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 Bre￿rry 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 V￿th the Flnancial Reporting Standard .
applicable in the UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019).
StrU￿rni gov8rnan￿ and managenwnt
The Bre￿￿ry 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 I￿ld 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 aPprop￿ate 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 I￿￿teeS 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 ac￿rdanI* %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
m8￿MuM 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 inveSti￿nts 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.L1￿IIed.
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 endo*Thentfwid 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 bet*pen 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 parn￿nen￿ 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 b￿Chmark 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 suf￿nt cash in un￿Stil¢led funds to enable ￿ular grant pa￿￿ents to be made to
KBACT. Funds are transferred from Pern￿nent 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 Gu￿ent 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 appIl￿tion 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 bu￿ne￿8.
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 p￿pared 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 rea￿lable 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 reC￿dS, 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 otP￿r costs by thelr usage.
Cash and Cash Eqthlents
Cash and cash equivalents uMn￿lSe (2sh on hand and (XH depo￿ts, 0th8r short-term highly liq￿d
investsnents that are readity Con¥&￿bIe to a amunt of cash and are subied lo an insignifficant risk of
chang8 in value.
F￿ad asset investments are induded at markel value at Ihe balance **et dat&
Realised galns and losse5 on invesknwts are as the (frfrerence bet￿en $818s proceeds and
their market value at the start of the year. or their subsequent arKI are Charged or credited to the
st8t8m8nt ofthe finarK4al actsvitses in Ihe per￿d (rf d￿p(￿L
Unreallsed galns arKI losses rewesenl the movement kn market vabjes (knlng the year and are cr8dlled or
charged lo the statementof financi￿ acti￿tse5 based ffi the market value at the yew end.
Investment income
unrnStrlc￿ ElldO￿ Total Funds Total Fund•
Funds
Fund$
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 stateM￿ts for the Year Ended 31 March 2024
Expendllurn
Grant
fundlng of
Totsl
2024
Totsl
2023
Dlrect costs
Kendal Bre￿ry 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 eXp￿SaS
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 Bre￿ry 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 Y￿r 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 re￿rn 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