2023-11-30-accounts

Chartty Registration No. 270923 Company Reglstratlon No. 01240160 IEnyland and Wales) THE LAKE DISTRICT CALVERT TRUST IA COMPANY LIMrrED BY GUARANTEEI ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Calvert Trust Chollenging Disability Through Outdoor Adventure Lake District

THE LAKE DISTRICT CALVERT TRUST CONTENTS Page Legal and administratsve infcthiation Chair's statement Trustees. rewrt 6-13 Stalemenl of trustees. responsiLN"1slies 14 Independenl audito15 report 15-18 Slaternent of financial activitie5 19-20 Balance sheet Statement of cash flows 23 Notes to the financial ststements 24-48

THE LAKE DISTRICT CALVERT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru5tee$ Giles H Mouns8y-Heysham. Chaiw to IResigned 23 April 20231 2310412023 Martin G Mullin, Chair from 2310412023 Julian J Handy. DeputyQhair to 2310412023 lan S Lovthian Heather A Batey James W Fryer-spedding Anthony D Glynn Emily J Ftynn Judith Gale Anne L Dunn David G Brovm Hannah Richardson Srinwas Madipalli William JC Pon50nby (Resigned 23 April 20231 (Appointed 27 February 20231 (Appointed 21 July 20231 (Appoinled 21 July 20231 Secretary Anth)ny D Glynn Other Officers Sean Day, Chief EXe￿tiVe Charity Number 270923 Company Number 01240160 Country of Incorporation England and Wales Prlnelpal Offlet Little Crosthvrarte UnderskNJdaw Keswd( Cumbria CA12 4QD Auditor David Al￿n Chartered Accountanis and StatuttMyAuditors Dalmar Hous8 Barras Lane Es¢aie Dalston Carlisle Cumbria CA5 7NY

THE LAKE DISTRICT CALVERT TRUST LEGAL AND ADMINISTRATIVE INFORMATION 8ankers Bardays Bank plc Penrith Branch Market Square Penrith Curnbria CA11 7YB CAF Bank 25 Kings HITh Avenue King5 Hill Wesl Malling Kent ME19 4JQ Investment Advlsors Saragin and Partners LLP Juxon House ioo si. Paul's Churthyard London EC4M 8BU

THE LAKE DISTRICT CALVERT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Flnance Committee Anlhony D Gtynn, Chalr Martin G Mullin Judith Gate Philip s￿t. Ccwpted Member Stuari Coe. Co￿￿ted Me¥nbe Audit Committee Dawd G Brown. Chair Anlhony D Glynn James Fryer-spedding Roger Cooke. Cwpled Member AJastaiT Roberts, c(￿pted Member Income Generatlon Committee Anne L Dunn, Chair Marhn G Mullin Hannah Rithardson People and Operations Committee lan S Lowthian, Chair EMI￿ J F￿n Marbn G Mullin Judith Gale Rosemary Riley, Cmpted Member Nominations Committee James Fryer-spedding. Charr Marhn G Mullin Judith Gale Claire Hensrnan. C1￿0Pted Member Cllnlcal Comrnlttee Healher A Baley. Chair Martin G Mullin David G Brown William JC Ponsonby Fiona Nixon. C¢)-OPted Member Ajice Mekn"Ile. c￿[￿ted Member Emeritus Truste85 John Fryer-spedding CBE Roger Cooke. Vice President John wc￿)d Tony Welion Michael Toulmin Mark Winfield Corinna Cariwright SteF4)en Nicol William R BeH aiTe T Hensman

THE LAKE DISTRICT CALVERT TRUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2023 Welcorne to my firsl statemen¢ as Chair of Trustees lor The Lake District Calvert Trust. I took over the role from Giles Mounsey-Heysham in April 2023 and il is a pfivilege lo work such an oulstanding organisation. Firsuy, I must acknowledge the wonderful leadership Gi￿$ has pro¥hfjed to the Twst. He has been Chair lor 9 years with another 5 years as a Irusiee His tenure has coinoded wth one of the mosl challenging periods in the charity's h15lory. His calm, cdlaborative and positive approath ha5 enabled us ¢0 succes51ully navigate the pandemic years. significant inflationary pressu￿$ and 8 difficult labour market. During his tenure there have been many significant developmenis al the Trust culminab.ng in Ihe opening of the new Acquired 8rain Injury IABII service Calvert Reconnections in 2021. We are grateful to Gi￿S for his steadfast leadership and ￿7$h him well for the future. Thank you Giles. We started 2023 in a sitnilar way to 2022 in Ihat our rese￿eS were low as we continued to support Calvert Reconnections through the start up phase. We went into the year wlh strong forward bookings for Calvert Lakes which gave us much hope. 11 was fantastic, therefore, to see the hard work of the Calvert Reconnections. team rewarded as occupancy quickly rarnped up and 248 bed weeks were achieved against 1 D4 lor the prior year. The serwce 5upporled a lotal of 24 clients dunng the yeaT and dosed the year Mrith 6 dients residenl in the service. This gives us great hope for 2024 and I musl acknowledge the lortslude of the leam and their tenacity a5 they worked hard to accelerale the start up phase. Outcomes for ihe dients have been rernarkab￿ and yet again the seNice was nominaled for Rehabilitation PrO￿der ol the Year. Head of Setvice, Claire Appleton. ha5 worked tire￿S$1Y together with her ieam and they have the adr￿1[ation. as well as the thanks. of the trustee Board. Our Calvert Lakes serwce again delivered wonderful outcome5 lor our parlicipants and it never ¢eases to am8ze me, as l observe activities. just how muth joy and hap￿ne$S the team deliver. The forward bookings tailed off in the early part of 2023 such Ihal overall bednights were 8,996 compared io 9.342 in the prior year. We hosted 2.864 children and adulls12.325 in 20221 and we continue to deveknp the service offering to increase occupancy In the winler rnonlhs. The Trust's s13bles were a popular and muth Tn-dernaftd 5eTw¢e albeit not wthout challenges We acquired two new horse5 in 2022 and one of these new additions. Queenie. tumed out to be in fo81. We greeted a strong and healthy new fo81 In April 2023 and named her Calvert Majests'c Star Istabie name Peggy). Our atxlily lo deliver a lull service has improved with Ihe enhanced capacity from cmjr addition of two horses and the ￿tuM to a full slatt team. However, Ihe continue(J p￿ValenCe of low flying jets. which are èxtraofdinarily loud, limits our ab'lity lo trap drive excepi ai weekends. We devek)ped a new offering of weekend break5 focused around horses and the stables. These We￿ well received and we filled 7 suth weekends with many more planned for 2024. As I have menlianed earfier. we have continued lo invest in provision ol semces at Calvert Lakes and Calvert Stables whilst supporting Calvert Reconne￿10n$ through its startup phase. As a re5ulI, the trustee conlingency reserve was £NIL al the end 01202312022 £249.2361. We are therefore grateful for the additional financial support Irorn, and partnership with, the Francis C Scott Charitable Injsl with thwr soiial investment loan of £300k. Fundrai51ng for the year was £696,620 Including £211.844 of legacy income. We are p8rticularfy gratefvl to the estate5 of the lale Joel Conrarlt Eberlin and Ihe late Gilian Verity Ben50n Brown for their sizeable legacy gifts lo the Trust. We massively appreaate the continued financial support we receive from a wde range of givers Including the grant making Irusis that support us. The Friends of Calvert Trust (Lake District), Ihe tnany clubs, charities and organisalions and the many private individuals who gwe 50 generously. Your sUPPOrt enabks us to continue lo give so many people wlh disabilitie$ 8c¢xss lo wonderful ouldoor expenences that would othetWi5e not bp available tts them. During 2023 we were saddened to hear of the death of Terry Lanst*Jry, Emeritus Truslee. Terry was a Trustee from 1994 10 2003 and remained a paS￿onate ambassador and suprM)t1er of the Trust. His experien￿ and gu￿an￿ will be sadly missed. Our trustee Board was reinforced durirtg 2023 wth three excellent 3ddiiions. I welcome H3nrTah Richardson, Srin MadipaS11 and Will Ponsonby lo the tEarn and I hDpe they vitll find their association with Calvert Lakes lo be inspiring and rewarding.

THE LAKE DISTRICT CALVERT TRUST CHAIR'S STATEMENT {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 I would like to thank all ol Ihe Iru5t8es for their continued hard woth and cofflmttment during lh8 18st 12 month5. The commiltee chairs have worked har¢J these past 12 months lo improve the effectiveness of the 1Si5CU5sions and ensure a focus on prowding both a strategic and operab"on81 ChaI￿nge. We are working diligently to forge closer working relationships wslh the senK)r leadership learn and ensure we have a'joined up. organisation with a ¢OTnrnon focus. 18m delighted lo see the su(xess during 2023 wth tuming our hig￿e¥e1 strategic plan into a series of deliverable 5tr818gic initiative5 and l am excited for the developments that a￿ being planned for the n8Xt 5 year5. During 2024 we plan to launch 8 significant appeal that will faolitate an expansion of Calvert Lakes to enable us to deliver the wonderful outCOTnes to a wider cohort of people wth disabilitses as well as enhance our ability to host rnore people living wth profound disability. Finally, may l a¢knO￿edge tha stsff t8am. Th8y ha￿ on¢e again boen superb in Ihoir focus on malntainlng an inspiring, warm and friendly environtnent in sprte of Ihe challenges. In keeping with our values l am determined that we will continue to be ambitious, InS￿"llng and sensrfive $0 that W8 del￿er an outstanding experieTr￿ for our employees as well as our guests. Martin Mullin

THE LAKE DISTRICT CALVERT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2023 The trustees, who are also direciors ol the tharity for Ihe purposes of r￿MpanY law. presenl th8ir annual report and finanoal slaternenls lor Ihe year ended 30 November 2023. The annual rerM)rt serv8s the purposes of bolh a Trustee's Report and a Directols Report under company law. Structure, Governance and Management The chanty was incorporaled on 12 January 1976 as a Company limited by guarantee and mt having a share capital. The charily Is govemed by its MemoTandum and ATtides ol Asso(xation. The charity has dispensed with the use ol the word"Limited' In its name. The Trusl's first centre at Keswith was opened in 1978. Wothng ckjsely wth the TrLJsI's disabled v5511ors and the many organisalions that visil wr centres. the Trust has Frfoneered Ihe provi&on and prornotion of outdoor activities lor people with disabilities. The Board of trustees have delegated day lo day management of the Trust to a Senior Leadership Team ISLTI led by our Chief Execulive. Followiru a govemance ￿VIeW in 2022. the Board of trustee5 reforrned Ils standing comtnittees to work acTOSS the Trust In the areas of - People and Opera￿onS, Clinical Govemance, Income Generalion and Fin8nce. Additsonal cornmittees including an Audit Cornrni(tEe. to provide finanaal and fisk oversight and ensure compliance responsibilities are meL and a Norninations Comlnrttee have a150 been established. As part of the reforms. the Board of trustees inueased meeting frequenaes Ènd meets al leasl four times a year lo receive reports frorn the Chief Executive. Senior Leadership Team and each committee in order to ensu￿ that all trustees are fully Involved in ihe Trust's govemance PT¢)cess. The trustees have COTnplied with the duly In section 17151 of the 2011 Charilies Act to have due regard lo guidance published by the Charity Commission. indudino publ'c benefit guidan￿. The trustees are frorn a variety of relevant professK)nal, business and charitable bathgrounds wih a number having lived experience of impairment. difference or d15ability. The tomposibon of the trustees, board and their experience and skills are regulady reviewed. to ensure the number and balance of tNstees remains appropriate. Al directors of the company are also tnjstees of the charrty, and there are no other trustees. Ml of Ihe trustees named oll the Legal and Admini5tralive InlorMa￿"U￿ page served throughout the year except as declared. The Board has the power lo appoint addition31 Irustees as it considers fit to do so. Use of Volunteers The charity has benefitted Irom the help ol over 80 volunteers during the financial year. The majority of Ihese vdunleers assisl and support the nding adiwties. ￿1￿ other volunteers also assisting in supporting our residential Calvert Lakes courses and progiammes. The Tnjsl has benefiiled Ir(xn v¢Aunleers supporbng 8ssenb"81 fundraising a¢tivities during this period. Trustees, Induction and Training All new trustees complele 3 fil and proper person assessment. lolltrw a formal trustee Induction process and receive a trustee induction Pack. They also complete an orientation meeting wtlh the Chief EXe￿tive, annual appraisal and ril and proper person assessments. followed by fomal training on disabilily awareness and safeguarding as part ol a schedule ol ongoing refresher training. Key Management Personnel Pay and Remuneratlon The key management personnel of the charity COn￿St of Ihe 5enTor leadership and Tnanagernent team members. The remuneration of the senior leadefship team and an annval pay award for all staff Is set and agreed by the Finance Committee and approved by the Board.

THE LAKE DISTRICT CALVERT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Fundraising The charity carries out a number of fundraising actimbes throughout the financial year. These activities are organised through the TTUSt's fundraislng team. The Trust adheres to a fvndraising code and is registered wth the Fundraising R￿ulatOr io ensure all fundraising actiwties folk)w best practi￿. The charity also uses 8Xtemal con5uKants to provide ossistance when undertaking maior appeals. Alms, Oblectlves and Public Benefit The charity exists In order to benelit people with disabilities. It aims lo enable them, together with their families and fn'ends, to achieve their potential through experiencing the d)allÈnge of outdoor adventure in the countryside. It does so principally through the pmvtsron of sperialise(l tscilrbe5 in and near Ke$￿Ck In the Lake Dlsffict. The particular beneftts that the Charity's actIv￿.e5 offer to our visrtors are.. The enrichment of their lives through advenlure, Confiden￿ bu1￿11)g and personal achiev8menl. The chance to enjoy countryside ol excepts.onal natural beauty. The opportunity to participate in a programme that includes relaxation as well as course activity. The enjoyment of recreational activities that can be trènsfeTred into everyday living. Brain injury rehati&tats"on combining tradibonal interdisoplinary cjinlcal U)erapies wth physical activilies in the outdcx)rs. Personal developmenl and support leading to inlegration. The Trust recognis85 the e(x)nomic disadvantage experienced by many peopl8 wth disabilities. Accordingly, in suitable cases it may be able to offer dired financial support in the form of bursaries. In other instances it may be possible to guide visitors lowards other sources of subsidy. The Charity's philosophy is to try to ensure that no person with a disability shoul¢J be deprived of the opportunity of a visit because of a lad( ol funds. When exercising their powers or dub"es, the trustees pay due regard to the Charity Commission's public berieflt guidance. In this regard. they recognise that to sat15fy the 'public' aspecl of the guidance, the charity'5 activities must.. benefit Ihe public in general. or a suffiaent section of the public-, and not giv8 ri58 to more than incidentsl personal benefit where'personal benefit. may inclvde finanraal benefits le.g. cash payrnenlsl, non-finanrial benefits or paymenis +n kinij {e.g. benefits in the form of goods or seNicesl, or benefits lo trustees. A personal benefil is considered 'inudental' where il is a necessary result or by-product of carrying out the charity's purpose. Trust88s also Tècognis8 that to satisfy the'benefit. aspecl of Ihe guidance". the purpose and activitie5 of the charrty must be beneficial - this musl be in a way that 15 identifiable and capable ol being proved by evidence where nece$5ary and which is not based on personal wew5.' and any detriment or hami ihat results from the purpose Ilo people. property or the environmenll musl not outweigh the benefit- again. this should be based on evidence 8nd not personal views Activities The charity is proud io offer a wide range of exabng ouidoor actiwbes. meaningful challenge. rehabilitation and adventUT8 Within a frarnework of safety. It has been invofved in Ihe developrnent of an extensive range of activities lor disab18d people, which now indude sailing. accessible bikj'ng, canoeing. kayaking, climbing, abseiling, horse riding, carriage driving, rnountaineering. hi1￿l￿n9 I pushing, bush craft, orienteering, archery, challenge activib.es and acc8ssible ropes courses. The chanty constantly strives to 8xpand and improve the range of activities available lo Tis wsitors. It is pleased to be recognised as a leader in its field. Twst•es' Indemnities The charity has held trustee indemnily insurance ¢hrough(Mrt the accounting period

THE LAKE DISTRICT CALVERT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Tangible Fixed Asset5 for Use by the Charity Changes in fixed assets are shown in the noie5 lo the Inancial statements. The Ttust occupies two freehold properties near Keswick named Liltle Croslhwaile and Old Windebrowe. which were the subject ol a generous gift when the TTUSI was founded. The Trust uses Ihese Properties as the base5 from which it carries out ils work. The properbes, when gifted. were subjecl lo a reslriclion Ihat, should the Calvert Trust not wsh to continue to Use the premise5. they must be disposed ol or sdd to another chanly. The Trust also occupies an accessitrAe boathouse on Bassenlhwaite Lake and various grdzing for OLJr stables facility on a leasehold basis. The Trust conD"rTued lo operale BoWderSt￿e Cottage in Borrowdale on a leasehold basis from the National Trusl during the year. The cottage wa5 retumed to ihe Nalional Trust in M8rch 2024 after 10 years ol operali(kn as an accessible mountain hut. Szfety and Risk Management The Trust cotNrnis5ions regular healih and $3fely audrt5. Audrts of safety procedures have been undertaken In 2006. 2009, 2016 and 2019. In addition. a specific report wa5 commiS￿one￿ In 2018 to review pedesinan and vehicle movements al our Lllue Crosthwaiie cenlre. Recommendations to enhan￿ safety were received and Improvements were completed in 2019. All Tecomrnendaiions have been implemented and are monilored by the peop￿ and Operalions Comrnittee. During 2022 an independent review of our new ca￿ert Reconneclions brain injury ￿habilIta￿On seroice was cotnmissioned. This tonfirmed the Trust was meeling the standards ￿qUired ol a CQC registered c8re home ènd raied Ihe service as'Good" overall In March 2023, Calvert Reconnect)ns was formally inspected by the CQC and a "Good. inspection resull was confirmeil in May 2023. In keeping with the policy of regular health and safety audi15. the Cafvert Stables service was inspected by an exiemal Health & Safety advisor in February 2024. Recommendations lo enhan￿ safety were re¢￿Ved and completyon of improvernenls is b8ing monitored by the People OpEratiws Cornmittee. In DAaTfjh 2023, Calvert Reconneciions was fom)ally inspecied by the CQC ar￿ 3 "Good" inspection result was confirmed in May 2023. Tb.e trustees actively review the major risk5 whith the charrty laces on a ￿gUlar basis and have completed 8Nd incorporated significant risks assc)o8ted with ihe new Calvert Reconnections semce. The trustees believe the current cashflow fore(st confimis ihe Trust has suffioent resources to manage the impact of normal 5ea50nal reductt.ons in income and cash during the wnier 2024125 period. The Trustees. Contingency Fund is then expected to provide cover in the evenl ol unexpected contingenctes. Over the last three years the Trust has uDlised unrestricted reservES in the ￿¢0very following Covid and in Ihe establishment of our new reh8bililalion service. The trustees have put in place allemative sources of finance. induding £386.041 of loan faalities, to provide addiD"onal funds until Ihe reseNes can be ￿bUilL The trustees also examine oiher operational and kAJsines5 risk5 faced by the charity and mDnitor systems to miligale the significant risks. Risks associaled IT infrastructure and data protection were considered and infrastructure was improved to support remote working during the crisis. During 2021 the Trusl was able lo install a reliable 100mb intemet conneotion to Calvert Lake5 and during 2022 a similar conneciion was established lor Calvert Reconnections and Calvert Stables. During 2023 systems have continued to be improved wilh next generation firewa115 installed. Microsoft 365 iniroduced and improved wi-fi neiwoths al Cafvert Reconnections. Other Cafvert Trusts The Trust is one of three Calvert Trusi centres. The olher two a￿ N(*thumbria Cafvert Trust (Charity Number 5118511 and Exrn￿r Calvert Trusl (Charity Number 10057761. The work of ihe ￿ree Trusts Is ctrordinaled by The Council of the Cafverl Tnjst (Charity NLJmber 10424231 and the trustees of The Council of the Calvert TFust are the three operating Trusts.

THE LAKE DISTRICT CALVERT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 STRATEGIC REPORT Aehlevements and Perfomiance The Trust finished 2022 hawng cornpleted a major strategic review. This followed a challenging year where the impact of the cost-of4iving crisis on our benefioiaries. immediately follo￿ng the pandernic. resulted in lower than planned occupancy across our seNices. At Ihe same time the Trust S3w its own costs of staffing and delivery increase significantly. The outcome was a dea5ion to maintsin semces to benefici8ries. draw down further on our own reserves if needed and seek to tum our strategic wsion into a deliverable plan. This decision was onty PDssibl8 th8nks to the very genertxjs supwt prowded by legacy Income. In particulaT, confirmation of 8 signrfieant legacy grft fTom Joel Conradt Eberfin, a long-temi volunteer and supportèr of the Lake District Calvert Trust. whose g1ft of a propety provided the Trust vAth financial ￿t￿IntY at a difficult time. In order to tr8nsfom our wsion into an arn￿11￿$ and InS￿rational plan the Trust undertook a comprehensive consullation exercise with stakeholders and organisations wotl(in9 in ￿lated sectors. Progress was made in developtnent of a clear plan that will deliver on Ihe Trust's vision an expeclab.on of approaching stakeholders and comerstone lundets during 2024. Following the previous two years of 5t8ffing ChaI￿ngeS and high tumover. 2023 stsrted wlh a mostly full staff team and few vacanues. Tumover during Ihe year, although still higher than befor8 the pandem￿¢. was al a more tnanageable level. Cwpled wrth success in filling planned apwntments the Trust wa5 abb lo maintain full service delivery and continue the growth of Calvert Reconnections. Calvert Lakes Having secured pilot project grant funding during 2022. the Trust partnered wth the NHS North East and North Cumbria to run an outdcM)r and sensory actmties short break seT¥ice for children and adulis wth Autism andlor Learning Disability in North Cumbria. Thi5 prowded ￿Spite for families, and stimulatin9 activities. promoting health and wellbeing to the individuaLs during the wint8r [￿)nthS (January io April) ￿eft the Trust has av8i18ble capacity. The pilot program proved very successful, supporting 12 Children and young people with disabilth"e5 to awess 20 day5 of respite activity. 100% of respondents rated the prograrn as wther good or excellent wlh all saying they would access the 58rvice again if it was aVal￿ble. Partnering wth NHS and Lc￿1 Authority colleagues and working th families In the communily enabled the seNce to Teach those most at need. Having demonstraied the need and benefit5 of the new Se￿￿. matched funding has sub5equenty been secured to continue and expand Ihi5 much needed during winter 2024 and 2025. OUT Calvert Lakes, residenb.al Short breaks programs achieve¢J 8,996 bednights in the year. This 15 down slightly from the previous year's occupancy of 9,342 bednights with analysis highlighting the impact of reduc8d funding on groups such as special schwls. De5Plte Ihis reduction in bednighls. the Trust supported 2,864 children and adults with disabilities together wth their families and friends lo parbapale in Calvert Lakes iesidential courses. An increase from the previous year's 2,325 IndMdua&, highlighting the move to shorter coutse5 as a resum of financial r85trictions. Looking ahead the Trust is committed to inueasing our bursary funds to help address the financial impact on our beneficiaries. The service continued to delwer on (MJr charitable mission ol enab￿n9 people wth disabilities lo achiev8 their potetFts"al through the thallenge of adventurous activitie5 in the countryside. The outcomes from this work are detailed In our impact report. available on our website at W￿￿.¢31ver1jakes.org.Uk. Our'Theory of Change, idenlifies the key outcomes we achieve and lon*term benefits which indude". Imwoved Ca￿bilItY for independent living Improved physical and mental health Improved educational land ern[A￿entI outcomes During the year the Twst was able to restructure our Sales. Ma￿etIng and Fundraising team5. Key to this was the recruitment ol a Head ol Income Generation and an Income Generation Manager. Both appointsnents had an almost immediate positive impact and a renewed locus on a strategic approach lo iw)th fundrai5ed and gen@rated income.

THE LAKE DISTRICT CALVERT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED} FOR THE YEAR ENDED 30 NOVEMBER 2023 The continued program of refuthishmenl of our hydrotherapy pool continued with replacement and upgrade work to low en8rgy LED lighting and control systems. As a result ol being q)en for the full year, 6,716 community parucipant sessions were held dunng the year, compared to 3.107 in 2022. Calvert Reconnections With the service still in its irrfancy and needing to demonstrate continued achievement of desired rehabilitatlon goals, the expectation wa5 Ihal the service would experience measured growth with a conservative incre8se In nurnbeis from the preVI￿S year expected. AS it transpired Calvert Re￿nneCtionS had a strong year and exceeded targets and expectstlOll5. The 2023 budget target for Calv1 Reconnections was lor 166 weeks (￿lpie￿ 12022.. 1041. The adual achteved was 248 weeks o¢cupied from 24 d￿nis(2022.. 141 Sta￿n9 an average of 14 weeks each12022.' 81. As a 10-bed centre the maximum occupancy of the service is 520 weeks occupied. The Service therefore achieved average occupancy of 48¥0 over the year with occupancy peaking in Seplember 2023 wrth 9 dients in the service. As a result of the success of the rehabilitation servi￿. Calvert Reconnections achieved an operational surplus of £49,216 Ibefore deweciation or a coninbution lo overheads) in ils second full year of delivery. The Calvert Reconnections 2023 Clinical Outcomes Report can be found on the Trusts webslg at www.calvertreconneclions.org.uk. Calvert Reconnections use Ihe esta￿1shed Individual Recovery Outwmes Counter IIROCI outcomes measuremenl lool as part of our dinical mtsniloring processes. Having achieved a 150° increase in occup3n¢y during 2023. ghe seNce reported thal of the participants who completetj the IROC at admission and discharge, 100¥( reKX)rted a maintained or Improved hope for the fLrture or Improved hope for the Iuiure. Of these 70% went on to report an irnproved sense of pU￿)se and direction in their lives. This demonstrates the success of the serwce in achiewng posrtive outcomes_ Having regislered wlh the Care Quality Commission ICQCI 2021 as a provider of personal cAre the Servi￿ had ils firsi lull inspection in March 2023. The inspection assessed the service against standards acros5 5 Key Lines ol Enquiry or KLOES, safe. efleciive. canng. responsive and well led. Folk>wing Iwo full days of inspection, the seNI¢8 received a raling of"G(K)d' against all 5 KLOES wth an overall rating of -Good- for the Service as a whole. Thi5 15 a tremendous achievement and reflects the hèrd work ol our Head of Service. Regislered Manager. and the entire Calvert Reconnections leam. Having demonstrated the success of Ihe semce in providing unw4ue and effective rehatx'li18tion, the Service was once again a finalisl in the Personal Injury Awards 2023 Rehab ProvHJer of the Year Ggtegory and was also proud to be shortlisted in two categones ol the inaugvral Neuro Rehab Times Awards 2023. Rehab Outcome of ihe Year and the Above and Beyond Award. Ivert tables Our accessible riding centre continued lo fflove forwards vAth inuea5ing operational capaoly in order lo meet Ihe needs ol a changing user group. This required fecnJilment of both staff and ponie5, and we thank our supporters lor enabling Ihe purchase of two new ponie5 during the year. Amber and Chalky. The ieam also had an unexpected arrival when Queenie, a new pony lo the Trust al the end 012022 was found lo be in foal. Calvert Majestic Star (stable name Peggy) arnved in Apnl with molher 8nd foal off site for 6 months. Queenie has subsequently retuined to wod( and lh8 foal has been successfvlly reho￿d. The team suwessfully ddivered 2.229 partscipanl sessions, a significant improvement on Ihe 1,396 delivered in 2D22. Looking ahead Ihe priorities lor Ihe Servi￿ be to support Calvert Reconnections. clients in their rehabilitation, eoniinue to provide accessible acuvits.es lor Ihe local community and disabled people within Cumbria and to develop our speaalist riding and driwng ￿JISeS delivered with Calvert Lakes. residential beneficianes. The year ended on a sad nole as we said goodbye to Haggis who had been ￿th the Trust for over 21 years. 10-

THE LAKE DISTRICT CALVERT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Plans for Futur8 Periods The objective looking ahead is to ensure that the Trust continues to delsver liftrchanging and life affirrning Services for people with disabilitie5. The tnJ5lees, Senior Leadership and Management Teams have been working hard since the global crisis of the pandemic in 2020 to retum Ihe Chartty to a financially Sustainable operation. The Trust will be wotl(ing hard to ensure that thanks to the growth of Calvert Reconnections. 8nd our staff who deliver services. Ihis can be achieved in 2024. For our Calvert Re¢onnecbons ￿Trtre, the priority VAII be to ¢C￿tinUe the gTowth in referrals and adtnis510ns to Ihis new service. The objective will be to further grow occupancy and Ihereby generate a surplus to reinvest In the charily s services. This will be essentsal in ensuring the Tnjst can rebuild rtserves and invest in our services and fa￿litIes. In line wth our strategic vision, the work undertaken in 2023 will continue and we wsll refine our plan to deliver our exciting vision. We are nearing complets.on of an exciting 10-yeaT roadmap for the fulur8 developmenl of the Trust and anticipate engaging ￿th key stskeholders and funders to dis(yJss how we starl delNering on the first phases of our plan. Our agreed vision 15 to- cont￿nL18 to d8v8bp our Calvert L8k8s centre so that it remains at the forefront of delivering services to those wth the rnost profound and complex needs. Develop our Calvert Stables Cent￿ and increase its unique beneffts for our beneficiaries through expan(Sing equine assisted therapy I leaming services. Plan for the future expansion ol Calvert Reconneciions so the service can benefit as many as possibk. Increase opportunitses to provide day services to beneficiaries vAthin Cumbria. Finally, we will continue with an ongoing fws on ensuring the Trust has strong foundations that enable achievement of our objectives. People". We will develop a great pla¢% to work strat8gy. re(x)gni5ing that our staff bring the Charity to lif8. During 2023 we surveyed arnd consuKed staff, acting on feedback received to introduce a staff wellbeing committee and new HR Infom)ation System. conts.nued development and fvrther consultation are planned for the coming year. Diversity.. we will better engage wth all communities During 2023 we trained all staff and Trustees. developed our policy and established our inclusivity goals. Sustainability.. we will build a program io minimise our environmental impact dri￿7ng to 'net zero, During 2023 we have established our baseline io inform our policy and identify our areas for irnprovement. Digilal.. we will leverage IT io enhance our and staff experience and better en9age clients and potential new one$ During 2023 we have audf(8d and mapped OUT digital infras1￿cture and identsfied areas for improvement. Transa¢tlons and Flnanelal P0s￿on The financial statements show a net deficil of £538.275 for ihe year after dep￿ryatiOn and unallo¢ated irrecoverable VAT 12022 defiot.. £796,262). This defial was after a depreciation charge of £268,835 12022.. £282,066). Unrestncted gifts, donati￿$ and grants totalled £520.741 12022.. £693.1101. In March 2021 an unseutsred BardaVs CBIL {Cornna￿r￿S Business Inlerruplion Loan) facility for £100,000 was obtained to pro¥￿e additional cA)nbngency funds. Al Ihe yearend the remaining b81ance wa5 £66,693 12022". £86,693). In December 2021 an unsecured sttial investment loan through The FrancTS C Scott Cha￿table Trust of £300,000 was secured to provide further contingency funds. This facility wa5 for 6 years and is interest-only ￿paYrnènt. At the year-end the remaining balance was £319,348 follow.ng an inlerest holiday which dèfeffed £19,348 of Interest in the year until the final repayrnent date. These loan facilibes prowde the Tru51 wth essential emeTyency (unds until resetves can once again be rebuilt. 11

THE LAKE DISTRICT CALVERT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Financial Outlook 2024 to 2025 The irusiees believe that despite the financial defjial experienced in 2023 and the subsequent Ljlilisation ol reserve5, the Trust ha5 Put in place Strong loundalions. A rot￿$1 wiew of forecasts was ¢(vnpleted at the year end and at Ihe start of 2024, Calvert Lakes forward bookings flx 2024 were at a rewrd high. Calvert Reconnection5 admissions and referrals were ahead of budget and a strategic fundraising appe31 Is In development. In 2024 the Trust expects to benelii from ihe receipt of accrued legacy income of £200.000. boosting cash resouroes. The result ol cash flDW modelling enables the Iruslees lo condude thal there is nol a risk, or combination of risks, that could lead to a inability 10 ¢c￿tInUe in operation for al least the next 12 month5. Whi15t Challenges ￿MaIn. the trustees ¢￿tinUe to be positive and focused on the achievement ol the Trust's strategic vision. Through the realisab.on of generous legacy gifts, the continuing gfowth and potential upsides of Calvert Re¢onnections. pudent financial management of Calvert Lakes plus the enduring support of our many benefaaors and supporters. we remain confident the TTUSt will Gontinue to deliver positive life thanging experiences for our beneficiaries lor many years io com8. Reseryes The Trust's toi81 reserves deoieased to £4,765,422 at the yeaTnd12022". £5.303,6971. These total reserves being made up of general unreslricted funds of ENil12022.' £Nill. de51gnaled funds of £4.675.71412022.. £5.188,3301 and resiTicled lunds of £89.708 12022. £115.3671. These ¢Jesignated funds indude £4.675,714 12022: £4,897,224) of iangible fixed assets representing land. buildings. equipmenl and vehicles. The Trust's free reserves, i.e. reserve5 Ihal in practice may be allocated at the tFustees' discretion were £Nil12022." £249,236). Having retovered reserves during 2021 through an emergency bounce back appeal, 2022 and 2023 have seen the Trust extensively ulilise those ￿ Se￿¢$ lo enable the continued delivery of semces Io OUT beneficiafies In whal was a challenging external enwronment. As Calvert RecontTeclion5 becornes eslablisheLI. Ihe Ifuslees. amkn'lion is to rebuild rese￿e$ over the next lew years in order lo provide lor 6-monlhs' cover in the event of future uninsurable cDntingeDcies. Investment Policy and Returns The Trust's investments are hekl in a chanlable investment fund tnana9ed by Sarasin & Partners LLP. rhe Invesimenis are overseen by the Finance Committee who ￿te1ve reports and meet regularly wilh Sarasin & Partners. The trustees, policy al this time is to reinvest retums in order to proleci and grow the capital value of the funds. During November the deusion was laken to remove the fund from the risks of a volable investment market and seek the assurance of fixed returns. The bulk ol the lunds remain with Sarasin & Partners but are ¢urrenUy held in interest bearing cash accounts. The twstees ￿11 reinvest Ihe fund5 when orcumstance5 are considered rnore favourable. FINANCIAL INSTRUMENTS Objectlves and PolleSes The charity's actiwties expose it to a number of finanoal risks induding uedil risk and cash flow risk. Cash Flow Risk The charity s activities expose it primarily lo the finanoal risks of interest rates. Interest bearing assets and liabilities are held at fixed rale to ensure certainly of cash flows. As part of 115 financial management arrangement5 the trustee5 have introduced monthly cash flow foreGgsts which extend Ljntil Novetnber 2025. These enable the Tiusl lo rapidly Tnodel diffeTent Iinanual scenarios and to sensltivity iesl key assumptions. Further high4evel annual lorecasis have been Fthuced thich extend ID 2027. Credit Risk The charity's prinapal financial assets are bank balance5 and cash, tra(Se and olhei receivables and inve5ttnenl5. The Iruslees have considered the risks that affect the day to fjay operations, and have implemented procedures that are dppropriate to the size of the Charity. 12-

THE LAKE DISTRICT CALVERT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI {CONTINUED} FOR THE YEAR ENDED 30 NOVEMBER 2023 statement of Disclosure of Infom)ation to Auditor5 The tNstees of th¢ charity who held office at the dale of approval of Ihi5 annual report confirm that- so far as they are aware, there is no relevant audit inlomiatson or other infortnab.on needed by th8 charity's auditors in connection wth preparing their report. of which the charity's auditOTS are unaware.. and they have taken all the steps that they ought to have taken as trustees in or¢Jer to make themselves aware ol any Televant audit Informabon and to estaNish thal the charily's auditors are aware ol that infomation. Auditors David Allen Chartered Accountants were appointed as the TnJst audrtors for the period cornmen￿ng 1st oe￿rnbèr 2017 and remain In place. Gibbons Chartered Ac¢ounlanls weTe retained as the Trust's accountants. David Allen Chartered Accountants, have si9nified their willingness to remain in office as auditors and a resolulicii re-appointing Ihem ￿11 be proposed at the Annual G8n8ral Me8ting. Th8 trust8es' report. induding the strategic re[￿. wa$ approved by Ihe Board ofTrustees and sgned on its behalf by-. Ma In G Mullin Trustee Antho Trustee y D Glynn Dote.. 13-

THE LAKE DISTRICT CALVERT TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2023 The Irustees. who a￿ also the diredow5 of The Lake Districl Catvert Trust for the purwses of cLJmpany law. are responsible for preparing Ihe Trustees. Report lincwjrating the strategic report and directors, rewrtl and the financial statemen15 In accordance with apP￿Cable law arKJ United Kingdom Accounting Standards. induding Financi81 Reporting Standard 102." The Financial Reportsng standard applicable in the UK and Republic of Ireland (Uniled Kingdorn G8neraltyAccepied Accounts"ng Praclicel. Company law requires the Iruslee5 to prepare financ￿1 sialements for each financial year. Under company law the truslee5 rrusl not approve the finanoal ststements Unless they are saDsfied ihat they give a true and fair wew of the si3ie ol affairs of the eharitsble company and of its Incoming resources and application of resourcgs, including its income and expenditure, lor that period. In preparing these financial slalements. the twstees are required lo.. select suitable accounting policies and then appty ihem Lx)nsistenlly'. - obseNe the methods and princi￿e$ in the Charities SORP.. make judgements and estimates Ihat are reasonabk and prudent.. slate whether appliGqble UK accounting standards have been lolk)wed. subject to any material departures di$clos8(l and explained in the financial sialernents: and prepare the finanoal slalements on the wng concem basis unless tt is inappropriate to presume that the charitable wmpany wll ¢￿￿nue in operati￿. The Iruslees are responsible for keeping adequate attounDng records that are sufficient lo show and explain the charitable companvs transactions and disclose with reasonable atturary at any time the Iinanual p0511ion of the charitable company and enable Ihem lo ensure thal the IinaDcial staternents comply with Ihe Cornpanies Acl 2006. They 3re also respon51ble for safeguarding the asse15 of the thantsble ￿MpanY and hence for taking reasona}￿e sleps lor the prevention and detecbon of fraud and other irregularities. The annual report was approved by the Board of Twstees and signed n r(s behatf by. Martin G Mulltn Trustee Anth y D Glynn Trustee Dale.. 14.

THE LAKE DISTRICT CALVERT TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST Oplnlon W8 have audited ihe financial statements of The Lake Districl Cafvert Trust (the 'chariiable company'l for the year 8nded 30 November 2023 which comprise the ststemenl of finanaal aclivities, th8 ba13nc8 sheet. the statement of cash flows and Ihe notes lo the financial staternents, induding a stjmmary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is Uniled Kingdom Accounts"ng Standards, cornprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic tsf Ireland. and applicable law (United Kingdom Generally Accepted Accounts"ng Practice). In our opinion, the financi815tatements'. give a true and lair view of the state of the tharitsble companvs affairs as at 30 Novernber 2023 and of incoming resources and applicab.on of resources. lor the year then ended.. have been properly prepared in aco)rdance with United ￿.￿gdo￿ Generally Accepted Accounting Practice: and have been prepared in accordan￿ ￿th Ihe requirern8nls of the Crmpanies Act 2006. Basis for opinion We conducled our audil in accordance with Intemational Standards on Audiling IUKI IISAS IUKII and applicable law Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are Indepen(Sent of the tharitable company in accordan￿ with the ethical requirements that are relevanl to cxjr audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethiral responsibilities in accordance wth these requirements. Vve believe that the audit evidence we have obtained is 5uffiaent and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In audib.ng the financial slalements, we have co￿lUded tt)at the trustees, use of Ihe going concem basis of ac(x)unting in the preparation of the financial staiements is appropriate. Based on the work we have perforrned, we have not identsfied any material uncertainlies relating to events or conditions that, individually or collectwe1y, may cast signfficant doubt on the charitsble company's ability tts continue as a going concern lor a period of at least twelve months Irom when Ihe financial statements are authorised lor issue. Our responsibilities and the resF*Msibilities of the Injstees with respect to wng concem are described in the relevant sections of this report. Other infomiation The other inlorrnation compn.ses the information included in the annual reprt inckjding the trustees. Teport. other than the financial statements and our auditorfs report ther8on. The trustees are restx)nsile for the other information contained wthin the annual report. Our opinion on the finanual siaternents does not cover the other information and. except to the extent otherwise expliuuy stated in oui reporl. WÈ do not express any form of assurance conclusion thereon. Our responsibility is io read the other inforMat￿n and. in doing so. consider whelher the other information is materially inconsistent with the financsal statements or our knowledge obtained in the course DI the audit. or oiherwise appears lo be materially misstated. Ir we identify such material inconsistenaes or apparenl material misstatements. we are required to detemiine whelher this gives rise to a material misstatement in the financial statements Ihemselve5. If. based on the work we have perfomied. we o)ndude tt)at there is a material misslaternent of this other Information. we are required to report thal fact. W8 hav8 nothlng to raport in Ihis regard. 15-

THE LAKE DISTRICT CALVERT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST Opinlons on other matters prescribed by the Companies Act 2006 In our opnion. based on the work undertaken in the course of tsur audrt-. the Informalion given In the Chai¢s Slalemenl and trLJsiees' report, which inckjdes the directors, report and the Slralegic reporl prepared for the purp)ses of company law. for ihe finan(ial year for which the financial staiemenls are prepared is consistent with the Iinancial stalements, and the Chairfs Slatemenl and the trustees, report, whid) includes the direclors. report and the strategic report have been prep3red In accordan￿ with apph"cable legal requirements. Matters on which we are required to report by exception In the lighl of our knowledge and understanding of the charitable company and its environment obtained in the course of Ihe audit. we have not Identsfied water￿1 misstaternents In the Chairfs Slatement and Trustees. Rep()rt including Ihe strategic report. We have nothing to report in respecl of the folk)wing matters in relalTrw to vthith the Companies Act 2(X)6 require us lo report lo you if. in our OFMnion'. adequale and proper accounting record5 have nol been kept. or retums adequate for Dur audit have not been received frorn branches not wsited by us". or the financial statements are not in agreemenl with the attounting record5 and retums-, or certain disdosures of tru5tees' remunerat￿￿ specifie¢J by law a￿ not made." or we have not obtained all the infOrmats￿ and explanations necessary for the purposes of our audrt. Responsibilities of trustees As explained more lully In the statement of trustees, re5WnW￿"l1ts.es set out on page 14. the trustees, who are also the directors of the charitable ￿MpanY for the purwse of company law. are responsible for the Preparation of the financial statements and for being sab"sfied thal Ihey give a Inje and fair view, and for such internal control as the trustees determine is necessary to enab￿ Ihe preparauon of financial statements that aTe free frotn rnaterial misstalemenl, whether due to fiaud or erroT. In preparing the financial slalements. Ihe Injsiees are responsible for asseswng Ihe chafitable companys abilily to Continue as a going concem. disdosing. as applICat￿e. matters re13ted to going collcem and using the going concern basis of accounting unless the truslee5 eilher inlend to Iiquidale the charitable company or to cease operation5. or have no realistic altemative but to do so. 16

THE LAKE DISTRICT CALVERT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST Audrtor's responsibllitl85 for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance atxjut whether the financial statements as a whole are free fro rnalerial misslatemenL whether due to fraud or éTror, and Io issue an auditorfs report thal indudes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, indNidually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis ol these finanaal staternents. Irregularities. Induding fraud, are instances of non-cOM￿lanCe wthh laws and regu13tsons. We design PTocedures in line with our re5ponsibilitl85, Outlined above. to delect material misstatements in respect ol irregularitie5, including ITauiS. The extent to whKh wr procedures are capable of detecling irregulanties Including fraud is detailed below.. Our audit procedures wwe designed lo resy)n¢J to those idenb.fied risks, indtjding non-compliance with laws and regulations lirregularitiesl and fraud that are material to the finanual statements. Our audit procedures included bul were not limited lo.. Discussing with the Trusiees and Management their poliaes and procedures ¥egarding compliance wth laws and r8gulations', Communicating Identified laws and regulations throughoui OUT engagemenl team and remaining aleri to any indications of non-compliance throughout our audil,. and Considering the risk of acts by Ihe chaiity which wer8 contrary to the applicable laws and regvlatsons, includin9 fraud. Our audit procedures in relation to fraud induded but were not h'miied to.. Making enquiries of the TnJste8s and Management on whether they had knowledge of any actual, suspected or alleged fraud; Gaining an understanding of Ihe intemal conlrols eslablished to mib'gate risks relaied to fraud.. Discu55ing atnong5t the engagemenl team the risks of fraud,. and Addressing the risks of fraud through managetll8nt overrid8 01 (x)ntroE5 by p8rforming journ81 entry testsng. We are not responsible lor detecting fraud and preventing non-compliance and cannot be expected to delect all fraud and non-comrliance vith all laws and reguL2tions. The primary responsibility for the prevention and detection of irregularities including fraud rests wth both the Truslees and Management. As with any audit. there remained a risk of non-dete¢b"on of irregularib'es. as these may involve collusion. forgery, intentional omissions, misrepresentations or the override ol internal (xTrntrols. A fvrther des¢ription of our Tesponsibiiftes is availatAe on the Fin8rKial Rep(xbng Council'5 website at.. www.fr¢.org.uklauditorsre5ponsibilib"es. This descriplion forms part of our auditoes report. As part of an audil in accordance wth ISAS IUKI. we exercise professional judgement and maintain professional sceptiC151n throughout the audit. We also". Identify and assess the risks ol material m¢sstatement of the finanaal siatements. whether due lo fraud or error. design and perform audit procedures resp￿lS1¥e lo ihose risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatemenl resulting from fraud is higher than for one resulting from error. as fraud may involve crdlusion, lorgery. intentional omissions. MiSrep￿senlation$. or the override of Intemal control. Obtain an understanding of Internal conlrol relevanl lo Ihe audit in order to design audit procedures that are appropriate in the urcumstan(*s. noi foi the purwjse of expressing an opinion on Ihe effecliveness of the charity's internal conlTOI. Evaluate the appropriateness of accounling policies used and the reasonableness of aGcoiJntiTrg 85timates and related disdosures made by the trustees. Conclude on the appropriateness of the Irustees, use of the going concem basi5 of accounting and, based on the audit evidence Obta￿ned, whether a material uncertainty exists related to events or conditions that may casl significant doubt on the charitable cotnpany'5 atxlity lo conbnue as a going concern. If we Conclude Ihal a Material uncertainty exists, we are reqUI￿d to draw attention in (yJr auditor's report to the related disclosures in the financial statements or, if suth disclosures are inadequate. lo modify our opinion. Our conclusions are based on the audit e￿dence obtained up lo the date ol our auditor's report. However, future events or conditions may caus8 the charitable companny to ce8s8 lo continue as a going concem. 17

THE LAKE DISTRICT CALVERT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST Evaluate the overall presentation. structure and contenl of the financial slalements. including the disclosures, and whether the financial statements represenl the underlying transactions and events in a manner that achieves lair presentation. We cotnmunicate with Ih05e charged wilh govemance regarding. among other matters. the planned scope and timing ol the èudit and significant audit finijings, including any significant defiuencies in intemal contr(A that we identify ¢Juring our audit. Use of our report This report is made solely lo the charital￿e company's members. as a b(KSy. in accordanTr with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been under12ken so thal we mighl state lo the chariiable company's members those mailers we are required to state to them In an auditor's report and for no other purpose. To the fullesl extent permitted by law. we do not accept or assume reswnsibilily to anyone olher Ihan Ihe charilatle company and ils members as a body. for our audit work. for this report. N for the opinions we have fomied. Ali50n Welton (Senior Statutory Auditor) For and on behalf of David Allen. Chartered A¢counlants and Statutory Audl¢or Dalmar House Barras Lane Esiate Dalston Carlisle Cumbria CA5 7NY Oate..

THE LAKE DISTRICT CALVERT TRUST STATEMENT OF FINANCIAL ACTWITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 NOVEMBER 2023 Current financial year Unrestrficted Designated Restricted funds funds fund$ 2023 2023 2023 Total Total 2023 2022 Noies Ineome and Endowments Donations and legacies Charitable activrtie5 Investment incorne 520.741 2.280.704 13,004 175,B79 696,620 2.280,704 13,004 748,566 1,377,260 ..14.460 Total in¢om8 2.814.449 175,879 2.990,328 2.140.286 enditure on Raising funds Charitable activikn'es 98.799 3.046,486 44.148 286.259 24.179 30.975 167.126 3,363,720 129.483 2,779,862 Total expendlture 3.145,285 330.407 55,154 3.530.846 2,909,345 Gainslllossesl on investment assets 14 2.243 2.243 127.2031 Net lexpenditurelllneome before transfers Gr055 transfers between funds 1328.5931 1330.4071 120,725 328.593 1182,2091 1146.3841 1538,2751 1796.2621 Net expenditure 1512.6161 125.6591 1538.2751 1796,2621 Fund balances at 1 December 2022 5.188.330 115.367 5.303.697 6,099,959 Fund balanc85 at 30 November 2023 27-28 4,675.714 B9.708 4.765.422 5,303,697 The statement of financial activities indudes all gains and 105se5 re(wnised in Ihe year. Ml income and expenditurè derive from ￿ntInuing aclivf(ies. The statement of fin8ncial activities also complies with the requirements for an inrAJme and expenditure account under the Cotnpanies Act 2006. 19-

THE LAKE DISTRICT CALVERT TRUST STATEMENT OF FINANCIAL ACTivrriES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 NOVEMBER 2023 Prior financial year Unre5trlcted Desbgnated RestrKcted fvnds funds Yunds 2022 2022 2022 Tolal 2022 Not85 Income and Endowments Donation5 and legacies Charitable activities Investment Income 693.110 1.377.260 14.460 55,456 748.566 1.377.260 14,460 Tolal income 2,084,830 55.456 2,140,286 enditure on Raising funds Charitable aetivib85 129.483 2,471,995 129,483 2.779.862 296,456 Total expendlture 2.601,478 296,456 11,411 2,909.345 G8inslllossesl on inveslmenl assets 14 127.2031 127,2031 Net lexpenditurellln¢ome before Iransfers Gross transfers between funds 1543.8511 1296.4561 44.045 543.851 1418,3571 1125,4941 1796,2fj21 Net expendlture 1714.8131 181.4491 1796,2621 Fund balances al 1 De￿mber 2021 5.903.143 196,816 6.099,959 Fund balances at 30 November 2022 27-28 5.188.330 115,367 5,303,697 -20-

THE LAKE DISTRICT CALVERT TRUST BALANCE SHEET AS A T 30 NOVEMBER 2023 2023 2022 Notes Flx•d a558ts Tangible assets Investtnents 16 17 4.675.714 401.477 4,897,224 390.889 5.077.191 5,288.113 Current assets Stocks Debtors Cash at bank and in hand 19 20 13.968 338,333 131,728 13,268 543.891 207.472 484.029 764,631 Creditor5= amounts falling due withln one year 1429,757) 1382,3541 Nel current assets 54.272 382,277 Total assets less current Ilabllltles 5.131.463 5.670.390 Credltors: amounts falllng due after more than one year 23 1366,0411 1366.6931 N•t as58ts 4.765,422 5.303.697 Funds of th¢ ¢harlty Income funds Reslricted funds Unrestricted funds Revaluation reserve Designated funds General unrestricied funds 27 89.708 115,367 28 247,648 4,428,066 251,180 4,937.150 4.765.422 S,303,697 21

THE LAKE DISTRICT CALVERT TRUST BALANCE SHEET (CONTINUED) AS AT 30 NOVEMBER 2023 The directors a(*nowledge Iheir responsibiliti.es for com ￿￿n9 with the requirements of the Companies AGt 2006 with respect to accounting records and the preparation ol financial statements. The financial statements were apwoved by the Trusteès on ......................... Martin G Mullin Trustee DG￿n Trus¢ee Company Registration No. 01240160 -22-

THE LAKE DISTRICT CALVERT TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEAIBER 2023 2023 2022 Not8s Cash flows from operat5ng actlvltles Cash absorbed by operations 31 130.1831 1912.5911 Investing activities Purchase ol tangible fixed assets Purchase of investments Proceeds on disposal of invesiments Inveslrnent income received 16 17 17 147,3251 1409.8191 399,231 13,004 1127,2881 1411,0801 860,555 14,460 Net cash Iu58d inllgenerated from investing activities 144,909) 336,647 Financing actlvltlos ProceedsJlrepayrnenll ol bank loans Proceedsllrepaymenll of olher loans 21 21 120.0001 19.348 112,5071 300.000 Net cash (used inllgenerated from Ilnancing a¢tivilies 16521 287,493 Net decrease In cash and cash equlvalenls (75,7441 1288,4511 Cash and cash equiva18nts at beginning of y8ar 207.472 495,923 Cash and cash equlvalents at end of year 131.728 207,472 23-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Accountin9 policie5 Charity inforniation The Lake Dlsiricl Calvert Trusl is a charitable company limited by guaranlee inoorporated in England and Wales and consequently does not have share captal. Each of the members is liable to contribute an amount not exceeding £10 towards the assels of the ¢h8rity in Ihe event of liquid3l40n. The regislered office Is Little Crosthwaite. Underskiddaw. KesvAck. Curnbna. CA12 4QD. The Trust operates from three main cenlres.. Calvert Lakes Calvert Reconnections ca￿ert Stables Little Crosthwaite Old Windebrowe Willdebrowe Ke5wick Cumbria CA12 4QO KesvA£k Cumbria CA12 4NT Keswck Curnbri CA12 4NT Summary of signlfi¢ant accounting policles and key accountrng esiimates The principal accounting politye5 applied in Ihe preparation of these financial statements are sel out below. These policies have been CA)nsislenlly applied lo all the years Presenled. unless otherwise stated. 1.1 A¢countlng convenuon The Iinanaal siaiernenis have been ￿epa￿d in acts)rdan￿ wAth the charitst4e companvs goveming document, the Companies Ad 2006, FRS 102 "The Finawal Repcmling Standard applicable in the UK an Republic of Ireland. I'FRS 102.1 and the Charities SORP "A¢counU'ng and Reporting by Charib'es.. Stalement of RecommendÈd Practice applicatAe to ¢harities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charitable company is a Public Benefrt Entrty a5 defined by FRS 102. The financial State￿entS are prepared in steding, which is Ihe functsonal curtency of the chatitable cotnpany. Monetary amounts in these finanual statements are rwnded to the nea￿$t £. The financial stalemenis have been prepared under the historical cost convenbon. modified lo include the revaluation of freehold properties and to Include inve5tmenL properbes and certain financial inslrum8nts at fair value. The principal accovnting policies adopted are Sel out beknw. -24-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Accountlng pollcles (Continued) 1.2 Going concern Throughout 2022 and 2023 the Trustees have rnaintained cbse monitonng of p8rforrn8n￿ in collaboration with the leadership team. This has enabled the Trust to deliver on the tsbjective of reducing the annual operational deficit while continuing io establish the lelative￿ new Calvert Reconnections service as it entered it5 third year of operation. This saw the net expendibJre before dep￿ciatiOn reduce to £271,129 from £514,196 in the previous peii(xS. This is 85 per the forecasted operational perf0rnan￿ before any contribution from a planned majcff appeal. The Trust remains on track lo achieve its finanual plans and in order to provide the Trusle8s wilh sufficient evidence to support Ihe risk assessment and wability confimiations detailed finanual forecasts hav8 been extended out until year ending 30 November 2025. Performance in earfy 2024 is currently ahead of plan for both Calvert Lakes and the new Calvert Reconneciions service. which is forecast to genefate a significant operational surrlus going forwards. The Trust rem8ins thankful for the continued SUPFX)rt from generous legacy gifts and will benefit from a boost lo cash reserve5 by an amount in the ordeT of £200,0(K) during the first haw of 2024. The Trust continues to have access to loaned lund5 totalling £386.041 which PT0￿de an alternaiive Sour￿ of funds until the Trust's own contingency reseNes can b8 rebuin. Trustees have undertaken a thorough vnario planning process wth the leadership team and are continuing to closely monitor perfomance with 3 focus on early waming of adverse perforTnance. The Trustees are of the opinion thal the organisation has access 10 8dequale resources to continue lo operate without disruption for the foreseeable future, being the period of at least 12 m￿thS from the date ol this r8port. For thi5 reason, the Trust continues to adopt the going concem basis in the finanryal statements. 1.3 Charltable funds Unrestricted funds are available fN use at the discretion of the truslees in furtheran￿ of their charilable 0fy'8ctiVèS. Designated funds are unrestricteil funds and are resources set aside for speufic pu￿SeS at the discretion of the Irustees. Restricted funds are subject 10 Specific wndilions by donots or grantor5 as to how they may be used. The purposes and uses of the reslricted funds are set oul in ihe notes to the financial stat8m8nts. 1.4 Incom• Income is recognised when the charitab18 rx)mp8ny is legalty en￿'￿ed to it aftw any perf0rrnarl￿ condiliws have been met, the amounts can be rneasured r8liably, and il is probable ihat income wll be recelvèd. Cash donations are recognls8d on r8C2lPt. Olher d(￿ationS are reo)gnised onc8 the charitable company has been notified ol the donation. unless perfomiance condibons require deferral of the amount. Income tax recoverable in relation lo donats.ons received under Gift or deeds of covenant is remgnised at the time of the donation. Legacies are recognised on receipl or othenmse rf lh8 thartl8ble company has been notifted ol an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as 8 contingent asset. -25-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 AEcounting policies Icontlnuedl Grants are recogn15ed when the charity has an enb"llemenl to Ihe funds and any conditions linked to the grants have been rnet. Where performance conditions e attached to the grant and are yet to be met. the income is recognised as a liability and included on the balance sheet as deferred income lo be released. Government grants are recognised and rneasU￿ ai the fair value of the as￿[ received or receivable. Grants are classified a5 relating etther lo revenue or io assets. Grants relating to revenue are recognised In income over the period in whith the rdated costs are recognised. Grants relating to assets are recogni5ed over the expected useful life ol the asset. Where part ol a granl rekqtsng lo an asset is deferred. it is recogn15ed as deferred Incorne. Income frorn charilable actiwties is recognised once the charity has entitlement to the incorne, it is probable that the income will be received and the amount of the incorne ￿￿1Vable can be measured reliably. Income is shown net of saleslvalue added lax. retums. rebates and discounts. Income from other events is ￿CognISed when ¢here ￿ evidence of entitlement. receipt is probatA• and its amount can be measured rdiably. Interest on funds held on deposit is induded when receivable and the amounL c2n be measured reliably by the charily. Dividend5 are recognised once the d￿ldend has been dedared and the nght to re￿1ve payment has been established. 1.5 Expendlture Expendilure is recognised once there is a legal N conslrudive obligation to transfer econonN¢ benefit to a third party. it is probable thal a transfer of economic benefi15 will be required in settlement. and the arnount ol the obligation can b8 rneasured reliably. Expenditure is classified by acbwly. The cost5 of each acbvily a￿ made up of ihe toial of di￿¢( cosls and shared costs, including suppon costs involved in undertaking each activily. Direct costs attribulable lo a single aciivity are allocated (lireotly lo thal acliwty. Shared ¢osls which contribule to more Ihan one acts'vity and support costs whith are not attribulable lo a single actiwty are apportioned between those activiiies on a basis consistent wlh Ihe use of reSoUr￿s. Central staff costs afe all(ta¢ed on the basis of time spent, and depreciation charge5 are allocated on Ihe portion ol the asset's use. Costs ol raising funds are costs incuvred in attracb.ng voluntary ino)me. the management of investments and those inCUr￿d in trading aclmb.es Ihal raise funds. Charitable eXpeTTd1tu￿ comprises ihose c05t5 Incur￿ by the charity in the delivery ol its activilies and services lor Ils benefiuaries. It indudes both costs that ian be alloraled directty 10 such aclivibes and Ihose cosis of an indirect nature necessary 10 5UPPOrt them. Support costs inthde ￿ntral lunctions and have been allocated to activity cost categories on a basis consistent with the use of resources. for eXaM￿e. all￿ting staff costs by the b.me spenl and other costs by their usage. Govemance costs include the cosis attributable to the charity's compliance wilh constitutional and statutory requirements. including audrt, strategic managemenl and trustees, meetings and reiTnbursed expenses. The Charty is very fortunate in re¢eiing substants.al atnounis of voluntary unpaid help however this C3nnol be quaniified and is therefore not included in the financial statements. -26-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Account4ng policies Icontlnuedl 1.6 Tangible fixed assets Tangible fixed assets costing £1.000 or more are initially measured al Cost and subsequenuy measured at cost or valuation. nel ol depreciation and any impairmenl10sS85. Assets under constwction are aCc￿Jn1ed for at cost and are not dep￿￿ated until the a(uunting periTrY in which they are brought inlo use. Deprecialion is reix)gnised so as to write off Ihe cost or valuab.on of assets less their residu81 Wdlu8s over their useful lives on the fdlowng bases.. Freehold property I￿1h11n￿Sl Freehold property linstallaUDnsl Leasehold property Ibuildingsl Leasehold property Iinstalllalionsl Fumiture and equipment Motor vehicles Horses Over lhe remaining Irf8 ol th8 buildin9

10% per annum straight line basis Over lhe period of each 18a5e If&20% per annum straight line basis 20¥0 per annum straight line basis 20% per annum straight line basis Over Ihe expected lrfetime of the animal The gain or loss arising on the disposal ol an asset is determined as Ihe dtfference between the Sa￿ proceeds and the carrying value of the asset. and is recognised in the Statement of hnanaal activits"es. 1.7 Fixed 35set investments Fixed asset investments. other than programme related investments. are induded al market value at the balance sheet date. Realised gains and losses on investments are ￿1￿lated as the differen(x betwoen sales proceeds and their market value at the stsrt ol the year, or their subsequent cost. and are charged or credited lo the Statement of Finanri81 Activities in the penod of disposal. Vnrealised gains and 1085es represent the movement in market values dvring the year and are credited or charged to the Statement tsf Financial Actiwb"es based on the market Value at the year end. 1.8 Impairment of fixed assets At each reporting end date, the thartiable company le￿ewS the rarrying amounts of its tangible assets to delermine whether the￿ is any indication that those assets have suffered an irllpairment Ios5. If any such indication exists. the recoveraNe amount ol the assel is estimated in order lo detemine the extent of the impairment loss lif any). 1.9 stocks Stocks are stated al the lower of crjsl and estimated selling price less costs to complete and sell. after due regard foT obsolet8 and slow moving stocks. Nel realisable value is the estimated selling price less all estimated a)sts of com￿et10n and costs to be incurred in marketing. selling and dislribution. 1.10 Cash and cash equivalents Cash and cash equivalents indude cash in hand. deposits held 8t G911 wth banks. other short-terrn liquid investments with original maturits.es of three month5 or less, and bank overdrafts. Bank overdrafts are 5hovm ithin borrowings In current liabilities. -27-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2023 Accountin9 poli￿e3 Contlnuedl 1.11 Financial in$truments Financial assets and financial liabililies are recognised when the tharity b8cornes a party to the contractual provisions ol the inslrumenl. I financial assets and liabilibes are inib.ally measured at transaction pn.ce Iincluding transaction costsl. except for those finan081 assets olassif ed as at fair value Ihnxjgh profit or loss. which are initially measured al fair value Iwhich 15 normally the transact￿n price excluding iiansaction costs). unless the arrangement constitutes a financing transacti(￿. Financi81 assets and liabilitie5 are ￿lY offset in the stalemenl of finanual position when. and only when Ihere exisls a legally ellfoiceable nghl lo sel off Ihe recognised amounts and the charitable company inlends either to settle on a net ba515, or to Tealise the asset and setde the liability simuttaneously. Financial 85seis are derecognised when and only when al the contractual rights to the cash fbws from the financial asset expire or are seltled. bl the d)aritsble ccmpany transfers to anolher party subslanlially all of the risks antj rewards of ownership of the financial assel. or cl the charitable cornpany, despite having retained some. bul not all. signrficant risks and reward5 of ownership. has transferred control of the asset to another party. Financial liabilities are derecognised onty when the oblwJaiion specified in the contract is discharged, cancelled or expire5. Current assets and currenl liabilities are 5ubsequenUy Measu￿ al the cash or Other considerBtion expected to be paid or received and not discounted. Fixed asset inveslments are recognised and measured in accordan￿ ￿th the accounting policy. Debt instruments are subsequently measured at amtitsed cost. The charty doe5 not enter inlo or acquire derivatsves rK ￿her complex financial instrument5. 1.12 Taxation The chanty Is considered lo pass the tests set out in Paragraph 1 Schedule 6 of Ihe Finance Acl 2010 and therefore il meets the definilion ol a charnable company UK ￿rporatIOn tax purposes. Accordingly, the chanly is poienlially exempt from taxation in respecl of income or capital gains received within c81egories covered by Chapter 3 Part 11 of the Corporabrffi Tax Act 2010 or Section 256 of the Taxathon of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitaNe purposes. 1.13 Employee benefits The c05t of any unused holiday entillemeni is recognised in the period in which Y)e employees services are received. Termination benefits are rewnised immediately as an expense when the charitable company is demonstrably commilled lo terniinale IhÈ empk)ymenl of an employee or lo provbde terrninalion benefits. 1.14 Retirement benefits Payments to defined conlribulion reb"rement benefrt schemes a￿ tharged as an expense as they fall due in accordance with the rules of the scheme. 1.15 Horses The charity ovms a number of horses held for the use of custc*mers. These are initially measured at cost and depreciate¢ over tho oxpected lrfetime of tho animal. -28-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Accounting policies (Continued) 1.16 Trade debtors Trade debtors are amounts due frorn customers f(x merthandise sokl or seNces perfomied in the ordinary course of business. Trade debtors 8re re(x)gni5ed intbally at the transaciion price. They a￿ subsequently rnea5ured at amortised cost U51ng the effective interest method. less prowgon for impaimienl. A provision for the impairment ol trade debtors is established when there Is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 1.17 Trade creditors Trade creditors ar8 obligations to pay for goods or seNces ihat have been ar4uired in the ordinary course ol business frorn supplier5. Accounis payable are classified as current liabilities il the Charity does not have an unctsndilional right. at the end of the reporting period, to defer seillement of the cre(Jitor for al least twelve months after the reporttng dale. If Ihefe 15 an uncondits.onal right to defer s8ltlement for al least twelve months after the retM)rtiro date. they are presenled as non<urrent liabililies. Trade creditors are recogni5ed initially al Ihe transaction price and subsequenlty measured at a￿￿Sed o)sl using the effective interest metho(l. 1.18 Deferred Income Deferred income represents amounts received for future peri(Mls and 15 rel88sed to incoming r8sources ill the period for which it has been re￿iVed. Sud) income is onty deferred when". - The donor specifies that the granl or donation must only be used in future accounting periods", or - The donor has imposed conditions which musl be met before the charity has unconditional entitlemenL or - Payments are received in advance of the seTrice or goods being Provided. Critical accounting estimates and l￿dgements In the applicatKJn tsf the charitable cornpanls accounting policies, the trustees are r8quir8d to make judgements, eslimales and assumptions aL￿ul the carwng amount ol a55ets and liabilities that are not readily apparent from other Sour￿$. The eslimales and associated assumptions are based on historical experience and other factors thal a￿ o)nsidered lo be relevanl. Aclual Tesulls may diffeT from these esb'mates. The estimales and underfying assumpbons are rewewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the p8riod of Ihe revision and fvture period5 ¥there the revision affe¢ts both current and futu periods. -29-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Donations and legacies un￿strICted Restricted funds funds 2023 2023 Total Total 2023 2022 Donations and gifts Legacies receivable Government grants Regular giwng and capital donations 275.204 211.844 175,879 451,083 211,844 293.473 405.667 6.800 42.626 33.693 33.693 520,741 175,879 696,620 748.566 The above government 9rants Ir￿ude5 income of £nil12022- £6.8001 of o)ronavinJs rdated grants. Charitable activltl8S Unrestricted Unre51ricted lunds funds 2023 2022 Calvert Lakes fee incomo Calvert Reconnections fee income 1.127.714 1.152,990 981,984 395,278 2.280,704 1,377,260 Investment income Unro$trlcted Un￿striCted fund5 funds 2023 2022 Dwidends receivable from listed inve5tTnents Interest receivable 11,270 1,734 13,947 513 13,004 14.460

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEAIBER 2023 Raising funds Unrèstricted funds 2023 Restricted funds 2023 Total Unrestricted funds 2022 funds 2023 2023 Costs of gènerallng donatlon5 and legacies Fundrai51ng costs Staff costs 38.475 57.399 44,148 82.623 81,578 25.116 100,621 24,179 Costs of generating donations and legacies 95.874 44.148 24.179 164.201 125.737 Investment m3nagemenl 2.925 2.925 3.746 98.799 44.148 24.179 167,126 129.483 -31

(O ￿ CO O tr- ¢D W) tr- ¢D Q) *t (N u) o ¢n J ¢n r) )f) C) C) (Dro ro r r ro o oi ui Lts U) ￿ ￿￿¢5)[0 Tr- I£>￿ o (FJ ro V)0￿ to< Cf L)LL O

o) w

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 NOVEMBER 2023 Govemance costs 2023 2022 Audil fees Management accouvlanl's lees 6,895 14,397 5,800 12,825 21,292 18,625 10 Net movement in funds 2023 2022 Net movernent in funds is staled after charyingll(xediting) Audit fees anagement accountanfs fees Oepreciation of owned tsngible fixed assets 6,895 14,397 268,835 5,800 12,825 282.066 11 Auditor's remuneratlo The analysis of auditor's remuneration is as ftsllows Fees payable io the charitable company's auditor. 2023 2022 Aurjrt of the chantable compan15 finan￿81 ststements 6.895 5.800 Other fees to management accountants All olher non-audit services- managernenl accLwJntantS 14.397 12,825 12 Trustees None of the trustees lor any persons connected wilh iheml received any remuneration or benefits from the haritable company during the year12022 £nill. No Irustees have received any other benefits froTn the charity during the year. 13 Staff costs The average [nOnth￿ headcoLJnl number of ern￿oyeeS linduding senior management team) during Ihe year was.. 2023 NumbOT 2022 Number Charitable activities Fundraising and marketing 72 62 Total 80 69

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 13 Staff costs IContinued} Employment ¢ost$ 2023 2022 Wages and salaries Social secunly costs Other pensiorF costs 1.829.171 157,264 88,140 1,561.625 138,316 75,798 2,074,575 1.775,739 During the year the ¢harily inwrred iermination payments for k)ss of emtAoymenl of £2,669. Details of the treatment of the terrninalion benefit can be found in the ac¢wnting policies. The temiinalion benefits in the year wer8 fundÈd ftom Ihe tharivs unr8strict8d generdl funds. The numbèr ol employ885 who58 annual remunerati￿ was more than £60.000 is as follows". 2023 Number 2022 Number £70.001 - £80,000 The tolal employee benefits of the key management personnel of lh8 charity wer8 £279.849 12022 £246.2241. 14 Net gainslllosses) on investments Unrestricted Unrestricted funds funds 2023 2022 Revalualion of investrrtents - unrealised gainlllossl Re81ised gainlllossl on Sa￿ ol investments 129.3581 2,155 2,243 Net gainl Ilossl on investments 2,243 127,2031 15 Taxation The charity is a registered charity and as such 15 entilled to certain exemptions on income and profits from investments and surpluses on any trading actNrfies calwied ￿ in furtherance of the charitls pn'mary objective. -35-

0)￿0 ¢3) - (4 ( UJ a) 00 (Fi 4 (n

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 16 Tangible fixed assets Icontinuedl Revaluatlon of fixed assets The Trust occupies two I￿eh￿￿ prOPe￿e$ near Keswick. Cum￿.3 named Litue Crosthwaiie and Old Windebrowe which were subject of a generous gift when the Trust was founded. The properties. when gifted. were subject to a restriction that should the Calvert Trust not wish to continu8 lo use the premis8S, they rnust be disposed of or sold to another charity- During 1989, the freehold properties were revalued by the trustees. subject to the above restriction. at Ihe then estimated net ￿alISable value of £990.000. The unrealised surplus on ￿Valuab"on. which primarily reflects a lair value on the properties originalty gifted and brcwght inio Ihe accwnts at nil value, is included in the accounts as follows'.- 2023 2022 Unrealised SUTplus on revaluation Less.. Accumulated deprecialion as 3t 30 Noveffiber 353,205 1105.5571 353,205 1102,0251 247,648 251,180 The water centre has been part built on treeh￿d land and part on leasehdd Lqnd. 11 is not r*acb"cablè to attribute the build costs to each parcel of L2nd and the costs are all included in fr8ehdd land and building5. The lease on the leaseho￿ is for 999 years and commenced on 29 March 2010. Included in Land and Buildings 15 land at Little Crosthwaite, Underskiddaw. Keswick (Title number CU2595321. Thi5 title 15 subject to a tharge dated 16 March 2010 by.. The Homes and Communities Agency. Renaissance House. Cenlre Park, W8rrington. Cheshire, WA1 1XB and.. The English Sports Council, Third Floor, Wictoria House, 8kM)msbury Square, London. WC18 4SE. Also included within this Land and Buiklings is land al Calvert Tnjsl Stables. Keswid( (Title Nurnber CU2640211. This is subject to a legal ch8r9e by The Chartty Bank. 194 High Street, Tothbridge. Kent, TN9 1BE (Company RegisiTation No 43300181. Furniture and equiwnent are deemed to be disposed after six years. -37-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 17 Fixed assel investments Listed Unlisted Investments investment5 Total Cost or valuation At 1 December 2022 AddIt￿rns DisPQs8Is 390.886 8.345 1399,2311 390,889 409.819 1399,2311 401.474 At 30 Novernber 2023 401,477 401,477 Carryin9 amount AI 30 Novernber 2023 401,477 401,477 AI 30 November 2022 390.886 390,889 Share valuats.on is based on the Bid prTr￿ as at Ihe close of bugness on the valuation date. 18 Financial instruments 2023 2022 Carrying amount of financial asseis Instruments measured at fair value through profil or loss 390.886 19 Stocks 2023 2022 Stocks 13,968 13.268 20 Debtors 2023 2022 Amounts falling due within one year Tra(Je debtors Other debtors Prepayrnent5 and accrued income TI.56B 200,664 60.101 79,616 409,167 55,108 338.333 543,891 Other deblors iNdudes ￿gaCleS receivable after the year end.

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 21 Loans and overdrafts 2023 2022 8ank loan (XheT l(>an 66.693 319,348 86,693 300.000 386,041 386,693 Payable vnthin one year Payable after one year 20,000 366.041 20,000 366.693 Arnounts induded aiK>v8 whith fall due after five years.. Payable other than by insialments 319.348 300,000 The bank loan is unsecureil. interest-bearing and is repayable in instalments with the final repayment due on 18 March 2027, interest is tharged at a Iyoaling basis. The olher loan is from The Francis C Scott Charitsble Trust and is an unsecured. interest only arrangèment to 16 June 2029. interest is charged at 2.5Yo above the base raie ol the Bank of England. 22 Creditor5- amounts fallbng due within one year 2023 2022 Notes Bank loans oth8r taxation and S￿la1 $8ixJrity Deferred income Trade creditor5 Other creditors AccruaL5 21 20,000 46,390 220,865 77.241 1,861 63,400 20,(KJO 34.721 157,802 108,599 2,493 58,739 24 429,757 382,354 23 Creditors: amounts falling due after more than one year 2023 2022 Notes Bank loans Other iK)rrowngs 21 46.693 319,348 66.693 300,000 366,041 366,693 39-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 24 Oeferred income 2023 2022 Oeferred income at 1 DeGember 2022 Amounts released from prewous periods Deferred in the pen￿j 157.802 1113.9591 177.022 186,879 1144.6351 115,558 Deferred income at 30 November 2023 220.865 157.802 Def8rred incorne relates to Customer payrTTents made in advance and invoiTrd afteT the year end on the prow510n of the seNce or g(K)ds io Ihe customer. This also indudes income from Reconnections centre lees invoiced during the year bul which relates to services prowded after ihe year end. 25 Retlrement benefit schemes Defined contribution schemes The chanlable company operates a defined contribution pension scheme for all qualifying em￿oYees. The assets of the scheme are held separately from those of the Charilable comparty in an independently administered fund. The charge to profit or loss in respect of defined contritrwb'on schemes was £88.14012022- £75.7981. Contnbutsons loialling £12.207 12022 £10,147) were payable to the scheme at ihe end of the year and are induded in ciediiors. 26 Operatlng lease commltments At the reporting end date the charitable cornpany had outstsnding commitments for future minimum lease payments under non<ancellable opera￿"ng leases, which fall due as follows". 2023 2022 Land and buildings Within one year Between two and five years In oveT five years 2.501 2,501 2,504 33 32 2,537 5,038 -40_

V ¢D Ln - UJ C4¢ 00(TJ 00 0￿0 o (fj(fj 4 Qi ¢0 OMUJ 000

uj o c OJ u <D

CD > iitf Cl

f• O IN Q> C L 20

wc o£c cc c CL ooo

T>

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 NOVEAIBER 2023 29 Analysis of net a55els betweèn funds Unreslrided D¢si9nated lund$ funds 2023 2023 Restricted funds 2023 Total 2023 Fund balances at 30 Novernber 2023 are r8pre5•nted by-. Tangible assets Investments Curreni asset￿lI1￿bIlilieS) Long tem lialj'lilies 4.675.714 4,675,714 401,477 54.272 1366,0411 401,477 {35.4361 1366.0411 89,708 4.675.714 89.708 4.765,422 Unrestricted Designated funds funds 2022 2022 Restricted funds 2022 Total 2022 Fund balances at 30 November 2022 are represented by.. Tangibk assets Invèstmenls Current assetsllliabilities) Long tem) liabilities 4.897.224 366.786 175.680) 4,897,224 390.889 382.277 1366.6931 24,103 91,264 366.693 {36fj.6931 5.188.330 115.367 5.303.697 .46-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 30 Related party transactions During the year Ihe charity made ihe followng related paty transaci•)ns'. James W Fryer-spedding - Trustee The trust paid rent to James W Fryer-spedding. tnjstee amounting to £512022- £51 during the year. The rents pai(5 are below rnarket value. James W Fry8r-Swlding made donations to the charity during the year of £3,000 12022 £Nill. James W Fryer-spedding purd)ased goods from the charity during the year totalling £90012022- £Nill. Christine Sheldon - Trustee Christine Sheldon made donations to th8 tharity during the year of £Nil 12022 - £2.51M)l. Christine Sheldon purchased goods from Ihe eJ)arfty duiing the year totslling £NII12022- £2161. Giles H Mounsey.Hey5harn- Trustee Giles H Mounsey-Heysharn made donations to the charity during the year of £Nil {2022- £5001. Martln G Mullln . Trustee Martin G Mullin purchased ￿c￿S from ihe charity during the year lotalling £1.66512022- £931. lan S Lovrthlan- TnJ$tee lan S Lowlhian Purchased goods from the charity during Ihe year totslling £9512022- £Nill. Heather A Batey- Trustee Heather A Batey purchas8d go(xls from the charity duiing the ￿ar ttstalllng £19512022- £Nill. Anthony D Glynn- Trustee Anthony D Glynn purchased goods from ihe charily during ihe year iotalling £75012022- £Nill. Emlly J Ftynn . Trustee Emily J Ftynn purthased goods from the charity during the year totalling £56012022 - ENil}. Anne L Dunn- Trustee Anne L Dunn purchased gocmjs from the charity during the year totalling £95 {2022- £Nill. Loans from Trustees During the year the Charity ieceived a loan from Twustees of £102.500 12022 - £Nill. The loan was an Ull5ecured, interest f￿e akTangement repayable on dem8rMI. At the balan(x sheet date the amount due lol from Trustees was £Nil12022- £Nil). -47-

THE LAKE DISTRICT CALVERT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 31 Cash generated from operations 2023 2022 Notes Deficit for th8 year {538,2751 (796,2621 Adjuslmenls lor.. Investment income recognised in statement of financial actsmlies Fair value gains and losses on inveslments Depiecialion and impairmenl of tsngible fixed assels 113.0041 114.4601 29,358 282.066 268.835 Movements in W[￿kIng capital". 1lncreasell(Jec￿ase in stocks Oecre8sallincreasel in debtors IDecreaseyincrease in creditor5 lTrcreaselldecreasel in deferred income 19 20 22 24 1700) 205,558 115.6601 63.063 258 1421,5511 37,077 129,0771 Cash zb50rbed by operations 130,183) 1912,5911 32 Analysis of changes in net Idebtlmunds At 1 Oecember 2022 Cash Ilows At 30 Novembèr 2023 Cash al bank an(J in hand 207.472 175.7441 131.728 Loans falling due wthin one year Loans falling due after more Ihan one year 120,0001 1366.6931 120,0001 1366.0411 652 1179,2211 175.0921 1254,3131 -48-