The Brewery Arts Centre
Endowment Trust
Registration number: 1065424
Annual Report and Financial
Statements
31 March 2025
d@ddaco

The Brewery Arts Centre Endowment Trust
Contents
Reference and Administrative Details
Trustees' report
Trustees' responsibilities
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the financial statements
1
2
5
7
8
9

The Brewery Arts Centre Endowment Trust
Reference and Administrative Details
Charity name
Charity registration number
Principal office
Registered office
Trustees
Secretary
Bankers
Accountant
Investment Advisor
The Brewery Arts Centre Endowment Trust
1065424
c/o Madeleine Scott
Low House Business Centre
WINDERMERE
LA23 3NA
c/o Madeleine Scott
Low House Business Centre
WINDERMERE
LA23 3NA
PRW Hensman
C S Fairclough
JM Plumptre
H Pring
MM Scott
SJV Osmond
(Resigned 23 July 2024)
(Appointed 23 July 2024)
S Wiggins
Barclays Bank plc
9 Highgate
KENDAL
LA9 4DF
Jodd & Co Limitec
FIFTEEN Rosehi
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Cazenove Capital Management Limited
12 Moorgate
LONDON
EC2R 6DA
Page 1

The Brewery Arts Centre Endowment Trust
Trustees' Report for the Year Ended 31 March 2025
Structure, governance and management
The Brewery Arts Centre Endowment Trust (BACET) was established by Deed of Trust dated 20 November 1997
which was amended by a Deed of Amendment of Declaration of Trust dated 25 February 2002.
(KBACT). The original donation should ideally be maintained and is only available for distribution in exceptional
circumstances.
Recruitment and appointment of new trustees
der the terms of the Deed of Amendment of Declaration of Trust dated 25 February 2002 the trustees of t
ancis C. Scott Charitable Trust are entitled to nominate three trustees and the trustees of the Frieda Sc
Charitable Trust are entitled to nominate two trustees. Trustees shall hold office for a term of five years from the
Organisational structure
The charity
does not employ any staff directly; it uses the services of RJBM Limited to provide secretarial
services. Details of the trustees who served during the year are set out on page 1.
I trustees give of their time freely and no trustee remuneration or expenses were paid in the year. Trustees a
quired to disclose all relevant interests to the other trustees and in accordance with the charity's policy withdr
from decisions where a conflict of interest arises.
The trustees meet regularly in order, inter alia, to monitor the performance of the investment portfolio and to
determine the level of maintenance funding to KBACT. There are no sub committees
Induction and training of new trustees
An induction pack is available to any new trustee which includes a copy of the trust deed, a summary of the
trust's objectives, a copy of the Charity Commission's guide on the duties of a trustee, details of the investment
portfolio and the most recent financial statements.
Objectives and aims
BACET exists to provide financial assistance to the Kendal Brewery Arts Centre Trust Limited (KBACT).
Public benefit
The trustees confirm that that they have referred to the guidance contained in the Charity Commission's general
guidan the graubma be prity for the yeing the charitys aims and objectives, in planning future activities and
The public benefit is the financial assistance provided to KBACT, itself a registered charity, in order to help it tr
continue to deliver its public benefi
Grant-making policy
Grants are only made to KBACT in accordance with the objectives stated above. The trustees consider that no
detriment or harm arises from the grants made.
Page 2

The Brewery Arts Centre Endowment Trust
Trustees' Report for the Year Ended 31 March 2025
Achievements and performance
The trust's sole beneficiary, KBACT, continued to require substantial support during the year. Notwithstanding the
additional £100,000 paid to KBACT over the previous two financial years, KBACT requested additional funding
this year. KBACT trustees requested that BACET's regular support could be increased to £100,000 pa (from
Financial review
The trust's support for its beneficiary is reliant on the income from its investments which was £50,070 (2024 -
£50,393) and the gains on investments. The net gain on investment assets was £7,905 (2024 - £122,583) and
was made up of a gain of £10,100 (2024 - £2,026) on the sale of investments and an unrealised loss of £2,195
(2024 - gain of £120,557) on investments held at the year end.
The fund managers' fees have increased to £10,012 (2024 - £9,284).
The funding provided to KBACT consisted of a maintenance grant of £69,000 (2024 - £66,000) and a £50,000
(2024 - £50,0000) contribution to future sustainability.
The secretarial fees have increased to £1,200 (2024 - £1,000).
Total funds at the year end decreased from £2,033,734 to £1,959,753 due to market performance.
Investment policy and performance
The trust's investment assets are managed by external fund managers, Cazenove Capital Management Limited.
There were no restrictions on the charity's power to invest and the funds are invested in a portfolio of investment
funds.
It is the objective of the trustees to invest the trust funds to produce a distributable amount that, over time, grows
roughly in line with inflation.
On 7 January 2021, the trustees made a resolution under section 104(A) of the Charities Act 2011 to adopt a
total return on investment approach to the permanent endowment fund. On 1 April 2021, the board identified the
value of the gifts of permanent endowment received since the fund was established to be £1,550,000. This set
the baseline value of the gift component of the endowment. The difference between the total of endowment funds
as at 1 April 2021 and the value of the gift component represented the opening balance of unapplied total return.
The power of total return permits the trustees to invest permanently endowed funds to maximise total return and
to apply an appropriate portion of the unapplied total return to income each year. Until this power is exercised,
the unapplied total return remains invested as part of the permanent endowment.
In order to decide the level of transfer to income, the trustees sought advice from the charity's Investment
Manager as to the likely investment trends and the maintenance of the real value of the investment fund.
The trustees have adopted the ARC Steady Growth Index (PCI) as the principal benchmark for the performance
of the fund. The trustees compare the performance of their Investment Managers with the benchmark over the
period and the longer term and keep this under regular review. The portfolio's one-year total return to 31 March
2025 was 2.2% (2024: 8.7%) and the ARC Steady Growth benchmark was 4.9% (2024: 9.24%). Five years total
return to 31 March 2025 was 38.9% and the benchmark was 37.7%.
Reserves policy
The trustees need to retain sufficient cash in unrestricted funds to enable regular grant payments to be made to
KBACT. Funds are transferred from Permanent Endowment to unrestricted funds in line with the total return
policy and together with income received should be adequate to meet these requirements.
At 31 March 2025 unrestricted funds held were £13,846 (2024 - £18,709) which the trustees believe is adequate
to fund on-going grant payments.
Page 3

The Brewery Arts Centre Endowment Trust
Trustees' Report for the Year Ended 31 March 2025
Going concern
Risk management
Internal control risks are minimised by the implementation of procedures for authorisation of all transactions
These procedures are periodically reviewed to ensure they continue to meet the needs of the charity
Future plans
The charity plans to continue the activities outlined above in the forthcoming years subject to the satisfactor
performance of its investment portfolio
Approved by the Trustees on 12 August 2025 and signed on their behalf by:
Hagal
Page 4

The Brewery Arts Centre Endowment Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial statements, the
trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
• stato seeind expainede actuaig standardsts, e been followed, subject to any material departures
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in business.
he trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy a
any time the financial position of the charity and enable them to ensure that the financial statements comply wit
Page 5

Independent Examiner's Report to the Trustees of
The Brewery Arts Centre Endowment Trust
I report on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 7 to 15.
regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance
with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is
not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022
(the Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section
145 (5) (b) of the Act; and
- state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An
examination includes a review of the accounting records kept by the charity and a comparison of the accounts
resented with those records. It also includes consideration of any unusual items or disclosures in the accounts
ind seeking explanations from you as trustees concerning any such matters. The procedures undertaken do no
provide all the evidence that would be required in an audit and consequently no opinion is given as to whether
the accounts present a true and fair view' and the report is limited to those matters set out in the statement
below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
• keep accounting records in accordance with section 130 of the Charities Act 2011 a
amended by the Charities Act 2022; anc
o prepare accounts which accord with the accounting records, comply with the accounti
quirements of the A
have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
Joanne Thomlinson FCA
Dodd & Co Limited
Chartered Accountants
12 August 2025
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Page 6

The Brewery Arts Centre Endowment Trust
Statement of Financial Activities for the Year Ended 31 March 2025
Unrestricted Endowment Total Funds Total Funds
Funds
Funds
Income
Investment income
Total income
Expenditure
Raising funds
Charitable activities
Total expenditure
Gains/(losses) on investment assets
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Note
2
:
50,070
50,070
50,070
50,070
50,393
50,393
121,944
121,944
-
(121,944)
117,081
(4,863)
10,012
10,012
7,905
47,963
(117,081)
(69,118)
10,012
121,944
131,956
7,905
(73,981)
9,284
118,795
128,079
122,583
44,897
(73,981)
44,897
18,709
13,846
2,015,025
1,945,907
2,033,734
1,959,753
1,988,837
2,033,734
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 7

The Brewery Arts Centre Endowment Trust
Balance Sheet as at 31 March 2025
2025
2024
Fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Note
8
9
1,944,051
2,013,980
3,895
17,281
21,176
2,861
21,862
24,723
(4,969)
Creditors: Amounts falling due within
one year
10
(5,474)
Net current assets
Net assets
15,702
1,959,753
19,754
2,033,734
The funds of the charity:
Endowment funds
1,945,907
2,015,025
Unrestricted funds
Unrestricted income funds
Total charity funds
13,846
1,959,753
18,709
2,033,734
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102).
Approved by the Board on 12 August 2025 and signed on its behalf by:
Hugh
H Pring
Truster
The notes on pages 9 to 15 form an integral part of these financial statements.
Page 8

•
The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
Accounting policies
Statement of compliance
Charities Act 2022.
The accounts (financial statements) have been prepared to give a true and fair' view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true
and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice
effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially
recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy
notes.
Going concern
These financial statements have been prepared on a going concern basis.
Fund accounting policy
restricted income funds are general funds that are available for use at the trustees' discretion ir
furtherance of the objectives of the charity
Further details of each fund are disclosed in note 12.
Income and endowments
Investment income is recognised on a receivable basis.
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the
expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings
that aggregate all costs related to the category.
Costs of raising funds are the investment management costs incurred by the charity,
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those
costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where
the charity gives a grant with conditions for its payment being a specific 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
Grants payable without performance conditions are only recognised in the accounts when a commitment
has been made and there are no conditions to be met relating to the grant which remain in the control of the
charity.
Page 9

The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
... continued
Due here surgerain rebate ten the gone rak a gran as to romauricated to the recipient.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis
consistent with the use of resources, for example, allocating property costs by floor areas, or per capita,
staff costs by the time spent and other costs by their usage.
Cash and Cash Equivalents
nash men ash are valents coverise can con and and oldest resulter are liar
Investments
Fixed asset investments are included at market value at the balance sheet date.
statement of the financial activities in the period of disposal
2
Investment income
ividenc
terest on cash deposi
Unrestricted Endowment Total Funds Total Funds
Funds
Funds
2025
2024
€
-
48,138
1,932
50,070
48,138
1,932
50,070
48,606
1,787
50,393
All of the investment income in 2024 related to endowment funds.
Page 10

The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
......... continued
3
Expenditure
Support costs
Sundry expenses
Accountancy fees
Independent examiner's fee
Secretarial fees
1,244
500
1,200
2,944
1,244
500
1,200
2,944
60
1,235
500
1,000
2,795
10,012
121,944
131,956
128,079
Of the expenditure in 2024 £118,795 related to unrestricted funds and £9,284 related to endowment funds.
4
Investment
Grant
management
funding of
activities
Total
2025
€
Total
2024
Direct costs
Kendal Brewery Arts Centre Trust Limited
Portfolio management costs
10.012
10,012
119,000
119,000
119,000
10,012
129,012
116,000
9,284
125,284
Grants to institutions
Name of Institution
Kendal Brewery Arts Centre Trust Limited
Activity
Grant funding of activities
119,000
5
Governance costs
Accountancy fees
Independent examiner's fee
Secretarial fees
Trustees' remuneration and expenses
No trustees received any remuneration or expenses during the year.
2025
€
1,244
500
1,200
2,944
2024
1,235
500
1,000
2,735
Page 11

The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
.. continued
Taxation
The registered charity is exempt from taxation on income and gains.
8
Investments held as fixed assets
Market value
As at 1 April 2024
Revaluation
Additions
Disposals
As at 31 March 2025
Net book value
As at 31 March 2025
As at 31 March 2024
All investment assets were held in the UK.
Listed
investments
2,001,718
7,905
433,963
(556,802)
1,886,784
1,886,784
2,001,718
Cash deposits
12,262
532,888
(487,883)
57,267
Total
2,013,980
7,905
966,851
(1,044,685)
1,944,051
1,944,051
2,013,980
9
Debtors
2025
2024
Prepayments and accrued income
10 Creditors: Amounts falling due within one year
3,895
2,861
2025
Accruals and deferred income
11
Related parties
Controlling entity
The charity is controlled by the trustees.
5,474
2024
€
4,969
Page 12

•
•
The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
12 Analysis of funds
At 1 April
2024
Incoming
resources
€
Resource:
expendec
Transfers
Other
recognised At 31 March
gains/losses
2025
€
General
Funds
Unrestricted
income func
Permanent
Endowment
Permanent
endowment
18,709
-
(121,944)
117,081
13,846
2,015,025
2,033,734
50,070
50,070
(10,012)
(131,956)
(117,081)
7,905
7,905
1,945,907
1,959,753
Page 13

The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
....... continued
Prior period
At 1 April
2023
Incoming
resources
€
Resources
expended
Transfers
Other
recognised
At 31 March
2024
gains/losses
€
General
Funds
Unrestricted
income fund
21,017
-
(118,795)
116,487
-
18,709
Permanent
Endowment
Permanent
endowment
1,967,820
50,393
(9,284)
(116,487)
122,583
2,015,025
1,988,837
50,393
(128,079)
122,583
2.033,734
13 Transfers
In order to conform with the trust's total return investment policy, a transfer of capital of £24,000 was made
from permanent endowment to income in the year, along with £50,070 of investment income received in the
year less £1,034 of accrued income and £5,955 of income reinvested. There was a further transfer of
£50,000 directly to Kendal Brewery Arts Centre Trust
14 Total return on investments
Trust for
investment
1,550,000
At 1 April 2024
Movements in reporting period:
Investment income
Investment return: realised and unrealised
gains/losses
Less: investment management costs
Total
Unapplied total return allocated to income in the
reporting period
Net movements in reporting period
:
As at 31 March 2025
1,550,000
Unapplied
total return
465,025
50,070
7,905
(10,012)
47,963
(117,081)
(69,118)
395,907
Total
endowment
2,015,025
50,070
7,905
(10,012)
47,963
(117,081)
(69,118)
1,945,907
Page 14

The Brewery Arts Centre Endowment Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
.... continued
15 Net assets by fund
Investments
Current assets
Creditors: Amounts falling due
within one year
Net assets
Prior period
Unrestricted
Funds
16,791
(2,945)
13,846
Endowment
Funds
1.54,051
4,385
(2,529)
1,945,907
Total Funds
1.94,051
21,176
(5,474)
1,959,753
Total Funds
2024
2013,980
24,723
(4,969)
2,033,734
Investment
Current assets
Creditors: Amounts falling due within
one year
Net assets
Unrestricted
Funds
€
21,372
(2,663)
18,709
Endowment
Funds
€
2,013,980
3,351
(2,306)
2,015,025
Total Funds
2024
€
2,013,980
24,723
(4,969)
2,033,734
Total Funds
2023
1,968,398
25,354
(4,915)
1,988,837
Page 15