2023-03-31-accounts

Reference and Administrative Details	Reference and Administrative Details
Trustee' Report		2 to 5
Statement ofTrustee'	Responsibilities
Independent Examiner's Report
Statement ofFinancial	Activities	8to9
Balance Sheet		10
Notes to the Financial	Statements	11to 26

			Lakeland Arts Trust	Lakeland Arts Trust	Lakeland Arts Trust
			Reference and Administrative			Details
Trustee				Lakeland Arts, Sole corporate Trustee
Trustees of	Lakeland	Arts at	the	M Benjamin DL
date ofsigning:				S A Crewe
				K M Howarth
				A Karwa
				EKentley
				A M Lyles
				J A L Mottram PhD
				D Reid MCIOF
				G FRycroft
				E JScott
Charity Registration		Number		526980
Principal Office				Abbot Hall
				Kendal
				Cumbria
				LA9 5AL
Independent	Examiner			Stables Thompson &	Briscoe
				Chartered Accountants	& Statutory		Auditors
				Lowther House
				Lowther Street
				Kendal
				Cumbria
				LA9 4DX
Solicitors				Simpson Millar (toJune 2020)
				5/7 Skipton Street
				Morecambe
				Lancashire
				LA4 4AW
Bankers				Barclays Bank Pic
				9Highgate
				Kendal
				Cumbria
				LA9 4DF

State	ment	o	fFinanci	al Activities for	the Year Ende	d 31March 202	3
				Unrestricted	Restricted	Endowment	Total
				funds	funds	funds	2023
			Note				f,
Income and Endowments			from:
Donations and legacies				10,005			10,005
Investment income			3	10	19,403		19,413
Other income				30			30
Total income				10,045	19,403		29,448
Expenditure on:
Raising funds				(12)			(12)
Charitable activities				(33,743)	(26,008)		(59,751)
Total expenditure				(33,755)	(26,008)		(59,763)
Gains/losses on investment
assets				(9,378)		(37,140)	(46,518)
Net expenditure				(33,088)	(6,605)	(37,140)	(76,833)
Other recognised	gains	and
losses
Actuarial gains/(losses)		on
defined benefit pension
schemes				315,000			315,000
Net movement in funds				281,912	(6,605)	(37,140)	238,167
Reconciliation offunds
Total funds brought	forward			(306,888)	6,605	585,000	284,717
Total funds carried	forward		Id	~(24,976		547,860	522,884

Statement	ofFi	na	ncial Acti	vities for the Y	ear Ended 31	March 2023 (con	tinued)
				Unrestricted	Restricted	Endowment	Total
				funds	funds	funds	2022
			Note
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		15	(306,888)	6,605	585,000	284,717

		Balance Sheet as at	31March 2023
				2023	2022
			Note
Fixed assets
Investments				576,233	636,727
Current assets
Cash at bank and in hand			12	602	5,675
Creditors: Amounts	falling	due within one year	13	31,951)	17,685)
Net current liabilities				(31,349)	(12,010)
Net assets excluding	pension	liability		544,884	624,717
Pension scheme liability			14	22,000)	(340,000)
Net assets including	pension	liability		522,884	284,717
Funds ofthe charity:
Endowment funds				547,860	585,000
Restricted income funds
Restricted funds			15		6,605
Unrestricted income	funds
Unrestricted funds				(24,976	(306,888)
Total funds			15	522,884	284,717

2 Incom	e	from donations and legacies
			Unrestricted
			funds	Total
			General	2023
Donations	and legacies;
Donations		from individuals	3,511	3,511
Regular giving and capital donations			6,494	6,494
			10,005	10,005
			Unrestricted
			funds	Total
			General	2022
Donations	and legacies;
Donations		from individuals	1,060	1,060
Regular giving and capital donations			6,034	6,034
			7,094	7,094

				Unrestricted
				funds		Restricted	Total
				General		funds	2023
Income from	dividends;
Dividends	receivable		from other listed investments			19,403	19,403
Interest receivable		and	similar income;
Interest receivable on bank deposits					10		10
					10	19,403	19,413
				Unrestricted
				funds		Restricted	Total
				General		funds	2022
				f,
Income from	dividends;
Dividends	receivable		Rom other listed investments			17,405	17,405
Interest receivable		and	similar income;
Interest receivable on bank deposits
						17,405	17,406

4 Expenditure on ch	aritable activities
		Unrestricted
		funds	Restricted	Total
		General	funds	2023
				f
Donations to Lakeland	Arts	21,878	26,008	47,886
Support costs		11,865		11,865
		33,743	26,008	59,751
		Unrestricted
		funds	Restncted	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
		Activity
		undertaken	Activity
		directly	support costs	2023
Donations to Lakeland	Arts	47,886		47,886
Support costs			1],865	11,865
		47,886	11,865	59,751
		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

					Unrestricted
					funds	Total
					General	2023
Staffcosts
Pension	costs				10,900	10,900
Independent	examiner		fees
Examination		ofthe	financial	statements	965	965
					11,865	11,865
					Unrestricted
					funds	Total
					General	2022
					f,
Staffcosts
Pension	costs				11,600	11,600
Independent	examiner		fees
Examination		ofthe	financial	statements	1,260	1,260
Legal fees					3,420	3,420
					16,280	16,280

7 Staffcosts The aggregate payroll costs were as follows:
	2023	2022
Staffcosts during the year were:
Wages and salaries		606
Pension costs	10,900	11,600
	10,900	12,206

Summary	of	transactions
			2023	2022	2021		2020	2019
Purchases	and additions
Ephemera							10
Furniture							25,0DD
Drawings				17,344				15,300
Maritime			100	10,000
Donations
Books				130			155
Ceramics				1/40
Costume				30
Drawings				5,430			1,260
Engraving							500
Ephemera				20			240
Furniture				105,080			3,000
Paintings				14,00D	214,000			40,000
Photographic		prints		300
Photographs					3,100
Sculpture					750,000
Social history				4,571		100		170
Textiles			200
Maritime			7,310	35,015	16,000		100	45,200
Horology							500
Total additions			7,615	193,160	983,200		30,765	100,670

			2023	2022
Other investments			576,233	636,727
Other investments
			Listed
			investments	Total
			f,	f.
Cost or Valuation
At 1 April 2022			636,727	636,727
Revaluation			(46,518)	(46,518)
Additions			17,997	17,997
Disposals			(31,973)	(31,973)
At 31 March 2023			576,233	576,233
Net book value
At 31 March 2023			576,233	576,233
At 31 March 2022			636,727	636,727
All fixed asset investments	are held within	the United Kingdoin.
12 Cash and cash equivalents
			2023	2022
Cash at bank			100	100
Short-term deposits			502	5,575
			602	5,675

13 Creditors: a	mounts falling due within one year
		2023	2022
Trade creditors			600
Owed by/(from)	group undertakings	29,601	14,735
Accruals		2,350	2,350
		31,951	17,685

Reconciliation ofscheme assets and liabilities ta assets and The amounts recognised in the statement offinancial position	liabilities recognised are as follows:
	2023	2022
Fair value ofscheme assets	1,347,000	1,495,000
Present value ofdefined benefit obligation	(1,369,000)	(1,835,000
Defined benefit pension scheme deficit	(22,000	(340,000

Changes	in the defin	ed benefit obligation are as follows:
			2023
Present value at start ofyear			(1,835,000)
Current	service cost		(3,000)
Interest	on pension	liabilities	(51,000)
Actuarial	gains and	losses	449,000
Benefits	paid		71,000
Present	value at end	ofyear	(1,369,000)
Fair value ofscheme assets
Changes	in the fair	value ofscheme assets are as follows:

Notes to the Financial Statements for the Year Ended 31	March 2023 (continued)
	2023
Fair value at start ofyear	1,495,000
Interest income	41,000
Actuarial gains and losses	(134,000)
Employer contributions	16,000
Benefits paid	(71,000)
Fair value at end ofyear	1,347,000
Analysis ofassets
The major categories ofscheme assets are as follows:

Analysis o The major	fassets categories ofscheme assets are as follows:
		2023	2022f
Cash and cash equivalents		35,000	42,000
Equity instruments		492,000	524,000
Government	bonds	189,000	253,000
Property		104,000	136,000
Other		527,000	540,000
		1,347,000	1,495,000
Return on	scheme assets
		2023	2022
Return on scheme assets		(58,000)	135,000

			2023	2022
			O/o
Mortality	rate		1.75	1.75
Discount	rate		4.90	2.80
Future salary		increases	4.20	5.00
Future pension		increases	2.80	3.60
Inflation			2.70	3.50

Post retirement mortality assumptions	Post retirement mortality assumptions	Post retirement mortality assumptions
			2023	2022
			Years	Years
Current UK pensioners	at retirement	age - male	22.00	23.00
Current UK pensioners	at retirement	age - female	24.00	25,00
Future UK pensioners	at retirement	age - male	23.00	24.00
Future UK pensioners	at retirement	age - female	26.00	27.00

15 Funds
							Other	Balance at
				Balance at 1	Incoming	Resources	recognised	31March
				April 2022 f	resources	expended	gains/(losses) f	2023f
Unrestricted	funds
General
Unrestricted	general funds			33,112	10,045	(36,755)	(9,378)	(2,976)
Designated
Pension deficit				(340,000)		3,000	315,000	(22,000)
Total unrestricted		funds		(306,888)	10,045	(33,755)	305,622	(24,976)
Restricted funds
Restricted	8lackwel I Income
Funds				6,605	19,403	(26,008)
Endowment	I'unds
Permanent
Blackwell	Endowment		Fund	585,000			(37,140)	547,860
Total funds				284,717	29,448	~59,763	268,482	522,884

Notes t	o the	Fi	na	ncial	Statements fo	r the Year	Ended 31Ma	rch 2023 (co	ntinued)
								Other	Balance at
					Balance at I	Incoming	Resources	recognised	31March
					April 2021	resources	expended	gains/(losses)	2022f
Unrestricted	funds
General
Unrestricted	general		funds		39,930	7,125	(20,023)	6,080	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
Restricted Blackwell			Income
Funds						17,405	(10,800)		6,605
Endowment	funds
Permanent
Blackwell	Endowment			Fund	585,000				585,000
Total funds					188,930	24,330	~28,823)	)00,080	284,717

					Endowment	Endowment	Total funds at
		Unrestricted		funds		funds	31March
		General f		Designated		Permanent	2023
Fixed asset investments		28,373				547,860	576,233
Current	assets		602				602
Current	liabilities	(31,951)					(31,951)
Pension	scheme liability				(22,000)		(22,000)
Total net assets		(2,976			(22,000)	547,860	522,884
						Endowment	Total funds
		Unrestricted	funds		Restricted	funds	at 31March
		Gener al	Designated		funds	Permanent	2022
Fixed asset investments		45,122			6,605	585,000	636,727
Current	assets	5,675					5,675
Current Pension	liabilities scheme liability	(17,685) ~340,000)					(17,685) ~(340,000
Total net assets		33,112	(340,000)		6,606	585,000	284,717