Keswl¢k Museum and Art Gallery Management Ltd
Report of the Dlrectors and Trustees
and Flnanclal Statements for thè year ended
31 January 2025
Keswick
ACCOUNTANTS
KESWICK
MUSEUM

Keswick Museum and Art Gallery Management Ltd
Index to th8 Financial Statements
for the year ended 31 January 2025
Page
Charity Information
Trustees, Report
Independent Examiner's Report
10
Statement of Financlal Activities
11
Stat8ment of Financial Activities - Comparative
12
Balance Sheet
13
Notes to the Flnancial Statements
15-21

Keswick Museum and Art Gallery Management Ltd
Charity Information
for the year ended 31 January 2025
DIRECTORS
AND
TRUSTEES:
G R Blackmore
M Chatton
J Edgar
L-J C Johnston
A R G Mccooey
K Mckay
V Mitchell
C E Pouller
BUSINESS ADDRESS
Station Road
K6swick
CA12 5NF
REGISTERED OFFICE:
As Business Add￿sS
CHARITY NUMBER:
1156330
COMPANY NUMBER:
6051644
INDEPENDENT EXAMINER
Tim Moss ACA
16 Hazelwood
Kendal
LAg SEE
BANKERS:
Cumberland Building Society
Station Street
Keswick
CA12 5HF
Page 1

Keswlck Museum and Art Gallery Management Ltd
Report of the Trustees
for the year ended 31 January 2025
The Truslees (Managemenl Committee), who are the directors of the Company for the purposes
of company law, present their report together with the financial statements of the Charity for the
year ended 31 January 2025.
The accounts have been prepared in accordance with the Charities Act 2011. the Companies Act
2006, and the Accounting and Reporting by charities.. Statement of Recommended Practice
(SORP) applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effective 1 January
2015).
Govorning Document
Keswick Museum and Art Gallery Management Company Limited is a ujmpany limited by
guarantee and registered charity. The comp8ny was establishad under a Memorandum of
Association, which established the objects and powers of the charitable company, and is
governed under ils Articbs of Assocation.
Trustees
The Trustees who served during the year ware'.-
G R Blackinore
M Chatton
C E Donaldson - resigned 07 January 2025
J Edgar
D Jackson - reslgned 01 March 2024
L-J C Johnston - 8ppoinled 08 October 2024
K Mackay
C F May - resigned 07 January 2025
A R G Mccooey
V Mitchell - appointed 14 Jan 2025
C E Poulter
ObJectlves
The company is established to provide at the museum and art gallery, facilities and premises to
advance the educalion in the arts and crafts and the natural and cultural history of Keswick and
the surrounding region for the b8nefit of the public.
Mlsslon
Keswick Museum Is a centre for local cullure and history. Our mission is to conserve and
celebrate our rich heritage for the enjO￿￿en1. education and inspiration of all.
Achievements and performanc8 over the year
This year, in terms of outputs achieved. has been one of great success for the Museum and Is
described further below. However. to put our achievernents in context.. we are comfortably
solvent in the short lerm yet il remains difficLJll lo see how if we continue as we are to achieve
long tenn finanGial stability and sustainability.
In essanc8 we are 8 'clvlc' museum. Our history has been as a local. Gouncil-run activity. Most
civic museums will expect to cover only 40-50°A of their costs through their earned income.
However. we currently receFve no financlal support from Cumberland Council and are expected to
stand on our own two feet.
Page 2

Keswick Museum and Art Gallery Managèment Ltd
Report of th8 Trustees, Contd.
for the year ended 31 January 2025
Achlevements and performance over the year {Contd.}
Whilst there is nothing wrong in principle for being responsible for ourselves it seems perverse that
when we look at measures of 'social value, as set oul by government itself. we see minimal
recognition of the many tens of Ihousands of pounds of value which we add to our community and
the local economy. We are activaly looking at ways to strengthen and quantify our social value
contributions.
By looking at the gov8rnment report referénced and restricting the analysis to specifiG categories
(extra-curricular activities for children, arts based activities for children and support for people wilh
dementia) we can show our benefil and social value conlribution of over £170,000 in a year. A more
generous selection of categories shows benefits running Into the £millions.
Similarly we have estimated our 'net addltional economic impact, uslng Ihe Association of
Independent Museums model. This is about £250,0(KJ a year.
Storytellèrs Exhibition & Programme
The Iheme of our exhibitions and programmes for Ihis reporting year and much of Ihe next is
'Storytellers'. This project is funded by NHLF. The initial activities were 'Reimagining Goldllocks,,
from the end of Aprll 2024 and ovcnts and activities focused on the 250th anniversary of Robert
Southey. Southey was a Keswlck resident, Poet L8ureate and chronicler of the first MKitten version of
the Goldilocks tale. We partner8d with Crosthwalte Church in Keswick, where Southey Is buried, and
th8 University of Cumbria to share our Southey work.
Whilst this proj8Ct was delivered, we also had 'Tale Telt, running, gathering folk stories, myths and
legends from local people. This has already achieved over 800 engagemenls wilh individuals from
across the county. The resulting exhibition, still to come, will be a departure for us from our usual
method of exhibition dlsplay. with a big audlo conlent, 11 will leave a legacy of cultural material that
may well olherwlse have been lost.
Community Gallery
We have a 'free' area in the building where we run oxhibilions of particular interest to local
community groups and special interests
Events this year have inGluded-.
1950s Keswick - which proved extremely popular
Threlkeld Brownles achieving thelr Archaeology badge
Thirlmere be-damned
Our Frozen Planet {including a book launch for a local author)
The frequency of exhibitions in this space will be scaled back next year as we have been unable to
secure future funding, bul we continue to consider the gallery an important element in our offering.
In addition to this free admittance Gallery space we circulaled an offer via a Royal Mail post drop lo
all residents in the CA12 postcode area so they could benefit from a reduced admission fee,
Lunchtime Talks
These 8vents are well supported and often oversubscribed, and as far as practicable relata to the
exhibilion programme we are running at Ihat lime. We have continued our policy of offering them free
of charge to ensure no exclusion on financial grounds. although we do ask for donations.
1 CULTURE AND HERITAGE CAPITAL". NK)NETISING THE IMPACT OF CULTURE AND HERITAGE ON HEALTH AND
Page 3

Keswlck Museum and Art Gallery Management Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Achievements and performance over the year (Contd.)
Volunteers
Numbers grew this year after a dip post COVID and we now have about 60 active volunteers
covering Front of House, Collections and other activities. We have worked wilh Cumbria Voluntary
SeNices (CVS) to recruit more volunteers and through the Access All Areas project lo support people
who would otherwise face barriers lo volunteering with us. The opportunities lo volunteer are in
themselves an important facet of social value.
We created a dedlcated dlsplay case for Indivldual volunteers to curat8 Iheir 'own' exhibition on a
subject whlch inler8sls them, examples over the year have included..
The History of Portugal: Robert Southevs Unfinished Dream
The Keswlck to Threlkeld Rallway Path
Southey: From Radical to Conservative
Peter Croslhwaite's Museum in Miniature
Harriet Martineau's Keswick
D'ye ken John Woodcock Graves?
Southey's Terrlble Knitters of Dent
Voluntear hours for 2024125 were 3,098 (2024: 3,153) with 550A covering front of house ro18S and
37 % worklng on our collections through the Access All Areas project funded by lh8 Arts Council.
Tuesday's Tonic
We are delighted to have been able lo continue these Tuesday sessions ￿lch support people living
with dementia and their carers. Wo have been successful in our request for substanlial funding for
2025126 from the Cumbria Community Foundation for this work, and we are working in partnership
with Keswick Rotary lo deliver an extra session each month in 2025. £1,500 is still needed to
complete the funding requirements for the nexl Iwo years but with our past record we are hopeful that
Ihis additional financial support will be forthcoming.
On this basis we have been able lo provide free places for all altend88s and thoir carers. The
sessions were provided twice monthly and in total 48hrs worth or 24 sessions hav8 been run wilh 345
particlpant attendances over the year. The sessions are always well attended by a core of
particlpants and carers with the regularity of tha provislon greatly appreclated.
Page 4

Keswick Museum and Art Gallery Management Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Achlevements and performance over the year {Contd.)
Stay and Discover
These sessions are for under fwe's and contain a storVelling element with basic Mak8ton and a creative
gallery aGtivity to encourage play and discover. They are extremely popular and indeed often
oversubscribed, with families coming from Penrilh, Carlisle and Workington as well as Keswick itself. We
were pleased lo receive support for this from Keswick Town Council for 2025126, recognising that there is
limited support for this age group in the area.
The sessions run weekly during term tSme {33 weeks approx) and we have had 260 child partlclpant
attendances and 217 parenvcarer participant attendances during the year.
Schools
Our engagement with schools has continued to flourish, and we now have on average one school vislt a
week. The schools involved range right across Cumbria including Barrow. Kendal, Workinglon,
Whilehaven. Cockermoulh and Penrith. Locally in 202415 every pupil al St Herbert's primary school will
have had an educational inler2Ction with the museum, and this is now extending to Borrowdale,
Bassenlhwait8 and Braithwalte school.
W8 have also engaged widely wilh sec<)ndary schools and it appears thal have found a useful niche
engaging with SEND programmes.
Primary school visits- 17 differont schools across 27 'visits' with 593 paid educational attendances and
161 free altendances. Secondary school visits- 4 schools with 91 paid educational atlendances.
The free attendances ar& usually to deliver the outputs from our grant funded work, and ma16rial costs
are covered and some staff time through the full cost recovery element.
At present our Learning and Engagement costs are not fully covered by income from this source. We are
limited in the amount we can charge by the financial circumstances of schools and pupils. The Board
would very much regret h8ving to curtail Ihis aspect of our work as we consider it integral to our
accessibility, inclusiveness and relation wilh the community. Meanwhile we will continue to endeavour to
keep as much of Ihe activity as possible wilhin our'core costs..
Accessiblllty
Keswlck participated as a pilot in Ihe Sensory Museums project run by the Arts and Humanities Research
Council, essantlally explorlng multi-sensory interprotation of items In the collectlon. in collaboratlon with
community partners. We were proud to have been selected as a pilot and feel we have contributed
usefully to the project.
One of the recommendations from our previous work with Helping Hands was to review the aC￿SSIbl11tY
of our website. This has been progressing, and wilh the financial support of Museums Development
North we started work on a 'welcome' video aimed at giving prospective visitors a preview of what to
expect and what facilities we offer.
Our summerfair, Ihemed on a 'Teddy Bear's Picnic. inGluded a hired 'Changing Places. tollet. The
positive response to this from visitors suggests that if affordable it is something we should try lo include in
future plans. The fair in the park allows us lo be more inclusive, reaching a wider audience than usual
and if we can inGrease accessibllity to the event then the benefits increase still further.
M8katon Is a UK-basod language program Ihal CoM￿neS s￿J￿5, symbols. and sp89d) to support communl¢allon fr￿ children and
adults wtlh leaming or communI(x1k￿ difficulties.
Page 5

Keswick Museum and Art Gallery Management Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Achievemants and performance over the year {Contd.)
Collection
Phase 2 ofAccess All Areas started in May 2024, and as mentioned above includes a big element of
support for volunteers who face barriers.
The 'Wisiling Here, zone of the main exhibition has been revamped and refreshed. The photography of
collection objeGls in 3D continues. This seems to be somelhing that some volunteers find particulady
interesting. Results are shown on a touch screen in the museum, literally allowing us to display more of
th8 collectlon. We have also started to show some objects on line.
Our collection records are digitally recorded using Modes. These records (mlnus personal details) have
been uploaded lo the Museum Data S8Nice and our hand written accession reglsters have been
digitised and transcrlbed as part of the Banish Ihe Backlog programme run by The Collections Trust. Our
volunteers havé completed the reconciliation work of more than 7.000 entries from the registers to
correct and update our Modes records.
Other continuing collaborations are:
English Heritage - especially in relation to Casllerigg Stone Circle and school visits
National Trust
MINT Chin8S8 Fllm Festival
Keswick Tourism
Keswick Mountain Festival
Cumbrla Wildlife Trust
Words by the Water
Page 6

Keswick Museum and Art Gallery Management Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Achlevements and perfom)ance over the year {Contd.)
Flnance and Fundrai55ng
We have liad some significant suGGess in understanding and acting on the Full Cost Recovery prlnclple In
grant applications. In general this has meant Ihal project grants now cover a meaningful contribution to
mnning, providing space for and supporting individual projects.
We increased our entry fees for this year, which has asslsted the financial position and we will need lo
continue such increases in future to help lessen our f inancial deficits.
Ratail sales remain weak~ people still have 'less money to spend,. We have looked at the items that our
shop sells and revlewed the range. Building on our knowledge of what does sell well we have added many
items that are unique to the mus8um and come from our heritage ofThe Keswick SGhool of Industrial Arts.
We have reached out to local businesses In Ihe town. given our mutual interest in making Keswlck an
attractive visitor destination, and we recognise that we need to do much more lo demonslrale how we can
mutually help wilh this.
The Income from Barclays Bank has been very useful In underpinning the rental stream from the
Crosthwaite room. We hava also seen a healthy increase in bookings for the Crosthwaite room by a wido
range of olher local groups. Additionally the café which has only been open flve days a week thls year will
be back with seven days a we8k opening which should increase our tumov8r shar8 in th8 coming year.
Where we can control our financial destiny are making every effort lo increas8 our income and there
are positive signs that in some areas we are able to do so. However, the underlying level of our unfunded
costs are not all going to be met by these actions. For the moment we have reserves we can use to
support our activity but these are finite and It Is Imperative that we find ways to aGhleve financial break
even in the next two to three years if we are to continue.
Page 7

Keswlck Museum and Art Gallery Managemenl Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Financial results
Financially the year has been another challenging one. Visitor numbers are still below pre-pandemic
levels and dlsappointingly have not improved on the previous years level. The gr0￿h in our income is
purely a resuFt of increasing ticket prices. Retails sales have reduced and spend per head continues a
year on year downward trend. On the plus side other trading income from room rental has seen an
increase.
Receipls from small donalions still form a very small part of our income. We have also benefitled from
a larger one off donation this year as The Friends of Ihe museum group. which has fundraised on our
bahalf for many years, has b8en wound up and Ihe balance of resldual funds transferred to us,
Our grant funding has again been a strong elemenl In improving our performanc8. Securing grants
with a full cost recovery element has been a very signlficant faclor for us and considerably altered our
financial result. Our main exhibition granl this year from The Arts Council is recaived in arrears and
this has altered the patlem of our receipt of funds and hence the reduction In the restricted funds
balance at year end.
As a consequence of all this we have incurred a deficil of £29k (2024: £132k deficit).
Total Expenditure In 2025 was £316k <2024- £330k). Staff costs were £187k (2024: £184k), which
includes the cost of a freelance person. These staff include Ihose who deliver our Leaming and
Educatlon programme, 8 key feature of our objectives for this and futur8 yaars,
Restricted funds were reduced by £25k (2024.. £36k). Our Unrestricted funds were increased by £12k
{2024: £46k reduction) following a £40k transfer from our resilience designated fund to make good this
years deficit.
The loss budgeted for Ihe year was in fact far larger than Ihe more modest loss that was evenlually
achieved. The Museum has set a course lo achieve a breakeven position over the next 2-3 years. il is
unrealistic lo be able to achieve this in the space of one or two years and henc8 th8 continuing need
for the resilience designated fund lo support the tradlng posilion.
This y8ar we transferred £40k (2024: £50k) from this resilience reserve to unrestricted funds to bolster
the general fund. We also transferred a further £25k from the unreslricled reservos to our sp8cial
projects fund, this being the balance of the funds received from the Friends net of matched funding for
our grants. The reslllence & fulure projecls designated funds were established after our receipt of a
legacy in 2023. Our plans are to use the latter funds lo Invesl In a project to honour the memory of our
very generous legatee.
The balance sheet shows a total of £225k (2024: £254k).
Reserves Policy
The management team have considered the level of unrestricted funds held by the Museum and are
happy to mainlain the policy Ihal Ihe level of unreslricled reserves should be sufficient to cover 3
months of core running costs as 2 minimum requirement.
The budgeted unrestrScted core expenditure for 2025-26 is £160,000, our target for unrestricted funds
is therefore £40,000. The reserves are needed to meet Ihe working capital requirements of the
museum and management are happy that should there be a significant reduclion in income these
funds would enable tho charity lo continue to meet its ongoing liabilities whila any short term
difficulties are resolved.
Page 8

Keswlck Museum and Art Gallery Management Ltd
Report of the Trustees, Contd.
for the year ended 31 January 2025
Princlpal Rlsks &'Uncertalntles:
Rlsk Managemont
The Trustees have a risk rnanagemenl slralegy which comprises".
- An annual review of the rlsks the charity may face
- Th6 6Stablishment of systems and procedures designed to miligale the potential impact of the risks
Identified
- Tho Implemenlallon of procedures designed lo minimlse any potential impacl on the charily shoukl
those risks materialis8
The work has identified financial sustainability is the major financial risk. A key element in Ihe m3nagemenl of
Ihe financial risk has been In Ihé rÈvleui of the reseNes policy to ensure sufflclènt worklng capital Is in place
over Ihe ￿mIng years.
Statement of Dlr8ctors RèsponslbFlities
The Dlreclors are required under the Companles Acl 2006 and the Charllles Acl 2011 to prepare financlal
statements for each financial year whlch 9lve a Irue and fair view of tho slate of affalrs of lh8 company end of
Ils net svrplus or deficit for that perlod. In preparing those financial slataments, the dlrectors ara requlred lo:
a) solecl sultable accounting policies and then apply Ihem consistently.
b) observe the melhods and princlples in the Charities.SORP',
c} make judqemenls and eslimales that are reasonable and prudent.,
d) stale whether applicable accounting standards and stalements of recommended practlce have baen
followed subject lo any departures disclose¢J and 8xplalned In the financial slalemenls.
e} prepare the financial statements on the going concem basls unless il És inappropriate to presume the
company will continue in op8ralion.
The Directors are responsible for keeping proper accountlng records whl¢h disclose with reasonable accuracy
the flnanclal position of the Charity and to ènable Ih8m lo ensure that the financial statements comply with
applicablo law, a¢¢ounling slandards and the Charities SORP. Thay ara also r&sponslble for safeguardlng the
assets of ihe charlly and hence for taking reasonable sl8ps for Ihe pr6V6nlion and deleclion of fraud and other
irregularities.
ON BEHALF OF THE TRUSTEES
Clare Poulter
Chair
Date: 71h AprTI 2025
Page 9

Keswlck Museum and Art Gallery Management Ltd
Independent Examiners Roport
for Iha yaar ended 31 January 2025
I report on the accounts for the Trust for the year ended 31 January 2025 which are set out on
pages 8-21.
Respectlve responslbllltles of trustees and examlner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees
consider that an audit is not required for this year, under section 144(2) of the Charities Act 2011
(the 2011 Act), and that an independent examiners report is needed.
It is my responsibility to.,
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity
Commission under section 145(5)(b) of the 2011 Act. and
- to state whether particular matters have come to my attention.
Bas18 of Independent examlner8 report
My examination was carried out in accordance with the General Dlrections given by the Charity
Commissioners. An examination includes a review of accounting records kept by the charity and
a comparison of the accounts presented with these records. It also includes consideration of any
unusual items or disclosures in the accounts, and seeking explanations from you as trustees
concernlng any such matters. The procedures undertaken do not provide all the evidence that
would be required In an audit and, consequently, I do not express an audit opinion on the view
given by the accounts.
Independent examlner8' statement
In connection with my examination. no matter has come to my attention..
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
keep accounting records In accordance with s130 of the 2011 Act. and
to prepare accounts which accord with the accounting records and to comply with
the accounting requirements of the 2011 Act
have not been met;
or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understandlng
of the accounts to be reached.
TIM M088 ACA
Date..
Zs16/25
Page 10

Keswlck Museum and Art Gallery Management Ltd
Statement of Flnancial Actlvltles
for the year ended 31 January 2025
31 January 2025
Notes Unrestricted Restriclad Designated
Funds
31 January 2024
Total
Total
INCOME
Donations, legacles and grants
Donalions and gifts
Legacies receivable
Grants receivabl
In¢om8 from charitabl8 actlvities
Museum Activiles
Other trading acllvltles
Fundraislng
Trading income
Income from Investments
39.059
9,080
48.139
12.109
2.000
80.338
123.201
123.201
68,042
68,042
54,206
737
40.485
6.727
737
40,485
6,727
754
40.454
7.222
Tolal income
155,050 132.281
287,331
197,083
EXPENDITURE
Expendlture on tradlng activities
Aclivities for generating funds
Expendlture in charltable actlvitles
Charitable activities
8,033
8,033
9,911
212.241
95,991
308,232
319.625
Total expendlture
220.274
95,991
316,265
329,536
Net Income before transfers
(65,224)
36,290
(28,934)
{132,4531
Transfers between funds
77,249 (61,664) (15,585)
Net movement in funds
12,025 (25,374) (15.585) (28,934)
(132,453)
Total funds brought forward
26,757 34,731
192,454 253.942
386,395
Total funds carrled forward
17
38,782
9.357
176.869 225,008
253,942
There were no gains or losses in the year to 31 January 2025 or 2024,
other than those included above.
The notes on pages 1 &21 fomi pari of these financlal slatements
Page 11

Keswick Museum and Art Gallery Management Ltd
Statement of Flnancial Activities
for the year ended 31 January 2024
31 January 2024
Unrestricted Restricted Designated
Funds
Total
INCOME
Donations and legaclas
Donations and gifts
Legacies receivable
Grdnts récèivable
Income from charitable aclivities
Museum Activites
other trading activltles
Fundraising
Trading income
Income from investments
7.654
2,000
4,455
12,109
2.000
80.338
80,338
54,206
54.206
754
40.454
7,222
754
40,454
7,222
Total Incomé
112,290
84.793
197,083
EXPENDITURE
Expénditure on tradlng activities
Activities for generating funds
Expenditure In charitable activitles
Charltable activities
9,911
9.911
228,831
90,794
319,625
Total expenditure
238,742
90,794
329.536
Net income before transfers
{126,452) {6,001)
(132,453)
Transfers between funds
80,214 (30.214) (50.000)
Net movement In funds
(46.238) (36,215) (50,000) (132.453)
Total funds brought forward
72.995 70,946
242,454 386,395
Total funds carrled forward
26.757
34,731
192.454 253,942
Page 12

Keswick Museum and Art Gallery Management Ltd
Statement of Flnanlcal Position
as at 31 January 2025
Notes
31 January 2025
31 January 2024
Fixed Assets
Tangible fixed assets
Current Assets
Stock
Dabtors
Cash at bank and in hand
4,387
40,655
202.037
2,794
35,818
231,619
12
247.079
270,231
Credltors: amounts falling due wSthln one year
Creditors and accruals
13
22,071
16,289
Net Current Assets
225,008
253,942
Tolal Assets less Current Llaljllltles
225,008
253,942
NET ASSETS
225,008
253,942
Funds
Unrestricted funds
Restricted funds
Designated funds
14
38.782
9,357
176,869
26,757
34.731
192,454
15
225,008
253,942
For the year ending 31 January 2025 the company was entitled to exemption from audit under
section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtaln an audlt in accordance with section 476
of the Companles Acl 2006.
The notes on p8ges 15-21 fomi part of these financial statements
Page 13

Keswick Museum and Art Gallery Management Ltd
Statement of Flnan¢ial Posltlon (Contd.
as at 31 January 2025
The Trustees aCknO￿edge their responsibilities for:
ensuring that Ihe company keeps accounting reGords which comply with Section 386
of the Companles Act 2006, and
b)
preparing financial statements which give a true and fair view of the state of affairs of the
company as al Ihe end of each financial year and of its surplus or deficit for each financial
year in accordance with the requirements of Sections 394 and 395 and which otherwise
complywith the requirements of the Companies Acl 2006 relating to flnanclal statements,
so far as appllcable to Ihe company.
These financi81 slatemenls have been prepared in accordance with the provisions applicable lo
companies subject to the small companies regime 2nd in accordance wlh FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland,
Approved by the Truste8s and signed on Iheir behalf
Ikn
Clare Poulter
Chair
Date: 7th Aprll 2025
The noles on pages 15-21 form part of these financial statements
Page 14

Keswick Museum and Art Gallery Management Ltd
Notes to the Flnanclal Statements
for the year ended 31 January 2025
1 Accountlng Pollcles
Statement of compllance
Thè financial statements have been prepared in accordance wllh Accounling and Reporbng by ChaTi118S'.
Slalement of Recommended Practice applicable lo chartlies in proparing their accounts In a¢cordance wlh Ihe
Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland {FRS 102) {effeclive 1 January 2019)
- {Charitles SORP IFRS 102)). the Financial Reporting Standard applicable in the UK and Republic ol Ireland
(FRS 102) and the Companies Act 2006.
Bas1$ of preparatlon
The charity meols Ihe definition of a publlc benefit entity under FRS102. Ass&ls and118bllllles ar8 initially
recognis8d al hlstorlcal Cost or Iransaction valu6 unless othe￿ise staled in th8 relevant accounting policy
nolelsl.
Tanglble Flxed Assgts and Dopreclatlon
Assets used for charitabl& purposes, with an expected useful life 8xce8dlng one year, are capitalised on the
balance sheet. Depreciation Is provided al the following annual rate5 in order to wrlle off each asset over Its
expected useful life..
Computers
Flxture & Filllng8
33.34% on ieduclng balance
25°A on reduclng balance
Income
Income consists of grants recoivod and income from promotions. accounted lor on a receivable basls, Whe18
income Is recelved for a spedfic purpose, a$ defined by the donor, thi5 income Is classed as reslricled. Income
re¢eived towards the general objects of the charity is classed as unreslriGted.
Expendltur&
Expenditure is accounted for on an a￿ru81S basis. Wh6re il r8lal8s lo a specific projeGI11 is 8lloca18d to that
proleGI as re$lrlcl8d expendlture. Expendllure that relates to Ihe objects of the charfly Is cla55ifled as charllable
aclivilies. Any legal or professlonal costs are classlfied as governance ¢osl$. Th8 costs of ganeraling lunds ar8
separately Idenllfied.
Funds
General funds are Ihose where no reslrlcllons have be8fk placed upon the specific sponding of the funds by thé
donor. Designated funds are those funds where the direclors have chosen lo eam)ark general funds for
specfic purpos8. Restricted funds are Ihose funds where the donation is recelved for a specific purpose 8s set
out by the donor.
Corporatlon Tax
As a 'not for profil. company wilh Gharilable stalus the Company Is exempt from the payment of corpor8Uon lax.
Stock
Stock Is valued at Ihe lower of cost and nel reallsable vakne.
2 Payment to Accountants
Th8 P8yment lo the accountants included in Ihe expenditura is splil as follows:
2025
2024
Book keeplng, payroll and year end accounts
Payment for Independent Examination
2.750
3,000
2.750
3,000
Page 15

Keswlck Museum and Art Gall&ry Management Ltd
Notes to the Financlal Slatements
for the year ended 31 January 2025
31 January 2025
Reslricted
Unrestricted
Dasignated
Total
31 January 2024
3 Donations
Sundry Donations
Friends Donations
Gift Ald
3,238
29,415
6,406
39.059
2,113
6,885
82
9.080
5,351
36,300
6,488
48,139
3,767
3,894
4,448
12,109
4 Grants recelvablg
Arts Council
Cumberland Coun¢ll
NHLF Grant
AIM Grant
Museum Development NW
Keswick Lions
Keswick Town Council
York Museum Trust
Sensations Museum
Co-op Funding
Ralhbone
Tullie House
Other Grants
36.018
36,018
14,392
11,000
47.342
315
317
1,000
1,500
84.529
115)
84,529
1151
1.350
208
959
1.350
208
959
3,000
1,472
100
100
123,253
123,253
80,338
5 Museum Actlvlt8$
Admission Ch8rges
Room Hire
Lcarning and Educatlon
Other Income
Insurance proceeds
45,594
17,410
4,051
987
45,594
17,410
4,051
987
36,536
11,865
4,026
1.120
659
54,206
68,042
68,042
6 Fundralslng
Victorlan Fayre
737
737
737
737
754
754
7 Tradlng Income
Relall Sales
Calerlng Franchise
14,041
26,444
40.485
14,041
26.444
40,485
13,501
26,953
40,454
8 Expendlture on Tradlng Activities
Costs of Retail Purchases
Other fundraising costs
6.944
1.089
8.033
6,944
1,089
8,033
8,8q7
1,094
9.911
Page 16

Keswlck Museum and Art Gallery Management Lld
Notes to the Flnancial Statements
for the year ended 31 January 2025
31 January 2025
Unrestrlcted Restricted
Total 31 January 2024
9 Charitable actlvities
Exhibition and Project Costs
Staff costs
Administration
Marketing and Advertising
Premisas and other costs
Interest and charges
Legal and professional
276
139,344
7,322
18,064
43.262
1.223
2,750
212.241
35,097
47,883
3.372
9.173
466
35.373
187,227
10.694
27,237
43,728
1,223
2,750
308.232
47,584
184,004
11,908
22.325
49.817
987
3.OQO
319,625
95,991
10 Employee Remuneratlon
31 January 2025
31 January 2024
staff costs
Wages
Employers NIC
Employers Pension
Freelance wages
Travel
Recruitment
Staff training
156,788
5.774
2,666
15,630
1,882
3,164
1,323
187,227
157,482
6,416
2,951
12.499
1,629
235
2,792
184,004
No employee had employee beneflts, including salary and penslon Contrlbulions, in excess of
£60,000 (2024: nil).
The key managem&nt personnel of the charity comprlse the Trustees and the Chief Executlve
Offlc8r. The total empSoyee bènefits of the key management personnel w8re £34,800.
The averag6 number of full lirne equlvalent staff employed by the trust during the y8ar was as follows,.
31 Jarbuary 2024
31 January 2025
No.
Direct staff
Admin and offlce staff
5.30
0.65
5.95
11 Trustee Remuneratlon and Expenses and Related Party Transactlons
No remuneration directly or indirectly out of the funds of the Gharity was paid or
payable for the year to any Trustee or to any person or persons known to be connected
with any of them. During Ihe year £80 {2024: £1.629) was paid lo Truslees in tr8vel expenses.
Related parties are the Truste8s and Key Management Personnel and Iheir close families.
Ouring the year there were no transactions with relaled parties.
Page 17

Keswick Museum and Art Gallery Management Ltd
Notes to the Flnanclal Statements
for tho year ended 31 January 2025
12 Debtors
31 January 2025
31 January 2024
Trade debtors
other debtors
Prepayments
1,302
35,683
3.670
930
29,224
5,664
40.655
35.818
13 Credltors: amounls falllng due withSn one year
31 January 2025
31 January 2024
Trdde creditors
Other taxation & social seCur￿ty
Accruals
Deferred income
7,455
2,513
526
11,577
6,419
3,067
220
6,583
22,071
16,289
Page 18

Keswlck Museum and Art Gallery Management Ltd
Notes to the Financlal Statements
for the year ended 31 January 2025
14 Funds
At
1 February
2024
Incoming Outgoing
At
31 January
2025
Resources ReS￿rCeS Transfers
Projects & Restrlcted funds
story Tellers
80.607
(34,054) {46.553}
NHLF Big Science 2023
6.564
(58)
{4,128) (2.378)
ACE Access All Areas
39,305
{23,372) (7.402)
8,531
NHLF Communitys Volce
13,864
4,032
(18,052)
156
ACE Opening the Store Door
7,910
3,598
(8,793) 12,715)
Other Grants
2,970
1,693
(867) (2,970)
826
Tuesdays Tonic
3,423
3.104
(6,725)
34,731
132,281
95,991)
61,664
9,357
Designated funds
Refurblshment Reserve
17,454
17.454
Future Projects ReseNe
75,000
24,415
99,415
Resillence ReseNe
100,000
(40,000)
60,000
192,454
15,585)
176,869
Page 19

Keswick Museum and Art Gallery Management Ltd
Notes to the Financial Statements
for the year ended 31 January 2025
Funds Comparative at 31 January 2024
At
1 February
2023
Incoming
Outgoing
At
31 January
2024
Resources
Resources Transfers
ProJecls & Restrlcled funds
NHLF Big Science 2023
32.291
32,435
(32,895) (25,267)
6,564
NHLF Evolving Exhiblion
1.219
(1,219)
NHLF Communitys Voi
13.046
16,126
{15,308)
13,864
ACE Opening the Store Door
21,082
14,392
{23,307} (4.257)
7,910
Other Grants
16,244
(13,274)
2,970
AIM Training Grant
315
{315)
Tuesdays Tonic
3,308
6,500
(5,695)
{690)
3,423
70,946
84,793
90,794)
30,214
34,731
Deslgnated funds
Refurbishment reserve
17.454
17,454
Investment reserve
50,000
25.000
75,000
Resllience Reserv8
175,000
(75,000)
100,000
242.454
{50,000) 192,454
15 Net Assots by fund
Unrestricted Restricted Designated
Total
Tangible flxed assets
Current assets
Creditors.. amounts falling due
within one year
60,853
{22,071)
9,357 176,869
247,079
(22,071)
Total net assets
38,782
9.357 176,869
225.008
Page 20

Keswick Museum and Art Gallery Management Ltd
Notes to the Financlal Statements
for the year ended 31 January 2025
Net Assets by fund Comparative at 31 January 2024
Unrestricted Restricted Designated
Total
Tangible fixed assets
Current assels
Creditors: amounts falling due
wilhin one year
43.046
(16,289)
34,731
192,454
270,231
(16,289)
Total net assets
26.757
34,731
192.454
253,942
16 Going Concern
The Trustees have reviewed the going concem slatus of the Museum and are happy to
conclude that there are no material risks within the next 12 months. They believe that the
preparation of the accounts on a going Concern basis is the correct treatment.
Trading conditions contlnue to be very challenging for the Museum and losses are
forecast over the next twelve months. The Trustees are happy thai given the level of
unrestricted reserves available and the business plan that has been proposed and
approved by the board, bringing the museum back to surplus over the next three years,
that the museum continues to be a going concern.
17 Members liablllty
The liabi11ty of the members is limlted. Every mamber of the charity undertakes to
contribute to the assets of th8 charity In the event of the organisatlon belng wound up
whlle he or she is a m8mber, or within one year after he or sh8 ceasos to be a member,
for payment of the debts and liabililies of Ihe charity Gontracted before he or she ￿aS0S
to be a member. and of the costs, charges and expens8s of winding up, and for Ihe
adjustment of the rights of the contributors among Ihemselves. such amounl as may be
required, but not exceedirvJ £1.
Page 21

Keswlck Museum and Art Gallery Management Ltd
FinanGial Statements
for the year ended 31 January 2025
The following pages do not form part of th8
Statutory Accounts

Keswick Museum and Art Gallery Management Ltd
Income and Expenditure Accounl
for the year ended 31 January 2025
31 January 2025
31 January 2024
INCOME
Donatlons and Legacies
Donations and gifts
Sundry Donations
Friends Donations
Gift Aid
5,351
36,300
6,488
3,767
3,894
4,448
48,139
12,109
Legacies recelvable
Legacy receSved
2,000
2,000
Grants receivable
Arls CounGII
Cumberland Council
NHLF Grant
AIM Grant
Museum Developmenl NW
Keswick Lions
Keswick Town Councll
York Musoum Trust
Sensations Museum
Co-op Funding
Rathbone
Tullie House
Other Grants
36,018
14,392
11,000
47,342
315
317
1,000
1,500
84,529
(15)
1,350
208
959
3,000
1,472
100
52
123,201
80,338
Income from charltable activltles
Museum Aclivit8S
Admission Charges
Room Hire
Learning and Educatlon
Other Income
Insurance proceeds
45,594
17,410
4,051
987
36,536
11,865
4,026
1,120
659
68,042
54,206
Other tradlng activites
Fundralslng
Victorian Fayre
737
754
737
754
Trading inGom8
Relail Sales
Catering Franchise
14.041
26,444
13,501
26,953
40,485
40,454
Inveslment income
Bank int8rest received
6.727
7,222
6.727
7,222
Total Income
287.331
rf97,083
Appendix I

Keswl¢k Museum and Art Gallery Management Ltd
Income and Expenditure Account
for the year ended 31 January 2025
31 January 2025
31 January 2024
Income, brought forward
287,331
197.083
Expendlture
Expenditure on Trading Actlvltles
Trading Expenses
Costs of Retail Purchases
Other fundraising costs
6,944
1,089
8,817
8,033
9,911
Exhlbltlon and Prolect Costs
Collections costs
Exhlbition costs
Learning and engagemenl costs
Evalualion
424
14,762
18.939
1.248
9,841
15,497
20.686
1.560
35.373
47,584
Stsff costs
Wages
Employers NIC
Employers Pension
Freelance wages
Travel
Recmltment
Staff Irainlng
156,788
5,774
2,666
15,630
1,882
3,164
1.323
157,482
6,416
2,951
12,499
1,629
235
2,792
187,227
184.004
Admlnlstration
Stationery and computer supplies
Refreshments and volunteer costs
Postage, telephone and broadband
Computer & website expenses
Subscrlpllons
Trustee travel expenses
3,014
578
1.909
4,753
360
80
2,692
1.538
1.847
3,980
522
1,329
10,694
11,908
Markétlng and Advortlslng
Advertising and marketing
27,237
22,325
27,237
22,325
Expéndlture Carried Forward
268.564
275,732
Appendix li

Keswick Museum and Art Gallery Managèmènt Ltd
Income and Expenditure Account
forthe year ended 31 January 2025
31 January 202S
31 January 2024
Expendlture brought forward
268,564
275,732
Prémlsès and other costs
Rates and water
Insurance
R8palrs and renewals
Laundry and cleaning
Light and heat
3,452
2.074
18,682
5.689
13.831
1.826
2,727
29,810
4,933
10,521
43.728
49,817
Interest and charges
Bank charges
1.223
987
1.223
987
Legal and professlonal
Accountancy
2.750
3,000
2.750
3,000
Total Expandltur6
316,265
329,536
Nat Incorne
(28,934
132,453
Appendix iii