enhance their arts skills and learn key bu5illebS deliveiy skills to support them to be %ucce%st"ul workingr artist%. Re%ources %ecured in the previous findnciul sear% were dl%0 rolled torward to ,%upport our &¢livitie%. Page 5
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 FINANCIAL REVIEW InNestment policy Asido from reldining u prudLnt amount in resLfvL% Lach year, mo.st ot ihe Lharity'% flind% wcrc %pent un ihe delivery uf the dCtivitlLS outlined in tlie bids Inade funders. As a result, there were few funds for long-terni iiivestinent. Graiils received in advance are depoblted in a high interest account to maximise return on those funds. Reserves polley ThL Managcnicnl CotnfftittLC has Lxamincd Ihc Lharity's reL]uircmLnts and Iccls il would bL prudLnt to kccp thc minimum ILvcl of Ihc general reserves at the equivalent ot. Ihree months operating cosls to prolecl Ihe trust against delays in receiving grants and the possible reduction in income strwains. Reserves are currently not at the desired level and Ilie staff, supported by the trustees are working hard in order to rebuild the level of re.serves. By thc timL a ioinmunily projcet IS LoinpILILd its rLstriLILd rescrvcs sliould bc nil. All projcct LxpcnditurL is budgctcd tor thL whole ot. tlie project and then by tinancial year and any income received in advance is brought torward in reserye5 to cover tiiture vear's expenditure. The levels of reserves will be recalculated and reviewed by tl)e t1$tee8 annually. Building back reserves UKLC:A has plans ro rebuild reserveg over a 3-5-year period. We retain tlie support of our key stakeholder Ans Council England, wl)ieh continue% to support UKCCA throiigh Naiiondl Porttolio Funding of £152.760 unniidlly. Tlie 4ttJff iedm been con%olidated 10 assisi wilh Ihe coniiAued recovery and siabilisaiion of Ihe charity. Tlie organisaiion coniinued 10 be supporied by an exieriial fundraiser aiid hag I'evis¢d the rol¢ of an on-staff cunsultuiit to Als() support the fundraising activitieb whiLI) al'e key lo business recovery. The orgianisation is still deliv¢ringr a ¢osl savingys progvrainme and ex¢rcisiii&) exlreine finaiicial pNde11ce as part ot tlie conliniious improvement process. The organisalion also received confimialion Ihai it would continue 10 be parl of the Arts Council of En¥land Nutivnal Pvrtlulio and would reLeive fundin¥ for 2023-2n26. Fundraising activity generated the t"ollowing additional income in the 21124 tinjncial year.. Lut4)n City Council/Luton Rising- £80,000 (restricted lo Luion Cariiival 2024 bul coi'erinbi some expenditure in the 23124 tli)ancial year). Royal Opera House Brid&ye £S.000, and Bedfordshire and Lulon Cominunily Foundation {BLCF) C'.ominunily Investment Fund £36.500. BLCF also confiriMed Ihal UKCCA had been .%ULLg.%%fLII in bidding lo their Cuinmunily Inve%tnieiit FLind 3-year prugramme and fund% were .4eLured to NlarLh 2027. Funds secured al tlie end of Ilie 2212.1 finai)cial year were released for use in the 2.3124 year.. Steel TNsi £25,000 and Foyle Foundation £20,000. SkX)nsorship and trading incoine was olso secured to siipport the delivery of Lulon Carnival 2023 and 2024. The orgyanisation continued to deliver cornmi5sion¢d activilies around Luton and the re51 ot, the UK lo help siipport the tinancial stability and SerVe building proLess. UKCCA target for reserves remains at the equivaleni 10 three months operaiional costs ]d in the period noted above we expect to achieve this level of reserves. Page 6
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 FUTURE PLANS The 23124 financial year was a period ol" contiiiued consolidation for the operational team led by the Executive Director. The organisatioti is now delivering in a business-as-usual fashion and as a consequence I1)e board lo retumed io solely slralegic activity. UKCCA will maintain and develop our ¢51ablished and productive partnerships with Luton Borough Council, Luton Rising, EMCCAN, CAMF, St Paul's Carnival, the New Camival Company, Global Grooves, Rk)mpage Mas CIC, Melissa Simon-Harlman, Alif New Bekyinninbys, Bridgrewater Caniival, Nonvich City Couiicil, Norihamploii Caniival, Pride in Luton, ACE, University ot Bedfordshire. Liiton Music Service, Lulon c.ulture Trnst, Revolution Arts. Luton BID, HLF, NHS and numerous schools and Lollcgcs. Wc will Lonliniic lo dcvclop artistlL Lontcnt, educational potcntial, prLsLrvaliL)n and bhdring of CarIiival Irddilions and inconie generation from our key prograinme areas. Parlnership activities being delivered demonstraling the join-up across cominunities and the cultural protJrammes of the various cominunities Include the St Patrick's Day Parade, Diwali and Black History MonTh and others are beiiigl delivered. Tlii% 14 %howingv the uddptability dnd inclu.%ivity of the cariiiv41 ariforin. Values-led Programming A valu¢s-based approa¢h fo planning has been ¢mbedd¢d in the organisation sinc¢ late 201.1114. which underpins our values of inlegryily, ainhition dnd inspirdtion, InclusiltY dnd creAlive excellence. Our vulues are sliuping7 Ilie ch¥irity'% tlltiire, lea<ling Ll% lo locij ai)d dLvelop work only whL're there are clear synersiies between our values and those of slakeholdL'rs. This ig resulling in Slrong Lollaboralions and ali expansion of our arts progrnintne to embraLe a Miide range of cominunities. Luton Internatlonal Carnlval The Cdrnivdl hd% becon)e Ilie central plank ol. the or¥dni%ation'ti Artistic Programine, based around Lulon'% Imoi'e thun 40-yedr Iradiiion of Luton Iniernaiional Carnival, with which UK Cenire for Carnival Aris has been deeply involved since ihe incepiion of our orgaiiisation. As sole producers of Ilie event since autuii)n 2013, w¢ have secured significaiit repeal Loipoi'aie sponsoi3liip and uiiresii'ici¢d local au(hoTiiy donations for the coining year, plus other reglular tradingv income Ironi Lulon Internatioiial Cari)ival. This annual, landmark family-friendly event, which kicks off Ihe summer carnival season in the UK, will continue lo be the plaiform for new iirt develuped in uur purpose-built Larnivul space4 at the Lentre, via arti%t re4idenLie%, m¢ter Cle5, ma% Lampi work%l)OP* dnd youiig people's pi'ogrammes working closely with schools and local cosluin¢ inaking groups (Ineinb¢rs of LAM). This will also be the aveniie tl) engage expert artists troni across the UK, continuing the tradition ot supporting Larnival arts development by providing continuous professioiial developineni, We will also inlersecl the outreach work. we are deliveringy usingy the Camival event as the public showcase for WOTk done in schools and community groups. Ar¢s Projects Arts projects have been funded on a project-by-projecl basis. The Trust's core tinancial rebources continued lo be via the Arts Council NPO fundinb, for 2023-2026 whicli supports oui- future financial viability. Buildi11<7 on the successtul Trust Fund bid outcomes in previous years, the Trusl will continue lo submit bids lo a lide variety of Irusls, foundations and slaiulory funders for national, rLgiondl dnd IOLUI urrs uLtivitiL'% bu%Ld dl thL CLnlrL' it%Llf d5 WLII u% outrLdLh WL)rk, Ln.bui'ing uudiLlluL dL'vLlupmLnt dnd urtist developmeiil is always enibedded in our arts projects. Th&8e projects are full cost recovery niodelled. Ihey ensure parti)ership investment and are SLipported by expandiiig the contracts of existing staff. The 23124 year saw us Lonlinue to grow the arts progFTamnie. Our comniilmenl to the delii'ery ot hig,h-quality carnival arts usinsT a local, regiional and iiatioiial partnersliip model continues. We also grew, the iiumber of com1nercial commissions in 23124, an avenue which will conlinue to be further explored and consolidated to further assist our tinancial stability. Sldlls And Profe.sslonal Development A% d rLgi%icrLd Arl% Mark Ccntri UKCCA will Lontinuc to dclivcr dcvclopmLnl, LT]Lntoring &nd work plaLcmenl oppurtunitiL.% t.ur local residents, teachers, school children and artists. The trust recognises the imporlance ot supporting the next generation to deliver carnival arts eKpertly and professionally. This will be a key part of the Trust's delivery programine. The Royal Opera House Bridge project fundingy waty u%ed lo deliver a trainiiigF jinproveinenl progyramine that helped to lurther retine aiid iinprove our continuou4 pi'ofcssioiial devclopiiiciit Iraiiiing aiid iiiciiloi'iiig offcT aiid was u5cd to Support tlie cJigag¢iiicLII of a iicw arlist wlio iji ilic capacity of Support Artists assistcd Ihc dLIivLry of ilie Luton C'arnival costumc dcvclopinent aLtivilics. Page 7
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisaliDn is a charitable company liiniled by guarantee. incorporated on 12th March 1998 and registered as a cbarily on 25th ?005. The Lompany wu% estubli%hed under d MLmoranduin of A%,SULlUtion which L4tablishud the objeLt% und poivcr% of the charitable cornpany and is goN'erned uiider its Articles of Association. In the evenl of tlie coinpany beiiig wound up members are required to contribute an amount not exceeding £ l O.OU. Reerultmenl *nd appolntment of new trustees Tlic maI)agcmunl of thc Lharity is thc rcsponsibility of Ihc TrustLcs who arL clcctcd and eo-optcd undcr thc Icrms of Ihc ArtiLILs of Association. All Tru%tee4 Qt" the compaiiy are al40 director% of the charity and there are no nther direclors. Tru%lee.4 at the date ot. thi.4 report are listed on Ihe opening page. There are CU¢IlY five Tnislees. On appoinimeni each Truslee Signs a code of condiivl and completes a rLgisicr ot" inlLrLsts. ThL lattLr is IcnLwed aJinLially. TruslLes are givcn a LOPY of frubtces, Haiidbook on appointnicnl that inLludcs Ihc M&A ot association, policies and procediires. Ai Ihe anni1 general Ineeting one third ot Ihe director5 sliall retire from oflice bul are eligible for re-election. The Trustees are elected by the members al the annual general meeting. Chalr The Board continues to be chaired by Anthony Isleg. H¢ hds extensiv¢ ¢xperienL¢ and knowledge of the LArnival arts seLlor aiid in particular has a loiigv association with UKCCA. His kiiowledgye aiid exp¢rlis¢ ¢nsur¢s on-gioingp busin¢ss stability and coiililluily. InduLtlon and trolnlng of n¥M' Trustees Under Ihe supervision of ihe Chair and Execuiive Director Iwo new T1[eeS were appoinied io ihe Board and began iheir iernis in ihe 23124 finan¥ial year. The new Trustees were piDI'ided with indvLtioii ti?ining packs on appoinlineni. Trusiees are expeLled to fainiliarise themselves with the Busiiiess Plan of the Trust, the Stal'l. HandLiook and artistic aims aiid objectives. The iiew Trusle¢s liave expertise in the commercial business delivery aiid one also is an esiablished carnival artisi, who represents the youth voice. Bolh eleinent5' are key to supporting the Luntinued growili, legacy and relevance of the urganisalion. Org&nisAtional strueture The sti'ate&yic managienieiil ot the charity is the responsibility of tlie Trustees. The Executive Director is respoiisible ror operalioiial planning, developimenl and delivery of the services and slralegies of LCADT wiihin clear policies and prolocols sel by Ihe Trustees. Tlie ExeLutiv¥ Directvr .%it% on the Budrdiillanagemenl Lumimillge bul ha4 nu ioting rilit4. The Executive DireLtor lead% the day-lo-day operational nianaEeinenl of the DfE<inisation. The Board lias three sub-committee5'. Fillance; Fundraisinb, & Sponwrship.. and Artistic, Creative LeamillgT and Nlarketing. The sub-cominitlees meet on a quarterly basis and do not have the authority lo ratify proposals bul make recommendations 10 the Board of TruslLL%, IvhiLIi dlso mLLls un a quanLrly bdSlN. Sub-Lomn)iltLL n)LLting% arc L'ui'rLntly subsuinLd inio IhL budrd rniLting wilh IhL excepiion of the Fiiiance Sub-comniittee. The Finaiice Sub-committe¢ Ineets quarterly 10 support the close Inonitoring and scniiiny of th= Trust's fitiancial affairs. Decisions made al the Fin4)nce Sub-C.ommillee are ratified by the tollowing full Board of Trustees meeting. Our.ItruLILifL providcs for onL hLdd of dlpdrtimcnt lo rLpurt to IhL ExcLutiVL DirLLtur, thL FinJnLL ManagLr who 1% rL"%pon%iblL for IhL Trust's Accounting and Financial management Sy51enis as well as IT, HR and Faci lities Managernelll. Tl)e Associate Artislic Director role was lemporai'ily paused following the resignalioi) due to personal reasons of the individual who delivered the role. The Learning and Parlicipalion Managyer role was expanded to oversee the extensive community progFrainme and project5 delivered by the orgat)isalioii. Page 8
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Consolidatlon The tsrguni4utiun conlinuLd lo restabilisL t"ollowing the COVID pandcinic und ha% Lontinued tu expand il% pn)grammL uf LDminunity and coinrnercial carnival arts delivery. Wot]n in partnership with organisatioiis in Luton and from across tlie UK. The expansion of delivery hk)s been ex We also coniiniied our parmerships with organisatioi)s across Liilon and we were able lo deliver in persoi) events based euliiiral cvcnis rclLvanl to LuloI), inLluding EID, Diwali, Black Historv Month, Chrislm&q, ChincsL New YL&f, Sl PatriLk's Day and Eastcr. We delivered a third year of the Njlional Children's Carnival Week programme, delivered with partners from aeross Ilje UK was delivered very succe%s1'ully culniin<ilingi in u %eries Ot" national celebration% friim Ioih-28th July 2023. This were delivered very successfiilly. Tlie schools, engageineni process continues io reignite inleresi in Ihe can]ival genre, leeding inio Larnival developineni aLlivitics many of whicli WLrc aib.ts uscd for Lulon C"arnival 2023. Naiional parlnLrs and scliool also eominitlcd to a fourth year of National Children's c.arnival Week and to Ihe event becoming an annual prograinme and possibly a standalone independenl projecl aligned to the work of LKCCA and other ¢arnii'al organisalions. Rlsk management The irustees have n duty to identify and review the risks lo w,hiLh the charity is exposed and to ensure appropriate Lontrols are in place to provide reasonabl¢ assurance agyainsl fraud and error. Tlie 8eri011s de4ign dnd con?itruclion i4¥iie% uffectin¥ the roof. of the nidin auditorium and 4ub%equenl ¢lo%ure of the muin auditorium on Isi Ociober 2019 required ilie Board 10 rel'iew the curreni risks of ihe organisaiion. The Inain risk ideniified was Ihe reduciion of inlonie froln the Iiire of the spai¢ and Ihe costs itquir¢d lo r¢inedy tli¢ problems With the root. Failure 10 address these risks would place the orgvanisatioii iii a ditticuli position with rebards ils Iinancial slabi lily. Tlie Bo¢ird pul in pla¢e Li number ut" btrale¥ie4 lo miligute tlii5 risk during 2018119 and hll% Loiilinued to pur%ue these strdte¥ie5 the following fiiiaiicial p¢riods. This includes ceasing all lai'ge-scale events iii Ilie venue. a reslivcluriiig of Ilie staff to reduce cosls and lo refocus available sk'ills, The Board L)f Trusieeb has endL)rsed the subiKibsion ot" a t"unding bid to the Heritage Lollery whiLh will iiiclude Ihe delivery ot. botl) a business and biiildiii&v teasibilily study whicli will critically ai)alyse and provide options for addressing, the current riqk presenled by the failed main audiloriuin roof, and also hoiv Ihe organisalion can continue lo grow ils reNenue progranimg Lon%oliddling the eLonvniiL fiilLire uf th¢ urgani%aliun. FollL)winy approval lu Inuve lo bid 4ubnii%%iun phase, the Hvritage Loiiery bid will be subiniiied in Ihe 24125 finaiicial year. Fuiidi'aising work lo secure the additional resources is being delivered by a fundraising consLiliant. COIYTILYUED RECOVERY FROM COVID-19 TIIL. org<ini%dtion LuntinuLd to rL'stabili%L fullowing ihL COVID PdndLiniL dnd ablL' i() dLlivLr il% IL'dd LvLni, Lutun Cdrnivul, outdoors as Luion Town's lead celebration of the Queen Elizabeth Il's Plaiinum Jubilee. The eveni was delii'ered successfully with a partnership of key agencies and supported by the Trust's key funders aiid spoiisors. We also coniinued our parinerships with or8anisalions across Llilon and we were able lo deliver in person events bab¢d Cultural CVLnt4 rclLvant to Lutun, including EID, Diwali, BluLk Hi%torv Month, Chri4lm&K, ChinL%L NLW YLdr, Si PatriLk'% Day und Ed%tLr. We delivered a second year of the Nalionil Children's Carnival Week programme, delivered with partners from acrobs the U K was delivered ver). successfully culrninaliiigi in a serieb of nalioiial celebrations from 7th-19th July 2022. Tliis were delivered very successfiilly. Tlie scl)oolg' e.ngagement proe.ess Algo reigniied inlere.gl in Ilie Ci?rnival oenre, fee.ding into earniv411 deve.lop)menl dclivitic% tlldnv of whiLh werc used fur Lulun Cdrnival 2022. Nafional pdrtnLrs %Lhool dl%0 LornFnittcd to d third year ol- Ndlional Children's Carnival Week and to the event becoming an annual prograThme. Page 9
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) REPORT OF THE TRUSTEES for the Ye#r Ended 31 MARCH 2024 TRUSTEES. RESPOIN SIBILITY STATEMENr The trustees (Th,ho are also the directors of Lutoii CarniN'al Arls Developinent Trust for the purposes of compaiiy law) are respoiisible for preparing the Report of the Trusiees and Ilie fjnancial statements in accordance iviih applicable law and United Kingdom ALLounting Standards (UnilLd Kingdom GLnL'fdlly AcLcplLd £lLLounting Pi'acliLC). Company law requires the trustees to prepare ftnancial statements for each financial year ivhich give a ti'ue and fair view of the state ot" aftairs of the charitable coinpany and ot" the iiicomingy resources and application ot. resources, includins, the inconie and expenditure. of the cliarilable COLnpany for thai periJ. In preparing those financial slalemenls, the trustees are required to sel¢c15Ultable accounting policies and then apply thern consislently; obser¥'e the methods and principles in the Charity SORP; make ju(Igiemeiits and estimdte.% that are redsonable and prudent- prepare the financial sialemenls on Ihe going concern basis uiiless il is inappropnaie lo presuine Ihal the charitable coinpany will Lonlinuc in business. The Iruste¢s ai¢ responsible for keeping pi'oper a¢eounting records which disclose with reasonable accuracy al any time the financial position of the chdritdble coinpdny and lo enable theni lo en%ure th¢lt the tinanciul staiement% comply wilh the C,ompdnie% Act ?006. They are also respoiisible for safegTuarding the asbels of the chdritable coinpany and hence for taking reasonablL' stepg for (he prevcnlion and deleLtion of fraud and other irregularities. In so far as ihe trustees are aware.. Ihere is no relevani audii infonnarion of which (he chariiable coinpany's audiiors are unaware; and tlie Irusteeb have iaken all slep5 thai the), ought to have taken to inake themselve&4 uware of any relevant audit inforinaiion and to eslablish Ihal tlie audiioTS are aware ol. that iiiformation. Approved by order of tlie board of trustees on 27 Noveinber 2D24 signed on ils beli¢ill' by: Mr A W Isles- TNslee Page 10
REPORT OF THE IiNDEPENDENT AUDJTORS TO THE MEMBERS OF LUTON CARNIV AL ARTS DEVELOPMENT TRUST Opinion We have audiied the financial Sthlemenis of Lulon Carnival Arts Developineni Trusi (Ihe 'charilable companv,) for the year ended 31 March 2024 which Lornprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the tiiiancial stateinents, includingT a suininary of sigFniticaiit accouiilinb, policies. The fiiian¢ial reportin&F framework that has beeii applied in their preparation is applicable law and United Kingdoin Accounting Standards {UtiAled Kingdoin Generally Accepted Accounting PrdctiLe). In our opinion the financial slaternenls.. gvive a true and fair N'iew of the state of the charitable compaiiy's aftairs as al 31 March 2ffr24 and of it5 inconiingy resourceb and application of resources, ii)cludin8 ils ineome and expendiliire, for the year then elided. havc bccIi propLrly prLparLd in &ccordanL'L willi Unilcd Kingdom GLncrally Aiecptcd ALLouiiling PraL'tiLL; &nd have been prepared in accordance with the requireinents ot the Conipanies Acl 2006. Basis for opinion We conducted our audil in accordance with Inlemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our rLsponsibilitics undLr IhosL Standards arc fLlrthLr dLSLribcd in Ihc Auditors, rcsponsibililLLS for Ihc audit ot Ilic finanLial stateincnts section of. our report. We are independent ot. the charitable company in accordance witli the ethical requirements that are relevant to our audit of the financial stat¢inents li) the UK, including the FRC'S Ethical Standard, and we have fulfilled oui. other ¢ihical re8pon%ibilitie* in accordunce with tliese i-equirement%. We believe thdt the audit evidence we have obiained 1% %ut'ficienl and approprilite lo provide a basis for our Iipiiiion. Conclusions relating to going concern In auditing the fiiiancial statenients. we have concluded that the trustees, use of the going concern basis of accounting in the prer)dfdtion ot'ihe IinAncial 4tdlemenl.% 1.% dppropriule. Bas¢d on the woi'k we have perfoi'med, we have tiot identitied any material uncertaiiiiies relating to eijenls or Londililins that, iiidividually or coll¢¢iively. niay vast sigyiiilicanl doubl on the charitable Coinpaiiv's ability lo coiilinue as a byoin&) concern tor a p¢i'iod of al leasl twelve months from when the fiiiancial slalemenls are auihorised for issue. Our responsibilities and the responsibilities of the Iruslees willi respect ¢0 going concern are described in Ihe relevant sections of Ihis report. Other Informatlon Tlie Iru%tee% are re¥pun.%ible for thv otlier int"orniaiion. The uther infurmation Lvtnpri%¢¥ the iiiforrnaliun iiiLluded in th¥ Annuul Report, other tlian Ihe fii)ancial slaiemenis aiid our Report of Ilie Independent Auditors Ihereon. Our opinion on the financial slal¢inent,s does not cover the other inlonllation and, except to tlie extent otherwise explicitly staled in oui. report, we do not express any forin of assurance conclusion Il)ereon. In coi)nection with our audit of the finai)cial stateinenLg, our responsibility is lo read the other infonnation and, in doittg so, consider whether the orher information is malerially incoiisisleiil with the financial sialemen15 or our knowledge obtained in the audit or otherwise appears lo be Inaterially Inisslal¢d. Tt. we ideiitify such material inconsisteiicies or apparent material niisstalements, are requir¢d to delerinine wh¢iher (his giv¢¥ rii¢ lo a Inalei'ial misslalem¢ni in lh¢ financial slalemenls Ihemselves. Ir, based on Ilie work WL htJVL PLrforinLd, WL LollLludL that tlicL' 1% u malLrial Ini%itatLIIILnt of thi% oihLr information, arc rL'quirLd to rLpuit thllt faLt. We hai'e noihing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In oibr opinion. bcised on the work iinderlaken in the coiirse of ihe aiidit.. the infotTnation given in tlic RLport uf tlic Tru%tcc% for tlic finunLial ycar for whiLh thc IinanLLal %talcment% arc PTcpaTcd i consistent with the financial statements. and the Report of the TrLlStees hag been prepared in acLordanc¢ with appliLabl¢ legal r¢quireim¢nts. Page 11
REPORT OF THE IiNDEPENDENT AUDJTORS TO THE MEMBERS OF LUTON CARNIV AL ARTS DEVELOPMENT TRUST lat¢ers on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identitied material Inisstatements in the Report of the Trustees. We have nothing tu IL'PUrt in resPLCt ot" thtr tollowing mutter5 whcrL the Companies Act ?UU6 reqiiirc% tL) repurt to yuu if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been reLeived from branches not visited by us; or the financial slalemenls are not in agreement wi(b the aeeoLinting records and returns; or ccrtain disLlosurcs ot trustccs, rLmunLralion spcciticd by law arL not Inadc,. 4)r we have not received all Ihe intonnation and explanations we require tor our audit; or the trustees were not entitled lo take advantage of the small companies exemptLon from the requirement lo prepare a Strategic Report or in prepdrinby the Reporl of Ihe Trustees. Responsibilities of trustees A5 explained more tully in tlie Tru51ees' Responsibililies Stalernent, Ihe trustees (who are also tlie directors ol. tlie charitable company for the purposes of coinpany law) are responsibl¢ for The preratIOn of the financial stareinents and for being &atisfi¢d that they give d iriie and tair view, and for sijch internal control AS the Irii%tee% (lelermine 1% nece5%&ry to endble the prepardtion ol. Iindncial siaiements that are free from material niisstaiemenl, whether due lo fraud or en'or. In preparingi tlie tinancial stateinents, the trustees are responsible tor a5sessingy the charitable company's ability lo coiitinue as a going, concern. disclobing, ab applicable, m1& tterg related to going concern and usii)g Ihe going concern basis ot" accoiiiiling unless the tru%tee% either intend 10 liqiiidate the charitable eompuny or io cea.%e operation%. or lidve no reuli%tic dlterndlive bul to do %0, Page 12
REPORT OF THE IiNDEPENDENT AUDJTORS TO THE MEMBERS OF LUTON CARNIV AL ARTS DEVELOPMENT TRUST Our responsibilities for the audil of the financial staten]ents Our objectives are lo obtain reabonable asburance about whether the finaiicial statements as a whole are free from material misstateillent, whether du¢ to traud or error, and to Issue a Report ot the Independent Auditors tliat includes our opinion. Reasoiiable assurance is a high level of assiirance, bul is not a guarantee that an aiidil conducted in accordance with ISAS (UK) will always delecl a malL'rial mi%btulLment whLn it LXl%t%. Mit>%tdtcmL'nts Lun arise fruin fraud or Lrror and ure Lun%idercd niutcridl if, individuully or in the aggregate, they could reasoiiably be expected io influence tlie econoTnic decisions of users taken on tlie basis of these fii)ancial 51atemenls. The extent lo which our procedures are capable of deteciing irregularities. including Iraud is detailed below.. Irregularities, including traud, are instances ot. non-conipliance witli laws and regulations. We design procedures in line with our responsibilities, Outlined above, to detect material inisstatements in respect of irregularities, including Iraud. Our approach lo identifying? aiid a%%e%8ingF tlie risks of maleridl mis%ldtement in re%pect of irregulurities, incluclingy fraud follow%- The cngagctnLnt partncr cnsurcd that thL engagLmcnt ILam LoIILLIiNLly had thc appropriate compLtcncc, capabilities, and skills to identify or recognise non-coinpliance with applicable laws and regulations. Ve identified the laws and r¢gulations applicable lo Ihe company through discussions with Trusiees attd IndnAgiemenl, diid trDin oiir coinmercial kiiowledgFe and experience of'the %ecror in whicli Ilie company opeThte%. IVL foLused on specific laws and rLgTulations whiLh we con¥idL'rLd may have a direct impact material effecl on th¢ financial statements, or the opertstions ot the Company whiLh inLluded the C'harities Aet of 201 I, dat protectioii. anti-bribery. eimployment, environinental aiid health and safely legiislation. Ve assessed Ihe extent of Lompliqnce willi the laws and regulations ideniified above through making enquiries of Indlldgemenl dncl inspecting le¥iil corre%pondenee: nd Identified laws and regulaiions were cominunicaied wiihin ihe audii team and ilie ieam remained alen 10 instances of non-Loinpliance throughout the audit. We ideniified the greaiesi risk of maierial impact on Ihe financial stsiemenls from irregulariiies, including fraud, lo involve the Loinplelene8N liiid timing uf inLunie reLo¥nilivn and the overriLle of Lonlrols by management, To address the risk of fraud in relation to revenue reLognition, we.. PerfL7riMed dvlailed %ub%lant1V te%ling to addr¥.%N Lvmpletene%4 und aLLiifaLy of inLL)Ine. Assessed Ihe appropriateness and ¢gpplicatioii of the accounting policy coiiceming income recognition To address the risk ot fraud throug,h manabrnient bia5 and override ot. conti'ols, we.. PL'rforinLLI unulyticyl proLLduru4 tu idLntify uny unusual or unLxpLclL'd rLlatiun.4hips. Tested journal entries to ideniify unusual Iransaclions. Assessed ivhether judgements and assumptions made in delermiiiing the accounting estimates were indicative of potential bias. Invesligaled the rationale behind signilicanl or unusual transactions. Because of the inherent liinilalions of an audit, there is a risk tliat we will not detect all irregularitie5. inCldIng tliose leadiiig to a malei'ial misslatemenl lil the finanLial slalementb or non-complianLe with regulation. This risk inLreases the more that Lompliance with a law or regTulalion is removed f roin the events and traiisaclions retlecled iii Ilie tinancial slalenien15, as we will be less likely to becoine aware of inslanceg of non-compliance. The risk is algo greater regarding ittegiilariiies oceutTing diie lo fThiid raiher Ilian crroL', trdud involvL% Intcntiondl LonLCdl]ncnt, foTULfy* Lollutsion, otni%4ion, or ]1.1tprCett1Un. A further description of our Yesponsibililies for the audit of the financial slalementg is loealed on the Financial Reporting Council's web%ite al www.frc.orgF.uklauditor%re%poiisibilities. This de%criplion torm% part ol'our Report ot.the Independent Auditor%. Page 13
REPORT OF THE IiNDEPENDENT AUDJTORS TO THE MEMBERS OF LUTON CARNIV AL ARTS DEVELOPMENT TRUST Use of our report This report is made solely to the charitable company's members, ab a body> in aLcordance with Chapter .3 of Part 16 of the Companies Act ?00(Tr. Our audit work has b¢eii uiidertaken so that we misylit state to the cliaritable ¢oinpaiiy's members tliose matter5 M'e are required io stale lo them in an auditors, report and for no other piirpose. To the fullest extent permiiied by law, we do not accepi or a%sumc responsibility to unyonc other thdn thL Lharituble Loillpdny thnd the Lhdritable Lonipuny's InembLr% a% th bod)'I tur OLir aiidit work, for this report. or for the opinions we have fonmed. Tara Aldwin ACA (Senior Siatulory Auditor} for and on behalf of FKCA Limited Stdtufory Auditor 260 270 Buiierfield Grcal Marlings Liilon Bedfordghire LU2 8DL 28 November 2024 Page 14
LUTON CARNIVAL AR TS DEVELOPMENT TRUST STATEMELNT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDI'I"URE ACCOUNT} for the Year Ended 31 MARCH 2024 2024 Total 2023 Total tunds as Teslaled Unrestricted Restricted Designated Notes ENDOWMENTS FROM 1,401 INCOME AND Grants and donations 241,461 242 862 243,959 Other trading and sponsorship Ltivitics Investment inconie Total 190,139 575 192 115 190,139 575 433 57(1 225,303 86 4(19 34 241461 EXPENDITURE OiN Co81 ot'&Feneratin&p tunds 28.7()5 28,765 26.717 Chthrituble th¢tivitiLs Luion Inteimalioiial Carnival Creuiive learning Arlis¢ic programme Trading aclivilies Total 104,474 5,219 104,712 93,IX6 46.76.3 209.186 911,405 46,763 16.1904 541023 244,645 70,391 54,.157 154,490 550600 51,769 IY(1227 112 135 112 135 244 661 NET INCOME/(EXPENDLTURE) 1,888 (3,2UO) (l12,135} (113,447) (lJ1,252) RECONCILIATION OF Total funds broiigl)r foi'ivai'd FUNDS 46,743 44,254 4,242,893 4,333,890 4.415,142 TOTAL fuNDS CARRIED FOKW ARD 4 1307511 4 220 443 4 333 890 The notes fonn parl of iliese finaneial statements Page 15
LUTON CARNIVAL ARTS DEVELOPMENT TRUST (REGISTERED NUMBER: 03525877) BALANCE SHEET 31 MARCH 2024 2024 Total runds 2023 Total funds re%idted Unre5trict¢d funds Restricted runds Designated Funds Notes FIXED ASSETS Taii(iible assets 14 4.1()J 4,13fi,758 4,134,921 4,247,73R CURRENT A5'5ETSi DebiTrrs Cash al bank and in liand 40,100 40,100 52,497 93,496 41,054 134,550 130,187 CREDITORS Amounts fal ling due within one year 16 (41),028) (49,028) {44,035} IYET CURRENT ASSETS 41,054 86,152 TOTAL ASSETS LESS CURRENT LIABILITIES 48,631 41,054 4,130.758 4.220,443 4,333,890 NET ASSETS FUNDS UnrL%iriclcd funds Restricted funds TOTAL FIINDS 4 I3 758 4 2?0 443 4 333 R90 48,631 4 171,812 4 2?fi 44.1 46,743 4.287 147 4 1.11 XQO These financial slalemenls liave been prepared in accordance with the provisions applicable to charitable companies subjecl lo the mall companies regime. Thc financial stalcmcni8 wcrc approvcd by Ihc Board of Trustccs and authori8Ld t.or i.ssuL on 27 NovLmbLr 2024 and wLrL' Signed on its behal I. by: Mr A W Isles- Trustee The notes fonn parl of iliese finaneial statements Page 16
LUTON CARNIVAL AR TS DEVELOPMENT TRUST CASH FLOW STATEMENT for the Ye#r Ended 31 MARLH 2024 2024 2023 as restated Nores Cash flow5 from operating activities Cash generated from operationb Net cash provided by operatinsF activities 22 ()19 C95h flows from investing activities Purchase ol tangible fixed ass¢ls Interest received Net cash (used in)Iprovided by investinLi activities (5.550) 575 4.975 86 86 Change in cash and cash equivglents in Ihe reporting period Cash and cash equivalents at the beginiiinll i)f tho rLporlink period Casli aiid casli equivaleiits at tlie eiid or the reporting period 16,760 22,705 77 C)90 The notes fonn parl of iliese finaneial statements Page 17
LUTON CARNIVAL AR TS DEVELOPMENT TRUST IIOTES TO THE CASH FLOW STATEMENT for the Ye#r Ended 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERA TING ACTIVITIES 2024 2023 as restated Net expenditure for (he reporting period {as per the Statement of Flnaneial Aetii'itles) Adjustment5 for". Depreciation charges IntciL%t ICLcivcd Decrease in debtors Increasel(decrease} in creditors Net cash provided by operations (11.I,447) {81,252) 118,367 (575) 12,397 4.993 18.742 (86) 27,923 42 708) ANALYSIS OF CHANGES IN NET FUNDS Ai 1.4.23 Cash flow At 31.3.24 et cash Cash al bank and in hand 16,760 1 (),7(10 94.450 94,450 Total The notes fonn parl of iliese finaneial statements Page 18
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCI.4L STATEMENTS for the Ye#r Ended 31 MARCH 2024 ACCOUNTING POLICIES Basls of preparlng the financial statements and consolidatfion ThL finunLial %tatcmLnt% of the Lliaritdble conipuny, whiLh 1% u public benefit Lntily under FRS 102, huve becn prep£Ld in accordance with the Charilies SORP (FRS 102) 'Accounting ai)d Reporting by Charilies- Sialeinent of Recoinm¢nded Practice applicable lo charities preparing their accounis it) aLcordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102) (etlective l Janiiary 2019}', Financial Reporting Standard 102 'The Financial Reporiiiig Standard applicable in the UK and Republic of Ireland, and the C,ompaiiies Act 2006. The financial slalements Iiavc bLClI pfLpared undcr thL hislorical cost Lonvcnlion, WLth Ilic cxccption of invcslmciils whiLh &rL included at m&rkct value. Income All inLome is recognised in rhe Sialemenl of Financial Aclivilies once Ihe charily lias enlillen)eni 10 Ihe funds. il is probable that the ineomL will bc ILccivcd and thL amount can be mcasurcd rLliably. All incon)ing rcsourLLs arl slalLd nLI of V AT wliere applicable. Cjovernment grdnLg received in re%pecl of revenue item% are included in Ilie Stdteiment of Financiul Activitie% in the period to which the relevalli expLndilure rel<ltL's. Voluntary incoine is rec¢iv¢d by way ot. &yranls and gyifts in kiiid and is included in full in the Stat¢1nelll of Financial Activities when receivable. Expendlture Liabilities are reLognised as expenditure as there is a legal or coiistruitive obligation comniilting Ihe Lliarily lo tlial expenditure, it 15 probabl¢ that a traiisfer of econoinic beiiefirs wi I I be required iii seiil¢nieiil and the aii)ount of the obliglalion can be measured reliably. Expendiliire is accounted for on an accruals basis and has beeii ulassified under headings thai g¥regdte dll ¢051 related to the ¢ate¥ory. Wliere ¢unnol be dire¢ily dltributed to particular headings they have been allocated lo aciivilies on a basis consislenl witli tlie use of resource8. Irrecoverable V A T is char&yed ¥Ag7ainst ihe cale&yory ot resources expended tor which il was incurred. Ch*ritable llLtivilies Ch(Irit¢ible expendiiure comprises of those ¢osls incurred by the charity in tlie delivery of ils acliviiies and services for the beneticiaries. It includes both costs that can be allocated directly to siich activities and those of an indirect nature to support them. AIIoLuilon of vverh¥Md Mnd support ivst¥ Support costs are allocated on the following basis: Building ruiining costs C¢nlre overheads Organisalion Lo%L Ottice Cosls Support Staff Governaiice Square Imetre betweeii otlice alld centre overheads Time usage of centre Nunibir of slatt ILquivalLnt bodiL. Nuinlier of slaff (equivaleni bodies} and lime usage of centre AIIoLated on lime Number ot staft (equivaleiil bodie.s) Tangible fixed assets All aqsets costillg more Ihan £250 capitalised and all assets are valued at historic cost. TaiigFible fixed as%el4 are %tated al cost le%% (lepreciation. Depreciation 1% provided al r<2le% ialculated lo write ofy Ihe co%t of fixcd a5SCt5, Icss Ilicii. cstijiiatcd ic5idual valuc, ovci- thcii. cxpcctcd 115cful ILVC5 Oll tli¢ followiLig base5- LcasLhold Land_ l 00 ycars Straight Line Leasehold Building - 50 years Straiglil Line Planr & Machinery - l O years Sirnighi Line Fixture% & Fitting% - 4 year% Strdigiht Line All cxpcnditurL for the building ot-thL national ccntrc is Lapitaliscd froni the eapital projLLts. P¥AEe 19 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 ACCOUNTING POLICIES - continued Taxatlon ThL Lhurily is exLmpt from Lorpurntiun tax on it% Lliuritable aclivitiCS. Fund accounting Unr¢stricted fundÈi can be used in accordance with the charitable objectives at the discretion of th¢ trustee5. Restriclcd funds can only bc usLd for particular rcslriLtcd purposLs within the objL'Lts of Ilic cliarity. Rcstrictions arisc whLn specified by the donor or when tunds are raised lor parlicular restricted purposes. The cliarity received grant% for the purchase of tixe(l a%set% which depreciated over their estimated u4cful live%. The Islee9 liave creaied a designated fund 10 refleci the book value of assets. This fund is used lo fund futiire depreciaiion chargLs OVLr thc Lslimaled UbLful litL of the &SSLIs. Further explanation of th¢ nature and purpose of each fund is included in the notes lo the financial statements. Flnanelal Instruments Debtnrs Trade aiid other debtors are reco(vnised at Ihe setlle1nent aillount due after any trade discouiil ottered. Prepayinents ar¢ valued at the amount prepaid nei of any trade discounis due. Credltors Cr¢dilOi'&+ und provisions are reLognised where the iharily has a preseiil obligation resuliing from a past event that 111 probably result iii the Ii'ansfer ot. funds to a third pa11y and the nmount due lo settle the obligyalion can be Ineasured or esiimaled reliably. Creditors aiid provisions are normally recognised al Iheir seiiiemenl amount after allowing for any Irade di4cvunls due. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the coinpany's acuounling policies, which are describe in Ihe notes lo financial slalemeiils, Ihe Direulors are required tu Inake judgem¢nt%, tlinate% and u%.4LllllPtion% about the ulloLutiun uf inLunie und expenditure. The ebtiinates and underlying assumptions are reviewed on an ongoing basi>. Revisions 10 accounting estimates are recosTllised in the period in which Ilie estiinale is revised if. Ilie rei'ision atfects only that period. or in the period ot. the revision and future periods if the revision affects both current and future periods. GRALNTS AND DOIYATIOLYS 2024 20?.3 as reslaled Donations Grants 1,400 241462 142 862 24? 959 24.1959 P¥AEe 20 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 OTHER TRADING AND SPONSORSHIP AcT[ITIEs 2024 2023 as restafrd Bar & catering incoine Hire fees Sponsorship income Commissions 591 53,281 110,654 25,613 19U 139 599 50,(M)8 150,(KJO 24.696 225 JU3 INVESTMENT INCOME 2024 2023 as reslaled Deposit account int¢r¢st 575 86 COST OF GENERATING FUNDS Fundralslng 2024 2023 as rcsialcd Fundraising Trading actlvities 2024 202.3 as resiaied Technical supporl ConsultunLy Evei)t iiiaiiag¢iMent Postage and slalionery Arli%lic niateria15 Equipment liire 100 250 3,368 90 70 7,407 282 11.467 2.897 457 13,642 794 AggrcgatL amounts 26.717 P¥AEe 21 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 CHARITABLE ACTIVITIES COSTS Support cos(s (see nolL 8) Direct CLi%l4 Lulon International Carnlval Creative leariiillg. Artistic programme TradiIig activilics 174,896 75,020 29,221 1.1.422 .399 559 34,290 23,385 17,542 50,4%2 125 699 209,186 9R,405 46.763 163 904 519258 SUPPORT COSTS Organisalion Office Overheads Tvtal Luton Jnlernational Carnival 15.515 16,356 5,999 8,477 682 4,264 10,2Y8 6,347 7,•71) 34.29U 23,385 17.54• 50.4x2 1?5 6L)9 Artistic prosramm¢ Truding atitivitie AUDITORS REMUNERATION Audiiofi+' remiineiaiion for the year is £6,825 for the year (2023.. £6.500). Audiluis, remuneration for non-audit services for the year total4 £4.850 {2023: £2,500). NET INCOMEI{EYPENDITURE) Nel incoinel(vxpenditure) is slated after Lhargingl(crediling): 2024 2023 as rcsiulcd Depreciation - owned assets Aiiililor reillunerulion 118,-367 18,742 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year elided I l March 2024 nor for the year ended 31 March 2023. P¥AEe 22 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 io. TRUSTEES, REMUNERA TION AND BENEFITS - continued Trustees, expenses Tliere were no expenses reinibursed to trustees for the year 31 March 2024 nor for the year ¢nded I l March 20?3. STAFF COSTS 2024 2023 Wages Social %ecurity Pensions 121,928 120,364 5,167 10,470 2.116 1,882 12L) 211 132 716 The aiet2ge monthly nuniber of employees during the year was as folloH's'. 2023 IL% reslaled Employ¢¢s No employees received emoluments in excess ot'£60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted R¢slricled fLinds funds Designated Funds Total funds as reslaled INCOME AND ENDOIVMENTS FROM Granis aiid doiialioiis 24.3,959 243,959 Oihcr tradiiig artd sponsorship aciivitlC8 Inveslm¢nl incom¢ Tot41 224,704 599 A6 244 Ci44 225,303 86 469 348 EXPENDITURE ON Cost of generating funds 8,099 18,618 26.717 Charitable activilies Luluii Iiiternalional Carnival Creative leariiin&' Arlislic programme Traditig activilics Total 122,537 279 122,108 244,645 70,391 54,357 1544YU 550 600 410L)2 172 007 263 266,458 135 LYET AIYCOME/(EXPENDITURE) 52,697 (21,814) (11:.135) (81,252) RECONCILIATION OF FUNDS Total funds brought forn'ard {5,952) 66,066 4,355,028 4.415,142 P¥AEe 23 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Ye#r Ended 31 MARLH 2024
12.
COMPARA TIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
DesigTnated
Funds
Total
fiinds
re%idted
TOTAL FUNDS CARRIED FORWARD
4() 745
4 242 893
4 333 890
13.
PRIOR YEAR ADJUSTMENT
Dui'ing the pre.paration of the accounts for the year ended 31 March 2024, li was identified that sotne costs were allocated to
the incorrect fund.£ in the comparaiive perio(l. The Jggregale ot the mi4
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 15. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2024 2023 as restafrd Trade debtors VAT 22.280 873 Prepayineiils and accrued iiicome 7,701 16. CREDITORS: AMOUNTS FALLILNG DUE WITHIN ONE YEAR 2024 2U23 as reslaled Trade Lreditors 11,724 5,189 3.0¥4 27,035 VAT Other creditors Acci'uals ai)d delerred incorne 2.666 DEFERRED INCOME DLfLrrLd InLuinL Deferred Income broubihi torward al l April 2023 Incoining resources deferred in Ilie Cuent year A1110uii14 rclLdsLd fruiii prLViUU% years Deferred Income carried fnnvard al .31 March 2024 3.00(1 7,453 17. LEASING AGREEMENTS min11u]n leu%e receipt% fall due a% follnws.. 2024 2023 Net obl iglltion% receii'able: Within one year Between one and five years 13,301 8.865 P¥AEe 25 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 18. MOVEMENT IN FUNDS Net movement in funds At 1.4.23 31.3.24 Unrestrlcted funds General Fund 46,743 I,R88 4R,631 Res'tri¢ted funds Fulure Depreciation Cliarges Arts CounLil Funding Royal Opera House Steel Cliarilable Trusi Foylc Foundation BLCF Green Futures Fund 4,242.893 16,950 2,304 25.000 (112,135) 5,663 (2,304) {25.000) 11,724 4,130,758 22,613 11,724 4,?87 147 115.335) 4 171812 4 220 44.3 TOTAL FUNDS Net moveinent in fuiids, included iii the above are as lollows.. Incomin resoiirces Re%ource expended Movenient in fiinds Unrestricied funds Geiieral I,und 192,115 (190,227) 1.888 Restricted funds Future D¢pr¢¥iaiioi) Charges Arts Council Funding, BLC F Liilon Lilizens Fund BLCF Cuminiinily Ini'eslmeiil Fund Royul Opera House Steel Chariiable TrLisI Foyle Foundation BLCF Green Fiilure5 Fund (112,135) ( l ()5,598) {4,000) {36,?00) (2.304) (25,000) (8,276) (112.1351 5,063 171,261 4,000 36,2(10 {2,-104) (25,0001 11,724 2a,000 i 0,000 241461 433 576 35r) 796) 547 023) 115 335) 113 447) TOTAL FUNDS P¥AEe 26 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 18. MOVEMENT IN FUNDS - continued Comparxtlves for movement fin funds Net movement iii funds Ai 31.3.23 At 1.4.22 Uiire%lri¢l¢d funds General Fund (5.952) 52,695 46,743 Restrieted funds Fuiure Depreciaiion Charges Arts Council Funding BLCF Luton C.i112ens Fund BLCF Stability Fund Royal Opei-¢'l HoiJ5e Steel Charitsbll Trusi 4.155.028 5.3.576 9,902 2.588 (112.135) {36,626) (9,902) (2,588) 4,242,893 16,950 25,1)00 1.33,9471 ?5,000 4 287 147 4 333 890 4421,094 TOTAL FUNDS Comparaiive nel moN'ein¢ni in fuiids, included in the above are as follows.. Incoiiiing, resoiirces Resources expended Movement in funds Unrestricted funds General Fund 224,704 (172,OUg) 52.695 Restrleted funds FLilure DepreL'iaiioi) Charges Arts Council Funding BLCF Luton CiliLeiis Fund BLCF Coininunily Ini'eslinent Fund BLCF Stability Fund Royal Operd Hvuse Steel Lhai'iiabl¢ TNSI (112,135) (190.071) {I),902) (36,201) (27,586) (2,f)9()) 112,135) (.36,C)26) {9,9021 151,445 36,201 24 C)98 5.000 {2,588) 178 5911 550 600) 133.947) 81252) TOTAL FUNDS 469 348 P¥AEe 27 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 18. MOVEMENT IN FUNDS - continued A current year 12 inonihs and prior year 12 months coinbined position is as lollows.. Net movement iii funds Ai 31.3.24 At 1.4.22 Uiire%lri¢l¢d funds General Fund (5.952) 54,583 48,631 Restrieted funds Fuiure Depreciaiion Charges Arts Council Funding BLCF Luton C.i112ens Fund BLCF Stability Fund Foyle Foundiition BLCF GrLLn Futures Fund 4.155.028 5.3.576 9,902 2.588 (224.270) {30,96.3) (9,902) (2,588) 11.724 4 130,758 22,613 11,724 6,717 4 171 %12 4 220 443 4421,094 ?49,2¥21 TOTAL FUNDS A curreni year 12 inonllis and prior year 12 months coinbined net movement in funds. included in the above are as follows: Incoiiiing, resoiirces Resources expended Movement in funds Unrestricted funds General Fund 416,519 (362,236) 54.5¥3 Restrleted funds FLilure DepreL'iaiioi) Charges Arts Council Funding BLCF Luton CiliLeiis Fund BLCF Coininunily Ini'eslinent Fund BLCF Stability Fund Royal Operd Hvuse Steel Lhai'iiabl¢ TNSI Foyle Foundation BLCF Greeii Futures Fuiid (224,?70) (355.669) (13,902) (72,401) (27.586) (5,000) [25.0001 {8,276) 224,270) (.30,963) {9,9021 324.706 4,000 72,401 24 C)98 5.000 25.OOU 20,000 {2.588) 11,724 486.105 735 387) 1097 ()23) ?49,282) 194 099) TOTAL FUNDS Purpfjse of funds Future depreciaiion charges - This fund is lo reflect the depreciation of the property over ils economic useful life on the basis that funding ot-thL building grantLd and rLslriLtLd. Arts CounLiI Funding - Thi5 fund is reslriLted for any parts of our arts programme delivery. BLCF Liilon C.ilizen's Fund - This project fund is resNicled for arts programme delivery. BLCF Coinmunity Investsnent Fund - Restri¥ted for Learning and Participation Manager role and outreach delivery actilties. P¥AEe 28 continued..-
LUTON CARNIVAL AR TS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Ye#r Ended 31 MARLH 2024 18. MOVEMENT IN FUNDS - continued BLCF Stubility Fund - Rc4trictcd tor Loinmiinity engagLmeT]t And delivery activitic%. Royal Opera House Bridge - Restricted for arts development and delii'er), training activities. The Steel Trusi Fund - A one-year programme which secured core arts leam services lo principally oversee and deliver the National ChildrLn's Carnival Wcck programmc and othcr L'hild tOLuscd Larnival aLtivilics Foyle Foundation - Pilot artist development programme delivered in partnership with one ol UKCCA'S Artisls-in-Residence, Rampagye Mds Band BLCF Grccn Futurcs Fund - Projcet to assist UKCC'A to bLeomc more LnvironmLntally fiicndly in thL dclivcry of arts and busin&5 activitie5. The Greener Future Fund was awarded by the Bedtordshire and Luton CDinmunity Foundation 19. RELATED PARTY DISCLOSURES There were no related pi)rty traIalti0ns for the year 31 MarLh ?U24 and 31 MtsrL'h 2023. 20. ULTIMATE COIYTROLLING FARTY Tlie ul(iinaie conirolling pariy is ihe Board of Trusiees. 21. LEGAL STATUS OF THE CHARITABLE COMPANY The Churildble Company is a Lumpany liniiled by gudrantee in England diid Wale% dlld ha% no %hdre iapilal, In the event of tlie ¢hari¢y being wound up, the liability in r¢specl of Ihe guarantee is liiniled lo £10 per member of the charity. Page 29
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