2024-03-31-accounts

Registered number: 03927101 Charity number: 1086789 THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Armstrongwatson. Accountants, Business & Financial Advisers

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee} CONTENTS Page Reference and adminlstratlv¢ details of the Charlty, Its Trustees and advlsers Trust8es' report 2-11 Independent audltors, report on the financlal statements 12-15 Consolidated statement of flnanclal actlvlties 16 Consolidated balanco sha¢t 17- 18 Charlty balance sheet 19-20 Consolidatèd statement of cash flows 21 Notes to the flnan¢ial statements 22-44

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees P L Whitehurst (resigned 24 September 2024) T R Clarke A Lawson D L Stevens S C H Poole Iresigned 7 February 2024) A Senior (resigned 20 April 20241 N E Farrer (resigned 19 September 20241 SJHunl S L H Newton (resigned 26 April 2024) L Chiwa (resigned 20 April 2024) K Walsh lappoinled 19 June 20241 A Leather lappoinled 19 June 2024) G Bullock (appointed 19 June 20241 P Dale (appointed 19 June 20241 A Emery lappoinled 19 June 2024) C Pallinson lappoinled 19 June 20241 J Hyland lappoinled 19 June 2024} Coinpany reglst8red number 03927101 Charlty reglster8d number 1086789 Registered office 8rewery Arts 122A Highgale Kendal Cumbria LA9 4HE Company secretary H Askew Chl8f executive offlcer M Randall Independent auditors Armstrong Walson Audit Limited Chartered Accountants James Walson House Montgomery Way Rosehill Carlisle CA12UU Bankers Virgin Money Box 24 Business Direct 40 Sl Vincent Place Glasgow G12HL Solicitors Milne Moser Solicitors Westrnorland House The Square Milnlhorpe Cumbria LA7 7QJ Page 1

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of the charitable company I'the Charity") for the purposes of the Companies Act 2006. present their annual report on the affair5 of the Charity, together with the financial slalemenls and auditors, report, for the year ended 31 March 2024. The annual report and financial slalemenls are also prepared lo meet the requirements for a directors, report and accounts for Companies Act purposes. The reference and adminislralive information sel out on page 1 forms part of this report. The financial slalemenls have been prepared in accordance with the accounting policies sel out in the notes and comply with the Charities Act 2011, the Companies Act 2006, the MemorandLJm and Articles of Association. and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 201 $1. Oblectlves and activities The Charity's main objectives are.. lo promote, maintain. improve 2nd advance education particularly by the encouragement of the Art5 and Crafts and the formulation, preparation and eslablishmenl of schemes lo render the Arts accessible lo the public., lo promote the education of children by encouraging an interest in and understanding of the Arts and by running play schools for young children., for any other Charitable purpose5 lending lo encourage interest in the Arts which may be conveniently promoted in combination with the aforesaid purpose and which may include permilling Old Age Pensioner5 to use the premises of the Charity for the purpose of recreation or other leisure-lime activities with the object of improving their conditions of life.. and, lo promote for the benelil of Ilie inhabilanls of Kendal, the South Lakes and the surrounding area the provision of facilities for recrealior) or other leisure lime occupation of individuals who have need of such facilities by reason of their youth. age, infirmity or disablement, financial hardship or social and economic circumstances or for the public al large in the interests of social welfare and with the obje¢l of iinproving the quality ol life of the said inhabilanls. The Trustees confirm that they have referred lo the guidance contained in the Charily Commi55ion's general guidance on public benefit wlien reviewing the Charity'5 airns and objectives. In particular, the Trustees consider how planned activities contribute lo the aims and objectives. We are satisfied that each of our aims is charitable and that each is for public benefit, and we are confident that our activities are consislenl with our objectives, The following paragraphs demonslrale that our activities deliver public benefit. While we rely on lickel sales as part of our income, we provlde access al concessionary rates for performances and for classes wherever practicable. The Charily exists lo engage and inspire the community and future generations. Our mission is lo enrich lives through cullure and provide wide-fanging opportunities for creative participation in the arts Public benefit We provide public benefit by meeting our charitable aims, and this is done by presenting a diverse progran)me of live music, Ihealre, dance, comedy, visual arts, literature and film and in the provision of creative learning and engagement activities which are all available lo, and enjoyed by, a wide audience in Kendal and the wider region. In 2023-24 our programme allracled over 130,000 people lo our venue through our key programme strands,. Live Performance.. Creative Learning & Engagement., Cinema & Stage on Screen., Community Events; Festivals,. and Exhibitions. Page 2

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 strategic Report Achievements and Performance The main activities undertaken lo meet our objectives and lo deliver public benefit are summarised below. Creative Learning & Communlty Engagement Our Creative Learnlng & Engagement programme engages people of all ages, ba¢kgrounds and abilities in a range of artforms, including visual arts, dance, drama, music, literature and film. In 2023-24 we delivered a lolal of 1,126 creative learning sessions, with 11,215 allendances. Of this f1gure, 6,402 allendance5 were children and young people between the ages of 3-19 year5. This included 3 week-long summer schools {1 week Performing Arts. 1 week Visual Arts and 1 week Music). Our 60+ theatre company, Act Your Age, and our dance group. Mature Movers, also continued lo thrive, with 977 allendances from people be￿een the ages of 60-80 who enjoyed weekly classes in dance and drama. These groups also presented showcase performances, working with our engagement and production teams lo share and celebrate their work with audiences in our theatre. Classes throughout the year included Portrait Drawing, Pottery Throwing. Makers, Club, Young Actors. Gel Moving, Creative Dance, Stage Stars and many others. Regular feedback demonslrales the wide range of positive impacts on the Ilves of our participants, who gain ski115, confidence, wellbeing, social Connection and pathways lo further their training, carèers or artistic practice. Creativo Learnlng Projects & Performancas Schools Dance Platform 2024.. This annual event continues lo be a highlight which in 2024 connected us with 25 schools for a week of performances by 620 young people. Feedback from teachers, parents, participants and freelance artists was outstanding. Youth Arts Showcases: Young People within our performing arts strands participated in the Summer Showcase and the festive 'Snowslopper' performances, with 2 performances of each and a lola? audience of 442. There were parallel summer and winter showcase exhibitions featuring work produced by young people in our visual arts classes. bl Reglonal Opportunitlos: To connect with the wider region, Mature Movers performed with their counterparts al Dance City in Newcastle whilst, our 11-14 year old dance group performed at the Northwest U-Dance festival al the Lowry in Manchester. Verbalise: We presented monthly spoken word open mic events Ihrovghoul the year, providing hybrid access to increase access for disabled people. We also support the Brewery Poets group who meet regularly with occasional public sharings. Supported Commui)ity Events We are proud lo support a wide range of community events with discounted venue hire and facilities across the year, slrengihening partnerships and serving the local community. The valLie of this in-kind support was over £20,000 in 2023-2024. Highlights from this strand of our programme include annual shows from Kendal College. Kirkbie Kendal School and Sedbergh School. whilst Queen Katherine School held their Arts evening with us. We also supported the Street Choir Festival and the first Kendal Pride event in 2023. Youth Matters: Our partnership with the Bralhay Trust continues lo support activities for Youth Mallers. This provides weekly sessions for young people aged 11-18 to meet and create events in our Warehouse. Thi5 has led lo continued sessions and further activities which the young people have steered themselves, including at Kendal Pride in sumnier 2023. Page 3

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 dl Kendal Mountain Festival We continued lo expand our activities with Kendal Mountain Festival, welcoming approximately 9,000 visitors to our venue over the festival weekend in November. This included an expansive programme of adventure films, talks and a visual art exhibition. For the first lime, there were also some live music events focussing on artists working with environmental themes. Supported Artlsts & Exhibitions During the year, we continued lo support exceptional lalenl from the local area. and add value lo the wider programme through pop-up exhibitions, workshops and public performances. This included development lime in our theatre for Kendal-based musicians Hayden Thorpe and Jack McNeill, rehearsal lime in the studio for Kyra Scoll and a development sharing by Emlly Woof of her new show Blizzard. Exhlbltlons.. We staged nine exhibitions throughout the year, featuring a range of visual art. sculpture, film and photography. Two were in partnership with Kendal Mountain Festival and The Wainwright Prize {wilh James Cropper PLCI. We had a solo exhibition from photographer Daniel Cooper. We held the inaugural Brewery Open Exhibition featuring the work of 48 local artists, as well as in-house shows featuring work produced by our creative learning students and lulors, We estimate that approximately 24.000 people vlsiled the galleries during thi5 lime. Live Performance Prograinma Our live performance programme lakes place year-round and brings artists, musicians, performers and companies from across the world lo enrich and entertain audiences froin Kendal and beyond. In lolal. we presented 191 performances and events across music, Ihealre, daiice, comedy and spoken word in 2023-24, This allracled over 37,000 people lo our venue. Selected highlights are summarised below. Live Music; presenting international names in contemporary rock, indie, folk, dance and world music. Hlghlighls included Eliza Carthy & Jon Boden, The Oreilles, Rozi Plairn, YolanDa Brown, Onipa. Karine Polwart, Jah Wobble & The Invaders of the Heart, The Elephant Sessions and others. Audiences for n)usic continues lo grow with 21,006 lickels aci'oss 90 gigs. These figures include the 3,024 people eslimaled lo have allended our free Summer Sunday outdoor mLlSiC evernls. Theatro & Dan¢g: We presented An Evening Without Kale Bush, Emergence Dance. Tapped and Victoria Melody. Family theatre continued lo build with Tin Man, The Adventures of Little Red Hen, Alice's Adventures in Wonderland (Box Tale Soupl and Morgan and West's Massive Magic Show. We welcomed our largest Christmas show since before the pandemic, Stuff and Nonsense's The Gingerbread Man. Admissions during the reporting period hil 5,755 from 39 performances. Comedy & Spoken Word: Our comedy programme continues lo grow. allracling large audiences. Jason Byrne, Chri5 M¢Caiisland. Zoe Lyons, Suzi Ruffell, Ria Lina, Daliso Chaponda and Comedy Club 4 Kids were just some of the highlights. Over the autumn and winter, we have also had monthly sessions of our inlimale coniedy club. In terms of spoken word, we have welcomed lo our stage the relurn of Dr John Cooper Clarke, along with shows from Roger McGough, Brian Bilslon and An Evening with Mike Berners-Lee and Amy Bray. Including Verbalise mentioned earlier. the two strands comprised 29 performances, attracting a lolal audience of 6,024. gl Clnema, Stage on Screon & Exhibition on Screen Across the whole reported year, film screenings and the live streaming of cultural events received a total audience of 53,564 admissions across 1,645 screenings. In cinema. the programme features the broadest and most diverse range of films and live culture screenings in Cumbria. ranging from blockbuster lilles such Barbie, Oppenheimer and Wonka lo British, Independent and international film. Highlights included acclaimed first run releases such as The Zone of Interest, Anatomy of a Fall, Sallburn, The Nellle Dress and Past Lives. Archive features presented included BFI Cinema Unbound.. The Filnis of Powell and Pressburger, The Rocky Horror Picture Show119741, Talking Heads. Slop Makin Sense (19831, Laural and Hardy Silent Shorts with Q&A119271, and The Cal and Canary11927) with live music accompaniment. We closed the financial year with a showcase Page 4

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 of 8 titles over 10 screenings of The Japan Foundation Touring Film Programme. Brewery Arts has been a strong SUPPOrter of this programme over a number of years. Our new monthly Film Club continues to grow providing opportunities for film enlhusiasls lo learn and discuss the cultural aspects of cinema wlh our team and each other. We have continued to feature a strong Stage on Screen programme within our offer, headlined by live streamed and encore performances from National Theatre Live (including Dear England, Yerma and GOOD), The Royal Opera House, The Royal Ballet and other5. We also featured Exhibition on Screen (including Vermeer.. The Blockbuster Exhibition, and Klimt and the Ki551. In lolal, we received a total audience of 5,442 across 101 screenir)gs. We also partnered with others to present films and wraparound events that celebrate diversity and increase access for all, with Cumbria Deaf Association, South Lakes Action for Climate Change, Carer Support South Lakes and Bralhay Trustlyoulh Matters. Pay It Forward Free Clnema Tickèt Scheme Launched: As part of our inclusion strategy. last Autumn we launched a Pay It Fonmard donation scheme where our audiences and supporters can donate money towards free cinema lickels for young people and families supported by our community partners. Action for Children and Carer Support South Lakes. The response from our supporters has been very generous and we had issued 220 li¢kel vouchers by Ihe end of March 2024. Craatlva & Vlsltor Economy We leveraged national funding and ¢onlribuled lo local, regional and national strategic inilialives and groups. to benefit the creative and visitor economy of Soulh Lakeland, Weslmorland and Furness, We maintained strategic partnerships wilh Arts Council England, including renewing our three year NPO status, and with British Film Inslilule, Future Arts Cenlres, Film Hub North. Venues North, Music Venues frusl, Cumbria LEP, Cumbria Arts & Culture Network, Cumbria Tourism and Kendal Futures. We continued lo actively contribute to county-wide programmes and plans. including the new Cumbria-wide Helping Hands volunteering project which was led by Cumbria Museums Consortium as part of a national inilialive. We continued lo build a stronger role in lalenl development for young artists and creatives Ilving in South Lakeland and wanting lo benefit from our facilities and networks. We also explored the potential of expanding our work lo include a new hub for lalenl development and orealive production in film, music and digital media. This work has reinforced the need lo build stronger partnerships with key skills provlders Kendal College and University of Cumbria as the first slep lo any new ventures of scale. We continued lo develop our relationships with Westmorland & Furness Council and Kendal Town Council, supporting the development of new strategic plans by the newly formed Weslmorland & Furness Council and delivering activities to support council strategic aims of ensuring the county is a great place lo live, work. learn and create. Page 5

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 The Operating Context for Cultural Organisations in the UK In recent years, cultural organisalions across the UK have been severely impacted by challenging economic conditions and Changes in audience behaviour. This has resulted in many organisalions ulilising reserve5, redefining business models, relocating, or even closing permanently. The Slate of the Arts" report published in 2024 slates the following key findings.. Be￿een 2009-10 and 2022-23, per person in real terms.. Local government revenue funding of culture and related services decreased by 29'A in Scotland, 40.10 in Wales and 48.10 in England, alongside rising cost and demand pressures on slalulory seNices (especially social carel. The Department for Culture. Media and Sport IDCMS) core funding of cultural organisallons decreased by 180/0 lo only 0.170/0 of lolal public spending per person. The Arts Councils. core Government funding decreased by 18¥0 In England, 22°A in Scotland, 250A in Wales and 66°/0 in Northern Ireland. NPO organisalions were supported wlh recovery funding during the pandemic. However, recovery between 2022-24 has been compounded by the cost of living crisis arid increased compelilior) for funds. In 2023-24 the sleep rising costs of energy and national living wage increases were further coinpounded by cinema industry strikes and increased competition from streaming platforms. While the outlook for 2024-25 is more promising, il is clear Ihal the conditions remain challenging. 'Cilalion.' Campaign for the Arts & University of Watwick, The Slate of the Arts, Campaign for the Arts & Centre for Cultural and Media Policy Studie5, University of Wawick, July 2024 Financlal revlew We are grateful lo key funders, Arts Council England, Weslmorland & Furness Council, Kendal Town Counc51 and BFI Film Hub North, for their continued support lo help us maintain the valuable work we do, We are also gralefuS for the continued support received from the Brewery Arts Centre Endowmeril Trust and a range of other Trusts and foundations. Our wholly-owned subsidiary. Kendal Catering Company Limited I'KCC'I, operates the food, drink and car park activities within The Brewery sile. This is an important part of our 'offer' lo people allending all of our venues, In 2023-24 KCC made a profil and was able lo make a donation of £65,475 to the parent charity after clearing ils historic loss. Economic pressures, including inflationary price rises, cost of living crisis and increased pressure on the funding landscape meant that il was not possible lo generate an unreslricled surplus in the 2023-24 year. Re51riGled Funds saw nel expenditure of £114,247, with this decrease representing the impact of reslricled assets, depreciation charge lo the Reslricled Funds. The Designated Fund lunreslricledl saw nel expenditure of £87,232 which represented the impact of designated assets, depreciation on the Designated Fund. The General Unreslricled Fund saw nel expenditure of £58,887 which increased the deficit level. The deficit stands al £198,254 al 31 March 2024, The overall plan continues lo be the reduction of the General Unreslricled Fund deficit over the next three years. To support this the Trustees have agreed lo release the permanent endowment lo support the operational requirements of the organisalion and reduce the historic deficit. The impact of this will be shown in the 2024-25 accounts. A funding agreement is in place from Arts Council England as part of their National Portfolio until 2026-2027 and support a150 continues from the Brewery Arts Centre Eiidowmeiil TrLJsI, Weslmorland & Furness Couiicil, Kendal Town Council and the British Film Inslilule. Page 6

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Investment policy and performance The Trustees. investment powers are governed by the Articles of Association, which permits the Charity's funds lo be invested as the Trustees see fil and in a manner which is beneficial for the achievemernl of the Charity's objects. During the year. the Charity invested endowment funds which were donated lo il for the express purpose of generating income to further ils objectives. The investment vehicle with Ralhbones offered a diverse investment portfolio, guaranteed index performance, and was a ¢osl effective way of maintaining equity market exposure for the Charity. Rlsk management The Trustees regularly review the risks lo which the Charity is exposed. The Charity follows accepted health and safety procedures in all ils activities to minimise the likelihood of harm lo staff, performers, volunteers and visitors to the Arts Cenlre. The Trustees consider that, as far as is Currently practical, suitable systems, internal controls and insuran¢es are in place lo mitigate risks. Financial suslainabilily continues lo be the highest risk for the Charity, wlh unreslTiCted funds in deficll. The Charity does not hold significant levels of reserves to support volalilily in financial performance. The business plan includes a financial strategy lo reduce this hislorlc deficit, whilst continuing lo meet our charitable aims and the aims of our funders. Reserves policy Total funds al 31 March 2024 amounted lo £2,139,511 of which £793,652 were held in endowment and restricted funds and afe therefore not available for the general purposes of the Charity. The designated funds amounted lo £1,544.113, representing the net book value of the buildings acquired with unrestricted funds. Other than depreciation, no material expenditure is expected from the buildings designated fund in the forthcoming year. General unrestricted funds were in deficit at 31 March 2024 al £198,254, a decline of £58,887 on the opening position. The Trustees have reviewed the reseNes policy and consider Ihal the level of free reserves {Ihal is Ih05e items ot lied up in fixed assets and reslricled funds) required lo sustain ils operations should be equivalent lo three months, worth of annual expenditure on support costs and overheads125¢A of budget). The reserves are needed lo meet the working capital requirements of the Charity. The current resewes largel is £276,852. Free reserves are currently £0 bul the Charity's financial strategy aims lo build reserves incrementally year-on-year and lo reach target within the next five years. The strategy for building reserves is as follows.. lo strengthen the business model, increase commercial profilabilily, widen private and grant income streams and secure the future development of the Chaflty., lo sel operating budgets that generate annual cash surpluses for reinveslmenl in the Charity., and lo maximise income generation opportunities and the return on investment for all aclivilies, and through appeals and fundraising. Page 7

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This will be achieved by.. implementing the reviewed artistic, engagement and marketing strategies in the Business Plan-, implementing the financial strategies led by the Finance Director., monitoring data each week lo review progress against financial and audience largels, and adjusting activities accordingly., regularly reviewing pricing levels for arts, cinema, education and all other aclivilies., maintaining light control of costs., ensuring that all working procedures and staffing level$ are economic and efficient.. and broadening the funding base of the Charity by seeking new partnerships and new sources of grant fundlng, sponsorship, legacies and donations. Plans for future periods In 2024-25 we will continue to increase audience engagement with our artistic and participatory programmes, increase revenue on cultural and commercial aclivily, and generate more private income from a wider variety of sources. Our overall largel for the Bu5ines5 Plan is lo consolidate our finances so that we can achieve positive unreslricled undesignaled reseNes by 2026. Over Ihe next three years we will work towards the following main aims. Programme: Increase the scale, impact and dislincliveness of the presented programme. Engagement: Diversify the engagement programme lo increase social and economic impact. Audigncgs: Broaden audiences and comrrunilies lo deepen dialogue. reach and impact. Finance: Strengthen the financial model of the organisalion lo secure long term suslainabilily. Operatioiis: Develop the building. operations and teams to ensure suslainabllily and resilience. In 2024-25, we will priorilise the following specific areas of work.. increase public benefit and the profile and reach of the organisation, by presenting a dlslinclive, ambitious and high-qualily programme on stage and screen, with dynamic audience developinenl slralegie5 and exceptional customer service", review our engagement programmes lo ensure our work is compelilive, inclusive and contemporary, providing exceptional qualily and relevant programmes developed in tandem with the community., continue lo build our donor base, implementing new campaigns and mechanisms for giving, and refreshing the membership scheme and sponsorship slralegies.. develop and diversify the Board and form a new sub-commillee to support income generation through donations and major gifts., seek core funding froin Trusts and foundations lo increase our resilience and expand our artist support programmes., seek capital funding lo maximise our facilities. maintain the building and improve ils energy efficiency.. deliver two funded music programmes as part of our Future Creatives lalenl development programme and other engagement aclivilies., be data led so that we keep progress against lar9els under close review, and act responsively according lo internal and external pallerns and trends., continue lo provide an exceptional hospitality offer to service all vi51tors, placing great customer setvice at the heart of the visitor experience., improve the evaluation programme so that we know more about the people we serve and the impact we have,, deliver a comprehensive staff training and development programme.. and deliver our Environmental Action Plan Structure, governance and management Governing Document The Charity is a company limited by guarantee and a registered charity. 11 is governed by ils Memorandum and Articles of Association which were updated by special resolution on 14 February 2006. Page 8

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limitod by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 bl Recruitment and Appointment of Trust¢es The Trustees are elected by the company in accordance with the Articles of Association. One Trustee resigned during the year. The Iruslees who served during the year are sel out on page 1. Five further Trustees resigned and seven new Trustees were appointed post year end. Trustee Induction and Training An induction pack is available lo any new Iruslee which includes a copy of the Memorandum and Articles of Association, a summary of the Charity's objectives, a copy of the Charity Commission's guide on the duties of a trustee and the most recent financial slatemenls. dl Organisational Structure The Charity has a wholly owned subsidlary, Kendal Catering Company Limited. which manages the provision of bar, catering and car parking facilities within the Arts Centre and at other outlets. The Board of Kendal Catering Company meets regularly lo oversee the work of this company. The Trustees have regular access lo information regarding the programme and financial performance of the charity and meet al least every quarter. The Board has a Finance Sub-commillee and other ad hoc commilteeslworklrng groups are set up lo consider specific issues where needed. All Trustees, meetings and committee meetings are allended by the Chief Executive and th8 Finance Director. Our key funders are all invited to send obseNers lo the Trustees, Meetings. These funders are.. Arts Council England, Weslmorland & Furness Council and Kendal Town Council. Fundraising methodology Whilsl the majority of the Charity's income is generated through its charitable activities,11 Ss also reliant on grants and voluntary donations to enable il lo deliver ils high-quality, diverse artistic programme. The majority of this income is provided by way of grants from arts funders (primarily Arts Council England), local government {Westmorland & Furness Council and Kenda5 Town Council), the Brewery Arts Centre Endowment Trust (an independent Trust sel up lo support Brewery Arlsl. and other granl-awarding bodies on an ad-hoc basis. A relatively small amount of donations is received from people attending events and from the general public. As this additional income is critical lo the on-going development of The Brewery, the Charity 8mploys one member of staff dedicated to fundraising, primarily through making grant applications. During the financial year, the Charity was nol subject lo an undertaking to be bound by any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising, in respect of activities on behalf of the Charity. However, the activities of the Fundraising Manager are monitored by the Finance Director, lo ensure that they are in-line with internal policies and procedures. The Charity did not receive any complaints during the year concerning the Charity's fundraising aclivilies. The Charity is commilled lo protecting vulnerable people and other members of the public from the following behaviour in the course of, or in connection with, its fundraising activities.. unreasonable intrusion on a person's privacy., unreasonably per5151ent approaches for Ihe purpose of soliciting or olhenmse procuring money or other property on behalf of the Charity., placing undue pressure on a person to give money or other property. Page 9

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarante81 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Key management personnel remuneration The Trustees consider the board of Trustees, the Chief Executive and the Finance Director as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day-lo-day basis. The remuneration paid lo the Chief Executive and Finance Director and the expenses reimbursed lo them are disclosed in note 12 to the f1nancial slalemenls. The Trustees give their lime freely and no Trustee remuneration was paid lo them during the year. Trustees are required lo disclose all relevant interests lo other Trustees and withdraw from decislons where a conflict of interest arises. Details of related party transactions are disclosed in note 25 to the financial stalemenls. Any benefit received by Trustees, staff and volunteers is purely incidental lo the objects of the Charity. An annual pay review across the Group look review took place during the year and was approved by the Trustees. The review considered the impact of the National Living Wage rise and being able lo maintain appropriate differentials in pay levels right through the overall slruclure. Statement of Trustees, responslbllltles The Trustees (who are also directors of the Kendal Brewery Arts Centre Tiusl Limited for the PLirposes of company lawl are responsible for preparing the Trustees, Annual Report in¢luding the Strategic Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial 51alemenls for each financial year, which give a true and fair view of the slate of affairs of the group and the charitable company and of the group's incoming resources and application of resources. including the income and expenditure, of the group for the year. In preparing these rinancial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2015 IFRS 1021; niake judgements and eslimales that are reasonable and prudent., slate whether applicable UK accounting slaiidards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls, and prepare the financial slalemen15 on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Trustees are respOns￿bIe for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the group and the charitable compaiiy and enable 11)em lo eiisure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the a5se15 of the group and the charitable company and hence for laklng reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of informatlon to audltors Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that: (a) so far as the Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and (b) they have taken all the steps that they ought lo have taken as Trustees in order lo make themselve5 aware of any relevant audit information and lo establish that the auditors are aware of that inforn)ation. Page 10

THE KEIIDAL BREWEr(Y ARTS CENTRE I RUJT: IMII ED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 ThQARCH 2024 Approved by order of the members ol the board of Trustees and signed on their behalf by". (Chair of Tru51ee51 Oale.'a3.q 2

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED Opinion We have audited the financial slalemenls of The Kendal Brewery Arts Centre Trust Limited {Ihe 'parenl charitable company'l and its Subsidiaries Ilhe 'group') for the year ended 31 March 2024 which comprise the Consolidated slalenienl of financial activities, the Consolidated balance sheet, the Charily balance sheet, the Consolidated slalemenl of cash flows and the related note5. including a sumrnary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Ac¢ounling Practice). In our opinion the financial slalemenls.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as al 31 March 2024 and of the Group's incoming resources and application of resources, in¢luding its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Ac12011. Basis for oplnion We conducted our audit in accordance wilh International Standards on Auditing IUKI (ISAS {UKII and applicable law. Our responsibilities under those standards are fiirther described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is Suff icienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audltin9 the financial slalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation ol the financial slalemenls is appropriate. Based on the work we have performed, we have not ident￿rIed any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 12

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED ICONTINUED) Other information The other information comprises the information included in the Annual report other than the financial slalements and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the exlenl olhemise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our r6sponsibilily is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl wlh the financial slalemenls or our knowledge obtained in the course of the audit, or othen￿lSe appears lo be materially misslaled. If we identify such material incon51slencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material rnisslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing lo report in this regard. Oplnion on other matters proscrib8d by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report including the Strategic report for the financlal year for which the financial slalemenls are prepared is consislenl with the financial slalements. Ihe Trustees, report and the Slralegi¢ report have been prepared in accordance with applicable legal requirements. Matters on which we aro required to report by oxceptlon In the light of our knowledge and underslandSng of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Trustees, report including the Strategic report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requlres us lo report lo you if, in our opinion.. the parent charitable company has r)ot kept adequate and sufficienl accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement wlh the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not enlilled to prepare the financial statements in accordance with the small companles regime and lake advarnlage of the small companies, exemptions in preparin9 the Trustees, report. Responslbilities of Trusteès As explained more fully in the Trustees, responsibilities slalemenl, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or lo cease operations, or have no realistic alternative bul lo do so. Page 13

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarante¢l INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED ICONTINUEDI Auditors. r8sponsibllitles for th& audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted i accordance with ISAS {UKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, Including fraud, are in$lances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the charity through discussions with Trustees and other management, and from our commercial knowledge and experienc& of the not for profil sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the operations of the charity. we assessed the exlenl of compliance with the laws and regulations identified above through making enqLtirie$ of management and inspecting legal correspondence,. and Idenllfied laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceplibillly of the charity's financial slalemenls lo material misslalemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceplibilily lo fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place lo miligale risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed ana1￿ical procedures lo identify any unusual or unexpected relationships., tested journal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determining the aocounling eslimales were indicative of potential bias., and investigated Ihe rationale behind significant or unusual Iransaclions. Page 14

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED ICONTINUEDI In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing linancial statement disclosures to underlying supporting documentation., reading minutes of meelirnos of those charged with governance., and enquiring of management as lo actual and potential liligalion and claims. There are inherent limitations in our audit procedures described above. The more removed that law5 and regulations are from financial Iransaclions. the less likely il is that we would become aware of non-compliance. Auditing standards also limit the procedures required lo identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslalemenls that arise due lo fraud can be harder lo detect than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial slalernenls is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditors, report. Usa of our report This report is made sole5y lo the charitable company's Iruslees, as a body. In accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. and lo the charitable company's Iruslees, as a body, Part 4 of the Charities {A¢counls and Reports) Regu5alions 2008. Our audit work has been undertaken so that we might slate to the charitable company's Iruslees those mallers we are required lo slate lo them in an Auditors, report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed, Karen Raè ISAninr statutory auditor) Armstroi)g Watson Audit Limited Chartered Accounlanls Page 15

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantèe) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Endowment funds 2024 Rg$trlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities 137,562 481.162 990,835 829,281 4,293 618,724 990,835 829,281 4,293 698,103 721,086 683,016 3,304 Other trading activities Investments Total income and endowments 137,562 2,305,571 2,443,133 2,105,509 Expenditure on.. Raising fund$ and other trading expenses 718 Charitable activities 735,309 1,715,573 735,309 1,967,382 656.662 1,791.988 251,809 Total expenditure 251,809 2,450,882 2,702,691 2,448.650 Nèt expendlture before net gainslllossesl on iiivestiments 14 14,2471 1145,3111 1259,5581 {343.1411 Nel gainslllosses) on investments 10,883 10,883 14,4071 Net incomell8xpenditurel before taxation Taxation 10.883 (114,247} 1145,3111 18081 1248,6751 18081 1347,5481 Net moveinent In funds 10,883 (114,247) 1146,1191 1249,4831 1347,5481 Reconciliation of funds.. Total funds brought forward Nel movement in funds 149,687 10,883 747.329 1114,2471 1,491,978 1146,1191 2,388,994 1249,4831 2,736,542 (347.548) Total funds carried forward 160,570 633,082 1,345,859 2,139,511 2,388.994 Page 16

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 03927101 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 15 2,291,046 160,570 2,465.179 249,687 2,451,616 2,714,866 Gurrent assats Stocks Debtors Cash at bank and in hand 16 20,203 63,335 72,784 17,155 34,958 50,996 17 156,322 103,109 Creditors.. amounts falling due within one year 18 1462,871) (390,0921 Net current assets l Liabilities 1306,5491 1286.9831 Total assats less current Ilabilities 2,145,067 2,427,883 Creditors.. amounts falling due after more than one year 19 15,5561 {38,8891 Total net assèts 2,139,511 2,388,994 Page 17

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarariteel REGISTERED NUMBER.. 03927101 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 2024 2023 Note Charity funds Endowment funds Re51ricled funds Unrestrlcted funds 20 20 20 160,570 633,082 1,345,859 149,687 747,329 1.491.978 Total funds 2,139,511 2,388,994 The Charity was enlilled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the enlily lo obtain an audll for Ihe year in question in accordance with section 476 of the Companies Act 2006. However. an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation ol financial slalemenls. The financial slalemenls have been prepared in accordance with the provisions applicable lo enlilies subject lo the small cornpanies regime. The fina al lalemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. TRCI Chair of Trustees Dale.. 2S.q.2LF The notes on pages 22 10 44 form part of these financial slalemenls. Page 18

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 03927101 CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noto Fixed ass8ts Tangible assets Investments 14 15 2,265,772 210,470 2,457,972 299,587 2,476,242 2,757.559 Current assets Debtors 17 80,597 770 34.398 770 Cash al bank and in hand 81,367 35,168 Creditors.. amounts falllng due wilhln one year 18 1412,5421 (347, t751 Net current assets l Llabilities 1331,1751 (312,0071 Total assets less current liabilitles 2,145,067 2,445,552 Creditors.. amounts falling due after more than one year 19 {5,5561 138,8891 Total net assets 2,139.511 2,406,663 Page 19

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company Ilmited by guarantee) REGISTERED NUMBER.. 03927101 CHARITY BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 2024 2023 Note Charity funds Endowment funds Reslricled funds Unreslricled funds 20 20 20 160,570 633,082 1,345,859 149,687 747,330 1,509,646 Total funds 2,139,511 2,406,663 The Charity's nel movemenl in funds for the year was £-267,152 (2023- £-378.398). The Charity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the enlily lo obtain an audit for the year in question in accordance wlh section 476 of the Companies Act 2006. However. an audit is required in accordance with section 151 of the Charities Act 2011. The TrLislee$ acknowledge Ihelr responsibi1ilies for complying with the requirements of the Act with respect lo accounting records and preparation of financial slalemenls. The financial slalements have been prepared in accordance with the provisions applicable lo enlilies subject lo the small companies regime. The financia emenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. T R Clarke Chair of Trustees Dale.. Q£.q.2 The notes on pages 22 to 44 form part of these financial slalements. Page 20

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED {A ¢ompany limitod by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from oporating activities Nel cash used in operating activities 22,946 115,1411 Cash flows from investlng activitie5 Dividends. interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 4,290 172,1151 100,000 3,304 131,8141 1254,0941 Net cash provided byl(used in) investing activities 32,175 1282,604) Cash flows from finaiiclng a¢tivitie5 Repayments of borrowing 133,3331 133,333) Net cash used In financlng activities {33,3331 {33,3331 Change in cash and cash equlvalents in th8 year Cash and cash equivalents al the beginning of the year 21,788 1331,0781 382.074 50,996 Cash and cash 8quivalents at tho end of the yoar 72,784 50,996 The notes on pages 22 10 44 form part of these tinancial statements Page 21

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ThAARCH 2024 Genaral information The Kendal Brewery Arts Centre Trust Limited is a company limited by guarantee and accordingly does not have a share capital, registered in England and Wales. Every member of the company undertakes lo contribute £10 in the event of the charitable company being wound up while he or she is a member. The company number, charity number and address of the Registered Office are given in the reference and administration information on page 1 of Ihese financial slalemenls. The principal nature of the charity's operations is lo promote for the benefit of the inhabitan15 of Kendal, the South Lakes and the surrounding area the provision of facilities for arts, education, recreation or other leisure lime occupation of individuals who have need of such facilities by reason of their youth, age, inlirmily or disablement, financial hardship or social and economic circumstances and for the public al large in the interests of social welfare and with the object of improving the quality of life of the said inhabilanls. Accounting policies 2.1 Basis of preparation of financlal statomgnts The financial slalemenls have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Kendal Brewery Arts Centre Trust Limited meets the definition of a public benefit enlily under FRS 102. Assets and liabilitie5 are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated slalemenl of financial activities ISOFAI and Consolidated balance sheet consolidate the financial slalemenls of the Charity and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Slalemenl of financial activities in these financial slalemenls. 2.2 Going concern The financial slalemenls have been prepared on a going concern basis. Whilst the economic landscape continues lo be challenging for sector in general and Kendal Brewery Arts in particular, the Trustees believe that they can adopt the going concern basis in the preparation of the annual accounts. The Trustees have reviewed and considered relevant information, including annual bLtdgel. performance in Q1 01 2024-25, updated forecast and future cashllows in making their assessment. The following informalion has been key lo this process. The charity owns ils building and land. The cliarily has released endowment funds lo reduce the historic deficit during the 2024-25 financial year. Operatin9 and Capital Budgets for future years have been designed lo generate cash posilive balances, including Surplus balances for the subsidiary company. In response lo the current economic climate the Trustees have lesled their cash flow analysis lo lake into account possible inipacls alongside miligalioris that could be taken. Arts Council England fLJnding has been secured for a further three years from 2024-27. Local Authority funding has been secured for a further year froin 2024-25. BFI has confirmed continued annual strategic partnership funding from 2024-25. Page 22

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarante81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies Icontinuedl 2.2 Going concern Icontlnuedl Key clients Kendal Mountain Festival, Kendal College, Bralhay Trust and a range of schools. have confirmed the charity as their venue and programme partner for 2024-25. Confirmed programme for 2024-25 includes a year-round schedule of internationally renowned acts in music, comedy. Ihealre. The Trustees have concluded that the latest forecast shows they can continue lo adopt the going concern basis in preparing the annual report and accounts. 2.3 Incom8 All income is recognised once the Charity has entillemenl lo the income, il Is probable that the income wll be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated slalemenl of financial a¢livilies on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of enlillement of receipt. ils recognition 15 deferred and inc5uded in creditors as deferred income. Where enlillemenl occurs before income is received, Ihe income is aocrued. Activity income is included when receivable. Any income received in advance of a performance or the provislon of another seNice is deferred until the criteria for income are mel. Catering activities are carriad out by Kendal Catering Company Limited whose profits are payable lo The Kendal Brewery Arts Centre Trust Limited via a distribution if there are suffi¢ienl reserves lo do so. The income is included when receivabl8. In accordance with the Charities SORP {FRS 1021 the general volunteer lime is not recognised as income. The Trustees, annual report contains information regarding Iheir contribution. Income lax recoverable in relation lo investment income is recognised al the lime the investment income is receivable. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the service. Page 23

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or con51ruclive obligation lo transfer economic bernelil lo a third party, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including sUPPOrt costs involved in undertaking each aclivily. Direct cos15 allribulable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consi51enl w￿th the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on Ihe portion of the asset's use. Expendilure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and includes ¢osls of all fundraising activities and non-charilable trading. Expenditure on charitable activities Is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 2.5 Governmont graiits Government grants relating lo tangible fixed assets are Irealed as deferred income and released lo the Consolidated $131emenl of linancial activities over the expected useful lives of the assets Concerned. Other grants are credited lo the Consolidated Slalemenl of financial activities as the related expenditure is incurred. 2.6 Interest receivabl8 Inleresl on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon nolificalion of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capllalised and recognised when future economic benefits are probable and the cost or value of the a5sel can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairnienl losses. All costs incurred lo br1ng a tangible fixed asset into 115 intended working condition should be inclLided in the measurement of cost. Al each reporting dale the Charity a5sesse$ whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of 115 fair value less costs lo sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 24

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.7 Tangibl8 fixed assets and depraciation Icontinuedl Depreciallon is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraight-line method. Depreciation is provided on the following basis.. Freehold properly Plant and machinery Fixtures, fillings & bar equipment Computer equipment 2°/0 100h 10% 250A 2.8 Investments Fixed asset investments are a form of financial inslrumenl and are initially recognised at Ihelr transaclior) cost and subsequently measured al fair value al the 8alance Sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated slalemenl of financial activities. Inveslmenls in subsidiafies are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued al the lower of cost and nel realisable'value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 D8btors Trade and other debtors are recognised al the selllement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any Irade discounts due. 2.11 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly Ilquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar aocounl. 2.12 Llabilities and provlsion5 Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounled al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in Ihe Consolidated slalemenl of financial activities as a finance cost. Page 25

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollci6s Icontlnuedl 2.13 Holiday pay accrual A liability is recognised lo the extent of any unused holiday pay entillemenl which is accrued al the balance sheet dale and carried forward to future periods. This is measured al the undiscounled salary cost of the future holiday enlillemenl so accrued al the balance sheet dale. 2.14 Financial instruments The Group only ha$ financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.15 Pension5 The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. The group also operated a defined benefits pension scheme as a member of the Cumbria Local Government Pension Scheme. This is a mulli-employer defined benefit scheme and the assets are held separately from those of the charity. The last member of this scheme ceased en)ploymenl in 2020 and the charity's share of the scheme's assets and liabilities have been identified via lerminalion summary paper. The scheme has been settled in the financial year and no further payments lo the scheme will be made, 2.16 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of Ihe Group and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees lor particular purposes. The aim and use of each designated fund is Sel out in the noles lo the financial slalements. Reslricled funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use ol each reslrieled fund is sel out in the notes lo the financial slalemenls. Investment income, gains and losses are allocated lo the appropriate fund. Page 26

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incomo from donations and legacies Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants Arts Council - NPO Arts Council - Cultural Recovery Arts Council- ODF South Lakeland District Council Weslmorland and Furness Council ISCPI Weslmorland and Furness Council (Dance Plalforml Weslmorland and Furness Council INPO supporti Weslmorland and Furness Council laddilional Supporti Brewery Arts Centre Endowment Trust Cumbria County Counc51 Kendal Town Council Film Hub North Anonymous Cumbria Communily Foundation {Engagemenl) Sir John Fisher Foundation Kendal Town Council (Dance Platform) Cumbria County Council (Engagement Programmèl Rayne Foundation (Engagement Programmel Other Grant Income 327,776 327,776 327,776 35,670 50,000 67,500 67,500 67,500 5,000 5,000 10,000 10,000 22,500 22,500 116,000 116,000 124,073 10,000 10,000 29,000 10,000 10,000 20,000 17,750 20.000 17.750 4,812 4,812 2,400 1,000 5,085 12,244 550 550 550 Subtotal detailed disclosure 137,562 464,326 601,888 675,298 Donations 16,836 16,836 22,805 Subtotal 16.836 16,836 22.805 137.562 481,162 618,724 698,103 Total 2023 340 182.170 515,593 698,103 Page 27

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cinema Stage on Screen Adult Edu¢alion Youth Education ThealrelDancelLileralure Music Comedy Other Income 298,912 62,932 65,114 51,492 63,236 224.715 67.419 157,075 298,912 62,932 65,114 51,492 63,236 224,71 S 67,419 157,015 251,610 28.383 58.957 44.118 34,300 153,318 38,957 111,443 990,835 990,835 721,086 Income from othar tradlng activlties Income from non charitablo trading activities Unrestricted funds 2024 Total fuiids 2024 Total funds 2023 Bar & catering Car park income Other income 775,893 49,473 3,915 775,893 49,473 3,915 648.475 30,384 4,157 829,281 829,281 683,016 Investin8nt income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from local listed investments 4,293 4,293 3,304 Page 28

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ralsing funds Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Exponditure on raising voluntary Income Wages and salaries National Insurance Pensions Direct costs Support costs 24,151 1,875 493 24,151 1,B75 493 31,637 4.010 1.116 910 4,051 4,240 4,240 30,764 30,764 41,724 Other tradlng expenses Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Cost of sales Adminislralion expenses Adminislralion staff costs Depreciation Car park costs 287,543 79,403 328,567 1,997 7,035 287,543 79,403 328,S67 1,997 7,035 245,856 56.960 306,640 2,283 3,199 704,545 704,545 614,938 Page 29

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Cinema Stage on screen Live events Creative learning Education & OLJlreach 20,000 369,508 92,382 589.689 161,902 166,992 335.100 389.508 92,382 612,189 184,402 194,492 494,409 329,673 69,686 529,093 172,522 177,742 513,271 22,500 22.500 27,500 159.309 Support costs 251.809 1,715,573 1,967,382 1,791,987 Total 2023 240.408 1,SS1,579 1,791,987 10. Analysls of oxpèndlture by activities ActlVl8S und8rtaken dlrectly 2024 Support costs 2024 Total 2024 Total 2023 Cinema 170,860 37,469 294,003 83,229 33,860 218,647 54,914 318,186 101.173 160,632 494,409 389.507 92,383 612,189 184,402 194,492 494,409 329,673 69,686 629.093 172,522 177,742 513,271 Stage on screen Live events Creative learning Education & Outreach Support C051s 619,421 1,347,961 1,967,382 1,791,987 Total 2023 485.297 1,306,690 1,791.987 Auditors. remuneration The auditors, remuneration amounts lo an audit fee of £16,480 (2023 £15,500), and financial slalemenl preparation fees of £4,950 {2023 £4,725). Page 30

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company liinited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. staff costs Group 2024 Group 2023 Gharity 2024 Charity 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 1,054,081 67,603 1,006,073 67,714 746,420 51,971 719,576 52,858 25,110 24,297 19,836 19,010 1.146,794 1,098,084 818,227 791,444 The average number of persons employed by thé Group during the year was as follows.. Group 2024 Group 2023 No. Charity 2024 Charily 2023 No. Adminislralion and management Bar and catering Support Aclivily 27 15 24 15 15 16 15 16 15 15 67 65 40 41 No employee received remuneration amounting lo more than £60,000 in either year. The key management personnel of the charity comprise the Trustees the Chief Executive and the Director of Finance. The total employee benefits of the key manageinent personnel including any employer pension contributions were £117,105 {2023 £107,570). 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12023 £520). During the year ended 31 March 2024, expenses lolalling £18 were reimbursed or paid directly lo one Truslee12023 £888). Page 31

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3rf MARCH 2024 14. Tangible fixed assets Group Freehold properly Plant and Flxtures and machinery fitting$ Computer equipment Total Cost or valuation Al 1 April 2023 Additions Disposals 4,361,614 17.205 20,064 11,0951 866,041 37,428 11,733) 268,387 14,624 12,3301 S,513,247 72,116 15,1581 Al 31 March 2024 4,361,614 36,174 901,736 280,681 5,580,205 Depreclatlon Al 1 April 2023 Charge for the year On disposals 2,592,774 87,232 9,998 1,997 11,0951 297,202 89,194 11,7331 148,094 67,826 12,3301 3,048,068 246,249 15,158} Al 31 March 2024 2,680.006 10,900 384,663 213,590 3,289,159 Net book value Al 31 March 2024 1,681,608 25,274 S17,073 67,091 2,291,046 Al 31 March 2023 1.768,840 7,207 568,839 120,293 2.465,179 Page 32

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets (continued} Charlty Freehold Flxtures and property fittings Computer equipment Total Cost or valuation Al 1 April 2023 Additions Disposals 4,361,614 866,041 37,428 (1,7331 268,387 14,624 (2,3301 5,496,042 52,052 14,0631 Al 31 March 2024 4,361.614 901,736 280,681 5,544,031 Depreciation Al 1 April 2023 Charge for the year On disposals 2,592,774 87,232 297,202 89,194 (1,7331 148,094 67,826 (2,3301 3,038,070 244,252 (4,0631 Al 31 March 2024 2,680,006 384,663 213,590 3,278,259 Net book value Al 31 March 2024 1,681,608 517,073 67,091 2,265,772 Al 31 March 2023 1,768,840 568.839 120,293 2,457,972 Page 33

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixed asset investments Llsted investments Group Cost or valuatlon Al 1 April 2023 Disposals Revaluations 249,687 1100,0001 10,883 Al 31 March 2024 160,570 Net book value Al 31 March 2024 160,570 Al 31 March 2a23 249.687 Invostments In subsldlary Listed coinpaniès Investments Total Charity Cost or valuation Al 1 April 2023 Disposals Revaluations 49.900 249,68Y 1100,0001 10,883 299,587 1100,0001 10,883 Al 31 March 2024 49,900 160,570 210,470 Net book value At 31 March 2024 49,900 160,570 210,470 At 31 March 2023 49,900 249,687 299.587 Subsequent lo year end dale the charity obtained permission from the Charity Commission lo reclassify the fixed asset investment from an endowment fund lo unrestricted funds. Page 34

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEWtENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixed asset investments Icontinuedl Principal subsldiaries The following was a subsidiary undertaking of the Charity.. Registered office or prlncipal Principal activity pla¢e of business Namè Company number Kendal Catering Company Limited 01064847 Brewery Arts, 122a Highgate, Kendal, Cumbria. England. LA9 4HE Catering Class of shares Holding Included in consolidation Ordinary 1000h Yes The financial results of the subsidiary for Ihe year were.. Name Income Expanditure ProfltllLossl I Surplusl (Deficitl for the year Nat assèts Kendal Ca18rlng Company Limited 843,7S8 1760,6151 83,143 so,000 16. Stocks Group 2024 Group 2023 Finished goods and goods for resale 20,203 17,155 17. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Trade debtors Amounts owed by group undertakin9S Prepayments and accrued income 6,450 6,982 6,312 19,688 54.597 6,730 56,885 27,976 27,668 63,335 34,958 80,597 34,398 Page 35

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Creditors.. Amounts falling due wlthin one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank overdrafts Bank loans Trade creditors Amoun15 owed lo group undertakings Corporation lax Other laxalion and social security Other creditors Accruals and deferred income 73,750 33,333 71,567 2.120 33.333 65,955 73,750 33,333 51,917 5,563 2,120 33,333 43,525 4,090 808 52,037 45,555 185,821 101,831 40,753 146,100 29,743 45,114 173,122 87,706 40,152 136.249 462,871 390,092 412,542 347,175 There is a charge in place for the bank loan by way of a first ranking debenture over all of the property and assets of the charity. 19. Creditors: Amounts falling due after more than one yoar Group 2024 Group 2023 Charlty 2024 Charily 2023 Bank loans 5,556 38,889 5,556 38,889 There is a charge in place for the bank loan by way of a first ranking debenture over all of the property and assets of the ¢harity. Page 36

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A Company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds statement of funds - current year Balance at 31 March 2024 BaSance at 1 April 2023 Transfers Inlout Gainsl {Lossesl Income Expendlture Unrestrictèd funds Designated funds Buildings fund 1,631,345 {87,2321 1,544,113 General funds General Funds - all funds Trading {121,6991 {17,6681 1,476,288 829,282 11,618,318> 1746,1391 65,475 165,4751 1198,2541 1139,3671 2,305,570 {2,364.4571 1198,254) Total Unrestricted funds 1,491,978 2,305,570 12.451,6891 1,345,859 Endowment funds BISF Permanent 149,687 10,883 160,570 Page 37

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds {contlnued} Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Galnsl (Losses) Income Expenditure Restricted funds Centre Development Our Digital Future Cultural Recovery Cultural Cinema Programme Strategic Cultural Partnerships Learning & Engagement Programme 180,322 17,750 124,5981 173,474 567,007 1112,2111 454,796 22,500 122,5001 20,000 120,000} 67,500 167,5001 9,812 {s,0001 4,812 747,329 137,562 1251,8091 633,082 Total of funds 2,388,994 2,443,132 12.703,4981 10,883 2,139,511 Pa9e 38

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds {continu8d} Statement of funds - prlor year Balance at 31 March 2023 8alance al 1 April 2022 Transfers inloul Gainsl (Losses) Income Expenditure Unrestrictad funds Designated funds Buildings fund 1,733,761 (102,416) 1,631,345 General funds General Funds - all funds Trading 1148,021) 148.520) 1,239,983 683.016 (1,453,661) 1652.1641 240,000 1121,6991 117,668) 1196,541) 1,922,999 {2,105,8251 240,000 (139,367) Total Unrestricted funds 1,537,220 1,922,999 12,208,241) 240,000 1,491,978 Endowment funds BISF Permanent 253,754 340 1100,000) 14,4071 149,687 BISF Expendable 140,001 {1) 1140,000) 393,755 340 1240,000) (4,4071 149,687 Page 39

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statèment of funds (continued) Restricted funds Centre Development Our Digital Future Cultural Recovery Cultural Cinema Programme Strategic Cultural Partnerships 212,012 (31,6901 180,322 629,225 50,000 (112.2181 567,007 135,670) 35,670 29,000 129,000) 67,500 167,500) 805.567 182.170 1240,4081 747,329 Total of funds 2,736,542 2,105.509 12,448,650) 14,4071 2,388,994 Centre Develo men The centre developinenl fund repr8senls donations and granls given lo support the development of the cenlre. Our Di ital Future The Our Digital Future fund represents donations and grants given lo support the development of our Arts Centre and Cinema complex. Cultural Recove The Cultural Recovery Fund represents a grant provided by Weslniorland & Furness Council lo support cultural organisalions, recovery from the COVID pandeniic and subsequent economic conditions. Cultural Cinema Pro ramme The Cultural Cinema Programme represents grants given by the British Film Inslilule to 5UPPOrt the cultural cinema programme. Slrale ic Cultural Partnershi The Strategic Cultural Partnerships represents gr2nls given by South Lakeland Di51rict Council lo deliver a broad and eclectic quality programme of cultural aclivily. Learnin &En emenl Pro ramme The Learniiig & Engagement Programme Fund represents grants given by various funders lo directly support elements of the Learning & Engagement Programme. Page 40

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Summary offunds Summary of funds - current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers Inlout Gainsl ILoss8sI Income Expenditure Designated funds General funds Endowment funds Reslricled funds 1,631,345 187.2321 1139,3671 2,305,570 {2,364,457} 1,544,113 1198,2541 149,687 747,329 10,883 160,570 633,082 137,562 1251,8091 2,388,994 2,443,132 12,703,498> 10,883 2,139,511 Summary of funds - prior year Balance at 31 March 2023 Balance al 1 April 2022 Transfers inloul Gainsl (Losses) Income Expenditure Oesignaled funds 1,733,761 1196,5411 (102,416) 1,922,999 12,105,825) 1,631,345 1139.3671 General funds 240,000 Endowment funds Reslricled funds 393,755 805.567 340 182,170 {1) {240,408) {240,000) 14,4071 149,687 747,329 2,736.542 2,105,509 (2,448,650) (4,4071 2,388,994 22. Analysis of net assets b8twgen funds Analysis of net assets between funds - current period Endowment Restricted Unrestricted funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 628,270 1.662,776 2,291,046 160,570 156,322 1462,8711 15,5561 160,570 Current assets Creditors due within one year Gredilors due in more than one year 4,812 151,510 1462,871) 15,556) Total 160,570 633,082 1,345,859 2,139,511 Page 41

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds prior period Endowment funds 2023 Reslricled Unreslricled funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 747,329 1,717,850 100,000 103.109 1390,0921 138,8891 2,465,179 249,687 103,109 1390.0921 138,8891 149,687 Total 149,687 747,329 1,491.978 2,388,994 23. Reconciliation of not movement In funds to net cash flow from op8rating activitlos Group 2024 Group 2023 Nel expenditure for the period las per Slalemenl of Financial Aclivilies) 1249,483) {347,5481 Adjustments for: Depreciation cliarges Dividends, interests and rents from investments Loss on the sale of fixed assets Ilncrease) in stocks Decreasellincrease) in debtors Increase in creditors Fair value gainl(lossl in SOFA 246,249 14,2931 248,651 {3,3041 21,741 11,6931 46,105 16,500 4,407 13,0471 (45,0211 89,424 110,8831 Net cash provided byllused in) operating activltles 22,946 115,141) Page 42

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 72,784 50,996 Total cash and cash equivalents 72,784 50,996 25. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash al bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 50,996 12,1201 133,3331 138,8891 21,788 171,6301 72,784 173,7501 133,3331 15,5561 33,333 123,3461 116,5091 139,8551 26. Pension commltments The group operates a defined contribution pension scheme. The as5els of the scheme are held separately from those of the group by an independently administered fund (Royal London). The pension cost charge represents contributions payable by the group lo both funds and amounted lo £25,110 (2023 £24.2971. At the balance sheet dale there was £3,776 payable lo the funds and included in creditors. 27. Operating lease commltments Al 31 March 2024 the Group and the Charity had commitments to make lulure minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Not later than 1 year Later than 1 year and not later than 5 years 2,396 3,594 4,716 7,150 5,990 11,866 Page 43

THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28. Related party transactions Related party transactions with Trustees are disclosed in note 13 of the financial statements. There were no other related party transactions in the year. Page 44