The Brewery Arts Centre Endowment Trust Reglstratlon number. 1065424 Annual Report and Flnanclal Statements 31 March 2024 dOdd&co
The Brewery Arts Centro Endowment Trust Contsnts ' R8f8renc8 and Admlnistrative Delalls Truste8s'. report Tntste8s' r88ponslbllltles Independent examlnefs report Statemenl of fin8nci81 acfvluos Balance sheel Nate8 to the finandal statements
The Brewery Arts Contre Endowmgnt Trust Reference and Admlnlstratlve Detalls ChaTIty name The Brerry Arts Centre Endovmient Trust Charftyyegistration number 1065424 Prfnclpal offlc• Low Housé Buslness C&ntr8 WINDERMERE LA23 3NA Registered office 1d Low House Business Centre WINDERMERE LA23 3NA P R W Hensman C S Fairclough J M Plumptre H Pring Mmscott S Wlgglns Banke Bar¢18ys Bank plc 9 Hlghgate KENDAL LA9 4DF Dodd & Co Limited FIFfEEN Rosehill Montgomery Way Rosehiu Estste CARUSLE CAI 2RW Investment Advisor Cazenove Capital Management Limited 12 orgate LONDON EC2R 6DA Page 1
The Brewery Arts Centre Endowment Trust Trustees, Report for the Year Ended 31 March 2024 The trustees present thoir rep¢)rt ith the finandal statements of the charity for the year ended 31 March 2024. The truslees have adopted the provlslons of Accounting and Reporting by Charities: Ststement of Recommended Praclice 8pplicable lo charities preparlng their accounts in accordance Vth the Flnancial Reporting Standard . applicable in the UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019). StrUrni gov8rnan and managenwnt The Brery Arts Centre Endobvrnent Trust (BACET) vrds established by Deed of Twst dated 20 November 1997 whlch was amended by a Deed of Amendment of Dedarallon of Trust dgpd 25 February 2002. BACET was establlshed as a result of the great generoslty of the Frands C. Scott and the Frfeda Scott Charitable Trusts. Both twsts donations totalling £1.550m in total. the purpose of whlch Is. sublect to the discretion of the BACET truste88. to g8n8rnt8 funds to help defray the Nnnlng costs of Kendal Brewery Arts Centre Twst (KBACT). The original donation must be malnlalned and Is not availablo for distrlbutton. Recrultm•nt and appolnthi•nt of th¢w tru8tMs Under the ternis of Ihe Deed of Amendment of Declaration of Trust dated 25 February 2002 the trustses of the Franc4s C. Scott Charitable Trust are entitled to nominate thra8 tswstoes and the trustees of the Frieda Scott Charitable Trust are en15tled to nomlnate iwo trustee& Trustees shall Ild office for a term of fve years from the date of thelr appolntment and sham be eliglble for wppolntmenL Organlsallonal 8tru¢turn The charfty does not employ any staff dlreclly; It uses servlces of RJBM Limited to provlde socretsrf81 8errflce8. Delalls of the trusttss serrfed durfng the year are set out on pag8 1. AII trNstg8s dlvw of .thglr Ilmo'freely and.nothistee remuneyatlon or eypensos were pald In th• year. Trustees are requlred to dlsclose all r81evanl Inte'rests to the olhortrustees arKI In accordancè wlth tho chartty8 pollcy wlthdraw from declsk•ns wh¢ffj 8 conflktof Interest arises. The trustees meat regularfy in ord8r. Inter alia. to monltor Ihè performance of tha Invastment porffollo and to determine the level of maintenanc8 funding to KBACT. Thero are no sub commttlees. Indu¢llon and Iralnlng of tru8ts08 An induction pack is available to ary new trustee which kncludes a copy of the trust deed, a summary of the trusvs objecuves. a copy of the Charity Commlsslon's gutde on Ihe du¥es of a tntstee, details of the Investrnent portfollo and th8 most recant flnandal statements. ObJectlva• and alms 8ACET extsts lo provld8 ffin8ncAal asststance to tha Kend81 Brawary Arts C8nirn Trusl Umlted (KBACT). The objacllve Is met by establlshlng the amount of lundlng to b8 provkled to KBACT. settlng and maintalnlng a supportive investment pollcy and dlstribuung an aPpropate amount of Income arlsing on ihe charitys general fund. The BACET trust may, however. at their disuetion also 8ppropriate capital gains for thts purpose. Public b•nefft The IteeS conllmi that that they have rgferred to th8 guldance contaJn8d In the Charfty Commlsslon's general guldance on publlc benefft when reviewing th8 thariws aims and objectives. in plannlng future activities and $oWng th? grarrt making policy for the ye8r. Th8 publlc ber Is tha Ilnan¢lal asslstance provlded to KBACT, Itself a registered charlty, In order to help It lo contlnu8 to dallver fts publle benefit. Grantwmaklng pollGy Grants are onty made lo KBACT in acrdanI %Mth the obJ8Ctlves stated above. The trustees consider that no detriment or hami arises from the grants made. Page 2
The Brewery Arts Centro Endowment Trust Trustees. Report for the Year Ended 31 March 2024 A¢hlevenwnts and perfornian¢o The trusvs sole beneficiary. KBACT. ryjntinued to require support during the year and the trustees approved the m8MuM maintenance grant they thought was appropriate to support IL Last year, KBACT frustees. after a review of KBACTS funding needs. approathed the trust for an additional grant of £100.000 lo pmvide additional working cxpital and secure its long-tem) sustainabtlity. The trustees agreed to rnake a paymenl of £50.000 immedlately and a furth8r £50.000 In 2023124 subjèd to Ihe recelpt of a satisfactory business plon from KBACT. Th8 addlltonal £50,IKIO has be8n paid during this year from cash previously set aside for this purpose. Flnanclal revlew The trusvs support for Its beneficlary Is rellarrt on the Inu)me from Ils Inv8th8nts vthtd) hrds £50.393 {2023 - £44.196) and the gains on investments. The nèt gain on inveslment assets was £122.583 (2023 - k)ss of £97,732) and was made up of a gain of £2.026 (2023 - £34.397> on the sale of inveStints and an unre81ised gain of £120,SS7 (2023- loss of £132,129) on inv8Stments h81d at the year end. The fund managers. fees have dewsed to £9,284 (2023- £9.806). The funding provided to KBACT (x)nsisted of a maintenance grant of £86.000 (2023 - £66.000) and a £50.0(10 contiibulion lo future sustainability. The secretarial fees remained the same at £1.000 (2023- £1.000}. Totsl funds at tho year end increased from £1.988.837 to £2,033.734 duo lo market P8rfom)anc8. Investment pollcy and perfomiance The trusvs Investffle assets are managed by extemal fund managers. Cazenove Capltsl Managernent.L1IIed. There were rK• resbictions on the power to invest and the funds are invested in a portrolio of investrn8nt funds. It Is the ob]ectlve of the trustees to Invest the trust fiJnds lo produce a dlstrlbutable amounl that. over Um8. grows. at a minlmum, in line wilh infialion (as m8asured by CPI). To achieve this, they neeil lo ensure that the real value ¢Atho endoThentfwid is maintsined over the longer temi. On 7 January 2021, the trustees made a resolution under sectlon 104(A) of the Char1118s Act 2011 to adopt total retum on investrnent approach to the pemianerrt endowment fund. On 1 Awil 2021. the board idenlttled the value of Ihe gifts of pemianent endowment Teceived since the fund Yrds established to be £1.550.000. This s81 th8 basellne value of the gfft component of the wdowment The dffference betpen the total of endowment funds as at 1 Awil 2021 and the value of the gift component represented the op8ning balance of unappfjed totsl tUffl. The power of tolal reium m)Its tha tfttstees to invest parnnen endowed lungts to maximise totsl reium and to apply an appropriat8 POTlion of th8 unapplied total r8lum to incom8 88ch year. Until this power is exercised, the unapplied tolal reium remains invested as part of the permanentendownRnL In order to decide Ihe level of transfe£ to income. the trustaes sought advice from the charitys Investment Manager as to the likely investment tr8nds and the MaIntenan of the real value of the investrnent fund. The lJustees have adopted Ihe ARC Steady GrovAh Ind6x (PCI) as the principal benchmark for the perfomiance of th8 fund. The trustees (x>mpar8 the perfDTmance of thelr Inv85bnent Manager5 With the benchmark over the peTlod and Ihe longer tenn and keep this under regular revlew. The portfolio's on8-y8ar trAal retum to 31 March 2024 was 8.7% (2023:_3%) and the ARC Steady Grobvth benthmark vras 9.24% (2023: 4.3%). Fwe year5 total r8tum to 31 Marth 2024 vras 21.7% and bChmark was 24.44%". unbj 2021 the lJustees adopted a different Investment pollcy whlch favoured Income over lotsl retum. Rèserves pollcy The trustees need to retaln sufnt cash in unStil¢led funds to enable ular grant paents to be made to KBACT. Funds are transferred from Pernnent Endowrnent to unrestricted funds in Ilne wilh the totsl retum policy and together with income received should be 8dequate to meet Ihese requirements. At 31 March 2024 unrestricted funds held were £18.709 (2023 - £21.017) which th8 trustees b8H8ve Is adequate to fund oTrgoing grant payments. Page 3
The Brewery Arts Centre Endowment Trust Trustees. Report for the Year Ended 31 March 2024 Going concern As the unapplied total relum (excess of the Guent value of the porttolio over the original value of grants received) stands at £465.025 al 31 March 2024 and with the trustees ability to reduce grant paymenls to the beneficiary if necessary, the trustees have concluded that they can continue to adopt the going concerri basis in preparing Ihe annual report and accounts. Risk management The charity trustee5 have considered and reviewed the major risks lo which the chartty is exposed and have established syslerns and procedures to manage those risks. The trustees consider variabilily of investment returns on the pemanent and expendable endowment funds to constitute the charity's major risk. This risk is managed by the appointment of extemal fund managers whose perfomiance is regularfy monitored by the Iruslees. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions. These procedures are periodically reviewed io ensure they continue to meet the needs of Ihe charity. Future plans The charity plans lo continue the activities outlined above in the forthcoming years subject lo the satisfactory performance of its investrnent portfolio. Approved by th8 Truste8s on 23 July 2024 and signed on Iheir behalf by.. fj2 /L.- P R W Hensman Trustee Page 4
The Brewery Arts Centre Endowrnent Trust Tfuslees. Responslbllltlos In relallon to the Flnanclal SL*monts The trustees are responslble for preparing Ihe Truslees, Report and Ihe financial statements in accordance wlth appfi(xble law and Unlted Kingdom Accounllng Stsndards. Th8 law applicabl8 to charlties in England and Wales requlres thè trustees to prepare finand81 statements for each financial year which give a true and falr vlew of the state of affairs of the charity and of the Incoming resources and appIltion of r8sour¢es of the chartty for that period. In preparing these financlal ststements, the trustees are required to: select suitable accounllng policies ahd then apply them conslstenty. observe the methods and prfnclples In the Charftles SORP; make Judgements and e3fjmate8 that are reasonable and prud8nL' state whether applle4ble 8ccountlng siandards h8v8 baen frillowed, Subject to any materlal departures disclosed and explained in the financlal slatements; and prepare Ihe financlal slatements on the golng concem ba818 unloss1118 Inapproprlate lo presume that the charfty wlll conllnue in bune8. The truste88 are responslble for keeplng proper accountlng r•cord8 1 dlsdose wlth M860n8ble accur8Gy at any time the financial posltion of the charity and enable Ihgm to ensure thal the financial ststements compty with the Charttles Act 2011. the Charlty (Accounts and Report81 Regulatlons and the provl8lons of thg trust deed. They are responsibl8 for safeguardlng the assets of the charity and hence for tsk(ng reasonable Steps for the prevenuon and deteGllon of fraud and other ITregularltle8. Page 5
Independent Examln•¢s Report to the Trustses of The Brevmy Arts Centre Endowment Trust I report on Uie accounts of the tharity for Ihe year ended 31 March 2024, which are set oul on paèes 7 to 15. Your attention is to drawn to the fad that the Charity has ppared the financial ststements in accordance with Accounting and Reporting by Charitie5 preparing their accounts in accordance wilh the Financial Reporting Slandard apFlicable in the UK and Republic of Ireland {FRS 102) in pffjference to the Accounting and Reporting by Charlties: Statement of Recornm8nded Pradice Issued on 1 Aprll 2005 whlch Is referred to In the exlant regulations Ixrt has sinc8 been thdraWn. We understsnd that this h85 been done in order for tho aLwunts to provide a true and fair view In accordance with the Generally Accepted Accountlng Praclke effective for reportlng perlods beglnnlng on or ats 1 January 2019. Respth responslblllt108 of trustoRs and examlner The Charitys trustees are r8sponslble for the preparation of Ihe accowils. Tha trustses consider that an audit IS not required for this year under section 144(2) of the Charitles Act 2011 (the 2011 Act) and Ihat an indep8ndenl &Yamination is needed. It is my responsibllity to: examine the accounts under sectlon 145 of the 201 tArt follow the procedures laid down in the GeneTal Directions given by the Charity Commi&sion under section 145 (5) (b) of the 2011 Acl: and stale whether parlicular matters have come to my attention. 8agi8 of independent examlnefs report My examlnation was carried oul in accordance with kne General Directions given by the Charity Commisslon. An examination indudes a review of the accounting records kept by ihe Charity and a comparison of the accounts presented wllh those rery)rds. It also includes consideration of any unusual Items or dlsclosur88 In the accounts, and s88king explanatlons from you a5 trustees concemlng any such matt8rs. The procedures undertaken do not provide all th8 evidence that woukl be required in an audit and cons8quenUy no opinion is glven as to whether the accounts present a 1rue and fair vlew and the report Is limited to those matters set out in the statement below. Ind•pondent oxamln•rfs statsment In connecllon *ith my examination, no matter has corne to my altention: (1) which gives me realable cause to believe Ihat in any material respect the requirements: lo keep aGcounling records in acoJrd8nce with section 130 of the Charities Act 2011; and to prepare 8cGounts which accord wilh the accounting reCdS, comply with the accounting requiremenis of the 2011 Act have not been met: or (2) to wthich, In my oplnlon. attentbn should be dravm In order to enable a proper undarstandlng of the accounts to be wched. FIFfEEN Rosehlll Monigomery Way Rosehill Estate CARLISLE CA12RW Joanne Thomllnson FCA l)odd & Co Limited Chartered Accountsnts 23 July 2024
The Brewery Arts Centre Endowment Trust Statement ot Flnancial Acllvltles for the Year Ended 31 March 2024 Unr•strl¢tod Endowm•nt Tolol Funds Tolal Funds Funds Funds 2024 2023 Notg Income Investment Incom6 Total Income 50,393 50,393 50,393 50,393 44,196 44.196 Expendtlur• Ralglng funds Charftable acllvltle8 9,284 9,284 118,795 128,079 9.806 126.688 136,494 118,795 118,795 Total expendlture 9.284 Galnsl(losses) on inveslment assots 122,583 122,583 (97,732) Net in¢omel(expendltura> 1118,795} 163.692 44.897 (190.030) Transfers belween lund8 116,487 (2.3081 {116,487) 47205 44,897 (190.030) Nèt movernent In lunds Reconclllatlon of fundg Total funds brought Total funds carrknd foThya 21.017 18,709 1.967,820 2,015,025 1.988,837 2,033,734 2,178,867 1.988.837 , The nixes on pages 9 10 15 lomi an in*gral part ol these finarKial stalements. Page 7
The Brewery Arts Centre Endowment Trust Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Investments 2.013,980 1.968.398 Cuffent assets Debtors Cash al bank and in hand 2.861 21,862 24.723 1,395 23,959 25,354 Creditors: Amounts falling due within one year 10 (4.969) {4,915) Net current assets 19,754 20.439 Net assets 2,033,734 1.988,837 The funds of the charity. Endowment funds 2,015,025 1.967.820 Unrestricted funds Unrestricted income lunds 18.709 21.017 Total charity funds The financial statements have been prepared in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 2,033,734 1,988,837 Approved by the Board on 23 July 2024 and signed on tls behalf by: P R W Hensman Trustee The notes on pages 9 to 15 form an inlegral part of these financial 5talernentS. Page 8
The Brewery Arts Centre Eftdowment Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Acmunling policies Statement of ¢ompllance The accounts (financlal statsments) have been prepared under the historfcal c05t conventlon items recognlsed at cost or transaction value unless otherwise stated In the relevant note(s) to these accounts. The financial statements have been prepared in atxordance with the second edition of the Charitres Statement of Recommended Prdctice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Ihe CharltEes Acl 2011. The accounts {financlal statem8nts) have been prepared lo glve a Itue and fairf vi8w and have departed from th8 Charities (Accounts and Reports) Regulations 2008 only to the extent required to provlde a 'tru8 and fair Niev/. This departure has involved followng Accounting and Reporting by Chariiles preparing their accounts in accordance with the Finandal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Rewting by Charities:Statsment of Recommended Practi effeclAv8 from 1 Aprtl 2005 which has slnce been wlthdrawn. Basls of preparntlon The charity meets the definition of a public ben8fft entity under FRS 101 Assèts and liabilities are tnitially recognised at historical cost or transaction v81ue unless othepNise staled in the relevant accounting policy notes. Golng concem These financial statements have been prepared on a golng concem basls. Fund accountlng pollcy Unresiricled Incoma funds arè general funds that are available for use at the trust88s' discretion in furtherance of the objectives of the charity. Further d8lails of each fund are dtsclosed in note 12. Incame and endowmonts Investment incoma is recognised on a recelvable basis. Expendlture Liabililies are recognised as soon as there is a legal or constnjctive obligation committing the charlty to the expendlture. All expendtture Es accounted for on an awuals basls and has b88n dassited under headings that aggregate all costs related.to the category. Costs of ralslng funds are the investrnent managementcosts Incurred by the charfty. Charitable expenditure comprises those costs incurred by the charity in the delivery of its acti¥e$ and seprfices lor its beneficiaries. It includes both costs Ihat can be allocated direcuy to such actiNities and those ¢osts of an indirect nature ne¢essarylo support them. Grants payable are payments made to thi parties in the furtheranc8 of the chafltable obiectiV85. Where Ihe charity gives a grant with conditions for its payment being a speufic level of service or output to be provided. such grants are only recognised in the SOFA once the recipient of the grant has provided the specific service or output. Grants payable wIthO perforniance conditlon8 are only recognlsed in the accounts wfften a commitrnent has been made and there are no o)ndiUons to be met relating to the grant whlch remaln In the control of Ihe Charity. Page 9
Notes to the Flnanclal Statem for the Year Ended 31 PAarch 2tr24 conHnued Provisions for grants are made when the intenlx)n to make 8 grant Iws been communicated to ts recipienl but there is unwlainty about either ts thning of the grant or the amount of grant payable. Support costs Support costs indude central functions and have been allocated to acts¥tyty cost (ategorfes on a basis consistsnt with the use of restyjrces. for example. alkKallng propety costs by Iloor areas. or per capik. staff costs by the time spent and otPr costs by thelr usage. Cash and Cash Eqthlents Cash and cash equivalents uMnlSe (2sh on hand and (XH depots, 0th8r short-term highly liqd investsnents that are readity Con¥&bIe to a amunt of cash and are subied lo an insignifficant risk of chang8 in value. Fad asset investments are induded at markel value at Ihe balance **et dat& Realised galns and losse5 on invesknwts are as the (frfrerence beten $818s proceeds and their market value at the start of the year. or their subsequent arKI are Charged or credited to the st8t8m8nt ofthe finarK4al actsvitses in Ihe perd (rf dp(L Unreallsed galns arKI losses rewesenl the movement kn market vabjes (knlng the year and are cr8dlled or charged lo the statementof financi actitse5 based ffi the market value at the yew end. Investment income unrnStrlc ElldO Total Funds Total Fund• Funds Fund$ 2024 2023 Dividends Inleresl on cash deposits 48.606 48.606 1.787 1.787 42.943 1,253 50.393 50393 44,196 All of Ihe Imlestment income in W23 relaled lo andtr fvnds. Page 10
The Browory Arts Centre Endowment Trust Notes to the Flnanclal stateMts for the Year Ended 31 March 2024 Expendllurn Grant fundlng of Totsl 2024 Totsl 2023 Dlrect costs Kendal Brery Arls Centr8 Tntsl Limited Portfolio management costs 116.(100 116.000 9.284 125.284 124,073 9,284 116.(H)O 133,879 Support costs Sundry eXpSaS Accountancy fees Independent eyaminees fee Secretarial fees 103 1.012 500 1.000 2.615 1.235 500 1.000 2.795 1235 1.000 1795 9.284 118,795 128.079 136,494 Of Ihe expenditure in 2023 £126.688 related to unrestricw funts and £9.806 relaied to endowment funds. Grants to Inslliudons Kendal Brery Arts Centre Trust Limlted Grant fundlrvJ of acllvltles 116,000 5 1 Governance costs 2024 Accountancy fees Independent examlnets fee S8cretarlal fees 1,235 1.012 500 1.000 2.512 1.000 2,735 Page 11
The Brewory Arts Centre Endowment Trust Notos to the Flnanclal Statements for the Year Ended 31 March 2024 .. conflnued Taxatlon The reglstered charity is exempt from taxation on income and gains. Investments held ag 15xed a•8•t• Ll8tod Invosknants Cash deposlts Toial Market value As at 1 April 2023 Revaluallon Additions Dl8posa58 As at 31 March 2024 1.951.816 122.583 280,772 (353,453) 2.001,718 16,582 1,968,398 122.583 640.179 717.180 2,013,980 3S9,407 (363,727) 12,262 Net book value As at 31 March 2024 As at 31 March 2023 2.001.718 1.951,816 12,262 16,582 2,013,980 1,968,398 AJI Inve8lment 8o98ts were hekl In the UK. Debtor8 2024 2023 Prep8yments and accrued Income 2,861 1,395 10 Credltor8: Amount8 falllng due wlthln one year 2024 2023 Accruals and d8ferred Incom8 4,969 4,915 11 Related partles Controulng entlty The chaiity Is conbijllad by the trustees. Page 12
The Brewery Arts Cenkn Endowmont Trust Notes to the Flnanclal Statsmants for the Year Ended 31 March 2024 12 Anatysl$ of funds Other rncognl8•d At 31 March galn•no8ses 2024 At 1 Aprll 2023 Incomlng resources Rosources expended Tr4n8tsrn Genoral Funds Unrestrtcted Income fund 21,017 (118,795) 116.487 18,709 P•mianent Endowmént Pemianent endowment 1,g67,820 50,393 (9,284) 116.487) 122,583 2,015,025 1.988,837 50,393 128,079 122.583 2.033,734 Pemian8nt endowment fvnds - Ths represents funds of £1.550,000 originally recelved from both The Franc18 C Scott Ch8rlt8ble Trust and The Frieda Scott Charftsble Trust under Ihe Oeclaration of Twst dated 25 Septsmber 1997 (kne Trust Deed.). Under the terms of the TTUSI Deed any capllal appreclalEon of lh8 orfglnal lotsl donatton of £1,550.000 can. at the dl8cr8tlon of th8 trustees. be applled towards the obJ8cts of tha chadty. Page 13
The Brewery Arts Centre Endowment Trust . Notes to the Flnanckl Statements for the Yr Ended 31 March 2024 .. conlinued Prior period Other Transfers recoghlsed galnwlosses At i April 2022 Incomlng Resour resources expanded At 31 March 2023 Gon8ral Funds Unrestricted Income nd 130,579 21,017 17,126 {126.688) Pornianènt Endowment Permanent endownent {9.806) (130.5791 (97,732) 1.967.820 2.161,741 44,196 2.178,867 44,196 {136,494) (97.732) 1.988.837 13 T•)tal raturn on Investsiients Trustfor Investment 1,550,000 Unapplled total return 417.820 Total endowment 1,967.820 At 1 ApTiI 2023 hftovements in reporllng period: Inveslment in(x)me Inveslment relum: reafisad and unre81ised gainsllosses Less: Investment management costs Total Unapplied total rètum allc¢ated to income in Iha reporting period Nel movements in reportÈng period 50.393 122.583 {9,284) 163.692 (116,487) 47.205 50.393 122.583 {9.381} 163,595 (116,487) 47,108 As at 31 March 2024 1.550,IJOO 465.025 2,015,025 14 Transfers In order to wnfonn wllh the trusfs total rern Investrnent pollcy, a transfer of opltal of £17.560 was made from pemian8nt endovllnent to in)Ma in the year. along wlth £50,393 of investmènt income received in the year less £1.466 of accnpd income. There was a further transfer of £50,000 directly to Kendal Brewery Arts C8ntre TWSL Page 14
Thg Brewery Arts Centre End¢)wment Trust Notes to the Flnanclal Stalements for the Year Ended 31 March 2024 15 Net assets by fund Unrestrlcted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Inveslments Current a838ts cred110. Amounts falNng due vAthln one year Net a88at8 2.013,980 3.351 2.013,980 24.723 1,968.398 25,354 21.372 12,663) 18.709 (2.306) 2,015.025 (4.969) 2.033,734 (4.915) 1,988,837 Prlor porfod Unrastrlcted Funds Endowment Funds Total Funds 2023 Total Fundi 2022 Inve8trn81rt Current a588t8 Credltor8.' Amounts falllng due wlthln on8 y8ar Net assets 1,968,398 1.825 {2,403) 1.967.820 1,968.398 25.354 (4.915) 1,988,837 2.164,431 20,108 (5,670) 2,178.867 23.529 (2,512) 21,017 Pag8 15