Company Registration no-. 01240160 Charity Registration no- 270923 THE LAKE DISTRICT CALVERT TRUST (A company limited by guarantee) Calvert Trust Challenging Disability Through Ouldoor Adventure Lake District ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 •AE2JNX4 1410512025 COAIPPAIES HOLISE A18 #189 THE LAKE DISTRICT CALVERT TRUST (A company limited by guaranteÈl CONTENTS Pase. Reference arid administrative details of the Company. its Trustees and advlsers Chair's statement Trustees. report 5-13 Statement of trustets. responsibilitles 14 Independent audltoes rèport an th• financial slatements Statement of financial activities 15-18 19 Balance sh••t 20-21 Statement of flows 22 Notes tc* the financial ststements 23-48 THE LAKE DISTRICT CALVERT TRUST . (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATNE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEM8ER 2024 Trustèt$ Martin G Mullin. Chair lan S Lowlhian Heaiher A Batey IresKJned 24 October 20241 James W Fryei-SpetJding (resigned 26 April 20241 Anthony D GI￿n, Secreiary Emily J FI￿n Judith Gate Anne L Dunn David G Blown Iresigned 8 February 2025) Hannah Richardson Srinivas Madipalli William JC Ponsonby m￿e$ Thompson18ppointed 26 Apnl 2024) Company ve9ostÈ￿d number 01240160 Chaflty registered number 270923 Registered office Little Croslhwaite Underskiddaw Keswick Cumbria CA12 4QD Company sècr•tary Anthony D Glynn Chief executive officer Sean Day Independent 4udttors David Allen Chartered Accountants and Statutw Auditors Dalmar House Barras Lane Estate D8lsion Carfisle Cumbria CA5 7NY Banker5 Barclays Bank pl¢ Penrith Branch Market Square Penrith Cumbria CA11 7YB CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent MA19 4JQ Page 1 THE LAKE DISTRICT CALVERT TRUST (A company limited by guarant••l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS ICONTINUEDI Investment Advisor5 Sarasin and Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Flnance Committee AnV￿]Y D GI￿n. Chair Ma￿n G Mullin Judith Gate Philip Stouc Ctropled Member Stuart Coe. Co-ople¢J Member Audit Committee m￿¢$ ThOmpsc￿. Chair Anthony D Glynn Roger Cooke. Co-opted Member Alastsir Robert$. Co-opted Member Income Generation Committee Anne L Dunn. Chair Martin G Mullin Hannah Richardson People and Operations Cornmittee lan S L¢)wlhian. Chair Emily J Flynn Martin G Mullin Judith Gate Rosemary F￿"ley, cc￿pted Member Nominations Commiit•• Judith Gate. Chair Ma￿n G Mullin m￿tS Thompson Claire Hensman, cr￿pted Member Clinical Committ•• (until 18th October 2024} Heather A Batey. Cha Marlin G Mullin David G Brovm William JC Ponsonby Fiona Nixon. Co-opted Member Ajice Mèlwlle. C￿opted Member Emeritus Trustees John FryEr-Spedding C8E Roger Cooke. Vice President John Wc Tony Welton Michael T(xJlmin Mark Winfield Corinna Carlwright Stephen Nicol William R Bell clai￿ T Hensrnan Pag8 2 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024 I menb'oneil in my slatement for 2023 that Calvert Reconnections, our specialist brain rehabilitation cent￿. was ramping up which gave us great hope for 2024 and that we planned to launch a major capital appeal in 2024 for the next development of the Calvert Lakes service_ It is encouraging that ￿ the first half of 2024 the whole organisation was focused on ihese two key areas a continued strong perform8nce al Reconnections in Ihe first quarter. We made tremendous progrèss planning the provtsion of a ngw aGwmmodabon blod( al Calvert Lake5 wilh a complete realignment of the site to provide a more secure guest experience wth increased levels of safety from on-site vehicle movements. Unforiunately. by mid-year it was dear that all was not well In the sector as we became aware of similar organisations hawng severe difficulties driven by several key laclcKs. The inflationary p￿ssureS did not abate meaning budgets conlinued to be challenged resulting in fewer guesls being able to afford residents'al breaks whi15t School residential visi15 continued to be depressed as schools contended with financial challenges. It W8S also apparent that there was a reluctance to partiripate in residenb.al rehabililalion following the COVID experience and funders. specrfically insurance companiès. were less wlling to fund long term rehabilitation programme5. In July. the trustees had to take the regrettatrAe deo"sIt￿ to dose Calvert Reconnections as occupancy levels were not sustainable and delawng ihe decision further mean ihat the whole charity would become unsustsinable. It was with greal sadness that we had to enter into a consultation with our employees with a view lo restructuring Ihe organisats"on. Unfortunately, we haos to bid farewell to 34 highly respected colleague5 in September and fo¢u5 all our efforts on the Calvert Lake5 and Calvert Stsbles 5erwGes. My 5inGere thanks go to all our employees for the professional way this unwelcome situatron was handled. For the organisation to 5uccessfulty namgate this drfficult transiti'on we had to draw upon the support of many of our supporteT5. We are grateful for the excellent ad￿Ce an(1 wsdom they shared us and hugely graleful for ihe financial support they gave us to enable us to continue. The final quarter of the year was Spent t)edding down the rew slruclure wth a slimmed down managem¢nt group. 1115 teslamenl to the 4thole staff team that none of our guests reported any deterioratson in tha wonderful experiencè that is always had at Calvert and our guest feedback conts'nued to be immensely positive. Having completed the restructure the strategic plans for 2025 onwards were revisited and the trustees remain confident that the organisalion can conlinue to deliver on the Charilable ObjeGts. A dear growth plan is now in place wilh a sustainable finan¢ial path to build rÈsÈrvÈs. Thè plan includes growing annual occupancy and nrestricted fundraising. and securing ￿CUrring rental income from the Old Windebrowe facility. l am confident that we are now in a good posilion lo deliver on this plan and l anb"cipate thal we ￿11 be engaging wth supporters and lunder5 in the near future to help us reali5e the plan5 f¢x Caw Lake5 referred to in the first paragraph. Despite the disturbances and major changes in 2024 the team delivered excellent outcomes for 2.845 children and adults at Calvert Lakes who stayed wth us for 9.241 nights. I never cease to be amazed by the abilily ol the Calvert Team to bring so much joy an¢J confidence lo our guests_ 115eems that we are able to manufacture smiles on a sK)nderfully consistent basis and il isthis ability that is thè cole of why Calverl Lakes must continue. The Utilisati￿ of our hydrotherapy pool continued to increase followng the COVID years whi151 the team al Calvert Stables are making huge strides with an Ir￿reased range of activities and classes as well as Increased support for local community groups. The fundraising team h8d a successful yÈ3r in 2024 a¢hiewng approximalely £420,000 of unresfricted income and it was rewarding lo see the benefrts ol the new approach introduced by the leadership bear fruit. l am confident that this area of our operation wll consistenuy deliver in the coming year5 and enable Calvert Lakes to deliver life affirming experiences for people living wth disabilrties. We massively appreciate the Continued support we receive Irom a wde range of givers induding grant-making trusts, the Friends of Calvert Trust (Lake Districll, the many clubs. ¢harilies and organisations and the many private individuals who give so genBrously. Thank you. Page 3 THE LAKE DISTRICT CPLVERT TRUST (A company limited by guarnnt•tl CHAIR'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 l thank the trustees for their continued hard work and commitment in what has been a difficult year, and I would like to end by acknowledging the wonderful staff team at The Lake District Calvert TrusL For thos8 who left the organisation in 2024 1 sin¢erely send my thanks, appreoab.on and best wishes f￿ the futu￿. For those who are drivin9 the organisation forwards in 2025. 1 look fowdrd to working with you and l am confident that thp Trust will Continue to manufadure smiles for people living With disabilib.es for many years to corne. Martin Chair Date.. 25th April 2025 Mullin Page 4 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 30 NOVEMBER 2024 The truslees. who are also direclor5 of the charity for the purposes of company law, present their annual report nd the audiled financial statements for Ihe year ended 30 November 2024. The annual report serves the purpose5 01 both a Trustees. Report. and a Directors. Report under ccwnpany law. Structure, Govemance and Ilanagement The charity was incorporated on 12 January 1976 as a Cc*npany limited by guarantee and not having a share capital. The charity is govemed by its Memorandum arKI Arbcles of A5sociab'on. The chanty has dispensed with the use of the word 'Limited' in its name. The Trust's firsl residential centre at Keswick vras opened in 1978. Working dosely wlh th8 Trust's disabled visitors and th$ many organisalions Ihal wsit our centre5. the Trust has pioneered Ihe provision and promotion of Olrtdoor activities for people with disabil￿18$. The Board of Twstèe5 have delegated day to day management of the Tnjst to a Senior Leadership Team ISLTI led by our Chief Executs've. Followng a govemance review in 2022, the Board of Tru5tee5 reformed its standing committee5 lo work across the TnJst in the areas ol - People and Operations, Clinical Governance. InGome Generation and Finance. Additional committees including an Audit committee, to provide financial and risk oversight and ensure cornplia￿ce responsibililies are met, and a Nominations committee have also been established. As part of the reforms. the Board of Trustees increased meeting frequencies and meets al leasl four limes a year to receive reports from the Chief Executve. Senior Leadership Team and ea¢h committee in order lo ensure Ihat all trustees are fvlly involved in the Trust's govemance process. Followng a restructuring of the staff team in September 2024. the Senior Leadership Team saw a reduction in numbers from a total of 5 staff to 2 staff. Reswnsibililies have been reorganised to reflect the smaller organi5atson. The trustees hav? wnplied wth the duty in sedron 17151 of the 2011 Charib'gs kt to have due regard to guidance published by the Charity Commssion. induding public benefit guidance. The trustees are from a variety of relevant Professional. lyjsiness and charitable backgrounds with 8 number havin9 lived experience of impairment. drfference or disability. The compos11ion of Ihe trustees, bc>ard and their experience and skills arè regulady rèviewed, to ensure the number and balance of truslees remains appropriate. All directors of the company are also tru5lees of the charity, and Ihere are no other trustees. All of the Iruslees named on the Reference and Administrab"ve details page served ihroughout the year except as declared. The Board of Trusl£8s ha5 the power to appoint additional trUst￿S as it consid•rs fit to do so. Use of Volunteers Thè charity has bÈnèfitt8d from thè help of ov8r 80 v(Aunteers during the financial year. The majority of these volunteers assist and support the riding actimties, wilh other volunteers also assisting in supporting our residential Calvert Lakes courses and programmes. The Tru5l has benefitted from volunteers supporting essential fundraising acliwlies durirrfj this peric*J. A significant refurbishment of our CalvÈrt Lakes '8￿e$. a¢¢ommodation. 17 guest rooms was started in November 2024 and cc*npleted over the wnter. This exlensNe refurbishment projecl could not have been completed wthoul signfficant volunleer support %%rJrking alongside our staff. for which we are extremely grateful. Page 5 THE LAKE DISTRICT CALVERT TRUST (A company limlted by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 TNstees' Induction and Training All new trustees cC￿plete a rrt and pr￿er pers￿ assessment, fdlow a formal trustee induction process and receive a trustee inducts.on paGk. They also complete an orientab.on meeting vAth the Chief Executive. annual appraisa1 and rrt and proper person assessments. followed by formal training on disabilily awareness and safeguarding as part of a schedule of ongoing refresher training. Key Managemènt PÈrsonntl Pay and Remunerallon The key management personnel of the charity c¢Msist of Ihe senior leadership and management team members. The remuneration of the senior leadership team and an annual pay award lor all slaff 15 set and agreed by Ihe Finance Committee and approve(l ty Ihe 8oar(l. Fundraislng The charity carries out a number of fvndraising acliwb.es throughout the financial year. These acb"vits"es are organised through the Trusfs lundraising team. The Trust adheres lo the Code of Fundraising Practice and is registered wrth the Fundraising Regulator to ensu￿ au fundraising acts"Mts"es Idlow best rxactice. The charity also uses external consultants to prowde assistance vthen undertaking mairx appeals. Aims, Objectives and Public Benefit The charty exists in order to benefit people wth disabilities. It aims to enable them. together with their families and friends. to achieve their potential through expÈrien¢ing the ¢h3llenge of outdoor adventure in the county5ide. It does 50 prinrApally thr(xJgh the provision of specialised facilities in and near Keswick In the Lake Qistrict. The particular benefits that the chantys activib"Ès offer to our visitors are.. The enrichment of their lives through adventure, confidence building and personal achievement. The chance to enjoy countryside of exceptional natural beauty. The opportunity to p3￿cl￿ate in a progiamme that Indudes retaxation as well as ccmjrse activity. The enjoyment of recreational activitie5 Ihal can be transferred into everyday living. Personal development and supwjrt leading io greater inlegrat¢on wilhin society. Until September 2024. blain injury ￿habil￿atr.0n comtiining traditional interdisciplinary clinical therapies ith physical activities in the outdoors. The Trust recognises Ihe economic disadvanlage experienced by many people with disabililies. Accordingly. in suitable cases it may be able to offer direct financial support in the form of tsjrsaries. In other instances it may be possible io guide visitors towards other sources of subsidy. The charitys phi1050phy 15 to try lo ensure Ihal no pers￿ with a disability sh￿jId be deprived of Ihe opportuntty of a wsrt because of a lack of funds. When exercising their powers or dubes, the tnjstees pay due regard to the Charity Commission's public benefit guidance. In this regard. they recognise thal io satisfy the 'publi¢' aspect of the guidance, the charity's actsvities must.. benefit the public in general, or a sufficient section of the public.. and not give rise to more than inudental personal benefit where 'personal benefit. may include financial benelits le.g. cash payTnentsl, non-financial benelits or paymenls in kind le.g. benefits in the form of goods or seNcesl", or benefits to trustees. A personal benefit is considered 'incwJental' where it is necessary result OT byyoducl of carrying out the chari￿$ purpose. Truslees also recognise that to satisfy the 'benefit' aspect of the guidan￿.. the purpose and acbvits"e5 of the charity musl be benÈfiual- thi5 must be in a way that is identifiable and ¢apable of being proved by evidence vthere necessary and which is not based on personal views-, and any detriment or harm that result5 from the purpose Ito people, property or the environment) must not outweigh the benefit- again, this st￿Uld be based on e￿￿ence and not personal views Page 6 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 Activiti•s The charity is proud to offer a ￿de range of exryts.ng outdwr acth"Mb"e5, meaningful challenge, rehabilitalion and adventure wthin a framework of safety. It has been involved in the developrnent of an extensive range of activilies for disabled people. vthich now include sailing. a¢¢essible biking. ¢anoeirKJ, kay8king. climbing. abseiling. horse riding. carriage driving. mountaineering. hillwalking I pushiny. Ixjsh uaft, orienteering, archery, challengg a¢tiMties and accessible ropes courses. The charity constanlly strives to expand and improve the range of acb"vities avaflable to its visitors. It 15 pleased to be recogni5ed as a leader in its field. Trustees. Indemnltles The charity has held trustee indemnity insurance throughout thè accounting period. Tangiblè FIX￿ As$èts for U$e by Ihe Charity Changes in fixed assets are shown in the noles to the financial statements. The Trust ocGupies two freehold properties near Keswick narned Little Crosthwaite and Old Windebrowe, which We￿ the subjecl of a generous gift when the Trust was founded. The Trusl uses these properties as the bases from which It carries out its work. The properties, when gifted. were subject lo a restriction Ihat they are to be use(1 lor the purposes of a charity. Foll0v￿n9 the dosure of the Trust'5 brain injury rehabilitalion service. Calvert Reconnects'ons. in September 2024. the Trust continuès lo utilise the Old Windebrowe Tithebarn building lo support ongoing activities. From early 2025, the building has been leased lo an organisation that provides educational seNices for children wth learning disabilities. generating an income for ihe Trusl that is used lo subsidise our other areas of work. The Trust 81s0 occupies an 8¢cessible boathouse on Bassenlhwaile Lake and various grazing for our stsbles facility on a leasehold basis. The Bowderstone Cottage was retume(I to the National Trust in March 2024 after 10 years of operation as an accessible mountain h￿. Safety and Risk Management The Trust commissions regular heallh and safety audits. Audits of safety procedures have been undertaken in 2006, 2009, 2016, 2Q19 and 2024. Recommendations to enhance safety were received and improvements were completed in 2019 and 2024. The 2024 audit speufically focused on our calvp.rt Stables site. All exlernal audit recommend3tion5 have been implemented and are monilored by the People and Operatsons Committee. rhe trustees acu'vely review Ihe major risks which the charity faces on a regular basis and have considered and included the risk5 posed following the c105ure of Calvert Reconnections. These include updated ¢ashflow. reputats.on and key personnel risks. The trustees believe the C￿r￿nt cashfflow forecast confim)s the Twst has sufficient resources to manage the impacl of nomial seasonal reductions in income and cash during the winter 2025126 period. Over the last three years the Trust ha5 iltilised unrestricted reserves in the recovery lollowing COVID and the attempted establishment of the Calvert Re¢onnecD"on5 Service. The trustee5 have put in place 8lternative sources of finan¢e, in¢luding approximately £450.000 of longer lemi sooal investment and loan facilities, to provide additional lunds until reseNes Can be rebuilL The trustees also examine other operab'onal and business risks laced by Ihe charity and monitor sy5tem5 to rnitigale the significant risks. Risks associaled IT infrastructure and data protection were considered and infrastructure was improved lo support remote working during the COVID crisis. A working party to monitor and reduce risk associated with C￿er and data security has been formed to further support rhe m8n3gement le8m. Page 7 THE LAKE DISTRICT CALVERT TRUST IA company15mited by guarantsel TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 30 NOVENqBER 2024 Other Calvert Trusts The Tnjst is one of three Calvert Trust centres. The other hvo ￿ Northurrtbria Calvert Trust (Charity Number 5118511 and Exrnoor Calvert Trust (Charity Number 1005n61. Al three Calvert Trust are Iwjally separate entibes wlh independent trustees, finances and operations. The work of the three Trusts is peri¢xlically c￿ordInated by The Council of the Calvert Trust Icharity Number 10424231 and the trustee5 of The Council of Ihe Calvert Trust are the three operating Trusts. STRATEGIC REPORT Achievements and Perforrnance The Trust exited 2023 ￿th a busy c*der book for the year #head. Calvert Lakes foThvard bookings were ahead of the previous year and Calvert Reconnections occupancy remained ahead of forecast Ihroughout Ihe winler months. Recruitment to vacant roles was successfully completed an¢J expansion of the Calvert Re¢onnections teams continued to ensure Ihe clinical needs of dients could be met as the service expanded. However, as the year progressed the Trust saw a dedine in c￿Vert Reconnects'ons occupancy thal resulted in the éifficult decision being taken to dose the service. Calvert Reconnections SeNee Closure Despite initial success and p05ib.ve client (Mrtcomes. thè sèrwce faced significant financial challenges due to declining occupancy rates and delays in funding approvals from insurance providers. As the year progressed. occupancy levels did not Inc￿aSe as anticipated. leading to financial underperforrnance. De5Plte focusèd efforts to convert referra15 into admissions. the semce ¢oniinued lo operate at a loss. Following a strategic review in July 2024. it became evident that the Trust could not sustain the financial pressure5 Withoul jeopardizing ils Corè services. As a result, a consultation proces5 cornmenced on 1st Augu512024. leading tts the closuie ol Calvert Reconnections on 9th September 2024. The decision, while regrettable, was necessary to safeguard the Trust's remaining services and lowterm linanctal sustainatM"Ity- Throughout rts three years of operation, Calvert Reconnects"ons prowded liffrchanging rehabilitation to 45 clients, pioneering an innovative approach thai combined dinital therai%es wth outdoor acb"wbes. The professionalism and dedication of the staff during both the service's operalion and its dosure process were exemplary. The Trust acknowledges the impact thi5 dosure has had on ern￿OYees. clients. and stakeholders and Èxtènds its gratstude to all those involved. As part of thÈ rèstrudurhng process. thè TTUSt's ovèrall stsff hÈadcount was rèducèd from 78 ÈmployÈès to 44 employees, reflecting the need to ensure financial sustainability and focus resources on core services. The Trust saw the departure of some valued and experienced staff and thoughts and besl wishes for the futu￿ go ￿th them. The restructuring pr(￿esS was carried out through a fcfmal consultalion. ensuring transparency and compliance with empltsyment regulations. Despite thÈ challenge5. Staff conducted Ihemselve5 with professionalism and dedication, ensuring minimal disruplion to CO￿ seNces at Calvert Lakes and Calvert Stables. Going forward, the Trust remains committed lo rebuilding a slable and motivated team while continuing to provide high-qua5ity seryices for ir￿l￿dUals with disabilitie5. Financial Im act of Calvert Reconnecbons Closure The closure ol Calveri Reconnections had a significant financial impact on the Trust during the 2024 financial year. Initially anticipated to generate a 5uWus. the service instead experienced a substantial shortfall due to a decline in occupancy levels and delays in securing funding from insurance providers. Total income for the year from Calvert Reconneclion5 was £728.616 12023." £1,152.9901 which wth total expenditure of £1.033,03012023.. £1.136.9881. led to an operational deficit of £304,41412023'. £16,002 surplu51- This financial pressure, coupled ￿￿th the nee<1 to safeguard the Trust's core service5. led to the difficult decision to close the seNce in September 2024. Page 8 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) TRUSTEES. REPORT IINGLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 The closure of Calvert Reconne¢b"ons ￿$VIted in signrficant restructuring within the Trust, including staff redundancies and a reallocation of resources. To mitigate financial 5tr8in. the Trust Secured additional funding, in¢ludin9 soft loans of £137.500 from supporters and a lèase agreement for the Old Windebr¢)we Tithebam buikling Ipreviou51y Calvert Reconnecb'ons). whith wll generate regular income from earty 2025. Calvert Lakes The year saw increasing demand lor Calvert Lakes. Se￿IceS and our residential short breaks programs acttieved 9,241 bednights in the permxl. This is an increase from the p￿￿0￿S year's ocojpancy of 8.996 bednights. This presenls a similar number ol people supported during the year through our residential stays. being 2,845 children and adulls ￿th disabilities together vthh their families and friends. In addition to our residential Courses, Calvert Lakes successfully delivered a number of proje¢ts supt)orting tho local community with non-resKlentsal 'day' seNces. The Trusts. Access Adventure program was able lo be extended for a further 2 years ihanks to the continued support of the NHS North East and Norlh Cumbria and a commilment from The Francis C Scott Charitable Tnjst. The program supports children and ￿￿ng adulls wtth autism or leaming disaly'litie5 in North Cumbria and provides respite for families through engaging and sb"mulating actiwtses delivered from our Calvert Lakes ¢entre over the winler months IDecember to April). During the 5 months of delivery, 6 programs were provided supporting 13 different fam11ies comprising 18 disabled young people supported by a further 23 family and carers. Access Advenlure fur￿1n9 for a further year has been confirrned. FollowFng a Successful applicab.on to Ihe UK Youth Adventures A￿dY from Home fund, the Trust wa5 able lo successfully work with local spety.al schools and organisations to deliver a fully ftjnded program of residential and day visits. Specrfically targetsng groups sUppO￿.n9 young people 4wth disakn'lities the Trust supported 153 individuals lo access challenging outdoor adventure. Demand for our acee5sible hydrotherapy has steaLlity increased. driven in part by the closure of the Keswck swimming pool during COVID. The year saw 7,461 comfflunity participant sessions duriny the year. ¢ompaied to 6.716 in 2023. We Gontsnue to try and ensure that Ihe disabled community remain the main users ol the facility. From August 2024 ¢nwards. the Calvert Lakes staff teams had to contend wth continuing to deliver serwces and programs to participants wh41e going through a statutory consultalton and restructure process. As always, their professionalism and dedicalion to our partiupants was an inspiration arHI centr8 operations Continued unaffected. This was neverlheless a very challenging time for all involv8d. Page 9 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 Calvert Stables Earty in the year the Stables team saw the departure of our Stables Manager. follobwng almost 20 years of leading the Trusts equine services. The Trust is fortunale to have a well-supported and experienced Stables team and an internal promots"￿ to Stsbles Manager in Febnjary 2024 was a well-received and positive development at a diificult time for the seNce. Having Iosi Haggis al the end of 2023. Ihe Trust also lost Amber al the start of 2024 after a boul of illness. Losing our ponies is never easy and the loss of both Haggis and Amber was a real challenge for the team. During the year we have been joined by a number of wnies and the TrsJst is alwayE very grateful to our supporters who often prowde their ponies on long-term loan. In January we were iLxned by miniatu Shetland therapy ponies, Drummer and Te55. Buster jojned in the Spring and Queenie also returned having had a year off lo raise her foal_ As always. we are grateful lo Ihe local comrnunity in stJpportin9 our Stables. Each of (Mjr ponies is sponsored and we are giatetul to everyone who contributes to our Sponsor-A-Pony scherne. This ensures we can maintsin the highest levels of horse welfare and continue to deliver important services for Ihe local disabled community. Like the rest of the charity, the Cafvert Stables We￿ affected by ihe d05ure of Calvert Reconneclions and Trust wide restructure. Faced with the challenge of reduung the Stables anr)ual deficit. the leam p￿sented a plan to increase the siables income Ihrough delwering additsonal a¢bwties io the local wmmunity. This was agreed and the team worked hard over the omaindef of the year to tum the plan into a reality. ably supported by the volunteers and riding commiitee who once again have stepped up to supwt the team. Calvèrt Stables successfully delivered 2.48212023-. 2,2291 participanl sessions during the year. This incluLled the development of our specialist riding and driving courses delivered with Calvert Lakes, residential berbefitraries and the development of the BHS Chan9ing Lives Through Horses scheme. Plans for Future PeFiod5 The Trust made the difficuft decision to close Calvert ReeonnecD"ons in order lo remove financi81 uncertainly. protect seNi¢es and ensu￿ a sustainable financial m(xlel goiThJ forwards. A three-year growlh plan has then been developed thai wn- Ensure the Trust's services and farylrties are being m8xwnised to benefit people with disabilities. Deliver a sustainable operatimal m()del of Calvert Lakes, Stables and ftjndraising that delivers high Quality services for our beneficiaries and conlribvtes to rebuilding reserves. Repay 311 supporter loans and start repa￿nent of The Francis C. Scott social investment loan. Establish a stable and motivated leam of people wilh Ihe knovAed9e. skills an¢J expeiience needed to ¢Jeliver our shared vision. To achieve this. the Trust wll increase Calvert Lakes. ￿¢￿pan￿ thr￿gh a ￿MbinatIon of improving the quality of our guest5. experience. further developing and resourung a proactive approach to sales and marketing and lea¢Jing the way in 8cce5sible ouldoor 8ctNibe5 for those with Ihe most Profound and Com￿eX need5. In order to maximise fundraising income and ￿duce the financial burden on the charitys benefiaaries, the Trust ill also Invest further in a Struclured approach to fundraising. We wll continue to develop an emphasis on project-based. outcome-focused initiatives that support Ihe sustsinable delivery of operations and continual improvement of the guest experience. Page 10 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 The Tnjst iemains committed to our agreed >year vis￿n which has been updated to meet our changing needs going forwards. Continue to develop our Calvert Lakes centre so that it remains at the forefronl of delivering 5eTvice5 to those wth the most profound and complex needs. Develop our Calvert Stable5 centre and increase its unique benefits for our be￿fIciar1eS through expanding equine assisted therapy I leaming services_ Increase opportunities to provide day SENI￿ to benefioaries W￿1n Cumbria. In line wth our strategic vision. will refine our plan to delrver on our exciting vision for Calvert Lakes and Calvert Slables. We are nearing Completi￿ csf an ex¢ib"ng 10-year roadmap for the future development of ihe Trust and anb"cipate engaging wth key stakeholdeis and funders during 2026. the 50th anniversary of the thanty. Finally, we will continue vthh an onwing focus on ensuring the Trust has Strong foundations Ihat enable achievement of our objectives. People.. We will develcp a great F4ace to work strategy. recognising that our staff bring the Charity to life. Diversity". w8 ￿11 ￿tter Èngage wilh all comrnunitie5. Sustalnabi1Sty'. we wll build a program to minimise our environmenlal impact driving to'net zero,. Digital.. we will leverage IT to enhance our visilor and staff experience and better engage with participants and potential ntrw ones. Transactions and Financial Position The financial statements show a net defi(il of £798,643 for the year after depreciation and unallocated irrecoverable VAT 12023 dèfic¢t.' £538.275). This d8fiot was aftèr a depreciation charge of £265,363 12023.. £268,835). Unreslricted gifts. donations and grants totalled £418.99012023.' £520,741). In March 2021 an unsecured 8arclal5 CBIL (Coronavirus Busines5 Interruption Loan) facility lor £100,000 was obtained to provide additional wnbngenGy fvnds. At the ypar-end the remaining balancè was £46.681 12023.. £66.6931. In December 2021 an unsecured social inveslmenl loan through The Francis C Scott Charitable Trust of £300.000 was secured lo provide contingency funds. This facilty was for 6 years and is interest-only repayment. At the year-end the remaining balance was £319.348 fc41owng an interest holiday which deferred £19.348 of interest in the year until the final repaymenl date. In September 2024 the Trust approached a number of supporters, including Truslees, to secure further conknngency funds during the restructure followng the closure of Calvert Reconnections. The loaned fund5 were provided for 3 year5. inlere51 free repayThent due in September 2027. At the Year￿nd the outstanding balance was £137,500. These loan facilities wovide the Trusl wlh working capilal and essential emergency funds until reserves c8n once again be rebuill. Flnan¢Sal Outlo¢k 2025 to 2026 Throughout 2023 and 2024 the Trustees maintained dose monrtoring of perfomance in collaboratson with the leadership team. This enabled a timdy decision to be made lo close the Calvert Reconnecb"ons seNce. Post the closure of Calvert ReConr￿C11C￿5 the TTUSt is going through a period of con5didation_ It has re-sized ils OTg8nisation and will now refocu5 on the core Calvert Lakes 5eNce l¢thing to rebuild btslh cash and reserves. In order to Provide the Trustees w¢h sufficient ewdence to support Ihe risk assessment and viability confirmations elailed linancial forecasts have tMn exter￿ed ￿t until year ending 30th November 2026. Performance in earfy 2025 15 broadly in Ilne wlh (Aan. Page11 THE LAKE DISTRICT CALVERT TRUST IA company Ilmited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 The Trust remains thankful for the continued supm from generous legacy gifts and supporters, both of whom have prov￿ed invaluable cash supFM)rt over Ihe past months. The Trust CC*lb"nues to have access to loaned funds totalling £503.529 which provide an aliemative source of funds until the Trust's own contingency reserves cÈn be rebuilt. Trustees h8ve undertaken a Ihcxough scenario planning pr￿e$S the leadership team and are continuing to closely monitor performance with a focus on the eady warfting of any adverse performance versus plan. The Trustees are ol the opinion that the organisab.on has acce55 to adequate resources to operate without disruption for the fofeseeablt future. bel￿ the period of al least 12 months from the date of this report. For this reason, the Trust continues to adopt the going concem basis ￿ the finanual Statements. Rèstrv¢$ The Trust's total reseryes decreased to £3.966,779 al the year-end 12023: £4,765.4221. These total reserves being made up of general unrestricleil funds of -£607.20312023". £Nill, designated funds 01 £4,447,244 12023.. £4.675,7141 and restricted funds of £126,738 12023". £89.7081. These designated funds include £4.452,948 12023.. £4.675.7141 of tangible fixed assets representing lanij. buildings. equipment and vehicles. The Trust's free reserves, i.e. reserves that in practice may be allocaled ai ihe trustees. discretion remains £Nil12023'. £Nill as a result of the negative general reserves position of £607,203. Having recovered reserves during 2021 through an ernergency bounce back appeal. the fdlowng three years. 2022 to 2024, have seen the Trusl extensively utilise Ihose reserves to enable the continued delivery of serwces to our beneficiaries as well as to launch the new Calvert Reconnecb"on5 semce in what was a challenging external environment. Having now taken the decision to close the Calvert Reconnections service, Ihe financial uncertainty of the new service has been removed and the Trusl has pul In place a plan to relum to a surplus generatirwJ operating modd going fonNards. Investment Policy and Returns The Trust's investrnen15 were held in a charitalje investrnent lund rnanaged by Sara5in & Partners LLP. The investments were overseen by the Finance Committee who received report5 and met regularly with Sarasin. In September 2024 we made the decision to dose our account with Sarasin and transfer all funds into our day- to-day bankiw proV￿tr. FINANCIAL INSTRUMENTS Objectives anil Poli¢ies The charivs activities exp)se it to a number of financial risks induding credit risk and cash flow risk. Cash Flow Risk The charity's actiwties expose it primarily to the financial risks ol Int￿St rates. Intere$l bearing asse15 and liabilities are held at fixed rate lo ensure certainty of cash flows. As part ol ifs finanual managemenl arrarrfjements the trustees have developed monthly cash flow fore¢8Sts which extend until November 2026. These enable the Trust to rapidly modd different financial Scenarios and to sensits'viiy test key assumwions. Further high-level annual lorecasts have been produced bvhi¢h extend to 2027. Having closed Calvert Reeonnects"ons. the inherent uncertainty of the new serwce has been rernoved. Credit Risk The chafitls principal financial assets are bank balances and cash. trade and other reGeivables and investments. The trustees have considered the risk5 Ihat affect the day to day operations. and have implemented procedures Ihat arè appropriate lo the soe of thè Charily_ Page 12 THE LAKE DISTRICT CALVERT TRUST (A cornpany limited by guarantee) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI {CONTINUEDI FOR THE YEAR ENDED 30 hlOVEMBER 2024 Statem•nt of 01￿10$Ure of Inft>rmation lo Auditors The tnjslees of thè charity vtho held office at the dale of approval of tri5 annual repDrt confirm that- 50 far as they are aware. there is no relevant audit infomiation or Ot￿r infom)atTron needed by the charivs auditors in ¢onneckn"on preparing their report, ol which Ihe charivs auditors are unaware. and they have taken all the steps that thÈy ought to have taken as trustees in order to make themselves aware of any relevant audit infom7ation and to establish that Ihe ¢haritys au¢Jitors are aware of Ihat informalion. Audttors David Alen Chartered Accouniants were appoinled as the Trusl auditors lor the period commencing 1st December 2017 and remain in place. Gibbons Chartered Accountants who merged wlh Armstrong Walson Accountants in April 2024, were retained as thè Tnjst's accountants and now trade as Armstrong Watson Accountants. David Allen Chartered Ae¢¢yJntsnts have svJnrfied treir wllingness to ￿main in office as au¢Jitors and a resolution re-appointing them wll be prorKJsed at the Annual General MeetirwJ. Approved by order ol Ihe members of the board of Tru51ees and signed on their behalf by. Marti G Mullln Trustee Dale.. 25 April 2025 Anthony D Gtynn Tnjstee Page 13 THE LAKE DISTRICT CALVERT TRUST (A company limiled by guarantee) STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 30 NOVEMBER 2024 The Truslees (who are also the director5 of thè Company for the purposes of company lawl are responsible for preparing the Trustees, report (including the Strategic report and directors. rep(Ytl and the financial statements in accordanct with applicable law and United Kingdom Accounts"ng Standards induding Financial Reporting Standard 102.. The Financial Reporb'ng Standar(l appltsbte in the LIK and Republic of Ireland Iunited Kingd¢Jm Generally Accepted Accounting Pradicel. Comp8ny18w requrres the Trustees to prepare financial'ststements for each financi81 year Under ct)mpany law, the Trustets must nol approve the financial statements Unless they are sat1sfi￿ that they give a true and fair view of the state of affairs of the Company and of tts incoming resources and application of resources, including Its income and expenditure, lor that peri￿. In preparing these financial statements, the Tru5teÈs are required to.. select suitable accounting Oicies and then a￿Y them consistenuy, observe the methods and princi￿eS ol Ihe Charib"e5 SORP {FRS 1021., make judgements and a¢counting estimates that are reasonable and prudent., state whether applicable UK Accotjnting Standards IFRS 102) have been foll¢)wed. subject to any material departures disdosed and explained in the financial statements.. prepare Ihe financial stslements ￿ the going concem basis unless it is inappropriale to presume that the Company will continue in t&J5iness. The Tnjslees are reSponsi￿e lor maintaining proper accountiTr3 records that are suffiaent to show and explain the Companls transacb.ons arKI dis¢lostr with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial stalements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Cwnpany and hence foi iaking reasonable steps for the prevention and detects.on of fraud and other irregulariti.es. Approved by order of the members of the troard of Trust•es and s￿rted on its behaN by. Ma in G Mullin Trustee Date.. 25 April 2025 Anthony Trustee Glynn Page 14 THE LAKE DISTRICT CALVERT TRUST {A cornpany limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST OpinioTr We have audited the financial ststements of The Lake Dislricl Calvert Trust (the 'charitsble compan￿) for Ihe year ended 30 November 2024 vthich comprise the Statement of financial activities. the Balance sheet, ihe Statement of cash flows and the relaled notes, including a summary of significant accounting policie5. The financial rew)rb"ng frarnework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 'The Financi81 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepled Accounling Practice}. In our opinion the financial statements.. give a irue and fair view of the state of Ihe charitable companrfs affairs as al 30 November 2024 and of ils incorning resources and applicalion of resources. including ￿ income and expenditure for the year then have been properfy prepared in accordance ￿ UThted Kingdom Generally Accepted Accounting Practsce,. and have been prepared in acc(￿￿ar￿ wlh the requirements of the Comp8Thes Act 2Th)6. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilitie5 for the au(Sit of the financial Siatements seth.on of our report. We are independent of the ¢haritaNe company in a¢¢ordance with the ethical requirements that are ￿leVant to our audit of the fJnan¢ial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethiG81 responsibilities in accordance wth these requirements. We believe that the audil evidence w& have obtsined is sufficient and appropriate lo provide a basis lor our opinirm. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concem basis of accountsng in Ihe preparation of the financial statemen15 is appropriate. Based on the work we have performed. we have not idenbfied any materi81 un¢ertainlies r¥laling to events or conditions that, in¢Jiwdually or collecb"vely. may cast signifi¢ant doubt on Ihe charilable companls ability lo conlinue as a going concem for a period of at least twelve monihs from when Ihe financ￿1 slalements arè uthorised for issu¥. Our responsibilities and thè rèsponsibilities of the Tnjstees Vliih ￿spect to going concern are described in the relevant secb'ons of this report. Page 15 THE LAKE OISTRICT CALVERT TRUST IA company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST ICONTINUEDI other infoirnation The olher Inforrnalion comprises the Informati￿ induded in the annual report. includin9 th• trustees, report, other than the financial statements and our auditor's report Ihereon. The Trustees are responsible for the other informatson coniained within the Annual rep￿. Our opinTron on the financial statements does not cover the other informats.on and. except to the extent otherwse expliciuy staled in our report. we do not exwess any lorm of assurance conclusion thereon. Our respM)nSi￿11ty is to read the other information and, in d¢ing so, consider whether the other infofrnation 15 materially in¢onsistent the financial statements or our kno¥￿edge obtsined in the course ol the audit. or otherwse appears to be matenally misstated. If we identify such rnaterial in¢onsistencies or apparent material misstatemenls. we are required lo detemine whether this gives rise to a material misstatemenl in the financial statements themselves. If. based on the work we have performed. we conclude Ihat there is a maierial misstatement of this other inlormation. we are required lo report that laGI. We havè nothing to report in this ￿gard. Opinions on other matter5 prèscllbèd by the Companies Act 2006 In our wnion. based on the work undewlaken in the course of our audit: the informaticffj given in the Chairfs Stalement and trustees, report. which includes the directors. report and the stralegic report prepared Ihe purposes of company law, for Ihe financial year for vthich the financial statements are prepared is consistent vAth the financval statements: and the Chairfs Stalemenl and the trustees. report. whith indudes the directors. report and the strategic report have been prepared in accordance wth applicable legal requirements. Matters on whi¢h we are required to report by exception In the light of our knovAedge and understanding of the tharitable company and its environment obtained in the course of the audil. we have not identified material mi5Statements in the Chairfs Statement and Trustees. Report including the strategic report. We have nothing to report in ￿spect of the folk)wAng matters in relation to whith the Companies Act 2006 require us to report to you if, in c*Jr opinion.. adequate and proper accounting ￿or￿lS have nol been kept, or ret11rn5 adequate fty our audit have not been received from branches not wsited by us.. or Certain disclosures of trustees. remunerab'on specified by law are not made,. Of the financial statements are not in agreement with the a¢counb"ng records an¢J retums: or we have not received all the inforniation and explanats'ons we requwe for cyjr aud Rèsponsibilities of trust••s As explained more fully in the TTUStees' responsibilities statement lsel out on page 141, the Trustees {who are also the directors of ihe charitable company for the purposes of company lawl are responsible for the preparation ol the financial statements and for being sabsfied Ihal they give a Irve and fair view, and for such internal control as the Truslees delermine is necessary to enable the preparation ol financial statements that are free frorn malerial misstatemenL whelher due to fraud or err￿. In preparing the financial statements. the Truslees are responsible for assessin9 the charitable companvs ability lo conbnue as a going concem. disclosing. as applicable. rnatters relaled lo going concern and using the going concern basis of aGGounting unless the Trustees eiiher intend lo liquidate the chantsble cotnpany or to cease opwafions. or have no ￿aliStiC alternab.ve but to do so. Page 16 THE LAKE DISTRICT CALVERT TRUST (A company Ilmlted by guarantee) INDEPENDENT AUD￿OR's REPORT TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST {CONTINUEDI Auditor's respon$lbllltie$ for the audit of the financial statements Our objective5 are to obtain reasonable assurance about whether thè financial stalemen15 as a whole are free from mateiial mi$st8tement. whether due to fraud or error. and to issue an Auditorfs report that includes our opinion. Reasonable assurance is 3 high level of assurance, but is not a guarantee that an audit conducted in accordance wlh ISAS IUKI wll always detecl 8 material mis51atement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggre9ale, they could Teasonably be expgGte(I to influence the economic deasions of users taken on Ihe basis of these finan¢ial statements. IrrÈgularitie5, including fraud. are instances of r￿*cOmpliance wth laws and r•gulatK)ns. We design proceduies in line with our responsibilits"es, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo vthich wr procedures are Capable of delects.ng irregularities. including fraud Is detailed below. Our audit procedures were designed to respond to Ihose identified risks. including non-complwnce wth laws and regulations lirregularitiesl and fraud that are material to the financial statements. Our audil prctedures included but were not limited to.. Discussing with the TrLt%tees and Managemenl Iheir polic￿ and procedures regarding compliance wth laws and regulations. Communicating identified laws and regulations thr(MJghoul our engagemenl team and remaining alert to any indicalions of non-compliance Ihroughout audit". Con5idenng the risk of acts by Ihe charity vthich were contrary to the applicable laws and regulalions, indvding fraud. Our audit proCedU￿S relating to fraud included bul were not limiled to: Making enquiries of the Trustees and Managemenl on %thether Ihey had knovAedge of any actual, Suspected or alleged fraud: Discussing amongst the engagernent team the risks of fraud" and 'Gaining an understandin9 of the inlemal controls established to mth'gate r¢sks ￿lated to fraud. Addressing the iisks of fraud through management override of controls by performing joumal entry testing. We are not ￿SponSible lor detecting fraud and preventing n0￿compliance and cannot be expected lo detect all Iraud and non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of irregularities including fraud rests with both the Trustees and Managemenl. As wilh any audit, Ih8re remained a risk of non-delection ol IrregUlar￿lIeS. as these may involve collusion, forgery, Fntentional ornissions. mirepresenlalions or the overrlde of intemal C(￿trC4S_ A further description of our re5ponsibilib.es for the audit of the financial statemen15 is ILxateiJ on the Financial Reporting Councbl's website at.. kl Ibilttiès. This description forms part of our Auditor's ￿pOrt. Page 17 THE LAKE DISTRICT CALVERT TRUST IA company liMlt•d by guarantee) INDÉPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAKE DISTRICT CALVERT TRUST ICONTINLIEDI Use of our r¢port This rèport is made solely to the ch3ri18ble companls mernbers. as a bcmjy. in accordance with Chapter 3 01 Part 16 of the Companies Act 2Q06. Our audil work has been undertaken so that we migbt state lo the charitsble companys fflembers those matters we are required to state to them in an Audilor's report and for no other purpose..To the fullest extent pelmitted by law, we do not accept or assume responsibilty lo anyone other than the charitable company and rts members. as a body. for our audit WOTk. for this report. or ftsr the opinions we have lomed. Alison Welton Isènlor Statutory Auditor) For and on behalf of David Ajlen. Chartered Accountants and Statutory Auditor Dalmar House Barras Lane Estate Oalston Carfi51e Cumbria CA5 7NY 25 April 2025 Page 18 THE LAKE DISTRICT CALVERT TRUST IA company limitÈd by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 NOVEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total fund$ 2024 rolal runds 2023 Note Income from: DonaD"ons and legacies Charitable adivities Investments 189.845 418.990 2.004,233 12,081 608.835 2,004.233 12.081 696,620 2,280, 704 13,004 Total income 189.845 2,435,304 2.625,149 2,990.328 Expènditure on: Raising funds Charitable a¢tivitie$ 137.941 3.261,564 137,941 3,290.1$1 167, 126 3.363,720 28.587 Total expenditure 28,587 3.399.SOS 3,428.092 3,530,846 Net Incomellexpendlture) before net gains on investments Nel gains on investments 161.258 1964.2011 4.300 {802.9431 4.300 (540,5Y8J 2,243 16 Net 1n¢omellexpendl￿r¢) Translers between funds 161.258 (1242281 {959.9011 124.228 {798,643) (538.275) 21 Net movement In funds 37.030 {835,673} 1798,643} (538,275) R•conciliation of funds: Total funds brought forward Net mnvement in funds 89.708 37.030 4.675.714 (835,6731 4,765,422 1798,6431 5.303,697 (538,275) Total fund$ ¢4rried fonmard 21 126.738 3,840,041 3.966.779 4, 765,422 The Stalement of financial acb'vities includes all gains and 1055e5 iectrjnised in the year. All income and expenditvre derive trom conb"nuing aclivities. The stslemenl of financial a¢tiwb"es also complies with the requirements for an income and expenditure account under the Companies AGt 2006. The notes on pages 23 to 48 fomi part of these financial slatements. Page 19 THE LAKE DISTRICT CALVERT TRUST IA ¢ornpany limitÈd by guarantee) REGISTERED NUMBER- 01240160 BALANCE SHEET AS AT 30 NOVEMBER 2024 2024 2023 Note Fixed asstts Tangible assets Investments 15 16 4.452,948 4,675,714 401.477 4,452.948 5.077, 197 Current ass•ts Stock5 Debtors Cash at bank and in hand 17 10,188 159.927 169,916 13.968 338,333 131, 728 18 34fj.031 484,029 c￿ditorS.- amounts fajling due wilhin one year 19 1342.6711 (429, 757) Net current Ilabilities l a$sei$ {2.640) 54,272 Total a55ets less current liabilities 4.450.308 5. 131.463 CreLlitors.' amounts falling due after m(we than one year 20 1483,5291 (366,041) Total net asset$ 3,966.779 4.765.422 Page 20 THE LAKE DISTRICT CALVERT TRUST IA Company limited by guarantèel REGISTERED NUMBER: 01240160 BALANCE SHEET ICONTINUEDI AS AT 3LI NOVEMBER 2024 2024 2023 Not• Charity funds Restricted funds Unrestricled funds 21 126.738 89.708 Designaled fvnds Revaluation reseNe General funds 21 21 21 4.203.128 244.116 1607.203} 4,428.066 247,648 Total unrestricted funds 21 3,840.041 4.675,714 Tatal funds 3.966,779 4, 765,422 The Trustees acknoYAedge their responsibilitie5 for com ￿ying with the requiremenls of Ihe Companies Act 2006 with respect to accounb.ng records and preparation of financial statements. The financial statements were apprnved and authorised for issue by the Twstees and signed on their behall by." Martln G Mullln Trustee Date.'25 April 2025 Anthony Trustee Glynn The notes on pages 23 to 48 form part of Ihese financial statsments. Page 21 THE LAKE DISTRICT CALVERT TRUST (A company limited by guaranleel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 ash flows from operatlng activities Net cash used in operab"n9 aC&vIti￿ {nole 231 {446.840) (30. 183) Cash flows from investing activities Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of inveslments Inv85twnent inwme received 146.0181 1381,5091 782,986 12.081 (47.325) (409,819) 399,231 13,004 Net cash providèd byllusèd Inl investlng activitie5 367.540 144,9091 Cash flows from financing activities Proceedsllrepayment) of bank loans Proceedsllrep8yThent) of other loans 120.012) 137.500 (20,000) 19.348 Net cash provided byl{used in) finaneing activities 117.488 16521 Change In cash and ¢a$h *quivalents In the year Cash and cash equivalents al the bèginning of the year 38,188 175,7441 207,472 131.728 Cash and cash equivalents at the end of the year (note 24) 169,916 131, 728 The notes on pages 23 to 48 form part of these financial stslements Page 22 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantÈ•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 G•n•ral infomiatlon The Lake District Calvert Trust is a ¢harilable company limitsd by guaraniee in¢trporated in England and Wales and consequer*Uy does not have share capital. Each of the members is liable to ¢ontribute an amount nol eXCe￿Ing £10 towards the assets of ihe charity in the event of liquida￿on. The registered office is Littfe Crosthwaite. Underskiddaw. Keswck. Cvmbria. CA12 4NT. The tru51 operalecl frc￿￿ three main centres.. Calvèrt Lakes Calvert Reconnections Liltle Crossthwaite Olts Windebrowe Keswck Keswick Cumbria Cvmbria CA12 4QD CA12 4NT Calvert Stables Old Windebrowe Keswick Cumbria CA12 4NT Accounting policies 2.1 Basis of preparation of financial statements The financial statements havè been prepared in acc(xdance ￿th the charitable companrfs governing document, the Companies Act 2006. FRS 102 -The Financial Reporting Stsndard ap￿ICable in the UK and Republic of Ireland- I"FRS 102.1 and Ihe Charitses SORP "Accounting and Reporting by Charities- Stalernenl of Recomrnended Praclice applicable to charities preparing their accounts in accordancè with the Financial Reports"ng Stsndard appliGable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The financial statements are prepared in sterting. ￿lch is the functional currency of the charitable ompany. Monetsry am¢xJnts in these firwirial ststements are rourbded to the nearest £. The Lake District Calvert Trust meels the definition of a public benefil entity under FRS 102. Assets and liabilities are initi.alty recognised at historical cost or transaction value unless otherwise stated in the relev8nl accounting policy. The financial stalernents have been prepared under the historical cost convention. modified lo indude the revalualK)n ol freehold properties and to include investrnent properties and certain finanGial instruments al fair value. The pnnGipal arGounb"ng poliocs adopted are set out below. Page 23 THE LAKE DISTRICT CALVERT TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEfvIBER 2024 Accounting poli¢i•s Icontinuedl 2.2 Golng ¢on¢ern Throughout 2023 and 2024 the Trustees mainlained close monitoring of perfom)ance in collaboration with the leadership team. This enabled a tirnely decision lo be made to ckjse the Calvert Reconnections seNice as. unfortunalely. there remained significant uncertainty regarding the ability to bring sufficient number5 to Ihe certre whith. had it been allowed to contsnue. would have jeopardised the futuie of the broader TrusL Post the closure of Calvert Reconnections the Trust is go¢ng through a period of consolidation. It has re-srzed its organisab'on and ￿11 now refocus on the core Calvert Lakes service looking to rebuild t￿th cash and reserves. In order to provide the Trustees wtth sufficient evidence to support the risk assessment and wability confimiations delailed financial forecasts have been exlended out until year ending 30 November 2026. Perform3n¢e in earfy 2025 is broadly in line with plan. The Trusl rèmain5 thankful for the C￿tinUed support from generous legacy gifts and supporters. both of whom have provided invaluable cash support over the past months. The Tnjst continues lo have access lo loaned funds totalling £503.529 which provide an altèmative source of funds until ihe Trust's own contingency reseives can be reb￿￿t. Trustees have tjndertaken a thorough scenario planning process with the leadership team and are continuing to closely monilor performance a focus on the eatly waming of any adverse pertormance ver5U5 plan. The Trustee5 are of the opinion that the organisation has access to adequate res(￿rceS io operate vAthout disruption for the foreseeable future, being the period of at least 12 months frorn the date ol this report. For this rea50n. the Trust conts.nues to adopt the going concern basis in the financial statemènts. Page 24 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng pallcles leontlnu¢d) 2.3 In¢om• Income is re¢ognised when the ¢haTitsble CoM￿nY is legally enb.ved lo il after any perfomian¢e conditions have been mel. the amounts can be measured reliably, and it is probable Ihat income wll be receNed. Cash donations are re￿gnised on ￿Ceipt_ Other donations are re¢ognised once the charitable company has been notified of ihe donatson. unless perfomiance conditions iequire deferral ol the amount. Incorne tax recoverable in relalion lo donations received under Gift Aid or deeds of covenant is re￿nised at the twne of Ihe d(￿ation. Legaues are recognised on receipt or other%¥ise if the charttable company has been notified of an impending distribution. the amount is known. and receipt is expected. If the amount Is not known. the legacy is treated as a contsngenl asset. Grants are recc#3nised vthen the charity has an entitlement to ihe funds and any condilions linked lo the grants have been met. Where performance conditions are attached to the grant and are yet 10 be mel. the income is recognised as a liability and included on the b8lanGe sheet a5 deferred inGomp to be released. Govemment grants are recognised and measured at the fair value of the asset received or receivable. Grant5 are classified as relab.ng either to revenue or to assels. Grants ￿lating lo revenue are recogni5ed in income over the period in vthich the ￿lated wsts are recognised. Grants relating lo assets a￿ ￿cOgnised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Income from charitable athities is recAgnised once the Gharity has entitlemenl lo the income, it is probable that the In￿Me will be received and the amount of Ihe income receivable can be measured reliably. Income is shovm nel of salesfvalue added tax, relurns, rebale5 and discounts. Income Irom other events is reGognised when thèrè is ewdence of entitlement. receipt is Probable and its amount can be measured rella￿y. Inlerest on funds held on deposit is induded when receivable and the arnount can bè measured rdiably by the charity. Dividends are recognise¢J once the diwdend has been declared and the right to receive payrnènt has bèen established. 14. Expenditure Expenditure is recognised once there is a legal or cOnstruc￿ve obligation to transfer economic bentslil to a third paty. it is probable that a transfer of econom￿ benefits will be required in settlement. and the amount of Ihe obligation can be measured Teliably. Expenditure is da5sified by acbvty. The costs of each adivity are made up of the total of direct costs and shared costs, induding 5UPPOrt costs invow in undertaking each act¢vity. Oirect cost5 attributable to a single acb"￿ty are allocated csirecuy to that a¢tivty- Shared cosls which contribute to more than one activity and support costs vknieh 8re not attriLKJtable to a single activity are apportione(S befv4een those acliwb.es on a basis consistent ￿￿th the use of resources. Central siaff CDSt5 are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. Page 25 THE LAKE DISTRICT CALVERT TRUST {A company limiied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies {continuedl 2.4 Expendilure (continued) Costs ol raising funds are costs incurred in attracting voluntary income, the management of inveslments and those incurred in trading acliwties that raise funds. Charitable expendilure comprises those Cosis incurred by the charity in the delivery of its actiwlies and services for its beneficiaries. It indudes both costs that can be allocated ¢Jirectly to such aclivities and thosè costs of an indirect nature necessary lo support them. Svpport costs indude central lunctions and have been allocateil to adivity cost categories on a basis consistenl with the use of resources. lor examiAe. alk)cating staff costs by the ts.me spent and other costs by their usage. Govemance costs include the costs attn"bulable to the char¢Ws compliance wth consts"tulional and statutory requirements. induding audil. stratwc rnanagement and trustees. meetings and reimbuised expenses. The Charity is very fortunate in receimng substsntial arnounts of voluntary unpaid help however this cannot be quantified and is therefore not included in the finanaal stalernents. 2.5 Inteiest recei¥abl• Interest on funds held on deF*)Sit is induded when receNable and the amount can be measured reliably by ihe Cornpany. this is normalty upon notification of the inlerest paid OT payable by the in$b"tub'on with whom the funds are depo&ted. 2.6 Taxation The Cornpany is considered to pa5S the tests sel out in Paragraph 1 S¢hedule 6 of the Finance Act 2010 and therefore it m8eis Ihe defini140n of a charitable company for UK corporation tax purposes. Accordingly, the Company is F4)tentialty exempt from laxats.on in respect of income or capital gains received wilhin categories covèred by Chaplef 3 Part 11 of Ihe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. lo Ihe extenl Ihat such income ￿ gains are pplied exclusively to charilable fxjrposes. 2.7 Tangible fixed assets and depreciati¢)n Tangible fixed assets costing £l.000 or more are capitalised and recogniseij when futurè economic benefrts are probable and the cost or value of the asset can be measured reliably. Asset5 under construction are ae¢ounied f(Y at cost and are not depreciated until the accounting period in vthich they are brcyjght into use. Page 26 THE LAKE DISTRICT CALVERT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreclatlon Icontinuedl Depreciation is ¢harged so as to *loGale the c05t of tsngible fixed asse15 less their residual value over their estimated useful lives. Depreualion is provided the folbw.ng bases: Freehold Property {building} Over the remaining lrfe of the buildin9 Freehold property linsiallalions) - &IOYD per annum straight line Leasehol¢J property Ibuildingl Over the period of each lease Leasehold propeity 10-20% per annum strawJht line linslallalions} Motor vehide5 Fixtures and fitb'ngs Horses 20% per annum straTrght line 20% per annum stra1ght line Over Ihe expected lifetime of the animal The charity owns a number ol horses held for the use of customers. These are initially measured al Cost and depreuated over the expecteo lifetimes of the animal. Gain5 and losses on disposals are determined by comparing the proceeds the Carr￿ng amount and are recognised in the Stalement of financial acb"vities. 2.8 Impaimient of fix•d aSS￿S At each reporting end date. the charita￿e company revEw5 the carrying amounts of ils langiNè assets to determine whether there is any indiGation that those assets have suffered an Impaiment loss. If any such Indicatie￿ exists. the recoverable amounl of the asset is estimaled in order to determine the exlent of Ihe impaimient loss Irf any). 2.9 Investments Fixed asset investments, other than prc•Jramme related investments, are included at market value al the balance Sheet date. Realised gains and 1055es on Investrnents are calculated as the difference between sales proceetjs and their market value at the start of the year. or their subsequent cost, and are charged or credited to the Statement of Finanaal ActNities in the period of ¢Jisposal. Unreali5ed gain5 3nd losses represent Ihe movement in market values during the year and are credited or charged to the Statement of Financial ActNities based on Ihe market value al Ihe year end. 2.10 Stock$ Stocks are valued at the lower of cost and net ￿alisable value after making due allowance for obS￿et8 and slow-mowng siocks. Net realisable value is the estimated selling price less al e51imated costs of completion and costs to be incurred in marketing. selling and dislribulion. Page 27 THE LAKE DISTRICT CALVERT TRUST (A company limited by guarant••l NOTES TO THE FINANCIAL STATÉMENTS FOR THE YEAR ENOED 30 NOVEMBER 2024 Accounting policies {continued) 2.11 Debtors Traée debtors are amounts due fr￿n cu51c*ners for ffler¢handise sold or services performed in the ordinary course of business. Trade debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effe¢kn¥e interest method, less provision for impairment. A provision for the ifflpaiiment of trade debtors is established when there is objective evidence tttal the charity will not bè able to collect all amcMJnls due according lo the original terms of the receivables. 2.12 Cash at bank and in hand Cash at bank and in hand indudes cash in hand. deposils held at call with banks, other short-term liquid inveslrnents wth original maturilies of three months or less, and bank overdrafts. Bank overdraft5 are Sho%5￿ wthin iKxrow"ngs in current Ih?bilities. 2.13 Liabililies and provisions abilities are Tecognised vthen there is an obligati¢)n al the Balance sheet date as a result of a past event, Il Js Probable that a transfer ol economic benefrt will be req￿red in seluernenl, and the amount of the settlement can be estimated reliabty. Liabilities are recognised al the amount Ihat the Company anticipates it will pay to settle the debt or the amount it has received as advanced Pa￿entS for the g(KxJs or Services it must provide. Provisions are measured at the best estimate of Ihe amcMJnls required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted 8t the pre-tax discount rate that renects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial actiwlies 85 a finance cost. 2.14 Deferred Income Deferred incorne represents amrwnts received for fulure periods and is released to incoming resources in the period for ¥thich it has been received. Such income is only deferred when.. The don¢r specthe5 that the grani or dtsnaiion must only be useé in future accounting periods: or . The donor has imposed condits'ons which must be met before the charity has unconditional enlitlement., or . Paymènts are r￿•1¥ed in advancè of the seNce or goods being provided. Page 28 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng poliel•$ Icontinu•d) 2.15 Financial instruments Financial assels and ffnan¢ial liabilities are ￿COgnised when the tharity becomes a party to the conlractual provisions of the instrument. AJI financial assets liabil￿eS are inibally measured at transaction price {including transaction costs). except for those financial assets classified as at fair value through profit or Eoss, which are initially measured at fair value (which is nom)ally the IransaCt￿n price exduding transaction c05ts), unless the arrangement constitutes a financing Iransaction. Finan￿al assets and liabililies are only offset in the slalement of financial position when, and only when Ihere exists a legally enforceable nght lo sel off Ihe recognised amounts and the charltabl company intends either to setu• on a nel basis. or to realis8 the asset and settle the liabilily simultaneously. Financial assets are derewnised 4then and only when al the contractual rights to the cash flows from the financial asset expl￿ or are settleil. bl the ¢haritable company transfers lo another party sub51antially all of ihe risks and rewards of ownership of the financial asset. or cl the charitable company, deswte having retained some. but not all. signifbcant risks and rewards of ownership, has transferred Contr￿ of the as5el to another party. Fin¥n¢ial liabilities are d¢￿¢09n1Sed when the obligation specified in the contract is discharged, cancelled or expires. Current assets arKJ current liabiltlies are subsequenuy measured at the cash ￿ olher consideration expected to be paid or ￿￿Ved and not discounted. Fixed asset investments are recognise(l and meaSU￿d in a¢cordan¢e the a¢￿￿ntIng policy. Debt instrumenls are subsequentty measured al amortised cos1. The tharity does nol enter into or acquire derivats"vÈs or othèr com ￿eX financial instruments. 2.16 Employee benefits The cost of any unus8(I hDliday entidement is reccKJnised in the period in which the employee's serw¢es a￿ received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrabty committed to lerminale the employThent of an employee or to provide termination benefits. 2.17 Penslons The Company operates a defined contthtion pension scheme and the pension charge represents the amounls payable by the Company to the fund in respect of the year. Page 29 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policie$ (continued) 2.18 Fund accounting General funds are unrestricted funlls vdhich are available for use at the discretion of the Trustees in furtherance of the general obje¢ts"vès of Ihe Company and vthich have not been designated for other Purposes. Designated funds ccffjw5e unrestrided funds that have set aside by the Trustees for particular purposes. The aim and use d each designated lund is set out in the notes to the financial statements. Restricted fvnds are funds vknich are to be used in accordance ￿th specific restrictions imposed by donors or which h8ve been raised by the Company lor particular purposes. The costs of raisin9 3nd administering such funds are charged against the specffjc fund. The aim and us8 of each restricted fund is set out in the notes to the financial statements. Investment in¢ome, gains and losses are allocated to the appropriate fvnd. Critleal accounting estimates and areas of ludgement In the apF4ication of the charIta￿e companys accounling ￿lIc￿$. Ihe trustees are required to make judgement5. estimate5 and as5UrnPtions ab(xJt the carying amount of assets and liabilities that are nol readily apparent from other sources. The eslimates and associated assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and Underf￿1ng assumptions are retriewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the esb.mate is revised Whe￿ the ￿vIsion affects only that period, or in thè pèriod of the rewsion and future periods where the revision affects both current and future periods. Income from donations anql legacies Restrlettd Unr•$trict•d funds funds 2024 2024 Total funds 2024 Donations Donations and gifts Regular giwng and caMal dOnats"r￿s 189.845 275,675 34,540 465.520 34,540 189,845 310,215 500,060 Legacies 108.775 108.775 169.845 418,990 608,835 Page 30 THE LAKE DISTRICT CALVERT TRUST IA comparby limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 In¢ome from donations and legacies {conlinuedl Restricted Unreslricted runds funds 2023 2023 Total runds 2023 Donations Donations and gifts Regular giwng and ca￿1 d(￿atiOnS 175,879 275.204 33.693 451,083 33.693 175.879 308,897 484, 776 Lega￿eS 211.844 211,844 1T5.879 520.741 696.620 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Calvert Lakes fee income Calvert Reconnedions fee inc￿ne 1,275.617 728,616 1,275,617 728,616 2.004.233 2.004,233 Unrestricted Tol81 funds 2023 2023 Calvert Lakes fee income Calvert Reconnections fee incc¥ne 1. 127. 714 1. 752.990 1, 127.714 1. 152.990 2,280, 704 2,280,704 Page 31 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Investment income Unrestricted funds 2024 Total funds 2024 Interest receivable 12.081 12.081 Unrnstricted lunds 2023 TDl81 furjds 2023 Dividends receivable from listed inve51ments 11.270 1,734 11,270 1, 734 Interest receivable 13,004 13.0(M Expenditure on raising fund5 Costs of generating donation5 and legxie5 Unr•stricted funds 2024 Total funds 2024 Fundraising Go$ts Investment management fees Wages and salaries Social security cosls Other pension fjosls 23,496 1.645 99,891 8.226 4.683 23,496 1,645 99,891 8,226 4,683 137,941 137,941 Page 32 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Expenditurè on ralslng fvnds Icorbtinued) Costs of generating donations and legaclès Icontlnued) Restricted un￿S[rIc1ed funds funds 2023 2023 Total funds 2023 Fundraising costs Investment management fees Wages ar￿ Salaries Social security costs Other pension costs 82,623 2,925 51. 152 3, 702 2,545 82,623 2,925 73,470 5,563 2,545 22.318 1.861 24,179 142.947 767. 126 Analysls of •xpendstur¢ on charitablè actlvitie5 Sumrnary by fund type Restricted Unrestricted funds fvnds 2024 2024 Total 2024 Cèntre A¢tiMties Marketing Costs 28.587 3.082,443 179.121 3,111,030 179,121 28.587 3.261.564 3.290.151 Restricled Unrestricted funds fvnds 2023 2023 rotal 2023 Centre acbvitses Marketing costs 30,975 3,109,879 222,866 3, 140.854 222,866 30,975 3.332, 745 3,363, 720 Page 33 THE LAKE DISTRICT CALVERT TRUST IA company Ilmited by guaFanteel NOTES TO THE FINAP4CIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analysis of expenditure by a¢livili¢s Support costs 2024 Total funds 2024 Artiviti¢$ 2024 Centre Actiwties 2.598.135 179.121 512,895 3.111,030 179,121 Marketing Costs 2.777,256 512.895 3.290,151 Support costs 2023 Total funds 2023 Activities 2023 Centfe actiwties 2.660.229 222.866 480.625 3. 140.854 222,866 Marketing costs 2,883.095 480.625 3,363. 720 Analysis of direct costs Centre Activilies 2024 Marketing Costs 2024 Total funds 2024 Siaff costs 1.757.014 265,363 94,460 28,494 43,476 34,658 132.736 1.889,750 26S,363 94.460 28,494 43.476 34,658 Depreciati Temporary workers Staff Iraining Activity costs Riding costs Centre administration and insurance Fa¢ility costs Professional fees Lgss on disposal of fTxed assets Other operational Gosts Unallocated irrecoverable VAT 251.464 20.900 3.421 58.709 40,170 251,464 20,900 3.421 105.094 40.170 46,385 2,598,135 179,121 2,777,256 Page 34 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analysis of expenditure by adivities leontlnuÈd) Analysis of direct ¢osts l¢ontinued) Centre aclivitses 2023 Markeling costs 2023 Total funds 2023 Staff costs Depreciation Temporary workers Staff training Aciiwty costs Riding costs Centre administration and insLsrance 1.705.406 268,835 85,645 66, 789 54.920 30, 753 101 124,776 1,830, 182 268,835 85,645 66, 789 54,920 30. 753 101 Facility costs Professional fees (￿her operatsonal costs Unallocated irrecoverable VAT 277,579 21.292 77.613 71,296 277.579 21.292 175, 703 71.296 98.090 2,660,229 222.866 2,883,095 Analysis of support costs Calvert Lakès 2024 Total funds 2024 Staff costs Staff training Centre administration and insurance Farylity costs UnaIlo￿ted wecoverable VAT 184,884 7,740 101,809 195,380 23,082 184,884 7,740 101,809 195,380 23,082 512,895 512,895 Page 35 THE LAKE DISTRICT CALVERT TRUST (A company limited by guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analy$l$ of expendlture by activities {conlinuedl Analysis of SUPIKIrt costs (continu￿) Calvert Lakes 2023 Total funds 2023 Stsff Gosts Staff training Centre administration and insurance Facility costs Unallocated irrecoverable VAT 162.815 6.610 99.038 190,616 21.546 162.815 6.610 99.038 190,616 21.546 480.625 480.625 Included above are govemance costs amounting to £20.90012023 - £21,292) which relate to audit and management acc￿JnIant'S fees 10. Auditors. remuneralion 2024 2023 Fees payable to the Companvs auditor for the audit of the CompanI5 annual accounts 6,200 6.895 Other fees to management accwniants.. All other non-audit services - management acwunts 14.700 14.397 11. Net movemenl In funds Net movement in funds is stste(l after charging11¢￿it1ngj 2024 2023 Audit fees Management accountant fees Depreciation of owned tsngible assets 6,200 14,700 265,363 6.895 14.397 268.835 286.263 290.127 Page 36 THE LAKE DISTRICT CALVERT TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 12. Staff costs 2024 2023 Wages and salaries So¢ial security ¢osts Contribution to defined 0)ntribUt￿ pensi￿ schemes 1.917.65S 168,364 101,415 1,829, 171 157,264 88. 740 2.187,434 2,074,575 During Ihe year Ihe tharity inGurred lermination payments loss of employrnent of £38,052 12023 - £2,669). Details of the treatmènt of the temiinab.on benefit be found in the accounting polisie5. The termination benefits in the year were funded from Ihe charitys unrestricted general funds. The average number of perscM)s emF4oyed by the Company during the year was as follows: 2024 2023 No. Charitable actimties 69 72 Fundraising and marketi 76 80 The number of employees vknose emF4oyee beneffts (excluding employer pension costs) exGee£led £60.000 was.. 2024 2023 No. In the band £60.W1 - £70,000 In the band £70.001- £80,000 In the band £80.001 - £90.000 The total employee benefits of the key management per￿￿ne1 of the Charity were £334,241 12023 £279.849}. 13. Taxatlon The charity is a registered charity and as such is entitled to certain exemplion5 on income and profits from investments and suwuses on any trading activitbes carried on in furtherance of the charitls primary objective. 14. Trustees. remuneration and expense$ During the yeai, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 30 November 2024. expenses totalling £495 were reimbursed or paid directty lo 1 Truslee in relation to facility costs (2023- £nitJ. Page 37 THE L￿E IM5TRicf C￿vERTTRu$T (Acryny lknited by gU*r*nthel NOTESTOTHE HNANCJAL STATEIIE•Trs FOR THE YEAREMDED30 NOYEAIBER 2024 IS. TangllAefixed assets Freehold Leasehdd F￿￿11￿￿* Thd and Iwd and and Motor ¥*hitle* Hoys Total Costorvaluation Al 1 t*ernber 2023 Additi Th5￿5￿S 7.061.995 480.997 199.745 349.377 17.ODO 089,114 46,018 144.660} v,8091 1311,3511 16.5001 At3DNo¥em￿r2o24 7.017 4SJ.IEI 349,377 10.500 8,Qg0,472 DtprttSaUon At 1 December 2023 ¢harpfwlhe ypar On disposa 1$2%141 316911 11531 I7￿09) 12i2•2 3,174 1 J2S 110791 3,413.400 265,363 141.2391 4.112 PQ.351} At 30 NDvemiw2024 349,377 2,12U 3.6J7,524 Net b¢)ok valw¢ At 20 No¥ember2D24 42SIS9S IJO,$48 60,425 8.380 4A5I948 AI JONts¥ember2023 4.436.847 144. 4,112 13.126 4.675.T14 Page 38 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 15. Tangibl• flx•d a$5ets (continued) The Trust occupies freehold propertj'es near Keswid(, Cumbria rbamed Litue Cr051hwaite and Old WindÈbrowè which were acquired by way of a generous gift when the Trust was founded. The properties, en gifted. were subjected to a resthth.on that should the Calvert Tru51 not wish to continue to use the premises. they must be disposed of or sold to another charity. During 1989, the free5FKAd properlies were revalued by the trustees, subject lo the above restriclion, at the then estimaled net realisaNe value of £990.000. The vnrealised surplus on revaluation, which primarily reflects a fair value on the properties originally g4fted and brought into the ac¢ounts al nil value, is included in the accounts as fdlows:. The Company has adopted a policy of perirAi¢ revaluatiLM) lor tsngible fixed as5815. Had these assets been measured at historic cost. the caryng values wc*Jld have been as follows. 2024 2023 Unrealised surplus on revaluation Less.. Accumulalad dèpreciation at 30 Noveml 353,205 {109,0891 353.205 (705,557) 244,116 247,648 The water centre has been part buill on freehold land and part on leasehold land. 11 is not practicable to attribute Ihe build costs to each parcel of land and the costs are all included in fieehold land and t￿ildIng$. The lease in the leasehold is for 999 years and GommenGe(l on 29 MarGh 2010. Included in Land and Buiklings is land at Littfe Crossthwaite, Underskiddaw. Keswick (Tiue number CU2595321, Ihis live is subject to a tharge dated 16 March 2021 by.. The Homes and Community Agency. Renaissance House. Centre Park. Warrington, Cheshire. WA1 1x8 and.. The English Sports Counul. Third Flw. Victoria hwse. Bloomsbury Square. London WC1 B 4SE. Furniture and wwipment are deemed to be disposed after Six years. Page 39 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 NOVEMBER 2024 16. Flxèd a$set Snvestments Unlisted Investments At 1 De¢ember 2023 Additions 401.477 381.509 1782.9861 Disposals At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023 407.477 Within Ihe above movements during the year therè has been £4.300 12023= £2,243) realised gain on investment. 17. Stocks 2024 2023 Stocks 10.188 13,968 18. Debtors 2024 2023 Due Thythin one year Trade debtors 14,551 93,165 S2,211 77,568 200,664 60, 101 Other debtor5 Prepa￿lentS and accnjed income 159.927 338,333 Other debtors includes legacies receivable after the year end. Page 40 THE LAKE DISTRICT CALVERT TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 30 NOVEMBER 2024 19. Credltors: Amount5 tslling due within one year 2024 2023 Bank loans 20.000 80.028 21.771 2,343 218.529 30.000 77,247 46,390 1,861 284.265 Trade creditors Other tsxati￿ and $0ty81 $etyJrity Other creditors Accruals and defe￿ell income 342.671 429, 757 2024 2023 Defeffed income at 1 December 2023 Resources deferred during (he year Amounts released from previous per￿$ 220.865 157.802 126.953 177.022 (182.1601 (113,959) 165,658 220,865 Deferred inwne relates to CUStorner pay7nents made in advance aNJ invoiced after the year end on the provision of Ihe service or goods to the customer. 20. Credlt¢rs: knounts f•lllng due after more than ¢)ne year 2024 23 Bank loans Other loans 26.681 456.848 46,693 319,348 483,529 366,047 The bank loan is unsecured. interesl-bearing and is repayatle in instalments wlh the final repayment due on 18 March 2027. interest is charged al a floaling rate basis. The 'Olher loan. is paruy from The Francis C Scott Charitable Tru51 and 1$ an unsecurèd, interest only arrangement lo 16 June 2029. interest is charged at 2.5% above the base rate of the Bank ol England. The 'Other loan. also includes Trustee loans ￿￿ch are 3 year loans. wilh no inteTest, loaned by a number of Trustees. Page 41 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEP•lENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 21. Staternent of funds Statement of funds - current year Balance at Balan¢¢ at 1 December 2023 Transfers inlout Gainsl November (Losses) 2024 Income Expenditure Unrestricted fund5 Designated funds Fixed Asset Reserve Revaluation Reserve Development and Improvement Reserve 4,428.066 1265.363) 46,129 4,208,832 247,648 13,5321 244,116 28.906 28,906 Thè Friènds of the Calvert Trust ILake DistriGII Appeal Fund 23.704 IS2,610) 89.488 {95.192} 18,000 {52,6101 4,675,714 89.488 (26S,3631 152,5951 4.447,244 General funds Unrestricted reserve 2.345,816 {3.134.1421 176.823 4,300 1607,2031 Total Unrestricted funds 4.675.714 2.435.304 (3.399.505) 124.228 4,300 3,B40,041 Rtstrl¢ted funds SpgGial Enabling Fund Restricted Donations Fund 46.392 122.232 (106.6831 61.941 43,316 67.613 {28.SB71 (17.5451 64,797 89.708 189,845 {28.S871 (124,2281 126.738 Total ol fund5 4.765.422 2.625.149 (3,428,092) 4,300 3.966.779 Page 42 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEAIBER 2024 21. Statement of funds Icontlnuedl Unrèstricted and Desi nated funds Flxed Asset Reserv¢ and Revaluatlon Reserve The trustees have established these funds to clarify to users of the accounts the amounl of reserves that are tred ijp in Fixed Assets and Revaluation Reserves. Transfers shown from the Fixed Assets Reserve and other funds reflect the purchases of assets now used in the gtnèral purposes ol IhÈ Charity. This in tum helps clarify to users of the accounts the level of general funds. D8v•lopmÈnt and Improvemènt Reser Thi5 reserve has been established in order that trustees can desrgnate funds to use lor idenlifted projects that are Gonsidered above and beyond normal opera11￿01 expenditure. The reserve will normally be funded thiough unexpected I￿￿11[all. income 5uth as legacy gifts in excess of annual forecasts or unplanned Operati￿31 surrAuses and taken from Genèral Funds whèn circumstances allow. The Friends of the Calvert Trust (Lake District Thè independent chacity raisès funds for purposès S￿c￿led lo assist the Lake District Calvert Trust. When circumstances allow funds wll be used to complete specific projects, purchase iterns of equipment or match fund donations from other source5. MalorAppeal Fund The charity started work on its major appeal in 2023. This major redevelopment projecl wll seek lo ensure the charity supports more people. is m¢xe effective and becomes more susiainable, thereby continuing to meet the changing needs of the Trusfs benefiuary for the next decade. Following a period of consultatson. research and a feasibility study in 2023. a three slep plan has been developed Ihat will aim lo ensure Calvert lake5 SLlPPOrts Ihose wilh the most profound and Gomplex disabiliti¢5", and then pu15 in place the loundalions for rel￿ating our Cafvert Stsbles seNce lo a new site where much needed setvices for the disabled community can be developed. Having incurred feas1￿"llfy study costs during 2023. the Trust has delayed launching a fundraising appeal in ex¢ess of £2 million during 2024. The expectalion now is that the major appeal will be launched Iroii) 2026 onwards to coincide with our 50th anniversary, and the first stage of the project will indude feasiknlity. professional lees and project developxnent costs. Trustees, Contingen¢y R•$¢Tho The trustees consider that reserves should be Set asiose to cover uninsurable ¢ontingenciÈs such as fundraising shortfalls or losses resulb.ng from having to c105e the Calvert Lakes centre or Calvert Stables for unforeseeable reason5. A5 a result of the conb"nuing recovery from the Coronavirus crisis. the investment in Calvert Reconneth"ons and the ongoing ¢ost of liwng (*isis the Trustees Contingency Reserve was ulili5ed during the previous financial year in keeping wth this purpose and has not yet been rebuilt. Having considered Ihe unavoidable costs of ihe 6 monlh enforced closure of one of the Trust's ¢entres the value of the Trustees, Contingency Reserve is considered to be £700.000. Given the shortfall in the current level ol the reserve alternaJ"ve sources of funding. including Tepayable loan facilities and non intere51 bearing supporter loan5, have been pul in place unlil the reserve can be rebuilt. It is the trustees. intention to rebuild Ihe Truslees, Conlingenry Reserve to the required level as soon as csrcumstances reasonably permit. The reserve rs expected to be funded through windfall gifts. such as legacies, rental incomè from our Old Windebrowe propety and operational surpluses as our occupancy levels grow. Both the pclicy and the balance are ￿vieWed annualty. Page 43 THE LAKE DISTRICT CALVERT TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 21. Statement of funds Icontinuedl Restricted funds Special Enabling Fund The trustees, policy is. as far as possible. to make tharges to ryjr visitors that reflect the cost of running our Calvert Lakes centre, excluding costs of depreuab"on. The Special Enabling Fund contains fund5, both donaled diredy and transferred from General Funds, vthich have been earmarked to provide limited finan¢ial assistan¢e to Visit￿S. bolh indiwdual and groups, who would otheTWiS¢ nol be able to atford lo visit the centre. This assistance is offered at the discreb.on ol the Chief Executive. R•$trlcted Donatlons Fund This furbd a¢¢ounts for monies donated for specific expenditure. Tran5fer5 from thi5 fund represent Contributions towards qualifwng expenditure which 15 llot presented a$ direct expenditure, such as contribut1￿5 towards capilal ilems. Staternent of fund5 - prior year Balance at 30 No¥embgr 2023 Balan￿ al Transfers G8ins/ (Losses) 2022 Income Expendrtu Unre5tricleil funds Oesignated funds Trustees, Contingency Reserve Fixed Asset Reserve Revaluation Reserve Development and Improvement Reserve The Friends of the Calvert Trust (Lake Oistrictl Appeal Fund 249.236 (249.236) 4,646.044 (268,835) 50,857 4,428,066 251, 180 (3.532) 247.648 41.870 (8.962) (4.002) 28.906 23. T04 23,704 152.610) 152.610) 5. 188,330 (330,407) (182.209) 4,675,714 Page 44 THE LAKE DISTRICT CALVERT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 21. Statement of funds (contlnuedl Balance al 30 Noverrrbgr 2023 1 Decambgr 2022 Transfers An/oul Gain&1 (Lossesj Income Expenditure G•n•ral funds Unrestricled reserv• 2,814,449 (3. 145.285) 328,593 2,243 Total Unrestricted funds 5. 188,330 2.814,449 (3.475,692) 146,384 2.243 4,675, 714 Balanc& af 30 November 2023 Balance at 7 December 2022 Transfers inlorlt Gain (Losses) I￿9￿9 Expndrtur? Restricted fvnds The Friends of the Calvert Trusl (Lake District) Special Enabling Fund Restriclgd Donations Fund 42.oLN) (25,296) (23, 704) 28,237 67.7 (48,945) 46,392 45.130 101.779 (29.858) (73.735) 43,316 115,367 175,879 155, 154) (146,384) 89, 708 Total of funds 5.303,697 2.990.328 f3,530,846) 2.243 4. 765,422 Page 45 THE LAKE DISTRICT CALVERT TRUST IA company limlted by guarnntsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 22. Analysis of nèt assets between funds Analysi$ of net a$￿ts b¢tween funds- CUTrent period Restricled Unre$triGted fund funds 2024 2024 Total funds 2024 Tangitr4e fixed assets Current a5sels Credilors due wthin one year Crediior5 due in ffl￿e than onè year 4.452,948 4,452,948 213,020 340,031 (342.3981 {342.671) 1483,5291 {483,5291 127,011 1273) Tota 126,738 3,840.041 3,966.779 Included witrin unrestrirtèES funds ts £4.447,244 of desNJnated funds. split between £4.452,948 held wthin lixed assets and1£5.7041 held within current assets. Analysis of n•t assets between funds- prior period Restricted Unrestrictèd funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixe(l a55¢1 inve5tmenls Currenl assets 4,675, 714 401.477 394,321 (429, 757) (366,041) 4,675,714 407.477 484,029 f429, 757) (366,041) 89.708 Creditors due wthin one year Creditors due In more Ihan one ￿ar Total 89.708 4.675.714 4, 765,422 Included *ithin unrestricted funds is £4.675.714 of designated funds. held entirely wthin fixed assets. Page 46 THE LAKE DISTRICT CALVERT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 23. Reconcillatlon of net movement in fvnds to net cash flow from operating activities 2024 2023 Net expenditure for Ihe period las per Stalement of Financial Acb"vities} 1798.6431 f538,275J Adjustm•nts for. Depreciabon charges Inveslmenl in¢ome re￿nised in statement of financial aclmties Loss on the sale of fixed assets Decreasel{increase) in stocks Decrease in debtors Decrease in creditors 265.363 112.0811 3.421 3.780 178,406 131,8791 155.2071 268.835 (13,OQ4J (700) 205,558 (15.650) 63,063 Increaselldecfease) in deferred income Nèt cash used in opèrating activitios 1446,8401 (30, 183) 24. Analysls of cash arid cash equivalents 2024 2023 Cash in hand 169,916 131.728 Total cash and cash equivalents 169,916 131.728 25. Analysls of changts In net débt At1 December 2023 Cash flows At30 November 2024 Cash at bank and in hand 131.728 120.000} {366,041) 38.188 169,916 120,0001 1483,5291 Debt due within 1 year Oebl due after 1 year 1117.4881 {254,313} 179,3001 1333,6131 Pa98 47 THE L4KE DISTRICT CALVERT TRUST IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 NOVEMBER 2024 26. Pénsion eommiiments The charitable c¢)mp8ny operates a defined contribution pension scheme for all qualifying emph)yees. The a5se15 of Ihe scheme are held separately from those of the company in an independently admini5lere fund. The charge lo Ihe profit 1055 in respect of defined c0ntn.bjts.c￿ schemes was £101.415 12023 £88.1401 Contributions totalling £6.78212023- £12.2071 were payable to the fuThJ at the balance sheet dale and are included In creditors. 27. Operatlng lease commitments At 30 November 2024 Ihe Company had oustanding ￿mMitmentS for fulure minirnurn lease payments under non-¢ancellable cwating leases as fdbws.. 2024 2023 Land and buildings Not later ihan 1 year Later than 1 year and not later than 5 years Later than 5 years 2,50f 31 32 36 2.537 28. Relaled party transactions During the year the Gharity made the fdlowing rdated party transacttons: James W Fryer-spedding - Trustee The trust paid rent to JamÈs W Fryer-spedding. trustee amounting lo £812023 - £51 during ihe year. The rents paid a￿ below market value. Donations ffom Tfustees aggregated total of £74712023 - £3.IX)01 donations were made to the charitstye company during the year from trustees. these donations were provided wthout conditions attached. The Friends of the Calvert Trust {Lake District> The charitable company is tnjstee of the above charity and during the year The Friends of the Calvert Trust (Lake District) provtded donations and legacy *icome to the charitable company of £89,48812023- £7,000) and this 15 shown as disclosed in Note 21. Loans from Trustees During the year Ihe chantable company rerxved loans from Tnjstees of £65.c(￿ {2023 - £102.S(N)l. The loans were unsecured, interest free arrangemenis repaydble on demand. At the balance sheet date the amount due to Trustees was £65.00012023- £nill- Page 48