CoM￿Y no. 06373488 Charity no. 1122W Luton Cultural Services Trust Annual R•port and Financlal Statem•nts For th• year •nded 31 March 2023 LUTON CULniRAL SERVICES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ￿lDED 31 MARCH 2023 P•g• No. Tfu$t¢es' Ro￿rt Indepgndwl Auditorfs Rfjpryt 20-24 ConsolKlaled Ststement of FIn￿CIal ktr¥ili8S 25-26 ConsolKlaled BalarKe She 27 Consolhlated C8sh Flow Statement 28 No*s tr) the financHI statements 29- 41 Re rt of thè Bo* Trustees for the ¥ ended 31 M rch 2023 The Trustees are pleased to present their annual directors, report together wlth the consolldated financial statements of the charity and its subsidiary for the year ending 31 March 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Att purposes. The financial statements comply with the Charlties Act 2011, the Companies Art 21Ki6. the Memorandum and Articles of A550Ciatlon and Accountln8 and Reporting by Charities: Statement of Recommended Practlce appllcable to charities preparin8 thelr accounts In accordance with the Financlal ReportinB Standard appllcable in ihe UK and Republlc of Ireland IFRS 1021 leffectlve l January 2019). Chlles Report and 5tr*eik Report We are delighted to report a busy and actlve year across èll our sltes wlth audiences lust about returnln8 to Pre-COVID levels. This year we have adopted two Important plans, our Creatlve Plan12022-51 and our Commerclal Plan12022-51. These provlde a framework for tactlcal changes that will 8fOW audlences, Impacts and Incomes. Adopted towèrd5 the end of thls financlal year. we built up a slgnlflcant pro8r4mme of actlvSty to Inform them and test ideas with partners. collaborators and customers. The followln8 actlvitles demonstrate the type of work we dellvered thls year across our sites. Hat Factory Arts Centre & Hat Distrirt BIKk Hlstory Month: thls year we presented a lar8e and dlverse pro8ramme across one of our three core sites at the Hat Dlstrlct welcomlng over 21JXI people. We collaboratively presented fllm, chlldren's event5, communlty theatre, an outdoor Cultu￿ market, panel discusslons, and Ilve music from local and internatSonal muslclans. We were honoured to host Ni8erian-Brltlsh muslcal legend Deli S05imi. who participated In a pre-show Q&A about hi5 experiences tourlng wlih Fela KLSti. Events such as 'Bein8 Black in Luton. and the 'Culture Markev resonated with audiences and we have commltted to bulldln8 these into our year-round pro8ramme. Comments Included. It hos been qrectfor me to have the opportunity to work with The Culture Trust. The Trust hos provlded occes5 and support whlch hos enobled me to develop myprartice in ways and dlrertlons I hodpreviousfy struggled to och￿e. Ihis hos helped to improve my confidence and ¢￿atIVIty.. and A tnily movlnq experience which I could connert to on a personal level. Somethlng I will cherishloreverf. We have grown our p•rtnershlps wlth IndNiduals and communltles whlch have been rewarding and valuable. Reasons You Should (n't) Love me: At the Hat Factory Arts Centre. we hosted Amy Trigg- wlnner of The Women's Prize for Playwriting 2020. Her show explored the experience of spina bffida on a young women the relatlon5hip5 she makes. A developing relationship wilh University of Bedfordshire saw 30 drama students attend the show as part of an assessed module. Comments from the staff and students included 'For o one womon shciw it wa5 incredible how she was able to toke me on o journey through prartically every emotion. Thoroughly enjoyed it ond will definitely look ot what 15 cominq up in the Spring.. and As a 5tuden¢ it is involuoble to hove notionol work fiqht here in Luton. It really helps to be able to see work ot ofrortion of the price of London.. We are working Unlverslty tutors to see how we can embedded more work into the students, curriculum. and use our programme to support their learning. Llv• From the Hat Fartory: We commissioned two partners to curate a live music line-up for our new music programme. The events are almed at 18 30 year olds audiences and have been designed to support a developin8 Luton's night-time economy. UK producers and artist collective Forever Internotlonol brou8ht a high energy line up of rap. f￿eStyle, and DJS to the venue. with audiences travelling from London and Bedford to see the show. Luton Urban Radio curated the second event and hosted Luton's Youngest Female DJ alon85ide oiher new radio and DJ talent. A dress code (wear all black!) and stron8 social media built a buzz around the event and brought a new and young crowd to the Hat Factory and Luton Town Centre. Thls new muslc nl8ht fills a 8ap in town and we plan to grow and developlng the event. LGBTQ+ HIMory Month: 8uildln8 on the success of our LGBTQ+ programme across the last 12 months. we marked LGBTQ+ History Month with programme of film. theatre. vlsual arts and events. We launched Hot District Lotes In collaboration wlth 'PRIDE in Luton,. It included live paintin8 from award-winning international artist Vishal Joshi. lino-println8 sessions with Snall . the Luton artist famed for their deslgn of London Trans+ Prlde banner. and Q&As with LG8TQ+ communlty or8anlsations. In response to 5tron8 and supportive feedback, are developing more re8ular LG8TQ+ programmes outside of thls month, startlng wlth our first Dra8 Club Night at the end of March, hosted by Asifa Laho￿, the first out Muslim Dra8 Queen. Lounie d¢v¢lopm•nt: Oesi8ner Lauren Connolly has been selected to develop and design the new LGBTQ+ friendly space In the Hat Factory Basement. As part of BLCF grant, we commlssloned a soft-touch redesign of an under-used space ahead of it's launch a5 a new'loun8e' in 2023. Lauren has designed for The Royal Shakespeare Company, Watford Palace Theatre and Greenwich Theatre. She has also been lead stylist on events for companies including Sky and NOW TV. Youn8 men's Mèntal Healih Th••tr• prol•ct: In June we facllitated two research and development sessions with Mandala Theatre ar￿ young males a8ed 16- 25, These focused on men's mental health. The workshop includes creative wrltlng and spoken word ta5k5 With a professional practitioner. Mandala Theatre will return to Luton in October for a shared readin8 and then with the full produrtion in Sprin8 2023. Mandala Theatre stated that we had brou8ht tQ8ether the most diverse and en8a8ed group of young people of all their R&D sessions conducted across the UK. World Alds Day for Mat Dlstrlrt Lat￿.. in December we partnered with Luton Sexual Health and Pride in Luton to mark World Aids Day. Alongslde DJ and food from Monstera Canteen. the evening programme consisted of networkln8 and speakers from Industry professionals. an arthouse film screening with links to the AIDS pandemic in the 80$, and an exhibition of dresses from nationally celebrated de518ner Mandy Webb inspired by her HIV posltlve status. The co-chair of PRIDE and employee of Luton Sexual Health said The continued 5UPPOrtfor the LG8TQ+ community thot The Culture Trust hos given is invaluable and being oble to roise oworeness of themes and tOPlC5 of importonce to the community within o pmfessionol venue in the town isfontostic. l om lookinoforword to watching the next developments of this relotlOn5hip.' Producers Hub: as part of our regular creative socials In the Hat Dlstrirt, Luton's Creative People and Places programme. Revoluton, and l Degree East hosted the flrst sesslon of thelr new Producer Hub which we co-hosted. Some attendees were new to the Hat Factory and were not aware of Its Potential as creative and cultural ambassador for theSr work. We invited the partners to develop the Producer Hub at the Hat Factory and offÈred support In developing Its scope. Creatlv¢ and cultural careers: In June. the trust hosted a Creative Network event to support the Local Cultural Education Partnershlp ILCEP) In sharin8 information about CreatNe and Culturnl Activities across the Trust. and we shared experiences on how to effectivety and engagingly desl8n new cultural learning sesslons. The cohort of 20 teacher5 from Luton Primary schools were shown the site and examples of hands on, object focussed sessions Insplred by our collectlons as well as a sneak preview of the new 360 Virtual tour and Arts Award Dlscover log book Inspired by the portraits of Theodore Kern In the hall way. Workln8 wlth the Careers advisor from The Chiliern Academy we desl8ned and co-produced a programme of tultural skills and career5 5UPPOrt. Wellbeinz Art Therapy: We are continuing to work wlth Morlom Grlllo from the Butterfly Prolert and the Recovery College to dellver Art Therapy at the Hat Factory. The current 3-month course has 10 particlpants benefiting in depth. Feedback has been positive and the sessions have had clear Imparts on partlclpant's lives, with the Hat Factory now being referred to as'5afe space.. We arealso plloting a series of li8ht.touch wellbeing Inltlatlves at our publlc pro8rammes The inienientions arè desb8ned to provlde an accessible taster of Art Therapy and to reduce the soclal stigma of vokln8 concems and seeklng help. From October- December we wlll use the Hat Dlslrlrt Late5 platform to Introduce these dlscreet arts-based ctivities Youth Theatrn: Our longstandln8 partner Next Generatlon Youth Theatre INGYn celebrated their 10-year anniversary Sn July. Acr055 2022-23 they have already supported 5LY)O young people to acee55 their provision. The celebration included public performances from their Young Dance and Theatre companies and a debut from their new Musical Theatre company. Three of the events were sell outs with the others achieving Stron8 numbers. Public feedback included comments such as ￿hat on amazlng nightlll and . so much talent in one room.. We are working Wlth NGYr Dlrectors to develop new strate8ic models of partnership Includlng a bursary programme, the pllot of a technlcal production course. and shared fundraisin8 bids to increase reach and scope. From Aprll NGYf Frlday Muskal Theatre classes wlll also be hosted with us which In total means all of NGYf5 town centre activity will be held at the Hat Factory. Stockwood Discovery Centre: Young Poopl•'s creatlv• *wkshops: The third iteration of this project has been adapted to further benefit the young people takin8 Part, with multiple interventions In School and on 51te at Stockwood Discovery Centre. Thi5 time. participating Students have been put foThvard by Stockwood Park Academy. All partlcipants are at being at risk of excluslon due to Emotional Based School Avoidance IEBSAI. Students have participated in creative workshops with sound producers MakeAmpllfy and choreographers BEEE Creailve. Students a￿ supported to produce di8ital, projettion and movement responses to our collections, this time with an added focus on illumination and the importance of the site's trees and greenery. LGBTQ picnic: In September we hosted the '8ig Gay Picnic,. As part of the Trust's commitment to improvin8 LGHBTQ+ visibility in Luton. we worked with the PRIDE in Luton committee to promote the community'5 first public 8et together since the success of PRIDE in June. The event was open to all featU￿d INe music and performance, and a food and drink from our cafe. The partnership event helped demonstrate Stockwood as safe and friendly space for the communlty and a contribution of £600 has been pledged to the Trust for programming in LGBTQ* Hlstory Month In February 2023. Schools Llnkln8 Networks: We recently hosted the annual briefln8 for the khoo15 Linklng Network ISLNI at Stockwood Discovery Centre, welcoming siaff representatives from the partnering schoo15. The SLN aims to help youn8 people bulld relatlonships with chlldren they mlght otherwise not meet- children of different ages, ethnicitie5. religions and back8rounds. Thls year the SLN are fundin8 all partner schools 'neutral' visits to Stockwood. This brought over a ILXKI children from 10 dlfferent schools between January and February 2023 lo our 51te. This was an Incredible opportunity to make new cultural learnSn8 partnershlps and the team and developin8 a plan that can support and encourage repeat ttendance from the schools and their families through the year. Slockwood Illumlnated.. in December we opened our annual wlnter light trall. Produced In-house, the trall celebrates the beauty of the hlstorle Grade11 listed gardens. The trail includes many Interactive elements whlch we know from prevlous evenis are popular with younger audiences. Data from 2021,5 record breaking event showed that the later slots tended to be less busy: so thls year we trialled 'llluminated Lates, each Satufday evenlng to brlng some of the popular'Hat DistrSrt Lates, energy to Stockwood. featuring live music and an increased hospitality offer. The openin8 weekend saw over l(KN) people. with tlckets for the rest of the run continuing to sell at a pace of approximately 6W a day. Feedback has been extremely posltSve and included: You have totolly surpossed yourselves, this is the best one everf and This Is excellent value und such a good show thonk you. we will l)e bock.. Hortlculturn Student Placements: With Central Bedfordshire College we hosted three Horticulture Placement student5 for a period of 5 months. Students were based at Stockwood Discovery Centre and worked directly alon8side our Gardeners 3 days a week. This is a ￿allY valuable partnership and with Placement managers we ensured both students and trust Staff feel supported to deliver and participate constructively. Febfest: as part of our annual collal)oration with Bedfordshire producers and theatre makers. Full House Theotre, Stockwood Discovery Centre hosted four February Half-term shows- each of them a sell-out. This Included a Samba Drumming Workshop for children aged S- 12 to explore Brazilian Camival percussion, and an interactive theatre show for children a8ed 3+ titled Curious Investigators, Whe￿ the audience helped the cast investigate their recyclin8. Wardown House Museum & Gallery wel¢omed Up on the Roof took audiences to explore the rarely seen ornate tsrickwork. chSmneys and WWI 8raffiti on top of Wardown House Museurn and Gallery, 8 fully booked tours took place acr055 the day with queues building before the doors opened. Programmed as part of National Heritage Open Days, we learned there is huge appetite for'behind the scenes, activity and are plannin8 more Curators day5, talks, and archive tours. ActivSty Is being designed with our l-mlle community to ensure it's relevant and appeallnB to our local Bangladeshi. Pakistani and polish communities. Hat fte$ea￿h Centre: In November. the students of Morley College's Milllnery Course- one of just a few remainlng In the UK- visited Wardown House to look at objects from our coSlectlon. We presented a history of the collectlon, the hlstory of Luton's hat industry. and object-specific Inforrnation on the thirteen headdresses they had selected for research. Afterwards the students were exclted to look at the Straw Plait collection and Brltish Mlllinery ma8azines, before v151ting the permanent galleries. The Head of Morley Colle8e and mlllneT Vesna Peslc sald 'Thonk you very muchfor showinq us oll the beoutiful treo5ures. Everyone enjoyed very much., Durin8 the Sprin8 semester the students created a hat insplred by the collectlon, which featured as a small dlsplay. Musk In th• Mus•um programme presented classlcal Harplst Gabriella Oall'ollo {BBC, R•dlo France. RAI, Bayerlscher Rundfunk and Radlo Suissél, and the multl-lnstrumentallst Clare Hoffiman ILoDdon Symphony Orchestra, Philharmonlo, 88C Symphony Orchestral on the violin and vlola. Social media feedback Included ft's on obsolute dellqht to Ilsten to beoutiful muslc In such on intlmote ondperfect setting. Thank yow. Tlcket trends for these events continue to be positive with almost every event sold out. Collectlon Dev•lopment: We received a donation of artwork from Grodon de la Mothe. In the late 19705 Gordon de la Moihe wa5 a member of the 'Rainbow Art Group,, an intrl8uin8 new initiative involving a number of London artlsts in promoting the art of minority communities. Born in Carrlacou, Grenada, Gordon moved to the UK and studied at Luton College of Art. Our Curator is in contsct wlth Gordon and we hope to bring an exhibition of hls work to Luton alon8 wlth other p*ces currently on dlsplay at Maidstone Museums. We also welcomed artlst Judit Czimer-szendrel as part of Hat Distrlct Lates Jubllee Cefebralion as part of the official donatlon of her artwork Godsave the Queen. The event was attended by Katalin Oroszl, Cultural Attsché for Hungarian Embassy. Dlverslfyln8 ¢)ur collo¢tlon: As part of curatorial and Equity. DNerslty and Inclusion strate￿ IEDII we are increasin8 representation and diversity In the Museum collections. we have secured the donation of a Lucy Barlow'speaker Hat,. Lucy Barlow first became interested in creatin8 hats for men with locks while visitin8 the reggae record store Daddy Cool. Thls piece was in5plred by the way music can lift the splrlt and was made for musician Klaywithak. We have also acquirèd a ralnbow headdres5 wom by Asifa Lahore, the flrst out Musllm Dra8 Queen. We plan to proflle a ran8e of emhibition Items across South Asian Heritage Month (July- August). and Black History Month Iortoberl with an additional speakers programme and digital highlights. Wlndrush: We worked with with local group5 Including the ACCDF and ULCAC to acknowledging the 75th anniversary of Windrush. Part of this ncluded supportin8 RUSH75, a new fllm project by local Caribbean artiSt5 aiming to celebrate the influence of the Windrush generation on Luton. We are also lookin8 to develop new narratlves across the Museum with objects that tell new narratives. which is an Arts Council NPO fvnded development area for the Museum. La¢e in Fashlon temporary exhibitlon opened at Wardown, hlghl*hting a selection of lace from our extenSNe collection and demonstratin8 how lace was used In fashion. The chronological display runs from the 16C(Js to the 20th century including costurne, acce550ries and trlmmin8s. Over 5CW people have seen the exhibition, and we know from soclal media that multl.slte Lace Projects approach Is successful, with audiences posting pittures onllne •nd commenting. One online visitor posted a plcture wlth comment The [Lace Treesj artlst sold her inspifotion camefrom the loce ot Wordown House Museum. Well here is the proofl The loce Is port of the exhlbitlon Loce in Foshion... Schools ¥lslts.' We hosted Ecton Brook Primary School from Northampton. who brought a lar8e 8roup of 90 chlldren lo Wardown House. They came specifically to experience the Stone A8e to Iron Age sessions, which we tallored to suit thelr needs. The Head Teacher lolned the trlp and wrote to pass on their thanks.. "We would Ilke to thank youfor o morvellou5 day yesterday. We thorouqhly enjoyed the trip. It WO$ 0 9odsend havinq the schedule and o room thot had eosy occess to toilets ondfor storinq our thing5. We loved the sessions ond they were well tlmed ond paced. The children olso enloyed the museum a greot deol. Af teochers. welelt that the orqonisotion wos stronq and thot thef(Kilitie5 were perfectly suited to our needs. We lookfonvord to seelno you in 2023". Thls reiterates the importance of the 360 experience for schools. who value easy plannlng as well as a robust cultural offer. Thls type of feedback Is beln8 used to attract new schools and Increase our reglonal profile. Hal Distrlrt Creative Cluster Hats Made Me... dan¢e: NG￿ were commissioned to Create a pop-performance for Hot DistrKt Late5 in March. The performance was Insplred bv the Hat and Headwear Exhibition, In particular a visor worn by Beyoncé on the cover of Vogue. The commission featured 9 young dancers from NGYfs award-winnin8 dance company Meraki. The performances took place in the windows of Hat Factory and Storefront Gallery, as well as outside on Bute Street. Performed four tlmes across the evenin& the dancer5 brought re8ular Crowds to the Hat District, wlth some being encouraged inside to explore the wider event. A pa55er-by commented Thot hos made my day ond really put a smile on myfoce. It is $0 lovely to see young people hoppy and doing 5t)methinq they love rother than just hcnging oround on street corners... Oancers will now work with up to 10 local schools to ￿hearSe play8round-flèshmobs to be performed on the opening week of Hats Made Me in April. Hat Distrirt Tours: In July we partnered with local Civil Engineering contractor Reybridge to show 90 pvpils from w18m0￿ Primary School around the Hat District and Plaiters Lea area. Ryebridge are constructin8 the neighbourin8 'Hat Gardens. and engaged u5 to share our vision for the area. As part of the tour we introduced pupils to theatre and exhibition spaces and worked with teachers to design a quiz on their Hat District knowled8e. The Headteachef at Wigmore Prlmary commenled "it was o great opportunltyfor the children, thonk5 to everyone who helped orgonlse it-. He also invited our Cultural Learnlng team io the school to glve a follow arts-based learning session on Luton's hat makin8 heritage Preacher. Punlsher and Judz• Dredd, the works of Brftlsh Comlc Book LeKend Steve Dlllon: Workin8 Wlth the Dillon family and our team curated an exhibitlon of 54 artworks spanning four decades. The artist is internationally celebrated and over 300 free tickets We￿ booked in first 2 weeks. This exhibiton featured in the Guardian's Culture Magazine in late June. with an interview from Garth EnnSs Icfeator of Amazon Prime's The 8oys'l who was one of Steve'5 best friends. Steve'5 brother Gtynn attended the launch of the exhibition and gave Q&A about his own work a5 a costurne deslgner for ihe Star Wars and 8atman franchises. Thls exhlbition In a non-gallery context worked well. Hat House basement provides a platform for more urban. experimental and eclectk exhlbition5 and new audlences. Herltage Lates: learnin8 from our successful monthly creative socials, the Hat Dlstrlct celebrated National Heritage Open days with a stacked programme of heritage inspired artlstlc Interventions. The pro8ramme featured live mlxed moving ima8e projected and INe streamed around the building* looped social herita8e films from Holding Space collective, the launch of 'On the Wlngs of a Wirebird, by Sophie Greswell, artist led- discusslon explorln8 cultural identlty. and Luton Urban Radio's Nlv Hammond playlng herltage Jazz recordlnss, Over 540 people attended the event demonstratln8 a $58nlfkant appetlte for a socially led Intersectional herltagelarts offer in the Hat Dbstrlct, Hat Dlstrlct CapFtal Prolert- publicatlon: To conclude this six year re8eneration projert adaptin8 three fomer fattories for contemporary use, we wrote a book about the slx yearjourney which has now beln8 published. Authored by our CEO Marie Klrbyshaw and our Head of Collections and Heriage Elise Nalsh this book sets out the vision and the journey of chan8e, funding partnerships. herlta8e transformations. It wa5 illustrated malnly with by loc•1 photO8rapher Shaun Am)stron8 who was commi55ioned over four years to document the building and area transformation. A copy of the book was presented to funders at the fornial Opening Event. A lecture serles followed where we were Invlted to speak al)out the project at national ft)rum and or8ani5ation5. Wilh such bredth to our work, we welcome opportunities to share knowledge and skills and our passion for art5 and culture. We welcomed a delegation from Kashmir to explore the Hat Dlstrlct and Sha￿ ideas about exchanges, mutual promotion and tourism. The conversatlon was engineered by Cllr Aslam Khan IDeputy Leader Luton Borough Council) and we formally greeted Tehzeeb Un Nisa (Dlrector General of Tourlsm & Archaeology) Malik Flyyai IDeputy Dlrector of Tourism & Archaeolo8yI and their party. Our CEO Marie Kirbyshaw was also honoured to be invited by HM Lord-Lieutenant of Bedfordshire Susan Lousada and Luton Borough Council, as a representative of ihe Trust to meet His Majesty Kln8 Charles on his visit to Luton on 6 December 2022. This was a good opportunity to tell him that his motherf5 hats were dyed in Luton and he showed an interest in the history of Hat Maklng. l am particular￿ thankful to the Officers and Councillors for their artive and contineud support in the Culture Trust,. our partnership with Lulon Borough Council and donation from Luton Risin8 enables us to contribute significantly towards Luton 2040 ambitions and specifically towards deliverin8 Outcomes aligned with the Arts and Cultural Strategy 'Harnessing momentum. and the Heritage Strategy 'Curating Luton,. We also, through our Hat District and Hat Factory programme5. creative Workspa￿ and actNity. contribute significantly towards town centre regeneration. tourism. Inward investment and the local and nryht time econorny. I would also like to thank Arts Council England. who support our National Portfolio Delivery ènd have approved a further investment of £760,746 {over three years) to support the continuation ofour exemplary museum actNity at Wardown House Museum Galley untll the 2023-2026. We look for4¥ard to continuing our rewarding work through this three year fundln8 agreèment. In addition, Arts Cauncil awarded us additional fundlng of £237,167 lover three years) to deliver new programme in the Hat District called Yalent. Alumni and Progression. to connect local people wSth creative career opportunities, mentors and for us to map progresslon. We are very excited about launching this programme and workin8 in partnershlp with the Cultural and Edu￿tIOn Sector5 in Luton to map out routes In and out of formal education and cultural provision. I reco8n15e thls has been another challengln8 year for the Trust the c05t of Ilvlng pressures Impacl on operatlonal costs and customer prlorltles on spend, but our funders and partnershlps, staff and trustees have enabled us address these challenges and support our users, partners. volunteers and tenants. Of course It15 wlth on8oin8 thanks and pralse that I commend our Culture Trust slaff team. the leadershlp team and CEO for their commltment and drlve to achleve mission to connect communities wlth cutture. Andrea Stark Chalr of Trustees r Purposes Artlvltles The oblects of the Charity are as follows: The Charity has been established for the benefit of the publlc primarily for the community and visitors to Luton and the wider area of the East of England for not limited to ihe following oblert5. Ibl The advancement and support of education, culiure, arts. herltage and hlstory includin8 the provision of museums. galleries. learning and infom)ation centres. archives and other related servlces; andlor The provision or assistance In the provision of facilities for recreation or other leisure tlme occupation in the Interest of soclal welfare such facllities being provided to the public at large save that special facllitles may be provided to person5 who by reason of their youth, age. infimiity or disability, povertv or soclal or economic clrcumstances may have need of special facilities or services; and/or Idl Such other charltable purposes beneficial to the public consistent with the objects above as the Dlrectors shall in thelr •b￿lute discretion determine. How our •rtlvltl•s d•lfver publlc benefit The Trustees confirm thai they have had regard to the Charlty Comm155ion's guidance on Publlc Benefit, Thè Trustees belleve that they meets the two key prlnclples of publlc beneflt as defined by law, beln8: There must be an Identifiable benefit or benefits Beneflt must be to ihe publlc, or a sectlon of the publlc Th• followln8 exampl•s demonstrat• how we dellv•rto these two key prlnclpl•J of publ1¢ b•n•fft: As Cultural Venue experts we widen publlc partlclp*lon In exemplary arts and cultural •¢tivity. We do thls by: Welcomin8 over 2￿,0[1) cultural vi51tors to en8age with heritage, museurn5, art5 and culture at our three sltes. Removing social and poverty barriers by providing free to access museums and heritage sites for all. o Ensuring Customer satisfaction. Wardown and Stockwood are Trip Advisors 2 3, top 'things to do in luton, Wrest Park Is number I (which is not in Lutonl. As ￿0d custodlans. we advocate for and ure for herftage. museum collectlons and h15torlc buildlngs: Over the last ten years we have raised £13m to Invest In Improvin8 local and publicly owned herita8e buildings. sites and Museums o We (leliver accredlted Museum services and collect*?n care with specialist curatorial expertlse and free public access o We raise awareness of our environment. SU5tainability and commit to becomin8 Net Zero at Stockwood Dlscovery Centre playing our part In Luton o We invest in the runnin8 and operation of our Luton's heritage sites annually contributing to their upkeep and ensurin8 free public access to safe and insplrln8 venues. As one of the larwt Creatlve Industrles In Luton we 5igniflcantly to contribute to the economy by.. o Employing 45 staff and provide si8nificant work for industry freelances, tech, duty officers. artisis, producers, securlty and bar/caterlng staff. o Supportin8 19 creatlve bu51ne5s•s & •ntr•pr•n+uvs with bespoke creative workspace. Delivering £3.6 million of GVA Impacts through the Hat District Cultural Economy o Committing £1.2rn Into the local economy each year for local services/trade/contracts As Investots In Luton Town Centro Culturnl Reynerntlon bv: o Developing historic former hat industry buildin85 that have been neglected or abandoned. We inve51 In high quallty herlta8e consepiation and improve the hlgh street creatin8 community pride and tourism to Luton Town centre Growln8 our Hat District town centre c￿ative workspace provision from 17,¢xI)sqft to 30,(KJOsqft o Anlmating our town centre wlth innovative, excitin8 and stlmulatln8 art, public art, window display and outdoor projectlons creating a desSrable town cenire de5tinatlon. o Contrlbutin8 to the nlght tlme economy throu8h our year-round venue pro8ramme of live muslc, Hat Dlstrlct Lates, fblm comedy and café entertainment. As promoters of the ¥kllls and tal¢nt In youni p•opl• w•. o Enable 15,000 youn8 people1￿25 years) to participate In cultural skllls workshops and provide them with carer advlce and a plpellne for creative careers. o Nurture 75 cr•atlv• Industry mlcrtrbusinesses with affordable hot-desklng space En8age with Schools in Luton, supportin8 teachers and students wlth curriculum delivery and out of school actlvitie5. Provide a platform for creative people to perforni. practice and nurture their talents in professional venues in front of Ilve audlences to develop their confidence and communlcation skills. o We invest in skills. develop taleni, commisslon research and collaborate in order to foster 8rowth Flnancl4 Review Ouring the year, turnover decreased by 28.9% to £2.838m1202V22. £3.991ml due mainly to the loss of £1,327,168 of cultural recovery fund and furlough support. Thi5 reduction in income was partly offset by a slight Increase in fundraisin& museum and library oncome and an increase in tradlng Income. The io total resources expended increased by 18.36% to £4.304m12021122. £3.636ml reflectlng the increased expenditure for the £230k increase in premises costs, bein8 the Increase in utility bills and the increase in the cost of livin8 pay award. The principal fundlng sources of income to the Trust itself is Brants of £1,913.23212021122, É2,095,3481 for arts and culture. We also generate income from ticketed events. donations and rentslhire of spaces. The requirement under FR5102 to provide for beneflts accrued and the net interest cost of the defined benefit pension scheme in the Trust5 SOFA ha5 reduced the reported net Income (before actuarial movements) by £772,0￿<2021l22, £798.OCKII to a net expenditure of £1,471,487 12021122 net income of £355,852). In addltion £112,204-12021122. £39,800) is held a5 restricted fvnds in respect of unspent funding received for specific projects at the year end. The defined beneflt penslon deflclt decreased from £7.351.LThJ to Nil at the balance sheet date in accordance with the actuarial valuation report for FRS 102 purposes. The overall actuarial galns from the pension scheme We￿ £8.123,OLKI. Thls has produced a consolidated net liabilities position of £18,816,iX 12021122, £29,577,OCY)l. The Trustees conslder that the pension deficit is based on lon8 term projections of future investment returns and demographic experlence many years into the future and thus are unlikely to reflert the actual eventual cost of providing the pension benefiis in the lon8 term. In additlon the last triennial fvll valuation carried out by the fund managers in March 2019 produced a fundln8 surplu5 value of £2.395k. Accordlngly. the Trust contlnues to adopt the 80in8 concern basls in preparln8 the financial statements. Prlcln8 Pollcy Our pricing pollcy reflects our Strate￿ of enabling f￿e access to Museums at Wardown House Museum and Gallery and Stockwood Dlscovery Centre. We also Provide an annual programme of free and subsidlsed arts and cultural artivities and event5 where tlcketed event prices ran8e from £5 to £20 In the Hat Factory Arts Centre. All of our museum exhibitions, collections and public art mmmissions are accessed freely. Slnce 2019120 we have conducted a ticketing strategy called Culture for a Ffver where many of our arts events are prlced at £5 to allow our audience to attend high quality arts that are affordable. particularly for the younger demographic of Luton as well as a Pay It Fornard spon50rshlp scheme to encourage buslnesses to sponsor tickets for targeted groups and individuals In most need. Investment powe￿ and Pollcy The Trustees. having regard to the liquidity requirement5 of runnin8 the busine55. keep available funds in Interest-bearing deposit accounts and seek to achieve a rate on deposit whlch matches or exceeds inflation as measured by the retail prlces index. Due to the increasing interest rates the trust was able to produce a modest amount of investment income in the year although the ability to generate a higher ￿tUrn was depressed due to the reduced cash balan￿5. li Reserves Polky and Golnz Concern Resevves are needed to bridge the 8ap between the spending and receiving of income and to cover unplanned emergency expendlture or reductions in fundln8. The Trustees note that at the year-end. a total of £5.553.511120121122. £6,561,526) is held in the general fund reserves, which includes fixed assets and investment properties. and £112.20412021122. £39.8001 as restricted funds. The restricted funds are not available forgeneral purposes at the end of the reporting perlod and the general funds are held in fixed assets properties and can only be realised through the disposal of these assets. The Trustees conslder thal the ideal level of ￿seThes as at 31st March 2023 would be £60J,OCO representlng two months operational expenditure. The Trust has fallen below the level identified in the reserves policy during the period. The Trust 5 year plan includes a 8radual restofation of the Trust ￿selves. In accordance with their responsibilities, the Trustees have considered and concluded upon the appropriateness of the going concern basls, whlch has been used in the preparation of these financlal statements. In making this goin8 concern asse55ment, the Trustees have had re8ard to the matters highli8hted in Note I section b in the accounts. After considering the uncertainties described in the note. the Trustees have a reayjnable expectation that the charitable company will have sufficient resources to contlnue in operatlonal existence for the foreseeable future. For I￿se reasons, the Trust has conllnued lo adopt the going concern basis in preparing the flnanclal statements. Plans for Future Perfods Bulldlng on our newly adopted Creatlve Plan and Commercial Plan we have been developln8 a new Trust-wide Buslness Plan which wlll come Into action fmm April 2024-6. It is being built out of a series of workshops and activities with board, staff and the leadership team. Nine emer8in8 priorities will form the key structure of the document for dellvery. reco8nisin8 that we need to focus on our specialisms and grow existln8 Stren8ths. 12 Ref¢ren¢e and Admlnlstrative Detalls Charlty number: 1122964 Compary Nmber: 06373488 IEn8land and Wales) Rezlstered Offlu: The Hat Factory Arts Centre 65-67 Bute Street Luton LUI 2EY Our Advlsers Audltors: Moore Kln8Ston Smlth LLP Devonshire House. 60 Goswell Rd, Barbican, London ECIM 7AD Bankers: Co-operatlve Bank pl¢ 2 Alma st￿et Luton LUI 2PL Sollcltors,. Freeths LLP Routeco Office Park Davy Avenue Knowlhill Milton Keynes MKS 8HJ 13 Dlrectors and Trustees The Trustees, who are a150 directors under company law, who served during the yeaf and up to the date of this report were as follows: Mr Nicholas Gibson Ichair until 24103120221 Mr Geoffrey Mulgan Ms Andrea Stark Mr Safeer Ahmed Ms Joanne Prlor Mr Bilal Hussain Mr Sufian Sadiq Mr Robert Smallev Mr Andrew Stran8e Dr Carlola Larrea Msjulma Be8um (Appolnted as Chalr from 15112120221 (Appointed 291091221 Key M•naiement P•rsonMI Ms Marle Klrbyshaw Mr Samuel Javid MrGuy Smith Mr Ashley Bishop Ms Vanessa Penzo Ms Tracey Sa8e Ms Gillian McKay Chief Executlve Creative Dirertor (resigned 1618120231 Dirertor of Operatlons and Busines5 Performance IRe5igned 151071221 Director of Customer Experience (Appointed 051121221 Dlrector of Flnance & Resources/Company Secretary Ires18ned 8 September 20231 Interlm Creative D1￿clOr lappolnted 3118120231 Interim Finance Oirettor lappointed 7 September 20231 14 Struciure GO￿￿n nce and Man Goveming document Luton Cultural Services Trust is a re8lStered charlty and a company Ilmlted by guarantee. Its governing document Is Memorandum and Articles of Association. The Board of Trustees comprlses the Dirertors of the compary. Members of the charitable company guarantee to contribute an amount not exceedin8 £10 to the assets of the charltable company in the event of winding up. The total number of such guarantees at 31 March 2023 was 12. Appolntment of Trustees As stated above. the Board of Trustees are a150 Directors of the Company. Directors are recrulted throu8h public advertisement, contacts of the current Board members and throu8h business contarts of the charity. They are assessed for suitabillty u51ng a skills and interests matrix and are Interviewed by the Chair and Chief Executive. In normal circumstances one thlrd of the Directors retire at eaeh Annual General Meetln8 and are eligible for reappointment. Trustee Inductlon and tr•lnlng Trustees have an induction pro8ramme comprI￿n8 8overnance, the Trust vlslon and prlorftles. anaty5is of the charlvs buslness plan, actlvlty programme, staffin8 and resources. They also take part in a programme of visltS to operational sites of the Trust Whe￿ they leam MO￿ about our operation and meei staff and volunteers. Trustees are able to undertake trainin8 specific to thelr role, attend look and see vislts and partlclpate In an In.depih away4ay each year with the Chief Executive and Leadershlp Team to review prloritbes and to forward plan. Ory•nlsation The organlsatlon was established under a Memorandum of Association which established the objerts and powers of the organisatlon and is governed undef Its Artlcles of Association. The Trustees who have served durln8 the period and those appointed before the date of this report are listed on pa8e 10. No member of the Board or sub-committees receives any remuneratlon for their services a5 Trustees. The Board meets four times a year wlth additional extraordlnary meetings if required. sub.committees report quarterly to the Board and comprise ihe Flnance sub-comrnittee. HR sub**Income from:**
Donations and legacies
3
Charitable activities
2
Other trading activities
11
Investments
4
**Total Incoming Resources**
**Expenditure on:**
Raising funds
11
Charitable activities
5
Other costs
5
**Total Resources Expended**
**Net incoming/(outgoing) resources**
**before transfers**
Transfers between funds
17
**Net income/(expenditure)**
**Other gains/(losses)**
Investment property impairment
10
Actuarial gains/(losses) on defined
18
benefit pension scheme
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**£**
1,550,919
276,107
641,625
821
**Unrestricted**
**Funds**|**£**
362,313
300
-
-
**Restricted**
**Funds**|**£**
**1,913,232**
**276,407**
**641,625**
**821**
**2,832,085**
**543,356**
**3,727,762**
**32,454**
**4,303,572**
**(1,471,487)**
**-**
**(1,471,487)**
**(137,859)**
**8,123,000**
**6,513,654**
**(698,291)**
**5,815,363**
**Total Funds**
**2023**|**£**
2,095,049
1,400,768
495,971
-
**Total Funds**
**2022**| |---|---|---|---|---| ||**2,469,472**|**362,613**||**3,991,788**| ||543,356
3,430,353
32,454|-
297,409
-||387,462
3,213,313
35,160| ||**4,006,163**|**297,409**||**3,635,935**| ||(1,536,691)
(7,200)|65,204
7,200||355,853
-| ||**(1,543,891)**
(137,859)
8,123,000|**72,404**
-
-||**355,853**
**(417,860)**
**3,222,000**| ||**6,441,250**
**(738,091)**|**72,404**
**39,800**||**3,159,993**
**(3,858,284)**| ||**5,703,159**|**112,204**||**698,291**| 25 ## **Luton Cultural Services Trust Consolidated Statement of Financial Activities For the year ended 31 March 2022** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
2
Other trading activities
11
Investments
4
**Total Incoming Resources**
**Expenditure on:**
Raising funds
11
Charitable activities
5
Other
5
**Total Resources Expended**
**Net (outgoing)/incoming resources**
**before transfers**
**Transfers between funds**
17
**Net income/(expenditure)**
Investment property impairment
10
Actuarial losses on
18
defined benefit pension scheme
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**£**
1,459,307
1,400,468
495,971
-
**Unrestricted**
**Funds**|**£**
635,742
300
-
-
**Restricted**
**Funds**|**£**
**2,095,049**
**1,400,768**
**495,971**
**-**
**Total Funds**
**2022**| |---|---|---|---| ||3,355,746|636,042|**3,991,788**| ||387,462
3,034,832
35,160|-
178,481
-|**387,462**
**3,213,313**
**35,160**| ||3,457,454|178,481|**3,635,935**| ||(101,708)
463,780
362,072
(417,860)
3,222,000
3,166,212
(3,904,303)|457,561
(463,780)
(6,219)
-
-
(6,219)
46,019|**355,853**
**-**
**355,853**
**(417,860)**
**3,222,000**
**3,159,993**
**(3,858,284)**| ||(738,091)|39,800|**(698,291)**| 26 ## **Luton Cultural Services Trust Consolidated Balance Sheet As at 31 March 2023** |**Note**
**2023**
**2022**
**£**
**£**
**Fixed assets**
Tangible fixed assets
9
**4,637,561**
4,796,548
Investment property
10
**2,967,501**
3,105,360
**7,605,062**
7,901,908
**Current assets**
Stock
12
**14,120**
15,351
Debtors
13
**184,599**
449,994
Cash at bank and in hand
**82,120**
549,064
**280,839**
1,014,409
**Creditors:**Amounts falling due
14
**(595,616)**
(551,192)
within one year
**Net current liabilities**
**(314,777)**
463,217
**Creditors:**amounts due after
15
**(1,474,922)**
(1,712,416)
one year
**Net assets excluding pension**
**5,815,363**
6,652,709
**scheme (Asset)/liabilities**
Defined benefit pension scheme Asset/(liability
**-**
(7,351,000)
**Net Liabilities including pension**
**5,815,363**
(698,291)
**scheme liabilities**
**Funds**
Restricted funds
17
**112,204**
39,800
Unrestricted funds
General funds
17
**5,703,159**
6,612,909
Pension reserve
17
**-**
(7,351,000)
**Total funds**
**5,815,363**
(698,291)
**The Group**|**Note**
**2023**
**2022**
**£**
**£**
**Fixed assets**
Tangible fixed assets
9
**4,637,561**
4,796,548
Investment property
10
**2,967,501**
3,105,360
**7,605,062**
7,901,908
**Current assets**
Stock
12
**14,120**
15,351
Debtors
13
**184,599**
449,994
Cash at bank and in hand
**82,120**
549,064
**280,839**
1,014,409
**Creditors:**Amounts falling due
14
**(595,616)**
(551,192)
within one year
**Net current liabilities**
**(314,777)**
463,217
**Creditors:**amounts due after
15
**(1,474,922)**
(1,712,416)
one year
**Net assets excluding pension**
**5,815,363**
6,652,709
**scheme (Asset)/liabilities**
Defined benefit pension scheme Asset/(liability
**-**
(7,351,000)
**Net Liabilities including pension**
**5,815,363**
(698,291)
**scheme liabilities**
**Funds**
Restricted funds
17
**112,204**
39,800
Unrestricted funds
General funds
17
**5,703,159**
6,612,909
Pension reserve
17
**-**
(7,351,000)
**Total funds**
**5,815,363**
(698,291)
**The Group**|**Note**
**2023**
**2022**
**£**
**£**
**Fixed assets**
Tangible fixed assets
9
**4,637,561**
4,796,548
Investment property
10
**2,967,501**
3,105,360
**7,605,062**
7,901,908
**Current assets**
Stock
12
**14,120**
15,351
Debtors
13
**184,599**
449,994
Cash at bank and in hand
**82,120**
549,064
**280,839**
1,014,409
**Creditors:**Amounts falling due
14
**(595,616)**
(551,192)
within one year
**Net current liabilities**
**(314,777)**
463,217
**Creditors:**amounts due after
15
**(1,474,922)**
(1,712,416)
one year
**Net assets excluding pension**
**5,815,363**
6,652,709
**scheme (Asset)/liabilities**
Defined benefit pension scheme Asset/(liability
**-**
(7,351,000)
**Net Liabilities including pension**
**5,815,363**
(698,291)
**scheme liabilities**
**Funds**
Restricted funds
17
**112,204**
39,800
Unrestricted funds
General funds
17
**5,703,159**
6,612,909
Pension reserve
17
**-**
(7,351,000)
**Total funds**
**5,815,363**
(698,291)
**The Group**|**2023**
**2022**
**£**
**£**
**4,637,561**
4,796,548
**2,967,501**
3,105,360
**7,605,062**
7,901,908
**-**
-
**64,136**
497,788
**-**
408,496
**64,136**
906,284
**(528,561)**
(494,449)
**(464,425)**
411,835
**(1,474,922)**
(1,712,417)
**5,665,715**
6,601,326
**-**
(7,351,000)
**5,665,715**
(749,674)
**112,204**
39,800
**5,553,511**
6,561,526
**-**
(7,351,000)
**5,665,715**
(749,674)
**The Charity**|**2023**
**2022**
**£**
**£**
**4,637,561**
4,796,548
**2,967,501**
3,105,360
**7,605,062**
7,901,908
**-**
-
**64,136**
497,788
**-**
408,496
**64,136**
906,284
**(528,561)**
(494,449)
**(464,425)**
411,835
**(1,474,922)**
(1,712,417)
**5,665,715**
6,601,326
**-**
(7,351,000)
**5,665,715**
(749,674)
**112,204**
39,800
**5,553,511**
6,561,526
**-**
(7,351,000)
**5,665,715**
(749,674)
**The Charity**| |---|---|---|---|---| ||**7,605,062**|7,901,908|**7,605,062**|7,901,908| ||**14,120**
**184,599**
**82,120**|15,351
449,994
549,064|**-**
**64,136**
**-**|-
497,788
408,496| ||**280,839**|1,014,409|**64,136**|906,284| |||(551,192)
463,217
(1,712,416)
6,652,709
(7,351,000)|**(528,561)**
**(464,425)**
**(1,474,922)**
**5,665,715**
**-**|(494,449)
411,835
(1,712,417)
6,601,326
(7,351,000)| ||**5,815,363**|(698,291)|**5,665,715**|(749,674)| ||**112,204**
**5,703,159**
**-**|39,800
6,612,909
(7,351,000)|**112,204**
**5,553,511**
**-**|39,800
6,561,526
(7,351,000)| ||**5,815,363**|(698,291)|**5,665,715**|(749,674)| These accounts were approved and authorised for issues by the Board on 26 September 2023 and signed on their behalf by: …………………………………….. **Andrea Stark Chairman** 27 ## **Luton Cultural Services Trust Consolidated Statement of Cash Flows For the year ended 31 March 2023** |**Note**
**Net cash flow from operating activities**
(a)
**Cash flows from investing activities**
Interest received
Interest element of finance lease repayments
Interest element of loan
Expenditure on fixed assets (including investment property)
Net cash used in investing activities
**Cash flows from financing activities**
Repayment of capital element of finance leases
Bank loan drawn down
**Net cash inflow**
(b)
**Cash and cash cash equivalents at beginning of the year**
**Cash and cash cash equivalents at the end of the year**|**2023**
**£**
**(182,665)**
**821**
**(7,240)**
**(67,259)**
**-**|**2022**
**£**
902,193
-
(13,215)
(38,923)
(246,659)| |---|---|---| ||**(73,678)**
(61,619)
**(148,981)**|(298,797)
(61,751)
(69,732)| ||**(210,600)**
**(466,943)**
**549,064**|(131,483)
471,913
77,151| ||**82,121**|549,064| ## **Notes to the cash flow statement** ## **a) Reconciliation of (outgoing)/incoming resources to net cash flow from operating activities** |Net (outgoing)/incoming resources before other gains/(losses)
Loss on disposal of fixed assets
Defined Benefit Scheme movements
Decrease in stock
Decrease in debtors
Increase in creditors
Depreciation
Interest paid on finance leases
Interest paid on loans
Interest received
**Net cash flow from operating activities**|**2023**
**£**
**(1,471,487)**
**-**
**772,000**
**1,231**
**265,395**
**17,531**
**158,987**
**7,240**
**67,259**
**(821)**|**2022**
**£**
355,852
-
798,000
1,953
51,945
(503,984)
146,289
13,215
38,923
-| |---|---|---| ||**(182,665)**|**902,193**| ## **Analysis of changes in net debt** |Cash and cash equivalents
Loans falling due after more than one year
Finance lease obligations
Total net debt|**At 31 March**
**2022**
549,064
1,645,268
128,766|**Cashflows**
(466,944)
(148,981)
(61,619)|
**New finance**
**leases**
-
-
-|**At 31 March**
**2023**
82,120
1,496,287
67,147| |---|---|---|---|---| ||2,323,098|(677,544)|-|1,645,554| 28 **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **1. Accounting policies** ## **a) Basis of preparation** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the consolidated financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charity SORP), the Companies Act 2006 and the Charities Act 2011. The results of the subsidiary entities are consolidated on a line by line basis. A summary of the results of the subsidiary entities is shown in Note 11. The functional currency of the charity and its subsidiaries is sterling; amounts are rounded to the nearest pound. Luton Cultural Services Trust has taken advantage of the exemption in section 408 of the Companies Act 2006 from disclosing its individual statement of financial activities. The Charity only surplus (net movement in funds) was £929,749 (2022: surplus of 1,127,900). The group accounts consolidate the accounts of Luton Cultural Services Trust and its subsidiary undertaking, LCST Trading Limited, made up to 31 March 2023. The acquisition method of accounting has been adopted. ## **b) Going concern** In accordance with their responsibilities the Directors have considered and concluded upon the appropriateness of the going concern basis, which has been used in the preparation of these financial statements. In making this going concern assessment, the directors have had regard to the following matters: - Budgets and cash flows to March 2025 - Relationships with the bank - Sale of land and continued negotions for further funding with Luton Airpost Authority The directors have assumed that sufficient funding will be made available to the company in the 12 month period following the approval of these financial statements. The LLAL and Arts Council revenue funding has been confirmed and this provides £1.5m secured income for the Trust in 2023/24. During COVID-19, an overdraft facility was put in place to help the Trust manage cash-flow and this remains in place until February 2024. It is anticipated that the facility may still be required beyond this period and so an extension will be sought. The Trust is active in seeking opportunities to fundraise and to date has been very successful. Nevertheless, after making these enquiries, and considering the uncertainties described above, the Directors have a reasonable expectation that the charitable company will have sufficient resources to continue in operational existence for the foreseeable future. For these reasons, the charitable company has continued to adopt the going concern basis in preparing the financial statements. ## **c) Income** Total incoming resources as shown in the Statement of Financial Activities is the total income of the group. All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income, the receipt is probable, and the amount can be measured reliably. The following specific policies are applied to particular categories of income: 29 **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **ci) Voluntary income** Voluntary income is included in the Statement of Financial Activities when receivable. ## **cii)** ## **Grants receivable** Revenue grants are credited to the Statement of Financial Activities when the Charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably. ## **d) Allocation of costs** Central salary costs are apportioned on the basis of staff time attributable to each activity. Overhead costs are allocated to activities on a headcount basis. ## **e) Costs of charitable activities** The costs of each category of charitable activity are the costs directly attributable to that activity and allocated central costs. ## **f) Governance costs** Governance costs include all costs of compliance with constitutional and statutory requirements, including legal and audit fees and the costs of meetings. ## **g) Depreciation** Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: |Long leasehold property improvements|10 - 50 years| |---|---| |Plant & equipment|5 - 10 years| |Office furniture and equipment|5 years| |Computer software|3 years| Items of equipment are capitalised where the purchase price exceeds £5,000. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Freehold property has been capitalised and included in fixed assets at cost. Depreciation has not been provided after taking into account the value of the land, the residual value of the property and the estimated useful life of the asset. The property is reviewed annually for any potential impairment. ## **h) Stock** Stock is valued at the lower of cost and net realisable value. ## **i) Restricted funds** Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support costs. ## **j) Unrestricted funds** Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. In accordance with FRS102, a pension reserve is included within unrestricted funds representing the defined benefit pension scheme. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 30 **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **k) Resources expended** Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered. ## **l) Costs of generating funds** The costs of generating funds relate to the costs incurred by the group and charitable company in raising funds for its charitable work. ## **m)[Pension costs]** The pension liabilities and assets are recorded in line with FRS102 and relate to the defined benefit scheme set out in note 18. A valuation for accounting purposes is undertaken by an independent actuary. The value of benefits accrued and the net interest costs is used to determine the pension charge in the SOFA. The change in value of assets and liabilities, changes in benefits and changes in actuarial assumptions are recognised in the SOFA within "actuarial gains/(losses) on defined benefit pension scheme". ## **n) Investment property** Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost, and subsequent to development works will be adjusted to their fair value at period ends. ## **o) Accounting estimates and key judgements** In the application of the company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. ## **i. Useful economic live of tangible assets** The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are reassessed annually. These are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying value of assets and note 1g for the useful economic lives. ## **p) Accounting estimates and key judgements** ## **ii. Valuation of investment property** The carrying value of the investment properties at 31 March 2023 is based on a valuation carried out in August 2022 by an independent valuer who has the necessary skills and proficiency to undertake the valuation in a competent manner. The valuation was made on an open market basis and in determining the market value the valuer has drawn upon comparable market transactions in the local area. The valuation has been prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards 2017. The trustees continue to keep the market value of the property under regular review. 31 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **2 Income from charitable activities** |**Income from charitable activities**||||| |---|---|---|---|---| ||**2023**|**2023**|**2023**|**2022**| ||**Unrestricted**|**Restricted**|**Total**|**Total**| ||**£**|**£**|**£**|£| |Library related income|12,465|-
|**12,465**|4,505| |Museum related income|96,318|300
|**96,618**|68,794| |Community Centres related income|-|-
|**-**
|-| |Other income|167,324|-
|**167,324**|1,327,469| |Total|276,107|300
|**276,407**|1,400,768| ## **3 Donations and Legacies** |**Donations and Legacies**|**Donations and Legacies**||| |---|---|---|---| |**2023**
**Unrestricted**
**£**
London Luton Airport
1,454,000
NLHF
-
Arts Council England - NPO museums
-
Architectural Heritage - Hat Works Projec
-
Historic England - Hat Works Project
-
Linbury Trust - Hat Works Project
-
SEMLEP - Hat Works Project
-
Manhead Archaelogical Society
90,000
Royal Opara House Bridge
-
Sch for Social Heritage Income
-
Bedfordshire & Luton Grant - LGBTQIA
-
Other Museums related
-
ACE- Lace Tree project
-
Misc Grants - Hat Works Project
-
Visitor donations
6,919
**1,550,919**||**2023**
**Restricted**
**£**
-
-
306,509
-
200
-
-
-
7,000
15,725
2,775
30,104
-
-
-|**2023**
**2022**
**Total**
**Total**
**£**
£
**1,454,000**
1,454,000
**-**
224,320
**306,509**
208,643
**-**
-
**200**
18,000
**-**
-
**-**
122,000
**90,000**
-
**7,000**
-
**15,725**
-
**2,775**
-
**30,104**
28,300
**-**
24,778
**-**
10,000
**6,919**
5,307| ||**1,550,919**|**362,313**|**1,913,232**
**2,095,348**| **4 Investment income** |**Investment income**||||| |---|---|---|---|---| ||**2023**|**2023**|**2023**|**2022**| ||**Unrestricted**|**Restricted**|**Total**|**Total**| ||**£**|**£**|**£**|£| |Bank interest|821|-|**821**|-| ||**821**|**-**|**821**|**-**| 32 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **5 Total resources expended** |**Total resources expended**||||||||| |---|---|---|---|---|---|---|---|---| |Staff costs (Note 7)
Pension adjustment (Note 7)
Premises costs
Equipment
Library resources
Office Costs
Events, Exhibitions & Programmes
Marketing and Publicity
Legal & Professional Fees
Archive and records services
Depreciation
Bank Charges
Other costs
Interest payable
Bad debts written off
Unallocated Non reclaimable VAT
**Total resources expended**
Support Costs
**Total resources expended**|Learning
and Skills
costs
£
56,675
28,534
-
-
2,294
-
3,124
-
-
-
-
-
-
-
-|Arts costs
£
97,082
48,877
153,525
1,069
-
7,576
154,882
-
-
-
-
-
-
-
-|Museum
costs
£
577,376
290,686
264,272
23,629
-
7,594
7,382
-
-
-
-
-
-
-
-|Cross-trust
projects
£
115,675
58,238
-
-
-
3,585
143,014
27,439
(1,202)
-
-
-
8,898
-
-|Governance
costs
£
-
-
-
-
-
-
-
-
32,454
-
-
-
-
-
-|Support
costs
£
686,578
345,665
8,345
7,823
-
70,916
12,725
60,568
107,602
-
158,986
-
15,445
67,251
66,907
38,727|**2023 Total**
**£**
**1,533,386**
**772,000**
**426,142**
**32,521**
**2,294**
**89,671**
**321,127**
**88,007**
**138,854**
**-**
**158,986**
**-**
**24,343**
**67,251**
**66,907**
**38,727**|**2022**
**£**
1,259,876
798,000
196,450
131,291
2,135
100,520
355,652
67,473
124,918
-
161,587
-
(37,669)
43,288
44,952| ||~~90,627~~
70,674|~~463,011~~
361,072|~~1,170,939~~
913,138|~~355,647~~
277,346|~~32,454~~
25,309|~~1,647,538~~
(1,647,538)|**3,760,216**
-|~~3,248,473~~
-| ||**161,301**|**824,083**|**2,084,077**|**632,993**|**57,763**|**-**|**3,760,216**|**3,248,473**| 33 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **6 Net incoming resources for the year** |This is stated after charging:
Depreciation
Trustees' indemnity insurance
Auditor's remuneration
- Audit fee for current year
- Additional fee for extended audit work
- Other services
- Under Accrual for prior year
**7**
**Staff costs and numbers**
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
Other pension costs
Redundancy and termination costs|**2023**
2022
£
£
158,987
146,289
1,386
22,730
20,625
6,563
12,974
2,272
420
4,072
-
**2023**
2022
£
£
1,403,997
1,185,761
138,161
105,007
148,226
123,073
772,000
798,000
60,000
8,908
**2,522,384**
2,220,749| |---|---| The Trustees received £nil remuneration in the year (2022: £nil). The trustees received reimbursement for expenses totalling £53 (2022: £35). 1 employee received emoluments in the range £100,000 - £109,999 (2022: 1). 2 employees received emoluments in the range of £70,000 - £79,999 (2022: 2). The total remuneration for the key management personnel and the Chief Executive totalled £327,812 (2022: £306,744). Total employer pension contributions for key management personnel were £30,523 (2022: £28,380). The average number of employees (full-time equivalent) during the period was as follows: |Chief Executive, finance and administration
Marketing ,business development and trading
Libraries, Learning and Skills
Museums
Arts
Community Centres
Operations
Casual staff
**Average total headcount**|**2023**
**No.**
**9**
**7**
**1**
**15**
**3**
**-**
**4**
**6**
**45**
**45**|2022
No.
8
8
1
14
3
-
4
3| |---|---|---| |||41| |||50| ## **8 Taxation** The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary LCST Trading Ltd donates available profits to the charity. 34 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **9 Tangible Fixed Assets Group and Company** ## **Group and Charity** |**Group and Charity**||||| |---|---|---|---|---| |**Freehold**
**property**
**£**
**Cost**
At 1 April 2022
2,374,631
Additions
Disposals
-
At 31 March 2023
**2,374,631**
**Depreciation**
At 1 April 2022
-
Eliminated on disposa
-
Charge for the year
-
At 31 March 2023
**-**
**Net Book Value**
At 31 March 2023
**2,374,631**
At 1 April 2022
**2,374,631**|**Long**
**leasehold**
**property**
**£**
2,698,713
-
-
**2,698,713**
528,086
-
98,635
**626,721**
**2,071,992**
**2,170,627**|**Office**
**furniture &**
**equipment**
**£**
174,394
-
-
**174,394**
169,094
2,485
**171,579**
**2,815**
**5,300**|**Plant &**
**equipment**
**£**
844,514
-
-
**844,514**
598,524
-
57,867
**656,391**
**188,123**
**245,990**|**Total**
**£**
6,092,252
-
-| |||||**6,092,252**| |||||1,295,704
-
158,987| |||||**1,454,691**| |||||**4,637,561**| |||||**4,796,548**| ## **10 Investments** The Group continues to develop its investment properties and will undertake an annual revaluation on completion. |Market value at 1 April
Capital additions at cost
Impairment during the year
Market value at 1 April|**2023**
**£**
3,105,360
-
(137,859)
2,967,501|2022
**£**
3,523,220
-
(417,860)| |---|---|---| |||3,105,360| The Charity has two investments properties, Hat House and Hat Studios both of which have been externally valued by an examiner in August 2022. The Hat Studios land is currently under offer to be sold and the valuation in the accounts reflects this offer. 35 **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **11 Subsidiary Undertaking** The charitable company owns the whole of the issued ordinary share capital of LCST Trading Limited, a company registered in England and Wales (Company Number 06373488). The subsidiary is used for nonprimary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. A summary of the results of the subsidiary is shown below: |**External Income**
Cost of sales
**Gross profit**
**Administrative expenses**
**Operating profit**
Interest receivable and similar income
**Retained profit for the year**
**Accumulated profit**
**The Balance Sheet comprised:**
**Fixed assets**
**Current assets**
**Current liabilities**
**Creditors due after more than one year**
**Charitable distribution to Luton Cultural Services**
**Trust**|**2023**
2022
**£**
£
641,336
495,959
(414,729)
(283,854)| |---|---| ||226,607
212,105
(128,627)
(103,608)| ||97,980
108,497
289
11
-
-| ||98,269
108,508| ||-
-
170,147
107,826
(71,878)
(56,739)
-
-| ||98,269
51,087| |**12 **|**Stock**|||||| |---|---|---|---|---|---|---| |||**Group**|||**Charity**|| |||**2023**|2022|**2023**||2022| |||**£**|£|**£**||£| ||Merchandise and Bar stock|14,120|15,351||-|-| 36 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **13 Debtors** |Debtors and prepayments
VAT costs
Amount due from subsidiary
**Creditors: amounts due within 1 year**
Bank overdraft
Trade creditors
Accruals and deferred income
Social security costs
Finance leases due within 1 year
Bank loan due within 1 year|**2023**
2022
**£**
£
173,390
422,309
11,209
27,685
-
-
184,599
449,994
**2023**
2022
**£**
£
43,119
-
214,072
290,129
211,711
155,267
38,202
44,178
43,151
61,618
45,361
-
595,616
551,192
**Group**
**Group**|**2023**
2022
**£**
£
173,390
422,309
11,209
27,685
-
-
184,599
449,994
**2023**
2022
**£**
£
43,119
-
214,072
290,129
211,711
155,267
38,202
44,178
43,151
61,618
45,361
-
595,616
551,192
**Group**
**Group**|**2023**
2022
**£**
£
51,411
360,756
11,202
27,685
1,523
109,347
64,136
497,788
**2023**
2022
**£**
£
43,119
-
196,028
172,258
162,700
216,395
38,202
44,178
43,151
61,618
45,361
-
528,561
494,449
**Charity**
**Charity**|**2023**
2022
**£**
£
51,411
360,756
11,202
27,685
1,523
109,347
64,136
497,788
**2023**
2022
**£**
£
43,119
-
196,028
172,258
162,700
216,395
38,202
44,178
43,151
61,618
45,361
-
528,561
494,449
**Charity**
**Charity**| |---|---|---|---|---| ||595,616|551,192|528,561|494,449| ## **14 Creditors: amounts due within 1 year** ## **15 Creditors: amounts due after 1 year** |**Creditors: amounts due after 1 year**||||| |---|---|---|---|---| |Finance leases due within 1 to 5 years
Bank loan|**2023**
2022
**£**
£
23,996
67,148
1,450,926
1,645,268
1,474,922
1,712,416
**Group**||**2023**
2022
**£**
£
23,996
67,148
1,450,926
1,645,269
1,474,922
1,712,417
**Charity**|| ||1,474,922|1,712,416|1,474,922|1,712,417| The bank loan was taken out in September 2019 and is repayable in instalments by March 2043. Interest of £41,420 (2021: £43,288) was charged during the year. There is a first legal charge on the freehold property of 32 Guildford Street over the bank loan. A CIBL loan was taken out in February 2021 and is repayable in instalments by March 2024. Interest of £Nil was charged during the year. Interest will be charged at 6.5% in subsequent years. The loan is not secured. There is a capital repayment holiday of 12 months. ## **16 Analysis of group net assets between funds** |Restricted funds
Pension reserve
General funds
**Total funds**
Restricted funds
Pension reserve
General funds
**Total funds**|Tangible fixed
assets
£
426,979
-
7,178,082
7,605,061
Tangible fixed
assets
£
(423,417)
-
8,325,325
7,901,908|Pension
scheme
liability
£
-
-
-|Current
asset/(liability)
£
(314,777)
-
-|Long term
creditors
£
-
-
(1,474,922)|**Net assets at**
**31 March**
**2023**
**£**
112,202
-
5,703,160| |---|---|---|---|---|---| |||-|(314,777)|(1,474,922)|5,815,364| |||Pension
scheme
liability
£
-
(7,351,000)
-|Current
asset/(liability)
£
463,217
-
-|Long term
creditors
£
-
-
(1,712,416)|**Net assets at**
**31 March**
**2022**
**£**
45,720
(9,775,000)
5,871,758| |||(7,351,000)|463,217|(1,712,416)|(698,291)| 37 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **17 Movements in funds** |At 1st April
2022
**Restricted funds:**
Arts Council England - NPO museums
37,249
Sch for Social Heritage Income
-
Historic England - Hat Works Redevelopment
-
NLHF - Hat Works Redevelopment
-
Royal Opara House Bridge
-
Bedfordshire & Luton Grant - LGBTQIA
-
Museum Development Fund
2,551
ACE- Lace tree project
-
**Total restricted funds**
**39,800**
**Unrestricted funds:**
General funds
6,612,909
Pension reserve
(7,351,000)
**Total unrestricted funds**
**(738,091)**
**Total funds**
**(698,291)**|Incoming
resources
306,509
15,725
200
-
7,000
2,775
30,404
-
**362,613**
2,469,472
-
**2,469,472**
**2,832,085**|Outgoing
resources
(241,643)
-
-
-
(5,265)
(2,775)
(28,613)
(19,112)
**(297,409)**
(3,234,163)
(772,000)
**(4,006,163)**
**(4,303,572)**|Gain/(loss)
-
-
-
-
-
-
-
**-**
(137,859)
8,123,000
**7,985,141**
**7,985,141**|Transfers
23
(10,000)
(200)
(1,735)
19,112
**7,200**
(7,200)
-
**(7,200)**
**-**|**At 31st**
**March 2023**
R
**102,138**
**5,725**
**-**
**-**
**-**
**(0)**
**4,342**
**-**
**112,204**
**5,703,159**
**-**
**5,703,159**
**5,815,363**| |---|---|---|---|---|---| ## **Purposes of restricted funds** The charity's funds comprise amounts restricted to specific activities and not yet spent. ## **Creative People & Places-Arts Council England** Arts Council England allocated funds to support the development and increase participation in creative arts activities in Luton. 38 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **17 Movements in funds (continued)** ## **NPO Museum-Arts Council England** The Arts Council England awarded Luton Culture National Portfolio Organisation status on 1st April 2019. Luton Cultures museums have now become a leader in their area with a collective responsibility to protect and develop the national arts and culture. The grant income received in the year is year 1 of a 3 year programme of funding and investment to help deliver ACE's strategic objectives. ## **18 Pension scheme** Luton Cultural Services Trust contributes to the Bedfordshire Pension Fund, a defined benefit pension scheme, to secure present and future pensions for its staff. For staff, employer contributions were 10% of pensionable salary from 1 April 2022 to 31 March 2023 (12.2% - 2022). Employee contributions were between 5.5% and 9.9% of pensionable salary dependent on salary. The assets of the Scheme are held as part of the Bedfordshire Pension Fund. The valuation of the scheme is based on the most recent triennial funding valuation, updated by the scheme actuaries in May 2019, based on the provisions of FRS102. Investments have been valued, for this purpose, at fair value. The principal assumptions used by the actuary to calculate the Scheme liabilities under FRS102 were as follows: |ws:||| |---|---|---| ||**2023**|2022| ||**%pa**|%pa| |Pension Increase rate|2.85|3.20| |Rate of increase in salaries|3.85|4.20| |Discount Rate|4.80|2.60| The mortality assumptions are based on standard mortality tables which allow for future mortality improvements. Although the post retirement mortality tables adopted are consistent with the previous accounting date, the mortality improvement projection has been updated to use the latest version of the Continuous Mortality Investigation’s model, CMI_2020, which was released in March 2021. This update has been made in light of the coronavirus pandemic and reflects the latest information available from the CMI. The new CMI_2020 Model introduces a “2020 weight parameter” for the mortality data in 2020 so that the exceptional mortality experienced due to the coronavirus pandemic can be incorporated without having a disproportionate impact on results. The assumptions are that a member aged 65 will live on average until age 86.9 if they are male and on average until age 89.3 if female. For a member aged 45 the assumptions are that if they attain an age of 65 they will live on average until age 87.8 if they are male and on average until 91 if female. A building block approach is adopted in determining the expected rate of return on the scheme’s assets. Historic markets are studied and assets with high volatility are assumed to generate higher returns consistent with widely accepted capital market principles. Each different asset class is given a different expected rate of return. The overall rate of return is then derived by aggregating the expected return for each asset class over the actual asset allocation of the scheme at year end. ||**Asset category as a**|**Asset category as a**| |---|---|---| ||**percentage of plan assets**|| ||**2023**|2022| |Equities|64%|61%| |Bonds|18%|25%| |Property|13%|12%| |Cash|4%|2%| 39 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **18 Pension scheme (continued)** |**Amounts recognised in the SOFA**
Current service cost
Interest costs on defined benefit obligation
Administration expenses
Remeasurements:
Changes in financial assumptions
Change in demographic assumptions
Experience gain/(loss) on defined benefit obligation
Other actuarial gains/(losses) on assets
Liabilities assumed / (extinguished) on settlements
Settlement prices received / (paid)
Return on assets excluding amount included in net interest
Suprlus restriction per FRS102
Employer Contributions
**Total amounts recognised in the SOFA**
**Amounts recognised in the balance sheet**
Fair value of scheme assets
Present value of funded obligations
Suprlus restriction per FRS102
**Net Asset/ (liability) recognised in the balance sheet**
**Changes in fair value of scheme assets**
**Scheme assets at start of period**
Interest income on plan assets
Return on assets excluding amount included in net interest
Other actuarial gains/(losses)
Administration expenses
Contributions by employer
Contributions by scheme participants
Benefits paid
Settlement prices received / (paid)
**Scheme assets at end of period**
**Changes in present value of scheme liabilities**
**Scheme liabilities at start of period**
Current service cost
Interest costs on defined benefit obligation
Changes in financial assumptions
Contributions by scheme participants
Actuarial (gain) / losses
Changes in demographic assumptions
Liabilities assumed / (extinguished) on settlements
Past service costs
Benefits paid
**Scheme liabilities at end of period**|**2023**
**£**
(565,000)
(189,000)
(18,000)|2022
£
(580,000)
(194,000)
(24,000)| |---|---|---| ||(772,000)|(798,000)| ||12,910,000
466,000
(1,586,000)
99,000
-
-
(779,000)
(3,136,000)|1,856,000
-
(65,000)
-
-
-
1,296,000| ||7,974,000|3,087,000| ||149,000|135,000| ||8,123,000|3,222,000| ||£
21,952,000
(18,816,000)
(3,136,000)|£
22,226,000
(29,577,000)| ||-|(7,351,000)| ||**2023**
**£**
22,226,000
576,000
(779,000)
99,000
(18,000)
149,000
83,000
(384,000)
-|2022
£
20,930,000
415,000
1,296,000
-
(24,000)
135,000
73,000
(599,000)
-| ||21,952,000|22,226,000| ||**2023**
£
**29,577,000**
565,000
765,000
(12,910,000)
83,000
1,586,000
(466,000)
-
-
(384,000)|2022
£
**30,705,000**
580,000
609,000
(1,856,000)
73,000
65,000
-
-
-
(599,000)| ||18,816,000|29,577,000| 40 ## **Luton Cultural Services Trust Notes to the Financial Statements For the year ended 31 March 2023** ## **18 Pension scheme (continued)** ## **History of defined benefit scheme** |**History of defined benefit scheme**||||| |---|---|---|---|---| |**2023**
**£**
Fair value of scheme assets
21,952,000
Present value of scheme liabilities
(18,816,000)
**Net defined benefit asset/(liability)**
3,136,000
Experience gains/(losses)
(779,000)
on scheme assets
Experience gains/(losses)
(1,586,000)
on scheme liabilities|**2023**
**£**
21,952,000
(18,816,000)|2022
£
22,226,000
(29,577,000)
(7,351,000)
3,156,000
211,000|2021
£
19,791,000
(24,824,000)|2020
£
21,116,000
(27,780,000)| ||||(5,033,000)|(6,664,000)| ||(779,000)
(1,586,000)||(1,764,000)
1,451,000|716,000
(1,770,000)| The estimated contribution for 2022/23 is £149,000 ## **19 Related parties** There were no related party transactions undertaken by the charity in the year. (2021: £Nil) ## **20 Capital commitments** Contractual commitments for professional fees and to refurbish the Hat District properties at the year end were £Nil (2022: £Nil). ## **21 Operating leases** Non-cancellable operating lease rentals payable in the year were £nil (2022: £nil). There are no contractual commitments for non-cancellable lease rentals at the year end. 41