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LKE LVND RTS Company re8iStration number: 8162578 Charity re8lstration number: 1153001 Lakeland Arts A compony limited by 8uarantee Annual Report and Financial Statements for the Lakeland Arts Group for the Year Ended 31 March 2025 WM *AE19KL01• 2711212025 COMPANIES HOUSE A14

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Lakeland Arts Table of Contents Relerence and Admlnlstratlve Detolls.................................................... Chair's For•word Annual Report 24-25...................................................................... Flnancial Review.......................................................................................................... Principal Risk5 ond Uncertoinlies.........................................-. Objectlves ond Actlvities.... Wision........ Strote8ic Objectives.............................................................................................. Our Activltles Cont•xt......... .11 .11 .11 .11 Exhlbltoons.......................................... .13 Abbot Hall............................................................................................................................................13 Blockwell - The Arts & Crofts House..... . .15 Windermere Jety Museum...... .16 Partlclpatlon and Learnln8.... Colle¢tlons and Dlsplays................... ........................... Collecllons Loans Out......... .18 Collectlon Core ond Documentotion.................,.................................................... ......................18 .16 .17 H•rlta8e Boat Con$ervatlon............. H•rlta8e Boat Trlps and Op•ratlons.............. G•nerat•d Incom•.....................................................................................................20 Earned Income......................................................... ..20 Caterin8.. ..20 Retoil.......................................................... ,.20 Events and Private Hire........................... ................-................ ..21 Localion HSre........................... -21 .18 .19 Raised Incom•....... ..22 Partnershlps...............................................................................................................23 Vlsltor Exp•rl•nc•........................................................ ............. Volunleerln8............................................................................... Marketln8 and Communl¢atlons...... .23 .23 .24 Copltal Prol•cts, Bulldln8s, and Estates.... Abbol Holl............... 81ockwell - The Arts a Crofts House........................ ................ Windermere Jety Museum..... ..25 .25 ..25 .26 Fundral$ln8 Di5closures.................... .26 Ben•fa¢tors and Palrons........................................................... .27 Publle Oeneflt........ ..28 Structure. Governance and Mana8ement....................- ..... ... .28

Lakeland Arts Nature of Governin8 Document......................................................................................................28 Recruitrnent and Appointment of Trustees.................... .28 0r8onisotionol Structure. .29 R•latlonshlp$ wlth Related Partl•s Lak•land Arts Trust ..........................................29 Lakeland Arts Enterprises Limited...................................................................................................29 Lokelond Arts Support Trust.............. ..29 Westmorlond ond Furness Council........................ ..29 Flnanclal Instrum•nt5 ................................................................................................30 Objectives and Polici•s.....................................................................................................................30 Credit Risk............................................................................................................................................30 Statement of Trustees. Responslbllltles................................................................ Di$clo$ure of Informatlon to Auditor........................................................................31 ..30 Ind•p•nd•nt Audltor's Report to th• Members of Lakeland Arts ...........................32 Opinion................................................................................................................................................32 Basis for Opinion................................................................................................................................32 Conclusions Relatin8 to Goin8 Concern.........................................................................................32 Other Informotion........................................................................................................................ ..32 Opinions on Olher Motters Prescribed by the Componies Act 2006. ..33 Matters on Which we are Requlred to Report by Exception........................................................33 Responsibililles of Trustees.,.,......... ..33 Auditor's Responsibilities for the Audit of the Flnoncial Statements................................-. ..34 Use of our Report...............................................................................................................................34 Notes to the Flnan¢lal Statem•nts for th• Y•or Ended 31 March 2025 ..................42

Lakeland Arts Reference and Admlnlstratlve Details Chalr D Reid MCIOF Trustees A Black S A Crewe K M Howorth A J Karwa E Kentley K J S Kni8ht T A Leoch A M Lyles D Reid MCIOF G F Rycrott EJScott M Benjornin Seer•iary AJ Karwa C James (odditlonal from October 2024) Senlor Mana8ement Team Harris, Chief Execulive Officer (resi8ned Ju5y 2024) L Martlns. Actin8 Chief Executlve L Garrett Hompson, Heod of Marketin8 and Communications C James, Head of Finance and Company Secretary (oppolnted October 2024) F Hi88ins. HR and People Mana8er (oppointed November 2024) A Fletcher. Developmenl Mono8er (oppointed Jonuory 2025) R Ripley. Visitor Experience ond Operations Mono8er (appointed March 2025) Charlty Re8l$trotlon Numb•r 1153001. The charity is incorporaled in En8land. Company Re8lstratlon Number 8162578

Lakeland Arts Re815tered Office Abbot Holl Kirkland Kendol LA9 SAL Auditor Crossley & Davis Chortered Accountants & Tax Advisors Seneco House Amy Johnson Way Blackpool FY4 2FF Sollcltors Baine5 Wilson Unlt 3 Loncoster Buslne55 Pork 10 Mannin Way Loncoster LAI 35W Bankers Borcloys Bonk Plc. 9 Hl8h8ate Kendol LA9 4DF

Lakeland Arts The trustees, who ore direetors for the purposes of company law. presenl thelr strate8ic report for the year ended 31 March 2025. in compliance with 414C of the Componies Act 2006. Chalr's Foreword Annual R•port 24-25 In 2024-25, Lokelond Arts mode remarkable strides. deliverin8 inspirin8 exhibilions, deepenin8 en8088ment wllh local communities and wider audience5, and developin8 new commerclol revenue streams that support our 3UStoinobility ond 8rowth. This pro8ress was achieved 08ainst o chollen8in8 notional bockdrop. The economic climate contlnue5 to present complex pressures for charitable or8anisations in the tourism ond culturol sectors, Institulions like Lakeland Arts - reliont not only on philonthropic support and 8ront fundSn8 but also on stron8 vlsltor en808ement- hove novi8ated on envlronmfrnl shoped by inflation, liscol conslrainls. ond sector-specif ic ehallen8es. Over th8 post yeor, we have continued to experience compounded pressures. includin8 suslained hi8h inllotion. a slowin8 UK economy. ond si8nificant rises in ulility Costs. Despite these chollen8es. our teams have risen to the occasion wilh resilience, creativity, and dedication. 2024-25 marked the second year of our three-yeor Notionol Portfolio Or8onisotion (NPO) 8rant 08reement wilh Arts Council En8lond, as port of the Curnbrio Museum Consortium. We exceeded 770h of our tar8ets thi5 period. surpassin8 forecasts by 7.186 family en8a8ements and 8,344 odult parlicipant5. This outstandin8 achievement reflects the dedication of our teoms ond the oppelite of our Communities lo en808e with orts ond cullure. We ore deli8hted that Arts Council En8lond (ACE) ho$ exlended our 8ront 08reement to 2026-27, providin8 StabllSty ond confidence for the yeors ahead. We were equally pleosed to continue our valued parlnership with the Esmée Foirboirn Foundotion, whose support hos enabled us to deliver inclusive en808ement projects wilh local communities, portlcularly throu8h Abbot Holl in Kendal. Buildin8 on the Art Fund's Sir Nicholos Goodison Award in 2022, Pro8romme Curator Naomi Gorlff further enriched and diversified Blackwell'5 contemporary ¢roft collection wlth nine outstandin8 new acquisitions from artists includin8 Lorno Sin8leton, Chris Doy, Clare Malet, ond Paul Scott. Si8nificant pro8ress was also made on the John Ellermon-funded project lo audit and rotiono115e the sociol history collections of the Lakeland Museum ond Lakeland Arts, stora8e focilities. supported by the involuable contributions of our volunteers. We welcomed four new members to our Senior Leadership team. whose expertise and vision ore olreody helpin8 drlve Lokeland Arts forword. Our teams conlinue lo deliver meanin8ful orts and cultural experlences for visitors ond Communities ocr055 Cumbrio, sUPPOrted by the dedication ol volunteers, who ploy o vitol role in brin8in8 exhibilions ond experiences to life. Durin8 thi5 period. we were proud to welcome 96 volunleer5 to Lokeland Arts. Fomilie5 remained central to audience development ot Windermere Jetty Museum, with interactive exhibitions such os Microworld and Blue Space brin8in8 biodiversity. ecolo8y, ond Science. Technolo8y. En8ineerin8 ond Mathematics (STEM) themes to life. Event hi8hli8htS included the fourth Windermere Sciènce Festival and the first inou8urol Festival of Ihe Lake. which celebrated locol stories and community spirit. Our"8oat Conservation teom had a successful year, recornmi55ionin8 sleam launches Osprey and Lady Elizobèth, both now back on the water. as port of our workin8 collection, for visitors to enjoy.

Lakeland Arts At Abbot Hall, on ombitious pro8ramm8 of exhibilions explored Ihemes of ecolo8y. identity. ond landscape. Hi8hli8hls included the first major retrospective of Gilbert Spencer in over fifty yeors, o thou8hl-provokin8 exhibition of Cloude Cahun's photO8raphy. and Charmaine Watkiss, lor8est institutionol solo show to dole. We olso celebrated the reopenin8 of the refurbished Ecolo8y Gollery olon8side Johonnes Pretorius, Intervention ond Renewol. developed in portnGrship with youn8 activist5 from Queen Kalherine School. To8ether, these exhibitions reflect Abbot Hall's commitment to pre5entin8 oulstondin8 art whlle fosterln8 creolivity. dio108ue, ond community en808emenl. At Blackwell. the year be8an with the continuation of Sublime 5ymmelry.' William De Mor80n. which ortracted oudiences from across the UK. Thi5 wos followed by o solo show of contemporary works by British-Ni8erion sculptor Lowson Oyekon- his first in a UK public InstitIon In 01rn0st decades. 2024 ols0 Saw the return of Blackwell's Aulumn Craft Fair. celebrotin8 the work of local mokers and artisons. Our Participation ond Learnin8 team expanded workshops for schools and families. while en8a8emeni pro8rommes stren8lhened connections wilh cornmunities ond portners. Lokelond Arts ployed o leadin8 role in major re8ional festivals and events. includln8 Windermere Science Festlval, Knotl8d Project's For8e Festlval, Kendol Pride. Lake District Muslc Festival. Kendal Mounlain Festival. and the Lakes Inlernational Comic Arts Festival. Slron8 Portnershlps remoln central to our work. Collaborations with Kendal Town Councll, Westmorland and Furness Council. Lancaster University. and numerous community or8onisQtlons,' Includln8 Strlcklond Gate House. Anti-Rocist Cumbrio, and Queer Cumbrla, enobled us to deliver initiatives that enhonc8d cultural participation and community impact. Windermere Jetty Museum also 8rew a5 a venue for filmin8 and privale hire, 8enerotin8 Vital income ond attroctin8 new oudiences throu8h projects such 0$ 88C 8reakfostond Chonnel 4's Four in a Bed. Lookin8 ahead. Lakeland Arts moves fonvard with confidence. 8rounded in slron8 partnerships. creative ambition. and an unwoverin8 commitment to mokin8 culture accessible. en8a8in8. and meanin8ful for oll. Diane Reid Cholr ond Trustee. Lokelond Arts

Lakoland Arts Flnanclal Reviow In 2024-25 tolol income for the Group wo$ £2.92rn. eompored with £2.81m in the previous year. Of this, £2.72m was unrestricted income ond £199k restricted incorne. The increase in overall income reflects improved tradin8 performance, offset by continuin8 challen8es in the visitor economy and dlfflcult operatin8 condition$ ocross the wider cultural sector. Fundraisin8 performonce wos consistenl with expectations for the firsl year of the new strale8y. with a continued emphasls on project-based restricted income. Membership Income remoined stoble at just over £71k (2024 - £70k), supporlln8 the core charltoble pro8romme. Total expenditure for the year was £3.27m. compared with £3.42m in 2023-24. The or8anisolion continued lo experience pressure Irorn inflation, ener8y Costs, and the resource demands of operotin8 Ihree rnuseums, thou8h these were miti8ated by cost-control measures ond efficiencies implemented durin8 the year. Depreciation chor8es remained a si8nificont component ol overall exp•nditure. reflectin8 the scale ond nature of Lokeland Arts. estote. The resultin8 net expenditure for the yeor was £338k, on improvement of approximotely £220k on the previous year's deflcil. This Improved positlon w05 assisted by stron8er commercial performance ond reduced reliance on 08ency ond consultoncy support. ollhou8h further work remains to restore finonciol 5UStoinobility. The defined benefit pension scheme moved from o nil surplus/deficit position ot the stort of Ihe year lo a surplus of £83k. reflectin8 more fovouroble market condition5. Lokelond Arts Enterprises Lld. the charity'5 wholly owned Iradin8 subsidiory, delivered o surplus of £162k (2024 - £121k). A Gifl Aid donotion was mode to Ihe parent ¢hority of £161k. with the surplus retained lo restore the subsidiory's reserves followin8 prior year losses. Earned income from coterin8, reloil, odmissions and commerciol octivities conlinues to ploy o central role in supportin8 the charity's operotions. With porticular stren8ths In events ond hospitality ot Wlndermere Jetty Museum. Al 31 March 2025. lotol funds Stood al £15.65m, of which unrestricted funds reported a deficit of £510k. The trustees remaln committed to Improvin8 Ihe unrestricted posilion over the comina yeors, supported by the new fundroisin8 Strate8y. o more focused opproach to cornmercial development. and the continued delivery of operational efficiencies. R•s•rv•i Pollcy The boord updated its reserves policy durin8 Ihe year and now aspires to hold free resen4es equivalenl to three months of unrestricted choritable expendllure. This tor8et Wos not ochieved in 2024-25. The or8anisotion continues to operate with limited free reseThes. reflectin8 the financiol pressures of recent years and the structural challen8es of runnin8 a multi-site cultural charity. Stren8thenin8 unrestricted reserves remains o strate8lc prlority. Prin¢lpal Fundinu 5ouree$ Lakeland Arts, core operotions are funded throu8h o blend of earned income. Arts Council En8lond NPO fundin8. trusts and foundotions. investment income. membership, donotions ond Gift Aid. The Group continues to benefit from multi-year 8ronts. includin8 SUPPOrt Irom the Esmée Fairbairn Foundation. and stron8 relationshlps with local authorities ond tundin8 portners.

Lakeland Arts Investment Pollcy and Performance The chority's investment portfolio is mana8ed by Sarasln & Partners In occordonce wlth the trustees, Investment policy, which aims to deliver balonced relurns from a broad ran8e of medium-risk investments. Investment performance for the yeor reflected brooder morket movements. with unrealised 80ins of £4k contributin8 Positively to the fund bolonces. Prlnclpal Rlsks and Uncertainties Molor rlsks All si8nlflcont octlvllies undertoken by Lakeland Arts are subject to a comprehensive risk review as port of the project assessment and implementation process. Mojor risks ore identified and ranked based on their polentiol impoct ond likelihood. For Ihis purpose, rnojor risks ore defined 0$ Ihose thot could si8nificontly offect- operatlonol perforrnonce. includin8 risks to staff. volunteers. gnd visitors achievement of 51rate8ic aims and objectives fulfilment of expectations amon8 beneficiaries, supporters. and stakeholders. The trustees conducl on80in8 reviews of these risks ond ensure thot robust systems ond procedures ore in place to mono88 them effectively. If appropriate, rlsks ore miti8Oted throu8h insurance cover. The or8onisotion employs the followin8 framework to ensure a Ihorou8h opproach to risk mano8ement: re8ulor monitorin8 of mojor risks ond the development of disoster recovery plons inle8rotin8 risk idenlification ond assessment into operotional procedures molntainin8 0 cl8or slructure of dele8Oted outhorlty and control,. ond 5eekin8 lo preserve financial reserves in accordance with established policies. Whlle acknowled8ln8 thot some Initiatlves may requlre the acceplance ond mana8em8nt of risk to ochieve key objectives, the trustees have identified and implemented miti8ation strote8ies for Major risks under the followin8 cate8ories: 80vernonce operotional finonciol environrnenlol complionce. The strat•8le report wos approved by the trustees of the ehority on 191h Dacember 2025 ond Si8ned on its beholf bv: D Reid MCIOF Chair and Truslee, Lok•land Arts

Lakeland Arts The truslees. who are directors for the purposes of company law, present the annual report tO8ether with the financial statements and auditors, report of the choritable company for the year onded 31 March 2025. Chalr D Reid MCIOF Trustees and Off Icers A Block S A Crewe K M Howarth A J Kan¥a E Kentley KJ S Kni8hl T A Leach A M Lyles J Mottrom PhD (resi8ned 15 April 2024) D Reid MCIOF G F Rycroft EJScott M Benjamin Seerelary A J Korwo C James (additional frorn Oclober 2024) S•nlor Mano8•m•ni Team R Harris. Chief Executlve Officer (resl8ned July 2024) L Mortins, Actin8 Chief Executive (appointed July 2024) L Garretl Hompson, Head of Marketin8 ond Communications C James, Head of Finance ond Company Secrelary (appointed Oclober 2024) L Postons, HR and People Mono8er {resi8ned April 2024) F Hi88ins. HR and People Mana8er (appoinled November 2024) A Fletcher, Developrnenl Mona8er (appointed January 2025) A Soczek, Head ol Visitor Experlence (resi8ned September 2024) R Ripley. Visitor Experience ond Operations Mana8er (oppointed Morch 2025) 10

Lakeland Arts Oblectlves and Actlvltles Vlslon Our vision is to harnes$the power of culture olon8sld8 ortistic creatlvlty, breathtakin8 landscape ond rich heritO8e, to transform lives and enrich communities. We brin8 this vision to life throu8h exceptionol museums. diverse collections. innovolive pro8rommin8 ond o passionote and knowled8eable team. all deeply rooled in a stron8 sense of place. Our work is firmly •mbedded in the locol community ond hos o tronsformotlv8 Impoct on the visitors and audiences we Serve. Strute8i¢ Obje¢tives In 2024-25 we entered the third yeor of deliverin8 our mission, which is 8uided by four key objective5. These objectives ore essentiol to stren8thenin8 Lokelond Arts, position os one of Ihe most distin8uished cultural and heritO88 or8anisations in the North of En8lond. 5trat•8Sc Oblectlve I: Curatln8 and Carln8 We are committed to developin8 and carin8 for our collections and fosterin8 new Ideos, ensurin8 that peopl8 from all bock8rounds. both near and for. con explore and draw insplration from our world-closs art and h8rlla88 pro8rammes. Strote81¢ Obl•¢tlv• 2: ft•o¢hln8 Wld•r We aim to brooden our reoch by becornin8 better known ond more occessible to o diverse ron8e of visitors. This involves cleorly communicalin8 who we are ond lailorin8 our approach to attract and en8a8e varied audiences. Strot•81¢ Obl•¢tlv• 3: En8q8ln8 and Empow•rln8 We will cultivate a culture of care, respect and inclusion. placin8 people al the heart of our or8onisolion. Our museums ore spaces for storytellin8, dialo8ue and meonin8ful exchon8e. encoura8in8 debote and discussion. Strat•81¢ Obl•etlv• 4: SuJtalnabl• and R•slll•nt We ore buildin8 for the future by becomin8 0 more dynornic, financially secure, environmentolly responsible and socially sustainable or8ani5Qtion. Throu8h these objective5. we continue to inspire. connect and contribute to our community while chompionin8 the unique cullural herita8e of Lokeland. Our Actlvltles Context The yeor 2024-25 morked the midway of o three-yeor Notionol Portfolio fundin8 08reernent between Arts Council En8lond (ACE) and Ihe Curnbrio Museum Consortium (CMC), which brin8S tO8ether Lakeland Arts. Tullie. and Wordsworth Grasmere. In ali8nment with ACE'S Lel's Creafte strote8y, our work and reportln8 hove been 8uided by four key inveslment principles: Ambition & Quolity- deliverin8 pro8rommes of the hi8hest stondord that inspire ond en8a8e. Dynomism - ensurin8 08ility, resilience, and forward-lookin8 proctice. Environmentol Responslblllty- ernbeddin8 Sustainabillty In our octivities ond operotions. 11

Lak•land Art5 Inclusivity & Relevance - reachin8 diverse audience5 and refleclin8 contemporary society. This year, the or8anisotion focused on buildin8 Stron8 relationships with funders, stakeholders ond community 8roups to maximise impact and ensure future sustoinobility. Developin8 these partnerships involved workin8 directly with Kendal Town Council. Westmorland and Furness Council, Loncosler University and an active nelwork of third-sector or8onisotions such as Slrickland8Ote House. Spoce2Create. Loncaster Black History Group, Anti-Raclsl Cumbrio ond Queer Cumbrio. Throu8hout these collaborotions, the or8onisation emphasised transporent communicalion and joint initiatives thot enhanced the collective capacity to serve the Community. Si8nificant pro8ress wos also mode in establishin8 0 relotionship with Ihe Notional Lottery. HerltO8e Fund, posilionin8 the or8onisolion to submlt a mld-2025 fundin8 opp15cotion thol oirns to reirna8ine Abbot Hall and the Lakeland Museum site. This strate8i¢ en808ement stren8thens the chority's foundation. enhances lulure prospects and boosts or8onlsational credibillty with funders. Our parlnership wilh Loncosler University provided the opportunity to host Iwo student interns, who worked closely with our curotoriol learn on the Abbot Holl collections research prolecl. Their contributions included updatin8 lobels. improvin8 the interpretation of displays and offerin8 fresh perspectives Ihal enriched the visilor experience. We also colloboraled wilh K•ndal Colle8e, where art sludents produced responses to Kurt Schwitters, work across various medio. These pieces ore slill disployed in the 8allery. hi8hli8htin8 the creatlvity ond tolent of 8mer8in8 local ortisls. Additionally, local photO8ropher Johannes Prelorius worked with students from Queen Katherine School in Kendol on A8ri-Culture, a project documentin8 rewildin8 initialives in the surroundln8 farmin8 landscape. This partnership comblned artlstic practice wlth 8nvironrnental awareness. hi8hli8htin8 the importance of sustainability in our rural re8ion. We also continued our on80in8 parlnership with Liverpool John Moores University. welcomin8 architecture students lo toke port in conservotion-focu5ed leornin8. This pro8romme en808es an entire yeor 8roup-somelimes a combination of first- ond second-year students-who visit onnuolly. Their experience includes explorin8 Blackwell. The Arts & Crofls House, alon85ide our purpose-built. RIBA oword-winnin8 Windermere Jetty Museum. This juxloposition provides o unique opportunity to compore one of the counlry's most oceessible Arts & Crafts properties wllh contemporary orchitectural desi8n. sparkin8 rlch discusslon around heritQ8e. desi8n, and conservation. This year, we mode a series ol strate8ic oppointrnents to stren8then senior leadership and ensure 8reater or8onisatlonol stobility followin8 0 challen8in8 period. Recruitmenl decisions were 8uided by professional expertise ond ali8nrnent with our values, enablin8 US to build a resilient and skilled team. The appointment of a Head of Finance brou8ht extensive charity sector experience. with expertise in streomlinin8 Complex occountin8 Systems and deliverin8 Cost efficiencies. In November. a new Hurnon Resources Mona8er joined us from the NHS, further supporlin8 or8anisationol 8rowth and stoff wellbein8. 12

Lakeland Arts Within the creative division. the conclusion of the Associate Head of Pro8rammin8'5 conlract prompted the proce55 of recruitin8 a permonent succe550r, ensurin8 continuity in artistic leodership. Key income-8eneration roles were also filled. A Development Mana8er. joined in Februory. brin8in8 extensive experience in raisin8 income for local ond internotionol charities ond sociol enterprises. In Morch, a new Visitor Services & Operations Mono8er joined us from The Hepworth Wakefield, brin8in8 a proven track record of monetisin8 collection5 and moximisin8 commerclal revenue streams. In 2024/25. consumer confidence continued to fluctuote omid subdued notlonol 8rowth forecasts and on80in8 8overnment coution re8ardin8 economic stability. This environment ploced further stroin on sectors such as arts and culture. where participation often depends on leve15 of disposable incorne. R5sln8 Costs for utilllie5. 8oods, and services added to financial pressures. Combined with lower visilor numbers and reduced 5pendin8 per person. these challen8es created a difficult environment in which 8enerotin8 sufficient income to brid8e fundin8 8ops become increosin8ly complex. Despite these consideroble challen8es, Lakeland Arts successfully delivered an exceptional pro8ramme, emphoslsin8 Ils dedlcolion to provldln8 hi8h-quollty cullurol experlences. Exhlbltlons Abbot Hall Art H•rborlum. F•bruary 2024 - on8oln8 Abbot Hall's Arl Herborium presents on immersive explorolion of noture in ort. Feoturln8 works from the collection by artists includin8 Winifred Nicholson and Percy Kelly. the exhibition offered visilors a contemplative Space to consider biodiversity. wellbein8. and humanity's connection to the noturol world. Portralt Gall•rl•s. F•bruary 2024 - on8oln8 Abbot Holl's 8round floor Porlroll Golleries invite vlsilors to en808e with stories of identity, community, ond lived experience throu8h works by ortists includin8 Kurt Schwitters, Cello Poul, Hilde Goldschmidt. Lucion Freud. Chormaine Wotkiss. Stanley Spencer. Joon Eardley. Geor8e Romney, and Victor Pa5more. Kendal-based arlist Lelo Harris contributed two works ond led workshops for local student5 as port of the pro8romme. Durin8 the 2024/25 finonciol yeor. the portroit 8olleries were refreshed to showcase newly ocquired works by locol ortists Russell Mills ond Cotherine MocDiormid. alon8side pieces by Kendal Colle8e sludents created in response to works on display. Claude Cahun: Beneath Thls Mask. Aprll - Au8USt 2024 Presented in portnership with Hoyward Tourin8, this exhibition showcased 42 contemporary 8i¢lée prints of Cloude Cohun's self-portroits, explorin8 8ender, identity ond surreolist oesthetics. With mony ori8inal ne8atives lost. these prints offered a vital record of Cahun's proctice ond her subversion of troditionol portroiture, porticularly in the context of her resistance durin8 Nazi occupation in France. 13

Lakeland Arts Twelve Kendol Colle8e Performonce students visited Abbot Hall several times to develop. rehearse and perform pieces in response to 8enealh This Mosk. Final pleces were performed on Fridoy 24 Moy to o small audience. The performances were captured by a 8roup of 10 photO8rophy students. also from Kendal coll88e. Two of the participatin8 Students led tours of the exhibition durin8 Kendal Pride weekend. Gllbert Spen¢•r. Apr•1 - June 2024 In portnershlp with Liss Llewellyn Flne Art. Abbot Holl presented the flrst Major exhibillon of Gilbert Spencer'5 paintin85 in over 50 years. Featurin8 preparatory studies. illustrations. and lor8e-s¢ale works, the show exomined Spencer's role in 20th-century British modernism, the revival of landscape troditions ond the resur8ence of murol pointin8. A speciol section hi8hli8hted Spencer's wartime years in Arnbleside, developed in collaborotion with local historians Russell Mills and Deboroh Walsh. Charmaln? Wotklss: Le8a¢y. Juty- December 2024 Abbot Holl hosted Le8acy. the lor8est inslitutionol solo exhibilion to dote by Charmoine Watkiss. Featurin8 new drawin8s and Ihe instollation Iyltness (2023), ori8lnolly commlssloned for Liverpool Bienniol, the exhibition reflected on hislories of bolany. slcvery. and cultural survival. Throu8h intri¢otely detoiled drowin8s ond 5culpturol forms, Wotkiss invited audiences to en808e wlth themes of memory, reslllence. ond heolin8. E¢olo8y Gollery. S•ptember 2024- onuoln8 The newly opened Ecolo8y Gollery explored local londscopes. ecolo8y, ond human Impacl on the environment. Developed with contributions from youn8 Octivists ot Queen Kotherine Secondary School. the exhibition featured works by Elisabeth Frink, John Ruskin, Bryon Kneale, ond Geor8e Show. The 8allery also showcosed an innovative zero-waste disploy syslem desi8ned by Ploey desi8n Studio, introducin8 new p05sibilities lor sustoinoble exhibition-mokin8. Johann•s Pret•rlus: Interventlon and Renewal, September - D•¢•mber 2024 This photO8raphic exhibition documented re8enerotive farmin8 practices in Cumbria, focusin8 on Ihree 8en8rations ot the Robinson family at Strlckley Form. Throu8h Johonnes Pretorius, work, the display hi8hli8hted 5UStoinoble land rnana8ement. biodiv8r5ity and community resilience. sltuotln8 local practlce within the broader We Feed the UK projKt. Followin8 on inspirin8 Vlsit to Strickley Form. students from Queen Katherine School created artwork in response lo re8enerative formin8. several pieces of which have been 5elecled by Pretorlus for incluslon in the exhibilion. Johonnes Pretorius is an established photO8ropher whose work hos been supported by Arts Council En8lond, The Gaio Foundation. and Open Eye Gallery. He wos commissioned in 2024 to document the Robinson tomily's farmin8 practlces as part of We Feed the UK, a major arls initiotive developed by The Gaia Foundation. 14

Lakeland Arts A Dellcale Tension. February - on8oin8 2025 Closin8 the financiol year, A Delicole Tension brou8ht 108ether hl8hll8hts from Abbot Holl's collection. juxlaposin8 modern ond 18th-century works. Inspired by loundin8 director Helen Kopp's vision, the exhibition explored the dialo8ue between beauty. chollen8e ond innovotion ocross time. Works on display included pieces by David Hockney. Poul Cézonne. Paulo Re80, Kurt Schwitters, Geor8e Romn•y, Austin Wri8ht, Bryon Kneole ond embroidered works by Elizabeth Allen and Marjorie Kostenz. Bla¢kw•ll- The Arts a Crofts House Subllm• Symmetry: Willlam De Mor8on. February - O¢tob•r 2024 Continuin8 from the prwious financial yeor, 81ockwell presented Subllme Symmetry., Willlam De Mor8on until 6 October 2024. Delivered in portnership with the De Mor8an Foundation. Ihe exhibition featured 60 ceramic piece5 from the De Mor8on Collectlon, includln8 works inspired by onimals and Islomic art. The disploy explored the mothemoticol principles underpinnln8 De Mor8an's ceramics. invitin8 Vlsltors to look beyond their decorotive surfoces. A self-led leornin8 8uide for Key StO8e 2 students, olon8 Wlth family acllvltles focused on symmetry In desl8n. SUPPOrted en8a8emenl with youn8er audiences. Curator and Director of the De Mor8on Museum, Soroh Hordy, olso delivered public tolks and tours of Ihe exhibition. Lawson Oy•kan. Nov•mb•r 2024 - March 2025 In Aulumn 2024, Blockwell hosted o major solo exhibilion by British Ni8erian sculptor Lowson Oyekan. his first in a UK public institution for almost Iwo decodes. The show brou8ht tO8ether ceromic sculptures from across Oyekan's career, reflectin8 on humon fro8ility ond resilience. A newly commissioned film by occloimed French photO8rapher and direclor Xavier Lombours offered f urther insi8ht into the ortist's proctiee. This exhibition was dellvered in colloborotlon wlth Cross Lone Projects, Kendal, ond Moison Gallery 19 Paul Fort. Paris. Annab•l Hood: New Y•ar N•w Maker, January 2025 Blackwell's New Yeor New Mc7ker Snltiolive, an onnuol series hi8hli8htin8 contemporory mokers whose practice reflects the ethos of the Arts & Crofts Movement, feotured Edinbur8h-bosed silversmith Annobel Hood in 2025. Hood creates simple. funclional silverwore. hand-en8raved with desi8ns thot address social issues such as disobility awarenes5 and climote chon8e. Hand en8rovin8, now reco8nised as an endan8ered craft by the HeritO8e Crofts Red List. wa5 Ot the heart of her practice. 15

Lakeland Art5 Wlnderniere Jelty Museum Mlcroworld, February 2024- January 2025 Microworld offered visitors ot all 08es o dynomic ond imrnersive di8ltol art experience, invitin8 them lo explore biodiversity and ecolo8y throu8h play, experimentotion, ond collaborotion. This inleractive exhibition created a responsive di8ltol ec05y5tem of projected artwork5, encoura8in8 reflection on the rnicro-creatures that inhabil Lake Winderrnere. Microworld wos created by Genelic Moo, o colloborolion between Nicola Schauerman and Tim Plckup. and produced by Lumen Art Projects. Ima8ination Play8round: Blue Spoc•. March 2025- on80in8 In Morch 2025. Windermere Jetty Museum introduced Imo8inaftion Play8round.. Blue Space. an interactive environrnent inspired by boatbuildin8 ond en8ineerin8. The lar8e-3cole STEM play system included bricks, cylind•rs, chutes. and channels, enablin8 children to constru¢l Inventions, environments, and activities while encoura8in8 creativity. probl8m-wlvin8, ond colloborollve play. Partl¢lpatlon and L•arnln8 Durin8 2024-25. Lokelond Arts delivered o wide-ran8in8 pro8rornme of en808emenl activities across our slt05. deepenln8 connections wlth schools, ¢omrnunitles, and lo¢ol partners throu8h our parti¢ipotion and leornin8 pro8romrne. Thanks to increased stoff Capacity ond dedicated roles o Creotive Producer for schools ond another for community ond portner5hip development-we si8nificontly expanded our reach: 1,997 students took port in 138 forrnol education sessions across our siles we en8a8ed 10,318 fomily members throu8h 548 different en8a8ements we exceeded our lar8et by 3630/0 by en808in8 11,514 participants throu8h talks. workshops, courses. festivals and other octivilies tO8ether, our pro8rommes reached an estimoted 89.578 participonts, en808in8 more diverse 8roups ond breokln8 down troditionol bofriers to museum porticipallon °Thls is quite a museum, huh? On a personal note - ond as someone who is no stron8er to museums I con't remember havin8 o more impacmul day In onel" Vlsitor, Mullicullural Forum vlslt, January 2025 Sustalnability and Eeolo8y Pro8ramm• An ecolo8y-themed $u$tainability series wos launched to connect environmentol themes with creotive en8a8ement. The pro8ramrne featured free entry for students and fomilies to view their work exhibited at Abbot Hall, workshops explorin8 re8enerative a8riculture. ond on event. servin8 locally sourced produce from porticipatin8 former5. The pilol event welcomed 60 attendees and loid the foundotion lor expandin8 this strond of activity in future years. The Windermere Science Festival once a8ain demonstroted the stren8th of collaboration by deliverin8 27 ocfivities and workshops for audiences of oll a8e5. Guidance from Lokelond Arts supported the fe5tivol in 8xplorin8 community fundin8 Opportunities. supportin8 its lon8-term finonciol sustoinobility. Consequently. fundin8 was secured from the Lake District Foundation. enhancin8 the feslival's future and slren8thenin8 the resilience of Ihe partnership. 16

Lakeland Arts Buildin8 on this momentum, Lakelond Arts launched the inau8ural Festival of the Loke in June to celebrate Windermere's cultural heritQ8e. The evenl offered o plolform for cffiliated or8onisolions. includin8 the Arthur Ronsome Society ond Waterbird (The Lokes Flyin8 Company). A new seosonol pro8romrne, 12 Doys of Christmas. was launched ot Blockwell to ottroct visilors durin8 0 troditionolly quiet period. Coverin8 music perforrnonces, fomily-friendly activities. and workshops led by mokers. the iniliolive aimed to diversify the venue's offerin8s while pilotin8 and teslin8 opproaches lo en8a8e different oudiences. Collections and Dlsplays There were 16 ocquisilions into the Lokelond Arts collection: on orts ond crafts ju8 by Henry Loverid8e ond Co, donoted by Martyn Griffiths, July 2024 a collection of photO8rophs, videos, ond documents relatln8.to the restorallon of th• powerboat White Lody, donoled by the Estate of Sylvia Mason. July 2024 3. Iwo spelk boskets by Lorno Sin8leton. purchosed wilh the supportr of th• Art Fund's Nicholos Goodison Award, July 2024 'Stran8e Fruit,, 81055 and melolwork sculptures by Chrls Day, purchased wllh the support of the Art Fund'5 Nlcholos Goodison Award, Au8usI 2024 'Autumn Donce, metolwork sculptures Cloire Malet. purchased with Ihe support of the Art Fund's Nicholas Goodison Award. Au8usI 2024 'Re8enerotive Appetites, sculpture by Martha Wiles. purchased with the support of th• Art Fund's Nlcholos Goodlson Award. Au8USt 2024 'Cumbrian Blue(s). Marsellaise Sampler Ju8 No I, ceramlc by Poul Scott, purchosed wlth the support ol the Art Fund's Nlcholas Goodison Award. Au8USt 2024 8. Iseobal Hendry, 'Crunni¢h' ond 'Lan' woodwork sculptures. purchased with the support of the Art Fund's Nicholas Goodison Award. September 2024 9. 12 Ceramic ortwork3 by Steve Dixon, pur¢hosed with the support of Ihe Art Fund's Nicholas Goodlson Award, October 2024 10. 'Re8 and Jone Gifford at Michael's Nook, a paintin8 by Claude Horrison, donated by Tony Wrathall. November 2024 11. o 'Doffodil dresser, desi8ned by Mackay Hu8h Boillie Scott. purchased with the support of the V&A Purchase Grant Fund, Ihe Decorolive Art5 Society, and o private donor, November 2024 12. 'Glacial Drift. silverware teoset by Annobel Hood. purchosed wllh the support of Ihe Art Fund's Nicholos Goodison Aword. Jonuory 2025 13. Iklwo cholr by Moc Collins. purchased with th• support of the Art Fund's Nicholos Goodison Aword, Jonuary 2025 14. 'Clappers8ole'. a John Harden drawin8. bequeolhed by Anthony Chew, March 2025 15. Geor8e Wilson silhouette, purchosed Morch 2025 16. Iwo pointin85 by Alice Sielle, donated by the artist. April 2025 17

Lakeland Art5 Collections Loans Out Exhlblllon Loom Outaoln8 (En8land) Borrowln8 Instltutlon Quantlty Tullie, Corlisle Sunderland Museum and Winter Gordens TOTAL ExhlblNan Looft$ Oul80ln8 (r•$t of UK) Borrowln8 Instltutlon Quantity TOTAL Exhlbltlon Loans Oul8olna (Int•rnollonal) Borrowln8 Instltutlon Quantlty Centro de Arte Moderno Gulbenkian, Lisbon. PortU8al TOTAL Colleellon Cor• and Doeum•ntotlon Good pro8ress has been made with the John Ellerman-funded prolect to audit and rotlonolise the sociol history collections of the Lokelond Museum ond Lakeland Arts. slora8e units, wilh Ihe assistance ot volunleers. The curatorial leom continued to undertoke re8ulor conservotion cleanin8 at Blockwell and Windermere Jetty Museum. HerSta8e Boat Conservatlon Despite the chollen8es posed by reduced stoffin8 ond limited fundin8, our Conserrfolion leom demonstroted resilience ond professionalism ond successfully delivered a wide ron8e of occomplishrnenfs. Conservotion work wos oble to continue os o result of continuous commercial tenders se¢urin8 income and drowin8 on the diverse skill set the teom worked lo develop. While preservin8 our notlonolly si8nificont collection is an or8anisotion priority, expertlse wos offered to the wider maritime heritO8e sector. All Lokeland Arts, vessels owailin8 conservation were stabilised, and extensive off-woler mainlenance was conducted across the operatin8 fleet. Key hi8hli8hts included the overhaul of 05prey (steam Icunch) ond Penelope11 (motor launch). weosher protection works corried oul lo safe8uord the steam bar8e Roven. and the commi55ionin8 and introduction of a new safety mano8ement system for Ihe steam launch Lady Elizobeth. A rare 1930s rocin8 scull was olso occe55ioned. conserved, ond displayed, ¢omplemenlin8 our collection. 18

Lakeland Arts Alon8side collection care. the team undertook o wide ran8e of conservation and consultoncy work for external porlner5, enhoncin8 Lakeland Arts, reputation nationwide. This included surveyin8 three historic lifeboats for the RNLI at Chalham, with recommendotions for conservation to be corried out by trained volunteers. os well as conservation work on o rore coffin boot for the Glencoe Folk Museum. Attendonce at the HMS Victory Technicol Committee led to stren8thened notional sector relolionships, roisin8 Lokeland Arls, profile within the Notional Historic Ships UK network. Re8ionally. w• •nhonced locol connections throu8h work with Loncast•r Moritime Museum, undertakin8 di8ltol recordin8 ond physical deconslruclion in Ilne wlth Notionol Hlstoric Ships 8uidelines. We also completed the repoir of 0 1930s' 8entleman's launch. replacin8 carvel plonks on both sides. Althou8h a private commission for o locol owner, the vessel hos stron8 links to our collection throu8h its association with Jone, o Home Guord bool. By inte8ratin8 the repair into our daily Conservolion Conversolion pro8ramme, we were able to connect visitors directly with the history of Ihe loke and the Craft skills used lo preserve it. Investin8 in people and skills remained a key focu5. The Conservotion Bootbuildin8 Apprentice developed 5pecialised skills. some of which ore listed on the herita8e-at-risk red list. Contributions included fobricatin8 a cradle for a Monche5ter Ship Conal tu8, now safely disployed ot the National Waterwoys Museum in Ellesmere Port, ond leadin8 0 skllls workshop for 48 students from o Morecambe School, where o minloture steam en8ine the Apprenlice had built wos showcased. Alon8side apprenticeship5. weekly practlcol conservolion opportunities were offered to volunteers. ond visitors were en8a8ed throu8h doily conservotion tolk$, which helped deepen public understandin8 of heritO8e boolbuildin8 ond preservation. The team also continued lo innovate in publlc en8a8ement. The in-house development of 'Ralsin8 Dolly,, on Snteroctive experience. proved especially popular wilh families and Served as o foundation for néw di8ilol interpretotion prolects. Funded by a passionate privote donor. and hovin8 Witnessed this success. our Di8ilol Conservation En8ineer is now developin8 0 further initiative that will interpret the movement of 8oods ocross Windermere. linkin8 to the historic vessel Roven ond the industries that shaped the economy ol the lake over centuries. Throu8h Ihese achlevements, Lakeland Arts, Herlta8e Boat Conservalion leam protected notionally si8nificant vesse15 whlle Inspirin8 ond educatin8 audiences. investin8 in Ihe next 8enerotion of croftspeople. and reaffirmin8 the or8onis01ion.5 role os o trusted centre for rnoritime herita8e. As part of our shared ACE National Porlfolio Or8onisotion stolus, this work 801vanised public en808ement, fostered innovation, ond enhanced financial resilience throu8h commercial opportunities. en5urin8 thot Windermere's rich marilime history remalns vibrant for futur8 8enerotlons. Herlta8e Boat Trlps and Operatlon$ In 2024/25, our HeritO8e Boot Conservation teom combined public en8a8ement with 5ector- leadin8 conservation lo deliver a pro8ramme whose impact Wos felt locally ond notionolly. Doily boat trips ran belween April ond Oclober. with most services operatin8 aboard Penelope11. whlle Osprey was reserved for exclusive bookin8s. Sepiember proved especially popvlor, os o weddin8 party booked multiple soilin85 olon85id8 o series of private charters. To diversify the visitor experience further. we olso introduced sailin8 trips in Swallow. which broadens the ron8e of visitors we con ottroct. offerin8 new audiences different ways to share in local heritO8e. By the end of the seoson, we welcomed 4.922 pa55en8ers ond hosted 80 exclusive bookin8S, dernon51ratin8 the continued draw of our heritO8e fleet. 19

Lakeland Arts Behind the scenes, our skilled team corried oul essential conservation work to ensure these vessels remoined safe ond seaworthy. The boats most frequenlly used required Ihe 8reolest ottention, and thot yeor we undertook o mojor en8ine overhaul of Osprey. This complex work involved di8ital modellin8 to understand volve timin8 and the reverse en8ineerin8 ond monufacturin8 of worn movin8 Ports. With the exception of foundry costin8. 011 work wos deliverèd in-house, keepin8 traditional skills alive and embeddin8 them into our apprenticeship pro8ramme. Our on8oln8 commitrnent as part of an Arts Council En8lond National Portfolio Or8anisolion 801vanise our public en8a8ement offers, drive innovolion. While our Herita8e Boot Con5ervotion team continued to levero8e commercial opportunities to safe8uard skilled roles. and support or8anisationol f inancial resilience. Generated Incom• Earn•d Incorn• The Commercial activities of Lakeland Arts ore mana8ed by Lokeland Art5 Enterprise5 Ltd. the chority's wholly owned tradin8 subsidiary. This entity undertakes all non-primary charitable operotions, donatin8 Ils nel income to the chorlty onnuolly. Efforts to increase commerciol revenue continued throu8h retail, coterin8, venue hire, commercial boat work ond evenls. The teoms worked hard to maximise returns by stren8thenin8 8r055 profit mar8ins and staff costs. Earned net income from Lakeland Arts Enterprise5 was £1,028.926 with an operatin8 surplus of £171.162. Cat•rln8 The caterin8 deportment delivered 0 5tron8 performonce in 2024/25, finishin8 IOVO obove the revised forecast. This success Was supported by corefully mono8ed menu price increases and the strate8ic decision to keep the Wlndermere Jetty Museum cofé open durln8 Ihe winler closure period. which si8nificontly contributed to Ihe positive results. The caterln8 teom at Abbot Hall exponded the food offerln8 to include freshly prepared salads and sondwiche5, which enhonced visilor choice ond supported o more en8a8in8. hi8h-quality dinin8 experience. Buildin8 on this momentum, opportunltles were identified to further slren8lhen performonce, includin8 a comprehensive review of price points. Ihe introduction of seosonol menus to refresh the offerin8 throu8hout the yeor, ond ¢ro55-promotion with events to in¢reo5e dwell lime ond secondary spend. Coterin8 continued to ploy an important role in enhancin8 the visitor experience across our site5. A cross-promotional l(Y/o member5. di5counl in our cafés not only added value for supporters but also increased income by encoura8in8 more membership si8n-ups and hi8her ¢aterin8 expenditure. Retall Retoil performonce in 2024/25 reflected broader sector pressures. with income endin8 360/0 below revised forecosts. Visitor behoviour mirrored notionol trend5, Wlth spendin8 focused on admissions and the café. while retail purchases were mostly limited lo offordable pick-up iterns rother than from hi8her-value ran8e$. 20

Lakeland Arts In response. we'refreshed The Blockwell Tearoom and Shop. workin8 With the Estotes teom to improve the visitor experience and enhonce the retail offer. Up8rodes included o new colour scheme. improved li8htin8. expanded shelvin8 in the teoroom. and the introduction of new accessories. These chan8es creoled o bri8hter, more welcomin8 environment. encoura8in8 brow5in8 and increosin8 Visitor dwell time. Althou8h retoil trodin8 remained challen8in8. these enhoncements forrned port of a broader strate8y to adopt to evolvin8 Visitor behaviours. By ali8nin8 our cornmerciol spaces more closely wlth the distinct character of our siles, we offered unlque experiences that complemented odmissions and h05Pltolity, while stren8thenin8 overall financial resilience. Events ond Private Hlre Over the post yeor, Lokelond Arts hosted and collaborated on a voriety of events ond octivities that united diverse communities and portners. Hi8hli8hts included mojor festivols such as the Windormer• Science Feslivol, Festivol of the Lake, Loke Dislrict Music Festival. and Kendal Mountoin Festivol, with both Abbot Holl and Windermere Jetty Museum hostin8 en808in8 pro8rammes. Abbot Hall also welcorned the Lokes Internotionol Comic Arts Festival. while Blackwell provided the venue for the Craft Fair, the 12 Doys ol Chrislmos celebration, ond ¢realive workshops wilh Dorey Bod8er Desi8ns, Speclol onniversories and 8atherln8s wer• ealebrated, includln8 the Arthur Ronsome Soclety's 50th anniversary and the Wooden Boot Gotherin8 01 Windermere Jetty Museum. Bespok8 visits and privote events further stren8thened lies with partners and supporters. includin8 a VIP cultural tour wilh Lo Fu8ue ond a fundraisin8 event with Rathbones in aid of the Cumbria Communify Foundolion. Colloborotlons olso demonstrated a stron8 commllment lo community and skills development. These included sea surrfivol troinin8 delivered by Hei8htec, portnership work with the Bowness and Windermere Community Care Trust, ond participotion in the Aho! leaflet swop event, which encoura8ed cultural en808ernent across the re8ion. Locatlon Hlr• The site attrocled slron8 interest as a venue for filmin8 and prlvote hlre, includin8 weddin8S, corporate funclions, ond other exclusive events. Locotion hire not only 8enerated additional revenue but olso introduced new oudiences to the site. many of whom relurned as visitors on future occasions. Filmin8 hi8hli8hts included Chonnel 4,5 Four In a Bed, on advert for Currys produced by islte TV and covera8e by BBC Breokfost. Opportunities to expond bespoke options were created throu8h customi5ed VIP pocko8es and c105er collaboration with locol occommodotion providers. includin8 the Low Wood Hotel. Wlndermere Jetty Museum continued to establish itself as a distinctive venue for weddin85 ond celebrations. The renewol of the museum's weddin8 Ilcence, alon85id8 updated prlcln8 structures, contribuled to o noticeoble increase in advance bookin8S. With six weddin8s already booked for 2025/26. The 51te also hosted a variety of other hi8h-profile events, includin8 the RAC Rolly of the Tests in 2024 ond servln8 os o checkpoint for the A to Z EV Rally. 21

Lakelond Art5 Raised Income Lokelond Arts wos oworded a h¥o-year 8ranl from the Esmée Fairbairn Collections Fund, mona8ed by the Museum5 Association. to support the d8velopm8nt of new colloborative workin8 practices at Abbot Holl. The project, New Strote8ies ond Ecosystems for Collections, explored how a deeper understandin8 of local landscapes and ecolo8ies shaped more symbiotic relationship5 between collections and communities. Its aim wos to create o comrnunity-focused ecosystem in Kendal by brin8in8 in o wider ron8e of voices. en8a8in8 cross- sector partners. and buildin8 shared knowled8e and expertise. This approach transformed how new ond existin8 audiences en8a8ed with our collections ond offered new avenues to evoke meanin8ful inleraction with both clossic ond conlemporory pleces, Colloborotion throu8h the Cumbria Museum Consortium (CMC) olso created new opportunities to secure joint fundin8. Our first success wos 0 8rant from the John Ellerman Foundation. which supported an innovative project that addressed the complex subject of dispos01$ within re8ional museums. This work responded lo o lon8Standin8 commitment by Lokelond Arts to represent o brood Spectrum of people, industries, ond histories. Over time, thls commitment led to duplicate items and materiol that had been collected beyond the or8onisation's orl8inal r8mit. Fundin8 enabled us to appoint fvio Collecllon Assistants for 12 months, who focused on catalo8uin8, ralionalisation, disposals. ond essential conservation. Throu8h this work, we modernised our approach to disposols, oli8nin8 fully with Museums Association best practice and Irainin8 Stoff across the or8anisolion in Ihe process. More than 500 oblects were ethlcally dlsposed of, eilher by return, tronsfer. sole, or destruction. At the some time, we improved documentation for over I,2 objects, reconciled dozens of orphan items, and resolved more thon 120 lon8-term and orphan loon5, wilh object5 either returned to lenders or formally transferred Inlo our care. Alon8side this collections-focused work, we implemented o new fundroi$in8 Strote8y to oli8n with our or8anisationol priorities of cons01idolion and stabilisolion. A key strand of this wa5 renewin8 SUPPOrt for Lakeland Museum, addre55in8 reputational dama8e trom its prolon8ed closure. Re-en808ement with lopsed funders and stokeholders was o notable success, stren8thenin8 our opplicotion for fundin8 for the National Lottery Herita8e Fund Development Phase. An encoura8in8 slte visit In February morked o positive step toward our submission planned for Summer 2025. This opplicotion will focus on o copitol feasibility study for the Abbot Holl ond Lokelond Museum sile, exominin8 envlronrnenlol Considerations ond buildin8 or8onisotional copacity. Inveslment to malch our ambition of leadin8 a mojor capital project that will secure a sustoinoble. state-of-the-ort herita8e destination for the re8ion will be incorporated. Lokelond Arts secured furlher support from Art Fund to parti¢lpote in the nalionwide project 'Four Lanterns,, loinln8 presti8ious instltutlons such os Ihe Wllllam Morrls Gallery in London, 79 Pawb in Wrexham. and Dovecot Studi05 in Edinbur8h. 'Goin8 Places, is a country-wide. five-year pro8ramme runnin8 from 2025 to 2030, desi8ned to share museum collections throu8h colloborative tourin8 exhibitions and community en808ement. The projecl will encouro8e small to mid-sized museums to form nelworks, co-create exhibitions thot tour re8ionally. and involve locol communities in shopin8 the content. It also provides participotin8 museums with troinin8. mentorship, ond opportunities for resource sharin8. fosterin8 more 5UStainoble. accessible. and equitable approoches to cullural en808ernent. 22

Lakeland Arts Partnershlps Over Ihe past year, Lokelond Arts built o wide ran88 of portnerships that enriched pro8rommin8, slren8thened community connections, ond improved the visitor experience. Colloboration5 With Stride & Ed8e Yo80, the Steamboat Association, and the Windermere Model Boat Club created more opportunilies for active vi51tor en8a8ement linked to the lakeside environmenl. Workin8 with creative partners such os the Knotted Project. Kendal Concert Band. Flutes & Co, Chetham's School of Music, ond North West Harps brou8ht lively culturol octivities to our venues. We partnered with notionol and international arts or8anisotions to put tO8elher on ombitious ond hi8h-quollty exhibitions pro8romme. Exhibition portner5 included the De Mor8an Foundotion. Liverpool Biennial. Llss Llewellyn Fine Art, Hayward Tourin8. Plaey De518n and more. Links with Kendal Pride, Winderrnere Children, and Mountoin Goat Freedom Days further slren8thened ties to local communities. while partnerships with the Lake District Hotels Association and several local hotels offered 8uests discounted odrnission, ond broodened reach to new audiences. Relotionships with national bodies such as National Historic Ships UK re5nlorced the or8anisalion's rol• within wider re8lonol ond natlonol networks. These portnershlps not only expanded Ihe ran8e of activities offered bul 0150 demonstroted o dedicalion to collaborotion, ensurin8 Lakeland Arts, venues stayed vibrant. inclusive. and connected to the communities they serve. Vl$ltor Exp•rlence In 2024/25, the Vlsltor Experience team concentroled on o series of initiatives almed ot 8nhancin8 en808ement. increasin8 operolionol efficiency, and op8nin8 up new revenue opportunities across all sites. Their efforts combined detailed onolysis of visitor behaviour with tar8eted commercial and experiential strote8ies to deliver o hi8h-quality, sustainable herita8e experience. Total net odm15slons income was £1,284,507, 0 shortfoll of £165,609 (110/0) compared to the revised forecasl of £1,450.116. Despite this. the or8anisation achieved si8nificant operatlonol sovin8s lo offset the impact. Stoffin8 Costs decreased by £61.550 {40/0) throu8h more efficient workforce mono8ement, while the direct cost of sale5 dropped by £54,527 (140/0) due to tl8hter controls, 8ross profit mar8in reviews. and improved procurement praclices. To stren8lhen future r•venue streams. the teom started developin8 exclusive visltor packa8es acros5 011 three sites. This process involved benchmarkin8 similor experiences nolionolly, preparin8 detailed cost analyse5 to 8uide delivery, ond explorin8 5trole8ic partnerships with the wider hospitality sector to odd value to Ihe experiences. Throu8h Ihese measures. Lokeland Arts demonstrated o prooctive ond strote8ic opprooch to boloncin8 financial sustainobility with visitor en808ement. By refinin8 operations. innovatin8 the visilor olfer, ond explorin8 new commercial opportunilies. the or8anisation maintained a hi8h- quality heri108e experience whlle ensurln8 the lon8-term resilience of 115 Sites. Volunte•rin8 In 24/25 we saw an increose in volunteerin8 hours. Overall volunteers dedicated 5777 hours across Windermere Jetty Museum, Blockwell - the Arls and Crafts house and Abbot Hall. The diverse opportunities across Lakeland Arts, Ihree venues provide volunteers with o brood ron8e of en808ement. Abbot Holl, os the fla8ship and lon8est established. continues to attroet the mojority of volunteers. with oround 70 of the 96 active volunteers dedicotin8 their time there. 23

Lakeland Arts Durin8 the year, efforts focused on stren8thenin8 volunteer relationships and enhancin8 the volunteer experience. The volunteer mono8ement system, Better Impocl. was utilised to streamline records and provide a clearer understandin8 of the octive volunteer base. Coffee rnornin8s were reintroduced ocross all venues. buildin8 on the success of previous sessions at Windermere Jetty. These informol 8Otherin85 foster community and connection, with future events scheduled to coincide with exhiblllon launches. To deepen en808ement, voluntéers were invited to curator-led exhibition lours, with recordin8S supplied for those unoble to ottend. Gollery information is now shored in odvance, especially at Abbol Holl. ensurin8 volunleers are well inlormed and confident in their roles. A hi8hli8ht of the year was the prevlew of'A Delicote Ten$lon' which ottract•d o stron8 turnout of Abbot Holl volunteers. Feedback reflected pride in Lokelond Arts, collection ond enthusiosm for shorin8 It wlth Ihe community. Notobly, one volunteer morked on extroordinary milestone of 50 years ol service at Abbot Hall. Markelln8 ond Communlcatlon5 Ther• has been o noticeable decllne In visitor numbers ocross Ihe Lake Dlstrlct, offe¢lin8 cullurol institution5. heritO8e 51tes, and visitor attroctions. This Irend reflecls both re8ionol and nationol shifts in tourism behoviour. The risin8 Cost of livin8 remains o si8nlfleant factor, wilh many UK households reducln8 discrelionory spendin8, includin8 short breoks and doy trips. Staycotion rotes have olso fallen compared with the irnmediate p05t-COVID yeors, os more families return to internotionol trovel with renewed confidence. Durin8 Ihe yeor, the team be8on workin8 With Monchester-ba5ed di8ital o8ency One Day to deliver o refreshed pro8ramme of odvertisin8 campoi8ns. Tar8etin8 both nalional audiences and local visitors wilhin a two-hour drlve. the compai8ns promoted all three open venues and supported the oplimisotlon of future Goo8le and Meto advertisin8. Thls portnership hos stren8lhened brand awareness ocross all three museums and delivered o consistent return on investment throu8h online licket sales. The contract with One Day remains active, with scop• to develop more varied ond seasonal advertorial contenl. The teom 0150 entered its third yeor on the steerin8 8roup for Cumbrio Tourism's 'Let's Go Culture, campai8n. workln8 olon85ide Brewery Arts. the Nolionol Trust and Wordsworlh Grosmere. The initiolive 0Srn5 to increose visitor numbers to culturol ottractions and raise oworene5s of Cumbrio'5 hi8h-quolity cultural offer. As port of this compoi8n. nine sociol media influencers visited Windermere Jetty Museum and Blackwell, 8eneralin8 Stron8 brand exposure, In oddition, Monthly journalist visils were arran8ed lo support exhibition promotion and brood•r PR activity. Durin8 2024/25. new outdoor si8no8e wos installed ot Abbot Hall to stren8lhen its presence within Ihe locol communlty. Out-of-home advertisin8 at Oxenholme troin station and print campai8ns with the William Morris Society. Aeslheftico, Art Monthly. Primary Times. and lourism publications further enhonced visibility. Filmin8 was olso Comrnissioned across oll sites to produce a suite of new promotional videos. alon85ide externol advertisin8 ond tickelin8 throu8h Love to Visit and Educationol Wisils UK. 24

Lakeland Arts Finolly, stondordised Arts Council En8lond surveys were introduced ot Windermere Jetty Museum. Blockwell. and Abbot Hall. providin8 valuable in5i8ht into visitor experience ond en8a8ement. Capltal Prolects, Bulldln85. and Estates Abbot Hull Throu8hout the yeor, efforts continued to ensure Abbot Hall remains o welcomin8, sof8, and accessible 5poce for vlsitors to en808e with arts ond culture. 5i8nificont work wos complèted to stobilise Blind Béck, located alon8side the buildin8, Includln8 raisin8 the nearside woll to enhance flood defence. This project represented the final phase of the South Lakelond Dislricl Council iniliotive. which be8an durin8 Abbot Hall's closure for e55entlal repairs and up8rodes. Mana8ed by the Council (now Weslmorlond & Furness Council) 0$ Ihe buSldln8'5 owner, the work Sncluded Internol ond external redecorotion, 5nstallatlon of o new heotin8 System ond electrical system up8rades. These improvernenls modernised the 8ollery while ensurin8 it is fully equipped ond reody for future pro8rommin8. Re8ulor moinlenonce of 8allery spaces has olso been carried out to ensure they meet the hi8hest stondords for disployin8 works of ort. In addition, the Participation and Learnin8 team be8an o rewildin8 project in the ovol 8reen spoce, collaborolin8 wlth the locol communlty to plonl new specles and enhance blodlverslty. Blo¢kwell- Th• Arts a Cralts Hous• Lokelond Arts worked to improve ener8y efficiency while adherin8 to strict preservation stipulations lo protect Blackwell. one of Britain's finest examples of Arts & Crafts orchitecture. In April 2024, we commissioned a condllion report to avaluate the property and plnpolnt the most ur8ent conservotion areas. To ensure the work was feasible. we broke down the recommendalions into mana8eable phoses. The initial phase. funded by Lokeland Arts. concentrated on essential roof and masonry repalrs. These updates enhanced Ihe buildin8's resistance to weather, prolecled historic features, and ensured the lon8-term preservation of the site. With the 8enerous support of a prlvate donor, further heotin8 UP8rades were completed Sn 2025. A new control system creoted a more stoble environrnenl for our collections, sofe8uordSn8 arbNork5 and enablin8 US to host importonl future loon5. At the sarne time. Ihese improvements enhonced comfort for visitor5 ond stoff while olso increosin8 ener8y eff iciency. Allhou8h humidity remoins a challen8e, our phosed pro8romme ol works to oddress wol•r in8re55 will help 5tabilise the environment further. ensurin8 lostin8 protection for this remarkable Arts & Craft5 house ond it5 collection. To enhance the visitor experience, we olso refreshed the tearoom. shop. and reception areas with new118htln8, shelvin8, ond deeorotion-creotln8 0 more welcomin8 ond enjoyable spac• for everyone. 25

Lakeland Arts Winderniere Jelty Museum In December 2024. Storm Darro8h caused extensive domo8e to our jetties. 8ndan8erin8 both visitor access ond our collection of herita8e boats. Thanks to quick oction, repair work was completed in time for the stort of the sprin8 season. These repairs were vital in allowin8 our populor herita8e boot trips to resume. ensurin8 that visitors could once 080in enjoy unique journeys on Loke Windermere aboard historic vessels in our collection. The works not only prolected an importont port of our collection in use bul 0150 preserved a much-loved visitor experience thot connec15 people with the re8ion's rich rnaritime history. By restorin8 sofe and relloble occess to the waler, we hove been able to continue sharin8 the stories of Windermere's boalbuildin8 heritO8e. welcomin8 both local communities and visitors from further afield. This has helped sustain our educational pro8rammes, volunteerin8 opportunities, ond the wlder economic benefits these aclivities deliver to the or8ani5alion. Fundralsln8 D15closures Wlth accredited Museums beln8 Port of the CMC portfolio Lokeland Arts odheres to the Museums Associalion Code of Ethics for Museums. The Code defines the ethical principles which 8uide rnuseurn praclice and underpin policy and practice re8ardin8 Ihe development of museum collactlons. An elhical approoch to museums olso underpins the Accredltatlon Standard. Thls code sUPPOrts museums, those who work In and with them, and their 8overnin8 bodies in reco8nisin8 and resolvin8 ethical issues and conflicts. It sets out key ethical principles and tha supportin8 oclions that museums should toke to ensure on ethicol approach to their work in relalion to their oudiences. local communities. donors. source communities, portner or8onisotions, sponsors ond funders. Lokeland Arts is on or8onisational member of Ihe Museums As$o¢iotion. Lakeland Arts hos o set of pollcles thot ensure we Implement ond odhere to Ihe Museums Association Code of Ethies. includin8 in relation to donors and funders. These include our Privacy Policy ond our Safe8uardin8 Children and Vulnerable Adults Policy, which applies to all staff. Irustees, volunteers. ond conlraclors, ond sets out how we would reco8nise and deal with Incidenls ol suspected finonciol abuse, DurSn8 th• year Lakelond Arts eonlracted professional fundra5sin8 services from a thlrd-party business, Loura Irvin Enterprises, lo corry out fundroisin8 on its behalf. Durir)8 this period Lakeland Arts did not receive any complaints about activities by the charity or by a person on behalf of the chority for Ihe purpose of fundraisin8. The or8oni$olion will re8iSter with the Fundraisin8 Re8ulotor in the next flnancial year. 26

Lakeland Arts Benefactors and Patron$ Lokelond Arts wormly thonks it$ Benefactors ond Patrons for Iheir 8enerous and on80in8 SUPPOrt. Benefactors (as at 31 Mareh 2025): Mrs Jan Amber Mr Tim Hardin8 Mr John Hudson, CBE. and Mrs Nadio Hudson Miss Lauro Lindsay Dr Adom Noylor, MBE, DL. ond Mrs Morianne Noylor Mrs Elizobeth "Pit" Rink ond Mr John Rink Mr Mork Soulhern and Mrs Laura Southern Mrs Jean Wood Patrons (as at 31 March 2025): Mr Hol 80801 ond Mrs Susan Bo8Ot, MBE Mr John Borradell ond Mrs Mo88Se Borrodell Mrs Anlhea Case. CBE, and Mr David Case Mr Chorles Crewdson, OBE. ond Mrs Victorio Crewdson Mr Christopher Crewdson and Mrs Diono Crewdson Sir James Cropper. KCVO Mr Wllllam "Blll" Dufton and Mrs Rachal Dufton Ms Wendy Ellis Mr Neil Flemin8. BEM. and Mrs Susan Flemin8 Mr John Forsyth ond Mrs Borboro Forsyth Mr Michael Gibbon5 Ond Mrs Lynne Gibbons Mr Robert Hosell-mccosh and Mrs Jane Hasell-mccosh Mr Adrion Hohler Susan. Lady Kimber Mr John Lee and Mrs Heather Lee Mrs Christine Lomos Whittle Mrs Dlano Motthews Mr John Nicoll ond Ms Lourence Colchester Mrs Judy Royner Ms Diane Reid and Mr John Velnoweth Mr Alexander Scott. Lord-Lieutenant of Cumbria. and Mrs Samantha Scott Sir Chrlstopher Scott, Bl, ond Lady Scott Mr John Townson Mr Peter White ond Mrs Volerie White Mr Charle5 Woodhouse. CVO Mr Ni8el Woodhou5e And wlth thonks to all those who wish to remoln ononymous. 27

Lakeland Arts Publlc Benefll Lakeland Arts is dedicated to makin8 0 meonin8ful and lastln8 Impact on the communities it serves by providin8 access to culture, creativity and heritO8e. The or8onisation ensures thot its venue5. colleclions and pro8rammes enrich lives. inspire learnin8 and foster wellbein8. Abbot Holl opened as on ort 8allery in September 1962. os home to on outstandin8 art collection and a dynamic exhibition pro8ramme. In 1971. the Lakeland.Mu5eum (formerly the Museum of Lokelond Life & Industry) was established within the cooch house and stable block al Abbot Holl. The museum holds on extensive collection that celebrotes the social and induslrial history of the Lake District ond K•ndol. Blackwell - The Arls & Crofts House, o Grade I listed buildin8 With swe8pin8 views over Loke Windermere, opened in July 2(X)l. Desi8ned by MH 6aillie Scott and complet8d in 1900, Blackwell Ss one of the UK'S most Si8nificont Art5 and Crafts houses, renowned for Its historic and contemporary craft exhibitions. In Morch 2019. the Windermere Jetty Museum was Inou8uraled, offerin8 0 world cl055 museum experience ond oltractin8 Visitors from across Ihe 8lobe. Throu8hout Its oclivities. Lokelond Arts prioritises occessibility, learnin8 and inclusivity, ensurin8 Its pro8rommg5 and venues benefit o wide ran8e of oudiences, from locol Communitie5 to notional and internotional visitors. Structure. Gov•rnance and Mana8•ment Nature of Gov•rnln8 Docuffi•nt Lakeland Arts operoles as o choritoble company limited by 8uarantee and is re8islered os a charlty. The or8anlsallon wos established to modernlse the 8overnonce of Ihe Lokelond Arts Trust, on unincorporated Iru5t founded in 19S7 to sova Abbot Holl and transform it into an art 8allery. The charitable company. 8overned by its Memorandum and Artlc185 of Association, 055umed responsibility for the operations of the Trust on l Au8USt 2013. The Trust's funds, ossets, and liobilitie5 were Ironsferred to the charilable compony, which continues to operate the venues and mana8e redevelopment projects. such as Windermere Jetty Museum. The Trust Itself retoins the Blackwell Endowment (o permanent endowment) and the collection5, which ore loaned to the choritoble compony. The Boord re8ularly reviews its performonce 08olnst the Chority Governonce Code lo en$ure stron8 ond effective 8overnonce. R•crultm•nt and Appolntm•nt of Truit•es The Trustee Succession Plonnin8 Committee oversees the recruitmenl and succession of trustees to ensure the board moinlain5 the skills. diversity. and expertise required to 5UPPOrt Lokelond Arts. This committee identifies upcomin8 vaconcies, defines the skills needed ond recruits throu8h methods such as odvertisin8, recommendotions or recruitment plattorm5. Key sleps in the trustee recruitment process include: reviewin8 truslee retiremenl schedules identifyin8 skills necessory for the or8onisation's 8rowth ond success 28

Lakeland Arts considerin8 candidate5 who ali8n with Lokeland Arts, commitment to diversity ond inclusion interviewin8 condidotes with the Chief Executive Officer. Chair of Trustees. and a committee member. Recomrnendotions ore opproved by the Succession Plannin8 Committee and formolly endorsed by the Boord of Trustees. Or8anlsutlonal Stru¢ture The trustees of the charitable company also serve os its directors under chority low. The Board of Trustees. comprisin8 Six to 15 members, meets re8ularly to oversee strote8y, policy, ond operations. At these meetln8S. the trustees: deflne the charitoble company's strate8ic direction ond policy fromework monitor financial policies. reserves. risk mana8ement and performance set remunerotion for key mana8ement personnel usin8 industry benchmarks. Trustees appoinl and oversee inveslment mono8ers, currently Sorosin & Portners LLP, to implement Lokelond Arts, investment strot88y. Details of key mana8ement personnel r8munerolion and expenses are disc105ed in Ihe notes to the accounts. Trustees are elecled durin8 Ihe Annuol Generol Meetin8, OS stipuloted in the Arlicles of Associotion. Those who served durin8 the year and slnce year end are Ilsled In the CharSty informotion section. Relatlonshlps wlth Related Partles Lakeland Arts Trust Lokelond Arts octs os the sole trustee of Lokeland Arts Trust, which holds th8 or8onisatlon's collections ond mono8es the Blockwell Endowment. For occountin8 purposes. Lokelond Arts Trust is treated as a subsidiary of Lakeland Arts. Lak•l¢nd Art$ Ent•rprlse$ Llmit•d Lakelond Arts Enterprises Llmlted is the wholly owned tradln8 subsidlory of Lokeland Arts. To8ether, Lokelond Arts, Lokelond Arts Trust, ond Lokelond Arts Enterprises Limiled comprise the Lokelond Arts Group, workin8 colloborotively to support the charitoble mission. Lokeland Arts Support Trust Formed in 1998, Lokelond Arls Support Trust is on independent chority esloblished to 8enerate income in support of Lokelond Arts. wlth o portlculor focus on the Abbot Holl site In Kendol. As it operates under a separate board of Irustees. it is not parl of the Lakeland Arts Group. Westmorland and Furness Council Since its formolion on l April 2023, Westmorlond & Furness Council has been o key partner of Lokelond Arts. The Council owns the Abbot Holl buildln8 and provides an onnuol 8ront to support the charity's operational costs ond pro8romme delivery. 29

Lakeland Arts Financial Instruments Obl•ctlves and Pollcle$ The octivities of the Lokelond Arts Group expose it to o ran8e of finoncial risks, includin8 those related to flucluatin8 Vlsitor spendin8. Cost pressures. investment performance, and brooder economic challen8es such as inflotion and post pondemic recovery. Oversi8ht and mano8emenl of these risks ore the responsibility of the Finance Committee. with trustees receivin8 re8ular updates on the or8anisation's financiol position. Cr•dlt Rlsk The 8roup's principal finonciol assets Include bank bolonces, cosh, trode receivables, ond inveslmenls. Credit risk is minimal. 0$ receivobles ore lar8ely comprised of secured 8rant5, Llquid funds ore held with hi8h credit raled banks, ensurin8 security and stability. Statement of Trustees. Responslbllltles The trustee5 (who ore olso Ihe dlrectors of Lakeland Arts tor Ihe purposes of company low) are responsible for preporin8 the trustees, report and the finonciol statements in occordonce with opplicoble low and United Kin8dorn Accountin8 Standards (United Kin8dom Generally Accepted Accountin8 Practlce). includin8 FRS 102 "The Financiol Reportin8 Stondord applicable in the UK and Republic of Ireland" Company law requires the truslees to prepare financial statements for each finonciol y80r. Under company law the Irustees musl not opprove the flnonciol statements unless they ore solisfied thot they 8ive o true ond foir view of Ihe stote of alfoirs of the parent choritable Company ond the 8roup and of the incomin8 resources and application of resources, Sncludin8 Its income ond expenditure, of the chorltable 8roup for Ihot period. In preparln8 these financial statements. the trustees are required to: selecl suitable occountin8 policies ond opply them consistently; observe Ihe methods and principles in the Chorities SORP.. • make jud8ements ond estimates thot ore reasonable ond prudent: • state whether opplicable o¢countin8 Standards, compri5in8 FRS 102 have been followed. sublect to any materlal departures disclosed ond explained In the financlal statements,. and prepare the finonciol statements on the 80in8 concern basis unless it is inopproprlate to presume Ihal the porent chorilable compony will continue in business. The trustees ore responsible for keepin8 proper accountin8 records that can disc105e with reasonable occurocy at any time the financial position of the porenl charitable company and the 8roup and enable thern to ensure that the financial statements comply wilh the Companies Act 2006. They ore olso responsible for 50fe8uardin8 the assets of the porent chorilable company ond the 8roup and hence for tokin8 reo50noble steps for the prevention and detection of fraud and other irre8ularitie5. The trustee5 are responsible for the mointenonce and inte8rity of the corporote ond financial information included on the charitable company's website. Le81510lion 8overnin8 Ihe preparation and dlsseminotion of financlol stolemenls may differ from le8islotion in other jurisdiction5. 30

Lakelond Arts Disclosure of Information to Auditor Eoch trustee hos token steps thot they ou8ht to hove token os o trustee in order to rnoke themselves aware of any relevant oudit informolion and to estoblish Ihot the charity's ouditor is owore of that informotion. The trustees confirm that there is no relevont information thal they know of and of which they know the audilor is unawore. The annual report w05 approved by the trustees of the charity on 19" December 2025 and Si8ned on its behalf by: D Reid MCIOF Choir ond Trustee, Lokelond Arts 31

Lakeland Arts Independent Auditor's Report to the Members of Lakeland Arts Oplnlon We have audited the finoncial stotements of Lokeland Arts (the choritoble parent compony) ond its subsidiary (comprised wilhin the '8roup') for the year ended 31 Morch 2025 which includes the Consolidated Stoternenl of Finonciol Actlvities. Consolidaled Balonce sheet, Balance sheet, Consolidoted Stotement of Cash Flows ond notes to the linoncial slotements, includin8 Sl8nificant accountin8 policies. We have also prepared an Independent Exominer's Report on Lakeland Art5 Trust which forms part of the Lokeland Arts Group. The finonciol reportin8 fromework thot hos been applied in their preparotion is applicable law and United Kin8dom Accountin8 Stondards. comprisin8 Charities SORP - FRS 102 'Th8 Finoncial Reportin8 Stondord applicoble In fthe UK and Republic ol Ireland, (United Kin8dom Generally Acc8Pted Accounlin8 Pro¢tice). In our opinion. the audlted financial statements- 81ve a true ond foir view of the state of the charltable eomponvs affoirs os ot 31. March 2025 and of its incomin8 resource5 and opplication of resources for the year then ended. have been properly prepored in occordance wilh United Kin8dom Generally Accepted Accountin8 Praclice.. ond have been prepared in accordance wilh Ihe requirements of the Companies Acl 2006. Baili for Oplnlon We conducted our audit in accordonce with Internolional Standards on Audilin8 (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slondards ore further described in the Auditor s responsibilities for the oudit of the linoncial statements section of our report. We are independent of the Chorilable company in oc¢ordon¢e with the ethical requlremenls Ihat ore relevant to our audit of the financial statements in the UK. includin8 the FRC'S Ethicol Standard, and we have fulfilled our other ethicol respon5ibilitie$ in occordonce with these requirements. We believe thot the audll evldence we have obtained 15 5ufficlent ond approprlote to provide a bosi5 for our opinion. Conclusloni R•latln8 to Goln8 Conc•rn In ouditin8 the finonciol statements. we hove concluded that the trustees, use of the 80in8 concern basis of occountin8 in the preparotion ol the financial slotements is appropriate. Bosed on the work we hove performed, we hove not idenlified ony materiol uncertoinlies relotin8 to events or conditions that. individually or collectively, rnoy cost Si8nificont doubt on the entity's obility to continue os 0 80in8 concern for o period of ol leost 12 rnonths from when the financlol stolemenls are outhorised for issue. Our responsibilities ond the responsibilities of the trustees with respect to 80in8 concern are described in the relevant seclion3 of this report. Other Informatlon The other information comprises the informalion included in Ihe annual reporl. includln8 Ihe trustees, report, other thon the finonciol stotements and our oudilor's report thereon. The trustees are responsible for the other inforrnation contoined within the annuol report. Our 32

Lakeland Art5 opinion on the financial statemenls does not cover Ihe other informolion ond, except to the extent otherwise explicitly stoled in our report, we do not express any form ot Qssuronce conclusion thereon. Our responsibility is to read the other information and. in doin8 50. consider whether the other information is materially inconsistent wilh the financial statemen15 or our knowled8e obtained in Ihe course of the audil, or otherwise oppeors to be rnoleriolly misstoted. If we identify such material inconsistencies or opparent material misstotem8nts, we are required lo d8termSne whether this 8ives rise to o moteriol misstotement in the finoncial slotements themselves. If, based on the work we hove performed. we conclude thal there is a material misstatement of Ihis other information. we are required to report that fact. We have nothin8 to report in this re8ard. Oplnlon$ on Other Mott•rs Pr•s¢rlb•d by th• Compan1•$ A¢t 2006 In our opinion. bosed on the work undertoken Sn the course of the oudit: the information 8iven in the trustees, reporl. which includes Ihe directors, report prepared for the purposes of compony low, for the finonciol yeor for which the flnonciol stalements are prepared is consistent with the financial statements.. and the direclors, report included within the trustees, report has bean prepor•d in occordonce with opplicoble le801 requirements. Matl•rs on Whlch we are R•qulred to R•port by Exc•ptlon In the li8ht of the knowled8e and under51andin8 of the company and its environment obtained in the course of the audlt, we hove not identified moteriol mlsstolernents In the trustees, report or Iheir strate8ic report. We have nothin8 to report In respect of the followln8 molters in relotion to which the Companie5 Acl require us to report to you if. in our opinion.. adequate and'proper accountln8 records have not been kept. or returns adequote for our oudit hove nol been received from bronches not visited by us,. or the financial statements are not in 08reemenl with the accountin8 records ond returns: or certain disclosure$ of trusl8es' remun8ratlon spèciflèd by law ore not made,. or we have not received all the inforrnation ond explanations we require for our audit. Responslbllitles 01 Trustees As explalned more fully in Ihe Iruslees, responsibilitle5 Statement set out on po8es 30-31, th8 trustees ore responsible for the preparotion of the financial statements and for bein8 satisfied thot they 8ive o true ond foir view, ond for such internol control os the trustees determine is necessory to enoble the preporotion of fin(Jnciol slatements that ore free from molerial misstatement. whether due to froud or error. In preparln8 the finonciol statements, the trvstees ore responsible for ossessin8 the company's obility to continue as a 80in8 concern, disclosin8. a5 applicable. matters related to 80in8 concern ond usin8 Ihe 80in8 concern basi5 of accountin8 unless the trustees either intend to liquidate the company or to cease operations, or hove no realistic ollernative but to do so. 33

Lakeland Arts Audltor's R•spon$lbllltles for the Audlt of th• Flnon¢lal Stat•ffl•nti Our objectives ore to obtain reosonoble ossurance about whether the financiol stotements as a whole are free from material misstotemenl, whether due to fraud or error, and to issue on auditor's report that includes our opinion. Reosonoble assuronce is a hi8h level of ossuronce but Is nol 0 8uorontee that on audit conducted in a¢¢ordonce wlth ISA5 (UK) will always detect a material misstotement when11 exSst$. Misstatemenls can arise from fraud or error and are considered material if. individually or in the a88re8ate. they could reasonobly be expected to influence the economic decisions of users token on the basis of these financial slatements. The extent to which our procedures ore copable of detectin8 irre8ularities. includin8 fraud, 1$ detailed below: We identified areas of lows and re8ulolions that Could reasonably be expected lo hove o material elfect on the finonciol slotements from our experience and from discussions with mono8ernent. We reviewed any related correspondence ond records of trustee meetin85 to assess compliance with lows and re8ulotions ond di5CUssed the current position with mono8ement. We ensured the audit team were olert for ony indication5 of non-compliance throu8hout the oudit work. We revSewed material journa13 processed In the choritoble cornpany's occountin8 sOare. We ossessed the charity'5 policies and procedures on froud risk$. No instonces of actual. 5uspe¢ted or olle8ed fraud were identified by us or th• charity in the year. Because of the inherent limilations of on audlt, there Is o risk thot we wlll not detecl all irre8ularitie5. includln8 those leadln8 to o rnoteriol misslotement in the financial statements or non-compliance with re8ulation. This risk increoses the more thol compliance with a law or re8ulation is removed from the events ond Iran5actions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is olso 8reoter re8ardin8 irre8uloritles occurrin8 due lo froud rother thon error. a5 froud involves int8ntlonal concealmenl, for8ery, collusion, omission or misrepresenlotion. A further description of our responsibilities 15 available on the Financial Reportin8 Council's website at., www.Ire.or8.uk/audltorsr•sp•n$lblllN•s. This description forms port of our oudilorfs reporl. Use of our Report Thls report Is made solely to the charitoble company'5 mernbers, as a body* Sn accordonce with Chopter 3 of Port 16 of Ihe Companies Act 2(X. Our audit work hos been undertaken $0 thal we mi8ht stote lo the charitable company's members those motters we ore required to state to them in on auditor's report ond for no other purpose. To the fullest extent permitted by low, we do not accept or assume responsibility to onyone olher than the choritoble compony ond the choritable ¢ompony'$ members as a body. for our audil work. for this report, or for the opinions we have formed. 34

Lakeland Arts Peter G.C. Rlley FCA (Senior Statutory Auditor) For ond on behalf of Crossley & Dovis. Crossley & Dovis Chartered Accountonts Ground floor. Seneco House Links Poinl. Amy Johnson Woy 81ackpool Loncoshire FY4 2FF 19th December 2025 35

Lakeland Art5 Consolidated Statement of Flnancial Activities (Including Consolidated Income and Expenditure Account and Slatement of Total Recognised Galns and Losses) Year Ended 31 March 2025 Unrestricted funds Restricted fund8 EndOw1t lunds Total Note Income and EndOwnt8 from: Donations and kgacies Charitsbk activities Other trading activities InNtSth)ent income Other income 757,574 775,285 1,030,566 11,452 149,248 2,724125 186,531 944,105 775,285 1,030,566 24,247 149.248 2,923,451 12,795 Tolal Incom8 186,531 12,795 Expendlture on: R8isin8 funds Charilabk activities (1,230,810) 1656 669 (1,230,810) 2 035 196 365 732 Total expendfture (2,887,479) (365,732> (12,795) (3.266,006) Gainslbsses on in*strnent assets N•t (expendtture)llncoff (163,354) 1179,201) (338,262> Transfers between funds 4,293 (4.293) Other recognl8ed galn8 and Actuarial ga ins on defthed ben¢fit pension schemes Net n¥Jvenwnt In fund8 (76,061) (179,201) (255.262) Reconclllatlon of fund8 Totsl fvnds brought forward 433,533 15 831447 515000 15,912.914 Total lund8 carrled lorward 27 (509,594) 15,652,246 51 5,000 15,657,652 The notes on po8es 42 to 65 form port of these finonciol stotements 36

Lakeland Arts Consolidated Statement of Financial ktivities (Includlng Consolldated Income and Expenditure Account and Statement ol Total Recognised Gains and Losses) Year Ended 31 March 2024 Unreslrkted Reslrlcted Endownwrt funds funds funds Total 2024 Note Incon* and Endownwnt8 trom: Donations and legacies Charitable activities Other trading actiMtiCS InN¢stsnent tncome Other in¢ome Total Income 643,717 727,894 1,049,236 1.438 124.770 2,547,055 240.922 884,639 727,894 1,049,236 21.265 124.769 2,807,803 19.827 260.749 Expendtture on: Raising funds Charitabk activities Total expendllure (1.420,699) 1 696 802 (3,117,501) (1.420,699) 19.651 995.685 (19.651) (3,416.384) 279231 (279.231) Gainslb)sses on inv2sthienl assets Nèt (exndItur0)AnCOrn• 1547,946) (18,482) 8,639 (557,791) Transfers been funds 41,499 (41,499) Olh•r r•¢ognl8¢d galn• and1088•8 Acluarial 8a ins on defined benefit pension s¢hemes Net movement in lunds (484,447) (18,482) (32,860) (535,789) Re¢onclllatlon ol lund8 Totsl funds brought forward Total fund8 carrled forward 15 849929 15,831,447 547.860 515,000 16 448 703 15,911914 27 (433,533) The notes on pa8es 42 to 65 form part of these linancial stolementS- 37

Lakelond Arts (Registration number: 8162578) Consolldated Balance Sheet as at 31 March 2024 2025 2024 Note Flxed a88et8 Tangibk assets InNrslments 16 16,642,109 393 810 16,787,889 426 805 17 035 919 17214694 Current a88ets Stocks Debtors Cash at bank and in hand 19 20 21 19,859 247.344 24,986 365.100 233,325 623.41 294.474 Creditors: Amounts falling due within one year 22 461.412 675.137 Net ewrent (Ilabllltle8Va88•t8 (166 938 Total assets les8 current Ilabilitles 16,868,981 17,162,968 Creditors: Amounts falb'ng due after more than one year 23 1294 329 1 250 054 Net as••t# excluding p•n8lon Ilabllfty 15.574.652 15,912.914 Pension scheme bablty 24 Net a8•et8 Includlng p•n8lon Ilablllty 15,657,652 15,912,914 Funds of the group: EndowThenl fvnds Restrkled Incom8 funds Restricted funds Unr08trlcled Income lurKI8 Unrestricted funds Pension reser%f Total unrestrlcted fund• 515000 515000 27 15.652,246 15.831,447 {592,594) (433.533) 509 594 433 533 Total lunds 27 15,657,652 15,912,914 The financial statements on pages 32 to 59 Here approved by the trustees, and authorised for i4suc on 19 December 2025 and signed on their behalf by: D Reid fvflOF Char and trustee 38

Lakeland Arts (Registration number: 8162578) Balance Sheet as at 31 March 2024 2025 2024 Note Fixed assets Tangible assets InStsents 16,642,109 16,787,889 16 642 111 16.787.891 Current assets Debr$ Cash at bank and in hand 20 21 252,294 27.006 279.300 352.792 230 751 583,543 CredIr$. Amounts frdlling due within onc year 22 418248 602 125 Net current (babibties)lassets 138 948 Totsl assets $$ Current &bIlItieS 16,503,163 16,769,309 Crediiors: Amounts falling due after more than one year 23 1469 807 1.375 532 Net assets inc]uding pens ion liability 15 033,356 15 393 777 Funds of the charity: Restricted income fvnds Restricted fijnds Unrestrlcted Income fund8 Lknrestrickd funds 27 15,652,246 15,831,446 618 890 437 669 Totsl ndS 27 15 033 356 15 393 777 The financial slalcments on pages 32 to 59 Ire approNtd by the trustees, and authorised for issue on 19 December 2025 and signed on their b¢ha]f by: D Reid MCIOF Chair and trustee The notes on po8es 42 to 65 form port of these finonciol statements 39

Lakeland Arts Consolidated Statement of Cash Flows Year Ended 31 March 2025 2024 Nole Cash flows from op•ratlng actlvStles Nei cash expendiiure {338.262) (557,791) Adjustii)t• to cash IIow8 from noTrcash Items tkprcc iation Prior year capitalisatton adiustrn¢ni (non.cash) InSnent income Revdknation of Inslents 16 206.833 (61.052> (24,247) (4.293) 221021 177,366 (21,265) (28,790) 430 480 Worklng capllal adjustments D¢cr¢as¢ in $CkS Dec reasel{increase) in debtors (D¢crease)lincrease in crediiors Dec reasel{inerease) in rciiremeni benefit obligation Increasel(dccTease) in deferred income 19 20 22 24 23 5,127 117.756 (108.051) 5,496 (228,305) 175,847 (22,000) 39,000 {39.000) N•t cash Ilows from operatlng aGtlvftla8 (245,1891 (460.4421 C•3h ftows from Investlng actlvltO•• Int¢resl rcce ivabk and simiknr income Sak oftsngibk fd assets Purchase of Inslents SAk of inslm¢nls jncome from dividends 11,452 1,438 150,000 (12,632) 340,850 19,827 36,600 12,795 N•t cash Ilows from Investlng actlvttkn8 60,847 499,483 Calh ftow8 fvom Ilnan¢lng actlvltl•g Repayment of bans and borrowings Repayment of capital ekmcnt offinan¢e kases and FP contracts 22 (7,332> (6,365) (14,380) 34,863 N•1 calh Ilow• trom financlng actlvltlo• (21,712) 498 Net (decreaseylncrease In cash and cash equlvalrt$ 120&054) 67,539 Cash and cash eqUITrts al l April 233.325 165,786 Cash and cash equlvalgnls at 31 March 27,2n 233.325 Note: The prior year capitalisaiN)n adiustrnent of £61.052 reteS fixed assets incorrcclty expensed in prior periods. Th¢$¢ i¢¢ms ha been capitsffised in the ¢UTTent year as a correction. Al the cash ourfbw occurred in prior years. thls non-¢ash adiusthient ha5 been revers¢d in arriving at net cash Ibws from operating aCtitteS. 40

Lakeland Arts Consolldated Statement of Cash Flows for the Year Ended 31 March 2025 Reconcllktlon of net cash ilow to nM>ven*nt kn net lunds Increasel{decrease) in cash Cash outfbw from repayment of bans Cash outtbw from r¢p8yment of capitalekm¢nl of finan¢e kases and hire purchase contracts (206.054) 7.332 67,539 6,365 Change in net fjJndsl(debt) resulting from cash fbws 184342 Net debt at l April .043.468 1082.509 ' Net debi ai 31 fvkr¢h 1 227 810 1 043 468 All of the cash tl)ws are derid from continuing op¢r&tions during the abo tMD perK)ds. The notes on po8es 42 10 65 form part of these financial statements 41

Lakeland Arts Note5 to the Financial Statement5 f or the Year Ended 31 March 2025 l. Charity Stolu5 The chority 1$ a chority lirnited by 8uarontee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceedin8 £1 towords the ossets of the charity in the event of liquidation. The address of the re8iStered office is 8iven on the chority informalion pa8e of these financial stotements. The noture of the charity's operations and principol octivities ore os on arts and heritQ8e or8onlsation corln8 for and runnln8 Abbot Hall Art Gallery and The Lokeland Museum in Kendol. Blockwell. The Art5 & Crofts House, ond the Wlndermere Jetty, Museum of Bools, Steom ond Stories in Bowness-on-windermere. Th• prlnelpal pla¢• of builn•ss Is: Abbot Hall Kendal LA9 SAL These financiol stoternents were aulhorised for i55ue by Ihe Irustees on 191h December 2025. 2. Accountln8 Pollcl•s Summary o1518nifl¢ont Ac¢ountln8 Poll¢l•s and Key Accountln8 Estlmates The principal accountln8 policles applied in the preparollon of these flnonciol statemants are set out below. These policies have been consistenlly opplied to all the years presented, unless otherwise stated. Stat•m•nt of Compllanc• The financial stotements have been prepared in accordonce with Accountin8 ond Reportin8 by Charities- Stotement of Recommended Proctice opplicable to chorities preparin8 Iheir accounts In occordance wlth the Finoncial R6portin8 Stondord applicoble in thè UK and Republic ot Ireland (FRS 102) (effective l Jonuary 2019) - (Choritles SORP (FRS 102)), the Flnanciol Reportln8 Standord applicable in the UK and Republic of Ireland (FRS 102). They olso comply wlth the Cornponies Act 2LXJ6 and Charities Act 2011. Basls ol Preparatlon Lokelond Arts meet5 the definition of o public benefil entity under FRS 102. Assels ond liabilities ore initially reco8ni5ed at historical Cost or Iransaction value unless otherwise stated in the relevant accounlin8 policy notes. The finonciol stolements ore prepared on a 8oln8 concern bosls under Ihe historical cost convenlion, modified lo include certain items at fair volue. The financiol statements are prepored in sterlin8 which is the functional currency of the chority and rounded to the nearest £. 42

Lakeland Art5 Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Basls ol Consolldatlon The consolidoted finonciol stotements consolidate the financial statements of the charity and its subsidiory undertokin8s drawn up to 31 March 2025. The subsidiaries consolidoted for this purpose were Lakelond Arts Enlerprises Ltd ond Lokelond Arts Trust. No statement of financial octivities is presented for the chority os permitted by section 408 of the Companies Act 2CXJ6. The charity as an individual entity made a deficit ofler o1180ins and losses for the finonclol yeor of £360,423 (2024 - deficit of £675,374). A subsidiary is an entity controlled by the chority- Control Is achieved where the chorlty hos the power to 8ov8rn the financial ond operatin8 policies of on entity SO OS to obloin benefits from its oclivilies. The results of subsidiarles acquired or disposed ol durSn8 the year are included in the slatem8nt of finoncial activities from the effective date of o¢quisition or up lo the eff8Ctive date of disposal, as oppropriote. Where necessory, odjvstments ore mode to the finonciol stotements of subsidlarles to brln8 thelr occountln8 pollcl8s Into Ilne wlth those used by the 8roup. The purchose method of occountin81s used to occount for business combinotlons Ihot result in the acquisilion of subsidiaries by the 8roup. The cost of a business combination is measured as the fair value of the assets 8iven. equity instruments issued and liabilities incurred or assumed at the dote of 8xchon8e, plus cosls directly attributoble to th8 business combinalion. Id8ntifioble ossets ocquired and liobllitles ond contin8ent liobilitles assumed in a business combinotion ore meosured Inltlally ot thelr falr values ot the acquisitlon date. Any excess of the cost of the business combination over the ocquirer's interest in the net foir value of the identifiable assets, liobilities ond contin8ent liabilities reco8ni58d is recorded as 8oodwill. Inter-cornpany transactions. balances and unrealised 8ain5 on tran5QCtions belween the chority and its subsidiaries. which are related parties. are eliminated in full. Inlra-8roup losses are also eliminated but may indicate an impairment that requires reco8nition In the consolldaled finanelal stotements. Accountin8 policies of subsidiaries hove been chon8ed where necessory to ensure con5iStency with the policies adopted by the 8roup. Non-conlrollin8 interests in the net ossets of consolidoted subsidiories ore idenlified seporotely from Ihe 8roup's equity therein. Non- conlrollin8 interes15 consist ol the omount of those interesls ot the dote of the ori8inal busin•ss combination and the non-controllin8 shareholder's Share of chan8es in equity since the date of the combination. Totol comprehensive income is ottributed to non-controllin8 interest5 even if this results in the non-controllin8 interests havin8 a deficit bolance. Goln8 Cone•rn The financial stolement5 for the 8roup have been prepared on a 80in8 concern ba515. The trustees hove 05se5sed the approprioteness of this bosis. considerin8 whether there are rnateriol uncertainlies reloted to events or condilions thot moy cosl si8nilicont doubt on the 43

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 charity's and the 8roup's obility to continue as o 80in8 concern. This assessment covers o period of at16asl one year from Ihe dote of opproval of these financial slatements. Durin8 Ihe yeor endin8 31 March 2025, Lokelond Arts continued to operate in a challen8in8 economic environment. The on80in8 ¢OSt-of-livin8 crisis offected visitor numbers and discretionary spendin8, whilst inllationary pressures increased operotionol costs. Despite these headwinds, the 8roup delivered an ambitious pro8romme ocross all three open sites, includin8 the first major Gilbert Spencer retrospective at Abbot Holl, Ihe inau8ural Festivol of tha Lake ot Windermere Jetty Museum, ond the Williom De Mor8an exhibition ot Blockwell. The Lokelond Museum remains closed, thou8h pro8ress has been made toword5 a Nalional Lottery Herita8e Fund Development Phase opplicalion. The 8roup's linonciol performance reflects an Improved but continuln8 operational deficit of £338k (2024 - £558k). with the shortfoll reducin8 by opproximotely £220k compored lo the prlor year. The Irodin8 subsidiary performed well. 8enerotin8 an operotin8 surplus of £102k. Arts Council En8land confirmed extension of Nolional Porttolio Or8anisatlon lundin8 to 2026-27, ond Ihe defined benefit pension scheme moved from deficit to surplus. The trustees have reviewed the 8roup's finoncial forecasts, cosh flows, ond ovoiloble resourees. Whilst the unrestrlcted funds positlon remains in deficlt and cosh bolonces have reduced, the tru$lees ore sallsfied Ihat, with continued cost dlscipline and the support of funders, the 8roup hos odequate resources to continue operolin8 for Ihe foreseeable future. Accordin8ly. the occounts have been prepored on a 80in8 concern bosis. Jud8•m•nt¥ The directors hove reviewed whether there were any indlcotors of impoirment of the company's tan8ible ossets. Factors taken into considèrotion included economic viobility ond expected lulure performance. The directors have jud8ed that there is no impairment on the current corryin8 value of the os5ets. K•y Sourc•s of Esllmatlon Unc•rtalnty Tan8ible fixed ossets. which ore principally Ihe Windermere Jetty Museum and vorious plont, fixtures and filtin85, ore deprecioted over their useful lives tokin8 into account residual values where oppropriale. The oelual lives of Ihe assets and residual values are assessed and may vory dependin8 on a number of foctors. In ossessin8 aSS8t lives foctors such as technolo8icoI innovotion, product life cycles ond mointenonce pro8rammes are taken into accounl. Residuol volues hove to reflect possible future morket conditions. the remoinin8 life of the asset ond potential disp05ol values. The carryin8 amount is £16.612.488 (2024 -£16.787,889). In¢om• and Endowment$ All income is reco8nised once the chority hos enlitlement to the income. it is probable that the income will be received and the ornount of the income receivable can be meosured reliably. 44

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 Donatlons and Le8acles Income from donotions and 8ronts. includin8 capital 8rantS. 15 included in incornin8 resources when these are receivabSe. except as follow5: i.e. when donors Specify thot donations ond 8ronts 8iven to the charitable company must be used in future occountin8 periods the income is deferred until these periods.. or ii. when donor5 impose condition5 which have to be fulfilled before the choritoble compony becomes entitled to use such income. the income is deferred and not included in incomin8 resources until the pre-conditions for use hove been met. When donors speclfy thot donatlons and 8rants. includin8 capital 8rants. are for portlcular restricted purposes, which do not omount to pre-conditions re8ordin8 entitlement. Ihi5 income is included in incomin8 resources of restricted funds when receivable. Le8acy 8ifts ore reco8nised on o cose by case bosis followln8 the 8rant of probate when the administrotor/ex•cutror for lh• •stole hos communicated In wrltin8 both the omount ond settlement date. In the evenl that the 8ift Is in the form of on osset other thon cash or a finonciol asset traded on a reco8nised stock exchan8e. reco8nition is subject to the volue of the 8ift bein8 reliably meosurable with a de8ree of reasonoble occuracy ond the title to Ihe osset hovin8 been transferred to Ihe charity. Deferred Incom• Deferred income represen15 amounts received for future periods and is releosed to incornin8 resources in Ihe period for which, it hos been r8ceiv8d. Such income 1$ only deferred when: The donor speclfles thot the 8rant or donalion must only be used in futur• accountin8 period$,- or The donor has imposed conditions which must be met before the chority has unconditionol •ntitlemenl. Glfts In Klnd Gifts in kind donated for resole are included ot foir volue, bein8 the expected proceeds from sole less the expected costs of sale. Where estimotin8 the fair value is practicable upon receipl it Is reco8nised in stock and 'lncome from other tradin8 Octivilies.. Upon sole, the volue of the stock is char8ed a80inst 'lncome frorn other trodin8 Octivities, and the proceeds are reco8nised os'lncome from other tradin8 Octivities.. Where it is improcticoble to folr volue the items due to the volume of low volue items they ore not reco8nised in the financial statements until they are sold. This income is reco8nised within 'lncomé from other trodin8 Octivities,. Fixed osset 8ifts in kind ore reco8nised when receivoble and are included ol fair value. They are nol deferred over the life of the asset. Donated heritQ8e assets are reco8nised in the HeritO8e Assel nole but ore not olherwise reco8nised in the Statement of Financial Activities (SOFA) in line with the policy on HeritO8e Assets. 45

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 Other Trodln8 Actlvltle$ Income from commerciol Iradin8 Octivities. includin8 relail and caterin8 and comrni55ion on sole or return items throu8h relail outlets. Thls income is primorily the income of the Irodln8 Subsidiary Lokelond Arts Enterprises Lld ond is recorded on a receivable basis. Inv•Jtm•nt In¢•m• Interest on funds held on deposit is included when receivable and the amount con be meosured reliobly by the charity.. this is normally upon notification of the interest paid or poyoble by the bonk. Dividends are reco8nised once the divldend hos been declored ond notlflcotion hos been received of the dividend due. Charltabl• Actlvltl•s Income from Charitoble trodin8 OCtlvitie5 throu8h Abbot Hall Art Gallery. Blackwell the Arts & Crafts House. Lokelond Museum and the Windermere Jetty (includin8 admission. learnin8 and Friend5 of Lokelond Arts memberships). is included in incomln8 resources in the period for which it is receivable. Exp•ndltur• All expenditure is reco8nised once there is o le801 or conslructive obli8ation to thol expenditure, it is probable 5eMlement is required and the amount can be measured reliably. Expenditure is included in Ihe Consolidated Stalement of Finonciol Aclivities on on occruols basis. inclusive of any VAT which cannot be recovered. All costs are defined in 4 specific cote8ories', Raisin8 lunds Fundroisin8 Irodin8 Charitable octivitie3 Other Rolsln8 Funds These ore costs Incurred In ottroctin8 voluntary income, the mana8ement of investments and those incurred in trodin8 oclivities thot roise fund5. Fund-raisln8 Costs ore those Ineurred In seekin8 voluntory contributions and do nol include Ihe cost5 of disseminalin8 information in support of the charitable activities. Charltabl? A¢tlvltl•i Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities ond services for its beneficiaries. It includes both costs that can be allocated direclly to such actlvities and those cos15 of an Indirect noture necessary to supporl them. Support Costs Supporl costs ore Ihose thot ossist the work of the chority butr do not dlreclly represent charitable activilies and include oflice costs. 8overnonce costs and odministralive poyroll costs. 46

Lakeland Arts Notes to the Financial Statements f or the Year Ended 31 March 2025 They are incurred directly in support ol expenditure on the objects of Ihe charity and include project mono88menl ond professlonol fees. Where support costs Connot be directly attributed to particulor heodin85 they have been allocated to cost of raisin8 funds and expenditure on choriloble octivities on o basis consistent with use of the resources. Governan¢• Costs These include the costs attribulable lo the charity's complionce with conslitutional and statutory requirements. includin8 audit, strole8ic mona8emenl and Iru5tees meetin8s and reimbursed expenses. Taxatlon The chority Is Considered to poss the tests set out in Poro8roph I Schedule 6 of the Finonce Act 2010 and therefore il meets the definition of a charitable company for UK corporalion tax purposes. Accordin8ly. Ihe charity is potentially exempt from taxation in respect of income or copitol 80ins received wilhin cote8ories covered by Chopter 3 Part 11 ol the Corporotion Tox Act 2010 or Section 256 of the Toxation of Chor8eoble Goins Act 1992. to Iho exlent that such Incorne or 8aln5 are applied exclusively to charllable purposes. Tan8lbl• Flxed Assots Individuol fixed assets costin8 £s.Cm.C or more ore initially recorded at cost includin8 any incidental expenses of ocquisition (with the exception of herita8e ossets). less ony subsequent occumuloted depreciolion ond subsequent occumuloted impoirment losses. H•rlta8e Ass•ts Lakeland Arts, principal objects include establishment and mointenance of public ort 8olleries ond museums for the benefit of the public. In this connection the choritoble company hos o lon8 leasehold interest, at a peppercorn rent. in listed buildin8s at Abbot Hall. of which Abbot Holl itself is Grade l Listed. The charitable company also has a freehold interesl in the Grade l Llsted Arts & Crafts house Blackwell - a property uf unique historic importance near Bowness-on- Windermere. These historic properties ore inalienoble heritO8e ossets in the sense Ihat it is o fundomentol port of Ihe charitabl• company's purpos• to hold and pr•s•rve them permanenlly. and Lakeland Arts is effectively prohibiled from disposin8 of them for any other purpose. not only by the terms of its 8overnin8 documents, but olso by externol considerotions includin8 the terrns of leoses. conditions opplied by fundin8 bodies and plonnin8 consents. These properties ore not ossets in Ihe normal sense of the word becouse under the irrevocoble lerms ol their present use they have no markel value. To provide a market value based on on Impermisslble chon8e of use would be misleodin8. The Trustees consider that Ihe buildin8s are heritO88 assets ond the charitcble company does not, therefore, represent them on the Bolonce Sheet. Further information on the Lakeland Art5, herita8e 055etS is 8iven in the notes. in accordonce with the terms of Accountin8 and Reportin8 by Charilies: Statement of Recommended Practice applicoble to chorities preparin8 47

Lakeland Arts No*es to the Financial Statements for the Year Ended 31 March 2025 their occount5 in accordance with the Finonclol Reportin8 Standord opplicoble In Ihe UK ond Republic of Irelond (FRS 102) '18. A¢¢ounlin8 for heritO8e assets,. D•proelotlon and Amortlsatlon Depreciation is provided on ton8ible fixed ossets so os to write off the cost or voluation, less any eslimated residuol value, over Iheir expected useful economic life os follows: Asset Class D•pr•eiation method and rate Freehold land and buildin8S Held ot valuation. revalued every five veors sold in the year stral8ht line over the term of the lease strai8ht line over 3-4 years strai8ht line over 4 years Leasehold land and buildin8S Plant, equlpment and firtln8S Motor vehicles R•$•or¢h and D•v•lopm•nt Research and development expenditure is writlen off as incurred. Inv•itm•nt Prop•rtl•s Investment property is corried ol foir value. derived from the current morket prices for comparable reol e51ale determined onnuolly by externol voluers. The valuers use observable rnorket prices, odjusled 11 necessary for ony difference in the nature, location or condilion of the specific asset. Chan8es in foir value are reco8nised in profit or loss. Flx•d Aii•t Inv•itm•nts Fixed asset investments, other thon pro8ramme reloted investment5. are included at market volue at the balance sheet date. Realised 8ains and1055es on investmenls are colculoted 0$ the dlfference between sales proceeds ond their market value at the start of Ihe year. or thelr subsequenl cost. and ore ehor8ed or credited to the Statement of Flnancial Activities In the period of disposal. Unrealised 80ins and105ses represent the movement in morketvolue5 durln8 the year and are credited or chor8ed to the Stotement of Finoncial Activities based on the morket value al the yeor end. Stock Stock consists ol purchased 8oods lor re501e and is included ot Ihe lower of eost or net reolisoble value. Trad• Debtors Trode deblors ore amounts due Irom customers for merchandise sold or services perforrned in the ordinary course of business. 48

Lakeland Arts Notes to the Financial Statements f or the Year Ended 31 March 2025 Trade debtor5 are re¢o8nised initiolly ot the tronsaction price. They are subsequently measured ot omortised cost usin8 the effective interest rnethod, less provlsSon for impairment. A provision for the irnpolrrnent of trode debtors is established when there 15 objective evidence thol the chority will not be oble to collect all amounts due accordin8 to the ori8inol terms of the receivobles. Cash and Cash Equivalents Cosh ond cash equivolents comprise cash on hand ond call deposits, ond other short-lerm hi8hly liquid investments thot ore reodily Convertible to a known amount of cash and are subject to on insi8niticont risk of chan8e in value. Trad• Credltors Trode creditors ore obli8Otions to poy for 8oods or ser¥ices that have been acquired In the ordinary course of business from suppliers. Accounts payable ore classified os current liobiliti•s if the charity does not have an unconditionol ri8ht, ot Ihe end of the reportin8 period. to defer settlement of the craditor for at leasl twelve months afler the reportin8 dale. If there is on uncondilionol ri8ht to defer settlement for at least twelve months after Ihe reportin8 dale. they are presented as non-eurrent liabilities. Trade creditors ore reco8nised Inltlolly at the tronsactlon prlce and subsequently meosufed at amorlised cosl usin8 the effective interest method. Fund Struetur• Unrestricled income funds ore 8enerol funds that are avoilable for use at the trustees discretion In furtherance of Ihe objectives of the 8roup. Desi8noted funds are unrestrlcted funds set aslde for specific purp05e5 at the dlscretion of Ihe trustees. Restricted income funds ore those donated for use in o porticulor oreo or for specific purposes, the use ol which is restricted to that area or purpose. Restricted endowmenl funds - these are non-permonent endowment funds, the income from whlch contrlbutes to the operatin8 expense5 of Lakeland Arts. The assets of the funds ore represented by Investments. Penslon$ and Other P05t-R•tlrement Obli8atlons The charity operate5 0 delined conlributit)n plon for the benefit of ils employèés. Contrlbutions are expensed as they become payable. The 8roup olso operate5 a defined benelii pension scheme for one employee. Typically defined benefit plons detine an amount of pension benefit Ihat on employee will receive on retirement. usually dependent on one or more factors such as a8e. years of service ond compensolion. The liability reco8nlsed in the Bolance Sheet in respecl of defined benefit pension plans is the present value of the defined benefit obli8ation at the reportin8 dote minus the fair volue of plan ossels. The defined benefit obli8Otion is measured usin8 the projected unlt credit method. The 49

Lakeland Arts Notes to the Financial Statement5 f or the Year Ended 31 March 2025 present volue of the defined benefit obli8Otion is determlned by discountin8 the estimated future payments by reference to morket yields at the reportin8 dote on hi8h-quolity corporate bond5 that are denominated in the currency in which the benefits will be paid, and thot hove lerms to maturity opproximotin8 to the terms of the related pension liobility. Acluorial 8ains and1055es are char8ed or credited to other comprehensive income in the period in which Ihey arise. Flnan¢lol Instruments Classlflcatlon Finonciol assels and financial liobilities are reco8nised when the 8roup becomes a porty lo the controctuol provisions of Ihe instrument. Finoncial liobilities and equity instruments ore clossified accordin8 to the subslance of the contra¢tuol orron8ements entered into. An equity instrument 15 any conlract thol evidences o residual interesl In the ossets of Ihe 8roup after deductin8 all of its liabilities. Re¢•6nltlon and Measurement All financlal ossets ond liobililies are initially measured at tronsoction price (includin8 tronsaclion costs), excepl for thos8 financiol ossets classlfled as at fair value throu8h profil or loss, which are initially measured al fair value (which Is nor.rnolly the Ironsoction price excludin8 transaction costs). unless Ihe orron8emenl constitutes a financin8 transaction. If on arron8ement constilute5 a financin8 transaclion. the f inonciol osset or f inoncial liability is measured ot the present value of the fulure payments discounted at a market rale of inlerest for a similar debt instrumenl. Financiol os5ets ond liabilities ore only offset in the statemenl ot financial position when, and only when there exisls o le8olly enforceoble ri8ht lo set off the reco8nised amounts ond the 8roup intends either to settle on o net bosls, or to reolise the ossel and settle the liabillty simultoneously. Financial assets ore dereco8ni5ed when and only when a) the contractuol ri8hts to the cosh flow5 from the financial asset expire or are seltled, b) the 8roup Iran5fer5 to another party substantially all of the risks ond rewords of ownership of the financial assel, or c) the 8roup, dèspite hovln8 retained Some, bul nol all, $18nificont risks and rewords of ownership, hos tronsferred control of the asset to another porty. Financial liabilities are dere¢o8nised only when the obli8ation Specified in Ihe contract is di5char8ed, ¢on¢elled or expire5. Inv•stm•nts Investments in non-convertible preference share5 and non-puttoble ordinory or preference shares (where shares ore publicly Iroded or their fair value is reliably measurable) are measured at fair value throu8h profit or1055. Where fair value connot be meosured reliably. investments are measured at ¢05t less impoirmenl.

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 Investments in subsidiories ond ossociotes are meosured ot cosl le55 impoirrnenl. For Investments In subsidiories acquired for consideration includin8 the issue of shares qualifyin8 for mer8er relief, cost is rneosured by reference to the nornlnol volue of the shores Issued plus fair volue of oth8r considerotion. Any premium is i8nored. 51

Lakeland Arts Notes to the Financial Staternent5 for the Year Ended 31 March 2025 Unr•strlcted lunds Restrlcted funds Totsl Totsl Don•llon• •rKI149•¢1•9: Donaoony from ¢omp4ni¢$, and simihi PTo¢¢eds L£8•¢ies Gift 3NJ T¢cknimed £mbershw incom¢ lin¢bJdthB Friet)ds. patrons artd benefa¢tors) 623.681 113.614 66.667 6.250 737,295 66,667 68.963 746.766 52.416 10.776 62.713 757,574 1e8,531 914,105 Unr••lrlct ndi A••lrkl•d Total Total 2024 Olher grants ind donatkni gre Gran18 Ans Coun¢il En8bnd NPO Lakebnd Support Tru51 We5m)orknnd & Furncjs Coun¢il Kendal To1 Coun¢ NPO Grant fundithg Cther Grants and Donations 527,156 129,005 60.000 527,156 129,005 60,QOO 451.848 60.000 37.500 16.000 16.000 Covl•19 Ind 8u•tn••fj Cmtlnuty ar•nl• Dc Cubural Reco4¢ry Fund Roynd 3 (1 &21 Bid ir•ni PwrwnmthoAoct Gr•nt• [KlW01fs0n Climatr Gakry ProFcl John li fvthrrfyy charb Trusi Fund E$mèc Fairbairn Found4Don Sw Nichokns Goodison Aw•id for Contemporiry Crift Wesunorknnd & Furn¢55 Council AH Nalure & Pbrniership GrAni RR &A James Salcr for Giben Spen¢er Ethibijon Kendal Tomn Coyn¢il- Conrnynity Grani The John Ekrman FoundDon J ua Abrey re Goin8 Pknc¢3 Grani WeiThorbnd Ans ThJ$i for Amy W1M$ Workshopi GF Armige charlb Trusl- Ran Prop¢t drewwade donation . R•n PTOF¢I Ih¢ Tr$¢$ htssoriatiDn T¢ Trkkn StaTk¢r Vicorb• and Alben M15cum- Bal¢ Scott Dresser Jan Ambkr- IW) Tony Ambkf- Bkn¢]wn Buibjllig Repiws Othcr LnIOn5 &nd Small Grants 40.485 30,000 500 500 40,000 21,000 20.000 5.000 5,000 13,055 13.000 500 1,982 2JO 500 ijo 39,000 39,000 s.000 13,254 5.000 13.254 475 475 8,467 31.250 8.467 31.250 716,1fj1 119,$46 835,707 746,766 4. kn¢om from charttal acllvlllps Unre¥trl¢l¢d fvnd• Tgtal V1}r income L¢Arnu>g income and Gafkrips thx rebef 640.537 2,192 132 556 775 285 640.537 2.192 132 556 775 285 589.369 935 137 590 727 894 52

Lakeland Arts Notes to the Financial Statement5 f or the Year Ended 31 March 2025 S. Income from other Irodlng actfvitles Unresirlcted fund8 Total Tot1 Tr•dlng Incon. S•ks rtf8nod5 and seThices Events Income: Other e¥tnts cOMe LorIeS and competilV)ns bTrcome Tot•1 for 202S 1.029.778 .029,778 1.046.235 788 788 2,958 43 1049 236 1030 566 030 566 In%wtrn•nt IrKo UnreBtrkted Genero1 Re8lrlel•d lund8 Total Tol•l Incom• from dlvldorth,. DIMdends receib fwom other liid 1ThStsen Inl•r•81 r•c•lvobh rn•T Inc4Th; Jnleresi receIb on bank deposrts 10.596 12.795 23.391 19.827 856 1.452 856 1.438 12.795 Unr•8trlct•d G•n•ral Tot•1 Tot•1 Other income CGS VAT AdyJ$tsneni Insurance 75,517 73,731 75,517 73.731 1,747 80,41 149 248 149 248 124 769 Expwdllum on r•lskng funds •) Co•1• ol g•n•rAIINJ dI)nl0 and 1•gKI•• Unf••lrlct•d G•n•r Tol Tol•l Other dyect CQ5LS of 8eneraM8 income Albcated support costs 103.158 131 266 234 424 103,138 131 266 234 424 133.591 157836 291.427 10 b) c1• ot Ir•dln9 •cllvlll•• Uftr•8trlct•d G•n$r Total Tol•l Not• Tr8din8 subsidiiry costs VArk¢tsn8 and pubhcty Wages and saknries Axated 5UPPOrt costs 352,715 71,155 J91,921 180 512 996 303 352,715 71,155 391.921 180,512 4S2.215 64.607 485.185 128.393 1 130400 10 e) Inv•stm•ni minag•iirt co*t# Unr•81rkt•d Gen•ral Total Total Mot• Costs ofobtsinin8 advi¢¢ Administrauon of the in%esknents 83 83 22 83 53

Lakeland Arts Notes to the Financial Statement5 for the Year Ended 31 March 2025 d) Tot•1 •xp•ndllur• fuj AIocAied 8UPPOrt CO918 Trtal Total 2024 Costs of g¢n¢ratmg donations and kga¢rts Costs of trading aciiiqDes Inslen1 managemeni costs 103.158 815.791 131,266 180,512 234.424 996,303 83 1 230 810 291,427 1.130.400 919 032 311 778 1420 699 loc•l•d 8UPPOrt ¢o$t8 Trf•l Colts ofBeneTaiin8 don4ts.onj and k81¢¥ Costs ortradl6 a¢DMlies TnstrnEni m•na8em¢ni ¢osts 13J.591 1.002,007 157.836 128.393 291,427 1,130.400 134470 286 229 1420 699 livtty undertaknn dlr•¢tty thl¥lty 814PPtsrt co• Totsl T•1 2024 ExthibiDon programmes CoTk¢tions and ¢onseThziion ofepthib ]xarnin8 Fb¥ioric b¥i11in8s and premis¢s ¢o$ts Visilor operJu'ons 131.577 133.069 67.679 38.481 226 976 S97 782 319,688 516.612 151.684 394.844 652 368 2 035 196 254,310 514.596 136,467 677,250 413062 1 995 685 383,54J 84,005 3S6.363 42$ 392 437414 tlvlly undertaknn dlr•ctty Lll¥lly •upport Exhibiuon proÉrammc$ Cotk¢iiot)g And consernn ofethibits L£arnin8 Fb51ori¢ buiSdin8$ and premii¢s cos Visitor opeT8tions 186.166 436.076 64.976 605.819 322 477 615 514 68.144 78.520 71,491 71,431 90 585 380 171 254,310 514,596 l J6.467 677.250 413062 1 995 685 Unr••lrbct•d lund8 A&•lrlct•d fund8 Tolal Total Ethibition pro8ramme8 Colk¢tions and ¢on$¢rni)rt of e>hibits L£BrnmR Ekn5wrK b¥iWin8s and premi¢s c0515 Visiior opeTauons 257.161 397,01 131.684 227.240 636 361 1 669 464 62,527 19,601 319.688 516.612 ISl.684 394.844 652 368 2 035 196 254,310 514,596 136,467 677.25Q 413062 1 995 683 167.604 365 732 Unreglrlclod fundg A•¥trl¢t•d Tol•l Ethibits'on pro8rammes Cokttsons and constr1)n of eythibi Ltarning swric buiin8s atld pr¢mi8es c0515 Visir operations 198,034 466,845 136,467 502,045 413062 716,453 56.276 47.751 254.310 514.596 136,467 677,250 413 062 1995.685 175.205 279.232 lThchJded in th¢ ¢w¢ndtyre anatystd abo, th¢r¢ ale abo gorNanCe CO$ of £45.815 (2024- £25.944) r¢kn d¢¢ to ¢haribk a¢tiiqiies. SEE no* 10 lor fvnher dethth. 54

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 1 of gowm•nc• and 8upport co•t• Go¥•rnon¢e ¢osls iknrestrlcled General Total Total 2024 Staff ¢o•t• Pcn5Kn c051S 2,239 2,239 2.318 Audlt f••8 Audit and other fee$ pa to audittsrs Tnbstres r¢muneTatton and eynse$ Ltsal fee5 Loan intrresi 23,178 90 23,178 90 17,095 1,378 539 11. N•1 InconnOt90Ing r•8wrc•• Net oul6oin8 resource$ for the year Inc¢.. 2tr25 %>24 Audit ftes tkprc¢tion of fid hssets 23.178 206 833 15.845 172 310 188 15S 11 Tru••1 r•mun•rntlon •nd oxpanB•B DuTin8 the year the 8roup made the fokwryn8 transactions 1th trnstees., A Karvd £NI (2024.. £81 l of ¢4)¢fts¢s M¢r¢ r¢imbur$¢d KI A Kar durin8 the year. AMLykJ £90 (2024.. £454) of ¢ynse$ v¢r¢ reimbursed ty A M Lyks during th¢ y¢&r. tyus¢s. nor any petsons ¢onn¢eted them. ha r¢eeld any remunerotion from the group durin8 the year. 11 Staff ca#t• The ¥8gr¢ga payron eosts M¢r¢ ay fotbw8". Staff cos18 durlng Ihg pr wer•: Wages ind shkri¢s SOCMI security co$ts Pens costs 1,272,373 80,580 ,325,543 101,856 1 374 409 1453 023 Thc monthbT aTage num of p¢r50ns (in¢b]din8 senior mana8ement I kader$hip team) empkbyed by the 8roup during th¢ year ¢yessed as bme ¢quiYaknts was as foib)." 24 No No N&na8¢menL curatorial fflarketin8 and karnini AdministyaDon Desklshop staft. Coffee Fk)use & TeaRoom Other HerLla8e boat team Bo•¢ ¢on$erYdtiOrt team 20 43 49 The arag¢ number ofempktyces in the year as defined by $3821383 of the Companiej Act 2006 w4s 80 (2024- 81). 55

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 The number of ernpkJy¢¢s those em0ments fell wqthin the fon8 bands ws.. No £70.¢)01 £80,000 £80.001 £90,000 The empbye¢ b¢n¢fits of th¢ key managemeni personnel of the group Mere £230,06912024- £324.3481. Key mana8emeni persortnel b¢n¢fiLS 230,069 14. kndttors, ienwnttatlon Audii of the group fthonci&l sthmtnts 20.466 15.845 Oih•r f•88 to audltor• Independ¢ni ¢kpmiHtsJn of subsidry 2,712 1,250 Th¢ audii fees include proiision of a¢coun#n¢y s¢Th?¢es for the prepaTaTion of 8roup occounts. l& T•x•tlon The group 15 & re8isred charity and is th¢r¢foi¢ ¢yxmpi from lapation. l& Tlnglbh fix•d Group LIV buSkllry8 FurAltur• Ind •4ulpnMt or Totsl Co•VValu&llon At l April 2024 Addthn$ Dtspos81s At 31 Ihr¢h 2025 17,234,000 482,237 42,152 -173427 350 962 34.483 18,900 14261 17.75Q,720 61,052 187688 17624084 17 234 000 Owe¢tIon At l Aprd 2024 Charg¢ for Ihe year Ebrninaltd on di5POS• 131 Varch 2025 466.134 155378 467.269 36950 .173427 29.428 14505 -14262 962.831 206.833 187689 981975 621 512 330 792 Nel book value At 31 Phrch 2025 16,611488 16 767 866 20,170 14,968 9.451 16.641109 16 787 889 At 31 2024 Rv4aluatlon The faw vahte of the group's Leasehokl tillpr0Ments reyabjed on 24 mb¢r 2021 by ltyde Harrlli8t()n, Charter¢d SuThtyors. an ind¢p¢ndeni Ydber. The PTopeny was vahjed on an Asse¢ Vaknation for th¢ EwtiD8 Use. As properties ofthis nabJr¢ ar¢ noi sencraty tradcd in the fflarket Ikprccratrd Repb¢¢m¢ni Cosi has been used to dermts)e the Ass¢1 va¢, H&d this chss olas$et be¢rt measured on 8 his11¢81 eosi h$hs, thew earryllig amount Mvukl h$ been £18,772,985 (2024 - £18.928,3631. 56

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 Chorlty FurnMur• and •qulpnrt tnhlcl•8 Land and bthllngs Total Co8tlVoluatlon I 2024 AddiDons.. DpoSb At 31 V4fch 2 17.234,000 482,237 42,152 .173427 350 962 34,483 18,900 .14261 17.750,720 61.052 187 688 17 624.084 17 2J4.000 Depre¢lallon At l 2024 Ch•r8¢ for Ihe ye4T EmmI1cd on di%posab At 31 lknrch 2025 466,134 155378 467,269 36950 173427 330 792 29,428 14505 .14262 962.831 106.B33 187 689 981 975 621 512 N•t l>ook v•lu• 31 Mareh 2025 146114B8 16767 866 2Q170 9,451 14642.109 16 787 889 Al 31 r¢h 2024 17. H•r11 ••••t• Group Harlw a•8•t8 nol r•eognlMd In tho b•l•nc• 8h••t From l Au%usl 2013 tht ¢haritsb company ¢ni¢d g kn)•n Ind Nn4gf m¢ni Agw¢m¢nt Mith th¢ owi¢r of th¢ ¢oTr¢tr)ih$. 14k¢knttd Asts Tnjsl under aj re5pon%ibih'¢s In T¢kntion to th¢ ¢oUE¢th'on5 9¢9•S1b0n. +Jp0sL prcs¢Thwlx>n and rnpna¥p¢mcnL tra11sf¢cd Lakcbiid Arts. IAk¢kniid Aits rn•iiityJ a fijll in¥¢ntory of 41 the t¢ketioh$ htw. Thi4 iii¢hdts knc4iEon •fLd momeiits •nd oui ofKirs oran mus¢um obF¢ts Mthi¢h. from tim¢ lo tymE, m•y be k)•ntd tolhom other mu$eum$ 8ikrs. Swrnrwy of Ir•n•¥tbbn• Purth0• •nd addltknA•: EphrTnEi4 CollMporAry Cr811 Furnmjre 50 38.600 19.258 900 650 17.344 10.000 100 Cerimic) CoiDJ¥r Cr•ll Dr•w7ngs EnEraiiTh8¥ Ephtmero Industrial hiitory Plinkngs Phot(>8iaphs 1.240 30 50 IC¥) J.430 50 150 1,51K .14.000 300 214.000 3.100 750.000 So¢iil history 4.571 2QQ 7,310 •rrtirne Furnire Fk7rok)gy Tthl addlar 3S.015 105,080 16.000 i.ioo 7.615 1K1eo Ch8rlty HerSt400 •s¥et¥ not re¢499ed In the SI ThE PEmiartethl cok¢$ are hcki by iAkebnd Trust For tht purpose ofr¢lli$ts*m¢nl the of JI of the ¢h•ritibk company's Fkrita8c ii$¢u. inrlJd6n¥ buibJin8$ 4nd knd is t5timated •$ £62.7m 57

Lakeland Arts Notes to the Financial Statements f or the Year Ended 31 March 2025 1& Flx•d a98et In¥•Blnnt8 GrrAp 2024 InSIMents 393.810 391810 426,805 428,805 Tatal Co•1 or va•110n l Apr 2024 R¢vdh>atiDn Addnbjnj Di%p054 31 l&rch 2 Nrt book valu• At 31 IIArch 2025 J 31 Pknrch 2024 426.80S 3.60S 36,600 393.810 13Q8001 391810 393.810 426,805 393,810 428,805 Chwty ShBTes iTh 8roup undtrtskLn8s and parncipakn8 uires Sh•r•• In oroup und•rtaklw• and pArlklpAttng Int•r•rt• Sub*•rY Ai I h4yril 2024 Al 31 htsrch 2025 N•t book v8ts At 31 htsreh 2015 At 31 IknT¢h 2024 D•l•lkn ol und•rt•hlng• of the ¥m¢nL% MtLKh th¢ eharity hows 20% or mor¢ ¢f the nOMla1 ofany ¢knsJ of shale ¢apikl ar¢ is fobws., eounlryol IrK•ipN•tlon Prlnclp•l Und•rt•Wn9 Subsbllary yrtI99 Hokllng 2025 Operati18 IEE roonS$'•ttd lo yhl ihopx LAktbnd Arts En1L1¢5 Én8tsnd Ordinfyry loo% 58

Lakeland Arts Notes to the Financial Statements f or the Year Ended 31 March 2025 19. Sto¢k Group 2025 Group 2024 Charity Charity Fini$hed 8oods 19.859 24.986 20. D•bt4Y• Graup 2025 GfOUP 2024 ehlly Chtrtty 2024 Trade debtors Duc from group uftd¢rthkm8s PT¢p8ym¢nts Accrucd in¢ome vATr¢cOrabk Othcr dcbtors 135.806 16.300 93,238 33.552 140.756 16.300 95.238 2.338 20.618 128.126 193.375 S.524 128.127 193,375 7.233 247,344 ,098 21. C••h WKI ca•h •q¥•kn1$ Group 2025 Group 2024 Ch•rlly Ch•r CAsh on hind C8sh ai bank short.krm deposils 10,188 16,992 91 27.271 32.267 196.765 10,188 16,727 J2,267 194.J91 231325 230,751 21 CMdltor8: AnK•unt• l•lnng du• wlthln on• y•ar Group 2025 Group 2024 Chartty 2025 Ch•rtty Bank kJ•n5 Trad¢ ¢i¢ditors Fbre PUTcha5e and finince kast$ Other tsjin'on and so¢iil $e¢urity Other ¢redilor$ Accrua15 Defcrned in¢om¢ 6.211 310,412 20,483 28.722 43.718 6,256 536,002 20.483 30,381 12,034 30.981 6.256 478.125 20.483 30.381 12.Q34 15.846 267.248 20.483 28,722 43.718 51.866 461412 675 137 418 248 602 12S 202S 2024 Dcferrcd incomo al l April 2024 Resour¢es deferred in the period Amounts rekHsed from prc%ious periods D•l•rr•d Incoff •t •nd 39.000 39,000 39,000 23. fA•dltorg: •iiixinl8 tswng duo •ft•r Irv• Ihgn on• y••r Group 2024 Chorty 2024 Group 2025 Clwmy (As rKtqd) 35,674 () r•4t•t•d) 35.674 Bank ban$ Trade creditors Other bdns H¢ purchase and finon¢¢ ka5es Other ¢reditor5 28,387 65,942 1.200,000 28,387 65.942 1.200,000 1.200.000 14,380 1.200.000 14,380 125 478 1.37&532 175 478 1.469.807 1.294.329 1.250,054 59

Lakeland Arts Notes to the Finonciol Statements for the Year Ended 31 March 2025 Group In¢0¢d in th¢ credirs are th¢ foTh)ith8 amounts dut after more th•n file years.. Allor more th8n fivE ye4rs by In5kncn After mort than yean noi by i11sthtrrteth 156,562 1 200 0¢)0 1,356.562 4,379 1200 000 1.204.379 Charlty In(ded in the Grediiori •f¢ the fo6 amounts •ft¢i mor¢ th• y¢ar$'. After more than fK years by instsbncnts AACI mort than ytats not by insthknefits 3,545 4.379 325 478 1,203.54S 8orrowkng8 duè aftw y¢ar8 The NHLF bah is sccured on the Wind¢rnieTe Jtity ScUm. Undew th¢ Fa¢il'ty AbTrTeemenl the tiOnal Herity8e NfrniorlI FuDd Id8trd 24 April 2019), lh¢ Ilrsl r¢pBym¢nt fllfb on th¢ fifth Inni13ry <24 April 20241. Rtp4ym¢iits will onty commence once LAkehnd Arts a¢hi¢$ wi-y¢•T Optritins profits iii ¢xe&s <(£IOOk. yth r¢pJym¢nts ai 500h ofthe ¢e$S coshlbms abo ths threshokl. 8•nk Iwil •nd o¥•rthalt• •ft•r Th¢ bjnk k>an Li 4 bouii¢¢ back ¢x¢nd¢d to 10 ye•rJ. Ihe 1¢1¢ r•tE li 2.5% 1th capiknl repym¢llty 0r 9 years from 6 Juty 2022 of £517.54 PEr month. Oth•r •ft•r lfv• 18 i•k¢knnd h&s bori0d £175.478 from the endowmni fviid heu by the iAkckniid kn Trust This tompriit$ • bwn of £125.474 •dnCed in 1mb¢r 202J under a 20-year bon iLrreem¢ni it an inresi rate of 7.4% p¢r 4nnum. io¥eth¢i with p Additional £SO,OOQ adn¢¢d as • $hon•rm kjknrs Febrnary 2025. Substqu¢ol lo th¢ ycaT ¢nd, th¢ Try5¢5 orkend aureed to ¢onsoldBte the MD b8ns a s6 aTwan8emenL Lhider the r¢Ms¢d t¢rms. uil¢resi •¢crue5 until 31 fvtsrch 2026. ith monthty Tepaym¢nw of£2.Q65 commcn¢th8 in April 2026 or the rtmainin ¢¢rm. Mryth th¢ bun r¢pMyabk in fvl by 14)¥Emb¢w 2043. 24 P•n•lon and oth•r xhoff•i D•flrwd ¢ontrlbullDn PInon •¢h•n The ¥roup op¢ro1¢5 a 1¢f¢d Contribuwn Tr550 Jch¢m¢. The penswjn ¢v51 ¢haTi¢ for the year reprejents convibull'ons payabk by the T0p w th¢ $¢hem¢ •ffid 4mound kn £10,217 (2024 . £22,7781 Oeflned beneftl p•n$loTr Cumbr1• Locll Gov•Tnnnt p•noTr S¢lw• Lakebnd Tru$1 1% A m¢mb¢v of the Cumbrio lJ)rNI GOrmeDI Ptn¥v)n Schemr. is a MU1MpbY¢r sch¢m¢ and the 15xures in thtst 8¢COUliLS &re from tht bost Nr¢ei report on iAkttsiid Ans Trus¢s shiit of the $¢h¢m¢. The da of th¢ m051 r¢¢¢ni compTehtn$K #¢¢uarial was 31 Ntsr¢h 2025. Ihe w¥lt•st r¢knts'ni ty d¢thh¢d b¢nefit Jth¢m¢J foi th¢ y¢ar r¢co8nis¢l IJ) pioth or bsi a$ in £2.239 (2024. £2.3181. Re[8110n ol sclMm• •$get$ ond Vablttl•s to •ss•t Mnd blIS i•eognl#d The )mounLI r¢¢o8nL%ed in the $tslcm¢niof finan¢i•l posithon are as fo&1.. 2025 Fair Yakne of $¢heme •s$tts Preseni of defined bEn¢fii obbsatK) Impthti of kssrl teibrbs D•fin•d b•n•fft p•nllh Kh•m• •UrP{*Ettl 1.328.000 (1,230.QQOI 1.374.000 (1,352,OIKII Chang¢5 the d¢kn¢d b¢ncfiE tsbli8alKbn are as fo.. Pre$eni ot stsrt of year Curr¢nt $eT>?(¢ co$1 Inl¢r¢$t rosi A¢ivar¥l 8•iiis and k+S$CS 8en£fiis paid Pr•senl at er of year (1.352.000) {i.ooo} {64.IIIH)} 105,000 (1.369.OLN)) (2.000} {64.000} 6.000 {1,230,0001 {1,351000)

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 F•k v•lu• ol $ch•rn •••¢l• Changes In the faLT of scheme assets are as fo.. 2024 Faw at $tsti of y¢•r Int¢rtSt incom¢ R¢tyrn on pbn as$¢ts. ¢5¢01n8 amounts inGbJd¢d inter¢si incomtlle4)en$¢l Empbyer contributions Benefits paid FAlr ¥#• #t ol yo 1.374,000 65,000 1,347.000 64.000 131.000) 2.000 38.000 2.000 1,328.0110 1.374.IXKI 8 of ass•t• The mafftir cate8ortes of scheme osset% are a$ rob.. 2025 C•$h •nd ¢&$h ¢qUik Eguty l$truM¢nL% Go%rnrnent bonds Propery l)ther 20.000 459,000 193.000 104.000 552.000 1,328,0ty) 21.000 509.000 183.000 l10.ooo S51 000 1.374.000 R•lyrn on •¢h•rn ••1$ 2025 KrM on s¢h¢mE assets 34.000 102 000 The nsiOn scheme h&s noi in%t$d in any ofthe 8roup's 0 fffiAl•l instrum¢n or ¥1 prop¢r¢i¢$ or othei 4s$¢ts used by the Broup. Prlndp•l •etur1 auuiiWlon• The prthcip81 aCarial •ssumptions 91 the $t4men¢ offinon¢ial PO$thn dat¢ &re is fokws.' rtjhty r41¢ Discount ra Fulyr¢ $81)ry in¢r¢A$¢i Fuwrt pension In¢reases Inl)n Po r•tlr•m•nt mort•hly •Mumptlonts Y•ar• Y•ar• Curreni UK pensioneis Bl rttiremeni 41¢ mik Currenl UK pensioneis Bl Teiiremenl age - fem&lE FubJr¢ UK pcnsioner5 al relirement age mak Fuwre UK pensioners a¢ r¢iir¢mtnt frm4k 22 24 22 24 23 23 26 2b This is i defined benefit pknn. Gvoup peIDn Total At l April 2024 Othcr rcsenE mowm¢nts 83 000 83.OOD At 31 ktsr¢h 2025 61

Lakeland Arts Note5 to the Financial Statements for the Year Ended 31 March 2025 (Prior year comparnti) nslon Tolal At l April 2024 Other rtser%¢ M0Ments 22.000 22.000 22 000 At 31 lkn¢h 2024 Thc trus¢$ h& ¢on$idered accounting for an LGPS pension surphjs the •$s¢i ¢¢ib'nB. The gross surpkns of£91,000 has been r¢duG¢d by thr impa¢t of the assel ¢eibn& l£15.000}, Tesuknng in a nei surplLS of £13.000 b¢in8 recognised. The Nsi¢¢$ hohr retritd th¢ repon proiidtd by V&rcer. thi¢h prOdeS •ddstionol information rtktin8 10 8t¢ounlmg Surp$ a5 of16 2025. Th¢ prtseni ¥9¢ of a¢¢ounling 5¢r%i¢e EOJI ¢eedS the prcseni bJe of Primary ¢ontributton5. therefore & Su of £8J,000 is reco8nis¢d as #n •$$¢c Commllnwt• Gro44v CW•l comTrthnwrt• Th¢ ¢h41ity WJS committed pymeTh45 for parricubr eythLbiiJns wthi¢h had not been p)id (or •131 Vor¢h 2025. Th¢ ts¢BI amouni ¢ontra¢l¢d for but noi prowled in the financial sments £Nil {2024- £23.750). Ch•rlly CW•l ¢ommhThwtt• The ¢hgrity was ¢ommiNed 10 pthyrnents for pllrncuknr e)hbbiiiorbs which hid noi been paid for •131 N&rf h 2025. Tht t0wI )mouni contratied for bui rtoi proTrided in th¢ fman¢ial stBl¢ments w4s £Nil(2024- £23.750). 62

Lakeland Arts Notes to the Financial Statements for the Year Ended 31 March 2025 97. Fu Gonii•ifvTrd5 DOn•d P¢nin Ith¢mr d•fi¢i¢ T11 ur•#rf¢t•d trJnd• 2.724.IZ5 12.887.479 4.19) {192.5441 BJ.000 QD.$941 W1ndernr Jtty COnstr£t10n Windernrt Je C&p•Jl 16.707.866 1¢.612.488 (1.2tsJ. fjrbnl PDrb£yriDn & Boil irJJTh GDW8 Pbr¢5 c1 DCNEIWof5w 7.)06 20,437 20.NJO 3.609 J9.0 (20.000 11,609 Joo 1.419 47$ 1.036 I39.0) 116.667 Eiffll• Fi¥b4irn Founantion 3J.7JO Jo.000 (71,7501 66.607 W•1 Duck repvvJ •nd Coni•Mdor4 A¢q41 Ho¥1 Hhftdi 4¢•11 Fund 11¢ S¢9¥ Dr¢ii•r FiNffi£e Costs Supporf jon knbki. Tony Arnbkr. BbcMYl Ropèui 14.00ts1 11.ooty) 10.567 15.000 1&fj52.240 bb¢kvl Erd••t siJ.o¢o 4,293 $1s.00 Tol•l lu IPrlw y•tr ¢thiWi1 Olh•r nlmd 31knh Q•rnw 2,547,054 $00 O•snffi•d Tot•1 unr•#rktsl lund• R•ivlEt•d •Jn Wde[Merg Jety Conltru¢li•n Wu%deimere Je4y Capv•l NUIF CofÈcWnS Funé Blb¢kvl Auy•trJi Tr¥si (Bh¢k•01ibrryl Ethibiuonj Ina Coh¢tions SorwlEnipwno Fundhiw Sir G)odoTr Amfyrd AJI NpbJrr ViTtretJhb Trani 16.923.244 16.767.866 11.200.0) 5.WO {1,200.0001 149 19.12? 7.J06 7,J06 20.437 zo.000 3.6VY i.wo Joo 21.oofy 20.r)Tr 5.wri 41.750 500 40.415 PoJicoThitrvJbJn •r411ts Pb¢& Grant (42.75•1 lJ9.0561 11.0)41 16.250) Th• John Ethrmin Poundimn Eimét Aw Workhop 40.000 3J,7$0 R¢$v4 ks•¢y ii¢on>r 1W.929 ,749 1W1.446 {41.499 28.290 515.000 Tolal 13.41¢ 1&911912 Th4 &rnle FDvbairTh Cof¢rionb C•r• ProwM¢ JhoM¥ ? d•fKn •FI)9.900 11 th• bibD¢• ih••id•ty. Thyi Ai¥•i from 4 dlfer4fj<• in¢ulwtd in the pro¥rBmme the r•c¢¥tofth• r•bt4d 8TinilbJndkiw A ot140.000 r•<•Md fr47rn th¢ E¥rn6o FouAd•tiort on th 6th hthy 1025. brth&8 the luypkng. tranifei unreiLriG*d reqwed. 63

Lakeland Arts Note5 to the Financial Statements for the Year Ended 31 March 2025 Chorlly 8alan¢• * IKomlry R•wrc 1 •rll 2024 rewur expended 31 Mar¢h - 2025 Unr••trkl•d lund• Gener•1 General funds {437,669) ,932,819 (2.114,041) (618,891) A•strbct•d fvnd• Wind¢Tmere Jety Constru¢tion Windemlere Jety Captral Funds NHLS knan colk¢)n fijnds . Boats Deaccess¥)nllig & Di%posal Income - Cof¢¢ts'on A¢qu1110M Bo81 ConscMuoTh Funds tKKIWoYson c1¢ Gakry Social EnrprLS¢ FuThdm8 Esmét Fatrbairn Foundaiion Aur¢bus Trus¢ IBkck74tl knbrary) Sw Nichobs Goodison Award AH Y4Nrt &P4rth¢ishw Grani AH Panicipauon & iarnin8 The J ohn Ekrman Foundation Going Pknc¢5 Grant Restrictrd kga¢y Incom¢ Wei Dock iépJir5 Conser0 PLts'¥ib'¢$ Fk¥u)8 Trknnds A¢¢css Fund Bal.¢ Scoll Dresstr Finonce Costs Support J an Ambkr . Bkn¢kMrD Buiklinm Repirs Total r•¥trl¢t•d lund• 16.767.866 13.216 (1.200,ODO) {155,3781 16,612,488 13.216 (1,200,000} (149) 318 318 1.000 1.000 1.429 7,306 33,750 1.163 20,437 20.000 3,609 11,022 500 so,000 (1.429) (7,306) 172,750> 139.000) 1,163 19,314 39,000 140.1231 120.000) (8.609) (16,220) (975) 5.000 13,254 475 66,667 4,000 1.000 10,567 15,000 31,250 186,531 8.056 116.667 (4,000) (I,ooo) (10.567) 115.000) 112.226) {301732) 19,024 15,651246 1S,831,447 Total lund• 15,393,rn 2,119,350 11479,7T3) 15,031355 2& An81$ d net 188•ts ttw•&h fund• Group Unr¢•lrld•d funds General Tth•l fv al 31 Marth 2025 ft•strkled funds Perminenl Tangib 895¢ Fid assei In$1¢ts Current assety Curr¢nt bpbibties credi15 o¥tr l year Tolal nDI 418•tg 1145,8571 16.612.488 16,466,631 569,288 137.716 {461,412) 239,758 377,474 1461,41 11,294,329 15,657.652 1,200.000 15,651246 {563,882) 569,288 Unrestriclwj Vnroslrlded nd8 fun O•slBnthl Reslrkl•d fu Totsl fund¥ at 31 h*rch 2024 P•rnwwnl Tangtsk a5$¢ts Fixed a55ei Insts¢Th Currcnt isscls Currertt kabthtie$ Crediwrs l year Total nel •6set$ 20,023 16.767,866 16.787.889 426.805 623.409 1675,137) 1250 054 15.911912 426,105 88.195 271,634 (675.137) 50.054 1431534} 263.580 15,831,446 515,LWJO 64

Lakeland Arts Notes to the Financiol Statements f or the Year Ended 31 March 2025 Charlty Unre8lrlct•d funds G•n•ral Total fund8 •t 31 March 202S R•strleted fund• Tangibk fixed assets Fixed asset insIMents Current assets Current liabibties Cr¢dilors 0r l y¢or Tot•1 118t a88•t• 29,621 16.612.488 16.642.109 15,720 (418,248) 269 807 (642,712) 263,580 279,300 (418,248) 1 469 807 15.033.356 1 200 000 15,676,068 Unre8lrlcted funds General Total fund$ at 31 March 2024 R•strkt•d fund$ Tansibk fiy¢d assets Fixed asset instsnents CurTcni assets Curr¢ni b4biSties Creditors o%tr l year Total not U8et8 20.023 16.767.866 16.787.889 319.963 (602,125) 175.532 1437,669) 263,580 583.543 (602.125) .375 532 15,393,7TT 1.200 000 1S,831,446 29. AMtysl8 of net fund• Group Fln8nclng ca•h flow8 Al 31 M•rch 2025 2024 Cash at bank and in hond Debt due within one y¢0r D¢bi due aft¢r more than one yeT Ftn4n¢e Seases and hire purchase ¢ontr8¢ts N•1 d•bl 230.751 (6.254) {1,250,054) (203,745) 44 21.666 27.006 (6.210) {1.228,388) (1,060,420) (167,655 11.228,075) Flnanclng cash. Ilows Al 1 Aprll 2023 At 31 Mnrch 2024 Cash at bank artd in hand Debi due withirt one year Debi due afteT more thHn one year Finon¢¢ k4$es and hire purchase contracts Net debt 165,786 (7.410) (1.409.543> 67.059 1.156 159.489 232,845 (6,254) (1,250,054) {1,251,167) 192.841 (1,058,326) 30. Reknted party tran8adlons Group There Here no r¢knt¢d party transactions in the yeaw. Charlly There wEre no r¢knt¢d party transactions in the yeftr. 65

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