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.
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THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED
IA company limited by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
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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.
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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
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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.
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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.
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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.
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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.
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THE KENDAL BREWERY ARTS CENTRE TRUST LIMITED
(A company limitod by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
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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.
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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