Company registration number.. 8162578
Charity registration number.. 1153001
Lakeland Arts
{A company limiied by guarantee)
Annual Re￿rt and Financial Statements
for the Lakeland Arts Group
for the Year Ended 31 March 2024
Stables Thomp50n & BTlSCOe
Chartcrcd Accountants & Statutory Auditor
Lowther House
Lowthcr Street
Kendal
LA9 4DX

Lakeland Arts
Contents
Ref¢renc¢ and Administrativ¢ D¢¢ai15
Ito2
Strategic Report
3to5
TTUStees' Report
6t022
Independent Auditors, Report
23to25
Consolidated Ststement of Financial Activities
26to27
Consolidated ￿lane￿ Sheet
28
Balance Sheet
29
Con¥olidat¢d Slutement of Cash Flows
30to31
Notes to the Financial Staiements
32to70

Lakeland Arts
Reference and Administrative Details
Chalr
D Reid MCIOF
Trustees
M Benjamin
A Bl8Gk
S A Crewe
K M How4rth
A Karwa
E Kent]¢y
K J S Knight
T A Leach
A M Lyles
D Rcid MCIOF
G F Rycroft
E J Scult
Secretary
A Karwa
Senlor Mgnggement l L¢adershtp L Mafiins, Inlerim Chief Exccutive
I'cam
L Garretl Hampson, Head of Mark¢tin8 and Communications
C Jamcs, Hcad of Finance
H Stslkcr, Associalc Head of Curatorial and Engagement
Chlrlty Reglstratlon Number
1153001
Company Reglstratlon Nurnber
8162578
The charity is in¢ory)orat¢d in England,
Page I

Lakeland Arts
Reference and Administrative Details
Registered Office
Abbot Hall Gallery
Kirldand
Kendal
LA9 SAL
Audltor
Stables Thompson & Bii¥coc
Chartered Accountants & Statutory Auditor
Lomrther Ilouse
Lowthcr Strect
Kendal
LA9 4DX
Sollcltors
Baines Wi150n
Unil 3 Lancaster Business Park
l O M¢innin Way
Lancaster
LAI 3SW
Banker$
Barclays Bank Pl
9 Highgatc
Kendal
LA9 4DF
Page 2

Lakeland Arts
Strategic Report for the Year Ended 31 March 2024
The trustees, who are diTector5 for the pwposes of company law. present their stralegic report for th¢ year cnded
31 March 2024. in Compliance with s414C of the Companies A¢t 2006.
Chalr'$ Foreword Annual Report 23-24
2023-24 was a transformative year for Lak¢land Arts, fjlled with challenges, opportunities, and transilionk It
mark¢d th¢ first year of a new three-year grant agreement with Arts Council England and Ihc launch of a
two-year funding partnership with the F.smée Fairbairn l."oundation-key steps towards securing a bTightei future.
As we continued to recover from the long-terni impacts of the Covid-19 pandemity on vi¥itor number8 and
recruiim¢n¢, wc navigated additional hurdles, including the pressurcs of double4Iigit inflation. Yet, we saw
these challenges galvanize our tru$lees. siaff, volunlcers, and supporters, culminating in the successful
reopening of Abbot Ilall after a three-yeer closure for developrnent-a testsment to the resili¢n¢e and dcdication
of our community.
Abbot Hall reopened in May 2023 with a major exhibition by Scotland based land artist Julie Brook. Featuring
film. drawtng and photography created ovcr & dccadc in ihe Outer Hebrides, Japan and Cumbria, the exhibition
celebrated the creativ¢ links b¢twcen IAnd8cape and art. The opening al80 saw the launch of Lakeland Arts on
Ihe Bluombcrg app, making objects frorn our collections and exhibition8 acc¢ssible online.
A8 one of several costssaving mcasurc8, the gallery's regular winter closure for Collcctions care was extended.
Abbot Hall reupcncd in February 2024. with new Art Herb￿lurn and Portruit Gallcrics as well as the r¢di$play
of favuurilc objccts from our pern]an¢nt ¢olleGtion.
Ai Blackwell, the stunning Halima Cassell.. Reflections cxhibition celebrated a contemporary maker working
withit) the ethos of the Arts & Crafts Movement. The show featured over 60 beautiful clay sculpturcs alon88ide
sketche5, drawings, collages and wallpapers. Also at Blackwell, w¢ werc dclightcd when curator Naomi Gariff
b￿arn¢ thc fIrst ever recipient of the Nicholus Goodison Award, cnabling us to expand our unique collection or
onlem[yorary Graft and deepen our und¢r¥141ndiny of objects already in the collection.
Windemere Jety Museum began the year wilh thc popular Forty Farms photographic display highlighting thc
innovthlion and resilience of the Lake District farming communtty. The lamily tocuscd bpring and summer
programme includcd the Windennere Science Festival and a new exhibition of LEGO Lake District by Jon
Tordoff. Alongside this, heritage boat trips and daily conservation conversations gave visitor5 exclusive
behind-the-5cenes insights into th¢ highly Skilled specialist work done by our historic boat conscrvation team.
The Blackwell Tca Room and Lakeshore Café at WAnd¢rniere Jetly MuyLum continued to delight ViSTtors with
new ttnd hi¥h quality menu$. and we opened a combined Cr¢ativc Spacc and Coffee Bar at Abbot Hall. We a150
tiied out new incom¢ streams such as film location hire. weddings and lake activitie5.
During 2023-24, the transition from operating two to three museums alongside global cost increases and
¢hallenges to the visitor economy placcd significant pressure on Lakeland Art5. finances. To safeguard long
t¢rni financial stability, the or8anisation impl¢mented several measures, including the Sale of the Old Grammar
School building and the continued closure of our fourth sitc the Lakeland Museum. These actions ¢nabl¢d
iAkeland Arts to maintain ils artistir and engagement programmes alongside inromc-generaling activitie8.
Our collaborations with partneT5 in the C'umbria Museum Consortiunl steadfast supporters like Arts Council
England, and the newly-cstablished Westmorland & Furness Council remain a vital resource. This year also
welcomed new funding partners, including the Esmée Fairbairn Foundation. alongsid¢ the generosity of our
members. Patrons, Benefactors, and donors. To them, and to our hardworking staff, voluntecrs, and tnL¥tees. I
extend my heartfeli gratitude for their tirele&1 cornmitment and shared vision,
Pag¢ 3

Lakeland Arts
Strateglc Report for the Year Ended 31 March 2024
As we look ahe&d to 2024, we are optimistic about the opportunities that lie before us. With renewed energy and
cnduring partherships, wc arc excited to continue sharing Lakeland Arts. remarkable collections with audiences
today and in the generations to com¢.
Dian¢ Reid
Chair, Lakeland A
FINANCIAL REVIEW
In 23-24 in¢ome genernted totAlled £2.8 IM of which £2.55M was unrestricted and £260K was restricted this
was & small decrease on the 2022-23 income which was £2.8M where the unrestricted income was £2.6M and
th¢ restrA¢l¢d income was £200K,
In 2023-24 the fundraising target was £610,333. This included a tsrget of £429.626 for Core budget relieving
activily. plu5 an addilionul £180,707 for anlicipalcd non-corc budget r¢lieving Tcvenue and capilal PToj¢LIs.
A¥idc frvm Icgacy intsu￿, fundrai6in¥ incvmb wa¥ almo¥l cnlircly for rty'striclcd ¥ranty and prvjL'Ct¥ with
membership contributing to ¢ore Costs at jus¢ over £60k.
Total ie50urbcs cxpended WCTC £3.416M, whiih i¥ #n inirea¥e on 2022-23 whiih w8¥ £3.268M.
At 31st M￿ch 2024 the ¢arried forward restricted funds balance is reporting a surplus of £15.83NI and the
arried forward unrestricted funds balance is reporting a deficit of £434K.
Pollcy on reserves
Although the board aspir¢s to build re$¢rv¢$ equatin8 to two month'$ unr¢$tri¢t¢d ¢haritabl¢ expenditure, in
accordance to th¢ R¢s¢rve8 Policyp this wa$ not achieved in 2023-24.
Principalf¥nding sources
The principle SOU￿¢$ of funding for th¢ costs of operatin8 Blackwell, Windern)ere Jetty Museum and Abbot
Hall arc carned income. Arts Council En8land, various grants, invcstmcnt incomc. mcmbcrship fcL'¥, donations
and Gift Aid.
Inveslmemtpolicy and objectives
The charitable company has the power to make inv￿lments as it sees fit. The investment policy delennined by
thc ln￿te¢S for the endowmcnt funds is to provide a balanced return from a broad spread of medium risk
investments, and for general funds lo provide a higher income from a spread of lower risk investrnen18.
The investment policy is implemented by professional investment managers SarAsin & PartneT$ LLP.
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Lakeland Arts
Strateglc Report for the Year Ended 31 March 2024
Pnncipal risks and uncertaindes
Major risks
All significant artivilie5 undertaken by Lakeland Arts are subje¢l to a comprehen8ive risk review as part of the
project asse¥smenl and implementation prw¢ss. Major risks are identified and ranked based on thcir potential
impact and lik¢lihood. For this purpose, major risks arc dcfined as those that could significantly affect..
. Operationaj perfom]ance, including risks to staff, volunteer4 and visitors
* Achievement of 51ratcgic aim8 and objectives.
• Fulfilment of exp¢¢tstions among beneficiaTiCS, 8UPPOrters, and stakeholders.
Tbe tn]stee$ conduct ongoing reviews of these risks and ensure that robust Systrms and procedure5 are in place
to manage them effectively. If appropriaie, risks are mitigated through in$uTancc cov¢r. The organtsation
¢rnploys the following framework lo cnsure a thorough approach to risk managcmcnt:
Regular monitoring of major risks and the developnient of disasl¢r rwovcry plans
Integrating rtyk idcntification and asses$menl inlo opcrational procedures
Maintaining a Clear structure ufdclcgated authority and control. and
Seeking to prescrvc financial reserv¢s in accordance wilh ¢stabli.ghed policies.
While acknowledging that .qome initiatives may require the &cceptance and managernenl of risk to achieve key
objectives, the t￿sleeS have identified and implemented mitigation strategies for mujor risks under the following
ca*gorie$'.
• Governance
Operational
Financial
• Environmental
. Compliancc.
The straiKVlC report was approved by the trustees of the charity on 23 January 2025 and SIs￿ed on its behalf by:
D Reid MCIOF
Chair ond trustee
Page 5

Lakeland Arts
Trusteesl Report
The trustees. who arc directors for the purposes of company law, present the annual report together with the
ru]an¢ial sla¢¢m¢nts and auditors, T¢POrt of th¢ charilabl¢ Company for the year ended 3 l March 2024.
Trustees And Officers
The tn￿tee5 and officers serving during the Y￿ and since the year end were as follows:
Trustccs:
E M A¥il¢ (r¢si¥n¢d 7 O¢t(>b¢r 2023)
M Benjamin
A Black (appointed l March 2024)
S A Crewe
K M Howarth
A Karwa
E Keniley
K J S Knight (appointed 24 November 2023)
T A Leach (appoinied 7 October 2023)
A M Lyles
J Mottram PhD (resigned 15 April 2024)
D Reid MCIOF
G F Ry¢n)ft
Ejscott
N W R Thompson (resigned 7 Octobcr 2023)
Chair.,
D Reid MCIOF
Secretary:
A Karwa
C Kemiedy (resi￿￿ed 20 December 2023)
Senior Management l Leadership
Team:
R Ha￿18 (resi8n¢d 17 July 2024)
L Martins (appointed 17 July 2024)
L Garrctt Hampson
C Kcnncdy (rc&i￿d 15 December 2023)
J Taylor-Hcys {appoint¢d 15 January 2024 and reSI￿¢d 30 May 2024)
C James (appointed l October 2024)
C Robinson (resigmed 2 November 2023)
B Muir (resigned 31 March 2024)
A Saczek (Tesigned I I Septcmbcr 2024)
H Stall(er (appointed l April 2023 and resigned 31 January 2024)
H Stsjker (appoinled l July 2024)
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Lakeland Arts
Trustees, Report
Objectives Ictlvltles
Objects andalms
Omf Vifion Li to harness ihe power oj. culture olongside artistic crealivity, breafhtoh'ng landscape and rich
herilage, to lrnnsform live,¥ and eniyeh COMM￿nities.
We bring this vision tu lifc through exceptional museums, diverse collections. innovative programnllng and a
passionate and knowledgeable team, all deeply rootcd in a strong sense of pla¢¢. Our work is firnily embedded
in the local community and has a transforn)ative impact on the visitors and audiences we serve.
Strategic ObJe¢tive&:
In 2023-24 we entered the $e¢ond year of deliverin8 our mission, which is guided by four key objcctivcs. These
objectives are essential to strengthcning Lakeland Arts, position as one of the most distinguished ¢ultural and
heritage organisations in the North of England.
StrYdt¢8ic Objectlve I: Curating and CarSng
We are committed to developing and caring for our collections and fosieriny new ideas. ensuring that peopl¢
from all b￿C￿oUnds, both near and far, can ¢xplorc and dTaw in8pirntion frnm our world-class art and herilagc
programme.
Strateglc ObJe¢tlve 2: Reachlng Wlder
We aim to broaden our Tcach by becoming better known and more acccs8ible to a diverse range of visitors. This
involves clearly communicating who we are and lailortng our approach to altra¢t and engage varied audicnces.
Strateglc Ohjettlve 3: Engaglng And Empowerlng
We will Cultivate a culturc of care, respect and inclusion, placing pcoplc At the heart of our organisation. Our
InuseunL4 arc spaces for storytelling, di8108ue and mcanin8ful exchang¢, encouraging debate and dLSCUS810n.
Strit¢gl¢ Objeetlve 4: Suitainabl¢ and Reslllent
We are building for the futurc by becoming a more dynamit, fmancially secure. environmentally r¢sponsible
and socially sustainabl¢ urganisalion.
Through these objectives, we Lonlinue to inspire, connect and contribute to our community while championing
the unique cultural hcritage of Lakeland,
Objectives, stra¢egie14nd activilles
Our Actlvitie8
Context
The year 2023-24 marked the beginning of a thrcc year National Portfolio funding agreement bclween Arts
Council England and Cumbria Muscum Con80rtium (C.MC}, comprising of Lakcland Arts. Tullie and
Word5WOrth Grasmcre. Additionally, the Consortium concluded thc final year of the Departmeni for Culture
Media and Sport (DCMS) ￿llded the Helping Han&f projcct, a transfomativo two year iniiialiv¢ aim¢d at
enhancing volunteering opportunities and fosterin¥ greater I￿lusiv1tY in Cumbria's arts and cultural sector.
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Lakeland Arts
Trustees, Report
A significant focus during the year was building relationships with funders. including the Esmée Fairbairn
Foundation and establishtng Abbot Hall as a landmark venue for innovative programming and collaborativ¢
partnership5.
Like many other cultural organisations with a significant reliance on ihe tourisl economy, Lakeland Arts faced
macroeconomic pressures, including inflation, which increased operalional costs and impacting consumer
behaviour. To adapl, admissions pricing was reviewed acros$ museums in January 2024.
Recruiting staff of a high calibre ¢ontinu¢d to prov¢ difficult post pandemic and the organisation Strnggled to
shift from two to three open museums. As & result, the organisation sulY¢r¢d a higb staff attrition rate in 2023-24
and continued io depend more on freelance consultants throughout the year.
Consumer confidcnce in 2023-24 rC￿￿]ned fragile, shaped by ongoing economic volatility and broader societal
challenges. Persistent inflation and the rising cost of living led to cautious spending h&bit8, directly affecting
visitor numbers and average spend per person. Recruitment challenges, a legacy of the pandemic, further
compounded operational difficulties, as organi¥ations across the cultural seLlor, including Lakeland Arts,
struggled to attrncl and retain skilled staff. High attrition rates and reliance on freelance consultsnts became th¢
nonrA, aff¢¢ting ¢onlinuity and team ¢ohesion.
Additionally, workers. strikes across transport sectors, frequent flight and train ¢ancellations and extreme
weaiher events disrupted travel plans, limiling a¢c¢ss for polenlial visitors. Tog¢ih¢r, th¢se faciors contribul¢d io
a caulious conyumcr cnvironmcnt, whcrc unccrtainty curtailcd discrctionary spending and visitation pattcrns,
which was felt acro88 the cntire county.
Dcspitc thcsc substsntial challcngcs, Lakcland Arts succcssfully dclivcred an exccptional programmc,
under￿Oring its commitment to providing high quality culturul experiencc5.
Programmlng hlghllghts
Exhlbltlong
BLACKWELL
Amy Williams, Unedrihed. January-June 2023
Starting off the 2023-24 programme year was Unearthed. a vibrant installation by Kendal-based visual artist
Amy Williams, The instsllation celebrated ten extraordinary women through an oversized paper botani¢ gaiden
insidc thc gallcrics at Blackwcll. Thc cxhibition featurcd local flora a8 8yThbols of remcmbrancc, fcmininity,
resilience and resistsnce.
Produced with local c¢Jmmunity groups Liver a Yix-month period, Unearihed illuminaled lesser known slories of
Cumbrian women throughout history who brought about PM)5itive social change. Through a 8eries of workshops,
Williams collaborated with locaL organisations to create a 'community garden. of smaller paper flowers and
shared stories of exlraordinary Cumbrians.
The project was supported by the paper mill James Cropper plc as well as the Westh)orland Arts Tn￿t F￿d via
Cumbria Community Fund.
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Lakeland Arts
Trustees, Report
Halima Cassell.. Reflectinxs. July2023-January 2024
Reflections show¢as¢d over 60 individual geometric xnd architeclural sculpturcs cascaded throughout the house,
each handmade by Cas$ell in the eleven years since her first exhibition at Blackwell in 2012. The exhibition
highlighted the artist's preparatory and making PTocess with sketchbooks, Collages, drawings. studio footage and
Ilve demonstrations alongside the remarkable artworks.
The exhibition explored connections bctwccn nature, material$ and craft, linking to the ethics underpinning the
Arts & Crafts Movem¢nt. Cassell's work also demonstrated the significance vf symmetry in design, drawing
and carving. cchoing thc Arts & Crafts Movement and many of the de8i8n elements of Blackwell, giving a nvd
to thc upcoming exhibition by William De Morgan.
Cassell spoke about her work and her pr￿¢$$ on film and in events at Blackwell. including a live
demonstration. Local $¢hools and visitors to Blackwell were invited to create symmetrical drawings and
collages inspired by the exhibition.
Lorna Singleton, New Year New Mttker, January 2024
Every year we plarfonn contemporary makers from across lh¢ United Kingdom (UK) whose practi¢¢ champions
traditional h8ndiGrufts that reflects the ethos of the Arts & Crafts Movement. This year we showcased Lorna
Singleton, a basket weaver based in Grizcdalc, Cumbria. Singleton's craft is steeped in hcritagc and embraces
the regional tradition of making swill or 8pelk baskets. She is one of the la$t two rcmaining swill basket makers
in the UK rnaking hcr craft critically endangered.
Singleton gTows and harvests the raw materials for her baskcls frum local woodland, a proces8 known as
coppi¢in¥. Thc coppiced wood is soak¢d in large vats of watcr until the wood bccomes malleable. Tho wood 18
then ¢ut and shaved down to create equ#l width strands for weaving.
A short (Lilcunicntary film was made of Singleton discussing her craft and creating work in her Cumbrian sttldio.
Sublime Symmelry.. Iyilliam De Morgan, February 2024-ongoing
At the end of thc financial year, the exhibition Sublime Symm¢ty.' Wllllam De Mnrgan opened at Bla¢kwell in
partncrship with the rje Morg&n Foundation. Thc cxhibition featured 60 pots, tiles and vascs from the De
Morgan Colle¢lion. includin8 exampleb of Dc Morgan's designs inspir¢d by anim415 and Islamic art. Suhlime
Symmety looked bcyond the glazed surface of D¢ Morgan's ¢cramic5 to the math¢m&tical principles
underpinning his work. The exhibition includcd a self-led educational guide for key stage two students and
family activities exploring $ymmety in design.
Curator and Director of the De Morgan Museum, Sarah Hardy. gave public talks and tours of the exhibition.
WINDERIVIERL JETTY MUSEUM
Forty Farms, March-June 2023
At the slarl of April 2023, Windemerc Jetty Museum had Forty Farnis on display, an exhibition by British Life
Photographer of the Year, and Cumbrian famier, Amy Batema￿ Forty Furmy offcrcd a unique insight into the
everyday lives, fears alld hopes of 40 extraordinary farniers, through pholography, products, film and words to
reat¢ an inllnersive experience.
A series of pholography workshvps and talks accompanied the exhibition.
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Lakeland Arts
Trnstees, Report
LEGO Lake Ditslrict, July-oclober 2023
The LEGO Lake Districl display opened at Wind¢rnier¢ Jetty Mweum for summer 2023 for our family
audience. The display includ¢d an impr¢$siv¢ ten squar¢ m¢tr¢ long rcpli¢a of thc Lak¢ District madc by LEGO
bricks built by artist Jon Tordoff, highlighting the landscape of the Lake District in a unique way. The model
feE4tured fells, woodlands, lakes and waterfalls and ¢onlAnued to grow during ils time at Windemere Jetty
Museum. A family friendly truil was In1r￿lUC¢d Ihr(iu¥hvu¢ th¢ whol¢ mu5cum sitc to ¢llivura¥c visitt)r5 10
explore the lake shore.
Alongside the display were daily self led a¢tivities, plus a series of work¥hops for families and enthusiasts of all
ages, including Live Build sessions with artist Jon Tordoff. A family day fcaturcd local community organisation
stalls and LEGO models from other enthusiasts including a detailed replica of Windemiere.
Liiile LICAF, September-october 2023
Lakcland Arts partnercd again with Lakcs Intcrnational Comic Arts Festival to host the family section of th¢
f¢stival, Littl¢ LICAF. Th¢ family f¢stival aims to g¢t young people And their parcnts involved with comic arts
by encouraging th¢m to 8¢t ¢Teative and giv¢ drawin¥ # ¥0.
Displays were on show throughout the museum and Old Fire Station outbuilding, stslls and work5hop5 ran
throughout the weekend to encourage drawing and feature artists, work a$ well as the f¢stival's work within
local schools.
JoL'elyn McGregor, Dredged, Octobcr-DLLcmbcr 2023
As part of our COn￿lisSi0nIng project for Arts Council England, local artist Jocelyn McGregor was asked to
¢r¢at¢ wurk i￿pIred by Windcrniere to be put on display at Windcrn)crc Jcty Muscum. The outcome w
Dredged, a surr¢&l work which d¢lv¢d into th¢ sp￿¢ between nature and the human world, between land and
water, dark and light in the context of the glob81 climate crisis.
McGregor, an award-winning sculptor, ¢r¢ated anthropomorphic ¢r¢arures from salvag¢d materials. Working
with the Dove Collage Po¢ls, McGr¢gvr ¢xplor¢d Cumbrian fvlklvrc #nd Ihc ¥lvri¢¥ b¢hind Ihc muscum's
collection. Live perforn]ance8 and film brought the stories lo life.
Microworld, Junuary 2024wonyoin¥
Inspircd by ccosyStcm8 and dcsigncd for all agcs, Microworld is an immersive di8lt&l play space that adapt8 to
visitors as they interact with it. Microworld invites visitors to Atep into a surreal world where creatures and the
visitor intsract wlth ¢ach other.
Created by Genctic Moo and produced by Lumen Art Projecls, the installation has offered visitors of all ages an
opportunity to play and consider their impact on the world around th¢m.
ABBOT HALL
Julie BrooK What ￿ it Thot Frill Lasl?, May-December 2023
Abbot Hall reopcned in May 2023 with an exhibition by British land artist Julie Brook. Ivhot ig li That Will
The r¢opening exhibition spann¢d the entire art gallery and in¢luded rib￿ drawings and photography spanning
decades and including Works made in the Outer H¢bride$. th¢ 15hikawa Prefecture, Japan and in Cumbria. The
show fcaturcd thc artist's procc5s and painstaking labour in crcating large scale sculptural interventions in
remote landscapes, expressing the invisible forces- gravity, time and tide- which govern our lives.
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Lakeland Arts
Trustees, Report
The cxhibition was complemented by sevcral pieces from the Abbot HaIl collec1Aon includitig works by Frank
Auerbacl4 Barbara Hepworth. John Piper. John Ruskin, JMW Turner and Elizabeth Frink as well as a new
public sculpture created by Julie Brook at Holker Hall.
Brook worked with Lakeland Arts to priKiuc¢ local schi)ol and community group workshops, gav¢ tours and
spoke at events in the gallery including a Q&A event wilh Robert Macfarlane in ¢ollaboration with Kendal
Mountain Festival.
A b<M)k, What is it Thai Will Lasl? Land and ndal Art ofJulie Brook published by Lund Humphries was made
to coincide with the exhibition.
Ari Herbariiim, February 2024-ongoing
Abbot Hall's most intimatc gallery presents an immersive exhibition of nature in art. displaying a selcction from
our own rich collection. The light filled gallery gathers drawings, paintings and digital work depicting flora and
fauna by artists including Winifred Nichol¥on and Percy Kelly amongst others. The quiet space off¢L8 Visitors a
peacetul moment in nature to ¢ortsider biodiversity and its connection io health and wcllbeing.
Porlrait Gallerles, Fcbruary 2024wongoing
Setting a tone of welcome, inclusion and conversation, Abbot Hall's ground floor galleries connect visitors and
local fVTnmunitics to our extraordinary colle¢tion. These galleries tell diven*C Storics of pcople. their lived
cxp¢rien¢es, conflicts and conllnonaliti¢s. Highlights Irom thc collection include Kurt Schwitter& Celia Paul,
Hilde Golds¢htnidt, Lucion Frcud, Charn]ainc Walkiss. Stsnley Spencer, Joan Ewdley, George Romney and
Victor Pasmore.
Kendal based artist Lela H￿riS was invited to exhibit two of her works and supported the team with workshops
for locol sludcnts.
Gilbe.rÈ Spencer, Mor¢h 2024￿ngoIng
Launching at th¢ very end of 2023-24, this exhibition, madc in partnership with Lis Llewel1￿ Fine Art, brought
together (iilbert Spencer'y m&jor paintings for the first time in over 50 years. show¢asing his remarkable
preparatory studi¢s and full range of illustrative art.
The exhibition considered Spencer's staths within 20th century British modernism and ¢xamincd his work in th¢
¢ontexl of the revival of the Brilish land￿ap¢ tradition. as well a5 Ihe important role he played in Ihe
reinvi8oralion ofpublic mural paintin8.
In 1940, Gilbert Spenc¢T was evacuatcd from London along with several of his students from Royal Colleg¢ of
Art. They ￿rC scnt to nearby Ambleside where they became a ¢olourful prei*ence in thc wartimc villa8e. A
section of the exhibition focused on Spencer's lim¢ in Cumbria, developed in collaboration with locals Russell
Mllls and Deborah Walsh, curator and author of Bohemians in FJhile.' The Royal College of Art in Ambleside
1940-1945.
Claude Cahun, Beneath Ihis mask, March 2024wongoing
This exhibition, a150 opening at the end of the 2023-24 year. featured the work of French photO8raphcr Claude
Cahun (1 894-1954), whose Practice investigates gender and identity. This Hayw￿ Touring exhibition contains
42 Contemporary giclee prints made from scans of Cabun's Origin￿ photographic self portraits, as the majority
of the negatives were 105t.
The photographic series explores the artist's alignment to thc Surrealist movement, relationship with herself and
gender and the subversion of traditional portraitur¢ after she fled Nazi occupation in Frdnce.
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Lakeland Arts
Trustees, Report
Participation and lerdrning
During the 2023-24 period, Lakeland Arts delivered a range of participatory projects across our sites and the
wider community, engaging various stak¢hold¢rs through our legrning PTogramme. In totsl, we collaborated
with:
. Over 1,200 pupils through 36 school Workshops
• Approximately 2,700 youn8 people and their familie$ throu8h infonnal learnin8 programmes
Below are examples of the impact￿1 projects delivered durAng this period..
Windermere Science Festival
For the ¥e¢ond year, Lakeland Art¥ parthcrcd with thc Windctmcrc Scicnce Festival, now held in May rather
than March. This vibrant weekend event offered local schools, students, community mernbe￿, and visitors the
hance io explore diveTse aspecls ol. science and discover the joy of Sciencc Tcchnology En8inccring Arts and
Maths (STEAM) Icarnin8.
Forge Feslival
As a major partner in the three year Forge I*estival projecl led by The Knutted Pruj¢¢l 4md cu fund¢d by Arts
CuunLiI England, Lakcland Arts providcd funding and pcrfornlance spaces to 8UPPQrt this initiative.
The project addressed & gap identified through researu'h, which found thal yvung pevple 4¥ed 16-24 ID Cumbria
fell a jack of crealive opportunities. Many partiLipants were neurudivcr¥cnl ur cxpcricnccd low confidcnce.
Through workshops, they developed social connections, gain¢d confidence, &nd created original perforn)ance$
and music with 8uidancc from industy prof¢ssion81s.
In April 2023, perfornwices were held at Windermere Jetty Museum, and preparation8 for the 2024 festival,
focused on elimate justice And hosted ai Abboi Hall, began in Febnw 2024.
The Land Wilhin
This parti¢ipatory projcct cngagcd primary agcd S￿dents from Kendal in a series of workshops inspired by the
artwork of Channaine Watkiss. Year 5 and 6 students created s¢lf portrait pholo8raph$ ¢xploriJ)8 th¢m¢$ of
identity. ancestry, and nature, infornKd by Watkiss. exploration olthe transatlantic slave trade.
Follow up workshops in 2024 extended the programme into thc gallery space at Abbot IIall and fornied the
basis of its long tenn school programme.
CliMAR T
CliMART empowered young people across Cumbria to explore art as activism, focusing on climate justice.
Lakeland Arts pannered with organisations including Cumbria Development Educution Centre's (CDEC)
Young C1]n￿le Leaders progranlllle, Cumbria Action for Sustainability (CAtS) Climate Café, and the South
Lakes Youth Di5ttict Council.
As part of the project, young people participat￿ in zine making workshops, where they expressed their views
on climate i55ucs and the human impact on the planet.
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Lakeland Arts
Trusteesl Report
MAR Tcrealives
This initiative airned to establish long terni Creative partnerships with schools in Cumbria, enriching their
cU￿1culuM by engaging with Lakeland Arts. collection. Participating schools experienced-.
Self guided visits to IAkeland Arts. sites
Hands on workshops inspired by the collection4 held both at Blackwell and in schools
An exhibition of stud¢nt work ut Blackwell
In 2023-24, MART Creatives included Our Voice, an cxtended ¢ollaborative project involving Sthdents with
Educational Needs (SEN) from S#ndgatc School in Kendal.
MEND
MEND is a community focused inilialive bringing crcative activities to rural villages. tackling isolation, and
raising awareness of arts and heritagc. Using ihe MEND van, Lakeland Arts participated in evenls such as:
Stealing Thunder Storytelling Festival
• Baffow Festival of TrJn5PUrt
K¢ndal Pridc Fcstival.
These diverse proje¢ts ex¢mplify Lakeland Arts, commitment to fostering creativity, inclusion, and engagement
across the region,
Coll¢¢tion$ xnd D15plays
Atqulsltlon$
There were six acquisitions into the Lakeland Art8 collection:
l. 'Dobbin' a carved wajnut rocking horse by Harry Simpson, donated by Christopher Solomon, June 2023
2. 'Betwecn Two Suns, a painting by Lela Harris, purchased January 2024
3. 'Rosina' a drawing by Lela Harris, purchascd Januory 2024
4. 'lris' an electric launch build by Tirn Hayton, donated by the Keswi¢k Launch Company, F¢bn￿ry 2024
5. A children's chair by William Birch Ltd, donated by Shei18 Files, FcbTUAry 2024
6. 'The Sow¢r' a painting by Alec Kam. donalrd by thc latc Eve1￿ KaTn, with Art Fund Support, March 2024
Coll¢etlon Items IoADed out
Exblbldon Loan¥ Outgolng (England)
Borrowlng In5tltutlon
Qugntlty
MIM& Middlesbrough
Arniitt, Ambleside
TOTAL
Exhlbltlon Loans Outgolng (rest of UK)
Borrowing Ioslltutlon
Quantity
Non¢
TOTAL
Exhibltion Lo4ns Outgoing (lllternatlonal)
Borrowing Instltutlon
Quantlty
TOTAL
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Lakeland Arts
Trnstees, Report
Collecdon care and documentatlon
. An interim collection Luralur wus in post from August 2023 to Fcbrnary 2024, following thc departure of our
previous collection curator. A new Pern￿nen( collections mana8er came into post in May 2024.
Th¢ Curatorial t¢un] began a John Ellennan funded project to audit and rationalise the social history colleclions
of the Lakeland Muscum, and a numbcr of Lakcland Arts. storage units, with the assistance of 0¢¢88ional
volunteers. This WOTk is ongoing, but around 150 objccl records have been updat¢d on Modes.
The curY4torial *am Gontinued to undertake regular conservation cleaning &t Blackwell and Windern]ere Jety
Boat collectlon conservatlon
Wc continuc to dcvclop spccialist maritime heritage conservation ski118 at Windcrn)eTe Jetty Museum.
Throughout 2023-24 the team has maintained Lakeland Arts. outdoor, floating and operating fleet and has
continued with dedicated projects to conserve and restore specific boats from ihe collection.
The project work has included.,
Rccuvcry and conscrvation of the clectric launch Iris (circo 1905)
Fabricating and instAlling a movable cradle for SL Fsperance
Filting ¢xhausls and windscreen to racing hydroplane K184
Reconditioning and Lumrniysioning a SissLint* cnginc (circa 1902) for SL Osprey
Commis8ioning a boiler for SL Lady El￿abeth (circa 1900)
EarDed Income
The commercial a¢tivili¢$ of Lakeland Arts are managed by Lakcland Arts Enterprises Ltd, the charity's wholly
owned trading subsidi&ry. This entity undeTtskes all non primary charitable operalions, donaling 118 nel incumc
lo the charity annually.
Efforts to increase Commercial revenue continued through retsiL caiering, and private hire while trialling new
income stream5 such a5 weddings, film location hire. water ￿ctivItieS and commcrcial boat work. Howcver,
limited funds for testing new initiatives resulted in growth insufficient to offset broader organisational
challenges.
Exhibitions like Forty Farms and the LEGO Lake District display attracted higher adrnissions, contributing
significantly to earned income, despite lower than expected tourist number5 in the Lake District,.
Earned income from Lakeland Arts EnteTprises inCre￿d to £1.049M in 2023-24 compared with 2022-23 which
was £764K.
Herltage bo*t trlpi
Daily boat trips. operating from April through October 2023. were conducted ex¢lu$ively aboard Penelope Il as
major boiler and engine repairs wer¢ carried out on Osprey. These trips remained popular, welcoming over
S.3{￿ passengers and accommodating an additional 20 exclusive charters.
Winter operations focused on private hire due to staffing challenges and escalating filel costs for both vessels.
Despite th¢s¢ hurdles, h¢TitAg¢ boat trips 8¢nwatd a net income of L47,646 for the year.
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Lakeland Arts
Trustees, Report
Caterlng
Staffing shortages and significanl food intlativn posrd cball¢ngcs for catering operations across all sites.
Nevertheless, progre88 was made:
• At Windernxre Jcty Museum, new ¢quipm¢nt was Intr￿ul¢￿ and scasonal mcnus wcrc implcmentcd at the
L4keshore Cafe, inwrovin8 serrfice and flexibility
At Blackwell, a r¢du¢ed offer was introducd due to staff capacity limitations, providing an opportunity to
reassess 8nd relaunch in 2025
. At Abbot Hall, the Creative Space and Coffee Bgr opened in May 2023 with a simple menu of bot drinks and
baked good% with plans to expand based on demand,
Overall. 2023-24 catering income wa8 £700K an increase in comparison with 2022-23 which was £537K.
Retill
Retail operations, both in person and online, continued to grow. albeit more slowly than anticipated. Product
¥elcctions were aligncd with the curatorial programme, drtving increased sales during exhibition5 such as Forty
Farnis and LEGO Lake District. Retail outlets were also reintroduced at Abbot Hall, complementing its
r¢openin8.
Retail incorne overall was £237K in 2023-24 a small increase in comparison with 2022-23 which was £213K.
FJvents and prlvate hlre
L4keland Arts hosted various events, including Ihe Model Boat Regatta, Lake District Summer Music Fcstiv&l.
and Blackwell's popular Autumn Craft Fair.
A wedding license was secured for Windennere Jelly Muscum in 2023, facilitating small weddings. Privhte
celebrations, corporale meetings, and workshops. Thc vcnuc was a180 used as a film location for Several
produclions throughout the year.
Partnership$ with lo￿] organisalions, such as Stride und Edgc Yoga and Total Adv¢ntur¢ Cano¢ and Kayak
Hire, provided additional Cngagcmcnt opportunities for visttors.
CommerclAI boat ¢onservatlon
Leveraging herita8e skills, Lakeland Arts undcrtook 8evctal high profile conservation projects, including:
. A 3D digital model of De Wadden for National Museums Live￿001
. Condition surveys of Herbert L¢igk for Barrow Town Docks Museum
Restore and install clcctric propulsion to Motor Launch Borwicb for private customer
. Visual structural survey of the WWII rescue motor launch RML497 for National Museum of the Royal Navy
. Repair of SL Gondola's gunw41es lor the National Trust
Visltor experience
The visitor experience *am focused on enhancing engagement through improved communication, ticketing
systems, and regular tr8inin8. Key initiative8 included:
. Introduction of daily tours and talks al Blackwell
. Recruitment and training of stsff and volunt¢er.s for Abbot Hall's reopenll
• Transition to rolling training sessions covering hygiene, allergen awarenes& Gift Aid, and new EPOS systems
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Lakeland Arts
Trusteesl Report
Volunteerillg
Lakeland Arts completed the fmal year of the Helping Hands proj¢¢t, fost¢ring inclusivity, increasing workforce
div¢rsily. and addr¢ssing isolution Cumbria.
With Abbot Hall's reopening, Lakeland Arts welcomed approximately l On volunteers, many returning after the
gall¢ry's thre¢ y¢ar hiatus. Volunt¢¢rs play a vilal rol¢ in ¢nhan¢ing vtsilor ¢xperi¢n¢es and gathering f¢¢dba¢k
Their contributions were invaluablc during this transf0m￿tiVe ycar and we are extrcmcly apprcciative of all that
they do.
Ralsed Income
Lakeland Arts, as a member of Cumbria Museum Consortium, completed the first year of the new funding
period 08 a National Portfolio Organisation (NPO) to Arts Council England.
Lakeland Arts is grateful for thc donations, gTants and spon¥orship we receive from all thc individual¥ and
organisations who support us. The support meaAs we are able to continue our worK helping u8 to conserve our
Grade I lisled buildings, care for and develop the Trusl's collections, promote world class art and heritag¢ and
deliver excitin8 exhibi1ion and learnin8 pro8rammes. Lakeland Arts wou]d like to sincerely ihank all ihe
individuals and organisaiions mentioned In this reporL and all those who with to remain anonymous.
A new fundraising strategy Nva8 agryeed l)ecember 2023, aligning with the new creative vision for Lakcland Art
£835K wa$ rais¢d in th¢ y¢ar ¢ndin8 31 Mar¢h 2024, r¢pr¢s¢ntin8 30/0 of our ov¢rall income in 2023-24.
Valuublc support Larnc from a Tan8c of sourcc& including individual donors. trusts and foundatio￿, ststutory
fimders and COTPOTate OTganisations. Lakeland ATts continues to Teceive support from OUT Membcts, Patrons and
Benefactors, raising & totsl of £75K in 2023-24 from membership schemes.
Westmorland & Furne88 Council and Kendal Town Council continued to support programme activilies.
In 2023 wc bcgan a mulli year partnership with funder Esmée Fairbairn Foundation via Ihcir Collcctions Fund.
The projeci aims to support thc organisation's transition into chang¢making through Abbot Hall a8 a fl4g8hip for
innovation.
Other restricted funding to 8UPPOrt speeific proje¢t8 and activitie8 included grant8 from the John R. Murray
Charitable Tn￿t, the Sir Nicholas Goodison Award, the National Lottery Heritage Art Fund, th¢ Ivolfson
oundation and DCMS. the JOI￿ Ellennan FoundatioN th¢ Lucy Groupi the GF Arniita8e Charitable Trus( the
Wes¢moTland Art5 TnLSt. the Midwood McTuTk Trust.
The Blackwell Loan Agreement, dated 7 November 2023, fornialises a l()an arrnngement between The Lakeland
Arts Trusl (tKnd¢r) and Lak¢land Arts (Borrowcr), both register¢d ¢harilies operating out of Abbot Hall Art
Gallery, Kendal, with Lakeland Art5 as the sole ¢OTporal¢ trustee of the Lakeland Arts Tru51. UDder the
a8rc￿nCnt, thc Lcndcr has advanccd £125,478.25 to thc BoTrowcr, drawTr from thc rc5trictcd Blackwcll
Endownent Fund in accordance Thith Charity cOn￿nIsSion guidelincs. The loan is intended to fund repairs and
maintenance of Blackwell, & property 0￿￿ed by th¢ Lender and utilised by the Borrower for income generation
and charitabl¢ activities. The &greement establishes a 19-year repayment schedule with monthly in5talments
be8innin8 November 7. 2024. following a one-year payment holiday. Interest is a¢¢rued at 7.40/0 per annum on
the outstanding liabilities, with a final paymeni date in November 2043, there are no penallles for early
repayment.
M&rketlng and CommunlcAtlons
Macroeconomic factOTS continued to sigDiliraDtly in￿￿¢t visitor behaviour such that a r¢turn lo pre pand¢mi
figures SeeTr￿ likely to take longer than anticipate￿ requiring & greatly improved fin4ncl￿ climate both
1ntsn￿tl0llal1y and in the UK.
While ihere was some ￿Owth in internaiional towism in 2023-24, the majority of surveyed visitors came from a
much shorter distance within the North of England and Scotlan
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Lakeland Arts
Trustees, Report
The Marketing and Communications team relied on freelat￿t support throughout the opening of Abbot Hall in
May 2023 but was reduced further in size in December 2023. in response to increased oveTheads and lower than
anticipated income.
The team continued to prioritise high quality graphic design, illustration, photO8fdphy and video ¢0 capture all
a8pe¢ts of both charitable and commercial ar¢as of worL Widening Ihe range of mark¢ting matcrials and
audiences, parlicularly digitally, has increased undersLqnding of new audience potential and visitor interest.
The team expanded digital advertising, national media and local partnership marketing and lookd toward
improvtng systems in prepaTation for future focus on email, digital and search engine marketing in 2024-25.
Standard78ed Arts Council England surveys were rolled out to all three open mus¢um$ in November 2023.
Capltal projects, bulldlngs, and estatei
Abbot H911
Tn May 2023, Abbot FIall reopened following a significant closure period for es¥ential repair5 and upgrades. The
work, managed by South Lakeland Dis¢ricl Council (now Westmorland & Furness Council) 2$ the building's
0￿Cr, included..
. Electrical sysiem upgrades
Instsllation of a ncw heating system
Replacement of ihe fire alami system
• Trlood defence measures
Inicrnal and external redecuration
These improvements have modernised the 8allery while ensuring its re#diness for futurc programming.
Lakeland Museum
L&ikcland Muscum rcmains closed as ￿rther planning and consultation Continue for subsequent phases of the
wider Kendal site masterplan, which includ¢8 Abbot Hall.
Blaekwell
Essential roofing repaiTY were completed on the east gable wall at Blackwell following Listed Building Consent
approval. These ThDrks included:
Replacing lead flashing and a decayed timber rafter
Re flaunching and re rendering the n¢are$t ¢himney stsck
Adding a lead capping lo the parapet wall
• Installing Icad trays Abovc first and second flo(Ir windows and tap¢ring sills to prevent water ingress
• Restoring the second floor window, whlch was found to be in poor condition.
Thes'e repairs have si¥nificantly mitigated water ingress in this Part of the building, infonned the rate of
deterioration for remaining gables, and provided evidence to support funding applications for further
conseTvation efforts.
Wlnderniere Jetty Museum
Winter 2023-24 posed challenges at Windern]ere Jetty Museum due to issues with the lake source heat pwiip
system. Repair.8 in November 2023 were unsuccessfid, leaving the system operational with only (me of th¢ iwo
heat exchimgers. Further issues over December and January resulted in thc 5y5tcm bcing tUTncd off entirely as
neither heat exchanger could maintain pressure. Discu&8iOllS With our insurers continue.
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Lakeland Arts
Trusteesl Report
Property updgtes
. The Ferry Nab property was vacated and thc lease surrendered ￿ the owner in September 2023
9 aDd I I ChuTGh Walk (collectively known as the Old Grammar School) were sold at auction in November
2023. wilh th¢ sale cornplctcd in Dcrcmbcr 2023.
These property adjustments have helped streamline operations and align estate management with stralegic goals.
Fundr￿SIng disclosmres
As Rn accredited museum Lakeland Arts adher¢s to the Museums Association Code of lithics for Mus¢un￿. The
Code defines the eihical prin¢iple¥ which guide museum praLli6¢ and undLYpin policy and pra¢ticc rcgurding the
dcvclopmcnt of museum ¢olle¢tions. An ethical approach to museums also underpins the Accreditation
Standard. This Code Supports museums, those who work in and with them, and their governing bodies in
re¢o8Dising and resolving ethical issues and conflicts. It scl?• Out kcy cthical principlcs and ihc sUPPX)rtin8
actions that museums should tuke to ensure an ethic￿ approach to their work in relation to their Audiences. local
communities. donors. source comtnunities, panner orgaDisalion5, sponsors and funders. Lakeland Arts is an
organisational member of the Museum5 Association.
Lakeland Arts has a s¢1 of policie5 thal ensure we implernent and adhere to the Museums Associalion Cod¢ uf
Ethics, including in relation to donor¥ and fund¢rJ. The￿ inrludc uur Privacy Policy lind ￿r¢gu￿rd1n¥
Childrcn and Vulncrable Adults Policy, which applies to all staff, tn￿tee8, v(Jlunteerg, and contractors, and
out how we would r¢¢ognise and deal with incidents of suspected financial abuse.
During the year Lakeland Art8 did not contract professional fundraisers from a third-paty business to carry out
fundraising on its behalf,
In the current year Lakeland Arts did not receive any complaints al)out aetivities by the charity or by a person on
behalf of the charily for the purpuse or rund-rai¥in¥.
Benefaetors and Patroni
Benefaetor$ (as at 31 M￿h 2024):
Mrs J Ambler
Mr T J R Harding and Mrs P Harding
Mr J Hudson and Mr$ N Hudson
Dr A C l Naylor and Mrq M Nayl()r
Mr J S Rfftnk and Mrs E Rink
Mr M Southem ond Mrs L Svuthmi
DrJPLWelch
Mr8 J Wood
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Lakeland Arts
Tru$tee$' Report
Patrons (as at 31 March 2024):
Mr C H Bagot ind Mrs S Bagot MBE
Mr J Barradell and MT5 M Barradell
MT J Campbell and Mrs S J Campbell
Mr D Cas¢ and Mrs A Case
Mr C W Crewdson OBE and Mrs V Crewdson
SIT James Cropper KCVO
Mr W Dufton and Mrs R Dufton
M8 W Ellis
Mr N J Flcming and Mrs S C Fleming
Mr J Forsyth and Mrs B Forsyth
Mr M Gibbon and Mrs L Gibbons
Mr R Hasell-mccosh and Mrs J Hasell-McCA18h
Miss S Keegon
Susan. Lady Kimb¢r
Mr J Lcc and Mrs H Lee
Mrs C Lomas Whittle
Mrs D Matthew5
Mr J Nicoll and MS L Colchester
Mrs J Rayner
Mr F A Scott DL and Mrs S Scott
Sir Christopher and Lady Scott
Mr J H TO￿￿n
Mr J Velnowelh and Ms D Reid
Mrs M Warburton
Mr J N C Woodhouse
Mr C. Woodhouse CVO
Mr P M White and Mrs V Whitc
And all those who wish to remain anonyThous
PHbli¢ benefit
Lakelllr￿ Arts is dedicated to rnakin8 a meaningful 8nd lasting impact on the communities it serve8 by providing
ac¢ess to culture, creativity and heritage. The organisation ensures that 115 vcnucs, collections and programmes
enrich lives, inspire learning and fost¢r wcllbcing.
Abbot Hall opened as an art gallery in S¢ptemb¢r 1962, as home io an outstanding art LulleLlion and a dymamic
exhibilion programme.
In 1971, the Lakcland Museum (fornierly the Museum of Lakeland Life & Industy) was established within the
coach house and Stable block at Abbot l.l&ll. The museum holds an extensive collcction that cclcbrates the social
and industrial history of the Lake District and Kcndal.
Blackwell _ The Arts & Crafts EIouse, a Grade I listed building with Sweeping views over Luke Windern]ere,
opened in July 2001. Designed by MH Baillie Scott and completed in 1900, Blackwell is one of the UK'S most
signifi¢ant Arts and Crafts houses, renowrled for its historic and contemporary craft exhibitions.
In MarcF, 2019. the Windcrn]ere Jelly Museum was inauguratcd. offcring a world clas% m￿seuM experience #nd
attracting visitors frorn across the globe.
Throughout its a¢tivilie5, Lakeland Arts prioritises a¢cessibility. l¢arning and inclusivity. ensuring its
prO￿￿amnWS and venues benefit & wide range of audiences, from local ¢onYnunities to nitional and international
visitors.
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Lakeland Arts
Trustees, Report
The tru5tee5 confirni that they have complied with the requirements of Section 17 of Ihe Charities Act 2011 to
have due regard to the public ben¢fit guid￿¢¢ published by the Charity Con]mission for England and Wal¢8.
Structurei govern4n¢e and management
N4thre ofgoverhinx document
Lakeland Arts operates as a ¢harilable company limitL'(I by guarantcc and is registered as a charity. The
organisation was established to rnodernise the 8ov¢rnan¢e of the Lakcland Arts Trust, an unin¢orporat¢d trust
founded in 1957 to save Abbot Hall and transfomi it into an art gallery.
The ch&ritable company, govemed by its Memorandum and Articles of Association, assumed respon8ibility for
the operations of the Trust on l Augu$l 2013. Th¢ Trust's fimd4 assets, and liabilities were transferred to the
Charilable company, whiLh cuntinucs to operate the venuex and manage redevelopment projects, such a8
Windcmicrc Jetty Museum. The TnL8t itself retains the Blackwell Endowment (a pernwnenl cndowmcnt) and
the collections, which ar¢ loaned to the charitable company.
Thc Board r¢8ularly reviews 118 performance against th¢ Charity Gov¢rnance Code ro entsurc strong and
effective governa￿¢,
Reernltmeni ahd appolntment of trumlees
The Trustee Succession Planning Committ¢¢ ov¢rs¢¢s th¢ recruitment 4nd ¥ucLestiion of trustccs to cnsure the
board maintains the skills, div¢rsity¥ and expertis¢ r¢quircd to ¥upport Lakcland Arts. This committee identifies
upcoming vucancies, defines the ykills nccdcd and recruits through method5 such as advcrtising.
recommendatio￿ or Tccruitmcnt platforn￿.
K¢y $￿p3 in the trustee recNitment process include..
Reviewing trustee retirement schedule8
Idenlifyin¥ skill¥ nccL55ary for the organi$ation's gromrth and success
. Con8id¢ring candidates who align with Lakeland Arts, commitment ¢0 diversity and inLlusion
Interviewing candidat¢8 with the Lhief Ex¢¢ulivc Officcr, Chair of Trustees, and a committee memb¢r.
Rccommendations are Approved by the su￿¢S810n Planning Committee and forn￿llY endorsed by the Board of
Trustees.
OryanLf411oA41 slpmctsre
The trustees of the charitable company also serve as its dir¢¢tor¥ undcr charity law. The Board of Trustees,
comprising six to 15 members, meets regularly tu ovcrscc strntC8y, policy. and operation8.
At ihese n￿etings, the tn￿te¢s.
• Dcfinc the charitable company's strategic direction and policy framework
Monitor financial policies, reserves, risk managemtht and perforn￿nce
* Set remun¢ration for key managcment personnel using industy benchmarks.
Tn￿tee8 appoint aTJd oversee investment managers, Currently Sarasin & Parkncrs LLP, to implcmcnt IAkeland
Arts. Investment strategy. D¢lails of key rnanagemeDt personnel remuneration and exp¢nse$ are dis¢losed in ihe
noles lo the accounts.
Trustees are elected during the Anllual Gen¢ral Meeting, as stipulated in the Articles of Association. Those who
served during the y¢ar and since year end are li5¢ed in the Charity inforn]ation section.
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Lakeland Arts
Trustees, Report
Relationships wlth relAted p#rtie8
Lakeland Arts Trust
Lakeland Arts acts as the sole Iruslee of Lakeland Arts T￿￿t. which holds the organisation's ¢olle¢lions and
manages th¢ Bla¢kw¢ll EndO￿nent. For accounting purposes, Lakeland Arts Tn￿t is treated as a 8ubstdiary of
Lakeland Arts.
L2kelgnd Arts Entcrprlses Llmlted
Lakcland Arts Entetprises Limitrd is the wholly owned trading subsidiary of Lakeland Atts. Together, Lakcland
Arts, Lak¢land Art5 Trust, and Lakeland Arts Enterpri8e8 Limited comprise the Lakeland Arts Group. working
collaboratively to support th¢ charitable mission.
Lake12nd Arts Support Trust
Fornied in 1998, IAkelllnd Arts Support Trust is an independent charity established to generate income in
support of Lakeland Arts. with a particular focu.8 on th¢ Abbot Hall site in Kendal. As it operates under
cparatc board of trustees, it is not part of th¢ L¥k¢land Arts Group.
Westmorland & Furness Coun¢ll
Since its forniation on l April 2023, Westmorland & Furnes5 Council has been a key partner of L8keland Arts.
The Council owns Ihe Abbot Hall buildin8 and provides an arniual grant to support the charity's operational
costs and pro8rarnm¢ delivery.
Flnanclal Instrnments
0bJeerfVe￿ dndp&ll¢lés
The activities of Ihe L4kel&nd Art?* Group expos¢ it to a range of finan¢ial risks, in¢luding thosc related to
fluctuating visitor S￿ndin& cosl prcssurcs, investment perforn￿nee, 8nd broader cconornic challen8es such as
inflation and post pandemtc recovery. Oversight and managem¢nl of these Tisks are the responsibility of the
Finance Committee, with trustees receiving regular updates on the organisation's financial position,
Credit rtsk
Thc ¥roup's principal financial assets include bank balance5, catyh, tradc rcceivables. and investments. Credil
risk is minimal, as receivables are largely compriscd of secured grants. Liquid funds are held with hi¥h crcdit
rated banks, ensuring security and stability.
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Lakeland Arts
Trusteesl Report
Statsment of trustees, re$ponslbllltl¢s
The trustees (who are also the directors of Lakeland Arts for the purposes of company law) are responsible tor
preparing the trustees, r¢port and the financial stat¢nKnts in accordance with applicable law and United
Kingdom A¢¢ounling Slandards (United Kingdom G¢nerally A¢¢epted Accounling Practice), including FRS
102 'The Financial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland"
Company law requires the tn￿teeS to prepare financial statements for each financial year. Under company law
th¢ tnLStees must not approve the fin&n¢i&l statements unl¢ss they are satisfied that they give a true and fair view
of the state of affairs of the parent Charitable company and the group and of the incoming resources and
application of resources, including its incomc and cxpcnditure, of the charitable group for that period. In
preparing these finan¢ial ststements, the tr￿teeS are required to..
select suitable accounting policies and apply them consistently,
observe the methods and principles in the Charities SORP;
make judgem¢nts and estimate8 that are reasonable and pnmknt.
stsl¢ whether applicable accounting standards. comprising FRS 102 have bcen followc4 subjccl to any
material depArtures disclosed and explained in the financial statements. and
prepare the fll]anci&l $tat¢m¢nts on the 80ing concern basis unless it is inappropriate to pre8iinie that the
parenl chaTitable company will continue in business.
Th¢ trusiees are responsible for keeping proper accounting records that can disclosc with reasonable accuracy at
any time the fmancial position of Ihc parcnl charilablc company und the group and enable them lo ensure that
the financial statements comply with the Companies Act 200C). They are a150 responsible for safcguarding the
as¥ct¥ of Ihc parL'nt Lharilable cvmpuny and the group Jnd hence for taking reasonable steps for the prevention
and detection of fraud and other irregularilie8.
The trustees are responsible tor the maintenance and in*grity of the corporat¢ and fmaneial Inforn￿tIOn
included on the charitable companys website. Le8islation 8overnin8 the preparation and dissemination of
finan¢ial statements may differ from 1¢8islation in other jurisdictions.
Dl8elosure of Infomatlon to audltor
Each truslee hail tsk¢n $t¢ps that they oughi to have taken as a I￿stee in order to rnake themselves aware of any
relevani audit inforn)ation and to e.qtabligh that the charity's auditor is awarc of that infurnution. The trustcc
confm that thcre 15 no relevant infornwtion that they know of and of which th¢y know the audicor is unaware.
The annual report was approved by the tntstees of the chariry on 23 January 2025 and signed on its behalf by:
D Reid MCIOF
Chair and trustee
Page 22

Lakeland Arts
Independent Auditorls Report to the Members of Lakeland Arts
Opfrnlon
We have audited the fjnancial ststements of Lakeland Arts (the '¢lwitable parent company.) and its subsidiaTies
(the 'group') for the year ended 31 March 2024, which comprise the Cornsolidated Statement of Financial
Activities. Consolidated Balance Sheet, Balance Sheet. Consolidated Sta*ment of Cash Flows and Notes to lh¢
Financial Statements, including a summary of si8nifi¢ant accounting policies. The fmancial reporting
framework that has been applied in their pr¢para¢ion is Unitcd Kingdom Accounting Standards, comprising
Charities SOR￿ - FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and
applicablc l¢lW (Unitcd Kingdom Clenerally Accepted Accounting Practice).
In our opinion thc financial statements:
give a true and fair vicw of the state of the group's and parent charity's affairs as at 31 March 2024 and of its
incoming re8our¢e8 and application of resources, including its income and cxpcnditure. for the ycar then
ended;
have been properly pr¢pared in accordancc with Unitcd Kingdom Generally Ae¢¢pted A¢¢ounting Pwtice.
and
have been prepared in accordance with the requircments of the Companies Act 2006.
B9$18 for oplnlon
We conducted f)ur audit in accordance with International Siandards on Auditing (UK} (ISAS (UK)) and
applicable law. Our responsibililie¥ undcr Ihosc standard8 are further described in the auditor responsibilities for
the audit of thc financi81 statcments section of our report. We are independent of the group in ac¢ordancc with
th¢ ethic81 requiremenls that are relevant to our audil of the financial statements in the UK, including the FRC'5
Ethical Standard, and wc havc ￿lfilled our other ethical responsibilities in a¢¢ordance with the￿ requir¢ments.
Wc bclicvc that the audit evidence we have obtain¢d 1$ sufficient and appropriate to providc a basis for our
opinion.
Materlal uncertalnty related to golng ¢on¢¢rn
We draw attention to Note 2 in Ihc financial statements re8arding going ¢on¢em. Thc charitable group incurred
a n¢1 d¢fi¢it of£535.791 during the year ended 31 March 2024 of which £484.448 relatcd to unrcstricted fjjnds
resulting in 4 deficit on unrestricted funds 01 £433.534 and, a8 of that date, the group's current Ilabilities
exceeded ils lutsl asscts by £51.728. As explained in Note 2, th￿C results have been oused by particular cvcnts
in thc ycar but this does indicate that a material un¢ertainty cxists that may cast SI￿lficant doubt on the group"&
ability to continue as a going concern. The group does hcTilagc assets worth approximately £63m which are
not on the balance sheet (notc 17).
Our opinion is not modified in respect of this matter.
Page 23

Lakeland Arts
Independent Auditor's Report to the Members of Lakeland Arts
Concluslons relatlRg to golng concern
In auditing thc financial statements, we have conclud¢d that the trustees use of ihe going concern basis of
accounting in th¢ pr¢paration of the fJllanGial statements is appropriate.
Based on the work we have p¢rfornJed. we have not identified any material uncertainties relating to events or
conditions that, individually or ¢olle¢tively, may cast significant doubt on the group's ability to conlinue as a
going concern for a period of at least twelve ￿KInthS from when the original finan¢iaL statements wer¢ authorised
for issue.
Our responsibilitiey and ihe responsibilities of th¢ Iruste¢5 Wlth Te8pect to going concern are described in the
relevant sections of this report.
Other Information
The trustees urc rcsponsiblc for thc oihcr inforniation. The other inforniation comprises the inforniation included
in the annual report. other than the financial siatements and our auditor's report thereon. Our opinion on the
fllwicial staiements does not cover the other inforn￿tIon and, except to th¢ ¢xl¢nt otherwise explicilly sla*d in
our report, we do not express any forni of assurance conclusion thcreon.
In connection with our audil of Ihc fIn&￿'la1 statcmcnts, our rcsponsibility is lo read the other inforniation and,
in doing 80, consider whether the otheT infoTmaiion is materially inconsistent with the financial ststem¢nt$ or
our knowledge oblain¢d in the audit or othenvise appears to be materially misstst¢d. If we identify such material
in¢onsistencie5 or apparent tnaterial misstatements, we arc required to dctcrniinc whcthcr thcrc is a material
mi¥¥l&temcnt in thc fJnAncial statcmcnts or a material misstaternent of the other infornlalion. If, based on the
work we have perfornied, we ¢oll¢lud¢ that thcre is a material misstatcmenl of this other inforniation. we are
required to report that fact.
We have nothing to report in this regard,
Oplnlon on other matter pre$erlbed by the Companles Aet 2006
In our opinion, based on the work undertaken in the course of the audit.,
the intornmtion given in the Strategic Report and Tr￿t¢￿' Report for the financial year for which the
financial statements Are prepared is consistent with th¢ fJnan¢ial statements. and
the Strategic Report and Tn￿tee8, Report have been prepared in accordance wilh applicabl¢ legal
requircmenls.
Matters on which we aro r¢qulred to report by exeep¢ioR
In thc light of our knowlcd8c and understanding of the 8roup and the parent ¢haritable company and its
environment obtained in the course of the audit, we have not identified n￿terial misstatements in Ihe Strategic
Report and the Trustees, Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
Teport lo you if, in our opinion..
dequate and proper accounting records have not bcen kcpt by the parent charitable company. or returns
adequate for our audit have not been received from branches not visited by us. or
the parent cbariLqbl¢ company fmancial statements are not in agr¢ell￿nI with the accounting records and
certain disclosures of trustees remuneration specified by law are not made" or
we have not received all the inforn￿tion and explanations we require for our audit.
Responsibilities of trustees
Page 24

Lakeland Arts
Independent Auditor's Report to the Members of Lakeland Arts
As explained nlore fully in the Stalement of trustees, responsibilities (set out on page 22), Ihe trustees are
r¢sponsible lor the prepardtion of the financial statements and for being satisfied that they givc a true and fair
view, and for such internal control a5 Ihe trustees deterniinc is nccc5Sary to enable the preparation of financial
Statwnents that are free from material misstatement, whether due to fraud or error.
In preparing the finan¢ial stsfrments. the tTUStees are responsible for assessing the ¢h8rity's ability to continue as
& going Con¢¢￿ disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the trustees either intend io liquidate thc churity or to cC￿e operations, OT have no realislic
alternative but to do so.
Audfttor respon51bllities for the wudlt of the flnaDclal statements
Our objc¢tive5 arc to obtain reasonable assurance aboui whether the financial statements as a whole are free
from material missiatement. whether due to fraud OT crror, and to issue an auditor's report that Includes our
opinion. Reasonable a55urancc is a high level of &qsurance. but is not a guarantee that an audil ¢onductcd in
ac¢vrdancc with ISAS (UK) will always de￿t a material misstatemenl whcn it cxisls. Mis8talement8 Can arise
from fraud or error and are considerLd matcrial if, individually Dr in the aggregate. they could reasonably be
expected to influ¢n¢¢ the e¢onomic decisions of users tsken on the basis of tbe8¢ financial stalernents.
The extent to which our procedures are Capable of detecting irregularities, in¢luding fraud is det&iled below:
We identified areas of laws and r¢gulutions that could rea8onably be expected io have a material elTccl on the
financial 5lalemLnls from our experience and from discussions with managemenl. W¢ r¢vi¢wcd any related
Vrycspondence 8nd records of trnstee meetings lo assess compliancc with laws and re8ulation8 and discussed
the turrent position with management. Wc cnsurcd the audit tcam were alert for any indiGations of
non-compliance throughout thc audit work.
We revie,wcd n]atcrial journaIs proce¥¥ed in thc charitablc companYs accounting sofhvAre.
We assessed the charity's policies and procedures on fraud risks. No in¥t8nces of a¢￿al. suspected or alleged
fraud were identified by us or the ¢h8rily in the year.
Bccausc of the inherent limitations of an audii. Ihere is a risk that w¢ will not detect all irregularities, in¢luding
thosc leading to a material mis8tat¢ment in lh¢ fjnancial stalcmcnts or non-cornpliance with regulation. This risk
in¢r¢as¢s Ihe more thal cornplianGc with a law or regulation is removed from th¢ ¢v¢nts and tran￿ctiOnS
reflected in tbc financial statements, as we will be less likely to become aware vf instanccs of non-compliance.
The risk is also greater rcgarding irrc¥ularitics occurring due to fraud raihcr IhaD crror. as fraud involv
intentional ¢on¢ealm¢Dt, forgcry, collusion, omission or misrepresentstion.
Helen Holmes Bsc FCA (Scnior sta￿tOry Auditor)
For 8nd on behalf of Stables Thomp80n & Brisco< Statutory Audilor
Chartered Accounlants & Statutory Auditor
Lowther House
Lowther Street
Kendal
LA9 4DX
30 January 2025
Page 25

Lakeland Arts
Consolidated Statement of Financial Activities for the Year Ended 31 Mareh 2024
{Including Consolldated Income and Expenditure Account and Statement of Total
Recognised Cains and I￿SSeS)
Unre$trlcted
funds
Restricted
funds
Endowment
funds
Total
2024
Note
Income ind Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
Other tn¢ome
643,717
727,894
1,049236
1,438
124,769
240,922
884,639
727,894
1,049,236
21,265
124,761)
19,827
'rolal income
2,547,054
260,749
2,807,803
Expendlture on.,
Raising funds
Charitable activities
(1,420,699)
1,696,802
(1,420,699)
1,995,685
279,232
19,651
Total expenditure
GaAn8llosses on investment
assels
(3.117,501)
(279.232)
(19,651)
{3,416,384}
22,500
28,290
50,790
Net (expendilure)lincome
Transfers between fimds
(547.947)
41,499
{18.483)
8.639
(41,499)
(557,791)
Otb¢r r¢¢ognls¢d g*Ang And
losyei
Actuurial gains on d¢fu￿d
benefil pension schemes
22,000
22,000
Net movement in funds
(484,448)
(18,483)
(32,860)
(535,791)
Re¢ondMAtlon of fundi
Total fimds brought forward
50,914
15,849,929
547,860
16,448,703
Total funds carried forward
27
433,534
15,831,446
515,000
15,912,912
The notes on pages 32 to 70 forni an integral part of these fina￿la1 ststements.
Page 26

Lakeland Arts
Consolidated Statement of Financial Activities for the Year Ended 31 March 2024
ntluding Consolidated Income and Expenditure Account and Statement of Total
Recognised Gains and L05ses)
Unrestrkted
fund8
Restricted
fund$
Endowment
funds
Total
2023
£ (As restated)
Note
Ineome and Endowments from:
Donation8 and lega¢ies
Charitable a¢tivities
Other trading activities
Inve8im¢nt income
Other income
717.986
601,517
763,919
1,133
490,554
209.142
927,128
60J.517
763,919
20,536
19,403
Total income
2,575,109
228,545
2,803,654
ExpeDdfjtur¢ on:
Raising funds
Charitable activities
(1,158,876}
1,546,573
(1.158,876)
2.110.106
563,533
Total expenditrjre
Gains/J08se8 on investment
Assets
(2,705,449)
(563,533)
(3,268,982)
332,622
37,140
295.482
Net in¢ome/(expenditure)
Transfers between funds
202,282
(40,987)
(334.988)
40,987
(37,140)
(169,846)
Other reeo8nl$td gilns And
losses
aainslto8$es on revaluation of
fixed assets
Actharial gains on defined
benefit pension Schemes
(64.000)
(64,000)
315.000
315,OIKI
Nel movement in fimds
412,295
(294,IN)I)
(37,140)
81.154
Reeon¢iliatloD of funds
Total funds brought fonvard
339,381
16,143,930
585,OC
16,389,549
Totsl funds ¢arricd forward
27
72,914
15.849.929
547.860
16,470,703
All of the group'5 activilies derive from rontinuing operations during the above two period8.
The funds breakdown for 2023 is shown in note 27.
The notes on pages 32 to 70 forni an integral part of these fmancial stat¢nK'nts.
Page 27

Lakeland Arts
(Registration number: 8162578)
Consolfjdated Balance Sheet as at 31 March 2024
2024
2023
£ (As restated)
Note
Flxed assets
Tan8ibl¢ assets
Investments
16
16.787,889
426.805
17,115.255
726,233
17.214,694
17,841,488
Current amets
Stocks
Debtors
Cash at bank and in h&nd
19
20
21
24,986
365,098
233,325
623,409
30.482
136,793
165,786
333,061
Credltors: Amounts falllng due wlthln one year
22
675,137
272,303)
Net current (Ilabllltles)la$$￿s
(51,728)
60,758
Total a8sets le58 current Il&bAlltles
17,162.966
17,902,246
Credltora: Amounts falllng due ￿fter more than one year
23
1,250,054
(1,409,543
Net aBset8 excludln¥ penalon llablllty
15,912,912
16,492,703
Penslon icheme IIAblllty
24
Net a81et$ Includlng penslon llabltity
15,912,912
16,470,703
Funds of the group:
Endowment funds
515.000
547.860
Restrlcted Income fundi
Restricted funds
27
15,831,446
15,849,929
Unrestrlcted Income fundi
Unrestricted funds
(433,534}
94,914
Pension reserye
22.000
Total unrcstrirted funds
433,534
72.914
Total funds
27
15,912,912
16 a70,703
Thc financial statcmcnts on pa8cs 26 10 70 were approv￿ by the trust¢¢s, and authorised for issue on 23
January 2025 and sign¢d on their behalf by..
D Reid MCIOF
Chair and trustee
The notes on pages 32 to 70 forni an integral part of these financial ststements.
Page 28

Lakeland Arts
IRegistration number: 8162578)
Balance Sheet as 2t 31 March 2024
2024
2023
£ {A$ restlted)
Note
Flxed 4s8eti
Tangiblc as8cIs
Investments
16
16.787.889
17.115.255
150.002
16,787,891
17,265.257
Current assets
Debtors
Cash at bank 8nd in hand
20
21
352.792
230.751
299.047
148,411
583,543
447,458
Credltors: Amounts falllng due wlthln one year
22
602,125
234,021
Net current (llabJlltlesVAsset8
18,582
213,437
Total asJets leu current IIAbilitiei
16,769.309
17,478,694
Credltors: Amounts fAllln% due After more th4n one year
Net asiets Includlng penjlon 118blllty
23
1,375,532
1409,543
15,393.777
16,069.151
Funds of the charity;
Restrl¢ted tneomt fund8
Reslri¢led ￿ndS
27
15,831,446
15,849,929
Unrestrlcted Income funds
Unrestricted funds
437,669
219,222
Total fundi
27
15,393,777
16,069,151
The financial statements on pages 26 to 70 were approved by the trustees, and authorised for issue on 23
January 2025 and signed on their behalf by:
D Reid MCIOF
Chair and trustce
The notes on pages 32 to 70 form an integral part of thes¢ financial ststcm¢nts.
Page 29

Lakeland Arts
Consolidated Statement of Casb F]ow8 for the Year Ended 31 March 2024
2024
2023
£ (A5 restated)
Note
Ca8h flowi from operatlng a¢ilvltle8
Net cash expenditur¢
Adjustments to cash flows from non-ca$h Ilen
D¢pr¢¢iation
Investment income
Revaluation ot"investments
(557,791)
(236,846)
16
177,306
(21,265>
28.790
196.729
{20,536)
86,518
(430,480)
25.865
Worklng ¢apl¢al adju5tment8
Decrease in stociLg
In¢rease in debtors
Encrease in creditors
Decrease (increase) in TetirenMt bcncfit obli8ation net of actuarial
chonges
De¢r¢ase ID provisions - prior year adjustment
Incrcasc/(dccrca5e) in deferred incorn¢
19
20
22
5,496
(228,305)
175,847
5,291
(8,110)
188,546
24
(22,000)
(318,000)
(168,658)
13.194
23
39,000
Nct cash flow8 from operating activitie5
460,442
288,260
Caib tlows from Inv¢$dng A¢￿￿tI¢l
Interest receivablc and similar income
Sal¢ of t8n8ible r￿ed a58ets
Purchas¢ of inv¢stment¥
Sale of inve$ttnents
Income from dividcnds
.438
150,0(10
(12,632)
340,850
19.827
1,133
(17,997)
31,973
19,403
Nel ￿5h flows from inve¥ting activitic
499,483
34,512
CAsh flowi from flnancjng a¢tlvldes
Repayment of loans and borrowings
Repayment of capital element of finance lebse6 and HP contracts
22
(6,365)
34,863
(1,356)
Net cash flow5 from financing activities
28,498
1,356)
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at l April
Cash and cash equivalents at 31 M8r¢h
67,539
(255,104)
420,890
165,786
233,325
165,786
The notes on pages 32 to 70 forni an integral part of these fmancial statements.
Page 30

Consolidated Statement of Ca8h Flows for the Year Ended 31 March 2024
R¢eondllatlon of n¢t tlow to o￿Ven￿lI Ill net fundj
67.539
6J65
(255,104)
1,356
Ca8b outtlow from rep4￿llellt of loans
Cash outtlow from repaymettt of capAtsI elenwtt of leases and
34,863
Change in net f4uNknI(d¢bt) Thdting from cash tlows
N¢¢ d¢bt at l April 2023
253 748
1082 509
Net (debtyfimds at 31 Match 2tr
(£1,043,468)
(£1.081509)
All of thts ¢48b flow8 are deriveAI from continuing operations durin8 the above two ptrAod&
The notes on page8 32 to 70 forni an inte￿1 part of th￿C fiDallc￿ stalements.
Page3l

Lakeland Arts
Notes to the Financl21 Statements for the Year Ended 31 March 2024
I Charlty stAtUS
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the members
18 liable to contribute an amount not exceeding £1 iowards the assets of the charity in the event of liquidation.
The address of the regislered otTice is given on the charity inf0m￿tIOn page of these financial statemenls.Thc
natur¢ of thc charity'5 operations and principal aclivilies are as an arts and heritage organisation caring for and
nllming Abbot Hall Art Gallery and Th¢ Lakcliind Muscum in Kendal, Blackwell, The Arts & C.rdfts House. and
the Wind¢nnere Jety, Muscum of Boat8. Steam and Stori¢s in Bowness-on-winderniere.
The prin¢ipai place of business is..
Abbot Hall
Kendal
LA9 SAL
Th¢se financial statements were auihoris¢d for issue by the trustees on 23 January 2025.
2 Ac¢ountlng pollele8
Summary of$lgnfficAnt fdceovntlng pollcles and key accountlng estlmAtti
Th¢ principal a¢¢vunlin¥ policics applied in the preparation of these r]nancial statement¥ are sct out below.
Thes'e policics have been Consistently applied to all the years presented, unlcss othcrwisc stated.
St#tement of compllA Thce
Th¢ financial Statements have been prepared in a¢¢ordan¢e with Accounting and Reporting by Charitie8:
Statement of Recommended Practice applicable to ¢harities preparing their account8 in accordance with the
Financial Reporting S1andard applicable in the UK and Republxc of Ireland (FRS 102) {effectiv¢ l January
2019) - (Charities SORP (FRS 102)), th¢ Financial Reporting SIAndard applicabl¢ in th¢ UK and Republic of
Ireland (FRS 102). They also comply with the Companies Act 2006 and Chariti¢s Acl 2011.
Ba$ls of preparatlon
Lakeland Arts meets the definition of a public benefit cntity under FRS 102. Assets and liabilities initially
recognised at historical c05t OT transaction value unless otheThvise stated in the relevant &ccounting policy notC8.
The financial statements are prepared on & going concern basis under the historical cost Convention, modificd lo
include ccrtain items at fair value. The financial Statements are prepared in sterling which is the functional
currency of the charity and rounded to the nearest £.
Basls of consolldadon
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary
undertakings drawn up to 31 March 2024. The subsidiaries consolidatcd for this purpose were Lakcland Arts
Enterprises Ltd and Lakeland Arts Tnm.
No slatem¢nt of fm4n¢ial #ctivities is presented for the charity as p¢rniitt¢d by 5eGtion 408 of the Companies
Act 2006. The charity as an individual entity made a deficit aft¢r all gains and 105se5 for the financial year of
£675,374 (2023 - surplus of £81,154),
Page 32

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
A subsidiary is an entity Gontrolled by the charity. Control ib 8thiciied wherc the charity has the power to govem
the financial and operating policies of an entity so as to obtain benefits from its activities.
Th¢ results of subsidiaries acquired or disposed of during th¢ year included in the statement of finan¢ial
activities from the effective date of acquisition or up to the effective date of disposal, as appropriaic. Whcrc
neccssary, ddjustmenLs are made to the financial statements of subsidiaries to bring their accounting poltcies into
line wiih those used by the 8roup.
Thc purciiase method of accounting is used to account for business combinations that result in the acquisition of
subsidiaries by the group. The cost of a busincss combination is measured as the fair value of the assets given,
equity instruments issued and h'abilitics incurred or assumed at the date of exchange, plus costs directly
attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities
&gwmed in a business combination are measured initially at their fair values al the acquisition date. Any excess
of the cosl of the busine$s ¢ombinalion over the acquirer'8 interest in the net fair value of th¢ identifiable assets,
liabilitics and contingent liabilitie8 recognised is recorded as goodwill.
Inter-company Iransactions, balances and unrcalised gains on transactions between the charity and its
subsidiaries, which or¢ rclatcd parties. are eliminated in full.
Intra-group losses are also eliminaied but may indicate an 1mpairn￿nI that requires recognition in th¢
onsolidal¢d financial slatcmcnts.
Accounting polici¢s of subsidiaries have been changed whcrc ncccssary to en$ur¢ ¢on8i8tency with the policies
adopted by the group. Non-rontrolling interests in the net assets of Consolidated subsidiaries are identified
separately from the group's equity therein. Non-¢onlrolling inlerc5ts consist of the an￿U￿t of those interests at
the date of the original business combination and the non4ontrolling $harehold¢r'5 share of changes in equity
since the dale of the combination. Total comprehensive income 1$ atiribuled to non￿OntrollIn¥ interests even if
this rc5ults in the non-controlling interests having a defictt balance.
Page 33

LAkeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Golng Concern
The financial statements for the group have been prepared on a going ¢oncern basis.
The trustees have assessed the appropriateness of this basis. considerin8 wheiher there are material uncertainties
related to events or Conditions that may Cast significant doubt on the charity's and the gToup'5 ability to continue
as a going concern. Thi5 assessment covcrs a pcriod of al Icasl onc ycar frorn the datc of approval of these
financial statements.
During the year ending 31 March 2024, Lakeland Arts continued to face ¢hallenge$ Telated ¢0 the economi
climate, including the ongoing Cobtaof-living crisis. which impactcd visitor numbers #nd discretionary spending.
Inflationary pre&8ures si8nifi¢antly in¢r¢as¢d op¢r8tional ￿$ts. n￿¢s81￿ting robust financial management and
strategic co$t-saving m¢asw¢$.
Despite these challenges, the group su¢¢¢s8tiilly reopen￿ Abbot Hall following a Significant closure, generating
increased visitor engagement. Other sites, including the Windemiere Jetty Museum and Blackwell, conlinued lo
perfomi well, supported by popular progTamming and new income-generaling initiatives. However, the
Lakeland Museum remains closed. with no immediate plans for reopening.
The group's fmancial perfornwice reflecls an operalional deficil. partially offscl by gains on invc51mcnts and
nlinucd strong support from Arts Council England and other fiinder8. The trnstees have implemented
measur¢s to ¢nhanc¢ financial slabiliiy* including the sale of non<ore assets and further diversification of
income streams,
The ttIL8tee8 have reviewed the group's financial forecasis, ¢asb flows, and available resources, including its
reliance on restricted funds. These projections indicate that, with continued cost managenjent income
div¢rsifi¢atson, the group is expected to mainlain operational viability. Accordingly, the trustees huve concluded
that there are no material uncertainties regarding the group's ability to continue #$ a going Concern.
Page 34

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Prior period error5
The charity received an invoice in the y¢ar from the contractors of Winderniere Jety (which wa$ completed in
2019 and written down lo valuation in 2021) in ihe sum of £168,658 for the release of th¢ retention. This
amount should have been provided for in previous years and would hav¢ fonn¢d part of Ihc WTite off in 2021 so
has been brought in as a prior yeor adjustment.
Relatlng to
Reladng io
Relating to prior periods
the current
the prlor
before the
perlod
perlod
prlor perlod
dlselosed In dlsclosed In
disclosed In
these flnancl4lthese flnanelalthe$e flnanclal
statements
statements
statements
Restricted r¢s¢rv¢s
(168,658)
168,658
(168,658)
168,658
Long t¢nn liabilities
Judgementj
The directors have reviewed wheihLr thcrc wcre Any indicators of impainnent of the company's tangible ￿¥¢t8.
Factors taken into considcration included economic viability and expecied future pcrforn]ancc. Thc directors
havc judged that there is no impainn¢nl on the currenl carrying valuc of thc a8￿ts.
Key sour¢e8 ofestlmatlon une¢rtalnty
Tangibl¢ fixed assets, which are principally the Winderniere Jetty Museum and various plant, fixtures and
fittings, ore depreciated over their usefvl lives iaking into a¢¢ount residual value8 where appropriate. The actual
Iivc5 Of the aksets and residual values ar¢ assessed and may vary dependin8 on a number of factors. In assessing
set lives factors such as technologi¢81 innovation. product life cycles and maintenance prograrnrnes are lakcn
info account. Rcsidual values have to reflect P088ible future market conditions. thc remaining lifc of the a8set
and potcntial disposal values. The carrying amounl is £16,787,889 (2023 -£17.115.255).
Income 2nd endowmtnts
All income is recogmiscd once the charity has entitlement to the incomc, it is probablc th#t the income will be
rec¢ived and thc amount of the in¢orne receivable can be measured reliably.
Page35

Lakeland Arts
Note$ to the Financial Statements for the Year Ended 31 March 2024
Don41ioMs and legacies
Income from donations ?nd grants. including capital grants. is iu¢lud¢d in incoming r¢JouTces when th¢se ar¢
receivable. except as follows..
i. when donors sp¢Gify that donations and grants given to the ¢haritabl¢ Gompany must be used tn fiiture
accounting periods the income is deferred until these p¢riods' or
ii. when donors impose conditions which have to be fulfilled bcforc thc chAritablc company bcrvmcs cntillcd to
use such income, the incon]e is deferred aud not included in incoming resources until the pre40nditions for use
have been met.
When donors specify that donations and grants, including capital grants, are for partx¢ular restricted purpose
which do not amount to pre￿OnditiOnS regarding entiilem¢nt, this income is included in incoming resources of
rcstrictcd fi￿d5 when rcccivablc.
Legacy gifts are recognised on a case by c&8e basis following the grant of probate when the
dminislralorlcxccutur for Ihc cslatc has cvmmunicaled in WTilin¥ boih th¢ amounl and settlement date. In the
event that the gift 18 in the fom of an aqset other IhAn c&8h or a finAncial Asset tradcd on a rccogniscd stoLk
ex¢h4nge, recognxtion is subject to the value of the gift being reliably rn¢88ur&bl¢ with 8 de￿¢¢ of reasonable
arxuracy ond the title to Ihe asset having been transfeTred to the charity.
DeferrediA¢ome
Deferred income represents amounts received for future periods and is Teleascd to incoming resources in the
period for which, it h8s been rec¢iv¢d. Such income is only deferred when:
- The donor specifies that the grant or donalion must only be used in fvtur¢ accounting periods. or
- Thc douor has imposcd collditiolls whiLh mutst be mel before the ¢h8rity has un¢onditional entitl¢nKnt.
Gijb in kind
Gifts in kind donated for resale [￿e included at fair value, being the expected proceeds from sale less the
cxpcctcd costs of $&lc, Wh¥r¢ ¢slim8ting the fair value is praLliL'able upon receipl IL is recogmised in stock and
'In¢ome from other trading activities.. Upon sal¢, the value of th¢ stock is chargcd against 'Incomc from othcr
trading activities. and the proceeds are recognised as 'ln¢ome from other trading &¢tivitL¢S'. Whcrc it is
impracticable lo fair valu¢ tbe iterns du¢ to the volume of. low value items they are not re¢ogniscd in the
financial statements until they are 801d. This I￿orne is reco8nised within 'tncome from other trading hctivities,.
Fixed a￿¢t gifts in kind are re¢ogni%d when r¢cKivable and are included at fair value. They not deferred
over the life of the asset.
Donated heritage assets are recognised in the Heritage Asset note but are not 01henvise reco8nised in the
Sialemenl ofFinancial Activilies (SOFA) in line wilh ihe policy on Heritage A8S¢t$.
oiher iradinx 4¢tiviti¢$
Income from commercial Irading activities. including retail and cat¢rin8 and ¢ommission on sale or return items
ihrough retail outlets. This income is primarily the income ol the trading Subsidiary Lakeland Arts Enl¢ry)rises
Ltd and is recorded on a re¢eivablc basi8.
Invtstment Income
Interest on fi￿d5 hcld on deposit 15 Included when receivablc and the amount be measured reliably by thc
charity.. this is nornlally upon notification of the interest paid or payable by the bank. Dividend5 are recognised
on¢¢ the dividend Iw been declared and notification has been received of the dividend due.
Page 36

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Chqri14blt qc¢ivilles
Iwome from Charitable trading activities through Abbot Hall Art Gallery, Blackwell the Arts & Crnfls House,
Lakeland Museum and the Winderniere Jetty (]￿lUdIng admtssion, learning and Trriends of Lakeland ATts
memberships), is included in incoming resources in ih¢ period for whiih il iy rcreivabl¢.
Exp¢ndltsre
All cxpcnditurc is rccognised once there is a legal or ¢on$tru¢tiv¢ obligation to that expenditure, il is probable
settlement IS Tequired and the amount can be measured reliably.
Expenditure is included in the Consolidated Ststement of Financial Activities on an accruals basis, inclusive of
any VAT'which cannot be ￿0Vered. All costs are defined in 4 specific categories..
Raising funds
Fundrai.sing trading
Charitable a¢tiviLies
Othcr
R41slNgfunds
These are costs incurred in altracling volunl8ry income, Ihe management of investment8 and those incurred in
trading aclivitics that raise funds.
Fund-raising costs are those incurred in seeking voluntary wntributions an(1 do not inrludc the costs of
dit>scminating Inforn￿tIon in support of the ¢haritsble adivitie5.
Charilable aaivitiej
Charitable cxpcndilurc compriscs those costs incurred by the ¢h&rity in the delivery of its activities and services
fvr its bcneficiarie5. It includet4 bnth cn8Ls that ¢an be &llocated directly to such activities and those cosls of an
indirect nature necessary to 8UPPOrt them.
Support colts
Support costs arc those that assist the work of the cbarity but do not directly represent charitsble activities and
include office ¢osts. governance costs and administrative payroll Costs. They are incuN¢d directly in support of
expenditure on the objects of the charity tmij include project management and pmfe$sional fees. Where support
costs ¢annot be directly attribuled to particular headings they have been &llocated to cost of raising funds and
expenditure on Charitable &¢tivities on a basis consistent with use of the resources.
Govern4nce costs
These include the ¢08ts attributable to the charily's cumpliancc with constitutional and statutory requirements.
including audil, strategic managcmcnt and tn]stee8 meetings and reimbur8ed expenses.
T*xallon
The charity is ¢on5idered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and
therefore it meets the definition of a charitable company for UK co￿oration tax purposes. Accordingly. the
hality li+ Potentially exempt from taxation in respect of income or capital gains re¢¢ived within categories
covered by c.hapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable
Gains Act 1992, to ihe extent that such in¢ome or gains are applied exclusively to charitable pU￿OSe8.
Page 37

Lakeland Arts
Notes to the Flnanclal Statements for the Year Ended 31 March 2024
Tanglble r￿ed assets
Individual fixed assets costing £5.000.00 or more are initially recorded at ¢o$t including any in¢identsl expeDscs
of acquisition {with the ex¢eption of heritage a&8¢ts). le5S any 5ubs¢quent acrumuiated depreciation and
subsequent accumulated impairnient los$e$.
Heritage *58ets
Lakeland Arts. principal objects include establishment and main*nance of public art gallerie5 and museunLS for
the b¢nefi¢ of ihe public. In this connection the charitable company has a long leasehold interest, al a peppercorn
rent, in listed buildings a¢ Abbul Hall, of which Abboi Hall itbclf is Gradc l Listcd. The charitable company also
has a freehold interest in the Grade l Listed Arts & Crafts house Blackwell - a propety of unique historic
importance near Bowness-on-windenncre.
Thcsc historic properties are inalienable heritage asseis in the sense that it is a fundarnental part of the charitabl¢
company's pU￿oSe to hold and preserve ihem pern)anenily, and Lakeland Arts it> eftectively prohibited from
disposing of them for any other putpose, noi only by the ienns of its ¥overnin¥ documents, but also by exlernal
considerations including the rernis of leases. eondiiions applied by fvttding bodies and planning consents. These
properties are not assets in the norn￿1 sense of the word because under the I￿eV0¢able temts of their present use
they hav¢ no market valu¢. To provide a markel value bY45ed on an irnpcnnissible changc ol. use would bc
misleadTrn¥. Th¢ Trustccs con¥id¢r that thc buildings arc hcrita¥e assets and the charitable company does nol
thcrcforc, rcpresent them on the Balance Sheet.
Furthcr infom￿110ll on the Lakeland Ans, h¢ritage assets is given in the notes, in a¢¢ordan¢e with the '&ern￿ of
Accounting and Reporting by Charities: Ststement of Reconjmended PTllCti¢e applicable to chati¢ie5 preparing
their accounts in &ccordunce with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 102) '18. Accountin8 for heritage assets,.
Depreclatlon and amortlsatlon
Depre¢iaiion is provided on tangible fixed assets so as to write otT th¢ ¢osl or valualion, less any ¢slimaled
rcsidual value. vver thLif LXPCLtcd uscful cconomiL lifc as fullows..
A$￿t ¢la$s
Deprecl*llon method Ind rale
Held at valuation, revalued every five
y¢aTS - sold in the year
straight line over the tenn of the le
Straight line over 4 years
Freehold land and buildings
Leasehold land and buildings
PlanL equipment and fittings
Research and development
Research and development expenditure is ￿]tten off as incurred.
Investment propertle8
Investment propeity is carried at fair value, derived from the ¢urr¢nt mark¢t pric¢s for ¢omparabl¢ r¢al ¢stat¢
dcterniined annually by external valuers. The valuers use observable market prices. adjusted if necessary for any
difference in the nalure, locatton or condilion of the specific asset. Changes in fair value are recognised in profit
or loss.
Puge 38

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Fixed a8￿t Investments
Fixed asset investments, other than programme related investments, are included at market value at the balance
sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and
their market value at the start of the year, or their subsequent cost, and are charged or credited to the Siatement
of Financial A¢tivilics In thc pcri(yd ofdisposal.
Unrealised gains and losses represent the mov¢m¢nl An market values thiring the year and are ¢redited or
charg¢d io the Siatemenl ofFIna￿la1 Activilies based on ihe markel value at Ihe year end.
Sto¢k
Stock ¢onsist8 of purchased goods for resale and is included at the lower of cost or net realisable value.
Trade debtors
Trade debtors are arnount$ due from custom¢rs for m¢rchandise sold or services perforn]ed in the ordinary
course of business.
Trade debiors are recognised initially at the transaction price. They are subsequently measured at amortised cost
using tp1￿ cffcclivc intcrcsl mclhod, Ics5 provisiun tor impairnicnt. A PTovision for the impainnenl o( trade
debtors is established when there 1.8 objective evidence that Ihe charity will not be able to collect all amounts due
according lo the original tern18 of the receivables.
CAsh cA$h equlval¢nti
Cash and chsh equivalents comprise cagh on hand and call dcposits, 8nd othcr short-tcnn highly liquid
investments that are readily convertible to a known amount of c&8h and are subject to an insi8nificant risk of
change in value.
Trlde credltors
Trnde CTeditor8 are obligations to pay for goods r)r 8erYice8 that have been acquired in the ordinary cour.8e of
business from suppliers. Accounts payable are classified as current liabilities if the charity not have an
uncondilional righl, at the L'nd of thc rcporting pcriod, lo dclcr sLltlemenl ol Ihe crcdilor for al leasl Iwelvc
months after the Teporting dale. If there is an unconditional right to defer settlement for at least twelve months
after th¢ reporting dat¢, they are presented as non-current liabilities.
Trade creditors are rerognised initially at the transaction price and subsequently measured at amortised rost
using the effective interest method.
Fund structure
UnreslTiCted income funds are general funds that are available for use at Ihe irustees discretion in furtheraD¢e of
the objectives of the group.
Designated funds are unrestricted funds Set aside for specific purposes at the discretion of the trustee8.
Restricted incorne funds are those donated for use in a particular area or for specific pu￿08e4 the use of which
is restricted to that area or PUTPOSe.
Restricted endowment funds - these are nOn-pem￿nenI endowment funds, the income from which contributes
to the operating exp¢nses of Lakeland Arts. The assets of the fimds are represented by investments.
Page 39

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Penslons and other post retlrement obllgatlons
The charity operates a defined contribution plan for the benefjt of its employees, Conlributions are expensed as
they become payable.
The group also operates a defined benefit pension scheme for one employee.Typically defmed benefil plans
define an amount of pcnsion bcncfii that an employee will receive on rctircment, usually dcpcndcnl on onc or
more f￿tOrs t4uch as &ge, yearB of service and compensation.
Th¢ liability r¢cogmi5¢d in the Balance Sheet in respect of defined benefil pension plans 15 the pres¢nt value of
the defined bcncfit obligation at thc rcporting datc minus thc fair valuc of plan asscts. Thc dcfincd b¢ncfit
obligation is measured using the projected unit credii method. The present value of the defined benefit
obligaiion is determined by discounting the estimated future payinents by Teference to market yields at the
reporting dale on high-quality corpora* bonds that are denominmted in the ¢urren¢y in which the benefits will be
paid, and that have tern￿ to maturity approximAting to the tmns of the related pension liability.
Actuarial gains And losses are chAr8ed or credited to other conwrehensive income ill the period in which they
arise.
Flnanclal Instruments
Classlficarfon
Financial assets and fllthncial liabilities are rccognised when the group becomes a party to the contractual
provisions of the instrument.
Financial liabilities and equity instruments are classified according to the $ubgtance of the contractual
arrangements entered into. An equity instnuncnt is any contract that evidences a residual interest iti the assets of
thc group after deducting all of its liabililies.
RecognldoN and med.iuremeA¢
All fin￿¢1￿1 assets and liabilities are initially measured at transaction price (including transaction costs). except
for those fm8ncial assets classified a5 at fair value through profit or1055. which are initially measured at fair
value (which is nomwlly the trama¢tion pri¢¢ ¢x¢luding traN8a¢tion ¢osts), unless the arrangement ¢onstitut¢s a
financin8 transaction. If an arrangement constitutes a finan¢ing transaction. the financial asset or financial
liability is measured at the present value of the future payments d￿COUnt￿ at a market rate of int¢r¢st for a
yimilar debt instrLun¢nt.
Financial a8s¢ts and liabilities are only off8¢t in the staiement of financial position when, and only when there
exists a legally enfoff eable right to s¢1 off the recognised amounts and the group intends eiiher io settle on a net
basis, or to reoli8e the assct and settle the liability 8imultsncously.
Financial assets are der¢cogni$ed when and only when a) the Contr￿tual rights to the cash flows from the
financial ttssct cxpirc or are $cttl¢l b) thc group transfcrs to anothcr paty substantially all of the risks and
r¢wards of own¢rship of the financial asset, or ¢) th¢ group. d¢spite having r¢t&ined $onw. but not all, significant
risks and r¢wards of ownership. has transferred control of th¢ ass¢t to another paty.
Financial liabilities are dereco8nised only when the obligation specified in the contract is discharged, cancelled
or expires.
Page 40

Lakeland Arts
Notes to the FAnancial Statements for the Year Ended 31 March 2024
Inveslments
Investments in non-converttble preference shares and non-puttablc ordinary or prcfcrcncc 3harc5 (whcrc shares
are publicly traded or thcir fair value is reliably measurable) are me&8ured at fair value through profit or loss.
Where fair value cannot be measured reliably, investments xre measured at eost less impairrnent.
Invcstrncnts in subsidiarics and associates are m￿su[Cd at cost le&s impainnent. For investments in subsidiaries
acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by
reference to the nominal value of the shares issued plus fair value of other consideratLOlI. Any premium is
ignored.
3 Income from donatton8 And legacles
Unrestrlcted
funds
General
Restrficted
funds
Total
2024
Tnt21
2023
Donations and legacies.
Donaiions from companies, truqts
and similar proceeds
Lcgacics
Gift aid reclaimed
Mcmbcrship Incon￿ (includin¥
Friends, patron.q and ben¢f8¢tor8}
555,844
2,416
10,776
190.922
50,000
746,766
52,416
10,776
851,194
13.860
74,681
74.681
62,074
643,717
240,922
884 639
927,128
Page41

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Unrestritted Restricted
ndi
nds
Other grants And donarfon$
Core GraDts
2024
2023
Art$ Council England NPO
Lakeland Arts Support Trust
Wesknorland & Furness Council
451.848
60.000
37,500
451,848
60.000
37.500
451,848
51.IXIO
27,500
5.000
10,000
Kendal Town Council
NPO Grant funding
Covld-19 and Buslness Continulty Grants
DCMS Culturnl Recovery Fund Round 3 {] &
2)
Bid grant
ProgrimmeTrroJect Grxnti
NLHF Resilience
104,635
17,101
22,950
DCMSIWolfson Climate Gallery Project
Abbot H811 R¢d¢velopm¢nt donation
Lucy Group - boat conservation
Sir John Fish¢r Foundation
40,485
40,485
20,0
5,000
37,500
30,OCrfI
15,000
5,000
3,000
4,998
John R. Mutray Charitable Trust
Architectural Heritsge Fund
The Granada Foundation
30,000
30,000
The Hadfield Trust
Art Fund
Esm¢¢ Fairbairn Foundation
40,000
40,000
Sir
Nicholas
Goodison
Contrmporary Craft
Westmorland & Fumes8 Coun¢il AH Nature &
Partnership Grnnt
RR & A James Salter for Glbert Spencer
Exhibition
Award for
21,000
21,OlX)
20,000
20,000
5,000
5,000
Community Grant towards particpation and
leaming at Abbot Hall
The John Ellernwi Foundation
5,000
5,0(K)
13,055
13,000
500
13,055
13,0(X)
500
13,194
Julia Abrey re Swallow
Going Places Grant
Westmorland Arts Trust for Amy Williams
Workshops
GF Annitage Charitable Tn]st- Raven Project
Andrew Wade donation - Raven Project
1,982
1,982
20,0(KI
250
250
500
500
Page 42

LakelaThd Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Th¢ Mus¢ums Associauon r¢ Helen Stalker
Other donations and small grants
150
150
6,496
555,844
6,496
746,766
7,468
851.194
190,922
4 Ineomo from ehArltAblt aetlvltles
Unrestrleted
fund8
Gen¢ral
Tot*1
2024
Visitor income
Learning income
Muscums and Galleri¢$ tax r¢lief
589,369
935
137,590
589,369
935
137,590
727.894
727,894
Unre$trlcted
funds
General
TotAI
2023
Vit>itor incomc
Leariiiii.g income
Muscums and Gallcries tax relief
458,900
732
141,885
458,900
732
141,885
601,517
601,517
5 Income from other trgdlng actlvldes
Unrestrlcted
funds
General
TotAI
fund5
Trnding income;
S&les of goods and services
Events income.
Other events income
Loltcries &nd competitions income
1,046,235
1.046,235
2,958
43
2,958
43
Total for 2024
1.049,236
1,049,236
Tolal for 2023
763,919
763,919
Page 43

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
6 Investment income
Unrestricted
fuDd8
General
Restricted
funds
Total
2024
Incon￿ from dividends.
Dividends receivable from other Ixsted investnKnts
Interest receivable and similar income.
Interest re¢¢ivable on bank deposits
19,827
19,827
1.438
1,438
1,438
19.1527
21,265
Unrestrlcted
nds
General
Restrkted
fund¥
Total
2023
Income from dividends.
Divid¢n(ts receivable from other lisled investmenls
Interest re￿ivable and similar tncome.
Inl¢r¢¥t r¢Lcivable on bank dcprf)¥its
19,403
19,403
1,133
1,133
19,403
20,536
7 Other Income
Unrestrlcted
Tot*l
2024
Tolal
2023
GenerAI
Oth¢r in¢ome
CGS VAT Adjustment
Offgem Renewal Heat Incentive
Insurance
Licence to occupy
1.747
80,411
1,747
80.411
52,701
73,731
42,611
42,611
357,120
7,000
124 769
124.769
490.554
Page 44

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
8 Expendlture on ratsing funds
a) Coiti of generating donxtlons And le¥xcles
Unrestrlcted
fundi
General
Totsl
2024
Note
Oiher direLI ¢v¥ts of ¥¢nvraling volunlary in¢omc
AIIoc2ted support costs
133.591
157,836
133,591
157,836
10
291.427
291.427
Unres¢rl¢ted
fullds
General
Totsl
2023
Note
Other direct costs of generating voluntary income
Allocated support costs
162,417
138,187
162,417
138,187
10
300,604
b) Costs of trAdlng A¢tlvltl¢i
Unre$tri¢ted
funds
General
Total
2024
Note
Trnding subsidiary costs
Marketing and publicity
Wages and salari¢s
AIIuLlltcd support costs
452.215
64,607
485,185
12R,393
452,215
64,607
485,185
128,.19.3
io
1,130,400
1,130.400
Unrestricted
funds
General
Total
2023
Note
Trading subsidiary costs
Marketing and publicity
Wages and 5alartes
AlloGatcd support Costs
324.803
56.311
379.098
98,048
324,803
56.311
379,098
98,048
io
858260
858260
Page 45

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
c) Investment n￿nagement costs
Unrestrleted
Tot21
2024
Total
2023
GenerAI
Note
oth￿ invcstm¢nl mana¥cmcnt costs;
Costs of obtaining investment advice
Administrativn of thc inveslrn¢nts
22
1.150
22
1.150
12
1.128
1.128
12
d) Totsl expendlture on ralslng funds
Allocated
support Costs
Tot*1
2024
Dlrttt cost•
Costs of generating donations and legacies
Costs of trading activitics
Investment management Costs
133,591
1,002.007
(1,128
,134,470
157,836
128,393
291,427
1,130,4
(1,128
1,420.699
Total
2023
286,229
Allocated
support costs
Dlrect costs
Costs of generating donations and legactes
Co¥1¥ vl'tradin8 ac41￿11]¢5
Investment management costs
162.417
760.212
12
138,187
98,048
300,604
858,260
12
922,641
236.235
,158,876
Page 46

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
9 Expendlture on charltable activitles
Actlvlty
undertaken
dlrectly
Acllvlty
support costs
2024
Exhibition progrdmrtt8
Collections and conservation of exhibits
Learning
Historic buildings and premises Costs
Viiitor operations
186.166
436,076
64,976
605.819
322,477
68,144
78,520
71,491
71.431
90,585
254,310
514.596
136,467
677.250
413,062
1,615,514
Actfivlty
undertAken
dlr¢ctly
380,171
1,995,685
Acdvlty
support costl
2023
F.xhibAtAon programmes
Collcctions and conscrvation of cxhibits
Learning
Hisloric buildings and premi8es costs
Visitor op¢rations
Abbot Hall Project
NLHF Resilience Project
Art Fund
(iarficld Weston Foundation
Clore Duffield
Social Enterprise
194,174
475.798
75,405
537,952
213,405
E03,132
55,146
60,365
57.084
58,641
67,415
9,838
22,950
16,692
249,320
536.163
132.489
596,593
350,820
112,970
22,950
17,750
37,592
19,804
2,694
1,058
37,592
19,804
2,694
.731.014
348,131
2,079,145
Page 47

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Unrestriettd
funds
D¢signat¢d
Re8trieted
funds
Total
2024
Exhibition Programmes
Colle¢¢ions and conservation of exhibiis
Learning
Historic buildings and premises costs
Visitor operations
198,034
466,845
136,467
502.045
413,062
56,276
47,751
254.310
514,596
136,467
677.250
413,062
175,205
1.716.453
279.232
.995.685
Unrestricted
funds
Deslgnated
Restricted
funds
Total
2023
Exhibitlon programmes
Collcction5 and conservation of exhibits
Learning
Hisloric buildings and prcmiscs costs
Visitor operauons
Abbot Hall Proje
NLHF Resilience ProjeL't
Art Fund
Garfield Weston Foundation
Clore Duffield
Social InteTprise
203,626
408.632
132,489
410.207
350,820
9,838
45,694
127,531
249,320
536,163
E32,489
596,593
350,820
112,970
22,950
17,750
37.592
19,804
2,694
2,079,145
186,386
103,132
22.950
17,750
37.592
19,804
2,694
563.533
,515,612
In¢lud¢d Ati th¢ ¢xp¢nditur¢ analysed above, Ih¢r¢ ar¢ 4180 gov¢rnan¢¢ ¢05ts of £25,944 (2023 - £30,961) which
relate directly to charitable activities. See note 10 for further details.
Page 48

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
10 Analysls of governanee and supporl costs
Govern&n¢e tost$
Unr¢strl¢ted
Total
2024
Total
2023
General
St&lT cosls
Pension costs
Audit fees
Audit and other fees paid lo auditors
TnLslees remuneration and expenses
Legal fees
Loan in¢ere8t
2,318
2,318
10,900
17,095
1,378
539
4,614
25,944
17.095
1,378
539
4,614
25,944
16,865
1,773
423
30,961
11 Net Incomln8loutgolng resources
Net outgoing resources for the year in¢lude'.
2024
2023
Audit fees
Depreciation of fixed llssets
15,845
172,310
15,9
196,729
12 Trujtees remuneratlnn and e%pen$e•
Durin8 the year the group made the following trallsoctions with trustCC5:
A Kanyyd
£81 (2023.. £729) of expenses were reimbursed to A Karwa during the year.
A M Lyles
£454 (2021.. £941) of expenses were reimbursed to A M Lyles during the year.
No trustees, nor any persons connected with have receiv￿ any remuneration from the 8roup during the
Page 49

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
13 Staff ¢osts
The aggregate payroll costs were as follows:
2024
2023
Slaff costs durlng the year were:
Wages and $alari¢s
Social security ¢osts
Pension costs
,325,543
101,856
25,624
1,350,918
112,980
38,211
1,453 023
1.502,109
Thc monthly average number of persons (including senior managem¢nt / 1¢8dership team) employed by the
group during the year express¢d as full time equivalents was as follows..
2024
Iyo
2023
No
Management, curatorial, marketing and learning
Administration
Dcsk18hop staff
Coffee House & Tea Room
Other
H¢rits8e boat team
Boat conservation team
21
23
49
51
The averttg¢ number of employees in the year as defined by s3821383 of the Companics Act 2006 was 81 (2023
79).
The number of employees whose emoluments fell within the following bands was:
2024
2023
£70,001- £80,000
£80,001- £90,000
The totsl employee benefits of the key management personnel of th¢ woup were £324,348 (2023 - £350,836).
Page 50

Lakeland Arts
Nots8 to the Financlal Statements for the Year Ended 31 Mareh 2024
14 Alldit•rs' remllAerAth)n
2024
2023
Audit of the group financi￿ 8tatements
15,900
Other re￿ to audltors
965
Thc audit ftts includc provision of accountancy 8crviceB for thc preparalioll of group accounts.
15 Taxatlon
The w is 4 rp8i8t¢red charity ard is th¢r¢for¢ ¢xempt from taxation.
16 Tan8lble Ilxed a•Jets
Group
aDd
bulldkny
rnltsre and
equlpnwnt
Motor vehlcl
Totsl
Co•tlValuatlo
At l April 2023
Di8P08A18
At 31 Marcb 2024
17,384.0(Kl
150,(X)O
482,237
34,483 17900.720
150,000
17,234,000
482,237
34,483 17,750,720
Deprecladon
At l April 2023
Char8e for year
At 31 March 2024
310,756
153,378
450,337
16,932
24,372
5,056
785.465
177 366
466.134
467269
961831
Net book value
At 31 March 2024
16 767 866
14,968
5.055 16.787.889
At 31 Ma￿h 2023
17,073244
31,900
10 111 17 115255
luded within the net book value of land and buil(ting8 above 18 £Nil (2023 - £150,000) in resp￿t of frethokl
laThl and buii(tings and £16,767,866 (2023- £16.923.244) in re8P¢¢t of leas¢hold8.
Page51

Lakeland Arts
Nots8 to the Financlal Statements for the Year Ended 31 March 2024
Revaluatlon
The fair value of the 8roup'8 L¢a8ehold Improv¢mpnts was r¢valued on 24 November 2021 by Hydc Harrin
charter￿ Surv¢yors. an independent valu¢r.
Tr pryety was valued on an A88¢t Valuation for the Existsng Usc. As properties of thi8 Datw¢ are not
generally traded in the market Depre¢iatcd Replacement Cost ha8 been used to detenrine the ABset Value.
Had this cla$8 of asset Ix¢n measured on a historical cost basis, their carying amount would have b¢¢n
£18,928,363 (2023 - £18,759.705).
Chartty
LAnd and ThwDltur• And
bulldlD£B
eqolpnwit
Motor vthlel
Total
CottlValuAtlon
At l April 2023
Di8posAI8
17,384,000
Iso,0
482237
34,483 17.900,720
At 31 March 2024
17 234 IXIO
482 237
34 483 17 750 720
Depr¢dAtlon
At l April 2023
Charge for the year
At 31 M￿h 2024
310,756
155,378
450,337
24,372
5,056
785.465
177,366
466.134
book v￿ll•
At 31 March 2024
16 767 866
5,055 16,787,889
At 31 MAr¢h 2023
J 7 073,244
31,91N)
10,111 17,115,255
Included withln the net book value of land and bullding8 aix)ve is £NII (2023 - £150.0(Kl) in reSP￿t of free1￿ld
JaLNI and buildioR8 £16,767,866 (2023- £16,923244) in re8pect of leo8¢hold&
17 H¢rltag¢
Gromp
Herlta8e auets not ree0gn1￿l In Ihe balanee •beet
From l August 2013 th¢ ¢lwitabl¢ ¢onwany ¢ntff¢d into a Loan and Ma• Ay¢em¢nt with th¢ owner of
the collections, Lakclalld Arts Trust under which all responsi￿ljitieS in relation to the collectiOD8 including
Lake]aThJ ATts mainlaing & full iuventory of all the collections held. This includes lO￿li0n and Movem￿ in
and out of work8 of art and rnusth￿ objccts Whic￿ frotti tinK to time. may be loaned tolftom other mu8th
Pw52

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Summary of tran8Actions
2024
2023
2022
2021
2020
Purchases and addltlons
Furniture
Paintings
Drawings
Maritime
25,000
9(Ml
650
17.344
10,000
io
100
Don4tloni
Ceramics
Costume
Drawings
Engravings
Ephemcra
Industrial history
Paintings
Photographs
Sculpture
Social history
T¢xlil¢s
Maritime
Furniture
Horolo
1,240
30
5,430
.260
500
155
240
150
14.000
300
214,000
750,000
loo
4,571
200
7,310
1,000
35,015
105,080
16,000
loo
500
T()tal additionA
7,615
1()3,160
30,765
Charlty
Herltage asseti not retogtt15ed In the balanee sheet
The pern]anenl collections are held by Lakeland Arts Trust.
Pag¢ 53

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Lakeland Arts Tru$t'$ Colle¢tloD of Works of Art and Museum Exhibits
Th¢ prinripal ar¢as of th¢ roll¢rtion arc:
• Eighteenth century fumiture. British landscape and portrait painting8, with a particularly strong wup of works
by George RO￿￿ey'
Eightccnth and ninetecnth ccntury watcrcolours, including an cxccptional group by Jvhn Rwkin, £vur major
works by JMW Tumer gnd & llumbeT of other key works, many of whi¢h relat¢ to the Lake District,.
• Twentieth century and contemporary BTitish art. with s¢ulptUTe by figures S￿￿ as Jean Arp, Barbara Hepworth
and Elizabeth Frink, as well As work by many of the leading painters including Samuel Peploe, Ben and
Winifred Nicholson. a strong group of St Ives work. Kurt Schwitters. Stanley Spencer, Graham Sutherland, John
Pip¢r, Ivon Hitrhens, Frank Auerbach, Paula Rego, Bridget Riley and Sean Scully,.
. Strong holding of prints by such names as Henry Moore, David Hockney and Lucian Freud.
• Material relating to the social and industrial history of thc Lakc District and Kendal. This include5 nineteenth
and twentieth century photographs, Lake District crafts, rnral trades and indu8lries and domcslic and shop
interiors. There is important material relating to the author Arthur Ransome, Annie Garnett's early twentieth
century textiles madc at thc Spinncry in Bownc&g and art8 and crnfts furniture by Arthur Simpson of Kendal and
other regional makers:
M8terial relating to M,H. Baillie Scott in¢luding furniture, book8 and published designs, archive material
rclating lu the history of Blackwell, Arts & Crnfts furnitur¢ and a small number of objects by Arts & Crafts
designers andlor mak¢r$ Shown prin¢ipally at Blackwell The Art8 and Crafts Housc;
Small colle¢tion of studio cernmics,.
. Over 401)oats and & large ¢olle¢lion of smaller objects relating to boats al￿ boating on Lakc Winderniere. The
collection 18 acknowledged to be one of the most important collections of vessels generic lo one l(Kalion
worldwide and to reflect important themes in technical, social and economic history. The Pattin50n Collection,
namcd aftcr thc founder of thc Muscum Mr G.H. Patiinsoffj w88 augmented and added to by the collection of the
Windemiere Nautical Trust and covers many Aspccls of boating on Windcrmcrc inLluding wooden steam
launches, motor boats, yachts and canoes. Eleven boats were transferred to the Lakeland Arts Trust through
H.M. Governmenl'¥ Acceptance in Lieu S¢hern¢ in 2007.
Acqulsltlons
Po*ntial acquisitions, which May be purchased or giw must meet the requirements laid out in the ehariiable
company's Collcltions D¢velopm¢nt Policy (2017).
D1$pO￿lI
By definition. the Lakeland Arts Trust has a long-ternl purpose and holds collections in trust for society in
relation to its stated obj¢¢tive8. The Twstees therefore accept the principlc that sound curatorial rcasons for
disposal mw8t be eslablished before Consideration is given to the disposal of any item8 in Lakeland Art5
ollections. The disposal policy is detailed in Lakeland Arts, Collection5 Development Policy (2017).
Pre$ervadon And Man4gemeDt
Lakeland Arts Tn￿t was f￿st awarded MLA Accreditation status in 2009 and following the award Abbot Hall.
Blackwell and the Lakeland Museum enlered into a planned timetable of collections preservallon, care and
management. Accreditation is now operated by Arts Council England. Winderniere Jetty Museum applied for
'Working Towards Accreditation. status (WTA) when it opened kn the public in 2019.
In 2010 some of the principal objects in the collection were valued by Sotheby's. The valuation was carried out
specifically to inforni a risk management exercise which resulted in a review of the insured values and risks for
the collection. For the putpose of reinstatement the value of all of the charit&ble company's H￿lIage assct
including buildings and land is estimated as £62.7m.
Page 54

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 Mareh 2024
18 Fixed asset investments
Group
2024
2023
Investment propertie5
Other investments
150.000
576.233
426.805
426 805
726,233
Investment propertles
Inve$trnent
properties
Cost or ValuatloD
At l April 2023
Disposals
150,000
150,000
Al 31 March 2024
Provl8lon
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
150,000
Other Investments
Llsted
Investrnents
Total
Cost or Valu4t5on
At l April 2023
Revaluation
Additions
Disposals
At 31 Mawh 2024
576,233
28,790
12,632
190,850
576,233
28,790
12,632
190,850
426,805
426,805
Net book value
At 31 Mdrrh 2024
426.805
426.805
At 31 March 2023
576,233
576,233
Page 55

Lakeland Arts
Notes to the Financlal Statements for the Year Ended 31 March 2024
Charlly
2024
2023
Investment properties
Shares in group undertakin8s and parti¢ipatin8 interests
150.0(N)
150002
Investmenl properdes
Investment
propertle8
Cost or Valuatlon
Ai l April 2023
Di8posals
150,000
150.000
At 31 March 2024
Provl$lon
At 31 March 2024
N¢t book value
At 31 March 2024
Ai 31 March 2023
150,000
Shares ID group underlakiDgs and parlicipating inlereslj
Subsldhary
undertxklngs
Total
Cost
At l April 2023
At 31 March 2024
Net book v*lue
At 31 March 2024
At 31 March 2023
Detalls of undertikings
Iktails of the investments in which the charity holds 20/0 or more of the nominal value of any class of share
capital are as follows..
Page 56

Lakeland Arts
Notes to the FinanciAI Statements for the Year Ended 31 March 2024
Country of
incorporation
Proportion of voting right8 Principal
Ydnd share$ held
A¢tivity
Undertaklng
Holdlng
2024
2023
Subsfidlary undert4klngg
Lakeland Arts
Entetprises Ltd
Operating tea
rooms
gift shops
England
Ordinary
IOO•/o
19 Stock
Group
Charlty
2024
2023
2024
2023
Finished goods
20 Debtors
Group
Charlty
2024
2023
2024
2023
Trdde debtors
Due from group undertakxng¥
Prepayments
A¢¢ru¢d incom¢
VAT recoverable
Other debtors
33,552
715
2.338
20,618
128,126
193,375
5.524
2,811
715
161,864
108,509
12,608
13,527
1,824
128,127
193,375
7,233
2.811
108,566
12,608
13,080
1.824
365,098
136,793
352,792
299,047
21 CA*b and ¢A$h ¢qulval¢nts
Croup
Charity
2024
2023
2024
2023
Cash on hand
Cash at bank
Short-terni deposits
32,267
196,765
4,293
9,422
155,844
520
32,267
194.391
4,093
9,422
138.971
18
233.325
165.786
230.751
148,411
Page 57

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
22 Creditors: onK•unts falling due within one year
Group
Charlty
2024
2023
2024
2023
Bank loans
Trade creditors
Hire purchase and fmance le&8es
Other tsxation and social security
Othcr crcditors
A¢¢ruals
Deletred inLome
6.256
S36,￿2
20,483
30,381
12.034
30,981
39.000
7,410
194,299
6,256
478,125
20,483
30,381
12,034
15,846
39,000
7,410
168,094
23,717
20,784
26.093
23.717
20,784
14.016
675,137
272,303
602,125
234,021
Deferred Income
2024
2023
Deferred ineome at l April 2023
Resources dLfC￿e￿ in IhL' peri¢Jd
Amounts released from previous periods
13,194
39,000
Deferred income at year end
2024
2023
Defeffed income at l April 2023
ResourL'vs dcfLrrcd in thL pcriud
Amount$ r¢l¢as¢d from pr¢vious ￿riodS
Deferred income at year end
13,194
39,000
39,000
23 Credltori: amount8 falllng due after one year
Group
Charlty
2024
2023
£ (As rest4ted)
40,885
168,658
1,200,0(M)
2024
2023
£ (As restated)
40.885
168,658
I,200,￿0
Bank loan8
Trade ¢r¢ditors
Other loan5
Hir¢ purchase and finance leases
Other rreditors
35,674
35,674
1200,(M)O
14,380
1,200,000
14,380
125.478
1,250,054
1,409,543
1,375,532
1.409,543
Page 58

LakelaDd Arts
Notes to the FlnandAI Statements for the Year Ended 31 March 2024
Group
lllclud¢d in th¢ ¢￿dItOrS are the following amounts due after more than five years:
2024
2023
4.379
11245
1200 IXIO
After more than five years not by it&tthts
79 1211
Ch#rtty
kncluded in the creditors are the followin8 anM)unts thie after more than five ye￿$.
2024
2023
After mor¢ than five y¢at8 by ithlments
After ll￿re thall fivc years llot by instalments
4,379
1,325,478
11245
1.200.IKIO
lJ29 857
1211245
BorrovAnp due th five years
Th¢ NHLF loan 1$ 8xured on the Windernwe Jety MuseunL
UDd•r the Facility Ay¢¢m¢nl with the Nationd Heritsge Memorial Fulld (d&t¢d 24 April 2019), the first
r¢paym¢nt date falls on thc fifth anDiversary (24 April 2024). Repayments will ODIY GOD]m￿￿e once L4keland
Arts a¢hieve8 in.y¢ar op¢rdting profits in exce88 of £IOOK Ivith re￿yrnents Cal￿￿&t¢d at of tho ex￿8
c&shflow8 abov¢ this thre8hold.
BAnk loam and overdrafts after five yea
The baDk loaD i8 8 bounce back loan extended to 10 y¢ar8. Th0 int¢re8t rnte 18 2.51/10 With capital repa￿Dents
over 9 years from 6 July 2022 of U55.25pn
Otber loans after ilve ye2
LAkeland Arts (the parent compaay) ha8 bormwed £125,478 frorn the endowment fund inv¢stm¢nts held by
IAkeland Arts Th￿t {25% a8 allovled by the CkHTity Comnlls8ion) ond will repay this over 20 years paying
interest at 525%.
24 ren￿0￿ and other 8cheme•
Defffled eoAtrlbuthin penthn •cb¢me
The group operate8 a definal cfjntribution pension scheme. The pension cost charge for the year rry)re8ents
¢ODtribution8 payable by the ￿￿p to the gcbeme and amount¢d to £22.778 (2023 - £21,744).
Page 59

Lakeland Arts
Notes to the Flnanclal Statements for the Year Ended 31 March 2024
Deflned benefit peDJlon Khemei
Cumbrla Lo￿1 Government Pen•lon Sehem•
Lakeland ATts Tn￿t 15 a memkn of the Cumbria L4)cal Governnxnt P¢n5ion Scheme. This 18 a multi-¢r¥loyer
scheme and the fiwes in these a¢couDts are from the late8t rq)ort on LakelAnd Arts 8bare of tho
Scheme.
The dat¢ of th¢ mo81 r¢¢ent ¢omprehensiv¢ valuation wa8 31 March 2022.
The total L¥>5t rciatin8 to dcfineAI benefit Bchern￿ for the year Teco8uised in profit or 1088 a8 an CXPCD5C wa8
2J18 (2023 - £10,900).
The totsl ¢08t r¢lating to defined b¢nefit 8¢h¢m¢8 for the year included in the cost of aD a88et was - {2023 - b).
Reconcllldllon ofscheme and IIAblllth lo aHd IIAbllllles recoxmlsed
The amounts reco8ni8ed in the statement of fllwKial position orn 88 follows:
2024
2023
Fair value of scheme 488ets
Pregent of defined benefit obJi8ation
Defined b¢nefii p¢ngioD th sU￿lU￿(d¢fiol¢)
1374,iJ)O
1.352.000
1,347,C
1369,IXJO
22,0
Cban8¢8 in th¢ d¢fjn¢d b¢n¢fit Ob￿s8￿0n w¢ u follo•w8;
21)24
Pres¢nt value at start ofyear
Currats $￿VICe cost
Interest C08t
Actuarial Bains and1086eB
B¢t)efits p￿d
Pre8¢nt value at ¢nd of y
(1,369,(100)
(2,000)
(64.￿J)
77.IXK)
1,351000
F4ir ofxheme
Chan8e8 in the fair value of scheme assets arc u followy:
2024
Fair value at start ofy
Interest income
Return on plan assets. exclu(ting wnounts inclth in intere8t incomel(exp¢n8e)
Employw ￿￿trIbutions
Benefits paid
lJ47.0(Ki
38,(X)O
2.000
77.0(KJ
Fair valu¢ at ¢nd of year
1.374,(KX)
Pa8¢ 60

l.akeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Analysis ofa&vets
The major Categori￿ of scheme assets are 88 follows:
2024
2023
Cash and cash equivalents
Equity instruments
Gov¢rnm¢nt bonds
Propety
Other
21,0(Ki
509,0(KI
183,000
i 10.000
55J,000
1,374,000
35,000
492,000
189,000
104,000
527,000
1,347,(KiO
Return on.Icheme a.v.fets
2024
2023
Return on scheme assets
102,0(K)
58,000
Thc pcnsion schcrnc has nol invcstcd in any of the group's own financial instNmcnts or in propcrtics or olh¢r
&98els used by the group.
Principal acth4iTAI assumphon
The priiiknipal actuarial assumptions at the statement of financial position date are as follows:
2024
2023
Mortality rat¢
Discount rate
Future salary increases
Future pension inLrc&scs
Infiation
1.50
4.90
4.20
2.80
2.70
1.75
4.90
4.20
2.80
2.70
Post r¢dreMent morthlity 4SSUmPllons
2024
Yeari
22.00
24.00
23.00
26.00
2023
Years
22.00
24.00
23.00
26.LKI
Current UK pensione15 at retirement age - male
Current UK pensioners at retirement age - female
Futhre UK pensioners at retirement age - mal¢
Futurc UK pcnsiuncrs at rclircmcnt a¥c - fcmalc
Multi-employer plans
This is a defined benefit plan.
Page 61

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
25 Reservej
Group
Penslon
reserve
TotAI
At l April 2023
Other r¢s¢rv¢ movements
22.(KlO
22,000
22,000
22,000
Ai 31 March 2024
Group
Pen$lon
reJ¢rve
Total
At l April 2023
Other reservc movcmcllts
340,000
318,000
340,(KIO
318.000
At 31 March 2024
22.000
22,000
The tn￿tccs havc considcred Accounting for an LGPS p¢n$ion surplus and the asset ceiling. The ￿￿tee8 do not
consider there is a qurplus to recognise. as they do not belicvc th¢r¢ is an economic b¢nefit. The charity is not
abl¢ to ¢laim 8 r¢fund from the LGPS. The trustees have r¢vi¢w¢d the report providcd by McrLcr. which
providc8 addilionul infonnalion relating lo accouDtln8 surplus as of 31 March 2024. The present value of full￿¢
accounting service cost is Ii)wer than the pre5cnl valuc of primary conlribulions, Iherefore a surplus should not
be re¢o8nised,
26 Commltmentj
Group
Capllxl commltmenl$
Th¢ charity committed to payments for particular exhibitions which had not been paid for at 31 March 2024
The total amount contracted for but not provided in the financial statements was £23,750 (2023 - £Nil).
Charlty
CapltAI commltments
The charity was committed to payments for particular exhibitions which had not been p&id for at 31 Ma￿h 2024
The total amount rontra¢t¢d for but not Provided in the financial statements was £23,750 (2023 - £Nil).
Page 62

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
27 Funds
Group
Ba12nce
Balanee
Other
2tJl
at l April Incoming Resoure
recognl$ed
March
2023
reyources
expended Transfers g*lnsl(Iosses) 2024
UThrestrlcted fund$
Gen¢rnl
General thnds
94.914 2.547.054 (3,117,501)
41,499
500 (433,534)
D&Yignated
Pension scheme deficit
(22,000)
22,000
Tot81 unrextrleted fundi
72,914 2,547,054 (3,117,5nl
41,499
22,500 (433,534)
Restrleted funds
Windern]ere Jetty
Construction
Windernier¢ J¢Cty Capithl
NLHF loan
Collcction5 Fund
Blackwell EndoMTnent
Aurelius Trust (Blackwell
Lihrary)
Exhibitions and Lolle¢tions
Soci81 Enterprise Funding
Sir Nicholas Goodison
Award
AH Nature & Partnership
Grant
AH Participation & learning
Boat conservation grant5
Going Places Grant
DCMS/Wolfson Climate
Gallery
The John Ellernian
Foundation
Esme¢ Fairbairn Foundaiion
Amy WillianKs Workshop8
MuseUrn5 Association
Restricted legacy income
16,923,244
113,216
(1,200,000)
5,000
(155,378)
16,767,866
113,216
(1.200,000)
149
(4,851)
(19,827)
19,827
1,163
.163
5.000
(5.000)
7,306
7,306
21,000
{563}
20,437
20,11)0
5,000
43.750
500
20.000
3.609
.000
500
(1,391)
(42.750)
40,485
(39,056)
1,429
13,055
40,000
1,982
150
50.000
(2,034)
(6,250)
(1,982}
(150)
11,021
33,750
50.000
Total restricted funds
15,849,929
260,749
(279,232)
15,831,446
Page 63

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Balance
BAlrdnce
Other
t31
#t l Aprll In¢omln8 R¢sour¢¢$
recogniscd
Morch
2023
resources
expended Transfers gAlnsl(105ses) 2024
Blackwell Endomrynent
547.860
19.651
28.290
Tolal funds
16,470,703 2,807,803 (3,416,384
50,790 15.912,912
Balanee
Balance
Olber
at31
at l April Incornlng Resources
recogDl$ed Mareh
2022
resources
expended Trxnsfers gainsl{lo$$es) 2023
Unreytrlcted fundi
GeneMI
General funds
318,619 2,575,109 (2,708,449) (40,987) (49,378)
94,914
Designaled
Pen¥ion s¢hem¢ deficit
340,000
3,000
315.0￿
22.000
Total unrejtrlcted fundi
21,381
2,575,109 {2,705,449) (40.987
265,622
72,914
Re8trlcted lundg
Winderniere Jetty
Construclfton
W1ndem￿re Boat Collection
Wind¢rniere Jetty Capitsl
Prior year adjustment for WJ
retention
17.078,622
19,040
276,874
(155,378)
(19,040)
16,923,244
(168,658)
113,216
(168,658)
(1,200.000)
5,000
168,658
NLHF lo&n
Collection5 Pund
Archite¢tural Herita8¢ Fund
South L8kelat)d District
Council
Blackwell Endowment
Kendal TO￿ Council
Aurelius Trust (Blackwell
Library)
Social Enterprise Funding
Abbot Hall Redevelopment
Areti Charitsble Trust
Natiot]al IA>tt¢ry Heritage
Fund. Resilient Hcrita8C
Boat conservation granls
The John Ellernwi
Foundation
Art Fund
(1,200.000)
5.000
15,000
(15,000)
27,51)0
19,403
5,000
(27,500}
{26,008)
(5,000)
6,605
.163
10,000
43,123
2,991
1,163
7.306
(2,694)
(103,132)
{2,991)
20,(X)O
40,009
22.950
90,51K>
(22.950)
(90,500)
13,194
4,998
Page 64
(13,194)
{17.750)
12,752

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Bglance
Other
at31
t l Aprll Incomlng Resourc
r¢￿Ell￿ed m￿Ch
2022
rewurcei expended Tranifen galns10os￿8) 2023
0*￿tId W¢8ton Foundation
(3r8nada Foundation
Clore Duffi¢id Foundation
37,592
(37,592)
(5,000)
S.OiJ)
978
Total re8trkted fundj
16.143.930
228,545
(563,533)
40,987
15.849,929
Pern14n¢nl
Bla¢kw¢ll Endowment
Totsl fundj
228 482 16 470 703
Page 65

Lakeland Arts
Notes to the Flnaneial Ststements for the Year Ended 31 March 2024
Charky
BAlamee at
31 March
2024
Balance at I
Aprll 2023
IAeomlng
r¢wllr¢
Ruour¢
expended
UDr•Jtrlcted fpndo
219222
1,655207
(2,312,098)
(437.669)
Witiden￿ Jetty Construction
windernK￿ Jcty Capital Fund8
NHLF loan
Collection tlJnd8
Boat wn8rntlon fiu
DCMSIWolfson C]inwt¢ (hllery
SOCI￿ F￿t￿prI￿r Fundin
E&mee Fairbairn Foundation
Aureliu8 TruAt IB]ackwell Libr￿)
Exbibitions & Collections fimd8
Sir Ni¢bol88 Goodi80n AwArd
AH Nature & Partnership Grant
AH Participation & learnin8
Th• John Ellern)an Poundation
Going PlaceB (3rHDt
Amy Williams works1￿p￿
MUS¢un￿ As80¢iation
Reytrictcd legacy income
16,923,244
113.216
(12￿),000}
5,000
(155.378)
16,767,866
113216
(121)0,000)
149
(4,851)
(42,750)
(39,056)
43,7JO
40.485
1.429
7,306
33,750
1,163
7.306
40,000
(6,250)
1.163
(5.000)
(563)
21,000
20,000
20,437
20,(K)O
3.609
11.021
500
(1.391)
{2.034)
13,055
500
1,982
150
(1,982)
(E50)
Tot*1 r4th*ted fundi
15,849.929
259,405
240.922 ￿ 15,831,446
Total fun
16069 I51
2,571503
I,896,129 15,393.777
Page 66

Lakeland Arts
Notes to the Flnanclal Statements for the Year Ended 31 March 2024
Bal#n¢e
BAl2nee
Other
a131
At l Aprll Ineomlng Resources
recognised
Mgrch
2022
resour¢¢s
exp¢nd¢d Transf¢rs gainsl{Ios8es) 2023
Unre5trkted funds
General ￿ndS
469.051 1.900,954 {2,069,796) (40,987) (40,000)
219,222
Restrkted fund8
Windermere Jetty
Construction
Windcrniere Jetty Capital
Funds
Prior ycar adjustmcnt WJ
retention
NHLF loan
Collection fimds
Windcrnicrc Boat Collection
Boat Conservation funds
Social Enterprise Funding
Areti Charitable Trust
Aurelius Trust (Blackwell
Library)
Blackwell endowTrcnl
incomc
Abbot Hall Redevelopment
South Lak¢land Distrtct
Council
National Lottery Heritage
Fund Resilience
knhitcclwal H¢ritag¢
Foundation
The John Ellerman
Foundation
Art Fund
Garfi¢ld Wcston Foundation
Granada Foundation
Clorc Dufficld Foundation
Kendal Town Council
17.078,622
(155,378)
16,923.244
276,874
5,000
{168,6S8)
113.216
(168,658)
(1,200,000)
5,000
19.040
168,658
{1,200,000)
5,000
(19.040)
(90,500)
(2,694)
(2,991)
90,500
10,000
2,991
7,306
1.163
1,163
26.008
20,000
{26,008)
(103,132)
43,123
40,009
27,500
{27,500)
22.950
(22,950)
15,000
(15,000)
13,194
4.998
(13,194)
(17,750)
(37.592)
(5,000)
(19,804)
5.000
12,752
37.592
5,000
18,826
978
Total restrlcted funds
16,137,325
235,150
563,533
40,987
15.849.929
Tntal funds
16,606,376 2.136,104 {2,633,329
40,000
16,Q69,151
Page 67

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 Mar¢h 2024
28 Analysls of net assets between funds
Group
Unregtrficted
funds
General
Endowment
funds
Permanent
Total funds at
31 March
2024
Restrlcted
funth
Tangible fixed assets
Flxed asset investments
Current assets
Current liabilities
Cr¢ditors over l year
20,023
16,767,866
16,787,889
426,805
623.409
{675.137)
(1250,054)
15,912,912
426,805
88,195
271.634
(675,137)
50.054
263,580
1,200,000
Total net assets
433,534
15,831,446
515,000
Endowment Tolal fund$
funds
*t31 March
Pernlanent
2023
Unre8trlcted fund8
CenerAI
Designated
Rejtrleted
funds
Tangible fixed Assets
Fixed investments
Current assets
Currenl liabilities
Creditors over l year
Pcnsion schcme liability
192,011
178,373
37.718
(272,303)
(40,885)
16,923,244
17,115.255
726,233
333,061
{272.303)
(1.409.543)
22,000
547,860
295.343
(1,368,658)
22,000
Totsl net assets
22.01
94,914 ￿ 15.849.929
547,860
16,470,703
Page 68

Lakeland Arts
Notes to the Financial Statements for the Year Ended 31 March 2024
Charlty
Unr¢strl¢ted
funds
GenerAI
TotAI funds at
31 March
2024
Restrlcted
funds
T2n8ible fixed assets
Fixed asset investments
Currcnt ass¢t$
Current liabilities
Creditors over l year
20,023
16,767,866
16.787,889
319,963
{602,125)
175,532)
263,580
583,543
(602.125)
1,375.532
1,200,000)
15,831,446
Total net assets
(437.669
15,393,777
Unre%trlcted
(unds
General
Total funds #t
31 March
2023
Restrltted
funds
Tangible fixed asset4
Fixed asset investments
Current ¥75scts
CU￿en1 liabilities
Creditors over l year
192,011
150.002
152.115
{234.021)
40,885)
219.222
16,923,244
17,115,255
150.002
447,458
(234.021)
(1,409,453)
16,069,241
295,343
1,368,568)
Total net assets
15,850,019
29 Allatysls of net fundi
Group
At l Aprll
2023
FlnAnclng taih At 31 March
tlows
2024
Cash at bank and in hand
Debt due within one year
D¢bt due after more than one year
Finance leases and hirc purcha5¢ ¢ontracts
165,786
(7,410)
(1,409,543)
67,059
1.156
159,489
(34,863
232,845
(6.254)
(1,250.054)
(34,863)
Net debt
1,251,167
192,841
1,058,326
At l Aprll
2022
Flnanclng c*sb At 31 Mareh
flows
2023
Cash at bank and in hand
Debt duc wiihin one year
Debt due after rnore than one year
420,890
(5,463)
(1,412,846
(255.104)
(1.947)
3,303
165.786
(7,410)
(1,409,543}
Net debt
(997,419)
(253,748
1,251,16
Page 69

Lakeland Arts
Notes to the Flnancial Statements for the Year Ended 31 March 2024
30 Related paty transactioni
Group
There were no related party tratxsactions in the year.
Charlty
There were no related party transactions in the year.
Page 70