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|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|
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|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||
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||||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|
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|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|
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|||(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|
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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|
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||||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|
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|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|
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||||||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|
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|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|
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|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|
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||||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|
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|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|
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|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:|||
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|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|
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||||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|
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|||||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|
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|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|
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|||||||||||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|
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|||||||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|
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