Company registration number. 3665797
Charity registration number. 1075786
Lakeland Arts Support Trust
(A cornpony limited by guarantee)
A￿Ul1 Report and Financial Statements
for the Year Ended 31 December 2023

Lakeland Arts Support Trn8t
Contsnts
Reference and Administr*1￿ Detsils
Thislees, Report
2to4
Independent Examinerfs Report
ststement of Financial Activities
Bala￿¢ Sh¢et
Notes to the Financial Ststements
8t016

Lakeland Arts Support Trust
Reference and Administrathre Details
Trustees
C T S Batten (Chair)
C W N Crewdson
A Karwa
Mmscott
Charity Regl$tratEon Number
1075786
Company Reglstratlon Number
3665797
The charity is Inco￿orated in England.
Abbot Hall
Kendal
Cumbria
LA9 SAL
Reglstered Offlce
Independent Examlner
Stables Thompson & Briscoe
Chartered Accountants & Ststutory Auditor
Lowther House
Lowther Street
Kendal
Cumbria
LA9 4DX
Sollclton:
JWK
sn Skipton Street
Morecambe
Lancashire
LA4 4AW
Bankers
Barclays Bank PIC
Kendal
9 Highgate
Kendal
LA9 4DF
Page I

Lakeland Arts Support Trust
Trn8tees' Report
The trnstees, who are directors for the purposes of company law. present the annual report together with the
fman¢ial statements of the charitabje company for the year ended 31 December 2023.
Trustees and offlters
The trnstees and officers serving during the year and since the year end were as follows:
Tn￿l¢es.
C T S Batten (Chair)
C W N Crewdson
C J Pennington (resigned 13 September 2023)
Mmscott
ObJ¢¢tlves and a¢¢fvltl
Objects and aln
The Charitys objects are the provision of funding for the facilities of Lakelond Arts TrusL $0 lon8 &5 it remains
a registered charity (No 526980).
The Trusl was set up on I lth November 1998 with a restricted gift of £1.250.000 from the Francis C Scott
Charitable Trusi for the Purposes of generating in¢ome to provid¢ fin￿ClaI support for the Lakeland Ans Trusl
at its Abbot Hall site in Kendal.
ObJe¢llves, slraiezles and acllvlrfes
During the year £60.000 (2022 - £48.000) was transferred lo Lakeland Arts for the Abbot Hall site. Lakeland
Arts (No. 1153001) operates the Kendal site on behalf of Lakeland Arts Trust.
Pmblle benefil
The Thi￿ generates fimds to support Lakeland Arts TrusL charity number 526980. All net in¢ome was
transferred to support the Abbot Hall site in the year.
The trustees confirn) that they have complied with the requirements of section 17 of the Charities Act 2011 to
have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Flnan¢lal revlew
Polley on reserves
The charity d(Ks not hold general reserves as all nel income is paid over in acconlance with its obje¢tives.
The charity has invested funds frorn the original gift. These generate the income used to support Lakeland Arts
Trusl at its Kendal site.
Inveslmenipollcy and objecllwes
The investment policy is detemiined by the Trustees. Evelyn Partners are responsible for implementing the
overall policy which is to manage the portfolio on a total return basis lo produce a high level of inwme
consistent with the reasonable expectation of protecting the real value of the portfolio over th¢ long tern).
Page 2

Lakeland Arts Support Tnist
Trustees, Report
Structurej governanee and management
N41iire o18overnlng documenl
The charity is governed by its Memorandum and Articles when incorporated on I l November 1998 as amended
by special resolutions dated 20 May 1999, 12 July 2006. 14 March 2016 and most recently 17 Mar¢h 2017.
Recrnlthienl and oppolnlmenl ollruslees
The total number of Truslees at the present time is restricted to five, of which two are appointed by L8ke18nd
Arts and two by the Francis C Scott Charitable Trust. The chaimian is recomm¢nd¢d by the Francis C Scott
Charitable Trust but is independent of both Trusts.
The Thistees nornially meet twice each year and review investment perforniance and if appropriate investment
policy. together with the Fund Managers. Furth¢miore, they a￿ briefed on major developments at Abbot Hall
and the wider Lakeland Arts.
Flnan¢lal Instruments
ObJe¢llves 4ndpollcles
The Charity's activities expose it to a number of financial risks includlng ¢redil risK cash flow risk and liquidity
risk. The ¢harity does not use derivative financial instrnments.
Cashflow rlsk
The Charity's activities expose it primarily to the financial risks of changes in investment values and interesl
rates.
Credll rtsk
The Charity's principal financial assels are cash at bank and investments.
The credit risk on liquid funds 1$ limited because Ihe ¢ounterparti¢s are banks with high ¢redit-ralings aSsI￿¢d
by international ¢redit-rating agen¢ies.
Llquldity rlsk
Lakeland Arts Support TNst has investments which are mana8ed by Evelyn Partners who are professional
advisors and their perfornlance is under constant review.
The annual report was approved by the truslees of the charity on 30 April 2024 and signed on its behalf by:
C T S Batten (Chair)
Trustee
Page 3

Lakeland Arts Support Trust
Statement of trustees, responslbllltlej
The trustees (who a]so the directors of iakeland Arts Support Tn￿ for the pu4)oses of company law) are
respoTrsible for preparing the trustees, report and the financial statern¢nts in acCOrda￿e with applicable law and
United Kingdom Accounting Slandards (United Kingdom GerKrally Accepted Accountin8 Practicel including
FRS 102 The Fina￿la1 Reporting Slandard appli¢abk in the UK and Ryblic of Ireland".
Company law requir¢s the trustee5 to prepare financial statements for each financial year. Under cornpany law
the trustees must nol approve the financial ststements unless they are satisfied that they give a true and fair view
of the state of affairs of the charitsble company and of the incoming resou￿ and application of resources,
including its incorne and expenditure. of the charitable company for that period. In preparing these financial
slalements, the trustees are required to:
sele¢t suitable accounting policies and apply them Consistently.
observe the methods and prin¢ipks in the Charities SORP:
make judgements and estimates that are reasonable and prudenL'
state whether applicable ac¢ounting #and8rd& Comprising FRS 102 Iwve been followed. subj¢¢t to any
material departures disclosed and explained in the financial ststements: and
prepare the fmancial slatements on the going concern basis unless it Is inappropriate to presume thal the
charitable company will Continue in IAtsiness.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accurncy at
any time the financial posilion of the charitsble company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitabl¢
company and hence for tsking reasonable steps for the prevention and detection of frnud and other irregularities.
Tr trwstees are responsible for the maintenance and integTity of the corporate and fmancial Inforn￿tIon
included on the charitsble compan￿$ website. Legislalion governing the preparation and dissemination of
fman¢ial ststernents nw differ from legislation in other jurisdi¢tion&
Approved by the trustees of the Charity on 30 April 2024 and $i￿ed on its behalf by:
C T S Batten (Chair)
Tn￿lee
Page 4

Lakeland Arts Support Trust
Independent Examiner's Report to the trnstees of Lakeland Arts Support Trust ('the
Company,)
I report to th¢ charity trustees on my exaMIn￿10n of the a¢¢ounts of the Company for the year ended 31
December 2023.
Responsibilities and basls of report
As the charity's trustees of the Company (and also its directors for the purp(w of company law) you a
respo￿lbIe for the weparaiion of the accounts in a￿)rdance with the requirements of the Companies Act 2006
('the 2006 Act,).
Having salisfied myself that the accounts of the Company are noi required to be audiled under Pan 16 of the
2006 Act and are eligible for independent examination. I report in res￿ of my examination of your charity's
accounls as carried out under seclion 145 of the Charities Aci 2011 ('the 2011 Act,). In Carrying out my
examination I have followed th¢ Directions given by th¢ Charity Commission under section 145(5Xb) of the
2011 Act.
Independent exsmlner's statement
I have completed my examination. l ￿nfirnj that no matters have come to my attention in connection with the
examination giving me cause to believe:
l. a¢¢ounting records were nol kept tn respect of Lakeland Arts Support Trust as required by section 386 of
the 2006 Act; or
2. the a¢¢ounts do not accord with those T¢￿rds. or
3. the accounts do nol ¢omply with the accounting requirements of seclion 396 of ihe 2006 Act other than
any requiremeni thai the a¢counts give a 'true and fair view, which is not a matter considered as part of an
independent examination: or
4. the aecounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Prarfice for a¢¢ounting and reporting by charities applicable to charities preparing their
accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102).
I have no concerns and have come across no other matters in ￿neC(lOn with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the acwunts lo be rea¢hed.
H Holmes Bsc FCA
Chartered Accountants & Statutory Auditor
ICAEW
Lowther House
Lowther Street
Kendal
Cumbria
LA9 4DX
Page 5

Lakeland Arts Support Trust
Statement of Flnaneial Aellvitim for the Year Ended 31 Detember 2023
neluding Income and Expenditllre Aeeollnt and Statement of TotAI Reeognised Galns
and Losses)
Total
2023
Total
2022
UDr¢J¢rkted
Note
Ineome aDd Endowments from:
Investsnent income
Totsl Income
4Q919
Expenditure on:
Raising fimds
Charitable activities
(11.124)
(11.124)
(I lJ43)
(7U23)
49.911
(72223)
49911
(60.514)
133
Net iM)m&(expenditure)
Net movement in fimds
145 956
24,607
24.607
(145.956)
Re¢oD¢lllatlon of funds
Tolal fimds brought foThvard
Total funds carried forward
1.552248
1698 204
576 855
1576 855
1552 248

Lakeland Arts Support Trnst
(Registration number: 3665797)
Balance Sheet as at 31 Deeember 2023
2023
2022
Note
Flxed assets
Investments
1,582.609
1.556,982
Current assets
Cash at bank and in hand
1,880
1,801
Creditors: Amounts falling due within one year
10
7.634
6.535
Net current lirdbllltles
5.754
4.734)
Net assets
1,576,855
1552 248
Fund$ of the eharlty:
Unrestrleted Income funds
Unrestricted funds
1.576.855
1.552.248
Total funds
1.576.855
1,552,248
For the financial year ending 31 De¢ember 2023 the charity was entitled to exemption from audit under section
477 of the Companies Act 2006 relating to small companies.
Directors, responsibilities:
The members have not required the charity lo obtain an audit of its accounts for the year in question tn
a¢cordan¢e with section 476: and
The dirertors a¢knowledge their responsibilities for ¢omplying with the requirements of the Act with respect
to a¢¢ounting re¢ords and the preparntion of accounts.
The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 30 April
2024 and signed on their behalf by:
C T S Batten (Chair)
Trustee
The notes on pages 8 to 16 fonn an integral part of these financial statements.
Page 7

LAkeland Arts Support Trust
T4otes to the Finalleial Statements for the Year Ended 31 Deeember 2023
I Charity statvs
Tr charity is limiled by guarath. incorp￿ in EnglarKI, aNI cowentty does not have share capitsl. Each
of the trustees is liable to ¢ontribute an aniount not exceeding £10 towants the assets of the charity in the event
of liquidation.
The addr¢55 of its registered offi¢¢
Abbot Hall
Kendal
LA9 SAL
These financial Statements wtre authori5ed for issue ty th¢ trustees on 30 April 2024.
2 Aceountfjng pTrllties
Summary of slgnlfieant aeeountlng policies and key aeco•ntiDg estimates
The principal accounling policies applied in the pyeparntion of these financial SL*ements are set out below.
These w)li¢ies have been consistently applied to a]1 the years pre￿t￿ unless otherwise stated.
ststement of eompllanee
The financial statements have beffl wq)ared in accordan¢e with A¢¢oiinting and Rewting by Charities:
Statement of Recornmded Practice applicable to ¢harities prying trRir a￿unts in accord￿ with th¢
FinanciaI Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (efftctive l January
2019) - (Charities SORP (FRS 102)l the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102). They also ￿mplY with the Companies Act 2006 and Charities Act 2011.
Bosii of preparatlon
Lakeland Arts Support Tntst meets the definition of a public Ixnefit ￿lIty under FRS 102. Assets and liabilities
are initialty reco￿]sed at historical cost or transaction vahK unkss otherwise stated in the relevant arxounting
policy notes.
Tr ac￿￿nts are presented in sterling and rounded to the nearest £
Going concern
The trustees consider ttmt there are no material uncertainties about the ¢harity$ ability to continue as a going
¢on¢ern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemptlon from preparing a cash Ilow statement
The charity opted to early adopt Bulletin i published on 2 Febnw 2016 have therefore not included a cash
flow stslement in these fmarKial sthtrrnents.
Ineome and endowments
JnveslnKn¢ Income
Interest on fimds held on deposit is i￿]uded when ￿CeIVable and the amount can be ll*aSUr￿ reliabty by the
charity. this is norn)ally upon notifi¢ation of the interest paid or payable by the banlLDividends are recognised
once the dividend has been de¢lared and notific*ion has been re¢eived of the dividend due.
Page 8

Lakeland Arts Support TnL8t
Notes to the FiDaneial Statements for the Year Ended 31 Deeember 2023
Expenditure
All expenditiwe is reCO￿lsed orAce there is a legal or constructive obligation to that expenditure, it is probable
settlemenl is required and the amount can be measured reliably. All costs are allocated to the applicable
expenditure heading that aggregate sirnilar costs to that category. Where costs Cam￿ be directly attributed to
particular headings they have been allocated on a basis consislent with the use of resource4 with central staff
costs allocated on the b&sis of tirne spenL and depre¢iation charge5 allocaled on the portion of the asset's use.
Other support costs are allocated based on the spread of stsff ¢osts.
Rolslngfvnds
These are costs incunyd in attrdcting voluntary income. the management of inve51ments and those incurred in
trading activities that raise fimds.
Charflable activili4f
Charitable expenditure comprises thos¢ ¢osts in¢U￿￿ by the charity in the delivery of its activities and services
for its benefi¢iaries. It includes both costs that ¢an be allocated directly to such activilies and those costs of an
indirect nature necessary to support them.
GoverDaDce costs
These include the costs attnl)utable to the charity's ¢ompliance with constitutional and statutory requirements,
including audiL strdtegic management and ttustees rneet1n￿ and reimbursed expenses.
TaxatlOD
The charity is considered to p&8s the tests set out in Paragraph I khedule 6 of the Finance Ad 2010 and
therefore il meets the definition of a charitable company for UK COTporation tsx PUTposes. Accordingly? the
charity is potentially exempt from laxation in respect of Incon￿ or capital gains received within categories
covered by Chapter 3 Part I l of the CO￿OratIon Tax Act 2010 or Section 256 of the Taxation of Chargeable
Gains Act 1992. to the extent that such incorne or gains are applied exclusivety to charitable purposes.
Fixed asset investments
Fixed asset investment4 other than progran￿e related investment& are included at market value at the balance
et date. Realised gains and lo5￿S (m investments are calculated as the difference between sales proceeds and
their market value at the start of the year, or their subsequent cosL and are charged or credited to the Statement
of Financial Activities in the period of disposal.
Unrealised gains and losses represent the rnovement in rnthet values during the year and are Credited or
charged to the Statemenl of Financial Activitie5 based on the market value at the year end.
Cash and cash equfvaknts
Cash and cash equivalents comprise cash on hand and call deposit4 and other short-terni highly liquid
investments that are readity convertible io a knomm amount of c&sh and are subject to an insignifi¢ant risk of
change in value.
Page 9

Lakeland Arts Support Trust
Notes to the FiDaneial Statements for the Year Ended 31 December 2023
Trnde eredltors
Trade creditors are obligations to pay for goods or servi¢es thal have been a¢quired in the ordinary course of
bwsiness from suppliers. Accounts payable are cl&8sified a8 current liabilities if the charity does nol have an
unconditional righL at the end of the reporting perio4 to defer settlement of the ¢reditor for at least twelv¢
months after the reporting date. If there 1$ an uncondilional right lo defer settlement for at least twelve mlmths
after the rewiing date. they are prese￿ed as non4￿nt liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effe¢tive interest meth(Kl.
Fund structure
Unrestrithed income fimds are genernl fimds are availabk for use ai trustees discreiion in fifftherance of
the objectives of the Charity.
Designated fimds are unTeS￿ed funds set &8ide for spe¢ifK purposes at the disttetion of the trustees.
Restricted ftmds are funds which are lo be used in accordance with specific restrictions imposed by donors or
which have be¢n rais￿ by the ¢harity for particular purpostt. The Cost of raising and administering such fimds
are Charged against the specific fimd. The aim and use of u¢h restricted fund is set out in the notes to the
fman¢ial stsiement&
Endowment funds represent those assets whith mu# be held pemwmtly by the ¢harity, principally
investments. Income arising on the endowment fimds can be used in accordance with the objects of the ¢harity
and is included as unrestricted income. Any capital gains or losses arising oft the investrnents forni part of the
fund. Investment management charges and legal advice relating io the ￿nd are charged against the income of
th¢ fund.
Page io

Lakeland Arts Support Trust
Notes to the Flnaneial StatemeDts for the Year Ended 31 December 2023
Financial Instruments
CILfslflca¢lon
Financial assets and fmancial liabiliti¢5 ar¢ recognised when the charity becomes a party to the contracftml
provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual
atTangements entered into. An equity instrument is any contra¢1 that evidences a residual interest in the assets of
the charity after d¢ducting all of ils liabilities.
Re¢o8nlllon andmeasuremenl
All financial assets and liabilities are initially measured at transaction price (in¢luding transa¢tion Costs). except
for those fJnan¢ial assets classified as at fair value through profit or loss, which are initially measured at fair
value (which is nornially the transaction pri¢e excluding transaction costs), unless the arrangemenl constitutes a
rinan¢ing transaction. If an arrangement constitutes a fman¢ing transaction, the financial asset or financial
liability is measured at the present value of the ￿tUre payments discounted at a market rate of interest for a
similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there
exists a legally enforceable right to set off the re¢ognised amounts and the charity intends either to settle on a
net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are dere¢0￿1$ed when and only when a) the contractual rights to the cash flow5 from the
financial asset expire or are settled. b) the charity transfers to another party substontially all of the risks and
rewards of ownership of the financial asset, or c) the charity. despite having retained some. nol all,
Si￿1ficant risks and rewards of ownership* has tra1)Sfe￿Cd control of the asset to another paty.
Financial liabilities are de￿O￿lsed only when the obligalion specified in the contract is dlscharged, cancelled
or expires.
liiveslments
Investments in non-¢onvertible preference shares and non-puttable ordinary or preference shares (where shares
are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss.
Where fair value cannot be measured reliably• investhients are measured at ¢ost less impaimient.
Investments in subsidiaries and associates are measured at Cost less impainnent. For investments in subsidiaries
acquired for consideration including the issue of shares qualifying for merger relief. cost is measured by
reference to Ihe nominal value of the shares issued plus fair value of other ¢on$ideration. Any premium is
ignored.
Page 11

LakelaDd Arts Support Tn￿t
Not¢s to the Finan¢1￿ Ststsments for the Year Ended 31 Deeember 2023
3 Investment income
UDrestrieled
funds
General
Total
2023
Total
2022
In¢ome from dividends.
Dividends receivable from other listed inveslme
Interest receivable and similar income:
Aterest receivable on bank deposits
47,796
79
18
46.919
4 Expendlture on rahlng fun
a) Investment management
Unrestrlcted
runds
Total
2023
Total
2022
General
Inveslmenl management fees
S Expendllure on tbarltabk getfvhles
Totsl
2023
Total
2022
Cenernl
Note
Donati(xi lo iaknland Arts
Governance ¢osts
48.000
Included in the expendilure anatysed above, there are also governance costs of £1.099 (2022 - £1,171) which
relate directty to clwitable activities. See note 6 for finther details.
Pag¢ 12

Lakeland Arts Support Trust
F4otes to the FinaDCiAI Statements for the Year Ended 31 December 2023
6 Analys1$ ofEovernaTrce and support eosts
Covernanee costs
Unreslrleted
funds
General
Total
2023
Totsl
2022
Independent e￿MIner fee5
Examination of the fu)ancial statements
Other fees paid to examiners
Ixgal fees
550
536
13
550
536
13
525
633
13
1.171
7 Trustees remuneratlon and expense5
No trustees, nor any persons ¢onne¢ted with them. have received any remuneration from the charity during the
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Taxation
Th¢ charity is a registered charity and is therefore exempt from taxation.
Page 13

Lakeland Arts Support Trngt
Notes to the Finaneial Statements for the Ymr Ended 31 Deeember 2023
9 fftxed agset investments
2022
Other investments
1582.609
1556.982
Other Investments
Cash held
part of the
Investmenl
portfolio
Lbted
investments
Total
Cost or val￿tIOn
At l January 2023
Revaluatlon
Additions
DisFM)sals
Al 31 De¢ember 2023
1,533.719
49.910
135.650
155
23263
1.556,9K2
49,910
337,845
362 128
202.195
1563 925
1582 609
Net b(￿k value
Al 31 December 21Y23
1582 609
At 31 December 2022
533 719
1556 982
10 Credltors: Amounts falllng due wlthln one yar
2023
2022
knounts owed to Lakeland Arts
Other ¢reditOTS
A¢¢ruais
3,501
1231
Page 14

Lakeland Arts Support Trust
Notes to the Financial Statsments for th¢ Year Ended 31 December 2023
11 Funds
Balanee
Bajanee
Other
at31
JaD112ry
I•¢omiDg Resourees
recogDised December
2023 resourtts expended Transfers gaiusl(losses) 2023
unrestri￿ funds
Genernl
Unrestricled genml funds
Deslgnaled
Investsnents
18.529
46.919
(72223)
6.854
79
1.533 719
6.854
49,911 l J76,776
Totsi funds
1.552.248
46.919
(72
49,911 1.576,855
Balanee
Balanee
Other
at31
January Ineomlng Resoor¢es
recognised December
2022
regourees expended Transfers gainsloosses) 2022
Unrestrleted funds
Genernl
34.732
47,814
(60.514)
(3 503)
18.529
Deslgnaled
Investments
1.663.4r2
3.503
{133256) 1.533 719
Total funds
60.514
133256
1.552248
12 ADalysi5 of net assets betweeD funds
Total funds at
31 Decernber
2023
Unrestricted fund5
General
Designated
Fixed 0&8et inveslments
5,833
1.880
(7,634
1,576,776
1,582,609
1,880
7.634
Curnt liabilities
Total net assets
79
1.576.776
1576,855
Page 15

LAkeland Arts Support Trust
Notes to th¢ FlnAnefial Statements for the Year Ended 31 December 2023
Total fund$ at
31 Dee¢mber
2022
Unrestrlcted funds
GeDeral
Deslgnat¢d
Fixed asset investments
Cumt assets
Cumt liabilities
23263
1.801
6.535
1,533,719
1.556.982
1,801
Totsl net assets
1533 719
1.552.248
13 Related party trangJ¢tlon$
Pag¢ 16