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|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||||
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|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|
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|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|
##
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##
|||||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|
##
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|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|
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||||||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|
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|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|
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||||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|
##
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##
|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|
##
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|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|
##