2022-03-31-accounts - Lakeland Arts

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Reference and Administrative		Details	I to 2
Strategic Report			3to 15
Trustees' Report			16to2l
Independent Auditors'	Report		22 to 24
Consolidated Statement ofFinancial Activities			25 to 26
Consolidated Balance Sheet			27
Balance Sheet
Consolidated Statement	ofCash Flows		29
Notes to the Financial	Statements		30to 67

Registered	Abbot Hall Gallery
	Kirkland
	Kendal
	LA9 5AL
Auditor	Stables Thompson	ScBriscoe
	Chartered Accountants k Statutory		Auditor
	Lowther House
	Lowther Street
	Kendal
	LA9 4DX
Solicitors	Simpson Millar (to	June 2020)
	5/7 Skipton Street
	Morecambe
	LA4 4AW
Bankers	Barclays Bank Plc
	9Highgate
	Kendal
	LA9 4DF

The trustees	and officers serving	the year and since the	the year and since the	year end	were as follows:
Trustees:		E M Astle (appointcd	23 September 2022)
		M Benjamin
		SA Crewc
		K M Howarth (appointed 22 July			202l)
		A Karwa (appointed	27	May 2022)
		E Kentley
		A M Lyles (appointed	23 September 2022)
		J Mottram PhD
		D Rcid MCIOF
		G I' Rycroft (appointed		22 July 2021)
		Lady EScott (appointed		27 May	202l)
		N W RThompson
Senior Management	ILeadership	R l-larris
Team:		EMoss
		L Garrett l-lampson
		C Gilbert
		C Kennedy
		K Offord
		l Read
		C Robinson
		J Wilson
		A Saczek

			Unrestricted	Rcstrictcd	Endowment	Total
		Note	fundsf	funds	funds	2022
Income and Endowments		from:
Donations and legacies			1,418,653	130,114		1,548,767
Charitable activities			454,585			454,585
Other trading activities			628,046			628,046
Investment income			4,636	17,405		22,041
Other income			89,867			89,867
Total income			2,595,787	147,519		2,743,306
Expenditure on:
Raising funds			(947,495)			(947,495)
Charitable activities			(1,689,065)	(1,198,597)		(2,887,662)
Total expenditure			(2,636,560)	(1,198,597)		(3,835,157)
Gains/losses on invcstmcnt
assets			6,080			6,080
Net expenditure			(34,693)	(1,051,078)		(1,085,771)
Other recognised	gains and
losses
Actuarial gains on defined
benefit pension schemes			94,000			94,000
Net movement in funds			59,307	(1,051,078)		(991,771)
Reconciliation offunds
Total funds brought	forward		(80,688)	17,363,666	585,000	17,867,978
Total funds carried	forward	25	(21,381)	16,312,588	585,000	16,876,207

		R	ecognised Gains	and Losses)
			Unrestricted	Restricted	Endowment	Total
		Note	fundsf	funds	funds f,	2021
Income and Endowinents		from:
Donations and legacies		3	1,868,312	879,345		2,747,657
Charitable activities		4	310,051			310,051
Other trading activities		5	163,773			163,773
Investment income		6	6,531	20,171		26,702
Other income		7	33,794			33,794
Total income			2,382,461	899,516		3,281,977
Expenditure on:
Raising funds			(643,974)			(643,974)
Charitable activities			(1,258,734)	(321,557)		(1,580,291)
Total expenditure			(1,902,708)	(321,557)		(2,224,265)
Gains/losses on investment assets			~57,555)		101,155	43,600
Net income			422,198	577,959	101,155	1,101,312
Transfers between	funds		61,789	39,366	(101,155)
Other recognised	gains and
losses
Gains/losses on revaluation		of
fixed assets			24,000	(1,177,493)		(1,153,493)
Actuarial gains on defined
benefit pension schemes			56,000			56,000
Net movement in funds			563,987	(560,168)		3,819
Reconciliation offunds
Total funds brought	forward		(644,676)	17,923,835	585,000	17,864,159
Total funds carried	forward	25	(80,689)	17,363,667	585,000	17,867,978

					2022	2021
				Note	f,
Fixed assets
Tangible assets				16	17,375,984	18,227,033
Investments					762,727	907,838
					18,138,711	19,134,871
Current assets
Stocks				19	35,773	33,397
Debtors				20	128,681	121,199
Cash at bank and in hand				21	420,890	631,652
					585,344	786,248
Creditors: Amounts	falling		duc within one year	22	(263,660)	(376,309)
Net current assets					321,684	409,939
Total assets less current		liabilities			18,460,395	19,544,810
Creditors: Amounts	falling		duc after more than one year	23	(1,244,188)	(1,240,833)
Net assets excluding	pension		liability		17,216,207	18,303,977
Pension scheme liability				24	(340,000)	(435,999)
Net assets including	pension		liability		16,876,207	17,867,978
Funds ofthc group:
Endowment funds					585,000	585,000
Restricted income funds
Restricted funds				25	16,312,589	17,363,667
Unrestricted income	funds
Unrestricted funds					(21,382)	(80,689)
Total funds				25	16,876,207	17,867,978

					2022	2021
				Note		f,(As rcstatcd)
Fixed assets
'I'angible assets				16	17,375,984	18,227,033
Investments					126,002	286,002
					17,501,986	]8,513,035
Current assets
Debtors				20	337,048	393,969
Cash at bank	and in hand			21	413,690	624,943
					750,738	1,018,912
Creditors: Amounts		falling	due within one year	22	(233,502)	(365,963)
Net current	assets				517,236	652,949
Total assets	less current liabilities				18,019,222	19,165,984
Creditors: Amounts		falling	due after morc than one year	23	(1,244,188)	(1,240,833)
Nct assets including		pension	liability		16,775,034	17,925,151
Funds ofthc	charity:
Restricted income funds
Restricted funds				25	16,305,983	17,363,666
Unrestricted	income	funds
Unrestricted	funds				469,051	561,485
Total funds				25	16,775,034	17,925,151

Consolidated St	atemen	t of	Ca	sh F	lows for the	Year E	nded 31March	2022
						Note	2022	2021f
Cash flows from operating activities
Net cash (expenditure)/income							(991,771)	3,819
Adjustmcnts to cash flows from non-cash			items
Depreciation						16	851,048	43,167
Investinent income						6	(22,041)	(26,702)
Revaluation ofinvestments							(6,080)	(43,600)
Revaluation offixed assets held for the group's				own	use			1,153,493
							(168,844)	1,130,177
Working capital adjustments
(Increase)/decrease in stocks						19	(2,376)	3,053
(Increase)/decrease in debtors						20	(7,482)	116,726
Decrease in creditors						22	(108,945)	(412,208)
Decrease (increase) in retirement benefit obligation					net ofactuarial
changes						24	(95,998)	(56,002)
Net cash flows from operating	activities						(383,645)	781,746
Cash flows from investing activities
Interest receivable and similar	income					6	4,636	6,531
Purchase oftangible fixed assets						16		(137,424)
Purchase ofinvestments							(8,809)
Sale ofinvestments							160,000	149,803
Income from dividends							17,405	20,171
Net cash flows from investing	activities						173,232	39,081
Cash flows I'rom financing activities
Repayment ofloans and borrowings						22	(349)	(250,000)
Net (decrease)/increase in cash and cash equivalents							(210,762)	570,827
Cash and cash equivalents at	I April						631,652	60,825
Cash and cash equivalents at	31 March						420,890	631,652
Reconciliation ofnet cash flow to movcmcnt				in nct funds
(Decrease)/increase in cash							(210,762)	570,827
Cash outflow from repayment	ofloans						349	250,000
Change in net (dcbt)/funds resulting		from cash		flows			(210,413)	820,827
Net debt at I April 2021							(618,348)	(1,439,175)
Net (debt)/funds at 31 March	2022						(f828,761)	(f618,348)

				Unrestricted
				funds	Restricted	Total	Total
				General	funds	2022	2021
				f,			f,
Donations and		legacies;
Donations	to	major appeals					285,247
Donations	from companies,		trusts
and similar	proceeds			1,324,243	130,114	1,454,357	2,375,876
Legacies				6,812		6,812
Gift aid reclaimed				15,563		15,563	15,938
Membership	income (including
I'riends, patrons		and benefactors)		72,035		72,035	70,596
				1,418,653	130,114	1,548,767	2,747,657

		2021
Windcrmerc	Jetty Capital Project
NCRF Funding		285,247
Sub total		285,247

Other grants and donations						Unrestricted funds	Restricted funds	2022	2021
Core Grants
Arts Council England NPO						451,847		451,847	451,680
Lakeland Arts Support Trust						48,000		48,000	56,000
South Lakeland District Council						79,000		79,000	25,000
Cumbria County Council						10,000		10,000	10,000
Kendal Town Council						3,000		3,000	3,000
Covid-19 and Business Continuity				Grants
CJRS government grants support	and	BBL			interest	33,537		33,537	379,332
Arts Council Emergency Response			Fund						358,010
Wolfson Foundation									250,000
DCMS Cultural Recovery Fund Round					I &2	674,409		674,409	219,067
National Lottery Heritage Fund	Fund			Emergency					250,000
SLDC Omicron						18,000		18,000
STOS Funding							10,000	10,000
Garfield Weston Foundation									200,000
Programme/Project Grants
SirJohn Fisher Foundation									25,000
John Murray Charitable Trust							50,000	50,000
The Granada Foundation									6,000
Clore Duffield Foundation, Programme	Cultural			Learning					20,000
Art Fund									44,895
Association for Industrial Archeology							9,645	9,645
The Headley Trust							15,000	15,000	15,000
Lindeth Charitable Trust							5,000	5,000
Areti Charitable Trust							2,991	2,991
The John EIIerman Foundation							31,667	31,667	31,667
Great Britain Sasakawa Foundation				Grant			1,411	1,411
The Pilgrim Trust									8,341
BESTT									12,728
Other donations and small grants						6,450	4,400	10,850	10,156
						1,324,243	130,114	1,454,357	2,375,876

		Unrestricted
		funds	Total
		General	2022
Visitor income		389,271	389,271
Learning	income	4,341	4,341
Museums	and Galleries tax relief	60,973	60,973
		454,585	454,585
		Unrestricted
		funds	Total
		General	2021
Visitor income		94,244	94,244
Learning	income	110	110
Museums	and Galleries tax relief	215,697	215,697
		310,051	310,051

		Unrestricted
		funds	Total
		General	funds
		f	K
Trading	income;
Sales	ofgoods and services	626,959	626,959
Events	income;
Other	events income	1,087	1,087
Total for 2022		628,046	628,046
Total for 2021		163,773	163,773

					Unrestricted
					funds	Restricted	Total
					General	fundsf	ZOZ2
Income from	dividends;
Dividends	rcccivablc		from other listed invcstmcnts			17,405	17,405
Interest receivable		and similar		income;
Interest receivable on			bank deposits		864			864
Income from	rents				3,772		3,772
					4,636	17,405	22,041
					Unrestricted
					funds	Restricted	Total
					General	funds	2021
Income from	dividends;
Dividends	receivable		from other listed investments			20,171	20,	171
Interest rcccivable		and similar		income;
Interest receivable on			bank deposits		657			657
Other income	from	fixed asset		investmcnts	654			654
Income from	rents				5,220		5,220
					6,531	20,171	26,702

		Unrestricted
			Total	Total
		General	2022	2021
				f,
Other income		11,105	11,105	30
CGS VAT Adjustment		53,689	53,689	33,764
Offgcm Renewal	Heat Incentive	25,073	25,073
		89,867	89,867	33,794

					Unrestricted
					funds	Total
					General	2022
				Note
Other direct costs ofgenerating		voluntary	income		84,888	84,888
Allocated	support costs			10	42,283	42,283
					127,171	127,171
					Unrestricted
					funds	Total
					General	2021
				Note	K
Other direct costs ofgenerating		voluntary	income		57,830	57,830
Allocated	support costs			10	24,165	24,165
					81,995	81,995

b) Costs	o	ftradin	g activities
					Unrestricted
					funds	Total
				Note	General	2022f
Trading subsidiary			costs		244,363	244,363
Marketing		and publicity			82,477	82,477
Wages and		salaries			376,385	376,385
Allocated	support		costs	10	117,099	117,099
					820,324	820,324
					Unrestricted
					funds	Total
					General	2021
				Note		f,
Trading subsidiary			costs		49,248	49,248
Marketing		and publicity			57,533	57,533
Wages and		salaries			359,324	359,324
Allocated	support		costs	10	94,709	94,709
					560,814	560,814

d) Total e	xpenditur	e on	raisi	ng funds
						Allocated	Total
					Direct costs	support costs	2022
Costs ofgenerating		donations		and legacies	84,888	42,283	127,171
Costs oftrading activities					703,225	117,099	820,324
					788,113	159,382	947,495
						Allocated	Total
					Direct costs	support costs	2021
							f,
Costs ofgenerating		donations		and legacies	57,830	24,165	81,995
Costs oftrading activities					466,105	94,709	560,814
Investment	management		costs		1,165		1,165
					525,100	118,874	643,974

						Activity
						undertaken	Activity
						directly	support	costs	2022
Exhibition	programmes					236,203		64,633	300,836
Collections	and conservation of			exhibits		346,536		65,058	411,594
Learning						146,445		62,753	209,198
Historic buildings		and premises		costs		606,424		59,181	665,605
Visitor operations						252,414		70,583	322,997
Abbot Hall	Project					702,347			702,347
Windeimere	Jetty	Project				3,838			3,838
National Lottery Heritage			Emergency		Fund	3,337		55,735	59,072
Art Fund						20,586			20,586
Garfield Weston Foundation						156,668			156,668
Clore Duffield						1,174			1,174
						2,475,972	377,943		2,853,915
						Activity
						undertaken	Activity
						directly	support	costs	2021
									f,
Exhibition	programmes					134,964		52,065	187,029
Collections	and conservation of			exhibits		180,581		51,420	232,001
Learning						124,133		50,427	174,560
Historic buildings		and premises		costs		337,358		45,680	383,038
Visitor operations						243,861		55,702	299,563
Abbot Hall	Project					1,116		204	1,320
Windermere	Jetty	Project				4,535		830	5,365
NLHF Resilience Project						8,917		1,630	10,547
National Lottery Heritage			Emergency		Fund	194,277		39,749	234,026
Art Fund						11,557		2,113	13,670
Garfield Weston Foundation						6,323		1,156	7,479
						1,247,622	300,976		1,548,598

							Unrestricted
							funds	Restricted	Total
							Designated	funds	2022
Exhibition	programmes						299,425	1,411	300,836
Collections	and conservation			of	exhibits		320,922	90,672	411,594
Learning							209,198		209,198
Historic buildings		and premises			costs		499,427	166,178	665,605
Visitor operations							322,997		322,997
Windermere	Jetty	Project						3,838	3,838
Abbot Hall	Project							702,347	702,347
National Lottery Heritage			Emergency			Fund	3,349	55,723	59,072
Art Fund								20,586	20,586
Garfield Wcston Foundation								156,668	156,668
Clore Duffield								1,174	1,174
							1,655,318	1,198,597	2,853,915
							Unrcstrictcd
							funds	Restricted	Total
							Ceneral	funds	2021
Exhibition	programmes						185,104	1,925	187,029
Collections	and conservation			of	exhibits		161,265	70,736	232,001
Learning							172,560	2,000	174,560
Historic buildings		and premises			costs		362,867	20,171	383,038
Visitor operations							299,563		299,563
Windcrmere	Jetty	Project					830	4,535	5,365
Abbot Hall	Project						204	1,116	1,320
NLHF Resilience Project							1,630	8,917	10,547
National Lottery Heritage			Emergency			Fund	39,749	194,277	234,026
Art Fund							2,113	11,557	13,670
Garfield Weston Foundation							1,156	6,323	7,479
							],227,041	321,557	1,548,598

			Unrestricted
				Total	Total
			Gcncral	2022 f,	2021f
Staffcosts
Pension costs			11,600	11,600	13,300
Audit fees
Audit and other fees	paid	to auditors	16,423	16,423	17,321
Trustees remuneration	and	expenses	1,412	1,412
Legal fees			3,420	3,420
Loan interest			891	891	1,072
			33,746	33,746	31,693
11 Nct incoming/outgoing		resources
Net (outgoing)/incoming	resources for the year include:
				2022	2021
Audit fees				15,163	15,302
Depreciation offixed assets				211,154	43,168

13 Staffcosts The aggregate payroll costs were as follows:
	2022	2021
	f,	f,
Staffcosts during thc year werc:
Wages and salaries	1,324,965	1,159,463
Social security costs	90,759	83,219
Pension costs	34,378	35,044
	1,450,102	1,277,726

group during	the y	ear ex	pressed as	full time equivalents was as f	ollows:
					2022		2021
					No		No
Management,	curatorial,		marketing	and learning		23		20
Administration						6		6
Desk/shop staff						4		5
Coffee House	&Tea Room					12		ll
Other						2		2
Hcritagc boat	team					3		3
Boat conservation		team				5		6
						55		53

2022	2021
No	No

								2022	2021
Audit ofthe financial	statements							15,163	15,302
Other fees to auditors
The auditing ofaccounts		ofany	associate ofthe		charity			1,260	724
Audit-related assurance		services							1,295
								1,260	2,019
The audit fees include	provision		ofaccountancy		services	for	the preparation of	group accounts.
IS Taxation
'I'he group is a registered		charity	and is therefore		exempt	from taxation.
16 Tangible fixed assets
Group
								Asset in the
		Land	and	Furniture and				course of
		buildings		equipment			Motor vehicles	construction	Total
					f.
Cost/Valuation
At I April 2021		17,448,000			482,237		34,483	635,527	18,600,247
At 31 March 2022		17,448,000			482,237		34,483	635,527	18,600,247
Depreciation
At I April 2021					358,265		14,950		373,215
Charge for the year		155,378			55,776		4,367	635,527	851,048
At 31 March 2022		155,378			414,041		19,317	635,527	1,224,263
Net book value
At 31 March 2022		17,292,622			68,196		15,166		17,375,984
At 31 March 2021		17,448,000			123,972		19,533	635,527	18,227,032

Charity
				Asset m the
	Land and	Furniture and		course of
	buildings	cquipmcnt	Motor vehicles	construction	Total
		f,		f,
Cost/Valuation
At I April 2021	17,448,000	482,237	34,483	635,527	18,600,247
At 31 March 2022	17,448,000	482,237	34,483	635,527	18,600,247
Depreciation
At I April 2021		358,265	14,950		373,215
Charge for the year	155,378	55,776	4,367	635,527	851,048
At 31 March 2022	155,378	414,041	19,317	635,527	1,224,263
Net book value
At 31 March 2022	17,292,622	68,196	15,166		17,375,984
At 31 March 2021	17,448,000	123,972	19,533	635,527	18,227,032

Summary	oftransactions
		2022	2021		2020	2019	2017
						f,
Purchases	and additions
Furniture					25,000		20,000
Textiles							1,062
Drawings		17,344			10	15,300
Maritime		10,000
Donations
Ceramics		1,240
Costume		30
Drawings		5,430			1,260		100
Engravings					500
Ephemera		150			155
Industrial	history				240		100
Paintings		14,000	214,000			40,000	1,260,000
Photographs		300	3,100
Sculpture			750,000
Social history		4,571		100		170	250
Maritime		35,015	16,000		100	45,200
Furniture		105,080			3,000
Horology					500
Total additions		193,t60	983,200		30,765	100,670	1,281,512

Group
		2022	2021
Investment	properties	126,000	286,000
Other investments		636,727	621,838
		762,727	907,838
Investment	properties
			Investment
			properties
Cost or Valuation
At I April	2021		286,000
Disposals			(160,000)
At 31 March 2022			126,000
Provision
At 31 March 2022
Net book	value
At 31 March 2022			126,000
At 31 March 2021			286,000

Other investments
			Listed
			investments	Total
Cost or Valuation
At 1 April 2021			621,838	621,838
Revaluation			6,080	6,080
Additions			8,809	8,809
At 31 March 2022			636,727	636,727
Net book value
At 31 March 2022			636,727	636,727
At 31 March 2021			621,838	621,838
Charity
			2022	202]
				f,
Investment properties			126,000	286,000
Shares in group undertakings	and participating	interests	2	2
			126,002	286,002
Investment properties
				Investment
				properties
Cost or Valuation
At I April 2021				286,000
Disposal s				(160,000)
At 31 March 2022				126,000
Provision
At 31 March 2022
Net book value
At 31 March 2022				126,000
At 31 March 2021				286,000

Shares in group undertakings and participating	interests
	Subsidiary
	undertakings		Total
Cost
At I April 2021
At 31 March 2022
Net book value
At 31 March 2022		2		2
At 31 March 2021

			Country of		Proportion ofvoting	Proportion ofvoting	rights	Principal
Undertaking			incorporation	1lolding	and shares held			activity
					2022	2021
Subsidiary		undertakings
Lakeland Enterprises	Arts Ltd		England	Ordinary	100%	100%		Operating rooms giA shops	tea and
19 Stock
				Group			Charity
				2022f	2021	2022f		2021f
Finished goods				35,773	33,397

20 Debtors
			Group		Charity
			2022	2021	2022	2021
			f,
Trade debtors			64,752	14,283	64,752	13,994
Due from group undertakings			(1)		210,439	273,363
Prepayments			38,288	24,079	38,288	24,079
Accrued income			7,792	47,189	7,792	47,189
VAT recoverable			17,080	20,652	15,007	20,348
Other debtors			770	14,996	770	14,996
			128,681	121,199	337,048	393,969
21 Cash and	cash equivalents
			Group		Charity
				2021	2022 f,	2021f
Cash on hand			5,047	3,255	5,047	3,255
Cash at bank			327,629	236,865	326,004	236,721
Short-term deposits			88,214	391,532	82,639	384,967
			420,890	631,652	413,690	624,943
22 Creditors:	amounts	falling due within one year
			Group		Charity
			2022	2021	2022	2021
Bank loans			5,463	9,167	5,463	9,167
Trade creditors			162,392	277,426	137,950	274,991
Other taxation	and social	security	25,722	23,320	25,722	23,320
Other creditors			13,467	26,266	13,076	25,115
Accruals			43,422	26,936	38,097	20,176
Deferred income			13,194	13,194	13,194	13,194
			263,660	376,309	233,502	365,963

Deferred	incoinc
					2022	2021
Deferred	income at		I April 2021		13,194	13,194
Resources	deferred		in the period		13,194	13,194
Amounts	released	from previous		periods	(13,194)	13,194)
Deferred	income at		year end		13,194	13,194
					2022	2021
						f,
Deferred	income at		I April 2021		13,194	13,194
Resources	deferred		in the period		13,194	13,194
Amounts	released	from previous		periods	(13,194)	(13,194)
Deferred	income at		year end		13,194	13,194

			Group			Charity
		2022		2021	2022		2021
Bank	loans	44,	188	40,833	44,	188	40,833
Other	loans	1,200,000		1,200,000	1,200,000		1,200,000
		1,244,	188	1,240,833	1,244,	188	1,240,833

Includ	ed in	the	credit	ors ar	e th	e following amounts due aAer in	ore than five years:
							2022	2021
								f,
AAer	more	than	five	years	by	instalments	16,767
AAer	more	than	five	years	not	by instalments	1,200,000	1,200,000
							1,216,767	1,200,000

Includ	ed in	the	credit	ors ar	e th	e following amounts due aAcr m	ore than five years:
							2022	2021
After	more	than	five	years	by	instalments	16,767
AAer	more	than	five	years	not	by instalments	1,200,000	1,200,000
							1,216,767	1,200,000

Reconciliation ofscheme assets and liabilities to assets and l The amounts recognised in the statcmcnt offinancial position	iabilities recognised arc as follows:
	2022	2021
Fair value ofscheme assets	1,495,000	1,422,000
Present value ofdefined benefit obligation	(1,835,000
Defined benefit pension scheme deficit	(340,000)	(436,000)

Defined Changes	benefit obligation in the defined benefit obligation are as follows:
		2022f
Present	value at start ofyear	(1,858,000)
Current	service cost	(3,000)
Interest	cost	(39,000)
Actuarial	gains and losses	(13,000)
Benefits	paid	78,000
Present value at end ofyear		(1,835,000)

Fair value ofsclieme assets Changes in the fair value ofscheme assets are as follows:
	2022
Fair value at start ofyear	1,422,000
Interest income	29,000
Actuarial gains and losses	107,000
Employer contributions	15,000
Benefits paid	(78,000)
I'air value at end ofyear	1,495,000

			2022	2021
Cash and cash equivalents			42,000	58,000
Equity	instruments		524,000	546,000
Government		bonds	253,000	250,000
Property			136,000	114,000
Other			540,000	454,000
			1,495,000	1,422,000
Return	on	scheme assets
			2022	2021
			f.
Return	on scheme assets		135,000	237,000

			2022	2021
				0/
Mortality	rate		1.75	1.75
Discount	rate		2.80	2.10
Future salary		increases	5.00	4.20
Future pension		increases	3.60	2.80
Inflation			3.50	2.70

				2022	2021
				Years	Years
Current	UK pensioners	at retirement	agc - male	23.00	23.00
Current	UK pcnsioners	at retirement	agc - female	25.00	25.00
Future	UK pensioners	at retirement	age - male	24.00	24,00
Future	UK pensioners	at retirement	age - female	27.00	27.00

Group
									Balance
			Balance					Other	at 31
			at	I April	Incoming	Resources		recognised	March
				2021	resources	expended f,	Transfers	gains/(losses)	2022 f
Unrestricted funds
General
General funds			355,310		2,595,787	(2,636,560)	(1,999)	6,080	318,618
Designated
Pension scheme	deficit		(435,999)				1,999	94,000	(340,000)
Total unrestricted		funds	(80,689)		2,595,787	(2,636,560)		100,080	(21,382)
Restricted funds
Windermere Jetty
Construction			17,234,000			(155,378)			17,078,622
Winder merc Boat		Collection			68,400	(49,360)			19,040
Windermcrc Jetty		Capital
I unds			280,712			(3,838)			276,874
Collections Fund					5,000				5,000
NLHF loan			(1,200,000)						(1,200,000)
Blackwell Endowment					17,405	(10,800)			6,605
Aurelius Trust (Blackwell
Library)				1,163					1,163
Association ofIndustrial
Archeology					9,645	(9,645)
Social Enterprise		Funding			10,000				10,000
Abbot Hall Redevelopment			744,470		1,000	(702,347)			43,123
Areti Charitable	Trust				2,991				2,991
Great Britain Sasakawa
Foundation					1,411	(1,411)
'I'he John Ellerman
I'oundation					31,667	(31,667)
NHLF				55,723		(55,723)
Art Fund				33,338		(20,586)			12,752
Garfield Weston	Foundation		194,261			(156,668)			37,593
Clore Duffield Foundation				20,000		(1,174)			18,826
Total restricted funds			17,363,667		147,519	(1,198,597)			16,312,589
Permanent
8lackwell Endowment			585,000						585,000

Notes	to the Fin	anci	al State	ments for	the Year E	nded	31	March 2022
									Balance
		Balance						Other	at 31
		at	I April	Incoming	Resources			recognised	March
			2021	resources	expended	Transfers f		gains/(losses)	2022
Total funds		17,867,978		2,743,306	(3,835,157)			100,080	16,876,207
									Balance
		Balance						Other	at 31
		at	I April	Incoming	Resources			recogntsed	March
			2020	resources	expended	Transfers		gains/(losses)	2021
Unrestricted funds
General
General funds		(152,676)		2,348,697	(1,855,644)	48,488		(33,555)	355,310
Designated
Pension scheme deficit		~492,000)			(13,300)	13,301		56,000	~435,999)
Total unrestricted	funds	(644,676)		2,348,697	(~1,868,944	61,789		22,445	(80,689)
Restricted funds
Windermere Jetty
Construction		18,375,314				36,179		(1,177,493)	17,234,000
Windermerc Jetty	Capital
Funds				285,247	(4,535)				280,712
NLHF loan		(1,200,000)							(1,200,000)
Blackwell Endowment				20,171	(20,171)
Aurelius Trust (Blackwell
Library)			1,163						1,163
Abbot Hall Redevelopment		741,044		4,542	(1,116)				744,470
National Lottery Fund,
Resilient Heritage			6,314		(8,917)	2,603
The Japan Society				750	(750)
Cumbria Community
Foundation				1,175	(1,175)
The John Ellerman
Foundation				31,667	(31,667)
The Pilgrim Trust				8,341	(8,341)
The Headley Trust				15,000	(15,000)
BESTT				12,728	(12,728)
NHLF				250,000	(194,277)				55,723
Art Fund				44,895	(11,557)				33,338
Garfield Weston Foundation				200,000	(6,323)		584		194,261
Granada Foundation				2,000	(2,000)
Clore Dufficld Foundation				20,000					20,000
Kcndal Town Council				3,000	(3,000)
Total restricted funds		17,923,835		899,516	(321,557)	39,366		(1,177,493)	17,363,667
				Page 61

Notes to the	Financial State	ments for	the Year E	nded 31M	arch 2022
						Balance
	Balance				Other	at3l
	at I April	Incoming	Resources		rccogniscd	March
	2020	resources f	expended f	Transfers	gains/(losses)	2021
Permanent
B1ackwel 1 Endowment	585,000			(101,155)	101,155	585,000
Total funds	17,864,159	3,248,213	(2,190,501)		(1,053,893)	17,867,978

Charity
							Balance at
				Balance at 1	Incoming	Resources	31 March
				April 2021	resou rccs	expended	2022
					f,
Unrestricted funds
General
General funds				561,485	2,029,951	(2,122,385)	469,051
Restricted funds
Windermere Jetty	Construction			17,234,000		(155,378)	17,078,622
Windcrmerc Jetty	Capital		Funds	280,712		(3,838)	276,874
Collection funds					5,000		5,000
Windermere Boat	Collection				68,400	(49,360)	19,040
HLF loan				(1,200,000)			(1,200,000)
Association ofIndustrial			Archeology		9,645	(9,645)
Social Enterprise	Funding				10,000		10,000
Areti Charitable Trust					2,991		2,991
Great Britain Sasakawa		Foundation			1,411	(1,411)
Aurelius Trust (8lackwell			Library)	1,163			1,163
Abbot Hall Redevelopmcnt				744,470	1,000	(702,347)	43,123
The John Ellerman	I"oundation				31,667	(31,667)
NHLF				55,723		(55,723)
Art Fund				33,338		(20,586)	12,752
Garfield Weston Foundation				194,260		(156,668)	37,592
Clore Duffield I'oundation				20,000		(1,174)	18,826
Total restricted funds				17,363,666	130,114	(1,187,797)	16,305,983
Total funds				17,923,131	2,160,065	(3,310,182)	16,775,034

								Balance
		Balance					Other	at 31
		at I April	Incoming	Resources			recognised	March
		2020f	resources f	expended	Transfers f		gains/(losses)	2021 f
Unrestricted	funds
General
General funds		29,883	2,167,166	(1,556,348)	(39,366)		(39,850)	561,485
Restricted funds
Windermere	Jetty
Construction		18,375,313			36,180		(1,177,493)	17,234,000
Windermere	Jetty Capital
Funds			285,247	(4,535)				280,712
HLF loan		(1,200,000)						(1,200,000)
Aurelius Trust (Blackwell
Library)		1,163						1,163
Abbot Hall	Redevelopment	741,044	4,542	(1,116)				744,470
Heritage Lottery Fund
Resilience		6,314		(8,917)	2,603
The Japan Society			750	(750)
Cumbria Community
Foundation			1,175	(1,175)
The John Ellerman
Foundation			31,667	(31,667)
The Pilgrim	Trust - for
conservation			8,341	(8,341)
The Headley	Trust		15,000	(15,000)
BESTT			12,728	(12,728)
NHLF			250,000	(194,277)				55,723
Art Fund			44,895	(11,557)				33,338
Garfield Weston Foundation			200,000	(6,323)		583		194,260
Granada Foundation			2,000	(2,000)
Clore Duffield Foundation			20,000					20,000
Kendal Town Council			3,000	(3,000)
Total restricted funds		17,923,834	879,345	~301,386)	39,366		(1,177,493)	17,363,666
Total funds		17,953,717	3,046,511	(1,857,734)			(1,217,343)	17,925, 15 1

Group
			Unrestricted			Endowment		Total 1'unds at
			funds		Restricted		funds	31March
			General f		fundsf		Expendable f	2022f
Tangible	fixed	assets	297,362		17,078,622			17,375,984
Fixed asset investments			177,727				585,000	762,727
Current	assets		151,378			433,966		585,344
Current	liabilities		(307,847)					(307,847)
Creditors	over	I year			(1,200,000)			(1,200,000)
Total net assets			31$,620		16,312,588		585,000	17,216,208
							Endowment	Total funds
			Unrestricted	funds		Restricted	funds	at 31 March
			General f	Designated f,		funds	Expendable	2021
Tangible	fixed	assets	357,506			17,869,527		1$,227,033
Fixed asset investments			322,83$				585,000	907,838
Current	assets		92,10$			694,140		786,248
Current	liabilities		(376,309)					(376,309)
Creditors	over	I year	(40,833)			(1,200,000)		(1,240, $33)
Pension	scheme	liability		(435,999)				(435,999)
Total net assets			355,310	(435,999)		17,363,667	585,000	17,867,978

Charity
			Unrestricted		Total funds at
			funds	Restricted	31March
			General	funds	2022
Tangible	fixed	assets	297,362	17,078,622	17,375,984
Fixed asset invcstmcnts			126,002		126,002
Current	assets		323,377	427,361	750,738
Current	liabilities		(277,690)		(277,690)
Creditors	over	I year		(1,200,000)	1,200,000)
Total net assets			469,051	16,305,983	16,775,034
			Unrestricted		Total funds at
			funds	Restricted	31March
			General	funds	2021
				f.
Tangible	fixed	assets	357,506	17,869,527	18,227,033
Fixed asset investments			286,002		286,002
Current	assets		324,773	694,139	1,018,912
Current	liabilities		(365,963)		(365,963)
Creditors	over	I year	(40,833)	(1,200,000)	(1,240,833)
Total net assets			561,485	17,363,666	17,925,151
27 Analysis ofnet funds

Group
		At I April	Financing cash	At 31 March
		2021f	flowsf	2022
Cash at bank and in hand		631,652		631,652
Debt due within	one year	290,833	(290,833)
Debt due after more than one year		(40,833)	40,833
Nct debt		881,652	(250,000)	631,652
		At I April	Financing cash	At 31March
		2020	flows	2021
			f,
Cash at bank and in hand		60,825	550,827	611,652
Debt due within	one year		290,833	290,833
Debt due after more than one year			(40,833)	(40,833)
Net debt		60,825	800,827	861,652