| Reference and Administrative Details |
Reference and Administrative Details |
|
|---|---|---|
| Trustee' Report | 2to5 | |
| Statement ofTrustee' Responsibilities | ||
| Independent Examiner's |
Report | |
| Statement ofFinancial | Activities | 8to9 |
| Balance Sheet | 10 | |
| Notes to the Financial | Statements | 11to 26 |
| Trustee | Lakeland Arts, | Sole corporate Trustee | ||
|---|---|---|---|---|
| Trustees of | Lakeland | Arts at the | EM Astle | |
| date of'signing: | M Benjamin DL | |||
| SA Crewe | ||||
| K M Howarth | ||||
| A Karwa | ||||
| EKentley | ||||
| A M Lyles | ||||
| JA L Mottram | PhD | |||
| D Reid MCIOF | ||||
| GFRycroft | ||||
| Lady EScott | ||||
| N W RThompson | ||||
| Charity Registration | Number | 526980 | ||
| Principal Office | Abbot Hall | |||
| Kendal | ||||
| Cumbria | ||||
| LA9 5AL | ||||
| Independent | Examiner | Stables Thompson k, Briscoe Chartered Accountants k Statutory Auditors |
||
| Lowther House | ||||
| Lowther Street | ||||
| Kendal | ||||
| Cumbria | ||||
| LA9 4DX | ||||
| Solicitors | Simpson Millar | (to June 2020) | ||
| 5/7 Skipton Street | ||||
| Morecambe | ||||
| Lancashire | ||||
| LA4 4AW | ||||
| Bankers | Barclays Bank | Plc | ||
| 9Highgate | ||||
| Kendal | ||||
| Cumbria | ||||
| LA9 4DF |
| Unrestricted | Restricted | Endowment | Total | |||
|---|---|---|---|---|---|---|
| Note | fundsf | funds | funds | 2022 | ||
| Income and Endowments | from: | |||||
| Donations and legacies |
7,094 | 7,094 | ||||
| Investment income |
3 | 1 | 17,405 | 17,406 | ||
| Other income | 30 | 30 | ||||
| Total income | 7,125 | 17,405 | 24,530 | |||
| Expenditure on: |
||||||
| Charitable activities |
(18,023) | (10,800) | 28,823) | |||
| Total expenditure | (18,023) | (10,800) | (28,823) | |||
| Gains/losses on investment |
||||||
| assets | 6,080 | 6,080 | ||||
| Net (expenditure)/income | (4,818) | 6,605 | 1,787 | |||
| Other recognised gains |
and | |||||
| losses | ||||||
| Actuarial gains/(losses) |
on | |||||
| defined benefit pension | ||||||
| schemes | 94,000 | 94,000 | ||||
| Net movement in funds |
89,182 | 6,605 | 95,787 | |||
| Reconciliation offunds | ||||||
| Total funds brought forward |
(396,070 | 585,000 | 188,930 | |||
| Total funds carried forward | 16 | 306,888 | 6,605 | 585,000 | 284,717 |
| Statement | o | fFinancia | l Activities for | the Year Ende | d 31March 202 | 2 |
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |||
| funds | funds | funds | 2021 | |||
| Note | ||||||
| Income and Endowments | from: | |||||
| Donations and legacies |
9,520 | 9,520 | ||||
| Investment income |
3 | 1 | 20,171 | 20,172 | ||
| Other income | 30 | 30 | ||||
| Total income | 9,551 | 20,171 | 29,722 | |||
| Expenditure on: |
||||||
| Raising funds | (1,165) | (1,165) | ||||
| Charitable activities |
(56,271) | 20,171) | (76,442) | |||
| Total expenditure | (57,436) | (20,171) | (77,607) | |||
| Gains/losses on investment |
||||||
| assets | 6/95 | 101,155 | 107,450 | |||
| Net (expenditure)/income | (41,590) | 101,155 | 59,565 | |||
| Gross transfers between |
funds | 101,155 | (101,155) | |||
| Other recognised gains |
and | |||||
| losses | ||||||
| Actuarial gains/(losses) |
on | |||||
| defined benefit pension | ||||||
| schemes | 56,000 | 56,000 | ||||
| Net movement in funds |
115,565 | 115,565 | ||||
| Reconciliation offunds |
||||||
| Total funds brought forward |
511,635 | 585,000 | 73,365 | |||
| Total funds carried forward | 16 | 396,070) | 585,000 | 188,930 |
| (Registration num Balance Sheet as at |
ber: 526980) 31March 2022 |
||||
|---|---|---|---|---|---|
| 2021 | |||||
| Note | |||||
| Fixed assets | |||||
| Investments | 12 | 636,727 | 621,838 | ||
| Current assets |
|||||
| Cash at bank and in hand | 13 | 5,675 | 6,666 | ||
| Creditors: Amounts | falling | due within one year | 14 | 17,685) | 3,574 |
| Net current (liabilities)/assets | (12,010) | 3,092 | |||
| Net assets excluding | pension | liability | 624,717 | 624,930 | |
| Pension scheme liability | 15 | (340,000) | (436,000) | ||
| Net assets including | pension | liability | 284,717 | 188,930 | |
| Funds ofthe charity: | |||||
| Endowment funds |
585,000 | 585,000 | |||
| Restricted income funds |
|||||
| Restricted funds | 16 | 6,605 | |||
| Unrestricted income |
funds | ||||
| Unrestricted funds |
306,888 | 396,070 | |||
| Total funds | 16 | 284,717 | 188,930 |
| 2 Incom |
e | from donations and legacies |
||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total | |||
| General | 2022 | |||
| Donations | and legacies; | |||
| Donations | Rom individuals | 1,060 | 1,060 | |
| Regular giving and capital donations | 6,034 | 6,034 | ||
| 7,094 | 7,094 | |||
| Unrestricted | ||||
| funds | Total | |||
| General | 2021 | |||
| Donations | and legacies; | |||
| Donations | from individuals | 1,741 | 1,741 | |
| Regular giving and capital donations | 7,779 | 7,779 | ||
| 9,520 | 9,520 |
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Restricted | Total | |||
| General f |
funds | 2022f | |||
| Income &om | dividends; | ||||
| Dividends | receivable | &om other listed investments | 17,405 | 17,405 | |
| Interest receivable and similar income; |
|||||
| Interest receivable on bank deposits |
|||||
| 17,405 | 17,406 | ||||
| Unrestricted | |||||
| funds | Restricted | Total | |||
| General | funds | 2021 | |||
| Income from | dividends; | ||||
| Dividends | receivable | &om other listed investments | 20,171 | 20,171 | |
| Interest receivable and | similar income; | ||||
| Interest receivable on bank deposits |
|||||
| 20,171 | 20,172 |
| 5 Expenditure on c |
haritable activities |
|||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Restricted | Total | ||
| General | funds | 2022 | ||
| Donations to Lakeland | Arts | 10,800 | 10,800 | |
| Support costs | 16,886 | 16,886 | ||
| Collection costs | 1,137 | 1,137 | ||
| 18,023 | 10,800 | 28,823 | ||
| Unrestricted | ||||
| funds | Restricted | Total | ||
| General | funds | 2021 | ||
| Donations to Lakeland | Arts | 42,247 | 20,171 | 62,418 |
| Support costs | 14,024 | 14,024 | ||
| 56,271 | 20,171 | 76,442 | ||
| Activity | ||||
| undertaken | Activity | |||
| directly | support costs | 2022 | ||
| Donations to Lakeland | Arts | 10,800 | 10,800 | |
| Support costs | 16,886 | 16,886 | ||
| Collection costs | 1,137 | 1,137 | ||
| 11,937 | 16,886 | 28,823 | ||
| Activity | ||||
| undertaken | Activity | |||
| directly | support costs | 2021 | ||
| Donations to Lakeland | Arts | 62,418 | 62,418 | |
| Support costs | 14,024 | 14,024 | ||
| 62,418 | 14,024 | 76,442 |
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | Total | |||||
| General | 2022 | |||||
| Staffcosts | ||||||
| Pension | costs | 11,600 | 11,600 | |||
| Independent | examiner | fees | ||||
| Examination | ofthe | financial | statements | 1,260 | 1/60 | |
| Legal fees | 3,420 | 3,420 | ||||
| 16,280 | 16/80 | |||||
| Unrestricted | ||||||
| funds | Total | |||||
| General | 2021 | |||||
| Staffcosts | ||||||
| Pension | costs | 13,300 | 13,300 | |||
| Independent | examiner | fees | ||||
| Examination | ofthe | financial | statements | 724 | 724 | |
| 14,024 | 14,024 |
| 8 Staffcosts The aggregate payroll costs were as follows: |
||
|---|---|---|
| 2022 | 2021 | |
| Staffcosts during the year were: | ||
| Wages and salaries | 606 | |
| Pension costs | 11,600 | 13,300 |
| 12,206 | 13,300 |
| Summary | of | transactions | ||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | 2019 | 2017 | ||||
| f, | ||||||||
| Purchases | and additions | |||||||
| Ephemera | 10 | |||||||
| Furniture | 25,000 | 20,000 | ||||||
| Textiles | 1,062 | |||||||
| Drawings | 17,344 | 15,300 | ||||||
| Maritime | 10,000 | |||||||
| Donations | ||||||||
| Books | 130 | 155 | ||||||
| Ceramics | 1,240 | |||||||
| Costume | 30 | |||||||
| Drawings | 5,430 | 1,260 | 100 | |||||
| Engraving | 500 | |||||||
| Ephemera | 20 | 240 | ||||||
| Furniture | 105,080 | 3,000 | ||||||
| Industrial | history | 100 | ||||||
| Paintings | 14,000 | 214,000 | 40,000 | 1,260,000 | ||||
| Photographic | prints | 300 | ||||||
| Photographs | 3,100 | |||||||
| Sculpture | 750,000 | |||||||
| Social history | 4,571 | 100 | 170 | 250 | ||||
| Maritime | 35,015 | 16,000 | 100 | 45,200 | ||||
| Horology | 500 | |||||||
| Total additions | 193,160 | 983,200 | 30,765 | 100,670 | 1,281,512 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Other investments | 636,727 | 621,838 | ||
| Other investments | ||||
| Listed | ||||
| investments | Total | |||
| Cost or Valuation | ||||
| At 1 April 2021 |
621,838 | 621,838 | ||
| Revaluation | 6,080 | 6,080 | ||
| Additions | 8,809 | 8,809 | ||
| At 31 March 2022 | 636,727 | 636,727 | ||
| Net book value | ||||
| At 31 March 2022 | 636,727 | 636,727 | ||
| At 31 March 2021 | 621,838 | 621,338 | ||
| All fixed asset investments | are held within | the United Kingdom. | ||
| 13 Cash and cash equivalents | ||||
| 2022 | 2021 | |||
| Cash at bank | 100 | 101 | ||
| Short-term deposits |
5,575 | 6,565 | ||
| 5,675 | 6,666 |
| 14 Creditors: a | mounts falling due within one year |
||
|---|---|---|---|
| 2022 | 2021 | ||
| Trade creditors | 600 | 1,224 | |
| Owed by/(from) | group undertakings | 14,735 | |
| Other creditors | 1,150 | ||
| Accruals | 2,350 | 1,200 | |
| 17,685 | 3,574 |
| The amo | unts recognised in the statement |
offinancial position are as | follows: | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| Fair value ofscheme assets | 1,495,000 | 1,422,000 | ||
| Present value ofdefined benefit obligation | (1,835,000) | (1,858,000) | ||
| Defined | benefit pension scheme deficit | 340,000 | 436,000 | |
| Defined | benefit obligation | |||
| Changes | in the defined benefit obligation | are as follows: | ||
| 2022 | ||||
| Present value at start ofyear | (1,858,000) | |||
| Current | service cost | (3,000) | ||
| interest | on pension liabilities | (39,000) | ||
| Actuarial | gains and losses | (13,000) | ||
| Benefits | paid | 78,000 | ||
| Present | value at end ofyear | (1,835,000 | ||
| Fair value ofscheme assets | ||||
| Changes | in the fair value ofscheme assets | are as follows: |
| Notes to the Financial Statements for the Y | ear Ended 31March 20 | 22 |
|---|---|---|
| 2022 | ||
| Fair value at start ofyear | 1,422,000 | |
| Interest income | 29,000 | |
| Actuarial gains and losses |
107,000 | |
| Employer contributions |
15,000 | |
| Benefits paid | (78,000) | |
| Fair value at end ofyear | 1,495,000 | |
| Analysis ofassets | ||
| The major categories ofscheme assets are as follows: | ||
| 2022 | 2021 | |
| Cash and cash equivalents | 42,000 | 58,000 |
| Equity instruments | 524,000 | 546,000 |
| Government bonds |
253,000 | 250,000 |
| Property | 136,000 | 114,000 |
| Other | 540,000 | 454,000 |
| 1,495,000 | 1,422,000 | |
| Return on scheme assets | ||
| 2022 | 2021 | |
| Return on scheme assets | 135,000 | 237,000 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Mortality | rate | 1.75 | 1.75 | |
| Discount | rate | 2.80 | 2,10 | |
| Future salary increases | 5.00 | 4.20 | ||
| Future pension | increases | 3,60 | 2.80 | |
| Inflation | 3.50 | 2.70 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Years | Years | ||||
| Current | UK pensioners | at retirement | age - male | 23.00 | 23.00 |
| Current | UK pensioners | at retirement | age - female | 25.00 | 25.00 |
| Future | UK pensioners | at retirement | age - male | 24.00 | 24.00 |
| Future | UK pensioners | at retirement | age - female | 27.00 | 27.00 |
| 16 Funds | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Other | Balance at | ||||||||
| Balance at 1 | Incoming | Resources | recognised | 31March | |||||
| April 2021 | resources | expended | gains/(losses) | 2022 | |||||
| Unrestricted | funds | ||||||||
| General | |||||||||
| Unrestricted | general | funds | 39,930 | 7,125 | (20,023) | 6,0$0 | 33,112 | ||
| Designated | |||||||||
| Pension deficit | (436,000) | 2,000 | 94,000 | ~(340,000 | |||||
| Total unrestricted | funds | (396,070) | 7,125 | (18,023) | 100,080 | (306,888) | |||
| Restricted funds | |||||||||
| Restricted | Blackwell | Income | |||||||
| Funds | 17,405 | (10,800) | 6,605 | ||||||
| Endowment | funds | ||||||||
| Permanent | |||||||||
| Blackwell Endowment | Fund | 585,000 | 585,000 | ||||||
| Total funds | 188,930 | 24,530 | 28823) | 100,080 | 284,717 |
| Balance | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance | Other | at31 | ||||||||
| at 1April | Incoming | Resources | recognised | March | ||||||
| 20?0 | resources | expended | Transfers | gains/(losses) | 2021 | |||||
| Unrestricted | funds | |||||||||
| General | ||||||||||
| Unrestricted | general | funds | (19,635) | 9,551 | (42,436) | 86,155 | 6,295 | 39,930 | ||
| Designated | ||||||||||
| Pension deficit | ~492,000 | ~((5,000 | 15,000 | 56,000 | (436,000) | |||||
| Total unrestricted | funds | (511,635) | 9,551 | (57,436) | 101,155 | 62295 | (396,070) | |||
| Restricted | ||||||||||
| Restricted Blackwell | Incoine | |||||||||
| Funds | 20,171 | (20,171) | ||||||||
| Endowment | funds | |||||||||
| Permanent | ||||||||||
| Blackwell Endowment | Fund | 585,000 | (101,155) | 101,155 | 585,000 | |||||
| Total funds | 73,365 | 29,722 | (77,6D7) | - | 163,45D | 188,930 |
| Endowment | Total funds | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | funds | Restricted | funds | at 31March | |||
| General | Designated | funds | Permanent | 2022 | |||
| Fixed asset investments | 45,122 | 6,605 | 585,000 | 636,727 | |||
| Current | assets | 5,675 | 5,675 | ||||
| Current | liabilities | (17,685) | (17,685) | ||||
| Pension | scheme liability | (340,000) | ~340,000 | ||||
| Total net assets | |||||||
| Endowment | Total funds at | ||||||
| Unrestricted | funds | funds | 31March | ||||
| General | Designated | Permanent | 2021 | ||||
| Fixed asset investments | 36,838 | 585,000 | 621,838 | ||||
| Current | assets | 6,666 | 6,666 | ||||
| Current | liabilities | (3,574) | (3,574) | ||||
| Pension | scheme liability | (436,000) | (436,000 | ||||
| Total net assets | 39,930 | 436,000 | 585,000 | 188,930 |