Charlty registration number 11007591England and Wales) Company regIstraOn number 04878364 FRIENDS OF THE LAKE DISTRICT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FRIENDS OF THE LAKE DISTRICT LEGAL AND ADMINISTRATIVE INFORMATION Trustees Damd Fetton Lucy Hetherington Robin Forrest Malcom Boswell Robert Mccracken Fiona Sanders Anthony Vaux Janette Nicholls Neil Greenhalgh Laura Doan (Appointed 13 September 2024) (Appointed 13 September 2024) (Resigned 13 September 2024) Secretary Linda McGinley Stuart Clayion (Appointed 11 February 2025) (Resigned 11 February 2025) Senlor management Michael Hill Stuart Clayton Lorayne Wall Jeremy Smith Chief Executive Offir Head of Finance and Operations Head of Policy and Planning Head of Campaigns and Engagement Charity number (England and Wales} 1100759 Company number 04878364 Registered office Murley Moss Oxenholme Road Kendal Cumbria LA9 7SS Auditor Lamont Pridmore 136 Highgate Kendal Cumbria L49 4HW Bankers CAF Bank Limited Kings Hill West Malling Kent ME19 4TA National Westminster Bank 10 Elephant Yard Kendal Cumbria L49 4LZ Co-operative Bank Delf House Skelmersdale WN86
FRIENDS OF THE LAKE DISTRICT LEGALAND ADMINISTRATIVE INFORMATION Solicitors Burnetts Victoria House Wavell Drive Carlisle Cumbria CA12ST Investment advisors Canaccord Genuity Wealth Management Ltd Talisman House Boardmans Way Blackpool FY4 5FY RBC Brewin Dolphin 1 Mason Court Gillan Way 40 Business Park Penrith Cumbria CA119GR CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
FRIENDS OF THE LAKE DISTRICT CONTENTS Page Chairman's statement Trustees report 3-15 ststement of Trustees responsibilities 16 Independent auditor's report 17-20 Statement of financial activities current period 21-22 Summary income and expenditure account 23 Balance sheet 24 Statement of cash flows 25 Notes to the financial stalemenls 26-43 Statement of financial activities prior period 44
FRIENDS OF THE LAKE DISTRICT CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Welcome to this year's Trustee Report, within which you will find lots of information about our achievements over the last e1ve months. I would like to highlight a few lo demonstrate the range of activities delivered by the team. The need to challenge, including by way of Judicial Review, the decision to approve a zip wire attraction in Elterwater and the efforts to prevent the development of a large-scale holiday park at Roanhead on the Furness coasl, demonstrates that the protection of tranquillity. areas of outstanding natural beauty and the Lake District's UNESCO status should not be taken for granted. In addition to pursuing these high-profile cases. the team continues to make a significant contribution to achieving our aims by challenging inappropriate development. making recommendations which reduce the adverse impact of planning applications and conlribuling to the strategic Development Plan for the National Park and our County Councils. We recognise the needs of our communities and those who live and work within the Lake District, and in keeping with the aims of Ihose who created Friends in 1934, we continue to argue for appropriate affordable housing, in keeping with the surroundings and now also argue for environmentally sustainable housing. The appeal of the Lake District is a very personal thing. The millions of individuals who access the Park have different priorities and enjoy different things. We are rightly proud of the work delivered by our staff across a wide range of subjects and activities. They help ensure that what makes the Lake District so uniquely appealing is maintained for the benefit of all. Their management of the land we own across Cumbria provides access to those who wish to enjoy it, promoles suslainable and environmentally friendly farming, and improves biodiversity. The project to extend our land at Dam Mire in Threlkeld. which began last year but is still on-going, is a great example of what can be achieved with a relatively srnall area of land. It is particularly pleasing to see the work being done to engage with the local community, giving children from the local school the chance to appreciate and work with nature. There is a conflict between the desire to make the Lake District accessible to all and the need to protect the very things which make it so special. Tourism plays a vital role in supporting local economies. but we need to understand the impact it can have on local communities and the landscape, which ultimately can undermine the visitor experience. We are proud of the facl that we commissioned the report"Who Pays for the Lake District,. The report has kick-started the debate over how we might fund things such as increased access to public transport, repairing the damage caused by inconsiderate visitors, and footpath maintenance. It has also triggered Ihe discussion around how the problems associated with visitor numbers and private vehicle journeys might be managed through the introduction of the types of visitor levies used across the world in areas experiencing similar pressures. One thing is certain. funding to the National Park and Local Authorities will not be exempt from wider cutbacks in public spending. It is good practice to question the relevan¢e of a ¢haritable organisation. Given the challenges facing Cumbria and the Lake District (I have not even mentioned the need lo clean up our waterways, lakes and the sea or the threat of pylons being reln1rodud), I hope that you will agree with me in concluding that Friends is increasingly relevant. In terms of the future, due to the judicious management of our finanS. we are a financially resilient charity. This means not only are we able to se¢ure the Gontinued day-to-day running of the organisation. but we are also able to act to protect the landscape by securing the ownership of threatened land and putting into practice whal we advocate. It is important to recognise that in the financial year 2024-25 trustees took the decision lo re-value Ihe fixed assets (land and property) including the land at Dam Mire which we purchased in that year. Whilst this has made a significant positive difference to our balanGe sheet, we view our portfolio of land as a protected asset.. an assel which is unlikely to ever materialise as cash given the contribution it makes to one of our key strategic aims.. Nature Friendly Farming and Communities and wider access to the countryside. We have also re-positioned our financial investments to move away from capital growth to a focus on financial yield. The return generated by our investments brings a much-needed income stream into our annual budget, mitigating our over-reliance on income from other sources.
FRIENDS OF THE LAKE DISTRICT CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 I would like to dose with a few notes of thanks. Firstly, to rny predecessor Dave Felton, who led the Board with great passion, energy and commilment to our cause. He did a sterling job of Chairing the board of trustees for two years. Since I took over as Chair in December 2024,1 have been ably supported by Vice-chair Lucy Hetherington, Treasurer Robin Forrest, and my team of fellow Irustees, all of whom give many unpaid hours to the charity ensuring that we deliver the aims of the organisation and meet the governance and regulatory compliance obligations placed upon us., I would like to thank them all. Thanks also to every member of staff, under CEO Mike Hill's leadership, for your expertise, dedication and passion. which underpins everything we do. None of this would be possible of course, without our generous members and a huge team of volunteers. without whom we would be less able to protect the Lake District and Cumbria, preseNing Iheir outstanding natural beauty for generations lo come. Thank you. Malcolm Boswell Chair Date..
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements of the charity for the year ending 31 March 2025, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The Trustees, who are also directors for the purposes of company law and who are serving at the date ofthis report, are set out at the start of this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Rèpublic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and actlvltles Friends of the Lake District continues to have the following Obje¢ts= to promote and organise concerted action for the protection and conservation of the Landscape and natural beauty of the Lake District and the County of Cumbria as a whole. to Co-operate with other bodies hamng similar objectives or interests. Our Vision= Thriving Cumbrian landsCaS- for nature, forpeople, for ever. Our Mission: We campaign for landsoapes that are tranquil, rich in cultu1 hen'tage and environmentally healthy. We inspire and mobilise people to work in partnership with us to protect and enhance these landscapes for genelIOnS to come. We lead by example in damonstrating sustainabilty and conseNation on the land that we look after. Our Values- We are Im actful - we are committed to ensuring that what we are doing is making a real difference both to the landscapes of Cumbria, and to the lives of the people who live, WO and visit here. We take time to llect on our work, admitting and learning from our mistakas so we can become more effective. We are Collaborative - we know that teamwork and partnership w01ng ar8 gssential, and we foster good working relationships within our own charity and with other organisations. We Collabote in order to empowgr communitios to take action. We are Ex ert - we draw on our expothse to maka the case for protecting and enhanGing Cumbrian landscapes. and we are generous about how we Sha it. We are Positive - we work with enthusiasm and passion for what we do and inspire others to do the sam8. Wg take pride in what we do and cel8brat8 our successes as a team, recognising the efforts made by staff, tnlstees, volunteers, members and donors in ordgr to d8livorr8sults. We are Carin we look out ft)r each other and encouTrge one another to maintain a hgalthy work life balance. W8 recognis8 the positive effeGts that being out in the landscape provide and enCouge everyong to undgrstand and njoy this wonderful resour. We are inclusive and actively seek opportunities to widen dIVeity among the people involved in our charity.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2024- 2027 strategic Direction= Friends of the Lake District has 5 Strategic Landscape Themes which provide a frafflework for our work in the period 2024-2027: PLANNING & DEVELOPMENT We support good planning praotiGe that enhances landscape Gharacter and we Ghallenge inapprop17ate development that degradés landsoapes, harms tranquillity an(Vor undennines transition to net zero. OBJECTIVES We will provide a robust response to inappropriate development proposals. We will contribute to and influence the formulation of legislation, policy and plans affecting the Cumbrian landscape. with our own positive vision of the future. We will build on our reputation for planning and policy expertise, developing new ways to share our knowledge and lead thinking. We will engage, empower and support members. communities and other relevant groups to influence policies. proposals and decisions of public bodies. BIODIVERSITY & CLIMATE We work for the protection and enhancement of ecosystems within the Cumbrian landscapes for the benefit of people and nature,. we recognis8 the challenge of climate change in all that we do. OBJECTIVES We will work towards an enhanced landscape and biodiverse, climat&resilient habitals through partnerships, volunteer action and the influencing of landowners. Across our land portfolio we will deliver and showcase management practices that increase biodiversity, carbon sequestration and flood resilien. We will campaign for policy change, decision-making, enforcement, and subsidy frameworks that support landscape. the move towards net zero, and habitat enhancemenvresi1ien. Through in-person and virtual engagement with local people, members. visitors. and public authorities we will increase awareness of the importance of biodiverse landscapes. and dark skies. Over the life of Ihe strategy Friends will develop and initiate a plan to meet a edible 'net zero, tsrget for our operations, and we will encourage olhers lo do the same. WATER We wll work to ensure healthy water in Cumbria which benefits natural beauty, Mldlife, cultural heritage and communitigs, and promote the tranquil appreciation of it. OBJECTIVES Working with partners and volunteers. we will research water quality across several targeted catchments beyond Windermere, and we will campaign for regulatory and infrastructure action to improve it. By inltuencing planning and policy frameworks we will push for measures that de¢rea5e water consumption. reduce pollution, promote re-naturalisation, and address the risk of flooding and drought. Through engagement and education we will raise awareness of ways we can all affect the health of our bodies of water. We will promote quiet recreation on and in Cumbria's water, and appreciation of its value for natural beauly, wildlife and cultural heritage.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 NATURE-FRIENDLY FARMING & COMMUNITY We support rasilient Cumb17an communities and their Gonnections to the landscapg, and we champion natur friendly fanning forts biodiversity, cultural and climate benefits. OBJECTIVES We will campaign for a well-implemented syslem of rural payments that recognises the full range of public benefits potentially generated by farming including food security. cultural heritage. biodiversity. aCss, and climate resilience. Through management of our own land holdings. partnerships with others and public engagement we will increase awareness of best practices in nature-friendly farming. We will champion the continuity of traditional rural skills, including training in dry stone walling and hedge laying. We will campaign for measures to address the inaccessibility of affordable housing to people who live and work within Cumbria in ways which avoid harm to the landscape. We will promote an understanding of the Cumbrian landscapes, with a particular focus on schools, young people and under-represented communities. We will advocate for the multiple benefits of common land, and for their importance to be fully recognised. VISITS ACCESS & TRANSPORT We campaign to reduce the damage done by some fomis of tourism. and forpeople to be able to travel sustainably to and within the Cumbrian landscape, without hanning its natural beauty and tranquillity. OBJECTIVES We will research, then campaign for. models of 'visitor levy, that support thriving communities and benefit the landscape. Through engagement and communication. we will increase awareness of the impact of motor vehicles on tranquillity, landscape character and visitor experience. We will campaign for an extended. integrated and affordable public transport system., for 'active Iravel. opportunities on joined-up cycle networks- and for improvements to footpaths. We will champion access lo the landscape by demonstrating best pra¢tice on our land. engaging people through physical signage and digital experiences. We will fight restrictions where access rights are unjustifiably compromised. Publlc benefit The Trustees have had regard to Charity Commission guidance in preparing this statement of public benefit. The protection and enhancement of the landscape of Cumbria and the Lake District is recognised as a Gharttable purpose and is regarded as producing a public good. Friends of the Lake District exists to promote and organise concerted action for the protection and conservation of the landscape and natural beauly of the Lake District and Ihe County of Cumbria as a whole and therefore provide a clear public benefit.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomiance PLANNING AND DEVELOPMENT Our campaigning focus has been to prevent the proposed development of a 'Zipworld' adventure attraction at Elterwater Quairy. We organised a rally al Elterwater in the spring of 2024, then spoke at the planning committee, where Ihe plans were narrowly approved in April. Following this, we requesled a judicial review of the decision, which was granted by Ihe High Court. The hearing took place in April 2025, and at the time of writing we await the verdict. In our work to combat light pollution we continued to raise the profile of the Cumbria Good Lighting Technical Advice Note, responding lo several applications where conflicts with the TAN were key concerns. Whilst some have resulted in disappointing outcomes. LDNPA Planning Committee in particular are taking a firm line on this. In liaison with Grasmere Village Society and Lakes Parish Council, we successfully challenged plans for excessive and insensitive signage and lighting by the Wordsworth Trust at their site at Townend, Grasmere. The Trust responded positively to our concerns, getting in touch directly several times to share new iterations of their plans. The final plans were dramalically scaled back with all lighting removed. We worked with members of the community and Friends of the Dales to successfully challenge proposals for a 'zoo- type, visitor attraction in the YDNP. at a site that was also highly visible from the LDNP. Responses have been made to a number of other applications, with a notable uptick in solar proposals and associated baltery storage. Decisions are still awaited on Ullock Moss, the luge track and Roanhead proposals. Addilionally. several responses were made to consultalions on local and national planning policy or legislation. including the Planning Reform While paper, changes to the National Planning Policy Framework and consultation on the Yorkshire Dales National Park Local Plan. BIODIVERSITY AND CLIMATE We completed the purchase of the adjacent field to our land at Dam Mire Wood and are working up plans for nelwork of ponds and some additional tree planting to increase biodiversity, slow the flow of water and absorb carbon. We are working on a project with Plantlife to make our Atlantic rainforest woodlands in the Rusland Valley more robust and resilient to future changes. We now own and manage over 600ha of land. all of it delivering for the landscape, people, nature and climate. WATER Our work on water during this year has centred on Crummock Water and Overwater. where United Utilities plan to remove dam infrastructure, lowering water levels significantly. Our normal stance would be to support re- naturalisation of water bodies through the removal of man-made infrastructure but having Gonsulted widely with local communities we understand there is concem about the visual impact and other factors. We continue to monitor the proposals and will submit a response when they go through the planning process. Responses were made on consultations relating to reform of the Bathing Waters regulations, the frameworklcontent for the United Utilities business plan, guideline5 for drought plans, Cumbria River Basins Management Plan5 and the Independent Water Commission's Call for Evidence. We have also shown strong support for the Save Wlndennere campaign during 24125, joining several rallies and showing solidarity with Matt Staniek at his weekly vigils.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT> (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 NATURE-FRIENDLY FARMING AND COMMUNITY During 24125 we wrote several times to the DEFRA Secretary of State. asking him to maintain funding levels for agri-environment schemes aimed at encouraging nature-friendly farming. We have also lobbied Cumbrian MPS on this issue. Most of the grants remain in place at the time of writing. but Ihe application process remains over- complex. particularly for hard-pressed upland farmers. Along with our annual dry stone walling and hedge laying competitions in 24125 we ran several pilots of a nature recovery project which will launch in the 25126 financial year. Callèd Hedges and Edges, the work is aimed at planling or restoring dozens of miles of hedgerows across Cumbria, to boost wildlife, Combat climate change, slow the flow of water, and enhance the landscape. We will deliver this project in partnership with the Cumbria Wildlife Trust and other organisations. We continue to make responses where needed to proposals for fencing and other structureslplans on common land. VISITS ACCESS TRANSPORT In October 2024 we published a major piece of rèsearch entitled Who Pays For The Lake Distiict? Intended to stimulate a discussion about the concept of a visitor levy. the report looked at the 'invisible burdens, of mass tourism in the Lakes, and featured examples of tourist destinations around Ihe world where visitor levies have been introduced. It generated huge media interest. including from BBC TV and radio, ITV, and newspapers. In 24125 and 25126 we have taken the decision to increase our support for the work of Fix the Fells, using money from our restricted funds. Friends of the Lake Dislrict was a founding partner in this project. which is aimed at improving acces5 and reducing erosion. Our 'Leave No TTrce' campaign made a big impact in the press, particularly through the creative angle we took, slressing that 'there ar8 no litter fairies in the Lakg District,. CROSS-CUThING CAMPAIGNS AND ADVOCACY Ahead of the General Election in July 2024 we wrote a Manrfesto for Cumbrian Landscapes, designed to influen political opinion on all our themes. with a focus on Nature, Housing, Visitor Levy. Water, Climate, and Famiing. We also organised a Hustings event in Ambleside, attended by several parliamentary candidates, hundreds of members and supporters, and members of the press. In Oclober 2024 we held our annual Kirby Lecture at the University of Cumbria, on the theme 'Lak8 District 2051- what will the National Pa be like when it's 100?. Chaired by Dame Fiona Reynolds, a distinguished panel discussed the future of the national park landscapes from the perspectives of farming. tourism, and community. Following years of steady de¢line in membership numbers (mirroring a general trend across the charity sector), we have seen membership numbers stabilise and start lo grow again in the 24125 financial year. This is testament to the efforts of the whole team, who have made the brand more prominent through campaigning and communication activity. Part of that is down to the evolution of our in-house magazine - Conserving Lakeland. Throughout 24125 we have slowly introduced a new editorial style. fresh design elements. and more images. And no review of Ihe year would be complete without a brief mention of our 90th birthday celebrations. 2024 saw us hit this milestone, which we marked at several points throughout the year including the AGM, where there was a special cake (in true Friends 5tylel).
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REVIEW The year covered by this report (April 2024 - March 2025) represents the first year of a new strategic direction for Friends of the Lake District. The biggesl consultalion exercise ever undertaken sought views from thousands of members, supporters, slaff, trustees, and the public, resulting in the development of the 5 Strategic Landscape Themes listed above. The distinct themes and associated objectives give the charity focus and will enable us to have more impact. New Vision and Mission statemenls were developed (see above) to ensure the charity has a unifying sense of direction and purpose. ORGANISATIONAL DEVELOPMENT To help us deliver the new strategic objectives, we undertook a wid&ranging review of the charily's structures, processes, and culture. This financial year saw a complete re-organisation of the team with extra resour targeted at Planning, Fundraising, Campaigning, Leadership, and Engagement. To complement the Strategic Landscape Themes. we also developed internal strategic plans for Membership, Fundraising, and Communications. commissioned a new Customer Relations Management system to handle all our contacts with members and stakeholders, and started work to evolve the organisational culture of the charity. FUNDRAISING PRACTICES Membership In 2024125 we delivered a mixture of in person and virtual membership engagement activities. a well-attended 90 birthday Annual General Meeting and a sell-out Kirby lecture. We published four edilions of our membership magazine Conserving Lakeland. We also sent monthly Postcard from the Lakes e-newsletters to members and supporters. In this year, we welcomed 153 new members and introduced a new membership strategy. Fundraising We ran appeals last year to raise fvnds for our Fighting Fund - Efierwater, Nature Recovery programme and Dam Mire development. 149 walkers and 9 dogs took part in the annual Morecambe Bay Crossing in 2024. Legacy income and general donations continues to be incredibly important enabling us to deliver our charitable activities, plan for the future and hold an acceptable level of reserves to purchase at risk landlpropety. Merchandise Along wilh Christmas cards and calendars. sales of our nolecards. tea towels. landscape gifts and art prints generated £23,193. Digital evolution We understand the importance of maintaining traditional methods of working whilst also recognising the ever- evolving digital world we all live in. This year we built on the work carried out in the previous year to begin our due diligence on the purchase of a new Customer Relationship Management (CRM) system which will help us streamline our supporter experien and general administration.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Thank you Thank you to our members, supporters and partner organisations for all their support during the last twelve months. From generous donations to the hard work of our volunteers, we are grateful for all the contributions that we've received to help us prolecl and enhan Cumbrian landscapes. We also wish to express our sincere gratitude to those who left a gift to Friends of the Lake District in their will: Eileen Barton, Gordon Biddle, Joan Wendy Blundell, Margaret Ann Bousfield. Sheila Brandon, Sylvia Brockbank, Mark Cook, Audrey Dawson, Ellen Ann Dougherty. Rosamund Jill Euden, Gillian Featonby, Eileen Francis, Margaret Gaffney, Patricia Grenfell, Judith Helling, Bety Hinchliffe, David Hitchen. Joy Hutchings, Paul Edward Langley. Rita Langman, John Latcham. Grahaeme Lauder. John Laycock, Donald Margerison, Mabel Shirley Markham, Muriel Metcalfe, Gloria Pamela Muchowski, J Norrington. Barbara Peel. Ashley Pugh, Geofftey Richardson. Brian Saunders, Pat Schwarzenbach. Margaret Elizabeth Taylor, Michael Thurman, William Willfred Pigot Wood, and Nancy Woof. Leaving a lasting legacy is a wonderful way to ensure that future generations can continue to enjoy the tranquillity and beauty of these special places. If you'd like to know more about leaving a legacy, please contact anne- marie@fld.org.uk. We'd also like to thank and honour donations made in the memory of.. Derek Arnold. Jean Mary Cope, John Hary Cousins, David Cutforth, Aileen Goodall. James Barry Haddow. Tricia and Tony Rees, Trevor Shaw. Robert SomeNell Jr and Sr, John Malcolm walla and David Woodhead. And finally, we'd like to thank our benefactors for their continued support.. John Bery. James Brockbank and Louise Ronane, John Carnpbell, Richard Coates, Philip Cropper. Margaret Haigh, John Harris, Peter Hughes KC. John and Margaret Jackson, Brian Leigh-Bramwell, Rosamund Macfarlane, Matt and Taysia Malone. Jim and Sue Martin and Elizabeth Reddaway.
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Consolidated flnanclal fl ures from the 20241S Accounts". Total income £1681820 Voluntary Income- (Legacies. Donations and Subscriptions) £1,406,435 Charilable A¢tivities £22,008 Trading Activities £23,193 Investments £105,184 Land donated £125,000 Total ex enditure £1 182 428 Generating Voluntary Income (Inc. Membership) £212,466 Charitable Activities £940,704 Trading Activities £6,000 Investment Management Cosls £14,407 Other expenditure £8.851 Total FundslNet Assets al 31 March 2025 Total £7 232 526 Tangible Fixed Assets (including properties) £3,177,490 Investments £2.660.714 Net CurrentAssets £1,394.322 Funds b restriction Unrestricted £3.828.311 Designated (including Tangible fixed assets) £2,871.379 Restricted £107,665 Permanent Endowment £425.171 Going concern In line with the Charities SORP (FRS 102) and the Charities Acts of 2006 and 2011. as a result of our evidence assessment and levels of reserves, as laid out in this Annual Report, the Trustees conclude the charity is a going concern and there are no material uncertainties relating to its going concern status. The financial statements have been prepared on a'going concern. basis. 10-
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy The Gharity needs reserves in order that; it Can provide working capital when funding is paid in arrears., it can meet Ihe costs of new campaigns. unforeseen emergencies andlor other unexpected needs for fijnds, including employing temporary staff to cover long-term sick absence., it protects against unpredictable legacy income, in order to provide a stable and quality Servi to fulfil its objectives., it Can auIre strategic land holdings, should they become available., and It can purchase land which may be at threat of inappropriate development- it can meet contractual obligations should the charity have to clos8. In 202415, the Board maintained reserves for the following purposes.. a designated fvnd for working capital.. a designated fund for contingencies -including provision to address the ongoing financial impact of inflationary pressures., The purchase of land under threat of inappropriate development. The calculation of free reserves is based on the definition included in the ¢harity statement of recommended practice (SORP). which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, exduding long term liabilities. designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of six to nine months of operating expenditure (up to a maximum of 12 months). which would equate to holding approximately £600,00010 £900,000 in free reserves. At the year end, free reseNes were £650.821 (2024.. £458.212), an increase of £192,609 in the year. Endowment funds: Our Endowment fijnds are managed separately from the other assets of the charity by Brewin Dolphin. The Kirby Endowment Funds are: 1) Amenity Fund, the income from which is restricted for use in our charitable activities and policy work: and 2) General Fund. income from which 15 unrestricled but used to support all aspects of our work including the annual Kirby Lecture. The other endowment fund is the Margaret Taylor Memorial Fund. The income from the Margarel Taylor Memorial fund is not restricted and is also used lo support ourwiderwork. Property Assets The charity owns a portfolio of land and a property. which are maintained by the charity in furtherance of its charitable objects. Details of all our properties Can be found on our website.. Our Land l Friends of Ihe Lake District In the year, Trustees took the decision to revalue the land and property owned by the charity. Whilst this has increased the tangible fixed assets from £1,604,473 to £3.177,490 the charity wews the land as a protected asset: an asset which is unlikely to ever materialise due to the reasons why the charity acquired the land to protect and preserve. Investment policy The Articles of Association of the charitable company permit the Board wide powers of investment. The investment policy for the Charity changed in recent limes. Fund managers are now asked to at least maintain the capital position and focus on fund perf0mlan targets. the incomelcapital haniest is then used to support the ongoing costs of the charrty. 11
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods Friends of the Lake District has 5 Strategic Landscape Themes which provide a framework for our work in the period 2024-2027, as outlined earlier: Planning & Development Biodiversity & Climate Water Nature-friendly Farming & Communty Visits, AcSS & Transport Structure* govemance and management The Charity is a membership organisation governed by its Articles of Association dated 16 June 2003, updated and approved at the AGM in May 2014, and was incorporated as a company limited by guarantee on 27 August 2003. The previous, unincorporated, charity of the same name was founded in 1934. The new Charities Act 2022 received Royal Assenl in early 2022, and the first tranche of provisions came into effect at end of October 2022. There were no immediate implications for our working practices during 2024-25 and Ihe Trustees remained aware of provisions being introduced in 202425 and any implications these might have. Recruitment and appointment of trustees The Board. whose members carry the responsibilities of directors with truslee responsibilities, is the main governing body of the Charitable Company. Trustees are elected by the member5 at the AGM in accordance with the Articles ofAssociation which provides for a minimum of 4 and a maximum of 18 members on the Board. New Trustees are supported in the induction process by the Chair of the Board and Company Secretary and are usually elected after a period of CO•oplion. This induction process includes sessions with the staff and an introduction to the Charity. Newly inducted Trustees reported high levels of satisfaction with the induction programme. Trustees agree a Code of Govemance which is reviewed and adopted after each AGM. In compliance with the Code of Governance, a self-assessment of effectiveness and efficiency was conducted during the year. The option of remote attendance at Board and subcommittee meetings will be maintained, as required, although fa-tO-faCe attendance is encouraged. Strategy and governance functions of the trustee Board are monitored as part of trustee meetings. with regular agenda items that include.. the strategic direction of the organisation: proper arrangements relating to effective governance of the Friends of Ihe Lake District-, risk management- the nomination of candidates for appointment as truslees.. and that appropriate systems exist for the induction and training of trustees. In addition to this. a Governance Committee was set up in January 2025. Its purpose is to oversee FLD'S governance framework on behalf of the trustee board and make recommendations as appropriate. 12-
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational structure Who we are - from April 2024 to March 2025 President Position Vacant Wice President Position vacant Emeritus President Sir Martin Holdgate Trustee$ Malcolm Boswell Lucy Hetherington Robin Forrest David Felton Robert Mccracken KC Fiona Sanders Tony Vaux Janette Nicholls (Appointed 13 September 20241 Neil Greenhalgh (Appointed 13 September 20241 Chair Vice Chair Treasurer Staff (Full and Part time) Michael Hill (Chief Executive Officer) Linda McGinley (Company Secretary) Land Jan Darrall {PoliGy Officer- Land) Planning and Policy Lorayne Woodend Wall (Head of Planning and Policy) Amanda Mccleery (Policy offir) Kate Willshaw (Policy offir) Leanne Parr (Planning Officer) Jack Ellerby (Project Officer) Campaigns and Engagement Jeremy Smith (Head of Campaigns & Engagement) Kay Andrews (Engagement Lead) Helen Howe (Membership and Volunteer Lead) stacey Plant (Volunteer Co-ordinator) Christian Lisseman (Communications Lead) Dawn Groundsell (Communications l)ffi¢er) 13-
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Central Resources and Fundraising Stuart Clayton (Head of Finance and Operations) Peter Yorke (Finance Lead) Megan Mattinson (Administration Officer) Alex Hill (Adminislration Officer) Jasmine O'Flahety (Data Lead) Claire Cobum (Fundraising Supporter Relations Manager) Rachel Dorrington (Fundraising Officer) Anne-marie Rooney (Fundraising Officer) Corporate Govemance Rolling agénda items include consideration of the financial status and sustainability of the organisation and regular reviews of risk management which includes financial systems and audit procedures. Specifically, the Trustee Board.. maintains oversight of the development of an annual budget in line with the requirements of the prop05ed Business Plan., ensures appropriate financial systems and controls are in place, that there is effective management and monitoring of the Friends of the Lake District's finances, financial control systems and procedures. assets including properties, and all other matters relevant to the financial affairs of Friends of the Lake District in order lo achieve the charitable Objects and the legal obligations of the organisation., ensures proper arrangements are in plao to secure effective audit of the Friends of the Lake District. During 2018 General Data Protection Regulation (GDPR) was introduced. There have been no requests for personal data erasure. There have been no fundraising, or other complaints. We continue to operate within the guidelines set out by the Fundraising Regulator. We take great care and caution with our fundraising practices to ensure protection of vulnerable people and other Members of the public and keep all direct fundraising inahouse. We have not employed any external professional fundraiser or commercial participator. Our Fundraising & Relations Manager has monitored and maintained an overview of all fundraising activities carried out by individuals within the organi5ation, and by the organisation as a whole, which is overseen by the Chief Executive and the Board of Trustees. Organisational Management staff vacancies enabled the management team to re-shape the staffing structure to deliver the clear objectives within the new strategic plan. This includes investment in a new fundraising team recognising the need to diversify our income streams to meet the ever-increasing operational costs and enable the charity to achieve our medium and long term aspirations. Our new Structure reflects the new strategic plan and will enable the charity to focus on the areas we know are of importance to our members, such as planningldevelopment, campaigning, and communication5. 14-
FRIENDS OF THE LAKE DISTRICT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Relationship with wider network Cooperation with other organisations Throughoul the year. we have continued to work in Cowoperation with other bodies with similar aims and objectives to our own. These include the Campaign for National Parks, the Campaign to Protect Rural England Isince 1978 the charity has represented CPRE in CumbriaJ, the National Trust and the Lake Districl National Park Aulhority. We are also members oflhe Lake District National Park Partnership. Friends of the Lake District is a partner at the Fix the Fells project Board and other organisations we have more direcl involvement with include- Foundation for Common Land, Cumbria Local Nature Partnership and the UK Dark Skies Partnership. As part of our landscape engagement activities we have worked closely with a number of partners including.. John Muir Trust, Cumbria Wildlife Trust, RSPB, Eden Rivers Trust, South Cumbria Rivers Trust, John Strutt ConseNation Foundation, Trash Free Trails, as well as National Trust, National Park and Fix the Fells. Our adjacent AONB'S (areas of outstanding natural beauty) have similarly been invofved in events such as Great Cumbrian Litter Pick and Greal Landscapes Festival. Auditor In accordance with the company's articles, a resolution proposing that Larnont Pridmore be reappointed as auditor of the company will be put at a General Meeting. The Trustees r ort was approved by the Board of Trustees. Malcom Boswell ¥-Z&- 15-
FRIENDS OF THE LAKE DISTRICT STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Truslees are responsible for preparing their Annual Report and the financial statements in accordance with applicable law and regulations. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 102) {effeclive 1 January 2015). Under company law Ihe directors must not approve the financial statements unless they arè satisfied that they give a true and fair view of the state of affairs of the charity and of the net income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to.. (i) select suitable accounting policies and then apply Ihem consistently-, (li) make judgements and accounting estimates that are reasonable and prudent., and (iii) prepare Ihe financial statements on the 'going concern. basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for takin9 reasonable steps for the prevention and deteGtion of fraud and olher irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information published on the charity's website. The Trustees understand there is no relevant audit information of which the company's auditors are unaware. The Trustees have each taken all the steps that Company's Directors need to take in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that infomiation. The Trustees are aware of no incidents of nonwcompliance with other regulatory policies and internal policies. and we have complied with all previous and current fundraising requirements. In line with Charity Commission recommendations. we are happy to report no serious incidents have come to our attention in 2024-25. In addition, the Trustees are confident that during the year since the AGM in September 2024. the Charity has complied wilh its Articles of Association. charity law requirements and other applicable laws. In 2017, legislation was introduced requiring all companies to identify and register any Persons of Significant Control. This was reviewed by the trustees in 2017, and subsequently on an annual basis most recenlly March 2023. Since Ihen there has been no change to this position. and FLD continues to have no Persons with Significant Control. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resouros and application of resour$. including the income and expenditure. of the charilable company for that year. In preparing these financial statements, the Trustees are required to: selecl suitable accounting policies and then apply them consistently-, observe the methods and principles in the Charities SORP- make judgements and estimates Ihat are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going conGem basis unless it is inappropriale lo presume that the Charity 11 continue in operation. The Trustees are responsible for keeping adequate accounling records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assels of the Charity and hen for taking reasonable steps for the prevention and delection of fraud and other irregularities. 16-
FRIENDS OF THE LAKE DISTRICT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRIENDS OF THE LAKE DISTRICT Opinlon We have audited the financial statements of Friends of the Lake District (the 'Charity') for the year ended 31 Mar¢h 2025 which comprise, the summary income and expenditure ac¢ount, the balan sheet, the statement of cash flows and notes to the financial statements. including 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 Thé FinanGial Reporting Standard applicable in the UK and Republio of lrnland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable Company's affairs as at 31 March 2025 and of its incoming resources and application of resources. for the year then ended- have been properly prepared in accordan with Uniled Kingdom Gènèrally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conduGted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ihose stsndards are fijrther described in the AUdit0S responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees use of the going concem basis of arKounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identtfied any material UnrtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going oncem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the annual report other than the financial statements and our audito¢s report thereon. 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 we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be malerially misstaled. If we identify such material inconsistencies or apparent malerial misststements, we are required to detemiine whether Ihis gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we Gon¢lude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the Trustees, Report, which includes the Directors, Report prepared for the purpo5e5 of company law for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report included within the Trustees. Report has been prepared in a¢cordan¢e with applicable legal requirements. 17-
FRIENDS OF THE LAKE DISTRICT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FRIENDS OF THE LAKE DISTRICT Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies A¢t 2006 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees report: or adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors. report and from the requirement to prepare a strategic report. Responsibilities of Trusteès As explained more fully in the statement of Trustees responsibilities, the Truslees. who are also the directors of the Charity for the Purpose of company law, are responsible for the preparation of the financial statements and for being satisfied Ihat they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Chartty's ability to continue as a going concern. disclosing. as applicable, matters related lo going concem and using the going anrn basis of accounting unless the Trustees eilher intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of Ihe Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wsth ISAS (UK) will always deted a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are inslances of non-compliance with laws and regulalions. We design ProdureS in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. The objectives of our audit in respect of fraud are: to identify and assess the risks of material misstatement of Ihe financial statements due to fraud- lo obtain sufficienl appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses to those assessed risks- and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the charitable company. 18-
FRIENDS OF THE LAKE DISTRICT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FRIENDS OF THE LAKE DISTRICT Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charilable company and considered that the most significant are= Accounting and Reporting by Charities= Statement of Recommended Pradice appli¢able to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi) and the Companies Act 2006. We assessed the risk of material misstatement of the financial statements, including the risk of materia misstatement due to fraud and how it might occur. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-complian with laws and regulations. We examined supporting documents for all material balances, transactions and disclosures. We applied analytical procedures to identify any unusual or unexpeded relationships. We tested the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properfy planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as wtth any audit, there remained a higher risk of non-detedion of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misslatement. We are not responsible for preventing non- compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintsin professional scepticism throughout the audit. We also= Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a rnaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresenlations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effeclivenes5 Of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists related to events or conditions that may Cast significant doubt on the charilable company's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor'5 report. However, future events or condition5 may cause the charitable Company to ¢ease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation. We communicate with those charged with governan regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audil. 19-
FRIENDS OF THE LAKE DISTRICT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FRIENDS OF THE LAKE DISTRICT Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and Ihe charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Christopher Lamont Bsc FCA (Senior Ststutory Auditor) For and on behalf of Lamont Pridmore Chartered accountants & statutory auditor 136 Highgate Kendal Cumbria LA9 4HW 01.03. 2025 -20-
FRIENDS OF THE LAKE DISTRICT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestricted Unrestricted Restricted Endowment funds funds funds funds General Designated 2025 2025 Total Total 2025 2025 2025 2024 Notes Income from: Donations, Legacies, Membership Subscriptions & Grants Charitable activities Properties Events & Other Income Sale of Merchandis8 1,548,546 250 1,548,796 932,821 3,042 1,605 23.193 3,042 1,605 23,193 2,941 12,593 22,479 Investments 84,308 20,876 105,184 123,669 Total income and endowments 1.660,694 250 20,876 1.681.820 1,094.503 Expenditure on: Raisin funds Costs of Generating Voluntary Income Costs of Sale of Merchandise Investment Management Costs 212,466 212,466 172,368 6,000 6,000 72,544 9.301 5,106 14,407 17,214 227.767 5,106 232,873 262,126 Charitable activities Land Planning & Policy Campaigns & Engagement 163,248 348,179 163,248 356,188 343.052 797.599 8.009 412.766 8,502 421,268 108,163 Total charitable expenditure 924,193 16,511 940,704 1,248.814 Other expenditure 13 8,851 8.851 Total expenditure 1,160,811 16,511 5,106 1,182,428 1,510.940 Net gainsl(1055es) on investments 14 (42.193) {6,042) {48,235) 215,176 Net incomel(expenditure) 457,690 (16.261) 9,728 451,157 (201.261) 21
FRIENDS OF THE LAKE DISTRICT STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestrictsd Unrestricted Restricted Endowment funds funds funds funds General Designated 2025 2025 Total Totsl 2025 2025 2025 2024 Notes Net in¢omel{expendilure) 457.690 (16,261) 9,728 451,157 {201.261) Transfers bebNeen funds (28,804) 75,906 (27,200) (19,902) Other recognised gains and losses: Revaluation of tangible fixed assets 1,336.740 1,336,740 Net movement in funds 10 1,765,626 75,906 {43.461) (10.174) 1,787.897 (201,261) Reconciliation of funds: Fund balances at 1 April 2024 2,062.685 2,795,473 151,126 435,345 5,444,629 5,645,890 Fund balances at 31 March 2025 3,828,311 2,871,379 107.665 425,171 7,232,526 5,444.629 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. -22-
FRIENDS OF THE LAKE DISTRICT SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 All income funds 2025 2024 Gross income {Losses)Igains on investments 1,681,820 (48,235) 1,094,503 215,176 Total income in the reporting period 1,633,585 1,309,679 Total expenditure from income funds (1,182,428) (1,510.940) Net incomel(expenditure) for the year 451,157 (201,261) -23-
FRIENDS OF THE LAKE DISTRICT BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 16 17 3,177,490 2.660,714 1.604.473 2,848,637 5,838,204 4,453,110 Current assets Stocks Debtors Cash at bank and in hand 18 19 1.093 411.418 1,074,641 2.511 354.198 730,970 1,487,152 1,087,679 Creditors: amounts falling due wtthin one year 20 (92.830) (96.160) Net current assets 1.394,322 991,519 Totsl assets less current liabilities 7.232,526 5.444,629 Net assets excluding pension liability 7,232,526 5,444,629 The funds of the Charity Endowment funds Restricted income funds Unrestricted funds- general Unrestricted funds- Designated 22 23 425,171 107,665 3,828,311 2,871,379 435.345 151.126 2,062,685 2,795,473 25 7,232,526 5,444,629 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financ ments were approved by the Trustees on ... . Malcom Boswell Company registration number 04878364 (England and Wales) -24-
FRIENDS OF THE LAKE DISTRICT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash generaled froml(absorbed by) operations 31 224,592 (363,3471 Investing activities Purchase of tangible fixed assets Purchase of investments Net proceeds from disposal of investments Investment income received (125,793) (50,000) 103,067 123,669 139,688 105,184 Net cash generated from investing activities 119.079 176,736 Net cash used in financing activities Net increasel(decreasel in cash and cash equivalents 343,671 (186,611 > Cash and cash equivalents at beginning of year 730,970 917,581 Cash and cash equivalents at end of year 1,074,841 730.970 -25-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Friends of the Lake District is a private company limiled by guarantee incorporated in England and Wales. The registered office is Murley Moss, Oxenholme Road, Kendal, Cumbria, LA9 7SS. 1.1 Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slatement of Recommended Practice, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102") and the Charities SORP Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effective 1 January 2019). The Charity is a Public Benèfit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention unless olherwise stated in Ihe relevant accounting policy note. The principal accounting policies adopted are set out below. 1.2 Going concern Al Ihe time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exislence for the foreseeable future. Thus the Trustees Continue to adopl the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charilable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donor5 or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. Endowment funds are subject lo specific ¢ondilions by donors that the capital must be maintained by the Charity. 1.4 Income Income is recognised when the Charily is legally entitled to it after any performance conditions have been met, Ihe amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless performance condilions require deferral of the amounl. Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity ha5 been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is Ireated as a contingent asset. -26-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.6 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs of each activity are made up of the total of direcl costs and shared costs, including support costs involved in undertaking each activity. Direct costs attribulable to a single aclivity are allocated directly to that activily. Shared cosls which contribute to more than one aclivity and support costs which are not attributable to a single activity are apportioned betsveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreGiation charges are allocated on the portion of the asset's use. 1.7 Tangible fjxed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Office equipment Motor vehicles 20/4 Straight line 250/0 reducing balance 200/0 reducing balance Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the slatement of financial activities. Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount. being their fair value at the date of valuation less any subsequenl accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. Revalualion gains and losses are recognised in other recognised gains and losses and accumulated in equity. except to Ihe extent that a revaluation gain reverses a revaluation loss previously recognised in net incomel (expenditure) or a revaluation loss exceeds the accumulated revaluation gains recognised in equity,. such gains and loss are recognised in net incomel{expenditure) for the year. Under FRS 102 the company will perform revalualions wilh sufficienl regularty such that the carying amount does nol differ malerially from the fair value at the balance sheet date. 1.8 Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.9 Impairnient of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication thal those assels have suffered an impairment loss. If any such indi¢alion exisls, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient Ios5 (if any). 27-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.10 Stocks Stocks are stated at the lower of cost and estimated selling pri less cosls to complete and sell. Cost comprises direcl materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing Ihe stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing. selling and distribulion. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheel when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balanGes, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the aangernent constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of Ihe fulure payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitie5 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective interest method. Derecognition of financial Ilabllities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 28-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (Continued) 1.13 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Charity is dernonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimatss and judgements In the application of the Charity's accounting policies. the Trustees are required to make judgements, estimates and assumplions about the carrying amount of assets and liabilities Ihat are not readily apparent from other sources. The estimates and associaled assumptions are based on historical experience and other factors that are considered to be relevant. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affecls only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations, legacies, membership subscriptions & grants Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Donations and gifts Legacies Grants Membership fees Donated land 76,640 1,152.773 17.361 176.772 125.000 250 76,890 1,152.773 17.361 176.772 125.000 150.206 391,247 18.854 136,824 21.636 171,842 391,247 232,908 136,824 214,054 1.548,546 250 1.548,796 697,131 235,690 932,821 Grants Rural Payments Agency Westmorland Dales Landscape Partnership Dark Skies 17,361 17,361 18,854 18.854 209,054 5,000 209,054 5,000 17.361 17,361 18,854 214,054 232,908 -29-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Properties Charitable rental income 3,042 3,042 2.941 2.941 Events & Other Income Other income 1,605 1.605 12.593 12,593 Sale of Merchandise Sale of Merchandise 23.193 23,193 22,173 306 22,479 27.840 27,840 37,707 306 38,013 Income from investments Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Other income 84,308 20,876 105,184 101,192 22,477 123,669 Other income 2025 2024 Land donated- Clayhurley Bank Wood 125,000 30-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Fundraising and publicity Seeking donations, grants and legacies Membership schemes and social lotteries Staging fundraising events Other fundraising costs Staff costs Support costs 18,741 18,741 33,972 33,972 4.476 4,810 4.476 4,810 1,721 111,466 80,538 1.721 111,466 80,538 129,110 129.110 212,466 212,466 172,368 172,368 Trading costs Operaling charity shops Support costs 6.000 6,000 7,989 64,555 7,989 64,555 6,000 6,000 72.544 72,544 Investment management 9,301 5,106 14,407 12.036 5,178 17.214 Total costs 227,767 5,106 232,873 256,948 5,178 262,126 31
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FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities 2025 2024 Basis of allocation staff time staff time staff time staff time staff time Slaff costs Depreciation Marketing & communi¢ation Other staff costs IT Costs Printing slationery & postage Telephone Property costs Motor & travel Bank charges Sundry Govemance costs 217,195 4,774 44,010 26,563 805,023 14,503 72,057 19,565 i li 45.349 15,057 2.868 22.078 10.088 4.108 12.517 94,150 42,937 15,790 5,735 33,790 7.022 3.631 3.295 52.569 staff time staff timg staff timg staff time staff time staff time stsff time 498,757 1,075.917 Analysed between: Fundraising Land Planning & Policy Campaigns & Engagement 99,279 56,731 137,099 205,648 193,665 281,315 518,543 82.394 498,757 1.075,917 10 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl{crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 12,374 5.665 8.851 11,700 14,503 11 Trustees None of the Trustees {or any persons connected with them) received any remuneration or benefits from the Charity during the year. Amounts of £339 (2024= £295) were reimbursed to Cover part of the travel and subsistence expenses incurred on behalf of the charity by one trustees (2024: two Irustees).
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employees The average monlhly number of employees during the year was.. 2025 Number 2024 Number Generaling funds Charitable activities Govemance Support 11 10 Total 21 23 Employment costs 2025 2024 Wages and salaries Social security costs Other pension cosls 641.644 52,774 90,927 797.682 61,104 127,366 785.345 986,152 The number of employees whose annual remuneration was more than £60,000 is as follows: 2025 Number 2024 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 199,389 167,956 13 Other expenditure Unrestricted Unrestricted funds funds 2025 2024 Net loss on disposal of tangible fixed assets 8,851 -35-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Galns and losses on Investments Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Gainsl(lossesl arising on: Revaluation of investments (42,193) (6,042) (48,235) 214,709 467 215,176 15 Taxation The charity is exempt from tsxation on its activities because all its income 15 applied for charitable purposes. 16 Tangible fixed assets Freehold land and bulldlngs Office oqulpment Motor vehlcles Total Cost or valuation At 1 April 2024 Additions Disposals Revalualion 1.619.436 238,771 111.535 12.022 (77.447) 18,134 1.749.105 250.793 (77,447) 1,295,564 1,295,564 At 31 March 2025 3,153,771 46,110 18.134 3,218,015 Depreciation and Impairnient At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposals Revaluation 41,176 89,779 4,774 (68.596) 13,677 891 144,632 5.665 (68.596) (41.176) (41.176) At 31 March 2025 25,957 14,568 40,525 Carrying amount At 31 March 2025 3,153,771 20.153 3,566 3,177.490 At 31 March 2024 1,578.260 21.756 4,457 1.604,473 The carrying value of land induded in land and buildings is £2,989,375 (2024- £1,352,836). Land and buildings were revalued at a value of £3,040,000 on 2 May 2024 by independent valuers William Bashall Associates, Stout Hill, Little Salkeld. Penrith. Cumbria, CA10 1 NN on the basis of fair value. Additions subsequent to the valuation have been added at fair value. If the revalued land and buildings were measured using the histori¢al ¢osl model, the carrying amounts would have been £1,688,535 (2024- £1,578.260). -36-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Fixed asset investments Listed investhlents Cost or valuation At 1 April 2024 Valuation changes Interest & Dividends Disposals 2,848,637 (48,235) 76,633 (216,321) At 31 March 2025 2,660,714 Carrying amount At 31 March 2025 2,660,714 At 31 March 2024 2.848.637 18 Stocks 2025 2024 Finished goods and goods for resale 1.093 2.511 19 Debtors 2025 2024 Amounts falling due within one year: Accrued legacy income Other debtors Prepayments and accrued income 397,381 345,065 5.101 4.032 14,037 411,418 354,198 20 Creditors: amounts falling due within one year 2025 2024 other taxation and social security other creditors Accruals and deferred income 16,957 56.242 19.631 15.400 63.874 16,886 92,830 96,160 -37-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 90,927 127,366 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 22 Endowmentfunds Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charily and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 1 Aprll 2024 Incomlng resources Resources expended Transfers Gains and At 31 March losses 2025 Pemianent endovmients Kirby General Fund Kirby Amenity Fund Margaret Taylor Memorial Fund 298,834 14,330 (3,505) (13,661) (4.148) 291.850 38,429 1,843 (451) {1,757) (533) 37,531 98,082 4,703 (1,150) (4,484) (1.361) 95,790 435,345 20.876 (5.106) (19.902) {6.042) 425.171 Previous period: At 1 April 2023 Incoming resources Resources expended Transfers Gains and At 31 March losses 2024 Pernlanent endowments Kirby General Fund KirbyAmenity Fund Margaret Taylor Memorial Fund 291,321 15.429 (3,554) (4,683) 321 298,834 37,459 1,984 (457) (598) 41 38,429 95.612 5,064 (1.167) (1,532) 105 98,082 424,392 22,477 (5.178) (6,813) 467 435,345 The permanent endowment fund represents the two Kirkby funds and the Margaret Taylor Memorial Fund. The capital of Ihe Kirkby & Taylor Funds is invested. The income arising from the Kirkby Amenity Fund may only be used for special conseNation activities and is included in restricted funds. The income from the KiTkby General Fund and Margaret Taylor Memorial Fund is for the general purposes of the charity. -38-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Restrictsd funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l April 2024 Incoming resources Resources expended Transfers At 31 March 2025 Fell Care Days Wellbeing Work (Sancluary Project) Troutbeck Churchyard For Upkeep Our Green Space Virtual Gifts Donation Paths Climate Change Project Conquer the Lakes WDLPS Championing Upland Hill Famiing 35,368 250 (1,038) 34,580 7,508 (3,599) 3,909 1.871 1.668 13,312 12,042 12,239 539 51,474 (1,871) (1,668) 13.312 12.042 12,239 (539) (7,796) {27.200) 16.478 15,105 15,105 151,126 250 (16,511) (27,200) 107.665 Previous period: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Fell Care Days Wellbeing Work (Sanctuary Projeot) Troulbeck Churchyard For Upkeep Properties Our Green Space Virtual Gifts Donation Paths Land Management Appeal Policy and Planning Climate Change Project Conquer the Lakes Storm Arwen Appeal WDLPS Championing Upland Hill Farming Property Purchase J Kent Dark Skies 17,443 17,925 35,368 29.225 (21,717) 7,508 1,871 373 1,668 13,006 8,746 7,447 15,025 12,239 539 2,152 34,164 1,871 (1,135) 762 1,668 13,312 12,042 306 3,296 258 (21,160) {16,877) 13.455 1.852 12,239 539 {2.500) (191.744) 348 209.054 51,474 15.105 103 15,105 (1.939) <40,590) 1,836 35.433 5,157 159,106 235,996 (297,662) 53,686 151,126 -39-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balan¢es of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. At 1 April 2024 Incoming Resources resources expended Transfers Gains and At 31 March losses 2025 General funds Revaluation reserve 2,062,685 1,660,694 {1,160,811) (28,804) (42,193) 2,491,571 1.336,740 1,336,740 2,062,685 1,660,694 (1,160.811) (28.804) 1,294.547 3,828,311 Previous period: At 1 April 2023 Incoming resources Resources expended Transfers Gains and At 31 March losses 2024 General funds 2,252.416 836.030 (1,208,100) (32.370) 214,709 2,062,685 -40-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Unrestricted funds - Deslgnated These are funds designated by the trustees for specific purposes At 1 April 2024 Transfers At 31 March 2025 Tangible Fixed Assels Working Capitsl Sustainability and Growth Digital Transformation Organisational Development Future Land Purchases Campaigns Contingency 1,604,473 600,000 316,000 100,000 100.000 75.000 236,277 131,629 (316,000) (100,000) 4,000 100.000 20.000 1.840.750 731,629 104,000 175,000 20,000 2.795,473 75,906 2,871,379 Previous period: At 1 April 2023 Transfers At 31 March 2024 Tangible Fixed Assets Working Capital Sustainability and Growth Digital Transformation Development Fund Capilal Expendtture 1,618.976 600.000 316.000 100.000 100,000 75,000 (14,503) 1,604,473 600,000 316.000 100.000 100,000 75,000 2,809.976 (14,503) 2,795,473 26 Analysis of net assets between funds Unrestrlcted Unrestrlcted funds funds General Designated 2025 2025 Restricted Endowment funds funds Total 2025 2025 2025 At 31 March 2025: Tangible assets Investments Current assetsl(liabilities) 1.344,546 2,235,543 248,222 1,832,944 3.177.490 2.660.714 1.394.322 425,171 1,038,435 107,665 3,828,311 2.871,379 107,665 425,171 7,232,526 41
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Analysis of net assets beiween funds {Continued) Unrestricted Unrestricted funds funds General Designated 2024 2024 Restricted Endowment funds funds Total 2024 2024 2024 At 31 March 2024: Tangible assets Inveslmenls Current assetsl{liabilities) 1,604,473 1.604,473 2.848.637 991,519 2,413,292 (350,607) 435,345 1,191,000 151,126 2,062,685 2,795,473 151.126 435,345 5,444,629 27 Operating lease commitments Lessee At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-canlIable operaling leases, which fall due as follows: 2025 2024 Within one year Between two and five years In over five years 5,098 8,363 1.134 4,894 2,749 14.595 7,643 28 ContingentAssets - Legacy In¢ome At the reporting date. the Charity had been notified of residuary legacies where Ihe value of the estates was unrtain as the executors had not yet compiled the estate accounts and probate had not been granted. Therefore no amount has been accrued in respect of these legacies which are estimated to be £217,655 {2024'. £186,000). 29 Relatsd party transactions There were no disclosable related party transactions during the year {2024 - none). 30 Analysls of changes in netfunds The Charity had no material debt during the year. -42-
FRIENDS OF THE LAKE DISTRICT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 31 Cash generatsd from operatlons 2025 2024 Surplusl(deficit) for the year 451,157 (201,261) Adjustments for.. Investment income recognised in statement of financial activities Donalion of land Loss on disposal of tangible fixed assets Fair value gains and losses on investments Depreciation and impaimient of tangible fixed assels (105,184) (125,000) 8,851 48,235 5,665 (123,669) (215,176) 14,503 Movements in working capitsl.. Decrease in stocks (Increase)Idecrease in debtors (Decrease)fincrease in creditors 1,418 (57,220) (3,330) 732 135,657 25,867 Cash generated froml(absorbed by) operations 224,592 (363,347) -43-
FRIENDS OF THE LAKE DISTRICT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Prior financial period Unrestrfcted Unrestricted funds funds General Designated 2024 2024 Restricted Endowment funds funds Total 2024 2024 2024 Notes Income from: Donalions, Legacies, Membership Subscriptions & Grants Charitable activities Properties Events & Other Income Sale of Merchandise 697.131 235,690 932,821 2,941 12,593 22,173 2,941 12.593 22,479 306 Investments 101,192 22,477 123,669 Total income and endowments 836,030 235.996 22.477 1.094.503 Expenditure on: Raisin funds Costs of Generating Voluntsry Income Costs of Sale of Merchandise Inveslmenl Management Costs 172,368 72,544 172,368 72,544 12,036 5.178 17,214 256,948 5.178 262,126 Land Planning & Policy Campaigns & Engagement 343,052 513,422 94.678 343,052 797.599 108.163 284,177 13,485 Total expenditure 1,208.100 297,662 5,178 1,510,940 Net gainsl(losses) on investments 14 214,709 467 215,176 Net incomel(expenditure (157,361) (61,666) 17,766 (201,261) Transfers behveen funds (32,370) {14,503) 53,686 (6,813) Net movement in funds 10 (189,731) {14.503) (7,980) 10,953 (201,261) Reconciliation of funds: Fund balances at 1 January 2023 2,252.416 2,809.976 159,106 424,392 5,645,890 Fund balances at 31 March 2024 2,062,685 2,795,473 151,126 435,345 5,444,629