Lakeland Arts Trust for th¢ YettFtstsl 31 MrI1 2024 tA9 4DX
Contents (¢otttinued) 2th5 Statellnt of Tnttted Rewytliliti 8t09 io llto27
Trut¢u oftakeld Arts It ¢he M Bcoi8min DL A B]xk S A CTet KJSKw81# T AIAI AMLYI D Reid MCIOF G F R>uoft EJScott Cbarlty Nllml••r 526980 tA9 SAL LO¢1 Strtt4 LI9 4DX Sitiyoll Miltw( Junc 2020) sn Sknpton Strttt LA4 4AW Battk¢ 9 High LA9 4DF
ObJ¢cthTeJ •dlvl¢ ThepInt obFcts of the TnKt xe. All activitiu of tAkn]•Dd Ats TrNI w¢¥e •8 a con¢¢rn frrrfn l AW 2013 TAW¢ C•Tried out by th¢ thrity, L•k•]•] Art& The e4illection held by the Tnt k¥ to IAkelard Arn Iluou)ut the ye4r, and the Blthll the Blac11 buildi P¢ Itt 1971 th• The L4keloth1 VAS in the ¢4xh I¢ Jtsbk blwk 01 Abbot HBll and ard Ked. lookin¥ th¢ Ci)tiigtoti Fe D#1&¢d by MH Baillie S¢ott ¢omplet¢d in 19th), this ii oDe of the Tht tnutee contlnn thllt tlry bAVt Lwplitd Twith the re4pre of Kdion 17 ofthe A¢t 2011 to Tr ¢hrity bad ithCo of£28.776 in th¢ >vr (2023: £29.448) th1 weffes of £81579 (2023.. £59.763). Thi8 cteAtsd 8 deficit of £53.803 BAIN ott vAlue of inves¢DMts of £28.7SX>. Thil d¢¢rus¢d r¢%rv¢8 by £25.013. with no o¢t pin or OTh the pensioo o¢hella r¢ in oveTrll defKit I1 A8 31 Marcb 2024, th¢ Unre furKts dell¢it tAlw*l from £ (24976) tt 31 Much 2023 wh]s of
Tru•te¢' Rryort {¢onthiu¢d) for 8ellernl fitsbJ# provide a hi irtotne from of loTh ri inv¢th The Lakclthl Arta Thut (the TTUrt) is an truB( coNtitsrte41 under • tryst deed dated 19 Augurt 1957 18 i re¢Ted thriry. mmiber 526980. Thè Trutt ftyrvd to sm AblK H8lL OD mld 2013 ond 8ubltQOti in the cor110 WM1er which the xtsvititj of th¢ Tru81 are Completed ils r¢gislrntion M a cb8Tity (Chvity munber 11531KII) writh iimi]ar objeeiA to tht Trurt to Jace the Trwt B¥ th¢ of the Wi0 for we by the publie to ¢ry forntrd thè At th¢ ¢kno ofbu5ine4 on JI July 2013 the I1111tiN of lak¢i•Dd Arts Tht traaBforr•a All Indi TnxIo of the Trurt 31 Juty 2013 Di[10Th Tn¥t•M of to the duratiots of the terni of th¢ sol¢ Tp•t¢ Tro•¢ pmvidthd it nxDaiN aa i01P0 enrity Pa8¢ 3
Thth, Report (cOndnu) kn8 Tr¥t and opernt¢s Abkn Hall, the Mweum of L4k£laThl Lift & Indwty (MOW) IT B]•¢kwell HoLse in Art¥ Support Trwt WeTI#lld #nd C•llllcl RtskMaN48emwi¢ implementstioD. Tiths ue identified ard rthed in of tkir inw likelihood Major . A ¢tearjIru¢tt of d¢l¢8*d WDtrol' if key obj¢ctivr8 ar¢ kn b¢ acbi¢ve& Th¢ hw¢ r¢vi¢wed the ri6k8 TrtsB¢ 18 expB¢ er the IK8thn85 OE . S¢wrily. . He41th aTM1 Safety. exp)8e it to & of fml181 rigk8 Ilg LTh1it rio< (48h tIow T1 I] hqwdty ii6k Th¢ ch¥Tity &>ey
Lak¢knd ArlB Trust Truttee, Ryrt (conthined) annwl aEyrov&lby th truMe< of on 23 J•rw 2025 on its bebRlf by.. D. Rcid {cl]r & Tnxtttj Py5
Sttenxnt of Truthe. Rupomlblllt 4pplicabk18w aNI relatiO live a truE and falr Triew of the te ofaffliry of th¢ chority •nd of th¢ iDC4)MI ze84ju and app]ltiOn of tiTr th¢ fillalleial pxitiOD of th• ebarity aDd ¢Jthbk to twure the fiDADcial thtsments eorttply with th• Ch8ritie¥ Act 2011, t ClwIkn (A¢c4Juts Re} R¢8u11ti 2(K18. the provi110 of thg Amov¢d by the In¥ts¢ of th¢ thrity oo 23 JM#ry 202S #8wd its behalf by. D. R¢id (CbAtr & TnJstse}
Indeident Esauthier'¥ Report to the truthes of LIkeld Arts Tru 2024. Re4bon1lltIm bath Of rry•rt As thc charity trustee of tAkelaDd th Tn¥t )m HM1>1¢ for th¢ pr¢prnkn of the iti ac¢ordw with th¢ t¢qUirW of Clwitios Art 2011 ('th¢ Art,). I rwt iti t¢4ye¢i of my of the Lakel•zl Tmtses cauicd out 145 of the 2011 iti otrt my cXaTrIn1jD I b& fotiowtd tht •]yknbIe Dlltthiom giv( by the Cknrity Cornm188 under lots 145{5Mb) oftr* 2. tbe wcowjty th not (d7th thox ¢XAminatio kLL Helffl HolnK8 BS¢ FG JCAEW Houx L•Mth¢r Street Li9 4DX P•8¢ 7
St•tsnwnt of Fln•n¢knl Acdvldes for the Yew Ended 31 March 2024 Tots] 2024 N•ts T•eome ETrd•Mxmts fr•m: rk)DAtiODS Iyi 6.705 2214 30 6,705 22.041 30 19,827 9 19f27 28.776 Expendltve on: 1.128 13.707 1.128 83,70 C>&Titable xtivitiE4 19.82 50.173 {IU79) (19827) (50.173) (82J79) 5rAI 2829) 28.790 (3,130) 10977 (21.8A3) 11097T) (25.0131 Actiwial Blin009} on 22,000 IloMypiD 7.847 (31860) (25.013) of 519871 Page B
Lakeld Arts Thist StAtellnt ofFknaDdal Actfvltkn for the Yt4r Ended 31 M4r¢h 2024 (contlnued) N•t¢ 10,(K)5 io 30 19.403 19.413 30 ExptDdJtur• OD: RllisinB funds Chan'thble ftsVitie8 (12) 3.743 (12) 26.C#)8) Totsl rxpcndithlle {33.755} {2fi8) (59.763) .378 Net experMlituYe Other r•e•pth•d 8th (33,088) (6.603) 137.140) (76.833) A¢tiwial sai#(1088¢1) o 315.0fy) 315,0(Q Actiwial (108Jy8aiD (36.088) (6.6051 137.140) (79.833) 624,717 18 97 547.8 $44,884 The fiwds brwkdowD for 2023 ii shown in tsxe 18.
(RetratIon number: 526980) B•l8D¢e Sheet a8 at 31 Marth 2024 2Tr24 2023 12 552283 576233 Debtsrs 2.196 300 14 2,496 15 34.gY18 Net fwrr•m¢ Il•blThti 314121 31.349 Net •Mets •xcludlry 519J71 544.884 16 21OfXI 519871 Fud• oftbe dr. ENd•wmomt fulldl 4.871 (2.976) 4.97 T•tal 18 519 871 21n5 ou tbir Ir by. D. ReKI (Chair & Trutht) kel Arts P•8¢ 10
fjt to the Fllland Statements for the Year Ended 31 March 2024 I At¢•Un¢i#i FluBlI1 RwtiD8 Standgrd •ppli¢•bk ID the UK •Dd R4111¢ of ts¢18wI (FRS 102) (¢ffe4ive l JAttuary 2019 . (ClwitieB SORP (FR5 102)k the RwtiD8 Ststhrd in ti¥ UK attd Rwbli¢ of Ir¢lAtyl (FRS 102) th¢ Cb4ritiN Ad 2011. •f prffjb•ra¢k)n Th¢ dwity 18 partof & I11 Arn Gw a fuller expl111 of the lD$ loll for the Income eDd•wmemts expendittre h¢aditig th&t similar cuts to that cateBOry. WF¢r¢ b¢ dirrftty autibutl to
Notes to the Flnalld Statememts for the Yur Ended 31 MAr¢h 2024 (eoAthiued) T•x•d•• The cb•rity li coNidered to le 8¢t ID 6 of the FizhwA Act 2010 aud therefore it rn¢ th¢ definition of * ¢hritabl¢ conyny for UK (oryor Tax puryou AcwrdioBly. the ¢overed by l l of the Coryorntim T Act 2010 LY Sts'ott 256 of the T1)00 of Char8eabJ• G•iti8 Aet 1991 to the that Iom¢ c¢8aiN 4¥lied •xclwively kn charitoble pwpoxj. Th¢ L4ke]atMI Arts Tnut's prillwry is to ¢#•bli8b • Iwblic th 8alkny for th¢ 10Th of The illdie]Mbk Trrits8e w¢ts itt the li li • of the Tn¢.9 pwrthe to hold PWPO8e. wt onty by the t¢rnM of its Tr( De¢4 Ixtt by ¢AtsrD caxideTrtiLU i1lUdIn8 conditio discloAe• required by 18.26 to 18.31 of th Cfvriti¢8 Stst¢rfflt of Prxtice IFRS102). of Filwl Actiwitxes ID P0d OfdLvX. P•8E 12
Lakeland ArlB Trurt Nota to the Flllalld Statsments for the Yur Ended 31 Mlreh 2024 (nI5med) •lld equlvthits bus1w fr(rfll supplim. A¢<018 payabk cla08l u cutrutt 1xabibt1 if the d0¢8 wi have aa uD¢otiditiol rikFLt. at th¢ ¢Dd of the r¢wJrDD8 perKrfL to d¢f¢r 8atleumt of th¢ for tt le•# tw¢ive Unre8tsicted are available w¢ At the di%r¢¢ioD of thg ID ffiJrtI of tho obj1Ve1 of thc charity alld wbieb bave beets deswrwtrd for other P¢n•l•K• lld other po# r•tlrnwDt obUyd• The 1]IlIty reco8Di8¢d ID & Bal¢ S]d in tEyci of defiDAI befit pl is th• pMtx viup of the dertsd bettefii ob118atsr # th¢ 1¢F¥xli dafc the fair vahx of pl•ll 488¢ts. Th¢ dthd bcllcfit obli8AtiOD is 19 tb¢ projec1 UDit cttdit med The pre•gDt value of the d¢fmed beJ*fit alld that bave ternw to mffjwity 8ppf0XlliD& to the tCrnLS ofthe p¢uiott I1711ty. P4e 13
Note4 to the Flnandal Sttellxnts for the Year EDded 31 Mareh 2024 {&x)ntlnued) IiAbility is 4¢ & prr4¢n¢ of th¢ futsue Pa dix( at a rnorket Tat¢ of intetC5r for e lithilitits Arè onty •ff¥t iti th¢ of 11 only Twben th•rn existy a leylly etsfortle right off the Tr¢old th¢ ¢lwity either th Mttle on A net or to reali# the a8t the liability 8itiw1ilmty. fu111 aso¢t expire or ar¢ 8¢ttJrf b) the (aty trath party Athst•ntidJy All of risk8 and r¢wth of owDtr of the c) the ¢blty, delpith vID8 relaiti lome. publicty trthd or tr*ir fw v•kn is r¢li•bly m¢awrnbk) •t fair voh¥ throu wofii or ION. Pa8e 14
Notd to the Flnanctsl StAten*nts for the Year Ende4131 March 2024 (eontinued) Total 2024 1.775 1.775 30 Totsl 2023 G•ll¢r41 3.511 3Jll Page 15
Notrj to the Thiallei Statenwth for the Year Ended 31 March 21124 (collthued) Totsl 2024 f¥•ds 19.827 19,827 14 ldI Totsl 19,403 19,403 Inrest r¢ceiv4ble on boDk dep)8its io 10 io Tot•1 2024 1.150 1,128 Tot1 12 12 12 12 P¢ 16
Note8 to the Fintil1 Stjtements for the Yar Ended 31 Mreh 2024 {¢ontinued) T•tl 2024 29.251 4.107 19.827 30.522 30 19.827 22 Totsl 2023 GeierAI r•ttdi 21.$78 26.(1 47.880 S4yort costs 33 743 (18 2•24 Donlon1 to lakelaTh4 A &4Wrt 79,fal A¢tMty dort*k• pp•rt fott• 47.886 47.886 Support Costs Py17
IAkdAnd Arts Tru Notu to the Fln2nctsl state0nts for the Ymr Ended 31 Mweh 2024 (continued) Tot•1 2•24 General Stsff Pts8kL ¢0 2J18 2,318 1250 S39 1250 539 I881 fe Total 2•23 Stsff 10,9 io 965 I Staff 2•24 2023 StAff dllrkn8 th yw wtte: P•8r 18
L•kelAnd Arts Trnit Notr# to the ffinanci StstemeAts for the Year Ended 31 March 2024 (eontinued) 2024 2023 965 10 Tutl• 11 M•ts 2•24 202J 2•22 2•2(1 EpIn¢t8 10 050 17,344 io,ocrf) 130 155 30 5.430 DrawiD ED8ravin8 Bphen 1260 20 240 105. 14.C 214.0 Pbolo8Taphic prints PbotO8TDphs 3,Ir 750.0(J) 4571 Textil¢s 7JlO 35.015 16.W) 100 5(Kl Horology 3.650 7.615 I93.1f• 98331 30.765 P¥19
Nots to th¢ Flnan¢lAI StAtents for the Yur Ended 31 Mareh 2024 (eoDthiued) In 2010 oonw ofthe pritteipAI objects in the colleckn TAtre value41 by Sotheby'i. The valuation wried out tkn ¢oll¢rtioTr For th¢ pwpox of reinth the of of the Tnt's Itic and IRryl i• £62.7llL rkj by JMW Tww •nd • Thunb¢r of other k¢y of l¢b T¢l• tr) the L4k¢ Di8tri¢¢ Alld Elizthth FriDi u VRII by w of th¢ le•thD8 pwtsrs IlUdIng Sjllwl P¢plo4 BeD Winifnxl NiCbo1 a 8T0 of St wort Kurt Schwittu4 SIRDley sp¢er. <klMm sutherl0. Jobn Piper. Ivort HiheN. FrAnk Paula Re80. Brid8et Rilty Seatt SeullT. • Strong holdi08 of prints by as Henry Mth)r¢. David Hockwy Fro. • Matsrial TelatiD8 to the 141 I1 hirtory of the t4ke Ditsict •nd Kend. Thii iDclwlN oin¢tKts . Matetial latin8 ty M.H. Bailli¢ Sc<rft ill¢lwkn8 furnitiry wwj publithed thi8N, ar¢hive mri r¢]ating to the hirtory of B]thEJL Arts & Crafts firDityw¢ •ThJ • of objects by Arts & Crnftg • Snjall eolledion of th¥Jio cerlmiu: . 40 bolts ard a ]ar8¢ colle4ti( of 8tn•Jkr obie¢ts r¢tsliD8 ty both on 14k¢ Wikn. The CODWAlly'6 ColleedwDevlopnentPolley12017).
Notes to the FIDancAal Statements for the Year Ended 31 March 2024 {eonthiued) Dtspoul By d¢fmiuofy th¢ Lak¢Jal kns Tru81 • Ion84¢nn holds lleCtiOnS ID tnt for socicty relation lo its 8t•tyJ objectives. The TnAtr¢s thw¢fore ¥c¢pt th¢ priwipl¢ JOUDd curatw re)ts for ¢Olltion& The policy is detsileA iTLlknland A. Coll•dioAf D&Y10pm Policy (20171 Pruervatioll Amd MnAg¢Thet BlackwEII and the fAkelaTrl MU11 ¢Dterd into a pJzDD&4 timethble of collxtioDJ 1C¥ttiO4 'WorknD8 TovArth AccT•Jitation' (WTA) it to tht public iti 2019. 2024 2023 125.478 576 552 576 Toti Colt 125.478 125.478 31 2024 125,478 12J.478 Ne¢ book wlle IAk•ll1 Arf8 (thE pArrnt cojnpny) iKYro•Y4 £125.478 frorn th¢ elldO futtd itiv#tttk*ts (25% P21
Lakdand Arts Notsj to the Flnanetsl Statents for the Year Ended 31 March 2024 (conthiued) Uited Corf or YtI•m A¢ i April 2tr23 576233 28.790 12.632 576233 28.790 12.032 190830 At 31 Mrch 2024 426 805 Y4•t book1• At 31 M*r¢h 2024 426 805 At 31 Much 2023 576 33 576 13 Debt•r• 2•24 2023 2.196 14 CA•h •md eqththnts 2•23 Cash it bAttk i(KJ 2(Kl loo 3rxi 61
Lakeland Arts Trnst Notes to the Finalld Statellts for the Year Ended 31 March 21124 (continued) 2024 2023 33.708 29.601 16 Penthn Illd •llr DefAlled btnefit ptMloD 2•23 Flir v•lw of xhc4D¢ al I)74,¢) l J52.( l J47.(Ul 69.( Cbao8# in the defin¢d b¢ll¢fit oblig8tsn ue u fou0. 2•24 (1.369.C (2,orN)) (64.0(M)) 6.0(Kl Intfx¢rt on pe10a li4bilitse4 Bencfits pa PffDt v•h* ¥t ¢Dd of yr•r P4w23
Note4 to the Flnandal StsteDwIts for the Year Ended 31 MCh 2024 (conthiued) 1024 Fiirvah at gtthof ye lJ47.CO 38.rrtl) 2.000 B¢nofits pud Fatr viue tt Uhl of yt Th¢ rnaj(r tewi¢l of fol]rn: 2024 21.(KKI 35.OCO 492.OtKI 189.OfM) l¢M.O 183.0 I10.OL¥J 2•24 2023 ts ustyj by th¢ ¢lJatity. 21124 21123 150 1.75 Dixount Trt¢ 420 2.80 2.70 4.20 2.80 2.70 P4e 24
Nota to the Flnanclal Ststements for the Yw Ended 31 March 2024 (conlinued) 2023 22.fy) 23.lJ) 26.(1) This 1$ 8 d¢firl beDefft pkn 17 R•wrv Ptn•JoA At l April 2023 (22,IWI (22,lYJO) At 31 March 2024 nBidcr dK¥¢ il 4 •wpIu9 to rxo8ni. do Mt believe is eurmic benefiL The ¢b•rity i• not obl¢ to cl•im th rtfi]Thl from the LfjPS. The trurteu b¢ r¢vi¢ThYd the T¢Pryt provid)J by Mercer. ptovide8 4&1iiional iDfOr[On rekntiD8 wrplw u of 31 2024. Th¢ pr¢xnt vJlu¢ of T•tsl AtIW2022 (340.(W) 315,ClXI (340.CW) 315,1¥PJ 31 Mtrch 2023
Notu to the Sltenxnts for the YeK Ended 31 March 2024 (continued) 18 FuDd• t31 976) &949 (iU791 10977 SLKI 4,871 trl¢t•d f•md¥ 19.827 {19.827) End•wmext fyttdl 283 515 C(KI T•tsl 544 884 28 776 28.rn 519 871 Bthn¢¢ it rt¢•Rllts 31 Mireh Aprll 2Q22 re•onree• expe•ded ta00#) 2023 G¢n¢rnl 33.112 10.045 (36.755) 19J78) (2.976) FUTh 19,403 (26,IX18) ERdownl faA BlackvKII Fu1 585.(KX) 7.140 547.8 Totsl funth 763 P4e 26
Notss to the FInell Slatsments for the Yer Eoded 31 March 2024 (Continued) The Blfknell eTwJowrnt 8enc¥atss inGomB fw thE upkw of B]kl 7bich 1$ trfelTed to tknl8nd Arts Unrertrld•J End•vm¢m¢ T•¢41 tsod• At 31 Mv¢ 2•24 Fix¢d iDvulmAts 37.283 1496 515.IXXJ 552383 2.496 liabiliti Total not auets 519871 EDd•W¢t Totsl al JI MAr¢h 21123 Fixed et itiveith 28J73 S47 576,233 602 (31.931) Curreot Itabiliti 131951) Total n¢t Uo¢ts 29 Related party tr•Jb••th ItakelaTrl Art8 (dwity LUD4xr 1153(Xll. 8162578) li the olE C¢KPfrt¢ tru6tee Ard thetekn IA cotiilered to be th¢ parellt ¢oDw.) the be]8¢ sbe¢t datc the amlxuty L8k¢knd Arts VAS É33.708 (2023. £29.1). Pa8c 27