Company nurnber: 03927101 Charity number.. 1086789 THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Mll I *AAKEUF7N* 3011212021 COMPANIES HOUSE A11 #121 THE KENDAL BREWERY ARTS CENTRE TRUST UMITED Referon¢e and adminislraliv¢ inforniation Charity number Company number 1086789 03927101 Trustees C E Welbum IResigned l December 2020) P Yarnvwd (Resigned 20 May 2tr211 P L Whilehursl A J Preedy (Resignad 19 August 2tr211 T A Clarke A Lawsc D L Steven5 SCHPoole M R Surniwn (Aes￿ned 1 Decembèr 2￿20) LSRDaV￿s A Sen1￿ (Apwnièd 20 May 20211 N E Farrèr IAppointed 20 May 20211 S J Hun¢ (Appoinleij 20 May 20211 S L H N8wtcKI IApwnted 20 May 20211 L ChI￿a IAppointed 20 May 20211 Chi•t Exe¢utl¥e Bandall S•¢retary Aanda11 R•gisi•r•d Offl¢• 8rewery Arts H￿hgate Kendal Curnbria LA9 4HE LA9 4HE Audltors Haines Watt5 Man¢hÈsttr Limited 3rd Fbor, Northem Assurnncè Build1r￿S Albert Square 9-21 Princess Streel Manch•ster M2 4DN Bankers Yorkshire Bank 7 SlrirJ(laryJgate Ker￿al LA9 4NB Soli¢ilo Milne Moser Solicitor5 Westmorfand House Th8 Squarè Milnimrpe Cumbria LA7 71XJ Inb*stment Managers Legal & General Investment Management Lirnrted One Cokrnan St Londo EC2A S THE KENDAL BREWERY ARTS CENTRE TRUST LIMftED R•port of th• TnMt••• forth• Year End•d 31 IAar¢h 2021 The trustees. vkn) are atso the direttors ofthe chailablè r)Jmpary fthè Chanty'l forthe purposes of Companies 20C6. present th￿r anThJd report on ts 3ff•irs ofthe Charity. twthgr vthh th$ ffinancid staterneAt$ and auditors. reFoX ￿ thè year ended 31 Marth 2021. The annual repcfft and fjnanci& statements are also prep¥ed to meet Ihe reqLllremerrts for a direCt￿S. report and accounts for Companies Act pl￿O$e$. The reference and &Yrninistrati¥e inftwrnab'on Set 04rt on pa9e 1 fryms part ofthis rwl The finanaal statements have been prepared in acojrdance vitti the accounting Folues sÉt in tht notès and comply wth the Chanties kt 2011. the Comwies Ac$ 2CIA. the memlxan(￿rn and Artide$ Of Asso¢iation. A¢¢ounts"ng arrtl RepJrts'ng by char￿"e$.. Slai•))•nt ol Recommended Practice appIl￿ble to than"ts"es prepamg their acc￿nts in acLxJrdants FinanLyal Rewtirfj Stsnda applicable in the UK and Repubk of Ireland {FRS 1021 leffedibE 1 JaThJary 2015). ObJectlve¥ •nd Actlvllkn for public The Charity'8 main rti'ectNes are.. to promote. rn￿ntain. irnkYo¥e and thpffjce partK¥Lqty ty the W￿ragement ofthe Art¥ and Crafts and the forrnulthn. wep¥rathm es1at4lshm￿ ol thmes to rend¢rth& Arts accessible to the P￿Ic., to prLynote the educats.on of thilthn by en￿raging an irtw•st in and Underst￿￿9 oftr* and by running play Sd￿1$ tory(wng thik1r8n. and". lor any other charitatle wrposes lenth"n9 to erwur•ge int*est in the Ajts vrtycti may be convefwentty promoted in ccrfntinat¢on vthh the atsesaid purF￿Se **hich may include pemiith.ng Old Age Pensiorlers to use the premises ofthe Chanty forthe wJrpJse of reLYeatyon other leisure-tirne ￿￿"VIbeS wth the obj'ect of imp¥oving thwr cOnd￿0￿S of lrfe., lo womote the benefit ofthe inhabitants of KeThJal. the Lakes and Ihe swroyTrJing area Ihe provision of fa￿l￿"e$ ts recrea1j.on ￿ other b.sure time ￿patIOn of Ind￿4(￿01S have need of such faolrties by reason of the¥ youth. age, infinnty or dK￿t4ernen( financ4al hardship OT and e￿noMiC oroJmstsrw ￿lor the public at large in the interests ofsoc4al welfare and with th8 of imwving thè quality of lrfè olthe sad inhatrf"iants. Th• trustees C0￿M thatthey have refwred to the cortained in the Chty Ctffimission's g•n•ral guidarth on public benefft rèvie*ing the Chanty's aims and ofy'tttive5. In partJ'oJlar, the trustees ¢on&der Pw)w ￿￿ned acbwth.es c￿trIxrte to the aims and o¥"e(*ves. We are sabsfièj that each ol our aims is c*aritable and that eac* is tr pubkc benefi( and we are cwfiderrt that ow actvits.es are cO￿Stent￿1th our obJ"eLINes. The fdlwng para9raphs demcth*e that our a¢Xivities d•I￿r F)ublic benèfit While we re￿ on t￿81 sales as part ofTrJr i￿Ome. we pyowde a￿￿$S at concessionwy rates Ferformances and for thsses vtherevef praci)cab￿. The Charity sees its mission as offering the opportiinty to 011 in ts immedi*e and wder crmrnunity lo aCC8ss a balanced and dNerse prc4Jramme of arb"sts"c and acts.vty aryoss art foryns. We orrèr a higth qualty expen.ence to aud￿c•s. p*fj"cipants and arbsts alike and encA)wage aThJ support the professional development and ￿t￿be$r￿j of our staff. We strive to devetop authences and ¥rti$ts and to encovra9e mcrfe peoF4e to engage *Mth Ihe arts atevwy levd. 2020-21 was an exrep*onal year due to the COVIt>19 pantlem￿ and this is refiected in r*)anges to our opeiations and acbvty levels durirwJ enlrxced dosures in line v*ith Goverrfflent r8Stricb'(X￿. We provide pubhc b8nefft by meeting ￿r chwitabbe awhj this is by tr* pro¥ry$i¢)n rf our syth3rammes of ¢heatrè. darKe, ccffjety. Mus￿. visual arts, hterats*e and fikm and in the provision of JucatK)n courses and dasse5 are dl avwiable to. ¥nd eryoyed by. a wide auth.￿ce in th• locality and the region. Due to the COVILk19 pandernicwe delivered rethced •¢ts¥ity during enftyc¢d ck)SLY•S in li￿ wrfh Govemment r8stnth"ons. Ho•ther, wa cc¥kn"nued to womde pUb￿C yograrnme5 onwte perrnitted, and ￿ del￿ered new ￿ltUral prwnmes cnline, reathing auth"ertts of all ages WKI bsckgr￿ndS ￿rOSS the year. Vle *50 made signkn imwovements to ow ¥ffta5￿re THE KENDAL BREWERY ARTS CENTRE TRUST LIMrrED R•port ofthe forthe Year Ended 31 2021 laolthes vthich wll b•n8ffit artj.sts and aL#ll￿CeS for years to come. Nthv LYeab"ve ciYnmissKJns and progr¥mme partnerships also forged. supportm9 Wt"sts ¥pJ the ¢*mmunty vthile produting arb'stic projects fry the publc StrntO9le R•port onal M An" 21". Covh*1 Th¢ effects ofthe Covi&19 gl)bal ￿nd•m￿cau￿j t￿sInesS intempb.on rn 202￿21. As th arts. entwtsinmerrt hosptslty venLES. we wwe unabkn to OFWate at normal levels. Across the year, 10 months were impacted ty Govemment lockdtr*ns ￿ other restrtctiLYts. Thi5 tesufted in the compl&t• Closu￿ tsft￿ c•fft ts eight montrts am$ the yw the canc•lkb'on Postponement ofmwh of our P￿nned wogramrnè. The fi￿n￿81 impact ha¥ been l¥gety offset due to ost sawrvJs. staff rethmdanLyes. l￿draiSIng, Covi&19 gr￿ a C8IL lo￿. It is also noted Ihat the UK exrted fflxn the European Union IBr6XrtI * tsjmpkted tran$rtv)n wocèss m 20Xk21. Thè impxt on c4Jr aL*vJb"ès was minor in tompari50n v*ith thè irnpart of Covi 19. However. we note the rA)mbinaticm of these major events caused problems for recrurtment a￿1 ￿entIOn ofstsff, and rnovem&rt and avaikNty olgc￿#ts, causing disrLW"on to the timing ol ca￿tal wth, and staff shortages. Achi eM￿ts and P rfE¢m* Despite th• tt*alleng•s Of20X￿21. th¢ Ch*ty cortwiwl to ¥tivth and also ¢arri•d OLrt a capital prc4Jramme to raLlcalty improve the y￿ue fac1'l￿e￿. The main xb¥its"es undertaken to meet our oty'ecDves and to delNer publ￿ benefft a￿ summarised bekn¥. 'V8L om un Our Creatrve Leaming prograrnrne c(th"nues to engage pe￿e cl all ages, bad(sY¢Jur*ls and abIl￿e8. In 2021>21 we ddivefed a ￿end of c￿$rte online creab.ve leaming ath"vities for yDurrfJ peopk, adults. aThJ older ￿pIe. We delivered a total of 600 creativè ￿aMIr0 sessions, were attended by 3.600 peopk. Of this figure. 1.2CQ attendee5 wpre thildren and young people ty9￿￿n the ages of &19 years. Classes covwed a range of artforms indudJ"rrfJ visual w( dance, ijrama and musio By tskj.ng our dasses online we abk to provide enrithing eXp￿rtt$ fcrf peO￿e at home dumg l¢xkd0W￿, to people acsoss the o)unty and as far afield as GemwN. Our elders theatre c¥Jmpany Ao Your Ay COnb"n￿ to Ihrive t1wiry lockdtr•ms with thè supwjrt of ouri¢am and our filmmaknng and dvJital eqwwent. rarnme As onÈ ol the leadirfj indèp•idènt rinema$ in the nLMth we* and 8 mernber of BFI Film Hsjb Noth. we present a fith programme of film. selecied blocktw*ers. PTe-CovKI attend￿ce lor filrn Screenings is 80.IyJJ peotye per year. Alth¢Jugh this figure thoFped to 3,DJO in 2021k21 due to enforced bckdowns. tyjr audience dèvelopm** attN￿e& cOr￿nutd to build awareness of fikn and we established partnerslwps wth organIsati¢y￿ Anb".RaLYSt Cwnbria and Curnbria Deaf Assooats'on to buisj mcrfe indusive engawert through o>programming and wraparound aJivitses. We also continued to supp)rted Y￿￿9 filmrnakffis and curntors, through masterdasses screenings ￿th studerts at K￿￿91 Coll￿, lhTtyJ￿ cwowming with ouryoung Film Ambassadors ￿c4jp. Events Pr&-Covid we attracted SO,IXQ peopf• •ach ywto INe Fry￿M￿ of mu%c, th*e, eom8*, *Jance and spoken MtKd. W• ww• unat4e to prèsert this Sevèl during 20Xk21 ¢￿t to cO￿.d r*4¢ri¢tions. HO￿ver, ￿ coninued to support arb'5ts and companies ¥￿Trg in mus￿, theatre and the performing arts, sueenirrfJ and (￿rniS$lon1n9 ftew and mairrtaining partnèJships. The live music progr8mmè is rKM ¥lmost ba(* to fvll S￿e. sl*TrAng ¥rt average of hvo INe Shows per week. Chiklrens theatre has a150 rebjmed, and the stage on scseen w>Jrarnme vthh National Theatre Lbve. THE KENDAL BREWERY ARTS CEMfRE TRUST LIMITED Report ofthe Tru•tw• for Y•arEnded 31 Ilarch 2021 In norn)￿ tirCumst￿￿$. w• ar8 a host srt• ILV t*n maJr*f•sti¥aLs in Kendal- the KeThJal Mountain Festy'V￿ and Lakès Intemol'onal COM￿￿￿ F•5bval. In 202￿21 both ofthest f•sb"vaLs onlim due to Covid restricty'ons. We wothed Mryth Kendal Movntsin Fethal to support theirtslks ¥nd presentations vknich toc& pl￿ in our venue wih Cowd4afe streamiig and broadcasling fa(ilities. r$athing wJdients5 across Ihe gk)be Onl￿e. Artist S missions The grass rctls Vethlise $￿en wryd pr¢4yamme ¢￿ir￿￿ to operate Vwy successfvl open mie evenis throughout the year as we conb"nu&J to h05t the evenls cffllI￿. The cornmuThty continues to and has now ￿￿Med to the ¥￿ue vthile also streaming pth"cipanls. i￿aUth￿g tlwse *•tho uld not oth•M"se bè able to attènd due to disability. We ￿mmIssIc*￿d Imrt*'ng ts Dog to STREET. a of IoL¥I slryies told through innovative digit￿ Commi￿On$ in 202ty21. The videos were Fffesented c￿lir*. and in our new digital gallery. The projedvAs wel received and had nation￿ and intelnati￿￿ press. I￿Uding ￿7 the New Yorker. We also ¢￿In'b[￿ed r￿MiSSIly￿1￿￿ fuThls try4var05 Animated Futpxe8, a fiknrn*ing prqec*for up to 30 young blac* and bruwn CwDbrians to iwild storytelling and c¥eab"ve ￿"11$ while shan.ng the challenges of grTh*ing up in a 98% C￿￿nty. In 2021¥21 we camed out most ofthe Ow FLrture a woyamme of upgrades aejoss the enkn.re prèmises. mc*Jemi*rwJ tyjr venues *)d irKreasing th￿"r Fthits"al to eptional &xWier￿s arb.sts arKI audiences. The comF4eted in summer 2021. The venue now iTrdudes a stste ofthe art trtrsueen anema cryD￿ex wrth luxuricrtB seats.ng aThJ giant screens, aong a new F*XPJ5e buitt toJb"que dvJrtal lounge adthts.onal immer5Ne s(yeanings and gaming. The theatre. fflus￿ venL*, ¢reats've stu¢Jos ar￿ w*ehiyJse werè upgraded with rw technolcgy. fry live performances. aud￿ wsuaj presenth"ons. ueativelgaming and interx*'ve txhibitions. N•¥ f*'lities for music arHJ film prodkK*on were also Ins￿le￿. plaong a new digitakled ts￿nt devdopmert and woduth.on hub at the heart of tsjr ath"vities. These wll supwt ve str¢aming eqUI￿ent has also been fftted throughryrt ts venve, albwng events suth ?$ Ive music and theatre, festivals. confwencEs ￿ we(hJings to be broad￿1 the IxJildirYJ to digrtal afvms and vithed an￿￿re in Ihe world. Togelh8rwth strewened dw infrastructure across the site, th"s wll transfomi the qualrty scope of ts servi¢es on offer lo gJlbJral partners and orpof*è dI￿lS. The proje(* was genwwsty supwted wth £850.Crf)) grant ￿ndIrrfj, wbi(* was seojred betse the pandemic and designated fry impmements to the bJilding and rts Infrastrlth￿. The fv￿$ were awarded by Arts Cwncil England, Cumbria LEP. SoLrth Lakeland Distnct Countil. Cumbri8 County Council, Kendal T(A¥n Council. Arts Cenlre Endowm￿1 Tnjst, The Garfiekl Weston FOundatic￿. The Foyle FOundatic￿. anC￿YMO￿s gifts and indi¥l￿al donab.ons through a suclessft pubh'c appeal. Fin We are 9ratefiJl tts key bndws. kn COU￿11 En9l*KI. Sothh Lakeland Districl Counal, Kendal TO￿ Councl. Curnbria c￿nty CourK41 and BFI FÈlm Hub Norlh, for ther conlj'nued SLPPQrtto help u6 maintain the valuable workwe do. We are also gratehjl forthe conb.nued SUFWt rece￿￿ from the Brwy Arts Centr• Endo￿￿￿￿ T￿￿t and a range of trusts found4D¢Ms. Grants Teceived frcffl Wb1￿ SoU￿S vital in enatAmg us to survive the irnp&as ofthe pandem In addrtion to conbnuing to pro¥NJe cu annu￿ lunth"ry. we {￿ed the f01b￿￿) Cowa fvnding. Arts C￿￿1 En&¥and- £203.315 from the Culbm Rèco¥ery Fund. THE KENDAL BREWERY ARTS CENTRE TRUST LIMrrED R•port oftl* TN•tees forth• Y••r Ended 31 IAar¢h 2021 Scrtjth Lakeland tistriL* CL¥yK4. £21,750 Covid Erneryew gr*rt and £10,OCXI Cov•J Discretionary grant We also receNed grants trth.ng £266,￿ un¢lerthe eerAral g￿lernmer￿ Covtrj Job R•tenbon S¢herne The 202￿27 Ilnancial year also saw the recapt of a $wfficant ofthe grarrt futyjing forlhe Our Dlgltai Future woje¢ totslirKJ £430.512 in the year. Grants and dC￿ats.onS receive(l frryn ￿ate sources had doubkd in the swev￿ year, as a fesult of rnajor grant being rtt&ved in that year ahead of the (kn DKJrtal Fut￿ woiect As exped¢d. fuThYing in thi$ financial yèar feti t)ack to wevious tevels. COVKI restri(A￿S mearrtthai the site ¥As dosed ts muth ofthe fin*Kgal year. EV￿ ￿ thrtse month6 that actiwb.es could take place. restrithtsns meant that income Irom ¢haTilable acto¥ib'es was negatNely impaded IdCP￿ 86% ¢)n the pre￿￿S yearl add(b"onal costs were incurred. Costs w¢ tl9hdy ccntrolkd ￿ the ijrffjajli decisKffj was t*n in wnmer 2020 to m*e a numter of staff redundant. Our whclty.owned substhry. Kendal Catering Compafty Lnnrted IKC¢}. cpwates all ol the fr*)d and drink actNthÉS V￿thin The Brewery site. This is an irnportart part of our'offerf to peoF4e attending wogramme. Cwd restrKbons ￿$0 rneant that KCC was unab* lo opwate for much of Ihe financial year. Trading irKome was signfficanty reduced. but the ccmpany vrds able to ac*ievè break*ven fi* Ihe year throu￿ govemmont Ciwid SUF￿rt￿d &nugency grantfuThthng. N•1 in¢ryx• forthe fi￿n(la1 year 2021>21 wa5 4 wrplus of £439.485. T￿.5 was the re5utt of. A partial rec4Jvery of £67,353 in the Val￿ ofthe end(wnent inveslments that had lalkn by £84,044 at the pYewou5 year erM1, as a resutt ofthe start ofthe pandemic. A surplus of £339,999 on the Our LIg"rt￿ Future projecL This refiects the way that large ￿qects are repryted in wr arxwnts. The Incon￿ is accounted for in full in the year n ¥thKh it is recer¥ed. h￿￿e￿. the eyFenditure is Ca￿taliSed a$ ft Is incurred and tIRn expensed over the useful life of the ¥amJs assets through an ￿nUal deweoab.on tharge. The swplus in th"s fin￿(la1 y•ar is tf*ref(*• a tming issue and wll t* offs8t by defiuts in fvtur• yearn. In¥es Th• trustees, investsnent po¥%vs are goywr￿￿ ty th• Artides (rf Associ*kM. *•knid) pemits the Chanty's hmds to be invested as the trustees see fft aThJ in a man￿￿hth is beneficial fc* th• achievement ofthe Charty's rtiects. The Charity invest¥ fijnds ij(mated to the exFY8s5 PLffpose of generth.ng fftcome to rther its oty'ectives. The majorty of funds, rnanaged ty Legal & General Investment Management Limited. hekl in an Ir¥Jèx TrnL*or The chosen investment vehi¢b ntrt only offers ww¥ntèed index performance i< also 15 IhE most OJSt effeth.ve way Ofmairrt￿￿in9 equty market exposure for the TrLtst. Dunng the year th8$9 luFbJs re￿6T¢d in y￿ve by £67.353. relleth.ng Ihe widesprgad recovery in UK equity prices IdI￿)ng Iht in￿"al falls at the end of March 2020 when ￿ panderni¢ first irnpaGled on the UK ¢¢£￿¢￿. The trustees fe¥￿Wthe risks to whith the is ￿. The Charrty fc4kn¥s a￿Frt8d heahh and safety procethjres in rts ac1¥￿.*$ to mir*mise thè likelihty)d of ham to stsN, pprfmers, volunteers. dtents to the Arts Centre. The trustees consthrtha( as faras is cUT￿nty pr￿￿1, wtable systems. ¥rtwnal contrc4s and irwrances we in pixe to mth.gate iksks. Even b?fue Ihe irnpaLa ofthe pandemic. finanoal sustainat41ty w35 as a risk for the Charty as def￿ were inojrred tsets￿en 201&2019. The Chanty does nrt hold sigThf¢cant levds ofreserve$ to support volab.lity in finanoal Ferfonn¥nce. Capita inve51mènt ts)mpleted in 2021 ￿111 inrJease income potenti¥l from ow lacdrb'es. indu¢Jin9 aiti*'c aThl cvmnvcial ￿ents in wr digits1￿ enh￿Ced THE KENDAL BREWERY ARTS CENTRE TRUST LIMrrED Rvport olthe TN8tees forthe Year Ended 31 Mavch 3021 venues. and trath"r*J reVer￿e our sigiificwrtty irnwoved bar ￿Sta￿ant se￿￿. financial strate9y Set QLrt above aims to adthes¥ this risk ty mantaining and imwowng thg Charty's facilities and w¢>Jramme ol aLt"viti'e5. to generate addrtl￿J in¢orne and retum thè Charity lo annual surplustt. Cowd.19 vms an urvrec&j￿d risk that impa(Xed thrwgh¢Jrt the year ar¥J conts.nués to do so. The situation is continualty M(Mrt￿ed and managed in line with all government wulabons. Modification5 to venue and d￿r0e5 to our operatic•)s and servKe werè implemented in the finanrial year to mwnt¥in the sal* of staff and tustorners. As eWar*d al￿*. addthnol funding was secured thrwh emergency giants an¢J the Chanty was restructured to r&thJce cvst5 end in¢reas8 8ffiryerv. Reseryes Total fund5 at 31 March 2021 arnwnt to £3,104,fA6 of £2,449,364 is hdd in end0￿￿ent and rèstricted funds an¢J *è therefore ¥valabl• fcff the w)èra sxyposes ofthe Charity. The designated fvnds amounted to £892,897. reP￿ents'n9 the net twk value of the buildings acquired. th unrestrrcted ILts￿. No rnakn"d 8Xk￿thtUre is w8Cted Irom the buk1ings {le￿gnated fvnd in the forthcornirrfJ year. In 2019 the Irustees re￿w*d the Te5w¥es pol¢y and ¢￿sIder that the level of fr09 reserves (th8t 1$ those items r￿t tied up in ffixed assets and restrthd fundsl required to sustain its operations 8houhd be equlva￿rrt to three months. worlh of annual expendiiure124% of burjgètl. The reserves are Éded to meet thè WOTtring caFrft￿ rtquirements of thè Chanty. As the certre was dosed for mLth of the finanual yew. anrtual eX￿d￿rtr was sigThfi¢• r¢duced. The trustées wrll detemiine the ne•V tsrget kvel of free reseryes. a¥ a￿ty rebTh to ￿e-Pan￿￿ kvel5. Ajthough th• tai9et level fre• r•s•Nes wll te Icr¢**r than befo￿ the parthm￿. the present level of free reserves avwlabk Ternalr￿ negthe and so sb"Il falls 5ignffirnnUy shryt of ￿￿tever the new tar9et I￿1 wll be. The strategy for buJldirrtJ TeseThies is as folkn￿..- 1 to introduce a n￿1 &ye* ¢xganksational strategy in 2tr22 to strengthen the 1KJ5in￿$ model, increase commerrial profit*x"lty and Secu￿ the luture developrnent ofthe Chanty., 2 to set OFeratsng ￿tI)ets that gW*•te amval eash suW¢&ses rèinvestrnent in the Chanty. and 3 to maximise incorne generalion OPFthJnities wovided by the Cwrtal irnkyovements. imwoving the facilities and the marketabilty of comrnerua operaim and t￿oUgh appeals and I￿￿raIS￿. This wsll be achieved ty.. carrying OLrt a c4%nweh8M"¥e review of*tislic and busmss strategy and operation¥". impl¢merrtmg a rlew financ4al slTategy that ￿11 SLPPOrt ojr creative and comMerLY￿ ffth.. rÈgul8ty rev￿￿1n9 pricing levels for arts. edu￿b"0n and Olher at*'vrbes," maintaining ty'ght ￿rro1 of costs.. ensuring that all wcrfkn'ng ￿￿eduleS and staffing levels we e(￿OrniC and effiC￿n[. and 6 broadening the lunding base ofthe Charity by See￿"ng nthw parthwships and new sowces crf grant lunding. ¥pJnsarship. legaryes and dcnabwks. Vvork Lwlinues to.'- increase pubhc benefft aThJ ervJagemerrt IIKWI wcd(kdass prowimes and audience development strategies". enswe ow is Vog￿$4ye and va￿e5-Ied. wovh*r¥J indUs￿e and rdevant wogramrnes for 21¥t cenbjry communities,. $trenglhen exists'￿ P*tnershps ¥nd develt* 0￿$ to *nhance ourwryk * lh& inpa¢* of the region.. year in 2022", THE KENDAL BREWERY ARTS CENTRE TRUST UMrrED R•port ol Ibe Txvst••s for1￿ Y&v Ended 31 Ilay¢h 2021 indudiTrJ nvw prcrfJuCtiC￿ facihb.es a￿'sts and o)mw¥e5 wrykn'ng ac¥oss disciplines as musio film. art and the perfomiing arts, and a larger capacty INe wenue,. deliver èkn)&nts oflh* Br•*wy wcqramm• in ￿￿e￿￿*xts wrth a Yanye of pathershp organisatrong.. ensure we maxinise our tmjsiness potenti￿ to SUPFQrt our ttsitth wms,. b• r•spoffaiblet••*h regarts to ts dmate emergw. The Chanty is a comparry I'mrted ty guwartee and a registered chty. It is ￿￿erned ty its Mernorandum and Art"dès ofhtsscoaticffi *AtHch were by sFeual resolution 14 Fet￿j 20Cfj. Re thent a￿1 The trustees are elected by the company ai the AnnLral General Meets"rKJ in awdaft¢* wrth the Artdes 0fAssooabc￿. Fow th9 5eMng tnJstee5 re51gned durin9 the finanaal year. but ffive nv tr￿te05 were aFwnled in May 2W21. Tr trustees ¥rnl thJrI￿ the y¥ are set oui on page 1. Trustoe IndLK*"on And Trainni An inducbon pad( is awlable to ary trustee 1ndL￿deS a cwy ofthe Memorandum and ArtKfes ofAssoc¥ati¢)n. a sumnwy of the Chwity's *ethes, a copy oflhe Charsty CThnrniswon s guide on Ihe tlLrties ofa trLtstee a￿1 the most r•c*rt financgd statements. The Charity has a wholly thvned subsidiary, Kenilal Catering Comparry Lwnited. manages th prowsitin ofbar and cal•ring faoh.lies vAthin th8 Arts Certh and at c4h•r tyJtSets. Th• Board ol Kendal Cat*ing Company rnégts regukity to overseè the work ofthis thmpany. The trustees have regular access to 1nf(Ymab"I￿ regwdiThJ the wiwmrne and ffinaTrcial Fthance ol the trust and meet at least evwy quarter. The Board has e5taLlished an Audit & Risk Committee (now f•placed by a Fina￿* SutpCommrtie•l and other ad hoc comm1tteesfv￿.ng groups are set L4) to considèr speafic issue5 needed. NJI Trustees. meth"r8s and cthmmrttaè mèetings are attended ty the Chief E¥erthNe. Our key lurmlefs are all invrted to send obs8ThYs lothb TfUSte8s' Mttkn"rvJs. Thès• funders are.". P4ts Council Engknd Ncrth W•s( ScArth ￿elartd DtstrKt C￿jnO1 and kndal Council. Fundrnl8lng nwthodo109y ilsl the maI￿lty of ￿ Chaiity's I￿Orne is g￿￿ated throjgh rts chanlat4e acb"vrt*s. rt is also r•liani on grants ￿ vokntary dWati￿$ lo ¢0 its hYh-q￿knty. tfverse artisti prtsjramme. The rnajffji ol this ￿eCthe 1$ provKled by of wants knm wls funders (prim* Arts cou￿1 England North Westl. loral wvemment IS(MJth Lakeland DistnLt Councal and Kendal Town Cour￿￿1) and other grant•awarding bodies on an ad-hoc basis. A ￿￿tiVety small ￿OUnt of donth.ons is received from pecpl• attending events and the general PL*>l¢ Th•se are typKalty fo¢us•d on major caF4ta prqècts. such as the Our project As this add￿"Onal incorne is criti.cal to the 0￿goi￿ devdopment ofThe Brewery. the Chanty ern￿oyS one rnern￿r of $tsff d*di(zted to kn(trasirvJ. pnrnarity thI￿h making grant aFpIi(zti￿s. Dunng the finantyal year, the Charty was not su4.eci to an undwtaknrg lo te btyjnd by any vduntary %*erne for gulatirrfJ funt1-raisng, ty any Vc1￿lary st*dard of fiJndthraisirwJ, in r•spectof a¢￿￿"*S on behaff of thè Charity. HowEvef. the actmties ofthe Fundrai%rg M￿ager are m￿lt{￿ed by the Chef Exeuiive, to en￿U￿ that they are in-line intemal po￿a"e$ ￿C￿￿Ure$. THE KENDAL BREWERY ARTS CENfRE TRUST LIMrrED R•port ol the Tru•te• lorlhe Yw End•d 31 IA*¢h 2021 The did ncl receNe any ethnrAarts dwing the year cuKwniwwJ the Chwtys fvndNsMig ti¥th"es. The Chanty is committed lo protecling vuln¥able peop￿ and other rnernbers of the public frorn the fdlovAng behavityx in the couw ot. or in ConneC￿n wth, rts fund￿'n9 %b"vib"es.' al unreasona)le intrusion on a pers(￿,5 pnvacy.. b} ￿reaSOnabty pernstent apwoathes the PLrpgse ofsoffiobng or ctherv*ise voc￿￿ rnC￿ey or other prwety on behaK ofthe Charity,. c) p*itYJ undue weSsU￿ on a perscffl to or crther proF*ty. The Trustees considerthe bjard of Tntstees and ts Ch*f ExeArtNe as comprising the key management perscfftnel oflhe Charity in tharge of direcliry and ¢ontrolling the Charity and nmning and operating the Charity ￿ a daY-t￿daY basis. The remunvatl￿ poid to Ihe Chiel Exewtive and the expenses Mmbwsed to them are disdosed in Tr)te 13 to the finaroal statements. The Trnstees gi¥e theirtimè frtety and no TnJste• r8muneralion WAS pwd to them thjring the year. Trusiees are wuired to disdose all Tethrt irrtwests to (ther trustees ¥•*hdraw frryn ￿erAs￿s e￿ a conflict of interest wses. Details of rdated party transadirms are disdosed in note 14 to the finanryal ststemerts. benefft recewed by tNstees. slaff volwrteers is pu￿lY inLydentalto the objècts ofthe Ch*ty. A sulKommittee of Trustees. the RemuneralK)n Committee. met ￿ring ihe year to review pay levels ross the Charty inclL*th"ng the pay kvels oflhe Chief Executive. The c4Jrnmrttee took a￿O￿nt ofa range of dats induding pay levels in the kKal area and womnoal art c•ntre$ in the norlh-wèst u The ccffimittee members were also consc•Ju5 of the imp¥t of ¢he Nab"onal ￿vIrrtj Wage and teing able to rnaintsin appropriate differenbals in pay ￿veL$ right ttrwh the management strLthre. 3tat*n•rf of dl¥cl¢Jsur• to Audltor la} $0 far as the trust¢ès are awrt th¢Y¥ 1$ rekvant ¥udrt Infom￿￿"0￿ chantable rynpany's auditors are unaware. and Ib) they have taken all the steps that they ￿ght to have taken a5 Injstees in order to m*e th•m3?￿e$ oware ol rdevont au(ht ￿rfOrM￿ arwj to establish tIHt the authtors are awwe of that inforrnation. Tru61eeg' responglbllltles The trustees are also th"rechys ofttr KeThaal Brvwy Arts Cthtre Trust Limited for the purFQ5es of cornpany lawl are responSi￿e for prep8nng the Trustees. Annual Rtpryt induding the strategic Rewt and the financ3al sts*ements in accordartt wth aWThbbe law and Unrted ￿ngd(m Accounting Stand*ds IUINted ￿ngdorn Generaiy Ac£eNed ACCOL￿￿"rvj Pi*tJ¢el. Company law reqLiTes fv tr￿te0S to wepare firwr3al statem￿5 tr finan(¥￿ year, V+hich give a true and fair view ofthe state of affairs ofthe charita￿e ts)mpany and ofthe group'$ irthming re50ur¢es and apph"eatI￿ ot resources. inckjding the inccffiè eyFendTrbJrè. oflhe group forthe year. In preparing these ffflanual ststeM￿, the trustees ￿ Teqwr&J to.. sele¢i suitable acccunting pc4iae5 a￿j Ihen appty them ￿l￿st￿.. obsefve the methods and pnn(1￿es in ￿ Charittes SORP 2015 IFRS 1￿￿1,. makejud9ements and esbm*¢$ 1hat are reasonable prudert slate applicable UK acc(Lntrry 5tsndards have been fo11tr*￿, s￿lIe(l to any materhql departures th"sdosed and explainejj in the fin￿raal Statem￿ts. ep*e Ihe finano41 slaterne￿ on the going oywn bosis wdess it is irwpproprth to wesume THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED Report of the Twstses for th• Year Ended 31 141arch 2021 Ihal the c*antaile cow con11r￿ in wration. The truste￿ are respon*bb fork88p¥￿ wcrer Betcojnlmg reccrfds wlich dEd05e with reason* aeGuraty al any time the finanual ws1￿￿ of Ihe gri)vp arKI the ¢haritaNe ￿MpanY and enable them to ensu￿ Ihat Ihe fbnanc4al slalernents compty with the Companies 2￿6 They are aso rewnsibk fcf safe9uarding the assets of the group and the charilable cc¥Dpany and hence for asonalae steps Ihe prevÈnlth (leiedx)r* ol traud and other iVregularrt￿. Apwi)yal of Ihe Trustees. Report and strateg￿ Report on behalf of Ihe Board Randall Company Seffttsry THE KENDAL BREWERY ARTS CENTRE TRUST UMITED Independent auditors. report to th• m•mbers of Th• Kendal BTewery Arts Cenire Trust Limited Oplnion We have audlled the finar￿￿11 statements of KeTrJal 8f8wery Art5 Centre Trust Limited {the'par8n¢ charitab ¢(*npanll and ils 5ub5Kliarie$ IthÈ'group'l lor year ended 31 March 2021 wh￿h ￿npriSe the Slalement ol Financol Activthes. the Balance Sheet. CaShl￿W Staiweni and notes b the finan¢o1 $￿te￿nIs, Including a summary ol signif￿an1 accounting W￿leS. The ￿anc￿lI reportww frarnewoth Ihat ha5 been applied in Ihelr Preparat￿)n B appl¢aNe law and United K￿g(knrn Accounting Slandards IT￿luding Fina[￿la1 Reporting Sta￿lar￿ 102 Tts Finan￿￿1 Repofft￿ srandartlapplrabfe n the UK&ndRepu￿￿ ollreland (United Kin￿0￿ G8neratyAccepiedAccountsng PraaK8J. In ouropinK)n Ihe linanoal stafrm￿ts". gN8 a true and fair ofth• s￿le ofthe 9nJup5 and pa￿nI ¢harrt* affair$ 8$ at 31 March 2021. and ol the groups ￿K￿Ing re50urce5 and applKa*on ol re50Vt¢es. I￿lUdI￿ rf5 incorne and expendilwe. lor Ihe year then ended,. have been property prepared in accordance with United G￿eralty Accepted Accouniiw Prad¢e.' ave been prepared in accordance with Ihe requireff*nts ol the CcfflPan￿ Act 2(K6 and the CharthE5 2011. Ba¥1$ of Opinion We conducled ￿Jr autht ￿ accorda￿8 with Intemaknal SlarnJard5 on Audibng IUKI IIUS IVKII and applicats￿ law. Our responsibilit￿5 under Ihose standards are further descrthd n the Audrtot5 responsthilibes loi ihe audit of the financial statements sectAM of our report. We are Independent of th8 group and parent chariiable c(mpany ¥) attordance with Ihe elhi¢J wequiiements tt)ai are ￿levant 10 our audit of the I￿al￿da1 stalernents UK. t￿1￿11￿9 the FRCS Elhral Standatd. and we have fijllilled ouroiher elh￿al respons￿lItIeS In accordance with ¢hese requiremenls. We belwe Ihat the audit evI￿nCe we have )la￿le# $uffrient and appropriate to a ba*$ for ow Con¢luslons rnlalln9 tv Wng concern We have nolhing to ieport ￿ respect of the fo*￿"ng matters in relai¥YI 10 whth th8 ISAS (UK) requio u5 b) pon ￿ you wheie.. Ihe Trustees. use of Ihe ¢￿￿ern basi5 01 arxoLmtWd in Ihe preparaticffi d the financial not appropriate". or Ihe Trustees have Ml dk5cbsed in the f￿anCial statements any material L￿rta￿lIeS Ihal may cast signilKanl doubt aboul the group cr charitable parent cornpanys ability to Cont￿￿8 to aok)pt the going concem basis ol actounting for a perwjd ol at kast ￿e1ve n))nts Irom Ihe dale when the statements ￿e auth0ri5ed for ￿LIe. However. not all lulure events or cond￿￿$ Can L* pfedthLI. The COVID-19 viral pandem￿ is one of the st siwifKant econorn￿ events for the UK *ith unprecedenied kveLs ol uncertaiityof outcomes. 11 is Iherelore dIff￿ult to evaluate all ol the polenbal on the companys trade. custorrws. 5upph.ers and econorny. The Directors. View on Ihe irryact of Cov1￿19 15 Ihe accountmg &vI￿e$. Olh•r informatlon The Trustees are re$Fu1th￿ for lh8 other ￿lOnna￿?Tr. The Other ￿1r￿Ma￿ L>Jmpris85 the infomiation in¢luded m the tru*es' annual repjrt other Ihan the fift￿1￿ staternents and our ak#litofs ieport ther￿n. Our ownbjn on Ihe financial slalements th)e5 fthier Ihe ¢)Ihei arrfl. except to Ihe 8Xtent oth•￿1$• eXp*￿Y siatsd th our r8port. we Ltr) not •wess anyf¢ym ol asgJran¢• ther￿. In connecDon with our of finartol siaiemerts. our ￿￿&bIl￿ is to ￿ad Ihe other m10m￿th"on and. in thsing so, c0rn5wJer vthelher the other matwialty ￿ns￿le￿I with the fin￿la1 siatements or our knowledge obtsit*d ￿ Ihe audit or other*ise appeals ￿ be materialty rnisstaied.11 we hlentfy such mattrial in¢ongstences or apparent material mi551alements. we are required to detem)Ine whelhei there 1$ a material misstalernent in the finarKBI statements or a matenJ mi%staternetrt ot Ihe olher intLYmatK)n. 11. based on Ihe we have performed, we conclude tha11he￿ a maiernb of IhL8 other iThformatK)n. we ar8 required 10 report Ihat fact. Wo have ftothW￿ lo report m Ihis re9￿￿. 10 THE KENDAL BREWERY ARTS CENTRE TRUST LIMrrED Independent auditors. report to the members of The Kendal Brewery A Centie Trust Limited Oplnlon on olher matter preserlbtd by the Companies Act 2(¥J6 In our opinion, based on Ihe WO￿ L￿¢jertaken in the coutse of the audit: thè information givèn in Ihe trustèès, report. includes the direclors. report and the strategic report lor the financial year for Ihe financial statements a￿ prepa￿ is consistent wrth the linancial statements-. the strategic report and the direc10￿, repryt have boen PTepaod Hi aCCordar￿ vrilh ap[l￿ble legal iequrr6177erits. Matters on whlch we •re r¢quir•d to report by OXC•Wion In the light ol the knO￿edge and understanding of the group and pa￿nt charitable corrpany and its •nvironmènt obtained in th8 coutse ol thè audA. we havè thntilied matewial misstatements in the stralegc report and the director3, report. Wo hav8 nothing io in respect ot the Ic4lo*Yng matters in rnlat*)n to *thich th8 Cryanie5 Act 2006 and the Charitys Act 2011 requiies us lo report to you rf. in tyx"nth'. adequate acctyjnting records have nol been kepl by the parent ¢h8riiable company or relurrks thquate for our audrt have not been receNed Irom branches noi visited by us: or the parent ¢hariiable ¢¢ryatys firon￿l statements 8re in ¥g￿ement ihe accounting le¢￿th and retums,. or certain disdosures of Twstses, refflUnerat1L￿ speofied ty law aTe nol made: we h•v& not re¢eNed the infomwts"￿ and explanation$ we Yequire for (wr alth. Responsibility of tr￿lee$ As explained more lulty in the trustees. responsibilities statement set out on page 6, the Trustees Ivtho are also the dire￿orS of the Charita￿• company f(X thè purposes ol company law} ar8 rtspons*Jle for the preparation of the financi81 statements and lor bèing sa1￿￿¢d thai they gNe a truè ant1 fair viw, and lor such intamal control as th8 Trustees determine is necessary to enable the preparafion ol finan¢ial statements Ihal are free Irom material misslatement, wthether due to Iraud or ewrtr. In preparing the financial statements. the Twu5teÈs are responsible lor asse5Sin9 the group and parent charitable compan*s abilty to continue as a going ¢or*em. disdosing. •$ applicable. matt•rs related to going concem and using (he gtyng concern basis of accounting unle55 the Trustee5 either intend to liquidate ¢heyrc4Jp or the parent charitable company or to cease cqjerations. or havg no reatstsc artemabve but to do so. Audilor's r•sponsibililig5 for the audit ol finanei•l statements Our ￿lectIveS are to obtain reasonabk assurance about whether Ihe financial slatements as a are free from matertal misstatement. *fietherd￿ to fravd or effor, and to issue an auditorfs report that indudes our opinion. R&ason8ble assurance ks a high ￿Ve1 ol assurance. but is not a guarantèe that an audrt conducted in 8ccordancg Wth ISA5 IUK} wdl always detect a material misstat8ment when tt $xists. Misstalemènts can arise from fraud or error and are considered matenal il, bn¢JMdually or in the agJregate. they ¢ould reasonably be expected to influence Ihe econtsm￿ decision5 of usors taken on the basis of these financial staternents. THE KENDAL BREWERY ARTS CEKfRE TRUST LIMrrED Independent auditors, report to the members ot The Kendal Brnwery Arts Centre Trust Limited We assessed the suscapb'bility ot the companys ffinanciJ statements to malerial mis$tatem8nt. including htsw fraud might occur. Audil piocethjrès performed by Ihe company engagement team induded i(Jenlitying ana assessing the (JesNJn errectNeness ￿ contr￿$ management has in place to prevent and detect fraud. understanding how those charged wth govemance considered and addressed the potential lor overr￿e of conlrols or other inapprcpriate influence over Ihe linancial reporting process.. challenging assumptions and judgements made by managemenl in its signilicanl acwunting estimates, in particular we have vouched items induded in the slal ￿¥1￿&S been prermred tho thatai ccffit"nuing. 14 THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED Regi5ttatw)n nLTrrnber.' 03927101 Consolidated and Charity balance $hg9ts 31 March 2021 Group 2021 Charity 2021 Notes 2020 2020 Fixed assets Tangible asse15 Inve$lmeAts Inveslrnenl in s￿81(￿arY 16817 18 18 3,038.361 360.661 2.605.830 3.013.810 293,308 360,661 2.575,555 293,308 49,9LXJ 3.397.022 2.899.138 3,424,37f 2.918,763 .Cufrent a$sets Stocks Debtors Cash al bank and in h8Trd 5.B39 116.561 43,209 165.609 52.408 15,746 57,597 221,101 294.444 528.401 19 100.028 26,888 126.916 335,3131 54,611 163,082 217,693 465.524 Creditors: Arno￿[$ lalkng ¢kn vthhin one year Net current liabilities 186.799 1233.95n 208.397 247,831 Total assets less current liabilities C¥editors' Amts￿￿ falling ¢*Je after orTre year 3.210.222 105.556 2.665,181 3,215.973 {105,5*1 2,670,932 21 Net assetg 3.104.666 2.665.181 3.110,417 2.67D,932 Funds un￿strICted lund$ Designated fu￿15 - General funds 892,897 37,595 655,302 895.515 {274.662 620,853 892.897 231.844 661,053 895.515 268,911 626.604 22823 ResI￿led funds - Furyjs eX￿￿JIrQ lair value reseNe 2.086,120 2.086.120 1,748.191 1.748.191 2.086.120 2.086.120 1.748.191 1.748,191 22&23 Endowment fvnds - Pemianenl - Expendable 238.319 124,925 363.244 237.749 58,388 2￿.137 238,3f9 124,925 363.244 237,749 58.388 296,137 22&23 Total charity funds 3.104,666 2.￿5,181 3.110,417 2.670.932 SignÈd on behalf of the Trustees Miriam Randall Company Secretary 20 December 2021 The a¢cornpan￿ng notes ale an inlegral part of these tsalar￿e sheel 15 THE KENDAL BREWERY ARTS CENTRE TRUST UMITED Con301idated ¢a$h flow statemwl for the year ended 31 March 2fd1 Group Company 2021 Nole$ 21Y20 Cash flows frorn Opern￿n9 activities: Nèt e*sh provided by opèrntin9 4Clivitles 24 237.321 279,508 279.019 223,931 Cash Ilows from in¥tSllng •cti¥i¢ies: Dividends. intèresi and rental ineomt Purchase of lan9ible fixed assets Sale ol investments 19.705 9.569 186,3161 1563,6711 19.705 180,7701 1563.6711 Net cash uMdln Inv•stingadivllles SS4.102 66,611 554.102 61,065 Cash flows ftlrni financing a¢tl¥lties Rapayments ol borrowiThJ New loans w) the year 15.C#)01 I5.0￿ 150.C(*J 138.889 138.689 s.coo 5,000 Ch8n9e In cash and cash equivalents In thB year Gash aThJ cash equiVal￿ts at ihe b8girrif¥J ol the y￿r 1177,6921 221.101 207,897 13.a)4 1136,1941 163.082 157,866 5.216 Total Cash and Cash equ•valents *t the end ol the 43.209 491.483 26,888 163,082 AnaI￿lS of cash and ush ¢quTrvalents Cash at bank and in hand 221.101 26,888 163,082 TO1￿ cash and cash •quivalents 221.101 26.888 163,082 16 THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED Notes to financial staternents 31 March 2021 Gener81 infornwtion The Kendal Brewery Arts Centre Tru51 Limiled ￿ a C(￿panY lim￿le{l byguarantee and a¢¢ordingly does not have a share capiial. registered in EnglarKI and Wales. Every member ol the c(hnpany undertakes to contribute £10 In the event of the chantable company bebng ￿￿)Und up vthile he or she is a member. The ¢ompany number, ¢harity number and address ol Ihe registered ott￿e are given in the reference and administration inlormatw)n on page 101 Ihese financial siatements. The principal naivre ol thè charitys Operat￿nS is to promote for the benefrt of the inhalmtants of KerKJal, the South Lakes and the surrounding #Tea the provi5KJn of faulib.es lor arts. e(lu¢atiLX), re¢￿ation or other leisure tima occupation of indNiduals who have n88d ol such facilities by reason ol their youth. age, infirmity or disablement. financial hardship or social and economic arcumstances and for Ihe publ¢c at large in the interests of social welfare and with the ckniect of improving the qualtty of lrfe of the said inhabitants. The addross of its regislered office is Brewery Arts. 122A, P￿ghgaIe. Ken(laJ. Cumbria. LA9 4HE. Acco￿lIng polldes a) Basis of accounting Tho principal accounting poficies adW8d. judgements and key $ources of estimaticm uncertainty in the préparation ol the finanaal statements are as follows: The linancial statements have been prepared under the historical cost convenlion the exception of investments which are induded on a market value basis. The financial statemgnts have been p￿Pared in accordancè 4wlh Accounling and Reporting by Charities.. s￿lement ol Rècommended Practica applicab￿ to ¢haritlèS Pfeparing their a¢counts in a¢eordan¢e wrfh th8 Financial R8POrting Standard 8ppli¢able in the UK and Republi¢ of Ireland IFRS 11Y21 leffective 1 January 201SI- Icharil'es SORP IFRS 10211, the Financial Reporting Standard applicable n thg unit￿ Kin￿j￿ and Republic of IreLand IFRS 1021 and the Companies Act 2006. The charity constitutes a putAic bgn8frt entity as defined ty FRS 102. bl PreparatKJn ol the accounts on a going concem basis During the year ended 31 Marth 2021 the gr(AJp had net inoyning resources. before transfers. of £439.485 and at that date had net CUfTenl liabilth.ts of £166,799. The financial slatements have been prepared on a gc¥ng concem basis. The Trustees have reviewed and considered relevant information, induding the annual budget an¢J fu￿re cash ftows in making their asses5meni. The Charitys unrestricied operab.ng costs have been reduced significantly lor the h'nancial year 2020fd1 due to tsJhl c05t conlrol as w911 as the group's net ¢ur¥ent lia￿lIteS having decreased from the prewous year. The capital expendilure from Ihe Charitys unrestricted funds has been limited in order to preserye cash balar￿es. Operating and capital budgels for future years have been desigfied to generate further cash positive c¥Jtcoffles. Arts c￿jncil England grant svpport is secured unts"l April 2022. In particuL8r, in rewse to the COVID-19 pandemic the Trustees have tesied their cash flow analysis lo take into a¢¢ount Ihe impact on their bu>ness of ￿1b1& scenaiios brought on by the impact ol cov1￿19, aorwjside the measures that ￿Uld be Lmdertaken lo mitigate the currenl a(fverse conditions. and the current ￿SOurceS available. The Trustees have conduded that they can continue to adwt the gclng concem basis in preparing the annual report and acCo￿ts. 17 THE KENDAL BREWERY ARTS CErirRE TRUST LIMITED Notes to flnancial statements (¢onllThued) 2 •*counting policies Iconlinued) cl Group linanoal stalements Thesg linancial statements cry￿01111ate the results ol the Charity and ils Ytholly owr*d subsidiary, Kendal Catering Company ￿mIted. on a line by line baws. A s8paraie statement of financial acthvitieg, or income and expenditure a¢eount. forlhg Chan"ty rtsdl is not presenied because the Charity has taken advantage ol the exemptioThs alforded by section 408 01 the Compani85 Aei 2C(6. For the purposes of the consoli¢Jation the charitable donation Irorn the subsidiary is recognised in th• year that the profits to be donated were made as the recwpt is measuratAe aTrJ prcl)abb&. l Fund accounting Gener￿ fun(ts arg availat4e use at the th5crelion ol the Tr￿88$ lurthwarts of the ￿neral obiecbves ol Ihe Trust. De5tgnatgd lurKls comwise fvnds whrch have been 58t asidè at the discretion d Ihe Trt￿ lorspecifi purposes. Restricled funds are subj'ect to specific restrictive covenants I[￿ by thntsrs or by the nature ol the appe￿. The purpose and use of the reslricled funds a￿ set oul in Note 2110 the financpl stst¢mgnts. The pewmanént endobvment tund rèpresents lunds wh￿h the don¢)rs have stated are to be held permanently as caFJtal. Incornè arising on the eThJowm•nt fund can be used in accordance bwth the obiects ol Charity and is i￿l￿ded as Lmt•stiict8(l income. The expendable gndowment lund represents any capital appr8cla1i￿ ol the ￿l￿nal pèmanent eThS)wmenl which. at the T￿￿1￿8s, di5crelion. can be awlied towar(ts Ihg obJ*ts ol the charAy. el Income Inc(*me is rwk%ed vthen the chaiity has enbllement io the funds, any performarte con(lilons attachirKJ to the income have been met. it i8 pmbat4e that the irtome w41 be recaved aThY Ihe amIx￿1 can be measured relia1￿y. Activity ir￿rne is i￿l￿ded VA￿ receivable. Any irtome ￿e1Ved in adva￿¢ of a performance or the provision ol anothèr specilied $8rvicè is d8le¥red until lh8 critèria lor income recowition are met. Catering *ivilies ¢anie(l out by Kend￿ Cateiing Conyany Lirnired whose prolils ar8 payablè to The Kendal Brewery Arts Centre Trust knmrted via a dislribution il th¢re are SUff￿lent ￿￿rVeS to do so. This income is ￿lud9￿ when receivaLI8. Intèrest on funds held on deposrt is i￿lL￿d when reCeiVa￿e and Ihe amounf can be measured reli8bly by the chari￿, this is nomally upon notiluljon ol the interest paid or payable by the bank. t*vitlends are recognised orte Ihe dwidend has been decLared aThJ no111￿￿(￿ has been WNed of the dNidend dug. In acCorda￿e with thg Chaiityes SORP {FRS 11r21 Ihe generaj volunt8er b.mè ol the Fwwds of thè Brewery is not recognised as income. The Twuste¢s' annual report inlormatth rtyardir¥J Ihgir contribution. Donations and grants arè included when ¥￿e1¥a￿le. When donors SFecty that dC￿at￿nS and granls irtluding caprtal grnnts. are lor path"oJlar resIr￿led pu￿OseS, do not amount lo pre Co￿liti0r regarthng èntitlement. thi5 irLomè is indu¢Jed in incominy resources of restricted funds when receivable. Deferred incom• represents amounts rac•vwJ lthu¥è aThJ is rdeased to irKoming resources in the period lor which rt has received. 18 THE KENDAL BREWERY ARTS CEMfRE TRUST LIMITED Notes to financial statements (continued) 2 A¢eounting policies (eontlrwed) 11 Resources expended Expenditure is reccrfjnised once tt*re is a legal or constructive rA)ligation lo make a payrnent to a Ihird party, it is prcthble that sethement will be required and the amount of the (*)ligabon can be measurèd reliably. l expenditure is accotJnt8d for c(b an accN￿$ basis and has tjeen dassth8d under headings thal aggregate all costs ￿[aled to Ihe calegory. gl Expenditure The cosls ol raising funds consists of wage arKI associated support ¢osts. charilab￿ actNilies indude e¥pen¢Jitufe as￿lated ￿th staging theatre. art eXhibi￿nS, educational pr(yJrammes and other artistsc evants and indude both the direct costs and support costs felaiing to those activilies. Govemance cosls indude those incurred in the goveman¢* ol Ihe chanty and its assets and are prirnarily aswiat8d with Conslilutlc￿al and statutory requirements. Support costs include central ftfftcbcffis aNJ have been all￿ted to ¢￿t calwes on a basts con51Stent vmh the use ol resources. Irrgcoverable VAT is charged as a cosl ag￿nst the activity lor whith the expenditure was incul￿d. h) Tangible fixed assels The Trustees have introduced a INnit of £100 below vknich irHlivKlu81 fixed assets are not capitaised. Tangible lixed assets are slated al ¢ost. net ol d8pre¢iab"on and any provision for impairment. The need lor any ffixed assei impaim)ent wrile-dovm is assessed by cornpar￿ ol the caTryiThJ value of Ihe asset against the higher ol reajisable value and value rn use. Depreciation is provided on all tangible fixed assets other than Ireeh¢4d land. Depre¢ration designed to wrile off the costs, le&8 estimated residual value. ol each asset over Iheir expected useful INes. The prinupal raies used a￿ as I￿1￿. Freehold builjings CcNnpuler eouipment Equlpmènt and flxlures Bar and calering equipment 2% per annum and over 36 years ￿ a straKJhl1in8 basis 25% per annvm a strawJhl line basis 10% per annum on a siraight line basis 10% per ann￿ on a straight li￿ ba$is The Trusfee$ have determined that the estimatea ￿*dUal va￿& ot cert&"n of Ihe charitys freett￿ buildings is approxirnalely equal to its net twk value. It is Ihe charitys pdicy io maintsin Ihese properties to a high standard. so thal Ihe estimaled Tesidual value will not be impaired ovèr time. Th8 costs ol this mainlen8n¢e are charged to the sktem8nt of finanaal activrt*s as they are incurred. The Trustees are ol the opinion that any depreciation in respect of Ihe these Prope￿.e$ W￿ld be immaterial ana conseqLtenUy no provision is made in the acounts for sudh ¢*precaab"on. 19 THE KENDAL BREWERY ARTS CENTRE TRUST LIMrrED Notes to financial slatefflents (conlinued) Accountlng policies (continued il Investments Investments are measured intially at their tranSa￿lon value and arè $ubsequenty masured at th8ir fair value at the balancè sheet dale using the closing quoted Ma￿et price. Increases or decreases in Ihe lair value each year afe treated as unTealise(I gains or losse5. Rèalised gains or ltssses rep￿stAt the difference between the sales P￿eedS and the lair value at the beginnrng of the year or the transaction value if purchased during the year. Realisad and unrealised inveslment gains and k)sses are combined in the Slatemenl of Financial Actmhes. Invèstment in the subsKliary undertakmig is valued at cost less inyaim)ènt. Il Debtors Dgblors are recwmsed at the setueff￿t anN)unt due after any trade discount offered. Any losses arising from irnpairmenl are recowised in eypen(kluTr. kl Cash at bank and in hand Cash at bank and in hand irKludes cash and short teThn highly liquid invesiments with a short maturity ol three nyjnths or l¢ss from the datè ol acquisition or openirrfj ol ihe deposit or SI￿11ar account. 11 Creditors and provI￿nS Creditors and prowsions are rncogrwsed Ihg charity has a presenl obligation resuttirKJ from a past vent that %%ill probably rosult in transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are rK)rmally recognised al their settlamant amounl aftef allowng for any trade discounts due. ml Concessionary loans Concessionary loans are measured at amrtised cost usir#J the eff￿l¢ve interest rate n) Financial instrum8nts The chamy only has linarKhal assels and linar￿la1 liablities ol a kirM1 Ihal qLJalify as basic financial instwments. Basic linanaal in￿r￿MentS are inilially recognised at transaction value and subsequently measured at their seltlemenFvalue with thè èxcèption ol loans wA￿h affj subsewenlly measured at amortised cost using the effective interesl rate. ol Pension Sche￿*$ Certain erry)loyèès are Th*mbèts of the c￿n￿ria L￿al Govemnt Pension Scheme. Thi$ is a mutti- gmployer defined bengfrt seherre and the assets are hek1 s4yeralely from the those ol Ihe Charity. As the charitls Sha￿ ol the scheme's assets and Itabilities cannol be readity idenlilied it ts freated as a delined eontribLrtion scheme whereby conlrtjutions are charged to the stater*nt ol financial activities in (he period to ￿lch they relate. However as Ihere is an agreemeni in plao io make addiiional cOntr*)￿lanS based on ¢urrent aThJ pasl Ser¥￿e ol enwoyees a liability is recognised for the present value of oul$landing additional contribubons as required by FRS 102. The charity also operates a money purchase scheme for enwow. Contrtwjknons to thi5 scheffE are charged lo the statement ol linanc￿l actiwbes in the period to they relate. THE KENDAL BREWEAY ARTS CENTRE TRUST UMITED Noles lo linancial ststements {eortlinued) Totsi 2LU1 lal Arts Arts CoLnciI Erw N(*thWesi . Aevewe ornnt - CurtUTal Aecovery . Cat8lyst - Our Dvjital Fulute BFI Film Hub North Tobi Y27.776 321.776 321.854 2tr3.315 1.888 60.0 330.521 37.357 20.fy)) 20.(KX) 15.905 5>J.SJ6 349.fj61 883.5(X) 435.149 .315 AYl.521 Swth La*eLgnd Di4rict . Revwwe grant - COVID 19 Emergoncy Gra - COWO 19 Dscrebonary GI8N - Appl*d Theatre ￿ Cumbria - Our Di9rt4l Fuluie Sklls Furyjw Age Ivia CLrnbrKq County eAyJllLai Curnbria County Cou . Fra￿l Emot￿31 Wanljr - Our Digrtal FubJre YWCA Kendal- COVIO 19 Gr8rt Job A£ten￿on Schgmg Granl Kertsl Town COU￿ . AeveNe grant . Wartior . Our D￿rtaI Fulute Toi Icl Piiyai •wery Incorn2 Support FurKI BieweryArts Centre Endo%wnEntTrL . Rave￿* grant . Our D￿thI Future Anonwmous SirJokn Fishtr FourvJabJn - Creative ConneclAins Raynes FDundalw)n - Ernotional WarFvJr SunthyOotWK)ns -OJr FLrtuie Fole FounrJab¢y)- Our Dglal Fuliye Gartidd W&slon FothYAati . CkJr Di9rt8t Futwe Charfes Waller MerTh￿ Tntsi - EmDbDnal Warnor Dignity￿ Oemani49 Buy a Char donalKns Gr8n8d8 F￿r￿Jai￿1 - COVID 19 Granl Curr•rw YrAAh . Dieafftsch*ne FuThlng Creaitvè Leaming Donal*Jns Sundry ¥)YwwJuai Total 65.5Tr) 21.750 10,OC 65,SW 65.5th) 21.750 10.(#XI 70.r 2.831 99.991 99.*1 10. lo.co) 1.(N)O 500 489.101 IS3.￿3 371.851 570 678 55,2 75.055 la￿ 30.r Is.(xx) 12.1) 1.440 10.228 7S.(X)O 7.575 2.728 24 3fyJ 84.728 2.728 24.% 8.688 97.W 271.sy 570 Id) Legxy Martin Pu To 12,￿¢ 12.gjo Tow dom1k+￿. gr•r4• •nd *ga 570 551.642 1.470.>)2 9CK3.316 The gr•its •xl *9aXS**ds É1.470.302 (20>). EgJ3.316) LKf**x* £570 12020. É6781 was from w&>hTr￿thJ￿s, £918.0￿ {2020. £339.7631 was restr￿￿ 8TrJ £551.64212020- £582.8751 was uNestrthd tsids. 21 THE KENDAL BREWERY ARTS CENTRE TRUST uMrrED Noles to flnanclal $latwnents Icantinu8dl Donations. grants and legaeles Toi)I 2019 Endowment Aestricted G¢ner•l 2020 lal *xts Arts Cotsr￿￿ ETrJand ￿rth West ReverwJe grant - CulhJr81 Destinatior - Catlyst . Our DigitJ Fu¢ur• BFI Film Hub Noth Tolal Ibl Publlc South Lakeland District Crrt RgvenuÈ grani Project giant - AFWied Tfve8￿ in Ojmbria . ChJT Fulure Skills Funding A90 Ivfja cUrn￿la Ccunty Corrill CU￿ria County CowLiI Proiecl Emob"onal Warrio . Prqect LGBT & Youlh Grant - Capital 9rant K¢nd￿ Town R8VgnuÈ grant - Errotion& Warrior - Our Digiw Fuluro Total Icl Private Brewery In￿rne Supkx)rt Fund Brewery Arts Cenlre Endo4¥Trnnl Tiust - Revenue grant - Our DigSla Fubjre Youth Mu&c FouThJatic Anonymo Sir John Fisher FouTh1th"on - BYA Int6racl - Crossing Boundanes - Creabve Conneet Rayne5 Fwndation - E￿￿tion& Warrior Toynebee Sbjdios Anonymous Sundry DOnatior￿ -our &gi1o1 FU￿re Fo￿e Foundatron- Our Di1¥￿ FLthJrg Gartield Wesion F￿nda*"On - Our Digit￿ FutuTe Charles Waller TILtst - Errob"onal Warrior Dignity in D8rnent Bijy a Chair donabcffjs Sundry indiYKluJ donalon8 Total 321.854 321.854 321.854 lI,8C￿l 19.013 60.033 ￿.033 37,357 15.905 15.905 397.792 435.149 37257 2.065 354,732 37?57 65,5tyJ 64,OC4) S.8￿ 83.￿2 36.361 lo.￿) 10,IXNJ 10.COJ 2,831 2.￿1 1.780 10,( 10,(XXI soo 98.133 85,51X) IB3.633 126.476 678 678 814 75.C65 75.055 72,528 4,￿•1 4,474 15.COJ 15. 2.667 20,0 14,360 10.228 10.228 75.(K 7.575 170 7.575 170 8.688 86.683 271.634 .13.983 138.167 678 184.273 Idl Legacy MartinTere￿? Purthy Tota 12.9Tr) 12. 12.9fy) 12.9( Total donations 9r•nts •nd lÈgacSe& 678 319.763 582.875 903.316 619.375 THE KENDAL BREWERY ARTS CEprfRE TRUST UMrfED Notes to financial statements (continwl) Financial activities of the ¢h•rity The financial aCiMt￿S shown in the ￿￿solIdated financial slatemenls indude th)se ol the ChariV$ wholly ¢)wned subsldiary, Kendal Caierfng Company Umtt8d. A summary ol the financial acbvilies undertaken ty the Charity is set bel¢)w: 2021 2020 Gro$$ Income Total expendture on charitable actThibes Costs ol general￿g fund5 1.612,162 2.028,013 (1.197,8651 11,893,339) 142,1651 150.9551 Net in¢ome belore Investment gains 372.132 83,719 (Lossesllgains on investment assets realised unreali$ed 67.353 84.(144 Net income after In¥eslmentllossesygains 439.485 13251 Total funds bTought fonvard 2.670.932 2.671,257 Total lunds carried lorward 3,110,417 2,670.932 Represented by: Endowmeni funds Restricted fvnds Unrestricted 363.244 2.086,120 661.053 296,137 1.748,191 626.604 3,110,417 2,670.932 THE KENDAL BREWERY ARTS CEPffllE TrUST LIMITED Notes to financial statements {conlinued) Cornrnuc5al tradlng Operations and In￿1￿￿ in trathng subsldiary The vtholly owned trading subssdiary, Kendal Catering Company Limited I'KCC'I. wh￿h i8 lico￿orated in England. pays all its taxable profits lo the Chanty by grft ahy. KCC operates the bars. ￿staUrant and other ¢ommercial a¢tiwts"es ¢arried on at thè Arts Centre. The Chanty owns the entire issued share capital ol 50,000 ordinary shares of £1 ea¢h. A summary of the KCC tra(Jing results ts shown below. Summary profft loss aCCoL￿t 2020 Turnover Cost of sales and administrative expertses Other operating. IIKomo Fletained loss in the subsith.ary 242.142 1319,9221 77.780 617,490 1625.3621 7.872 The assets and liabilities ol the subsKlary al 31 March 2021 weie-. Fixèd assets Curr&nt assels Creditors.. arThJJnls falling thje vAthin one year Net assets 22,551 62.384 40.686 30,275 77.498 63.524 44.249 44.249 Agg￿gate share capital and r￿N8$ All Ihe tumovar of £242,142 (2020- £617,490) is attribLrtable to L￿restI1Cted fvnd5. Totsl costs less olher income and the ￿￿ctIOn for management fees and rent, referred lo above. total £319.922 12020- £625.362) of whi¢h £77.78012020- £nill was restricted and £242.14212020- £625,362) was unrestricted. l of thè operatsng incomè ol £T7,78012020- £nil) is attributable to ￿st￿￿ted funds. 44.429 44.249 24 THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED Noles to financial statements (continued) Inwstm¢nt In¢om¢ 2021 2020 LI¥￿er￿J$ and interest Brewery Income SuF¢Vt FLmd Réni récelvablé Interesl received 9.567 15.654 9.569 19.705 All the inveslment income of£9.569 (2020- £19.7051 k¥ att￿u1ab￿ fo un￿1n￿d fwd6. 7 A¢tith in¢om¢ Christrnas show Cinema Adult E￿L￿allOn Youlh Ed￿all Drama Stage on screèn Literature MttsK Visual Arts Cullural OestinatKx Partnership projects Funded Projects Other income Isee no￿ 81 9.431 24,613 15.838 9.835 131.851 57.770 116,IrJ 3.Tr38 1.281 115,544 726 10.0 12,073 199.(97 132.291 1,104.992 Athrty in¢4)ne of £132.291 12020. £1.104.9921 ￿ attrtMJtabk to un¥estri(led fvrtds. Other incomo Roomlequpmenl hire conte￿￿e$ Boo￿.￿9 fees aThJ ¢J 117.926 7.724 2.554,91> 1$3.140 Er￿ tsl>*at 72e 171.206 I,Xd.489 e95.515 klxgx) 2.773 >) 275 2OD58YJ ofye¥ e91897 4711 96 19) 2*4Wfy) 21551 THE KENDAL BREWERY ARTS CEPmlE TRUST LIMITED Notes to Ilnancial slalemenls (Comin 17 Flxed as8•ts-Company Freehold Frnehold fftknn9$ Ih ffltin9s & Computhr Compuhr buildings buiklin9¥ equynent •quipment equiprnent equipmtnt IAe*rthd) ILknre¥tsiGted) (Re5triEtedl IUnrestriL*ed) (Hestridedl Iunrestrictedl Tot•1 C05t Begimingol ￿ar Additions DIsp05als 3.1%,744 1Z23.625 338,208 6.134 274,(￿8 12281 19.￿ S,012,548 563,671 24S256 End ol year -" 12ZJ.625 644.342 286.369 245.256.C() 19 883 5576 219 Depre¢i•iioii eginning ol year Chargg for OisposaL8 1,792,275 43215 328.110 2.618 131.608 39.598 167.8KI 17.110 2.436.993 1.138 125.416 16018 of yoar 1712( 189.919 16.818. 18.248 2 $62,409 Net book volue Bwnr¥ng of year 1,264.469 895,515 X6,6C(I 106.198 2,773 2 S75.555 EThJ of y•ar 1221.254 892.897 473.136 .450 228.438 1.635 3,013.810 No aff￿￿nI is to the¢￿ of Ire8hJld bntl as r￿ into￿*￿?￿ rs available in tths Kespoct Th8 Arts COW￿11 Eri4and has ath￿ charge o¥ertt* Arts c￿ Nte(x)rnprising the rA]fflpanls fr6ehtld l&nttaThJ bJildings. The charg8 8yF4red on Swembei 2021. 31 THE KENDAL BREWER Y ARTS CEMfRE TRUST LIMrrED Notes lo tinancial slatements (continued) 18 I￿¢StMents- Grow) Listed Listed 2020 a) Market valu• Market value al kginning of Disposals Nat inveslment Ilossesllgains 293.308 377.352 Market value at end of >Ear .661 293,308 UK listed Investments are represented by. UK Equitses- unrt trLssts 360.861 293,308 Materi81 investrnents: CAF UK Equitrack Fund 360.661 293.308 b) HistoTic•l ¢ost Hi$lori¢al cost at beginning of ￿ar DispDsals 306.813 )6,813 Historical cost at end ol 306.813 306.813 c) Movement In unroallsed galns At teginning ol year Less in respeci ol sa￿S in Ihe year A￿{D8ductI in respe¢t of incfeaselldecreasel in market Y￿e in year 113.5051 70.539 67.353 At end ol year 13,50S Nel investment gainslllossesl amounted to a gain of £67,353 {2020- loss of £84,044) ofwhich a gain of £66,53712020- loss of £83,023) related to endoNwnenl funds and a gain of £81612020- loss of £1.0211 relateup B•l•n l April Net in¥081mont Balanc• ai Mw¢h 2021 Incorning Q¥19oin9 Endowmenl lunds - Permanent IBISF) - Expendalje Z37.749 570 238.319 124,925 363,244 66.$37 66.537 296.137 570 Restricted funds Nati￿al Lottery - Cenlre devewent - Our ￿'grtaI Future - Job Reientw)n S¢￿0 - Cumural Ae¢overy - Dream Scherne Fun¢Jn 1.226,972 254.717 143.2151 120.9921 138.3C*I 1266.8G31 1208.3151 1.162.757 231.655 670,708 12.0701 442,512 266,863 208.315 1.746.191 578.1Y31 2,070 2.086,120 Unresthcted funds Designated fund5 Buildirys fund 895.515 895,515 1266.911 626.604 5,751 620,853 2.618 12.6181 935,644 2.070 901,463 935,644 1904.0811 2.070 892,897 892,897 231,844 661,053 5.751 655.302 - General lunds Charity lunds Non ¢hai*ab* trading lund$ TO1￿ unreStr￿ted fuThJs 816 935.644 2.070 904,081 816 Tolal lunds 2.665.181 1.482.172 67,353 3,104,666 THE KENDAL BREWERY ARTS CENTRE TAUST UMITED Notes to financial ¥latemenis (￿ntin￿o￿l 22 Slatsment of lund${continued) Company Balance 1 Aprll Balance 31 M4r¢h 2021 Incomlng Out90kn9 In¥8Stmenl galns Endowment funds - Pe￿￿￿ent I￿sF) - Expenda￿8 237.749 $8.388 296,137 570 238.319 124.925 363.244 66.537 66.537 570 Re$tri¢ted funds - NatpJnal Lottery - Centre deVewrT￿It - Our Digital Future - Retention Schon - Cuttura1 Recovery - Drearn Scherne Funthng .226.972 254.717 266.502 143.2151 120.9921 I38.￿> 1266,8631 1208.3151 400 578.091 1,183.757 231,655 670,708 P.0701 442.512 208,315 1,748.191 916.0 2.070 2.086.120 Unre51ricle(I f￿￿$ - Designated fur Building5 lund 895.515 895,515 268.911 626.604 2.618 12.618 659,321 661.939 892.897 892.897 231.844 661,053 - General funds Total Unresir￿ed fmd5 693,$02 693.502 2.070 2.070 816 Total fu￿$ 2.870,932 1,612.162 1240.030 67.3S3 3,110.417 Endowmvnl fvnds al Pemianenl endowment fund ThK% represents furNJs received from arveaL% urwJ•r the leryn5 01 Ihese funds lonn a pemwnent erKk)wment. bl Expendable en(bJwment Under Ihe lerrns of Ihe appea15 releThed to in al above anycapilal appr8C4atson of the o￿nal lurKl$ donated can. at Ihe is¢ietion of the Tru*ee$. be applied towards the obj.ects of Ihe charty. R¢strl¢te(I funds al The Nat￿￿1 Lottery Charify'e$ 8oard fLmdÈd pmiect provMYed for the iedevetoprnentof the centre. Further funds have been receNed underthe Regrnal Arfs Lottery Programme kjr Ihe pur¢hase ol teclbnKal eqU￿Ment. bl The Centre Oeve1oprnent Fund represents ¢knalK￿$ and grants lo sijprxirt the deveh)pment of th8 centre. cl The tsJr [*'git￿ Fulure Fu￿1 L*yui>)n$ and grants gven b) SUPP)rt Ihe de¥ehJpment of Ihe cir￿Ma complex dl The Reten￿on Seheme Fund rowewts iowards Yary¢osts w Ihe Coronawius Job Retention Scheme wh) were placed on lurk)ugh and fle￿b￿ furlough. el The Cuttural Recovery Fund represents grants provided by Ihe Department lor Thgital, Cufture, Media and Sport aTrJ administered ty Arts CourKil England. to supwjrt (xganwiujns facing busi)ess interrUpb"￿ due to Ihe COVID pandemic. tl The Dream Stherne Fund represents ￿an1 fundr*J to onkne culural acMi8s lorchiklren lock(k)￿. Designaled lunds al 8uildings lund The Tru51ees separated Ihe un18Strict8d bu￿￿19$ into a de5NJnated fuThJ during Ihe yw ended 31 Mar¢h 2¢X16 orfer Ihalthey couhl rrwitor costs ol cpefabon ol Ihe thanty exlu5ive of the ¢kne¢iation cffl thesp assets. The ep￿tial￿n charge for Ihe cutrent yeaf amoursted to £2.61812020- £2.6181. Tr•nsfÈr$ The transleis hav8 been made n crfder lo". il transfer r￿ricted depreciat￿ pre¥#x*tyweaieil a$ Wrestr￿[￿. THE KENDAL BREWERY ARTS CENTRE TRUST UMITED Notes to fIn?￿la1 slalements {contlnued) 22 St•l￿ent offurKls{￿￿fftUod1 Gmp- prfor y4•r B•l•ne• 31 Moreh 2020 l April Incoming Oulgoiny - Pernanenl IBISF) . E¥pernlab - Fairvalue reserve 237.071 71.262 70.149 378.482 678 237,749 58.388 70,149 183.0231 678 83,¢Y23 296.137 Réstntted lunds National Lottery - Centre deveknr￿er - Cumural DosiifothYbS - Our ￿9￿al Fuiure - ProjeLI Em￿l￿al W8rrKJr - Applièd Th8atre in cu￿11 - Creative CannecbL¥IS . 04nty in DornBntia 127Q.197 272.734 2.763 34.410 143.2151 118,187) 12.7&31 15.9931 16.2711 163.8021 13.8601 .57$ 151.666 1.226,972 254,717 266.502 6271 l.W.094 319.763 1.748.191 unr8SIw￿ furKIs . Deswnated luTrJs - Buildin5E fuThY 898,133 898.133 185.452 712.681 2.121 714,Wd 2.325.062 2.618 12,6181 2.407,5CKS 2.325.W 12.410,1181 f7.872 .417.990 895.515 895.Sl5 268.911 626.604 5.751 620.853 - General lunds Charityfur* )n chariwtAe tradiryj lurb Tothi unresI￿od 1.021 11.17211 1.021 Total funds 2.569.656 2.665.181 CoMp￿y. piioi y 1 April (hrtping lTh¥e¥twnt gains 31 March 2￿20 Endothynent luThJ$ - Permanem IBISF) . E4)e￿able - Fairvalue ras8Th8 37.071 71.262 70.149 378.482 678 237.749 58.388 70,149 .149 183.0231 678 &3.023 296.137 FkntricteiffurKIS - NalKJnal Loltery . CeNEe deveknpmert - cultu￿ Oesiinatirn5 - OJr DkJital Future - Project Emthonal W8ri*)r - Appliod Thealre ￿ Cwrknia - Creaitiie COnre￿i(fI$ . DvJnty in Dem8nba 1.270.187 272.734 2.763 34,410 143.2151 118.1871 I2.7￿) 1S.9931 16.2711 I63,￿> 13.8601 17.575 151.666 1.226.972 254.717 266.9)2 6,271 7.575 1.W.094 319,763 1,748,191 Lknreslricted funds . Des￿￿18d furKts - Buiklings lurK1 898.133 898.1 185.452 712.681 2.61 12.6181 1,790.010 1.792.628 895.515 895,515 268,911 626,604 . General fw To￿1 unreslricled fvrbJ5 1.021 1.021 1.707.572 To*1 hJTrJs 2 671 2S7 2.028.013 1.944.294 2.670.932 THE KENDAL BREWERY ARTS CENTRE TRUST Um￿ED Notgs to finaneial statemtnts (eontinu•dl 23 Anatysis ol nei ass¢ts be1w￿￿ fvnds Grnup lund$ Total Fixod assets Investsnenls Net current a￿￿{lIarY11￿9SI Creditors falling dug after > 1.183.757 31.655 670.7C 950.241 12.5831 1186,7991 105,556 3,036,381 360,661 1186.7991 105.556 363244 .244 1.1&3.757 231.$55 670.7C 655,302 3.104,666 Company Iv•d$ Totsl Fixed a55elS Invesirr*nts Nel current asse￿111￿1￿8s) Cr8ditL¥s t￿lIng dug after >Yar 1.183.757 Z31.655 670.708 27.690 47.317 1208.3971 105.556 3.013,810 410,561 1208,9971 105.556 ,244 3&3.244 1.183.757 231,655 670.708 661.053 3110.417 Group- prior ￿•r tundB Tpt81 Fix¢d assets Investsnents Net ¢Lurent asseW(liakn¥besl 1.t26.972 254.717 286.$02 857,639 12.8291 233.957 2,605,830 293.308 233,957 296.137 296,137 1.T26.972 254,717 266.502 620.853 2.665.181 C(Thpany Futur• Total Fixed assèts Inv8sbTrnts Net currenl asse￿(11￿*1￿85j 1.226.972 254.717 266.wk 827.364 47,071 247 831 1575.555 343.208 247.831 296.137 296.137 1.￿6.972 254.717 266,$02 626,804 2.670,932 THE KENDAL BREWERY ARTS CENTRE TRUST UMITED Notes to linancial statemenls {¢ontinued) 24 R•eon¢iliaiion of nèt In¢ome to n•t eash flow from operating •diwties Group Company 2020 2020 Net rno¥èm¢nt in fund* Depreciabon and impaim)ent Loss on disptssal of fixed assets 'vidends. intere# and r8nt r8ceivable (Gainlnoss on investments Increase in stocks Decreasellincr8a581 in deblc {Dec￿3$e}￿lnCrease in creditors 439.485 1&3.140 18,1971 439.485 105.767 125.416 110 119.7051 84.044 115,7461 53,051 {3251 97,863 19,5691 167.3531 9,907 158.9641 09.326 19,$691 119.7051 167.3531 84.044 145.4171 163.544 38,527 Net cash inflow from Op•r￿lA9 actS¥iti•s 237.321 279.508 279,019 223,931 26 Taxation The company is a registered charty ar¥J is Ihèrelore lipAJle to tax on any syryAus.