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← Lowther Gardens, Lytham

2025-03-31-accounts

REGISTERED CHARITY NUMBER: 1117054

REPORT OF THE TRUSTEES AND AUDITED GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR LOWTHER GARDENS LYTHAM

Rushtons Chartered Accountants Avroe House Avroe Crescent Blackpool Business Park Blackpool Lancashire FY4 2DP

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

LOWTHER GARDENS LYTHAM

Page
Legal and Administrative Details 1
Report of the Trustees 2
Independent Auditors’ Report 7
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Charity Balance Sheet 12
Consolidated Cash Flow Statement 13
Notes to the Financial Statements 14
Detailed Consolidated Statement of Financial 26
Activities

LOWTHER GARDENS LYTHAM

LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

REGISTERED CHARITY NAME

Lowther Gardens Lytham

CHARITY NUMBER

1117054…………………………...

PRINCIPAL OFFICE

Lowther Gardens Lowther Terrace Lytham St Annes FY8 5QQ ……………………........

TRUSTEES

T A Mallabone ……. S M Wood…….….. R T Withers………… K Hunter………….. R G Fielden…. R Matthews ……… L J Govan …... M W Fenton………. L Fenton……… W A Swift…….. D F Rowe……. Fylde Borough Council………….

AUDITORS

Rushtons…….. Chartered Accountants Avroe House Avroe Crescent ……………........ Blackpool Business Park Blackpool…………. FY4 2DP…………………………..

Page 1

LOWTHER GARDENS LYTHAM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2025, which include the subsidiary company Lowther Gardens (Lytham) Management Limited. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The relevant powers granted to the Charity by the Constitution to achieve its aims are:

The aims and objectives of the charity are set out in the governance document are as follows:

The objective of the charity is to promote, for the benefit of the inhabitants of Lytham, the surrounding area, and visitors to the area, the provision of facilities for recreation or other leisure time occupations. These facilities are for individuals who need them by reason of their youth, age, infirmities or disablement, financial hardship, or social and economic circumstances. They are also provided for the public at large in the interests of social welfare, with the aim of improving the conditions of life of the said inhabitants.

The Aims of the Charity are set out in the Artistic Policy and include the following:

Page 2

LOWTHER GARDENS LYTHAM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENT AND PERFORMANCE

Results

This is the 13th year since the Trust separated from Fylde Borough Council as an independent organisation. Fylde Borough Council continues to maintain a single seat on the Trust, with the remaining Trustees independently appointed from the arts, charity and business sectors. The Trust (Lowther Gardens, Lytham) has continued to operate a Service Level Agreement with Fylde Borough Council, providing funding towards community involvement and the provision of arts and leisure space within the Borough. Despite challenging trading conditions across the national arts and leisure sector, the Trust has maintained a strong fiscal position while further developing both the artistic programme and community use of its facilities and grounds.

The year 2024/25 has been one of progress and preparation, with strong artistic and community activity alongside sustained momentum towards the Trust’s long-term development plans.

At the heart of the Trust’s work is community engagement. During the year, hundreds of children, young people and adults participated in creative programmes, including youth theatre, home education classes, workshops, film schools, and writers’ groups. These activities not only develop skills and confidence but also provide vital opportunities for social connection and support across all ages. Holiday programmes, supported by local authority funding, offered enriching experiences for children most in need.

Alongside this programme, trustees, staff, volunteers and supporters were focused on fundraising and preparations for the Windmill Performance and Education Centre (WPEC), together with planning for the longer-term Studio Theatre development. This represents the most significant investment in Lowther’s facilities for a generation. The 2024/25 year was therefore primarily one of preparation, ahead of the Centre’s opening in April 2025.

The new facility provides a 164-seat theatre which converts into a flexible studio space for workshops and community use. With fold-back seating and a sprung dance floor, the Centre is designed to support a wide range of activities including rehearsals, dance, theatre training and community events. The majority of the £2.16 million capital cost of the WPEC was funded from private and charitable sources, supported by contributions from Fylde Borough Council and a loan facility from Handelsbanken. Their investment underpins the Trust’s ability to provide world-class facilities for the community while maintaining financial resilience.

The achievements of the year were made possible through the commitment of staff, volunteers and trustees, whose dedication underpins all of the Trust’s activities. A total of 29,122 volunteer hours were recorded in 2024/25, equating to a notional contribution valued at over £373,000 (using the recognised rate of £12.81 per hour). This reflects the scale and impact of community volunteering at Lowther.

Looking ahead, the Trust remains ambitious yet realistic. Rising costs and wider pressures on the cultural sector will continue to pose challenges. However, through resilience, partnership, and a clear focus on community benefit, Lowther Pavilion is well placed to thrive. The next priority is the launch of the Phase 2 capital campaign in 2025/26, which will replace existing dressing rooms with a modern two-storey extension, creating new backstage facilities, rehearsal spaces and improved accessibility. As with the WPEC, this project will depend on the generosity and support of funders and partners.

The Trustees are confident that, working together with staff, volunteers and supporters, Lowther Pavilion will continue to inspire, include and serve its community for generations to come.

Page 3

LOWTHER GARDENS LYTHAM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

The charity continues to hold a strong financial position despite the substantial development work undertaken during the financial year. Trustees receive financial reports at each meeting and are satisfied that there is good financial governance.

Policy for holding reserves

The unrestricted cash held at the 31 March 2025 was £941,105 from which the 3 months running costs can be covered.

Even though strong cash balances are held, the group is reporting a net current liability position in the current year, primarily due to significant investment in the WPEC. This strategic investment is expected to support future growth and enhance the charity's long-term sustainability.

Principle funding sources for the charity this year

Over the past 12 months there has been a concerted effort to raise funds to enable the trust to complete the building project for the WPEC. In addition to individual donations and fund raising events, donations have been granted from Fylde Borough Council, Lancashire County Council Spacehive, Friends of Lowther Pavilion. The Windmill Benevolent Fund and the Back Stage Trust. The Trust has also received lease payments from Lowther Café, Lowther Management Company and Padel Project UK.

Details of Principal Risks

The Principal Risks and mitigations are set out in the Trust’s Risk Register, they are as follows:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Constitution

The Trust and its predecessors have operated the Gardens since 1905, when the land was donated to the Lytham Urban District Council by John Talbot Clifton, a local landowner. The principal object of Lowther Gardens Lytham is to promote for the benefit of the inhabitants of Lytham and the public at large recreational and other leisure time activities.

Page 4

LOWTHER GARDENS LYTHAM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Governance and Internal Control

The body responsible for the management of the Charity is the Trustees.

Appointment of Trustees

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1117054

Principal address

Lowther Gardens Lowther Terrace Lytham St Annes FY8 5QQ

Trustees

T A Mallabone (resigned 17 May 2025) S M Wood R T Withers K Hunter R G Fielden R Matthews (deceased 7 April 2025, resigned 23 May 2025) L J Govan M W Fenton L Fenton W A Swift D F Rowe Fylde Borough Council

The trustees delegate the day to day management to the Chief Executive Officer / Artistic Director who has direct oversight of the Heads of Department. The CEO reports at a minimum monthly to the trustees in respect of all financial decisions which are beyond his delegated powers. In addition, The Chair of the Trust meets /speaks with him on an almost daily basis.

Page 5

LOWTHER GARDENS LYTHAM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Auditors

Rushtons Chartered Accountants Statutory Auditors Avroe House Avroe Crescent Blackpool Business Park Blackpool Lancashire FY4 2DP

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

The Trustees who held office at the date of approval of this Trustees Report confirm that, so far as they are each aware, there is no relevant audit information of which the charitable group's auditors are unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................... D F Rowe - Trustee

29/10/2025

Page 6

LOWTHER GARDENS LYTHAM

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF LOWTHER GARDENS LYTHAM FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Lowther Gardens Lytham (the ‘parent charity’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Cash Flow Statement 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 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 audit 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 concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charity’s ability to continue as a going concern 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 information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and out Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

LOWTHER GARDENS LYTHAM

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF LOWTHER GARDENS LYTHAM FOR THE YEAR ENDED 31 MARCH 2025

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that 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 group’s and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain 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 with ISAs (UK) will always detect 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 expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 8

LOWTHER GARDENS LYTHAM

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF LOWTHER GARDENS LYTHAM FOR THE YEAR ENDED 31 MARCH 2025

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered a number of issues, such as the nature of the group’s industry, their control environment and business performance. We also discussed amongst our engagement team how and where fraud might occur and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the group operated in and focussed our attention on any laws and regulations which might be considered as ‘showstoppers’. We also looked at internal controls in place at the group, established to mitigate risks related to fraud or non-compliance with laws and regulations.

In response to other identified risks, we reviewed the financial statement disclosures, we made enquiries of the group as to potential litigation and claims, we performed analytical procedures to look for unusual trends or unexpected relationships and we read any available meeting minutes.

We also address the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. We also assessed accounting estimates and considered any significant transactions that might be considered unusual in the normal course of business.

A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Rushtons Chartered Accountants Statutory Auditors Avroe House Avroe Crescent Blackpool Business Park Blackpool Lancashire FY4 2DP

29/10/2025

Date: .............................................

Page 9

LOWTHER GARDENS LYTHAM

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS
Charitable activities
Donations and other income
3
Investment income
Trading activity
EXPENDITURE
Trading activity
Raising funds
4
Charitable activity 4
Total
NET INCOME
Transfers between funds
Tax on activities
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Notes
INCOME AND ENDOWMENTS
Charitable activities
Donations and other income
3
Investment income
Trading activity
EXPENDITURE
Trading activity
Raising funds
4
Charitable activity 4
Total
NET INCOME
Transfers between funds
Tax on activities
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
288,260
3,192
1,655,044
1,946,496
(938,598)
(113,219)
(783,202)
(1,835,019)
111,477
755,634
4,125		 Unrestricted
fund
£
288,260
3,192
1,655,044
1,946,496
(938,598)
(113,219)
(783,202)
(1,835,019)
111,477
755,634
4,125		 Restricted
fund
£
674,212
-
-		 Year Ended
31.03.25
Total funds
£
962,472
3,192
1,655,044		 Year Ended
31.03.25
Total funds
£
962,472
3,192
1,655,044		 Year Ended
31.03.24
Total funds
£
351,655
7,680
1,386,371
1,745,706
(756,315)
(104,387)
(685,604)

(1,546,306)
199,400
-
2,245
201,645
2,805,453
3,007,098




674,212
-
(6,179)
-
(6,179)
668,033
(755,634)
-


2,620,708
(938,598)
(119,398)
(783,202)

(1,841,198)
779,510
-
4,125
871,236
2,875,545
3,746,781
(87,601)
131,553

43,952

783,635
3,007,098
3,790,733

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements Page 10

LOWTHER GARDENS LYTHAM

CONSOLIDATED BALANCE SHEET AT 31 MARCH 2025

2025 2024
Unrestricted Restricted Unrestricted Restricted Unrestricted Restricted
Total		 Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 4,054,635 - 4,054,635 2,640,835
Investment property 10 145,000 - 145,000 145,000
4,199,635 - 4,199,635 2,785,835
CURRENT ASSETS
Stock 14,901 - 14,901 13,824
Debtors 12 100,952 - 100,952 107,886
Cash at bank 941,105 31,952 973,057 723,564
1,056,958 31,952 1,088,910 845,274
CREDITORS
Amounts falling due within one year Amounts falling due within one year 13 (1,185,151) 13 (1,185,151) 12,000 (1,173,151) (1,173,151)
(575,346)
NET CURRENT ASSETS/(LIABILITIES) NET CURRENT ASSETS/(LIABILITIES) (128,193) 43,952 (84,241) 269,928
TOTAL ASSETS LESS CURRENT 4,071,442 43,952 4,115,394 3,055,763
LIBAILITIES
CREDITORS
Amounts falling due after more than one Amounts falling due after more than one 14 (307,710) 14 (307,710) - (307,710) (307,710)
(27,588)
year
PROVISIONS (16,951) - (16,951) (16,951)
(21,077)
NET ASSETS 3,746,781 43,952 3,790,733 3,007,098
FUNDS 18
Unrestricted funds 3,746,781 2,875,545
Restricted funds 43,952 131,553
TOTAL FUNDS 3,790,733 3,007,098
The financial statements were approved by the Board of Trustees on …………………. and were signed The financial statements were approved by the Board of Trustees on …………………. and were signed The financial statements were approved by the Board of Trustees on …………………. and were signed The financial statements were approved by the Board of Trustees on …………………. and were signed The financial statements were approved by the Board of Trustees on …………………. and were signed The financial statements were approved by the Board of Trustees on …………………. and were signed
29/10/2025		 The financial statements were approved by the Board of Trustees on …………………. and were signed

The financial statements were approved by the Board of Trustees on …………………. and were signed on its behalf by:

............................................. D F Rowe - Trustee

The notes form part of these financial statements Page 11

LOWTHER GARDENS LYTHAM

CHARITY BALANCE SHEET AT 31 MARCH 2025

2025 2024
Unrestricted Restricted Unrestricted Restricted Unrestricted Restricted
Total		 Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 3,796,956 - 3,796,956 2,353,577
Investment property 10 145,000 - 145,000 145,000
3,941,956 - 3,941,956 2,498,577
CURRENT ASSETS
Debtors 12 53,364 - 53,364 303,407
Cash at bank 117,932 31,953 149,885 162,824
171,296 31,953 203,249 466,231
CREDITORS
Amounts falling due within one year 13 (417,790) 12,000 (405,790) (24,395)
NET CURRENT ASSETS (246,494) 43,953 (202,541) 441,836
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,695,462 43,953 3,739,415 2,940,413
CREDITORS
Amounts falling due after more than one 14 (7,293) 14 (7,293) - (7,293) (17,369)
year
NET ASSETS 3,688,169 43,953 3,732,122 2,923,044
FUNDS 20 20
Unrestricted funds 3,688,169 2,791,490
Restricted funds 43,953 131,554
TOTAL FUNDS 3,732,122 2,923,044

29/10/2025

The financial statements were approved by the Board of Trustees on ……………….. and were signed on its behalf by:

............................................. D F Rowe - Trustee

The notes form part of these financial statements Page 12

LOWTHER GARDENS LYTHAM

CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2025

Notes
Net cash inflow from operating activities
22
Investing activities
Purchase of fixed assets
Net cash used in investing activities
Financing activities
Repayment of borrowings
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand		 Year Ended
31.3.25
£
1,414,021
(1,474,651)
(60,630)
310,123
249,493
723,564
973,057
973,057		 Year Ended
31.3.24
£
335,007
(452,622)
(117,616)
(18,402)
(136,018)
859,582
723,564
723,564

The notes form part of these financial statements Page 13

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about Lowther Gardens Lytham as an individual charity and the consolidated financial information as the parent of the group. The group consists of Lowther Gardens Lytham, the parent charity, and its wholly owned subsidiary Lowther Gardens (Lytham) Management Limited.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Fund accounting

There are certain funds which are retained in a general unrestricted fund which can be used in accordance with the charitable objectives at the discretion of the Trustees. There are also a number of restricted funds which must be used for specific purposes.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Going Concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

The trustees have therefore continued to adopt the going concern basis of accounting in the preparation of these financial statements.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Page 14

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - CONTINUED

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Buildings - 2% on cost Improvements to property - Straight line over 30 years Plant and machinery - 10% on cost Computer equipment - Straight line over 3 years Fixtures & Fittings - 10% on cost Land is not depreciated.

Revaluation

Land and buildings are carried at current year value at fair value at the date of revaluation less any subsequent accumulated depreciation. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus deficit on a straight line basis over the period of the lease.

2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, the Trustees are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Page 15

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

3. DONATIONS AND OTHER INCOME

Fundraising activities, donations and gifts
Grants
Other incoming resources
4.
ANALYSIS OF EXPENDITURE OF CHARITABLE ACTIVITIES
Notes
Fundraising expenses
Hire of plant and machinery
Wages
6
Cleaning, laundry and waste
Light, heat and water
Telephone, fax and internet
Postage and stationery
Advertising and marketing
Motor and travel
Repairs and renewals
Computer maintenance
Depreciation
5
Other costs
Insurance
Staff hire/training
Sundry
Finance charges
Bad debts
Accountancy
5
Legal and professional fees		 Year Ended
31.3.25
£
839,830
-
122,642
962,472

Year Ended
31.3.25
£
84,802
11,954
313,497
23,368
37,015
1,548
6,050
67,614
545
40,907
58,811
60,849
3,634
18,158
46,251
88
54,628
358
18,434
54,089
902,600		 Year Ended
31.3.24
£
253,385
-
98,270
351,655
Year Ended
31.3.24
£
64,869
13,547
257,996
22,136
39,227
1,859
6,150
62,218
626
38,616
49,605
59,950
108
17,314
56,295
4,728
27,229
125
14,246
53,147
789,991

Page 16

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

5. NET INCOME FOR THE YEAR INCLUDES:

This is stated after charging:
Depreciation on owned assets
Bank loan interest
Auditors remuneration:
-
Audit of the financial statements
-
Other services
6.
STAFF COSTS
Wages and social security
Other pension costs
Particulars of employees:
The average number of employees during the year was as
follows:		 Year Ended
31.3.25
£
60,849
-
7,500
10,934
Year Ended
31.3.25
£
309,898
3,599
313,497
25		 Year Ended
31.3.24
£
59,950
-
7,000
7,246
Year Ended
31.3.24
£
254,378
3,618
257,996
23

No employee received remuneration of more than £60,000 during the year (2024 - £60,000).

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2025.

Trustees' expenses

There were no trustees' expenses for the year ended 31 March 2025.

8. TAXATION

Lowther Gardens Lytham is a registered charity, is therefore exempt from tax on income, and gains to the extent that these are applied to its charitable objects.

The trading subsidiary is subject to corporation tax and the charge in the year is shown in the detailed consolidated statement of financial activities.

Page 17

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

9. TANGIBLE FIXED - ASSETS – GROUP

COST OR VALUATION
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for the year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
COST OR VALUATION
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for the year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Plant &
Machinery
£
415,388
146,022
561,410
307,042
22,072
329,114
232,296
108,346		 Land
£
257,000
-
257,000
-
-
-
257,000
257,000
Fixtures and
fittings
£
2,000
12,431
14,431
17
200
217
14,214
1,983		 Buildings
£
2,183,842
1,314,615
3,498,457
87,265
29,689
116,954
3,381,503
2,096,577
Computer
Equipment
£
13,367
1,583
14,950
10,507
2,194
12,701
2,249
2,860		 Improvements
to property
£
200,849
-
200,849
26,780
6,695
33,475
167,374
174,069
Totals
£
3,072,446
1,474,651
4,547,097
431,611
60,850
492,461
4,054,636
2,640,835

Page 18

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

9. TANGIBLE FIXED - ASSETS – CHARITY

COST OR VALUATION
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for the year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Land
£
257,000
-
257,000
-
-
-
257,000
257,000		 Buildings
£
2,183,842
1,314,615
3,498,457
87,265
29,689
116,954
3,381,503
2,096,577		 Plant and
Machinery
£
172,284
146,022
318,306
172,284
-
172,284
146,022
-		 Fixtures
and
Fittings
£
-
12,431
12,431
-
-
-
12,431
-		 Totals
£
2,613,126
1,473,068
4,086,194
259,549
29,689
289,238
3,796,956
2,353,577

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

Cost
Accumulated depreciation
Carrying value		 2025
£
2024
£
3,806,341
2,491,728
(509,022)
(479,485)
3,297,319
2,012,243

Page 19

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

10. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2024
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 £
145,000
145,000
145,000
145,000

11. INVESTMENT IN SUBSIDARY COMPANIES

The charity has a subsidiary company, Lowther Gardens (Lytham) Management Limited. This is a private company limited by guarantee without share capital. By virtue of its effective management being closely integrated to the charity, in that the Directors are also Trustees of the charity, and that its trade is for the benefit of the charity it is therefore treated as wholly owned subsidiary.

Details of the subsidiary company are disclosed below:

Lowther Gardens (Lytham) Management Ltd
Company number: 07520640
Assets
Liabilities
Capital & Reserves
Turnover
Other Income
Expenditure
Profit/(Loss)		 2025
2024
£
£
1,227,530
915,504
(1,168,920)
(831,451)
58,610
84,053
1,655,044
1,386,370
102,142
79,770
(1,782,629)
(1,487,006)
(25,443)
(20,866)

Page 20

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
Trade debtors
Prepayments and other debtors
VAT
CHARITY
Trade debtors
VAT
Prepayments and other debtors
Intercompany debtor
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
Trade creditors
Taxation and social security
Other creditors
Accruals
Bank Loans
FBC Loan
CHARITY
Bank Loans and overdrafts
Trade creditors
Other creditors		 2025
£
41,861
15,204
43,887
100,952
2025
£
2,849
43,887
6,628
-
53,364
2025
£
128,826
61,784
14,243
923,226
45,072
-
1,173,151
2025
£
10,072
97,531
298,187
405,790		 2024
£
41,890
65,996
107,886
2024
£
8,797
41,442
3,965
249,203
303,407
2024
£
30,387
42,546
21,238
466,103
10,072
5,000
-
575,346
2024
£
10,072
4,563
9,760
24,395

Page 21

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

GROUP
Bank Loans
FBC Loan
CHARITY
Bank Loans		 2025
2024
£
£
307,710
17,368
-
10,220
307,710
27,588
2025
2024
£
£
7,293
17,369

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:
Non-cancellable operating leases
Within one year
Between one and five years		 2025
2024
£
£
6,861
1,893
20,536
2,997
27,397
4,890

Page 22

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

16. CAPITAL COMMITMENTS

As of 31 March 2025, the total value of works contracted for but not yet provided for in these financial statements is £177,488. This relates to the construction work of the new WPEC.

17. RELATED PARTY DISCLOSURES

At the year end, the balance owed to Lowther Gardens (Lytham) Management Ltd totalled £84,189 (2024: £245,203 due from Lowther Gardens (Lytham) Management Ltd) arising from transfers between the two entities. During the year, sales to Lowther Gardens (Lytham) Management Ltd totalled £24,000 (2024: £24,000) for rental charges.

Fylde Borough Council is a trustee of Lowther Gardens Lytham Trust. At the year end, the group balance owed to Fylde Borough Council totalled £Nil (2024: £790). During the year, group sales to Fylde Borough Council totalled £348,716 (2024: £7,547) and group purchases from Fylde Borough Council totalled £52,449 (2024: £43,767).

Timothy Lince is the current CEO of Lowther Gardens Lytham Trust and is a former trustee, he also trades under the name of Pendle Productions.

At the year end, the group balance owed to Pendle Productions totalled £Nil (2024: £3,804) from transfers between the two entities. During the year, group purchases from Pendle Productions totalled £62,617 (2024: £67,821).

18.
MOVEMENT IN FUNDS
GROUP
Unrestricted funds
General fund
Fair value reserve
Property asset fund
Restricted funds
Tree Guardians Adopt a
Tree Scheme
Studio Theatre and
Education Centre
(WPEC)
User Group Grants
Youth Theatre Bursary
Scheme
TOTAL FUNDS		 At 1.4.24
£
376,968
93,659
2,404,918
2,875,545
10,648
105,784
15,121
-
131,553
3,007,098		 Net movement
in funds
£
(572,143)
-
687,745
115,602
1,521
657,692
2,820
6,000
668,033
783,635		 Transfers
between funds
£
-
(152)
755,786
755,634
-
(755,634)
-
-
(755,634)
-		 At 31.3.25
£
(195,175)
93,507
3,848,449
3,746,781
12,169
7,842
17,941
6,000
43,952
3,790,733

Page 23

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

19. MOVEMENT IN FUNDS
GROUP
Unrestricted funds
General fund
Restricted funds
Tree Guardians Adopt a
Tree Scheme
Studio Theatre and
User Group Grants
Youth Theatre Bursary
Scheme
TOTAL FUNDS
20.
MOVEMENT IN FUNDS
CHARITY
Unrestricted funds
General fund
Fair value reserve
Property asset fund
Restricted funds
Tree Guardians Adopt a
Tree Scheme
Studio Theatre and
Education Centre
(WPEC)
User Group Grants
Youth Theatre Bursary
Scheme
TOTAL FUNDS		 At 1.4.24
£
292,913
93,659
2,404,918
2,791,490
10,648
105,784
15,122
-
131,554
2,923,044		 Incoming
resources
£
1,946,496
1,521
657,691
9,000
6,000
674,212
2,620,708
Net movement
in funds
£
(546,700)
-
687,745
141,045
1,521
657,692
2,820
6,000
668,033
809,078		 Resources
expended
£
(1,830,894)
-
1
(6,180)
-
(6,179)
(1,837,073)
Transfers
between funds
£
-
(152)
755,786
755,634
-
(755,634)
-
-
(755,634)
-		 Movement in
Funds
£
115,602
1,521
657,692
2,820
6,000
662,033
783,635
At 31.3.25
£
(253,787)
93,507
3,848,449
3,688,169
12,169
7,842
17,942
6,000
43,953
3,732,122

Page 24

LOWTHER GARDENS LYTHAM

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2025

21. MOVEMENT IN FUNDS
CHARITY
Unrestricted funds
General fund
Restricted funds
Tree Guardians Adopt a
Tree Scheme
Studio Theatre and
User Group Grants
Youth Theatre Bursary
Scheme
TOTAL FUNDS		 Incoming
resources
£
275,310
1,521
657,691
9,000
6,000
674,212
949,522		 Resources
expended
£
(134,265)
-
1
(6,180)
-
(6,179)
(140,444)		 Movement in
Funds
£
141,045
1,521
657,692
2,820
6,000
668,033
809,078

22. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net Income
Tax
Depreciation
Change in stock
Change in debtors
Change in creditors		 2025
£
779,510
4,125
60,849
(1,077)
6,934
563,680
1,414,021		 2024
£
199,400
2,245
59,950
(2,543)
(54,259)
130,214
335,007

Page 25

LOWTHER GARDENS LYTHAM

DETAILED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

TURNOVER
Cost of sales
GROSS SURPLUS
Other Income
Fundraising activities, donations and gifts
Grants
Other incoming resources
Investment income
Expenditure
Fundraising expenses
Hire of plant and machinery
Wages
Social security
Pension
Cleaning, laundry and waste
Light, heat and water
Telephone, fax and internet
Postage and stationery
Advertising and marketing
Motor and travel
Repairs and renewals
Computer maintenance
Depreciation
Other costs
Insurance
Staff hire/training
Sundry
Carried forward		 Year Ended
31.3.2 5
£
£
1,655,044
(938,598)
716,446
839,830
-
122,642
3,192
965,664
1,682,110
84,802
11,954

294,939

14,959

3,599

23,368
37,015
1,548
6,050
67,614
545
40,907
58,811
60,849
3,634
18,158
46,251
88
(775,091)
907,019		 Year Ended
31.3.24

£
£

1,386,371
(756,315)

630,056
253,385
-
98,270
7,680
359,335

989,391
64,869
13,547
244,012
10,366
3,618
22,136
39,227
1,859
6,150
62,218
626
38,616
49,605
59,950
108
17,314
56,295
4,728
(695,244)
294,147

Page 26

LOWTHER GARDENS LYTHAM

DETAILED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Brought forward
Finance charges
Bad debts
Accountancy
Legal and professional fees
SURPLUS BEFORE TAXATION
Tax on (surplus)/deficit
SURPLUS FOR THE FINANCIAL YEAR
OTHER COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR
Year Ended
31.3.25
£
£
907,019
54,628
358
18,434
54,089

(127,509)
779,510
4,125
783,635
-

783,635		 Year Ended
31.3.24

£
£

294,147
27,229
125
14,246
53,147
(94,747)

199,400
2,245

201,645
-
201,645		 Year Ended
31.3.24

£
£

294,147
27,229
125
14,246
53,147
(94,747)

199,400
2,245

201,645
-
201,645

199,400
2,245
201,645
-
201,645

Page 27