Lakeland Arts Trust for th¢ YettFtstsl 31 M￿rI1 2024 tA9 4DX Contents (¢otttinued) 2th5 Statell￿nt of Tnttted Rewytliliti 8t09 io llto27 Trut¢u oftakel**d Arts It ¢he M Bcoi8min DL A B]xk S A CTe*t 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¢ ThepIn￿￿￿t 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 Tn*t k¥￿￿ to IAkelard Arn Iluou*)ut the ye4r, and the Blthll the Blac￿11 buildi P￿¢ Itt 1971 th• The L4keloth1 VAS in the ¢4xh I￿￿￿¢ Jtsbk blwk 01 Abbot HBll and ard Ke￿d￿. 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 weff*es 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 I￿1 A8 ￿ 31 Marcb 2024, th¢ Unre*￿ furKts dell¢it t*Alw*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 cor￿1￿￿10￿ 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 I1￿111tiN of lak¢i•Dd Arts Th￿t 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 i0￿1P0￿ 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 We￿￿￿TI#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 fml￿181 rigk8 I￿￿l￿g 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 St*tenxnt of Truthe. Rupomlblllt 4pplicabk18w aNI re￿latiO live a truE and falr Triew of the ￿￿te ofaffliry of th¢ chority •nd of th¢ iDC4)MI￿ ze84ju￿ and app]l￿tiOn 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 J*M#ry 202S #8wd its behalf by. D. R¢id (CbAtr & TnJstse} Inde￿ident Esauthier'¥ Report to the truthes of LIkel￿d Arts Tru 2024. Re4bon￿￿1lltIm bath Of rry•rt As thc charity trustee of tAkelaDd th Tn¥t )m HM￿1>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•z*l Tmtses cauicd out 145 of the 2011 iti otrt my cXaTrIn￿1jD I b&￿ fotiowtd ￿ tht •]yknbIe Dlltthiom giv(* by the Cknrity Cornm188￿ under ￿lots 145{5Mb) oftr* 2. tbe wcowjty th not ￿(￿d￿7th 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 Blin￿009￿} on 22,000 IloMypiD 7.847 (31860) (25.013) of 519871 Page B Lakel￿d Arts Thist StAtell￿nt 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 f*tsVitie8 (12) 3.743 (12) 26.C#)8) Totsl rxpcndithlle {33.755} {2fi￿8) (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 $44,884 The fiwds brwkdowD for 2023 ii shown in tsxe 18. (Re￿tratIon number: 526980) B•l8D¢e Sheet a8 at 31 Marth 2024 2Tr24 2023 12 552283 576233 Debtsrs 2.196 300 14 2,496 15 34.gY18 Net fwrr•m¢ Il•blThti 314121 31.349 Net •Mets •xcludlry 519J71 544.884 16 21OfXI 519871 Fud• oftbe d￿r￿. ENd•wmomt fulldl 4.871 (2.976) 4.97 T•tal 18 519 871 21n5 ou tbir I￿￿￿r by. D. ReKI (Chair & Trutht) kel￿￿ Arts P•8¢ 10 ￿fjt￿ to the Fllland￿ Statements for the Year Ended 31 March 2024 I At¢•Un¢i#i FluB￿lI1 RwtiD8 Standgrd •ppli¢•bk ID the UK •Dd R41￿11¢ of ts¢18wI (FRS 102) (¢ffe4ive l JAttuary 2019 . (ClwitieB SORP (FR5 102)k the RwtiD8 Ststhrd in ti¥ UK attd Rwbli¢ of Ir¢lAtyl (FRS 102) th¢ Cb4ritiN Ad 2011. •f prffjb•ra¢k)n Th¢ dwity 18 partof & I￿￿1￿1 Arn Gw a fuller expl￿111￿ of the ￿lD$ ￿l￿oll for the Income eDd•wmemts expendittre h¢aditig th&t similar cuts to that cateBOry. WF¢r¢ b¢ dirrftty autibut￿l 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 S*ts'ott 256 of the T￿1)00 of Char8eabJ• G•iti8 Aet 1991 to the that I￿om¢ 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 Tr*rits8e *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 i1￿lUdIn8 conditio discloA￿e• required by 18.26 to 18.31 of th Cfvriti¢8 Stst¢rfflt of Prxtice IFRS102). of Filw￿l￿ Actiwitxes ID P￿0d OfdLvX￿. P•8E 12 Lakeland ArlB Trurt Nota to the Flllalld￿ Statsments for the Yur Ended 31 Mlreh 2024 (￿nI5￿med) •lld equlvthits bus1w￿ fr(rfll supplim. A¢<0￿18 payabk cla08l￿ u cutrutt 1xabibt1￿ if the d0¢8 wi have aa uD¢otiditio￿l 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 obj￿1Ve1 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 be￿fit pl￿ is th• pMtx* v*iup of the derts￿d bettefii ob118atsr￿ # th¢ 1¢F¥xli￿ dafc the fair vahx of pl•ll 488¢ts. Th¢ dthd bcllcfit obli8AtiOD is ￿1￿9 tb¢ projec￿1 UDit cttdit med￿￿ The pre•gDt value of the d¢fmed beJ*fit alld that bave ternw to mffjwity 8ppf0Xll￿iD& to the tCrnLS ofthe p¢uiott I1￿711ty. P4e 13 Note4 to the Flnandal St*tellxnts 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 ￿￿1￿1 only Twben th•rn existy a leylly etsfort￿le right off the Tr¢o￿l￿d th¢ ¢lwity either th Mttle on A net or to reali# the a8*t the liability 8itiw1il￿mty. fu*￿111 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 ¢b￿lty, 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 l￿dI Totsl 19,403 19,403 In*rest r¢ceiv4ble on boDk dep)8its io 10 io Tot•1 2024 1.150 1,128 Tot*1 12 12 12 12 P￿¢ 16 Note8 to the Fi￿ntil1 Stjtements for the Yar Ended 31 M*reh 2024 {¢ontinued) T•t*l 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 Don￿lon1 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 state0￿nts for the Ymr Ended 31 Mweh 2024 (continued) Tot•1 2•24 General Stsff Pts8k*L ¢0 2J18 2,318 1250 S39 1250 539 I￿881 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 T*utl• 11 *M•ts 2•24 202J 2•22 2•2(1 EpI￿n¢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 StAten￿ts 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 Tn*t'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 I￿lUdIng Sjllwl P¢plo4 BeD Winifnxl NiCbo1￿ a 8T0￿ of St wort Kurt Schwittu4 SIRDley sp¢￿er.