2023-03-31-accounts - Lakeland Arts

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Reference and Administrative	Reference and Administrative
Strategic Report		2to4
Trustees' Report		5 to 20
Independent Auditors'	Report	21 to 23
Consolidated Statement	ofFinancial Activities	24 to 25
Consolidated Balance Sheet		26
Balance Sheet		27
Consolidated Statement	ofCash Flows	28
Notes to the Financial	Statements	29to 65

			Reference and Administrative	Reference and Administrative	Reference and Administrative	Reference and Administrative	Reference and Administrative	Details	Details
Trustees				M Benjamin
				SA Crewe
				K M Howarth
				A Karwa
				EKentley
				A M Lyles
				J Mottram PhD
				D Reid MCIOF
				G F RycroA
				EJScott
Secretary				C Kennedy
Senior Management		/	Leadership	R Harris, Chief Executive
Team				L Garrett Hampson,		Head	ofMarketing			and Communications
				C Kennedy, Director		ofFinance		and	Resources
				C Robinson, Head ofInnovation				and Business Development
				BMuir, Head ofDevelopment
				A Saczek, Head ofVisitor			Experience
				H Stalker, Head ofCuratorial
Charity Registration			Number	1153001
Company	Registration		Number	8162578
				The charity is incorporated			in England.
Registered	OAice			Abbot Hall Gallery
				Kirkland
				Kendal
				LA9 5AL
Auditor				Stables Thompson k, Briscoe Chartered Accountants k Statutory					Auditor
				Lowther House
				Lowther Street
				Kendal
				LA9 4DX
Solicitors				Baines Wilson
				Unit 3 Lancaster Business			Park
				10Mannin Way
				Lancaster
				LAi 3SW
Bankers				Barclays Bank Plc
				9 Highgate
				Kendal
				LA9 4DF
				Page	I

Trustees and Officers	Trustees and Officers
The trustees and officers serving during		the year and since the year end were as follows:
Trustees:		E M Astle (appointed	23 September 2022 and resigned 7October 2023)
		M Benjamin
		C W N Crewdson OBEJP(resigned 27 May 2022)
		SA Crewe
		K M Howarth
		JC Hudson FREng (resigned 27 May 2022)
		A Karwa (appointed	27 May 2022)
		EKentley
		A M Lyles (appointed	23 September 2022)
		J Mottram PhD
		D Reid MCJOF
		BRiley (resigned 27	May 2022)
		G F RycroA
		EJ Scott
		N W RThompson (resigned 7October 2023)
Secretary;		C Kennedy
Senior Management	/ Leadership	R Harris
Teanl:		L Garrett Hampson
		C Kennedy
		I Read (resigned 28 February 2023)
		C Robinson
		J Wilson (resigned 6	June 2022)
		B Muir (appointed 6	June 2022)
		A Saczek
		H Stalker (appointed	I April 2023)

		R	ecognised Gains	and Losses)
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	2023
		Note
Income and Endowments		from:
Donations and legacies			738,735	209,142		947,877
Charitable activities			601,517			601,517
Other trading activities			743,170			743,170
Investment income			1,133	19,403		20,536
Other income			490,554			490,554
Total income			2,575,109	228,545		2,803,654
Expenditure on:
Raising funds			(1,158,876)			(1,158,876)
Charitable activities			(1,546,573)	(563,533)		(2,110,106)
Total expenditure			(2,705,449)	(563,533)		(3,268,982)
Gains/losses on investment
assets			14,622		(37,140)	(22,518)
Net expenditure			(115,718)	(334,988)	(37,140)	(487,846)
Transfers between	funds		(40,987)	40,987
Other recognised	gains and
losses
Gains/losses on revaluation		of
fixed assets			(64,000)			(64,000)
Actuarial gains on	defined
benefit pension schemes			315,000			315,000
Net movement in funds			94,295	(294,001)	(37,140)	(236,846)
Reconciliation of	funds
Total funds brought	forward		~(21,381	16,312,588	585,000	16,876,207
Total funds carried	forward	25	72,914	16,018,587	547,860	16,639,361

		R	ecognised Gains	and Losses)
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	2022
		Note
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 investment
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		~(80,68817,363,666		585,000	17,867,978
Total funds carried	forward	25	(21,381)	16,312,588	585,000	16,876,207

				Note	2023f	2022
Fixed assets
Tangible assets				16	17,115,255	17,375,984
Investments					726,233	762,727
					17,841,488	18,138,711
Current assets
Stocks				19	30,482	35,773
Debtors				20	136,793	128,683
Cash at bank and in hand				21	165,786	420,89D
					333,061	585,346
Creditors: Amounts	falling	due within	one year	22	(272,303)	(263,662)
Net current assets					60,758	321,684
Total assets less current liabilities					17,902,246	18,460,395
Creditors: Amounts	falling	due after	more than one year	23	(1,240,885)	(1,244,188
Net assets excluding	pension	liability			16,661,361	17,216/07
Pension scheme liability				24	(22,000)	(340,00D
Net assets including	pension	liability			16,639,361	16,876,207
Funds ofthe group:
Endowment funds					547,860	585,000
Restricted income funds
Restricted funds				25	16,018,588	16,312,589
Unrestricted income	funds
Unrestricted funds					72,913	(21,382)
Total funds				25	16,639,361	16,876,207

			Bala	nce Sheet as at 31	March 202	3
						2023	2022
					Note		K(As restated)
Fixed assets
Tangible assets					16	17,115,255	17,375,984
Investments						150,002	126,002
						17,265,257	17,501,986
Current assets
Debtors					20	299,047	337,048
Cash at bank	and in hand				21	148,411	413,690
						447,458	750,738
Creditors: Amounts		falling	due within	one year	22	(234,021)	(233,502)
Net current	assets					213,437	517,236
Total assets	less current liabilities					17,478,694	18,019,222
Creditors: Amounts		falling	due after	more than one year	23	(1,240,885)	(1,244,188)
Net assets including		pension	liability			16,237,809	16,775,034
Funds ofthe	charity:
Restricted income funds
Restricted funds					25	16,018,587	16,305,983
Unrestricted	income	funds
Unrestricted	funds					219,222	469,051
Total funds					25	16,237,809	16,775,034

Consolidated St	a	tement of	Ca	sh	Flows for the	Year E	nded 31March	2023
							2023	2022
						Note
Cash flows from operating	activities
Net cash expenditure							(236,846)	(991,771)
Adjustments to cash flows from non-cash			items
Depreciation						16	196,729	851,048
Investment income						6	(20,536)	(22,041)
Revaluation ofinvestments							86,518	(6,080)
							25,865	(168,844)
Working capital adjustments
Decrease/(increase) in stocks						19	5,291	(2,376)
Increase in debtors						20	(8,110)	(7,484)
Increase/(decrease) in creditors						22	19,888	(108,943)
Decrease (increase) in retirement benefit obligation					net ofactuarial
changes						24	(318,000)	(95,998)
Decrease in deferred income						23	(13,194)
Net cash flows from operating		activities					(288,260)	(383,645
Cash flows from investing activities
interest receivable and similar		income					1,133	4,636
Purchase ofinvestments							(17,997)	(8,809)
Sale ofinvestments							31,973	160,000
Income from dividends							19,403	17,405
Net cash flows from investing		activities					34,512	173,232
Cash flows from financing	activities
Repayment ofloans and borrowings						22	(1,356)	(349
Net decrease in cash and cash		equivalents					(255,104)	(210,762)
Cash and cash equivalents at	I	April					420,890	631,652
Cash and cash equivalents at	31 March						165,786	420,890
Reconciliation ofnet cash flow to movement				in	net funds
Decrease in cash							(255,104)	(210,762)
Cash outflow &om repayment		ofloans					1,356	349
Change in net debt resulting	from cash flows						253,748	(210,413
Net debt at I April 2022							828,761)	(618,348)
Net (debt)/funds at 31 March	2023						(X1,082,509)	(f828,761)

					Unrestricted
					funds	Restricted	Total	Total
					General	fundsf	2023	2022
Donations	and		legacies;
Donations		from companies,		trusts
and similar		proceeds			642,052	209,142	851,194	1,454,357
Legacies					20,749		20,749	6,812
Gift aid reclaimed					13,860		13,860	15,563
Membership		income (including
Friends, patrons			and benefactors)		62,074		62,074	72,035
					738,735	209,142	947,877	1,548,767

Other grants and donations	Other grants and donations			Unrestricted funds	Restricted funds	2023	2022
Core Grants
Arts Council England NPO				451,848		451,848	451,847
Lakeland Arts Support Trust				51,000		51,000	48,000
South Lakeland District Council					27,500	27,50D	79,000
Cumbria County Council							10,000
Kendal Town Council					5,000	5,000	3,000
NPO Grant funding				10,000		10,000
Covid-19 and Business Continuity			Grants
CJRS government grants	and	BBL interest					33,537
support
DCMS Cultural Recovery 2)	Fund	Round 3 (I &		104,635		104,635	674,409
SLDC Omicron							18,000
STOS Funding							IO,OOD
Bid grant				17,101		17,101
Programme/Project Grants
NLHF Resilience					22,950	22,950
Abbot Hall Redevelopment	donation				20,000	20,000
Lucy Group - boat conservation					5,000	5,000
Sir John Fisher Foundation					37,500	37,500
John R.Murray Charitable	Trust				30,000	30,000	50,000
Architectural Heritage Fund					15,000	15,000
The Granada Foundation					5,000	5,000
The Hadfield Trust					3,000	3,000
Art Fund					4,998	4,998
Association for Industrial	Archeology						9,645
The Headley Trust							15,000
Lindeth Charitable Trust							5,00D
Areti Charitable Trust							2,991
The John Ellerman Foundation					13,194	13,194	31,667
Great Britain Sasakawa Foundation			Grant				1,411
Aslackby Trust					20,000	20,000
Other donations and small	grants			7,468		7,468	10,850
				642,052	209,142	851,194	1,454,357

		Unrestricted
		funds	Total
		General	2023
Visitor income		458,900	458,900
Learning	income	732	732
Museums	and Galleries tax relief	141,885	141,885
		601,517	601,517
		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

5 Income from other trading activities
	Unrestricted
	funds	Total
	General	funds
Trading income;
Sales ofgoods and services	741,871	741,871
Events income;
Other events income	1,299	1+99
Total for 2023	743,170	743,170
Total for 2022	628,046	628,046

					Unrestricted
					funds	Restricted	Total
					General	funds	2023
					f
Income from		dividends;
	Dividends	receivable		from other listed investments		19,403	19,403
Interest receivable			and	similar income;
	Interest receivable on bank deposits				1,133		1,133
					1,133	19,403	20,536
					Unrestricted
					funds	Restricted	Total
					General	funds	2022
Income from		dividends;
	Dividends	receivable		from other listed investments		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
7	Other income
					Unrestricted
						Total	Total
					General	2023	2022
					f,
Other income					52,701	52,701	11,105
CGS VAT Adjustment					73,731	73,731	53,689
OAgem Renewal			Heat	Incentive	2	2	25,073
Insurance					357,120	357,120
Licence to occupy					7,000	7,000
					490,554	490,554	89,867

							Unrestricted
							funds	Total
							General	2023
						Note
Other direct costs ofgenerating				voluntary	income		162,417	162,417
Allocated	support		costs			10	138,187	138,187
							300,604	300,604
							Unrestricted
							funds	Total
						Note	General	2022f
Other direct costs ofgenerating				voluntary	income		84,888	84,888
Allocated	support		costs			10	42,283	42,283
							127,171	127,171
b) Costs	oftrading activities
							Unrestricted
							funds	Total
							General	2023
						Note
Trading subsidiary			costs				324,803	324,803
Marketing	and publicity						56,311	56,311
Wages and		salaries					379,098	379,098
Allocated	support		costs			10	98,048	98,048
							858,260	858,260
							Unrestricted
							funds	Total
							General	2022
						Note
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
									Total	Total
								General	2023	2022
							Note
Other investment		management				costs;
Costs of	obtaining			investment		advice		12	12
								12	12
d) Total expenditure				on	raising funds
									Allocated	Total
								Direct costs	support costs	2023
Costs ofgenerating			donations			and legacies		162,417	138,187	300,604
Costs oftrading		activities						760,212	98,048	858,260
Investment	management				costs			12		12
								922,641	236,235	1,158,876
									Allocated	Total
								Direct costs	support costs f	2022f
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

				Activity
				undertaken	Activity
				directly	support costs	2023
						f,
Exhibition	programmes			194,174	55,146	249,320
Collections	and conservation ofexhibits			475,798	60,365	536,163
Learning				75,405	57,084	132,489
Historic buildings		and premises costs		537,952	58,641	596,593
Visitor operations				283,405	67,415	350,820
Abbot Hall	Project			103,132	9,838	112,970
NLHF Resilience Project					22,950	22,950
Art Fund				1,058	16,692	17,750
Garfield Weston Foundation				37,592		37,592
Clore Duffiield				19,804		19,804
Social Enterprise				2,694		2,694
				1,731,014	348,131	2,079,145
				Activity
				undertaken	Activity
				directly	support costs	2022
					f.
Exhibition	programmes			236,203	64,633	300,836
Collections	and conservation ofexhibits			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
Windermere	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

					Unrestricted
					funds	Restricted	Total
					Designated	funds	2023
Exhibition programmes					203,626	45,694	249,320
Collections and conservation			ofexhibits		408,632	127,531	536,163
Learning					132,489		132,489
Historic buildings	and premises costs				410,207	186,386	596,593
Visitor operations					350,820		350,820
Abbot Hall Project					9,838	103,]32	112,970
NLHF Resilience Project						22,950	22,950
Art Fund						17,750	17,750
Garfield Weston Foundation						37,592	37,592
Clore DufTield						19,804	19,804
Social Enterprise						2,694	2,694
					1,515,612	563,533	2,079,145
					Unrestricted
					funds	Restricted	Total
					Designated	funds	2022
Exhibition programmes					299,425	1,411	300,836
Collections and conservation			ofexhibits		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 Weston Foundation						156,668	156,668
Clore Duftield						1,174	1,174
					1,655,318	1,198,597	2,853,915

					Unrestricted	Unrestricted	Unrestricted
								Total		Total
					General			2023		2022
Staffcosts
Pension costs						10,900			10,900	11,600
Audit fees
Audit and	other fees paid to auditors					16,865			16,865	16,423
Trustees remuneration and expenses							1,773		1,773	1,412
Legal fees										3,420
Loan interest							1,423		1,423		891
						30,961			30,961	33,746
11 Net incoming/outgoing		resources
Net outgoing	resources for the year include:
								2023f		2022
Audit fees									15,900	15,163
Depreciation	offixed assets								196,729	211,154
12 Trustees	remuneration	and expenses
During the year the group made the following				transactions	with trustees:
A Karwa
f729(2022:	FNil) ofexpenses were reimbursed			to A Karwa during		the year.
A M Lyles f941 (2022:	&1i1)ofexpenses were reimbursed			to A M Lyles during			the year.
No trustees,	nor any persons	connected	with	them, have	received	any remuneration			from the group during		the
year,

13Staffcosts
The aggregate	payroll costs were as follows:
		2023	2022
Staffcosts during the year were:
Wages and salaries		1,350,918	1,324,965
Social security	costs	112,980	90,759
Pension costs		38,211	34,378
		1,502,109	1,450,102

group during	the y	ear ex	pressed as	full time equivalents was as f	ollows:
					2023		2022
					No		No
Management,	curatorial,		marketing	and learning		23		23
Administration						6		6
Desk/shop staff						4		4
Coffee House	ScTea Room					9		12
Other						I		2
Heritage boat	team					3		3
Boat conservation		team				5		5
						51		55

2023	2022
No	No

Group
	Land and	Furniture and
	buildings	equipment	Motor vehicles	Total
Cost/Va luation
At I April 2022	17,448,000	482,236	34,483	17,964,719
Revaluations	(64,000			~(64,000
At 31 March 2023	17,384,000	482,236	34,483	17,900,719
Depreciation
At I April 2022	155,378	414,040	19,317	588,735
Charge for the year	155,378	36+96	5,055	196,729
At 31 March 2023	310,756	450,336	24,372	785,464
Net book value
At 31 March 2023	17,073,244	31,900	10,111	17,115,255
At 31 March 2022	17,292,622	68,196	15,166	17,375,984

Charity
	Land and	Furniture and
	buildings f	equipment f	Motor vehicles	Total f
Cost/Valuation
At I April 2022	17,448,000	482,236	34,483	17,964,719
Revaluations	(64,000)			(64,000)
At 31 March 2023	17,384,000	482,236	34,483	17,900,719
Depreciation
At I April 2022	155,378	414,040	19,317	588,735
Charge for the year	155,378	36,296	5,055	196,729
At 31 March 2023	310,756	450,336	24,372	785,464
Net book value
At 31 March 2023	17,073,244	31,900	10,111	17,115,255
At 31 March 2022	17,292,622	68,196	15,166	17,375,984

Summary	oftransactions
		2023	2022	2021		2020	2019
Purchases	and additions
Furniture						25,000
Drawings			17,344			10	15,300
Maritime		]00	10,000
Donations
Ceramics			1,240
Costume			30
Drawings			5,430			1,260
Engravings						500
Ephemera			150			155
Industrial	history					240
Paintings			14,00D	214,00D			40,000
Photographs			300	3,100
Sculpture				750,000
Social history			4,571		100		170
Textiles		200
Maritime		7,310	35,015	16,000		100	45,200
Furniture			105,080			3,000
Horology						500
Total additions		7,615	193,160	983,300		30,765	100,670

Group
					2023	2022
					f,
Investment properties					150,000	126,000
Other investments					576333	636,727
					726/33	762,727
Investment properties
						Investment
						properties
Cost or Valuation
At I April 2022						126,000
Revaluation						24,000
At 31 March 2023						150,000
Provision
At 31 March 2023
Net book value
At 31 March 2023						150,000
At 31 March 2022						126,000
The investment	properties	were valued	in 2021 by Edwin Thompson,	Chartered	Suweyors,	on an open market
value basis,

Other investments
			Listed
			investments	Total
Cost or Valuation
At 1 April 2022			636,727	636,727
Revaluation			(46,518)	(46,518)
Additions			17,997	17,997
Disposals			(31,973)	(31,973)
At 31 March 2023			576,233	576,233
Net book value
At 31 March 2023			576,233	576,233
At 31 March 2022			636,727	636,727
Charity
			2023f	2022
investment properties			150,000	126,000
Shares in group undertakings	and participating	interests	2	2
			150,002	126,002
Investment properties
				Investment
				properties
Cost or Valuation
At 1 April 2022				126,000
Revaluation				24,000
At 31March 2023				150,000
Provision
At 31 March 2023
Net book value
At 31 March 2023				150,000
At 31 March 2022				126,000

capital are	a	s follows:
			Country of		Proportion ofvoting		rights	Principal
Undertaking			incorporation	Holding	and shares held			activity
					2023	2022
Subsidiary		undertakings
Lakeland Enterprises	Arts Ltd		England	Ordinary	1PP%	ipp		Operating rooms gift shops	tea and
19 Stock
				Group			Charity
				2023	2022	2023		2022
Finished goods				30,482	35,773

20 Debtors
			Group		Charity
			2023	2022	2023	2022
Trade debtors			715	64,752	715	64,752
Due from group	undertakings			1	161,864	210,439
P repayments			108,566	38,288	108,509	38,288
Accrued income			12,608	7,792	12,608	7,792
VAT recoverable			13,080	17,080	13,527	15,007
Other debtors			1,824	770	1,824	770
			136,793	128,683	299,047	337,048
21 Cash and cash equivalents
			Group		Charity
			2023f	2022	2023	2022 f,
Cash on hand			9,422	5,047	9,422	5,047
Cash at bank			155,844	327,629	138,97i	326,004
Short-term deposits			520	88,214	18	82,639
			165,786	420,890	148,411	413,690
22 Creditors:	amounts	falling due within	one year
			Group		Charity
			2023	2022	2023	2022
Bank loans			7,410	5,463	7,410	5,463
Trade creditors			194,299	162,392	168,094	137,950
Other taxation	and social	security	23,717	25,722	23,717	25,722
Other creditors			20,784	13,467	20,784	13,076
Accruals			26,093	43,424	14,016	38,097
Deferred income				13,194		13,194
			272303	263,662	234,021	233,502

Deferred	income
			2023	2022
			f,
Deferred	income at I April 2022		13,194	13,194
Resources	deferred in the period			13,194
Amounts	released from previous	periods	(13,194	(13,194)
Deferred	income at year end			13,194
			2023	2022
Deferred	income at I April 2022		13,194	13,194
Resources	deferred in the period			13,194
Amounts	released from previous	periods	13,194	13,194
Deferred	income at year end			13,194

		Croup		Charity
		2023	2022	2023	2022
Bank	loans	40,885	44,188	40,885	44,188
Other	loans	1,200,000	1,200,000	1,200,000	1,200,000
		1240,885	1,244,188	1,240,885	1,244,188

Includ	ed in	the	credit	ors a	re th	e following amounts due afier m	ore than five years:
							2023	2022
Atter	more	than	five	years	by	instalments	11,245	16,767
After	more	than	five	years	not	by instalments	1,200,000	1,200,000
							1,211+45	I/16,767

Includ	ed in	the	credit	ors ar	e th	e following amounts due after m	ore than five years:
							2023	2022
After	more	than	five	years	by	instalments	11,245	16,767
After	more	than	five	years	not	by instalments	1,200,000	1+00,000
							1,211,245	I+16,767

	Notes to the Financial Statements for the Year Ended	31March 2023
		2023
Present	value at start ofyear	(1,835,000)
Current	service cost	(3,000)
Interest	cost	(51,000)
Actuarial	gains and losses	449,000
Benefits	paid	71,000
Present value at end ofyear		(1,369,000)
Fair value ofscheme assets
Changes	in the fair value ofscheme assets are as follows:
		2023
Fair value at start ofyear		1,495,000
Interest	income	41,000
Actuarial	gains and losses	(134,000)
Employer contributions		16,000
Benefits	paid	(71,000)
Fair value at end ofyear		I 347 000
Analysis	ofassets
The major categories ofscheme assets are as follows:

Analysis o The major	fassets categories ofscheme assets are as follows:
		2023	2022
		f.
Cash and cash equivalents		35,000	42,000
Equity instruments		492,000	524,000
Government	bonds	189,000	253,000
Property		104,000	136,000
Other		527,000	540,000
		1,347,000	1,495,000
Return on	scheme assets
		2023f	2022
Return on scheme assets		(58,000)	135,000

						2023	2022
						0/
Mortality	rate					1.75	1.75
Discount	rate					4.90	2.80
Future salary increases						4.20	5.00
Future pension		increases				2.80	3.60
Inflation						2.70	3.50
Post retirement		mortality		assumptions
						2023	2022
						Years	Years
Current	UK pensioners		at retirement		age - male	22.0D	23.00
Current	UK pensioners		at retirement		age - female	24.0D	25.00
Future UK pensioners			at retirement		age - male	23.0D	24.00
Future UK pensioners			at retirement		age - female	26.0D	27.0D

Group
							Balance
		Balance				Other	at 31
		at 1 April	incoming	Resources		recognised	March
		2022	resources	expended	Transfers	gainsl(losses)	2023
Unrestricted funds
General
General funds		318,618	2,575,109	(2,708,449)	(40,987)	(49,378)	94,913
Designated
Pension scheme deficit		(340,000)		3,000		3I5,000	~22,0003
Total unrestricted funds		(21,382)	2,575,109	(2,705,449)	(40,987)	265,622	72,913
Restricted funds
Windermere Jetty
Construction		17,078,622		(155,378)			16,923,244
Windermere Boat Collection		19,040		(19,040)
Windermere Jetty Capital		276,874	5,000				281,874
Collections Fund		5,000					5,000
NLHF loan		(1,200,000)					(1,200,000)
Architectural Heritage	Fund		15,000	(15,000)
South Lakeland District
Council			27,500	(27,500)
Blackwell Endowment		6,605	19,403	(26,008)
Kendal Town Council			5,000	(5,000)
Aurelius Trust (Blackwell
Library)		1,163					1,163
Social Enterprise Funding		10,000		(2,694)			7,306
Abbot Hall Redevelopment		43,123	20,000	(103,132)	40,009
Areti Charitable Trust		2,991		(2,991)
National Lottery Fund,
Resilient Heritage			22,950	(22,950)
Boat conservation grants			90,500	(90,500)
The John Ellerman
Foundation			13,194	(13,194)
Art Fund		12,752	4,998	(17,750)
Garfield Weston Foundation		37,593		(37,592)
Granada Foundation			5,000	(5,000)
Clore DuAield Foundation		18,826		~19,804	978
Total restricted funds		16,312,589	228,545	(563,533)	40,987		16,018,588

										Balance
					Balance				Other	at 31
					at I April	Incoming	Resources		recognised	March
					2022 f	resources f	expended f	Transfers	gains/(losses) f	2023 f
Permanent
Blackwell Endowment					585,000				(37,140)	547,860
Total funds					16,876,207	2,803,654	(3,268,982)		228,482	16,639,361
										Balance
					Balance				Other	at 31
					at I April	Incoming	Resources		recognised	March
					2021f	resources	expended	Transfers	gains/(losses) f	2022
Unrestricted	funds
General
General funds					355,310	2,595,787	(2,636,560)	(1,999)	6,080	318,618
Designated
Pension scheme			deficit		~433,999			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
Windermere	Boat			Collection		68,400	(49,360)			19,040
Windermere	Jetty			Capital	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		(Blackwel1
Library)					1,163					1,163
Association	of	Industrial
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)
The John Ellerman
Foundation						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

	Notes to the	Financial State	ments for	the Year E	nded 31	March 2023
							Balance
		Balance				Other	at31
		at 1April	Incoming	Resources		recognised	March
		2021	resources	expended	Transfers f	gains/(losses) f	2022
Permanent
8lackwell	Endowment	585,000					585,000
Total funds		17,867,978	2,743,306	(3,835,157		100,080	16,876,207

Charity
							Balance
		Balance				Other	at31
		at 1 April	Incoming	Resources		recognised	March
		2022	l'esources	expended	Transfers f	gains/(losses)	2023 f
Unrestricted funds
General
General funds		469,051	1,900,954	(2,069,796)	(40,987)	(40,000)	219222
Restricted funds
Windermere Jetty
Construction		17,078,622		(155,378)			16,923,244
Windermere Jetty	Capital
Funds		276,874	5,000				281,874
Collection funds		5,000					5,000
Windermere Boat	Collection	19,040		(19,040)
HLF loan		(1,200,000)					(1,200,000)
Boat conservation	funds		90,500	(90,500)
Social Enterprise Funding		10,000		(2,694)			7,306
Areti Charitable Trust		2,991		(2,991)
Aurelius Trust (Blackwel1
Library)		1,163					1,163
Blackwell endowment
income			26,008	(26,008)
Abbot Hall Redevelopment		43,123	20,000	(103,132)	40,009
South Lakeland District
Council			27,500	(27,500)
Heritage Lottery Fund
Resilience			22,950	(22,950)
Architectural Heritage
Foundation			15,000	(15,000)
The John Ellerman
Foundation			13,194	(13,194)
Art Fund		12,752	4,998	(17,750)
Garfield Weston Foundation		37,592		(37,592)
Granada Foundation			5,000	(5,000)
Clore Duffield Foundation		18,826		(19,804)	978
Kendal Town Council			5,000	(5,000)
Total restricted funds		16,305,983	235,150	(563,533)	40,987		16,018,587
Total funds		16,775,034	2,136,104	(2,633,329)	-	(40,000)	16,237,809

Notes	to the	Financial Sta	tements for the	Year Ended	31March 202	3
						Balance at
			Balance at 1	Incoming	Resources	31March
			April 2021	resources	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
Windermere 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 (Blackwell		Library)	1,163			1,163
Abbot Hall Redevelopment			744,470	1,000	(702,347)	43,123
The John Ellerman	Foundation			31,667	(31,667)
NHLF			55,723		(55,723)
Art Fund			33,338		(20,586)	12,752
Garfield Weston Foundation Clore Duffield Foundation			194,260 20,000		(156,668) ~((,174	37,592 18,826
Total restricted funds			17,363,666	130,114	~(I,(87,797	16,3D5,983
Total funds			17,925,151	2,160,065	~(3,3 ID,182	16,775,034

Group
							Endowment	Total funds
			Unrestricted		funds	Restricted	funds	at 31March
			General		Designated	funds	Permanent	2023
						f.
Tangible	fixed	assets	192,011			16,923,244		17,115,255
Fixed asset investments			178,373				547,860	726,233
Current assets			37,717			295,344		333,061
Current	liabilities		(272,303)					(272,303)
Creditors	over	1 year	(40,885)			(1,200,000)		(1,240,885)
Pension	scheme	liability		~(22,000				(22,00D)
Total net assets						16,D18,588	547,860	16,639,361
							Endowment	Total funds
			Unrestricted		funds	Restricted	funds	at 31March
			General		Designated	funds	Permanent	2022
Tangible	fixed	assets	297,362			17,078,622		17,375,984
Fixed asset investments			177,727				585,000	762,727
Current	assets		151,379			433,967		585,346
Current	liabilities		(263,662)					(263,662)
Creditors	over	1 year	(44,188)			(1,200,000)		(1,244, 188)
Pension	scheme	liability			(340,000)			(340,000)
Total net assets			318,618	~(340,0DO		16,312,589	585,000	16,876,207

Charity
		Unrestricted		Total funds at
		funds	Restricted	31March
		General	funds	2023
Tangible fixed	assets	192,011	16,923,244	17,115,255
Fixed asset investments		150,002		150,002
Current assets		152,115	295,343	447,458
Current liabilities		(234,021)		(234,021)
Creditors over	1 year	(40,885)	(1,200,000)	(1,240,885)
Total net assets		219,222	16,018,587	16,237,809
		Unrestricted		Total funds at
		funds	Restricted	31March
		General	funds	2022
Tangible fixed	assets	297,362	17,078,622	17,375,984
Fixed asset investments		126,002		126,002
Current assets		323,377	427,361	750,738
Current liabilities		(277,690)		(277,690)
Creditors over	1 year		(1,200,000	(1,200,000)
Total net assets		469,051	16,305,983	16,775,034

Group
		At 1 April	Financing cash	At 31March
		2022	flows	2023
Cash at bank and	in hand	420,890	(255,104)	165,786
Debt due within	one year	(5,463)	(1,947)	(7,410)
Debt due after more than one year		(1,244,188)	3,303	(1,240,885)
Net debt		(828,761)	(253,748	(1,082,509)
		At 1 April	Financing cash	At 31March
		2021	flows	2022
			f,	f.
Cash at bank and	in hand	631,652	(210,762)	420,890
Debt due within	one year	(9,167)	3,704	(5,463)
Debt due afler more than one year		(1,240,833)	(3,355)	(1,244,188)
Net debt		(618,348)