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2023-03-31-accounts

Registered number: 10674601 Charity number: 1184883

LEEDS CULTURE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

LEEDS CULTURE TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 34

LEEDS CULTURE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Professor F J Finlay
J Jones-Buchanan
Councillor A D Cohen
S L Gladish
S L Hoyle (resigned 14 March 2023)
S J Payne
I Thompson (resigned 21 March 2023)
S M Watson
G N Logan (resigned 18 September 2023)
J D Pryor
C J Brown (appointed 25 May 2023)
B Woroncow
Company registered
number
10674601
Charity registered
number
1184883
Registered office
2 Brewery Place
Brewery Wharf
Leeds
LS10 1NE
Company secretary
R Coram
Independent auditors
Sagars Accountants Ltd
Chartered Accountants & Statutory Auditor
Gresham House
5-7 St Pauls Street
Leeds
LS1 2JG

Page 1

LEEDS CULTURE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who act as directors for the purposes of company law, present their report and financial statements for Leeds Culture Trust (also known as LEEDS 2023) for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)”.

The trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity's Commission general guidance on public benefit "Charities and Public Benefit". The Trustees' Report clearly sets out the charitable objectives, our current activities and how they benefit the public.

Objectives and activities

Our vision is a thriving Leeds where creativity fuels opportunities for everyone. Underpinning all activity through the year to 31 March 2023 are the charity's 'objects' as set out in the charity's articles and memorandum of association which are:

The charity also carries out these objectives through the provision of grants to parties which fall within the criteria above. The trustees act on advice and information from the senior management team which is responsible for the day-to-day management of the charity.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and across all of our programmes of activities we endeavour to:

Achievements and performance

LEEDS 2023 was set up as an independent trust following the city’s commitment to deliver a year of culture despite no longer being eligible to be European Capital of Culture. Our vision is a thriving Leeds where creativity fuels opportunities for everyone. The ambition is to do this through delivering a transformative year of culture for the city and region that benefits the public now and in the future.

In the months leading up to 2023, LEEDS 2023 embarked on a series of Roadshow events held in all 33 wards of the city. These events served as platforms to inform attendees about the plans for 2023, gather feedback and suggestions, and showcase various performances. The Roadshow events were attended by 801 individuals, and 355 attendees signed up for ongoing communication from LEEDS 2023.

During 2022 we also delivered the "My World My City My Neighbourhood" (MWMCMN) project. The project involved over 20 artists collaborating with their respective communities to research and develop project ideas that could shape the program for 2023. This collaborative effort resulted in 22 projects engaging 211 artists and attracting 2,677 participants. The positive outcomes of the MWMCMN project were; 1,072 participants reporting an increased sense of community, 1,425 subsequently volunteering or supporting their community, and 485 experiencing improved mental well-being. Additionally, 476 participants reported enhanced physical well-being. The projects also attracted a live audience of 4,286 individuals and provided 120 days of performances and

Page 2

LEEDS CULTURE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

exhibitions. Notably, 1,181 young people participated, including those who faced barriers to accessing the arts, with 1,124 of them engaging in arts for the first time. The majority of participants (960) reported a positive experience, and 759 expressed their intention to continue engaging with the arts.

The 2023 year itself started in spectacular fashion with "The Awakening," a stadium production held in Headingley to celebrate the past, present, and future of culture in Leeds. Tickets for the event were only obtainable by submitting an original piece of artwork. The event received a fantastic response with 2,421 ballot entries received, covering all 33 wards of the city. Additionally, 77 engagement events held in community spaces garnered another 1,025 entries. The event showcased the work of 59 individual artists, and the attendees reported a high level of enjoyment, with 97% expressing satisfaction. Furthermore, 95% of the attendees agreed that the event was inclusive and made everyone feel welcome. This successful event has paved the way for future cultural celebrations, as 58% of the attendees expressed their intent to book tickets for future events.

LEEDS 2023 values collaboration and partnership with various organisations in the city and beyond. Some of the notable partnerships included the "Hidden Stories" commission, which brought together artists and heritage organizations to celebrate the hidden histories of Leeds in unique and surprising ways. These included collaborations with organizations such as East Street Arts, Light Night, Leeds Museums and Art Gallery, Rugby League World Cup, Compass Festival, and many others further enriched the cultural landscape of the city.

During the financial year 2022/23, LEEDS 2023 was successful in attracting new funders and securing additional funds for its program. The organisation reported an income of approximately £6.5 million, with 27 new funders coming on board. This included £4.75million of new grant funding and £600,000 of new sponsorship income, which further supported the implementation of cultural initiatives and events.

As LEEDS 2023 geared up for the delivery year, recruitment efforts were intensified to build a capable team. At the beginning of the financial year, the organization had 31 employees, which increased to 81 by April 2023, demonstrating the growth and expansion of the team.

Volunteering plays a crucial role in the success of LEEDS 2023. The year to 31 March 2023 saw 1,250 applications received, and 500 offers were made to potential volunteers. 275 volunteers were appointed, representing a diverse range of backgrounds and locations, including every ward in Leeds, as well as individuals from Bradford, Wakefield, Kirklees, and Calderdale. These dedicated volunteers have already completed approximately 250 shifts, delivering approximately 1,250 volunteering hours by the end of March 2023 and we are well on track to recruit over 1,000 volunteers by the end of the year.

To ensure effective community engagement, LEEDS 2023 appointed Neighbourhood Hosts in each of the 33 wards of the city. These hosts received training and participated in workshops, trips, and discussions to understand and celebrate the cultural activities in their respective wards. With the support of LEEDS 2023 and Leeds anchor organizations, the Neighbourhood Hosts engaged with their communities and worked collaboratively to imagine, shape, and create events and activities that highlighted the unique cultural offerings of each ward. The Neighbourhood Hosts represented various organizations and community groups across Leeds, fostering a strong sense of local ownership and involvement.

LEEDS 2023 actively engaged with the media to raise its profile and generate interest in the cultural events and initiatives. The organization's 100 days to go launch event, held at Brewery Place and hosted by our Chair Gabby Logan MBE, received significant coverage from local and national press contributing to the success of "The Awakening" and generating anticipation for future cultural celebrations. Over the year, LEEDS 2023 garnered a total of 1,366 articles, reaching a combined circulation of 493,911,119. The organization's online presence also saw significant engagement, with a total of 650,436,938 unique website visitors per month (UVPM) throughout the year. Notably, content related to "The Awakening" alone attracted 850,000 views, and there was a 55.4% increase in website views resulting from the end of 2022 to the beginning of 2023.

Overall, the financial year 2022/23 proved to be a successful year for the company despite a very challenging external context as a result of Covid, Brexit and cost of living crisis. The team delivered of a number of successful events including the opening show, significant community engagement across the city, fundraising, and media outreach for LEEDS 2023. The organization's efforts in collaboration, volunteer involvement, and cultural promotion laid a strong foundation for the upcoming Year of Culture celebrations in Leeds.

Page 3

LEEDS CULTURE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

LEEDS 2023, as an organization delivering a Year of Culture for Leeds, recognizes the vital role played by its major stakeholders, including the City Council and local residents. Throughout the financial year 2022/23, LEEDS 2023 remained committed to engaging and collaborating with these stakeholders to ensure that the cultural initiatives and events catered to their needs and aspirations. The successful delivery of signature events such as "The Awakening" and Waking the Artist exhibition showcased the rich cultural heritage of the city, fostering a sense of civic pride among local residents. The organization actively sought input and feedback through roadshow events and community engagement initiatives, facilitating dialogue and inclusivity. By working closely with the City Council, LEEDS 2023 contributed to the cultural development and promotion of Leeds, creating a positive impact on the local community and enhancing the city's reputation as a vibrant cultural hub.

Financial review

The total income for the year was £6,608,433 (2022: £3,226,098). This was applied to building the staff team, fundraising, strategic and business planning and accumulating resources to enable leverage for greater resources next year and the development of creative work. In total the expenditure amounted to £9,002,469 (2022: £2,515,046). There is income due in relation to Creative Sector Tax Relief Claims of £1,440,161 (2022 £nil).

Over 50% of the funding in the year was received from Leeds City Council and they will continue to be the largest single funder of LCT.

Future periods

Leeds Culture Trust will have completed the significant proportion of its intended activity during the 2023/24 year. It is anticipated that during the 2024/25 year the charity will complete its statutory obligations and then cease to operate. Trustees anticipate handing over control of the organisation to a suitable corporate body on completion of the external audit and Creative Sector Tax Relief Claims relating to the 2023/24 year. At this point it is anticipated that the company will undertake a solvent liquidation with any remaining assets being transferred to suitable other charitable organisations as set out by the Trustees at that time.

Reserves policy

The charity is delivering its intended activity during the 2023 calendar year and as such is utilising the reserves that have been accumulated over prior periods.

The trustees continue to review the circumstances of Leeds Culture Trust and the post Covid-19 economic climate to ensure flexibility in the business plan to safeguard credible delivery of LEEDS 2023. The trustees are of the view that the charitable company is a going concern.

Investment policy

The charity has an investment policy advised by Brewin Dolphin in September 2019. The policy advised accumulating cash inflows in order to obtain reserves and recommended diversification of assets if reserve levels exceed expectation.

Fundraising Activity

The Fundraising activity for Leeds Culture Trust is led by an in-house team employed directly by the charity and the team is overseen by a member of the Executive team. The dedicated team of fundraising and development staff raises funds for charitable activity from a combination of sources including individuals, corporates, trusts and foundations, informed by a fundraising strategy aligned to the business plan.

Leeds Culture Trust has developed a clear and transparent strategy to deliver the new GDPR rules and part of this commitment is to ensure that we do not unintentionally contact vulnerable individuals who do not have a direct and obvious relationship with Leeds Culture Trust. Leeds Culture Trust has received no complaints relating to its fundraising practice.

Risk management

A risk register has been produced with risks owned by the relevant member of the senior management team. Risks and their mitigating actions are reviewed monthly at senior management team meetings and will be

Page 4

LEEDS CULTURE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

reviewed quarterly at board meetings.

Public facing activity undertaken by the company has specific event plans produced so that all risks including health & safety and safeguarding can be assessed and appropriate mitigations put in place.

Structure, governance and management

The charity is a company limited by guarantee whose business is governed by a board of trustees. The charity is registered as a charity under the Charities Act 2011 and gained charitable status on 13 August 2019. The board of trustees comprises individuals who together are responsible for the governance of the charity. The charity is governed by its Memorandum and Articles of Association dated 19 March 2019.

The board of trustees is made up of a minimum of three trustees and a maximum of twelve. The board of trustees met eight times in the period, with meetings held on a bi-monthly basis. The term of office for trustees is for a minimum of two years or maximum of five with the exception of Council nominees appointed for one-year terms.

The charity has assembled its board which brings together a vast array of knowledge and experience gained in a number of sectors, from education, finance and governance to sport, politics and community engagement. The trustees were recruited through an open process or by nomination from key partners. In September 2023 Gabby Logan stepped down from her position as Chair of the charity and took up a new role as Patron. The Trustees would like to thank Gabby for her time, diligence and significant efforts in supporting the charity from her position as Chair and are pleased that they can continue to benefit from her engagement in her new role as a Patron of LEEDS 2023.

The trustees oversee LEEDS 2023’s strategic direction, providing strong governance to ensure that LEEDS 2023 delivers on its vision and objectives.

Upon appointment each trustee signed a Trustee Declaration Form and had sight of the Charity Commission’s Guidance The essential trustee: what you need to know, what you need to do along with a Conflicts of Interest policy and register.

The charity is led by a senior management team comprising:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Professor F J Finlay

Date: 26 October 2023

Page 5

LEEDS CULTURE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS CULTURE TRUST

Opinion

We have audited the financial statements of Leeds Culture Trust (the 'charity') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - financial statements prepared on a basis other than going concern

In forming our opinion on the financial statements, which is not modified, we draw attention to the basis of preparation and the going concern accounting policies (notes 2.1 and 2.2 respectively).

As explained in these notes, the Trustees expect to appoint a suitable corporate body to oversee the final months of the charity before a solvent liquidation can take place during the year ended 31 March 2025, with any remaining assets gifted to suitable charitable bodies in line with the current governing documents for the charity.

As a result the financial statements have been prepared on a basis other than going concern.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

LEEDS CULTURE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS CULTURE TRUST (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

LEEDS CULTURE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS CULTURE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019.

We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud.

The laws and regulations we considered in this context were Charities Commission Regulations and requirements from funders.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant and donation income and the override of controls by management.

Our audit procedures to respond to these risks included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit,

Page 8

LEEDS CULTURE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS CULTURE TRUST (CONTINUED)

there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Susan Seaman BA FCA CIOT (Senior statutory auditor)

for and on behalf of Sagars Accountants Ltd

Chartered Accountants & Statutory Auditor Gresham House 5-7 St Pauls Street Leeds LS1 2JG 26 October 2023

Page 9

LEEDS CULTURE TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
5
Charitable activities
6
Other income
7
Total income
Expenditure on:
Charitable activities
9
Total expenditure
Net (expenditure)/income before
taxation
Taxation
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
400,300
2,812,000
7,578
3,219,878
7,014,096
7,014,096
(3,794,218)
1,440,161
(2,354,057)
2,265,183
(2,354,057)
(88,874)		 Restricted
funds
2023
£
-
3,383,398
5,157
3,388,555
1,988,373
1,988,373
1,400,182
-
1,400,182
695,403
1,400,182
2,095,585		 Total
funds
2023
£
400,300
6,195,398
12,735
6,608,433
9,002,469
9,002,469
(2,394,036)
1,440,161
(953,875)
2,960,586
(953,875)
2,006,711		 Total
funds
2022
£
69,933
3,143,634
12,531
3,226,098
2,515,046
2,515,046
711,052
-
711,052
2,249,534
711,052
2,960,586

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 34 form part of these financial statements.

Page 10

LEEDS CULTURE TRUST (A company limited by guarantee) REGISTERED NUMBER: 10674601

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2,751,676
215,867
2,967,543
(960,833)		 2023
£
-
1
1
2,006,710
2,006,711
2,006,711
2,006,711
2,095,585
(88,874)
2,006,711		 152,516
3,170,864
3,323,380
(401,019)		 2022
£
38,225
-
38,225
2,922,361
2,960,586
2,960,586
2,960,586
695,403
2,265,183
2,960,586

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Professor F J Finlay

Date: 26 October 2023

The notes on pages 13 to 34 form part of these financial statements.

Page 11

LEEDS CULTURE TRUST

(A company limited by guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
Note
Cash flows from operating activities
Net cash used in operating activities
23
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24
The notes on pages 13 to 34 form part of these financial statements		 2023
£
(2,926,193)
(28,804)
(28,804)
-
(2,954,997)
3,170,864
215,867		 2022
£
777,316
(29,094)
(29,094)
-
748,222
2,422,642
3,170,864

Page 12

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Leeds Culture Trust is a private company (no: 10674601) limited by guarantee incorporated in England and Wales and a registered charity (no: 1184883). The registered office is 2 Brewery Place, Brewery Wharf, Leeds, LS10 1NE.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Leeds Culture Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

In light of the future plans of the charity set out in note 2.2 below, the charity is not considered to be a going concern and it is not appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. As the charity is expected to undertake a solvent liquidation, there is no impact on the financial statements as all liabilities will be settled and the remaining assets of the charity in the form of cash and bank balances will be transferred to a suitable entity.

2.2 Going concern

At the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity will continue to receive funding from Leeds City Council as agreed up to and including June 2024.

Upon completion of the external audit and Creative Sector tax reliefs relating to the 2023/24 year it is expected that the Trustees will appoint a suitable corporate body to oversee the final months of the charity before outstanding receipts from HMRC are received and a solvent liquidation can take place. Any remaining assets within the charity will be gifted to suitable charitable bodies in line with the current governing documents for Leeds Culture Trust. It is currently expected that this liquidation will complete during the 2024/25 year.

Page 13

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

All expenditure is inclusive of irrecoverable VAT.

2.5 Taxation

As a registered charity, the company is exempt from corporation tax on surpluses arising from its charitable activities during the year.

Page 14

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 25% straight line Computer equipment - 25% straight line

2.7 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 15

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.9 Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

2.10 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

2.11 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

3. Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Critical accounting estimates and assumptions:

Going concern is a critical assumption used in the preparation of the financial statements, more information is included in the accounting policies above.

Page 16

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Limited by guarantee

The charitable company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets of liabilities of the charitable company on winding up such amounts as may be required not exceeding £1.

5. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2023
£
400,300
Unrestricted
funds
2022
£
69,933		 Total
funds
2023
£
400,300
Total
funds
2022
£
69,933

6. Income from charitable activities

Leeds City Council
University of Leeds
Trusts and Foundations (Local)
British Council
Arts Council England
National Lottery
Trusts and Foundations (National)
Matched funding
National Lottery Community Fund		 Unrestricted
funds
2023
£
2,541,000
242,500
-
-
-
-
-
28,500
-
2,812,000		 Restricted
funds
2023
£
1,000,000
-
74,650
126,500
490,000
846,024
478,734
242,393
125,097
3,383,398		 Total
funds
2023
£
3,541,000
242,500
74,650
126,500
490,000
846,024
478,734
270,893
125,097
6,195,398

Page 17

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Income from charitable activities (continued)

Leeds City Council
University of Leeds
Trusts and Foundations (Local)
British Council
Arts Council England
National Lottery
Trusts and Foundations (National)
Matched funding		 Unrestricted
funds
2022
£
1,740,000
55,000
-
-
-
-
-
5,000
1,800,000		 Restricted
funds
2022
£
-
-
23,800
175,000
755,700
139,134
250,000
-
1,343,634		 Total
funds
2022
£
1,740,000
55,000
23,800
175,000
755,700
139,134
250,000
5,000
3,143,634

Leeds Culture Trust has signed agreements with Leeds City Council to provide grant funding totaling £10,745,000 over a five-year period. Income for the financial year has been recognised in line with the grant agreement payment schedule. Future income will also be recognised on a receipts basis which has been scheduled in line with the anticipated delivery timeframe of the project and the budgeted expenditure.

7. Other incoming resources

Other income
Other income		 Unrestricted
funds
2023
£
7,578		 Restricted
funds
2023
£
5,157
Unrestricted
funds
2022
£
12,531		 Total
funds
2023
£
12,735
Total
funds
2022
£
12,531

Page 18

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of grants

Grants to
Institutions
2023
£
Grants, Programme and delivery
15,040
Grants, Partnerships and development
333,278
348,318
Grants to
Institutions
2022
£
Grants, Programme and delivery
178,827
The charity has made the following material grants to institutions during the year:
2023
£
Name of institution
Leeds Peoples Theatre - new production between Leeds Peoples Theatre
and Slung Low titled "The Good Book" exploring themes around our values,
freedoms and what we are prepared to protect and fight for
-
Daily Life Project - Artist Bobby Baker delivered an exhibition titled Epic
Domestic at the Tetley looking at the undervalued work Women contribute
to households
20,000
Slung Low - The Magician - Film by Leeds People Theatre with Slung Low
comprised of professional and amateur performers
80,000
Leeds Playhouse - 1001 stories project which collated 1001 stories from
older people across Leeds
30,000
The Performance Ensemble - to support the 1001 stories project being
performed at Leeds Playhouse
40,000
Compass Live Art - exploration, production and community engagement at
Kirkgate market to develop a “Leeds Sauce” capturing the essence of the
city.
21,250
Rugby League World Cup - Supporting fringe activities around the RLWC
including work with Libraries, Schools and Communities.
75,000
Other research and development grants under £20,000
82,068
348,318		 Total
funds
2023
£
15,040
333,278
348,318
Total
funds
2022
£
178,827
2022
£
80,000
-
-
-
-
-
-
98,827
178,827

Page 19

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure on charitable activities

Summary by fund type

Programme and delivery
Partnerships and development
Marketing and comms
Programme and delivery
Partnerships and development
Marketing and comms		 Unrestricted
funds
2023
£
5,835,968
922,766
255,362
7,014,096
Unrestricted
funds
2022
£
684,618
468,205
572,118
1,724,941		 Restricted
funds
2023
£
1,953,768
33,756
849
1,988,373
Restricted
funds
2022
£
737,763
-
52,342
790,105		 Total
2023
£
7,789,736
956,522
256,211
9,002,469
Total
2022
£
1,422,381
468,205
624,460
2,515,046

10. Analysis of expenditure by activities

Programme and delivery
Partnerships and development
Marketing and comms		 Activities
undertaken
directly
2023
£
7,015,867
578,833
849
7,595,549		 Grant
funding of
activities
2023
£
15,040
333,278
-
348,318		 Support
costs
2023
£
758,829
44,411
255,362
1,058,602		 Total
funds
2023
£
7,789,736
956,522
256,211
9,002,469

Page 20

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Analysis of expenditure by activities (continued)

Programme and delivery
Partnerships and development
Marketing and comms		 Activities
undertaken
directly
2022
£
1,022,612
384,831
511,906
1,919,349		 Grant
funding of
activities
2022
£
178,827
-
-
178,827		 Support
costs
2022
£
220,942
83,374
112,554
416,870		 Total
funds
2022
£
1,422,381
468,205
624,460
2,515,046

Analysis of support costs

Payroll
Premises
Communications and IT
General office
Human resources
Governance costs
Professional fees
Subscriptions
Travelling expenses		 Programme
and delivery
2023
£
292,556
106,635
106,132
85,812
77,985
29,875
46,856
1,306
11,672
758,829		 Partnerships
and
development
2023
£
16,030
8,674
5,815
4,702
4,273
1,638
2,567
72
640
44,411		 Marketing
and comms
2023
£
92,175
49,877
33,439
27,037
24,570
9,412
14,763
412
3,677
255,362		 Total
funds
2023
£
400,761
165,186
145,386
117,551
106,828
40,925
64,186
1,790
15,989
1,058,602

Page 21

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Programme
and delivery
2022
Partnerships
and
development
2022
£
£
Premises
21,657
8,172
Communications and IT
19,180
7,238
General office
11,588
4,373
Human resources
57,285
21,617
Governance costs
1,220
460
Professional fees
77,298
29,169
Subscriptions
1,010
381
Training and development
838
316
Travelling expenses
7,833
2,956
Audit and accountancy fees
23,033
8,692
220,942
83,374
11.
Auditors' remuneration
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
All non-audit services not included above		 Marketing
and comms
2022
£
11,032
9,771
5,903
29,183
622
39,378
514
427
3,990
11,734
112,554
2023
£
10,500
2,400		 Total
funds
2022
£
40,861
36,189
21,864
108,085
2,302
145,845
1,905
1,581
14,779
43,459
416,870
2022
£
7,400
2,100

Page 22

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Other employee benefits		 2023
£
2,374,713
234,504
51,357
-
2,660,574		 2022
£
856,326
94,990
23,360
9,899
984,575

The trustees consider the board of trustees, the Creative Director/CEO, the Director of Programmes, the Director of External Relations and the Executive Director as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis.

The total employee benefits of the key management personnel of the charity were £380,800 (2022 - £378,984). This includes pension contributions of £10,566 (2022 - £10,572) during the year.

The average number of persons employed by the charity during the year was as follows:

2023 2022
No. No.
Employees 59 23

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 2 1
In the band £90,001 - £100,000 1 1

13. Trustees' remuneration and expenses

During the year ended 31 March 2023 expenses totaling £791 were reimbursed or paid directly to 3 Trustees (2022 - £4,387 to 4 Trustees) for travel and meeting expenses.

Page 23

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Taxation

Corporation tax
Current tax on net (expenditure)/income for the year
Taxation on net (expenditure)/income		 2023
£
(1,440,161)
(1,440,161)		 2022
£
-
-

The corporation tax credit above relates to a Theatre Tax Relief claim and a Museum and Gallery Relief claim.

There are no factors considered likely to affect future tax charges.

15. Tangible fixed assets

At 1 April 2022
Additions
Disposals
At 31 March 2023
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Office
equipment
£
3,503
2,715
(6,218)
-
1,771
662
(2,433)
-
-
1,732		 Computer
equipment
£
46,261
26,089
(72,350)
-
9,768
6,889
(16,657)
-
-
36,493		 Total
£
49,764
28,804
(78,568)
-
11,539
7,551
(19,090)
-
-
38,225

Page 24

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
16.
Fixed asset investments
Cost or valuation
Additions
At 31 March 2023
Net book value
At 31 March 2023		 Investments
in subsidiary
companies
£
1
1
1

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
172,400
34,679
1,104,436
1,440,161
2,751,676		 2022
£
6,300
-
146,216
-
152,516

Page 25

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants payable		 2023
£
639,221
-
2,123
149,489
170,000
960,833		 2022
£
182,231
3,384
-
55,962
159,442
401,019

19. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 215,867 3,170,864

Page 26

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Programme
Development
Fund.
General funds
General Funds
Total
Unrestricted
funds		 Balance at 1
April 2022
£
1,612,173
653,010
2,265,183		 Income
£
-
3,219,878
3,219,878		 Expenditure
£
-
(7,014,096)
(7,014,096)		 Taxation
£
-
1,440,161
1,440,161		 Transfers
in/out
£
(1,612,173)
1,612,173
-		 Balance at
31 March
2023
£
-
(88,874)
(88,874)

The transfer between designated and general fund covers the activities carried out in the year relating to programme delivery included within general fund costs.

Balance at
Balance at 1 Transfers 31 March
April 2022 Income Expenditure Taxation in/out 2023
£ £ £ £ £ £
Restricted
funds
British Council 31,998 - - - (31,998) -
IVE 4,132 - - - - 4,132
ACE Leeds 5 3,365 - - - - 3,365
British Council 2 150,000 - - - (150,000) -
Arts Council
CRF 3 208,034 96,000 (318,116) - - (14,082)
Arts Council
MWMCMN 22,874 - (23,933) - - (1,059)
Paul Hamlyn
Foundation 250,000 275,000 (91,162) - - 433,838
British Council 3 25,000 - - - (25,000) -
National Lottery
Heritage Fund - 846,024 (885,209) - - (39,185)
Esmee Fairburn - 173,734 (147,832) - - 25,902
National Lottery
Community
Fund - 125,097 - - - 125,097
Page 27

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds (continued)

Statement of funds - current year (continued)

Foyle
Foundation
Leeds City
Council -
Hibiscus
British Library -
Closing
Partnerships
International
British Council
Arts Council
England
Total of funds		 Balance at 1
April 2022
£
-
-
-
-
-
-
-
695,403
2,960,586		 Income
£
30,000
1,000,000
40,000
181,307
162,393
65,000
394,000
3,388,555
6,608,433		 Expenditure
£
(17,200)
(452,000)
(17,602)
(21,894)
(13,425)
-
-
(1,988,373)
(9,002,469)		 Taxation
£
-
-
-
-
-
-
-
-
1,440,161		 Transfers
in/out
£
-
-
-
106,998
100,000
-
-
-
-		 Balance at
31 March
2023
£
12,800
548,000
22,398
266,411
248,968
65,000
394,000
2,095,585
2,006,711

Page 28

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds (continued)

The British Council fund represents £275,000 from The British Council to support Research and Development work by Leeds 2023 to explore some early creative ideas that will encourage artists to connect with their diaspora heritage, build new bridges that link the past with the future and expand on their artistic practice; explore new artistic avenues and projects that utilise new technologies and digital connections; and maximise the opportunity afforded by the 75th anniversary of the arrival of Empire Windrush to celebrate and recognise the contribution made by the diaspora communities on the cultural life of the UK.

£17,500 was provided by IVE for Leeds 2023 to collaborate in the research, development and implementation of creating a city wide response to the pre-existing challenge of inequality of access, and also respond creatively to the major challenges which it will need to overcome if it is to provide a rich arts and cultural offer for children and young people post-COVID-19.

ACE Leeds - Arts Council England - £10,000 to deliver the Leeds 5 – Leadership journeys programme, highlighting the unique leadership journeys of 5 Black and Brown women leaders in Leeds, Yorkshire.

CRF - Culture Recovery Fund: Continuity Support - £320,000 towards continuing activities during Covid19 on the run up to the year of Culture.

ACE – MWMCMN - Arts Council England - £233,000 to deliver My World, My City, My Neighbourhood, commissioning artists from a variety of artforms to experiment with ambitious ideas and post-COVID ways of working.

NLHF - National Lottery Heritage Fund - £378,772 towards the Development Phase of five Leeds 2023 signature project and the delivery of Hidden Stories.

Paul Hamlyn - Paul Hamlyn Foundation - £500,000 to deliver My Leeds, a community focused and cocreated programme of activity taking place across 33 city wards as part of the Leeds 2023 programme.

Esmee Fairbairn – Staffing costs for our work with the Youth Voice project.

NLCF – Funds to support our reimagining of Children’s Day.

Foyle Foundation – Funds to support our reimagining of Children’s Day.

LCC – Hibiscus – Funds to support the installation of a Yinka Shonibare sculpture in Aire Park entitled Hibiscus rising.

British Library - Working in partnership with the British Library we will be publishing a collection of illustrated children's stories which will be provided free to every child born in Leeds during 2023.

The Partnerships fund represents funds received to deliver work in Leeds in partnership with other organisations.

The International fund - collates amounts received to develop international partnerships and bring cultural works and artists from across the globe to Leeds during the year.

British Council - gave funds to develop a number of partnerships with the aim of changing the perception of Leeds and UK culture, these funds are now included withing the Partnerships and IInternational funds.

ACE - have given funds for the Play Partnership with the University of Leeds to kick start the transformation of creative education in Leeds.

Page 29

LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 April 2021
£
Income
£
Expenditure
£
Transfers
in/out
£
Unrestricted funds
Designated funds
Designated funds
1,612,173
-
-
-
General funds
General Funds
528,820
1,882,464
(1,724,941)
(33,333)
Total Unrestricted funds
2,140,993
1,882,464
(1,724,941)
(33,333)
Designated funds are earmarked by the trustees for the Programme Development Fund.
Restricted funds
British Council
100,000
-
(68,002)
-
IVE
8,541
800
(38,542)
33,333
ACE Leeds 5
-
9,000
(5,635)
-
British Council 2
-
150,000
-
-
Arts Council CRF
-
322,000
(322,000)
-
Arts Council CRF 3
-
224,000
(15,966)
-
Arts Council MWMCMN
-
223,700
(200,826)
-
National Lottery Heritage Fund
-
139,134
(139,134)
-
Paul Hamlyn Foundation
-
250,000
-
-
British Council 3
-
25,000
-
-
108,541
1,343,634
(790,105)
33,333
Total of funds
2,249,534
3,226,098
(2,515,046)
-		 Balance at
31 March
2022
£
1,612,173
653,010
2,265,183
31,998
4,132
3,365
150,000
-
208,034
22,874
-
250,000
25,000
695,403
2,960,586

Page 30

LEEDS CULTURE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2022
£
1,612,173
653,010
695,403
2,960,586		 Income
£
-
3,219,878
3,388,555
6,608,433
Balance at
1 April 2021
£
1,612,173
528,820
108,541
2,249,534		 Expenditure
£
-
(7,014,096)
(1,988,373)
(9,002,469)
Income
£
-
1,882,464
1,343,634
3,226,098		 Taxation
£
-
1,440,161
-
1,440,161
Expenditure
£
-
(1,724,941)
(790,105)
(2,515,046)		 Transfers
in/out
£
(1,612,173)
1,612,173
-
-
Transfers
in/out
£
-
(33,333)
33,333
-		 Balance at
31 March
2023
£
-
(88,874)
2,095,585
2,006,711
Balance at
31 March
2022
£
1,612,173
653,010
695,403
2,960,586
Summary of funds - prior year
Designated funds
General funds
Restricted funds

22. Analysis of net assets between funds Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
1
791,958
(880,833)
(88,874)		 Restricted
funds
2023
£
-
2,175,585
(80,000)
2,095,585		 Total
funds
2023
£
1
2,967,543
(960,833)
2,006,711

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LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
38,225
2,627,977
(401,019)
2,265,183		 Restricted
funds
2022
£
-
695,403
-
695,403		 Total
funds
2022
£
38,225
3,323,380
(401,019)
2,960,586

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2023
£
(953,875)
7,551
59,478
(2,564,481)
525,134
(2,926,193)
2023
£
215,867
215,867		 2022
£
711,052
7,265
-
(96,537)
155,536
777,316
2022
£
3,170,864
3,170,864

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LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

25. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2022
£
3,170,864
3,170,864		 Cash flows
£
(2,954,997)
(2,954,997)		 At 31 March
2023
£
215,867
215,867

26. Pension commitments

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £51,357 (2022: £23,360).

27. Related party transactions

During the year £2,000 has been paid to one of the Trustees for his work at the Awakening. This was paid at the standard rate for all other participants. An amount of £5,000 has been paid to another organisation where one of the Trustees is employed for her part in the Awakening for the provision of choreography services.

28. Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Charity Registered office or principal
number registration place of business
number
Let Culture Loose Limited 13711025 N/A England and Wales
Principal activity Class of Holding
Included in
shares consolidation
Trading company Ordinary 100% No

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LEEDS CULTURE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

28. Principal subsidiaries (continued)

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss)/ Net assets
£ £ Surplus/ £
(Deficit) for
the year
£
Let Culture Loose Limited 324 424 (100) (99)

The accounts of the trading subsidiary have not been included in consolidated accounts as not material to the entity.

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