Company registration number: 03665797 Charfty reglstratlon number: 1075786 Lakeland Arts Support Trust {A company Ilmlted by gu8rantee) Annu81 Report and Fln8nc181 Statements for the Year Ended 31 December 2024
Lakeland Arts Support Trust Contsnts Referen and Admlnlstrattve Details Trustees. Report 2to5 Independent Exams$ Re Stal8ment of Flnanclal Acllvhles Balance Sheat Notes to the FSnanciel Statements 9t017
Lakeland Arts Support Trust Reference and Admlnlstratlve Detalls Chalr CTSBatten Trustees CTSB8tten S Crewe H T Dlxon A Karv Mmscott Charlty Reglstratlon Number 1075786 Company Reglstratlon Number 03665797 The chertty Is Incorporated In England. Abbot H811 Kendal Cumbrla LA9 SAL Stables Thompson & Brlscoe Llmiled Chartered Accounlants & Statulory Audllor LOhar House Lowther Street Kendal L49 4DX Reglstered Office Indep8ndent Ex8mlner Page 1
Lakeland Arts Support Trust Trustees, Report The trustees, who are dlrectors for the pL¥p8$ of company law, present the annual report together with tha finandal ststements of the charitable company for the year ended 31 December 2024. TeS and officers The trustees and officers $Ing during the year and since the year end ware as foll(Yws: Trustees: CTSBatten C W N Crewdson (resigned 12 September 2024) S Crewe (appointed 12 September 2024) H T Dixon (appointed 11 Npril 2024) A Karwa Mmscott C J PennIngl {resigrd 3 Awil 2024) Chair: CTSBattwJ ObJeth8s and actlvllles Objects andaims The CharitVs objects are the promsion of fwrfing for the facilities of Lakeland Arts Trust, so long as it remains a registered charity (No 526980). The Trust was sel up on 11th November 1998 with a restricted gift of £1.250.OCQ from the Francis C Scott Charitable Trust for the purFK)ses of generating income to wovidg financial support for the Lakeland Arts Trust at its Abbot Hall site in Kda1. During the year £128,000 (2023 - £60.000) was transfeTr8d to Lakeland Arts for the Abbot Hall site, comwislng 8 one-off donatlon of £65.000 to asslst Operations during challenging times as well as the usual annual donatlon (£63.000). Lakdand Arts (No. 11531) operates the Kendal site on behalf of LakelarKJ Arts Trust. Publlc benefft The Trust generates funds to support Lak8larKI Arts i*arity number 526980. All net income was transferred to support the Abbot Hall site in the year. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the wblic benefit guldance wjblished by the Chaiity Commission for England arKI Wal8S. Financlal revlew Polkyon reseThes The charity does not hold general reserves as all net Income is paid over in acCOrdae with its obieclives. The charity has invested funds from the original gi These generate the income used to support Lakeland Arts Trust al its Kerthl sile. Page 2
Lakeland Arts Support Trust Trustees, Report Inyeslnmitpolicyand oble¢i The Investment poliw Is deterniirl ty the Trustees. Evelyn Pai1ners are responsible for implementing th8 overall policy whlch is to manage the portfollo on a total retum basis lo produce a hlgh level of income consistent with Ihe reasonable expectation of protedng the real value of the portfolio over the long tomi. Structure, governance and managemeni Nafvm ofgovornlng document The charity is govemed by 5ts Memorandum armd Artldes wtwi incorporated on 11 November 1998 85 amended by special resolLrtions dated 20 May 1999, 12 Jdy 2006, 14 Mwch 2016, 17 March 2017 and most recently 18 September 2018. Recml&Trent and8ppolnlment of Iwslees The total number of Trustees at the present Ilme Is re81rfcled to fve, of whlch iwo are appolnted by L8kel8nd Arts and iwo by the Frands C Scott Charitable Trust. The chairman Is recommended by the Francls C Scott Charitable Trust but is iThlependent of bolh Trusts. The Trustees normally meel Ivce each year arKI review investment perforrnae and if 8pix¢pri8te Investment policy, together wilh the Fund Managerg. Furthem)are, they are briefed on major developments at Abbot Hall and the wider Lekeland Arts. Flnancl81 In8trument8 ObJ8dives andpolldes The Charlty's activitles expose It to a number of finandal rlsks IncludlrvJ credlt rtsk, cash flow rfsk and Ilquidity risk. The charity does not use derivaiive financial instruments. Cash ffow rfsk The Charity's acllvllies expose it prfmarlly to tho finl¢la1 rfsks of changes in investment valu08 and interest rates. Credlt rfsk The Charlty's prlncip81 financial assets are cash at bank and inveslmentg. The credlt rlsk on liquid funds is Ilmlted betrduse c(klliterpartles are banks hlgh credlt-r8tlng$ assSgned by inlemational credil-rating agencies. Llquldlty rfsk Lakeland Arts Support TnJst has investmenls whlch are managed by Evelyn Partners who are ofessional advisors and their porformance is under consient review. Small companles provlsion siatemenl Thls report has been prepared In accordance wilh ts small comparu8s regime urKler the Companlas Act 2006. Page 3
Lakeland Arts Support Trust Trustees, Report The 8nnu81 report was approved by the trustees of the charity on 4 June 2025 and slgned on its behalf CTSBatten Chairman and Trustee Page 4
Lakeland Arts Support Trust Trustees, Report Statement of trustees, responslbllltles The trustees (who are also the directors of Lakeland Arts Support TNst for the purposes of company law) are responsible for preparing the Irustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Praclice), including FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance Viilh Ihe provisions In the Companies Act 2006 rdating to small companies. Company law requlres the trustees to prepare financial statements for each financial year. Under company law the truslees must not approve the financial statements unless they ar8 satlsfied that they glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources. including its income and exp8nditure, of the charltable company for ihat period. In preparing these financial statemenls, the trustees are required to: select suitable accounting policies and apply them consistently; observe Ihe methods and principles in the Charities SORP; make Judgements and estimates Ihet are reasonable and prudent; st8te whether applicable accounting standards. comprising FRS 102 have béen followed, subject to any material departures disclosed and explained in th8 tlnancl81 statements., and prepare the financial statements on Ihe going concem basis unless it is inappropriate to wesume that the charitable company will continue in business. The trustees are responsible for keeplng proper accounting records that can disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are 8lso responsible for safeguarding the assets of the charitable company and hence for tsklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial Information included on the charttable company's website. L8glslatlon govemlng the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Irustees of the charfty on 4 June 2025 and signed on its behalf by: CTSBatten Chairman and Trustee Page 5
Lakeland Arts Support Trust Independent Examlnerfs Report to the trustees of Lakeland Arts Support Trust Cthe Cornpan) I report to the charity truste8s on my examlnatlon of the accounts of the Company for the year ended 31 December 2024. Responslbllltles and basls of report As the charity's trustees of Ihe Compeny (and also its directors for the purposes of company law) you aré responsible for the preparation of the acc(xmts In accordanca wilh the requirements of the Companies Act 2006 (Ihe 2006 Act). Havlng s8ttsfied myself that Ihe accounts of the Company are not requlrad to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charfty's accounts as carrled out under sedion 145 of the Charities Act 2011 ('the 2011 Act.). In C8rrying oul my axamination I hav8 foll¢ywed Ihe Directions Euven by the Charity Commlsslon under sectlon 145(5)(b) of the 2011 Act. Independent examlnetrs Statsment I have completed my examinatlon. I confflrm that no matters have come to rny attentlon In connaction wlth the ex8min8tlon giving me cause to bellev8: l. accounting records were not kept In respect of Lakeland Arts Support Trust as requlred by section 386 of Ihe 2006 Act; or 2. the accounts do nol accord with thos& records; or 3. the accounts do rK)t coMY with Ihe 8cctyJntlng requlremenls of $eaion 396 of the 2006 Act other than any requirement that tho eccounts glve 8 'true and fair vlffw, which 58 riot a mattar consldered as part of an irKlependent examlnation; or 4. the accounts have not been prepared In accordanco wlth the methods and wlndplès of the Statement ol RecommerKJed Practice for accounllng and rwllng by charltie8 appllcable to charftles preparfng thelr accounts in 8ccordance wtth th? Flnand81 Raportbng Standard applicable in the UK and Republlc of IrelarKI (FRS 102). I have no concems and have come across rK) other matters In connectlon with the examinatlon to Ich attention should be drawn In thi8 report in (Yder to enable 8 Fxoper urKlerstsnding of the accounts to be reached. H Hiilmeg Bsc FCA Chartered Accountants & Ststutory Alxlltor ICAEW Lowlher Hous• Lowther Street Kendal LA9 4DX Page 6
Lakeland Arts Support Trust ststement of Financial Activltles for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Ststsment of Total Recognised Gains and Losses) Totsi 2024 Total 2023 Unrestricted Income and ErKlowments from: Investrnenl irKome 46.802 46,919 Totsl Income 46.802 46,919 Expenditure on; Raising funds Charitable aclivities (11.193) 129.123 (11.193) 129,123 {11,124) 61,099 Total Expenditure Gainsllosses on investment assets (140,316) (140,316) {72.223) 49,911 Net {expenditure)fincome 71 717 24,607 Net movement in fimds (717) (717) 24,607 Reconcill8Uon of funds Total funds brought forward 1552 248 Total funds carried forward 11 1,576 138 1.576.138 1.576 855 The notes on pages 9 to 17 form an integral part of these financial Statemts. Page 7
Lakeland Arts Support Trust (Registration number: 03665797) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed a888t8 Investments 1,582,919 1,582,609 Current 8sseis Cash at bank and In hand 1,976 1,880 Credltors: Amounts falllng due wlthln one year Net current Ilabllltles Net a858ts 1576 138 1576 855 Fund8 of the ch8rfty: unreeted Income fund8 Unrestrlcted funds 1576 138 1576 855 Total fund8 11 1576 138 1576 85S For the ftnandal year endlng 31 December 2024 the charlty was entltled to exemptlon from audll under gecllon 477 of the Companles Act 2006 relatlng to Small companles. Dlreclor8' re8ponslblllties; The membars have not roqulred the charlty to obtaln an audlt of Its accounts for the year In questlon In accordance wlth sectlon 478; and Th8 directors acknowledge thelr responslblllties for complylng with the requlrement8 of Ihe Act with respect to accountlng records and the preparation of accounts. These finan¢181 staternantg have been prepared In accordance wlth Ihe speclal provlslons relatlng to comp8nles subject to Ihe small companles reglme wlth5n Part 15 of the Companlas Act 2006. Tha fin8ncl81 statements on peges 7 to 17 were approved by the trustees, and 8Uthorlsed for18sue on 4 June 2025 and slgn8d on thelr behalf by: CTSBatten Chalmian and Trustee The notes on pag8$ 9 to 17 form an Integral part of these financial statements. Page 8
Lakeland Arts Support Trust Notes to the Financial Ststements for the Year Ended 31 Dernber 2024 1 Charlty slatus The charity is limitwj by guarantee. irKcwporated in England. and consequentIy does not have share capital. Each of the trustees is liable to Contrirte an amount not exceeding £10 towards the assets of the charity in the event of liquidalion. The address of its registered office is: Abbot Hall Kendal Cumbria LA9 SAL These financid statements were authorised for Issue by the trustees on 4 June 2025. 2 Accountlng pollcies Summary of slgnlficant accounllng polldes and key accountlng estimates The pri1paI accounting poliaes applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all the years presented, unless otherwise stated. Slatement of compllance The financial statements PBve been prepared in accordan vhth Accounting and Reporting by Charities: Statemenl of Recommended Practice 8pplicabte to charities preparing their accounts in accordance the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191- (Charilies SORP (FRS 102)), the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charilies Act 2011. Basls of preparaiion Lakeland Arts Support Trust meets ts definition of a put1¢ benefit tity under FRS 102. Assets and liabilities are initially recognlsed at historical cost or trartsactlon value unless othernise stated in the rdevant accounting policy notes. The accounts are wesented in sterling and rourKled to the nearesl £. Going concern The Iruslees consider Ihat there are no material uncertainties about Ihe charitys ability to continue 89 a going concem rK)r any significant areas of urrArtainty that affe(X the carying value of assets held by the charity. Exemption from preparing a cash flow statement The charity optad to earfy adopt Bulletin 1 wblished on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Page 9
Lakeland Arts Support Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2024 Income and endowments Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charlty; this is norm811y upon notification of the Interest paid or payable by the bank.Dividends are recognised once the dividend has been dedared and notification has been receiv8d of the dlvldend due. Expendlture All expenditure is recognised once there is a lagal or construcllve obligation to that expenditure, it is probable settlement is required and the amount can b8 measured reliably. All costs are allocated to the applicable expenditure h8ading that aggregate simllar costs to that category. Where costs cannot be dir8Ctly attributed lo particu18r headings they have been allocated on a basis conslstent with the use of resources, with central staff costs ellocated on the basls of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. R8lsing fiinds These are costs incurred in attracting volunt8ry Income, the m8nagemenl of Investments and those incurred in trading activities that raise funds. Ch8rRabts Sew&0$ Charitable expenditure comprises those costs Incurred by the charlty in the delivery of its aciivities and services for Its beneficSaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect natura necessary to support them. Govem8nce costs These includa the costs attributablè to the charfty's compliance wilh constituiional and slalutory requirements, including audit, strateglc management and trustees meetings and réimbursed expenses. Taxation The charlty is considered to P8SS the tests set out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meels the definition of 8 charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charltable purposes. Flxed asset Inv88trn8nts Fixed asset investments. other than programme related investments, are Included at marf(8t value at the b81ance sheet date. Realised galns and losses on investments are calculated as the differen belween sales proceeds and their market value at the start of the year, or their subs8quent cost. and 8re charged or credited to the Statement of Financial Activitles in the period of disposal. Unrealised gains and losses represent the movement in market values durlng the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Page 10
Lakeland Arts Support Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2024 Cash and cash 8qulval8nts Cash and cash equivalents comprise cash on harKI and call deposits, arKI other short-tem highly Ilquid Investments thal are readily convertlble to 8 known amount of cash 8nd are subject to an insignificant rlsk of change In value. Trade credlto Trade creditors are obllgatlons lo pay for goods or SeIceS that have been acqulred In tha ¢rdlnary course of business from suppliers. Account5 payable are classified as current liabililies if the ch8rily does not have an unconditional right, at the end of Ihe reporting perlod, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an uncondition81 right to defer settlement for at least iwelve months after the pOrtIng date, Ihey are presented as non4urrent liabilities. Trade credltors are recognlsed Inlllally 8t the transactlon prlce and subsequently measured at amortised ¢t uslng the effectlve Snterest method. Fund structure Unrestrlcted Income funds are general funds thal are 8v8Slable for use at the trustees dlscrellon in furtherance of the oblecllves of the charlty. Designated funds are unresirlcted funds set aslde for specific purposes at discretlon of the trustees. Rostrtctod fijnds are funds whlch are to be used In accordance wllh specSfic r8Strlctlons Imposed by donors or whlch have been raised by the charlty for partlcular purposes. The cost of ralslng and 8dmlnlslerlng such funds are charged egalnsl the specific fund. The aim and use of each restricted fund Is set out In the notes lo the financial statements. Endowment funds represent those assets whSch must be held permanently by the charlty, prlnclpally investments. Income arlslng on the endowment funds can be used In accordance with the objects of the chariiy arKI Is included as unrestricled Income. Any capllal gaSns or losses arlslng on the investments form p8rt of the fund. Investment management charges and legal advlce relating to the fund are charged agalnst the income of Ihe fund. Page11
Lakeland Arts Support Trust Notes to the Financial Ststements for the Year Ended 31 December 2024 Flnancial inslruments Cl8&sification Financia essets and ffinancial liabilities are recognised when the charity becomes 8 paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instnmlent is any contracl that evldences a residual interest in the assets of the thrity after deductiry all of its liabililies. Recognilion 8ndmeasurem8nt All fina181 assets and liabilities are Inltially measured al transaction wice (Includlng transaaion costs). except for those financial assets dassified as at fair value throLNJh profit or loss, which are initi8lly measured at falr value (which is normally the trartsaction price excludlng transaction costs), unless the arrangement constitutes a financing transaction. If an arran9ement constitutes a financing transaction, the finanual asset or financial liability is measured at the present value of the future payments discounted at a marf(et rate of interest for a similar debt instrumert Finanaal assets and liabilities we orY offset In the ststeMtt of financial position when, and ordy when there exists 8 legally enforble right to set off Ihe recognised amounts and tha charity intends either to settle on a net basis, or to reallse Ihe asset arKI settle the liabilty simultaneously. Financial assets are deracognised ¥then arKI only when a) the contractual rights to the cash flows trom the finencial asset expire or a settled. b) the charity tfdnsfers to another paty substantially all of th8 risk5 and rewards of ownership of the finanaal asset. or c) Ihe charity, destxte having retained some. but rK•l all, significant risks and rewards of (ymiership. has transferred control of the assel to another paty. Financial liabilities are d8recognised ordy when ITrKq obligation specified in contracl is dlscharged, cancelled or explres. Investments in n0n*convertie preference shares and nowuttable ordinary or preference shares {where shares are publidy traded or tPElr fair value is rdiably measurable) are measured al fair value through profit or loss. Where fair valua cannot be m&qswed rdiably, investments are measured at cosl less impairm8nt. Investments in subsidiaries and associates are measured at cost les5 irnpairment. For Investments irb subsidiaries acquired for conslderatlon IncludiTrJ tho issue of shares qualifying for merger r81i8f, cost Is measured by reference to th8 fK)min81 value of the SIreS issued plus fair value of other consideratlon. Any premium Is ignored. Page 12
Lakeland Arts Support Trust Notes to the Financial Statements for the Year Ended 31 December 2024 3 Invesiment Income Unreslrfcted fund8 General Tolal 2024 Total 2023 Income from dlviderKI8", Dlvldends recefvable from olher listed Snveslments Inlerest receivable and similar income; Interest receivable on bank deposits 46,706 46.706 46.840 46.802 4 Expendlturo on rnlslng funds a) Inveslment management costs Unrestrlcted fund8 Totsi 2024 Totsi 2023 Itwestment management fee8 5 Expendlture on ch8rf1able 8CtMII88 Unrestrlcted Toial 2024 Total 2023 General No Donetlon to Lakeland Arts Governance costs 128,lJX) 128,tJX) 60,000 129 123 Included in Ihe expenditure arolysed above. there we also governan costs of £1,123 (2023 - £1,099) whlch relate dlreclly to charitsble aclivilles. See rrtxe 6 for funher detalls. Page 13
Lakeland Arts Support Trust Notes to the Financial Statements for the Year Ended 31 Decemb8r 2024 6 Analysls of govemance and support costs Govem8nce costs Unresirtcted funds General Total 2024 Tot81 2023 Independent 8xamin8r fees Examination of the financial statements Other fees pald to examlners Legal f888 565 545 13 565 545 13 550 13 7 Trust888 remunaratlon and expense8 No trustees, nor any persons connected them. have recelved any ramunerallon from the charlty durlng the year. No trustees havo recelved any relmbursed expanses or any other banafits from the charlty during the y88r. 8 Taxatlon Thè ch8rlty Is 8 reglstered charfty and Is therefore axempt from t£x8tlon. Page 14
Lakeland Arts Support Trust Notes to the Financial Ststements for the Year Ended 31 December 2024 9 Flxed 8sset Invesbnents 2024 2023 Other investments 1582 919 Other Inve8lment8 Cash held 88 part of Ihe Investsnent porifollo Llsied Inve3trnents Total Cost or Valuaiion At 1 J8nu8ry 2024 Revaluatlon Addltions Dlsposals 1,563,925 92,797 97,930 18,684 1,582,609 92,797 345.296 437.783 247,366 237.123 At 31 December 2024 1.553.992 28.927 1582 919 Net book value At 31 December 2024 28 927 1582919 At 31 December 2023 1563 925 18684 1582609 10 Credltor3: amounts tslllng due wlthln one year 2024 2023 Trade credltors Amounts owed to Lakeland Arts Accruals 1,123 3,501 3,501 Page 15
Lakeland Arts Support Trust Notes to the Flnancial Statements for the Year Ended 31 December 2024 11 Funds Balance Balance at1 Other at31 January Incomlng Resources recognlsed December 2024 resources expended Transfersgainsl(losses) 2024 Unrestricted funds Ganer81 Unrestricted general funds Déslgnated Investments 46.802 {140,316) 90.284 (3,151) 1576 776 90.284 92 797 1579 289 Total funds 1576.855 140316 92 797 1.576.138 Balance Balance a11 Other at31 January Incoming Resources recognised December 2023 resources expended TransfersgaIn(1OSse$) 2023 Unrestrlcted funds Genernl Unrestricied general funds Deslgnated Investments 18,529 46,919 (72,223) 1533 719 49 911 1,576,776 Toial funds 1.552.248 72.223 46919 La 49,911 1.576 855 12 Analysls of net assets between funds Total funds at 31 December 2024 Unrestrled funds General Deslgnated Fixed asset investments Current assets Current liabilities 3,630 1,976 1.579.289 1,582,919 1,976 8,757 Tot81 net assets 1,579,289 1576 138 Page 16
Lakeland Arts Support Trust Notes to the Flnancial Statements for the Year Ended 31 December 2024 Toi81 funds at 31 December 2023 Unrestric funds General Deslgnatsd Fixed assel Investmenls Current assels Current liabilities 1,576.T16 1.582.609 1,880 7.634 Tolal nel assets 79 1576,776 1576 855 13 Related party transaciions There were no related paty transactions in the year. Page 17