C4Mnp4ny R•glslrallty) no.. 01240160 Chartly RvgiTlr•tlon no. 270923 THE LAKE DISTRICT CALVERT TRUST (A charlt*ble Company Ilmltod by guarant••l Calvert Trust Lake Districl ANNUAL REPORT AND FINANCIAL STATEMENTS FOR ThE YEAR ENDEO 30 NOVEMBER 2026 EBRAf/ 1976 2026 YEAR5 www.calvertlakes.org.uk
THE LAKE DISTRICT CALVERT TRUST (A chathatsl• compny Imll•d by gu•r•nlMI CONTENrJ R•I•rn• and •dmlnl•tr•Uv• d•t•llw ol th• Ctynyny. Its TN¥i•M and •dtA••rn Ch•lfs •thl•m¢DI Trust•H' rnport Si*lom•ni 0¢ tru•l•••' n•POMlbllttb d•p•nd•nl •udllof• rnport on Iho fln•nclal •lal•m•n¢• St•t•lTi•nl of lIn•1 •etTrvltl•• 12 13-17 18 Balan¢• •h••l 19-20 8tst•m•ni af o••h Ilo 21 NolO• to th• Iln•nGl•l •14i•mMI• 22.48
THE LAKE DISTRICT CALVERT TRUST IA chat•l•l e<Knpany Ilmlied ty gu•ranlo•l REFERENCE AND ADMINISTrATIVE DETAILS OF THE COMPANY. rrs TRUSTEES AND ADVISERS FOR ThE YEAR ENDED JO NOVEIIBER 2025 M•rtn G Chakn lin S L(pMh Anlhory D Gtynn. S•crnlary Emlty J Flynn Judllh Gat• Ii••1gn•d 24 Augu•l 20251 L l)unn l•nnah Rlchardson SrtnNa• Madipalli Wlliam JC Ponfjonby Ntfv Thomps Chailole IuFwhFted 26 Awl 20251 Anlony J lappolnled 25 Awl 202S. mlgn•d 13 F•bruary 21Y28) 0• G IfMlgnl 8 Febnw 2025 Cony•ny r•gl•t•r•d numb•r 01240100 Ch•rfty r•ghl•rnd numb•r 270923 •ghl•rnd offk• LItYo Underskldd•w Ke•v•yck Cumbn CA1241 CDmp•fry ••erntary D GIYM Chl•l •x•cullv• omE•r S••7 D IndOnd•n1 •udhor Chbrtsrthj Aetwrthnts SI1 ALMIIIov• Dalmw Hou9• Bwiag Lano Ebt4 Dalston Cath8k Curtina CA5 7NY Bink•rn BBTdoys Bank plo Ponrlih Branch Mgrkel Squ CA117YB CAF Bk 25 Klnqs Avgnu• Klrngs HTr4 W•sl MallTrg Kenl MAI84 P•9e I
THE LAKE DISTRICT CALVERT TRUST
IA chavltsble ¢omp•ny lkntt•d by giiiYantM)
REFERENCE ANO ADIlSTRATIvE DETAILS OF ThE COMPANY. ITS TRUSTEE8 AND ADwseRS
ICONTINUEOI
FOR THE YEAR E14DE0 30 NOVEMBER 1026
knhony D Gtym, Ch•1
Martsn G Mulkn
Pfribp Stoul, Ctropled Member
stu Cl, C
THE LAKE IJSTRICT CALVERT TRUST IA ch4rtt•bl• company Ilmli•d by gu•r•nlwl CHAIR'S STATEIIENT FOR ThE YEAR ENDED JO NOVEMBER 202S Forn9 lh• I•¢ov fv(xn lh• COVID parbd•ffMC al a few years ago Y4 IJ dew Ihe w¢¥ld ¢1 a C10ed l •m surn thIer¥ ol Ibi• repon wll regnise my dOnpOn ol the wryld a8 votsiile whiljl Iho glob•l nat1(•1 Ilts we c£¥nx and NrtaIn, rwning FwediCb9 wd trAecaJts fraught d¢xvrtwd• nsk$ 11 is thvl contexl Ihat l am 4r001 Proud kn iOFQrt thal ¢n 2025 Ihe toam al lh• Laktr Distr1 Calv•rt wern knm•n69ty $Lt(4ifjlul. Th15 Jucce89 bn athieved doswle c•ntsnupAI thollen9es o¢yos$ the ¢h•iily. •ducat•N and ouldoor k•arnlr•g ••clo. Inthdlng c051 Inftallon. pr•swr•s. ughnthg ffith(>ol I{1• •nd trbcrea•mp defflwd Ipr $peci•li•t FXOWw. for dItIa pewle, Alknv me to wrnmJrNe V•th s(m• •y f•cts. The nurnber ol T•11•1 gu•sls hicro•wd by 11.2% Thè number ol d•y InGrvaJed ty 17.8% L4k•s foo ¢0 Inuoasèd try 1.1% FIHKlrnlfjlng Inc(wrn mcreu¢d by 12.V Mo•t Imwtty th• le •4•ry nO• rm• ol &•¢¥ •• and •• m•rrtrf&duv•d • bt 015mdes I pooplo ¥11j with dwbiliiies li IB leglwnenl lo the leom thwt we h&¥• mo¥od fr( 1he dilfvcun dec1910n lo Clo the Calvfjrt Re¢onne¢tic¥)$ In 2024 •nd are tocu•ed on cdobrniing Il 50th annN•rnary ol Lthke DMIKI CaN40rt TTU5t m 2026 a PTOUfwrrn ol evonts. 01 ¢xywse there TAefe thalltrnge• Ihrough¢Jut 2025, Operattng a1yJht bwlget meant that auf Dnderful team h1 ty bo ntsiibk•, Thi• ift¥otrrtl worKing Unl111 patterns, blewinu sn lty cdleogus 8nd othng everylhing Ihlr s1 to Je¢Ufe Ihe wcffldthjl gu¢Jl eXpen0r?9 that we retQfred to In Ihe guest leedback kl¥ slncerfj Ih•nk• go to Ihe whcAe ol the C¥0 ieam for thew enofmous efforti 2025 and Imi peJn loi the d4th¥trry 01 Obfvuts W• hrn • (ar mmwrth •tr•ttyc pkn devebp•d ¢xrt wi)12030 d•w olW41. Iocumd on slrnngthenmg lon9-l•mi financial rvsilnc•, maintAming hlgh gLty Inclusive provi&on, Invesmng Ir facililJO•. d en•unng tho Tru81 r8m•ns PD•d lo mgpoTrd lo the 9fv4virbg dom8rbd lor acc•$sible cmjldc leynll and resrtlentsd •xpenenco6 lof dtsated In the Mar Iwm thjr key obpctive Is ID ensure Iht nnanciBI wlu•lJon ¥nproves ye•f cm year we ale Oble lo n¢1 only Opofale bul also dIy7 debt To Ilu• C.C¥ l am greaty enc0uffad by thè booknngk lor 2026 are al a rocofd level conv81 lo ony pr y•w. l am also to Ih•l have wJr••d 8 It>ng Wrm loose on ihtr Old W(1•¥0 buling wffh Renex¥on8 Limrted The buikling WHI be used lo d¢wer ro•kl•rth•l rlIrn•1I lor chthlron with ar a ol learninu digabdilles. Slgnfftyrt Fyogrnss w•s rnJd• lfi 2025 to enh4rKe Ihe yuest •wwlenL¥ Staff tog•lhef a group DI volunle8¢s embafk•d cffl affl refiji5hrn•nI progf•mme over th• winter monlhg )1h 4XrtstsrHlinp rngulls The feedback frorn guests ha$ bean a Iremendwg rnotNallon 8uch thai furth amtmtws len(Y¥aln9 ar• l&king pla I wrrtD ov•r th• qul•lef wnt•r months •g•n IA1• Wts gf•tslul 10 • imall number ol lund•r• •nd ind1v1dua who made these refijrtjighmenls WSSFI The L•k• ljffjtrld Cthert Trust nol to bnng lo so mAny p•0 ¥Mh w4s r#X l( ihe tsupwrt wtr rnc•tv• liom rango ol g4v4rJ Including 9fanlllm•kiTrg lius11, th• Fn•nOb ol Ihe Cthrt Tru$1 ILake mwiy dub•. charitiel tyganis•ltyk$ iogelh•f Ihe many wrrnte wbJMdu grArwsty. th•nk y. I Ihjnk the ITuglees fry thelr ccffillnued hard ond cryrwrtwl erKI whlh th• wdrIU1 staff team al The Lak8 T. Th• ¥4tyke¢l Inewtibly dibgenily In 2025, dehvereti SO outslAndlTrB resuRs and g+ven uq the optK)Munty 10 ccffjttnue lo WO lo fmanCi1Y secure the (ry110n IN thtr luluro. W• wll tske a mom•hi In 2026 to c8lebr8ie lh¢ Increoitye ach¥emenl ot 50 ye4r3 ol m•nufacluriTrJ gnmles for pwwle *4th di98bthfieJ Ind we are delwmin•d to cyjntlnuè for mny we4rs nyjfe. Chw D•te. Is 1 $126 Palle 3
ThE LAKE DISTrICT CALVERT TRUST IA chwilabh comp•ny Imtt•d by 9TrI••I TRU8TEE8' REPORT IINCLUDING I>IRECTOIIS' REPORT) FOA THE YEAR ENOED 30 NOVEMBER 2025 Tru•t•M' R•1 {InckHllng dlrnctorn. r•wll The InJ•teé8. 8150 dbredorn ol the chanfy lor the purp ol conykny l, $wnI I1 repNt d th• Duditsd financwl stalwnttnts lh• orrflod 30 Novembllf 2025, The an repJrt Iho puryigm of Ixjth • TnJst¢es' R•port, •nd o Repm uNl¢r c(wnpony IA. Btru¢wr•, 13ov•m•n¢• ané M•n•gom•nt Thè clwity In(1p•a on 12 J•rMMry 1976 as • Compwy Imrt•d ty guThtee •TrJ ngt h•vlng 8 $hwe wlal The charlly r5 gowemtrj by 115 MemorarKJurn •rnJ ArfidN ol A••wailon. Th• chw hBs d9•d 14ih the ule ¢1 lh• w(yd 'Limi•d' In its narrt. Th• Tfii%l was rw%leid +M1h tho Chwily Commisllon on 17 Mrth 1976 and op•thd Ni•ly M a d•y mr¥• frwi Jls Slats5 al WirKletsr0 Boaihou58 BBsJenthw•t• Laka. The Tntsfs first rpgKlents41 centre al Kewck WBS opened In 1978 Work9 dD8•ty wth th• Tntsfs thtsabled lor• Ihe many oryantsaiions Ihal v18rt OLW c•ntstrs. Iho Tru%1 hal pioneefed Ihe pfovwon •nd ol outdoor •c¥V•• for peorAo Tth Ii••t411kn•L The Bowo ol Tfu•ltr•• hMI d•ltyatsd1oadof•hlp al th• Trull lo • SOnr L¢ad•rshlp Te•m ISLT) l•d by ow Ch1 EMeculiv• Fol a oovemwK rèvw h 2025. Board of Trui10 lo10md Ils stding e0mmili lo wort •CfOSS th• Trust m lh• •re•• ol - P#0 •n¢J Oper•tlw•. Inc¢rn Genefalkn and Fln4nc& Addiiional qjmillèfrs. IndLKling an Authl c(rntte•, to WOV and iibk owr%yhi ond ensuie conv1¢• fwMiibiknl>eg are m•1. • NOMIoni corrwnlllM hwe 10 established, Tho Bowd ol Trusl•e5 moets at leayi loui Iwnes 8 ye•r to ivc•iv• reFr from the Chlel EMeculMI. Senk Leadership Tewn d tr•¢>1 ccrtMiifta• lo •n•ur• ih•i al InAkn•i w• W In¥(0 In th• TnJ.¥ 9o¥om•r•o Tht S01 L6adv•hw Tewn oro lor th• l•ad•r•h ol th• Tru•t w• Ppid ty * Manopwnonl Te•m OD 4 d•y4Trday ba The Iiuslw• liavo Gompliod tho duty In 17151 ctyl Ihe 2011 CharrtKs Act lo hJ¥• due rrywt1 10 gUKlw¢• pth• ty lh• Ch¥lty C(ThnI•, b•n•fit gulO•nc•. The Iruwe$ 4r¢ troffl • ¥ariely ol ithvanl prolemwial, b4rntnes• cbHriiablt backgioundl a nimber haviThJ th¥ed expenenc ol Impalml, dillorvnce or thsabllrty, The corytMilwn ol trLnlee4' bowd Ihtyr eXpen•n and J11$ w4 regul•ily r•vlow•d by lh• Ntynimllons Comnwll40, Iv •n%K¢ numbvr and baE• AJI of the comp8ny are also Irujleeg ol The chanty, Ilwe are no olher or members M ol o ITU• nam•d on the Ral•¢ence and Arfmmlstralive d311$ pays s•rv•d thioughoul Iha •1 •ic•rA declpJed. The Bowd ol Tru&t¢e$ ihe to apwinl add1won trust¢e• u Il ccfflgthify frt lo rjo $0, • ol Volun1•• The rhaiity hay beneciiied liom Ihe holp ol Qvw UO wolI1e•l$ during ihe 081 ye•r The rn¥11ty ol 00• volunloors •ssMI and support riding ocbvitie•, with oth•f ¥oluntw¥ al80 wpmng wr re3rflenli 1vert Lakes courn, •dminl%lratlM progrnmn& The Trus1 Iw bonefitt•d trim ¥olLmlee A $fjnllKwt r•tuitsshrnwt ol OUT Calvèrt L•ke5 '8yrng' acwrMKrflion lor guests w85 8tarted In November 202A WKI corybe11 over Ihe winier, A f•luibishmunl Programn WAS Conted on wr rnm•Thng Fatntho)use xcommodallon, slwbng tr) November and corylebng tY¥r wmitef, ThIA ¢xlen•v• lurtssfjI PToiecl could nol b tlih¢)ui Unts•r •upptht thJng liall, for tfvhich am extr•mefy uraleful. PxgD 4
ThE LAKE WTRICT CALVERT TRUST (A ¢h4rtt•bl• comyny Ilmllod by gu•r•ntao) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORn (CONTINUEDI FOR THE YEAR ENDEO XI NOVEMBER 202S TNstw•' Indudlon and Tr•lnlng Al n¢w truslee• complole a fit and propji per1 assetssffth. foNow a Iwnal truslee wduaKin proc45s and le+¥ a truslee MdU¢ln pxk Th•y al orIthin me8iJng with th• Chiel Exocuiiv•, annunl •ppr4iMI arhd fri and Wi¥1 as$$Ments, lomowed by formal on dwtlity thvwen•ss and •alegLwrdTra al ol a ichedult ol orM r•fr•shw tr4inknp, K•y Man•g•mpn¢ P•rnonMI Pay and R•mun•r•tl( The key m•nag•rMnl P•rm& ol th• chjnty th0 eqnkn leader¥htp loam, ar• wpporled Ni ihe d•y.t dDy runThng ol Ihè ch•rty a m•n•gem¢nl loarn Tho Mmuneraiion of th• l•&aernhip Evam pay awaid lor d slaff •el and agreed by Ilx Fuwnc• CornrTrLto¢ and ¥ipio¥ed by th• Bowd Fundral•lng The rhBnty oul w number of ndrain9 thiwoul Iho fffl4rbrJ41 yo¥. The arn onJonO IbrAJul) ihe Twsi'l lundrwslny t•om. Th• Tfust tts a lundralslng ccqle and h tvgljthred wrtth Ihe Fundrwwry Ragulpff ID wsuro all lundral81fi9 knitses lolow t•1 PT•ctsct. The ch•nly •ls¢ omltmol to piovlde 14ct undertakiny mopr appkn. Alm•, Obl•rflv•• and Publ1¢ 8•n•ni Th• thwty ex1 kn •Jrdw lo b•n•fft p•oph wth tlN•blrtl•• 11 ¥m• lo •nal Ih•m, IrpJ•thw Iher Iwrrihej d thendi. lo ihwr Wentwl Ihfough •xpBrwclrffj th ch&leng• of Oulthjor •Jvoniure In lh• cntrysIde, 11 doo¥ $0 wnapty Ihmuyh tm of •po¢tal•od In and rwr th¢ L•ke Th• th•1 lh• chwtyi •cu¥th• to w vllarn .. The ennthrrnni of Ilve8 thffjugh adnIre, con14Llonce bulthiig •nd p•r•onal •thl•v•menl The thanc47 to enpDy cwntysKle of excep11 na1urnl beauty The opportunity to P8rtyJale In a F¥ogranne thal Irld•S ielax8bon •• well os courno •cts¥lty. The enioyrnMI ot reCrejinll Athllies th•1 trbnglerred Inlo everydny Iivwy. Pwsmal dv¥&knpmenl wpport leath.ng to grealer Inlegralion thIn $wely The Trust recogn18 lh• •rA>)0M dW(fvtsg expeTien¢¢d ty mary 0p1& 1h disabiliiiei Actofdingly. suilAbl• ca• 11 m4y be •bl lo offer Iinancial iUF¢)Ort In thé lom ol Ir$¥T1•S Iri olh In%t8nces rt may bo pJ9sle lo guKle vlw10rn lowardj other of The phlksKwhy 1$ lo ty to onwr• Ih•l no porson J disabty IJ• d•F¥lvJ ol tho ¢ppurtun¥ly ol • Wi be8 01 • lack ol fvnds Imwi •x•rrA•lry ththr POW or d4rtM, th• Iru•Eee du rogard lo lh• Charity commi$•K.¥ l)on•lrt gL1Mlan In this re9wd. Ihey rncopnkse Ihai to lISty Ihe 'publc' asp•ci of lh• guthnc¥J. clwty'• a1vOI benefrl t1 FKsbbc In genernl. crf • sUffial seKlicm ol publ. and Trol gTve nse Its than Incthnlal pe0 bÈn?fil whwe 'petsonal benefrl. mty In¢lLKle flnanci benfrbls lo.g. cash paymonlsl, non.1lnar bfrnehts or p•yment8 In klnd le.9. benelrts in the Itxm ol 900ds or Set4151. ty ljenefils lo A pernonal bgnefrt cortwdornd'lrrloenlaf ¥trer• neLw$$8iy ivsull N ty.producl ol CBfrihg oui Ib¢ d)anly 8 PUlFth• Ihe PLW¥hJ5e ar th11185 01 the chartty must be musl bo hl J way Ihl r4 Mjeniifiable capAble of being prDved ty eythice where n¢¢ess•ry ond wbt¢h ffj nol baspd peorIal ¥WB". and •ny detrllnoni harrn thal resLttts Imm ihe PUTFK¢SQ Ilo peoplè, propety 01 the trnvi1MOD11 musl nol out1 Ihe beTrl- 8g•m, Ihffj shoukl be bod on e¥thn 0rn1 personol ¥w4 P•a• 5
THE LAKE DISTRICT CALVERT TRUST IA ch•rttsbl• company lknl¢•d by 9U•Wrt••) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) IcoKfiNUED) FOR ThE YEAR ENDEO JO NOVEMBER 2020 Actlvhl Tho charty i• Io fJll•r • tmde ol exubng ouldo¢x acthwl. (thng0. vehabilrttKn 9dnI wllhm a 1famr of salety 11 has been Invthnd m Ihe develryrn•nl ol gn eXtrnYe fanoe ol xbvttros for dthatknd pc0, whlch noA+ thrde sailing. accessible bIn9. C4noeing. k8yakiry. climtsng, bthI, hurse nding. driving. mb)unie4n•enng. hiltrakng I wshmg. bush c¥a, orth•erww. archery. Tho ch•nly nStInY tflWi lo eXrKI Improv• th• rww• of a¥•Mabl• 10 Ill ¥1 li l• pl••wd to be recogTrwd M • l••dw Ilj fld TN•l•••' Ind•mnltl Tho chanty h•141 tfu•ts• ind•mnty Ihroughout th• Kcountrng Id, T•n9ltA• Flx•d A8••1• lof by th• Charfty Changes In fix•d assets 5h(yrtn ffi Ihe nole5 ID ihe finanual 1%. Th• Trusl occU•S freehrAd propertte$ new Kt$vffj(k nwneil LI cr11 and (Jd Wind¢brow•. ich Ihe ol • generous gift when lh• Tfust w88 knnO. The Trnst thaqe prop8rb•• M the b•Ms trom whlch It carr•s out its work Th¢ mopnty ol prop•rt& gifted, •U0cl • r••InCirI Ifffjt Ih•y or• lo b• u••d for lh• ol • charty In Awil 2025 Iho TvU rt•rnd rtO 8 R•lknlons Llmrt•d Iccrt7wèny rn) 0658n201 arKI •niered mlo • le•M a9ftenl lor the Trust'• Okl wiii0ebrtr Titheb•m New R•ftDxi¢M h subsequenlly owngd •n Olsted regiNlwed Jpoo81 schocl IDr chlldTEn +Mth Illwryng dIbIllI1¢s. The property )Iiiif1¢ 10 lJoll¢lil tht cliaiily by pi(N¥Juig a f#gulw inL4me. oui (wm Wk, and B Much notted erYe for thildten dl58bthtt Tho TnJ41 k)k5 fryward to ReflexKTh to prDvldo Jv•niufQU• •¢trvllt•• KI •vi¢u l¢r Ih Khool'i The Tnjsl also ttcupleb an •¢c•MJkn B•M0nlhW• •id v¥lN• glI¥j for •labl•% r4cdity a ltrasehotd ba 3•1•ty Ind Rhsk M•n•g•m•nl The Tru tMSlon5 fegular health 4n<l $8fety a11 Auflts DI 58foty procedures huve l)wn undort41ten 2008, 2009. 2016. 2019 •nd 2024 In addition. • spout¢ r•port W•• C(XTwrntssioNed In 2018 iefr•thvd 2025 to re¥1 pedejtsian hl¢le movements ai our Calverl Lakes centre Recommenda$ lo onhan¢ sJloty wr rtcelved 8rKI ImproVernts lo b• made. AM oxlomal aLMIM be¢n mWeI¢d and we ntal¢d by P•opl• 4r#a Op•fa4ons Conknnitt••. Tlie Iwglees actNely rev the maioi ri6k¥ wlM¢h Ihe ¢h•rity I3 on • regLdw basis and hbv• GM"dw•d 11 cludod Ihe n6k% p05ed the c4osuro of Cthrt RrK0nn•¢ in Sopiemb¢f 2024 The•e IrKJud• upknd ca¥hfl(M, repulthn ar41 k•y Per•n rtsk& Tho Ine$ bolxve Its Cuff1 c••fifiow lor•c••l ¢onfinns Ihe Tnjsl Iw •ullIcl r•N)utt•5 to Mage I Impacl ol nomwl seaswal rEdUCtrr$ kn mcome and during Ihe winter 20W27 penod Over lh# hist ihro years 1hè Trust utsllséd un¢•strl¢t•d rwv•s m th• rvt¢v•ry l¢knM9 COVID and Ihe attempled •siabll8hmenl of the Calvert RenneC0$ wvlce The Irusleeg ho put plac• diefna1l ol IIDance, Indj9 £483.S17 ol longer.lwm soc41 Inv••bMfrt ID•n *JthIKAl lUfft will r•WVVS De r•budl.
THE LAKE DISTRICT CALVERT TRUST IA ¢h•rtthbl• company Ilffllt•d by 9u•rnnl••l TRUSTEES. REPORT IIP4CLUDING DIRECTORS. REPORTI {CONTINUEDI FOR The YEAR ENDED 30 NOVEMBER 202S The truslees also ex4nwn¢ othei Operats•1 8nd bunl wTsk• IK•d by the ch4fity and monloi systernj lo mtttgale Ihe i1gnian1 rlsks Rlsks as•w4led wlth cybef 9ewnty. IT Infrastructu and d•la protecllon w•io ¢Sided aThJ InhstructLW• W•5 MnFxoved lo remolo workbng duTlnB Ihe cnsis Dunr¥J 2021 the Tfu was lo Install B rble 1QOmb intemet connecAx)n lo Calvert Lake• and dunng 2022 a c<InMOn established lor Ihe Old Wkndèlxo¥ft Dufry 2D24 sy51erns ClIed lo be •mpnyved with nex1 geral1r) fir•waHs installed mWL)v•d Calvert LakH. 2026 Cyber knablhty Hnd Ctr Cnm• (Th•f w• r•¥Iff1 ar wl in fv. Oth•r Cafv•bl Trn•l• The Tnmt ol Ihr•e C#ffjrt TnMI conlr•• Th• olh•r ar• Northumbn• C•lv•rt TAMI Ichanty Number 5118511. trading ats Calvert Kielder, Exnx)or Cknrt Trus1 IChBrity Numbw 1QQ57761 frathn9 89 C8fvert Dev[ fvj Ilww C4lY•rt Tiusl ch•nly's arn 1•9aly WW•t• #nith• wlth iThd•pendMI ffinanc48 and t)porntKm•. As iffjulred. lh• ol lh• thrn• Truth li by The CnrI of th• CrA¥Yt Trtl Ichothy Numbw 10424231 Tho Injstées ol Th• Councll of trbe Calvert Tnjsl are the thr•• ¢Pef•kng TfU8ts. A¢hl•v•m•nls •nO P•rtomMnc• The ytsf h88 b•en on• af cCM7wAtdal, car8fiA flnanclal manwmeni and cnUed doHvery hhqualty progranmneg Wbd gep4K•• • th4lenglng ¢xi•m4 sJnvlronm•ni Fomowmg th• clogur• of tho R•ct)nn•dJon• •oNctt In Ihe Ana81 yoaf, Ihe chwtbes prnrrty w•1 to $tabth¥• Ihe oryanlBalion. prot•L core prDYI •rbd slrerylh¢n Juslathabthty Wo we puoa lIt h•9 b•on c¢•sl managed. Whihl Ihe Wel mo¥em¢nt In fttr•ds durlw th• r w•• a Df £181,34312024. £798,643), Ihl• •iftw ¢aJh mowament• InduOITr3 ch•rges ol F.237 171 1?ff24 £266 Je31 Th• c•8h 11 Inue#l In Ihj ye•r ty £75,847 •nd nNKth u Fknnttl for. Il a bwificttnl rncovw Ir(ffi ymrs. Fundr¥ing l•yekKIth9 Icrtdled £W.489 ¢2D24 £500,OdQl. 0 12% y•w•n-y•w clea d•¥)Ile a h•gNy compeblMI •nrJ constramed thjnding envimTrment This conl.nued strong lundraiging pertormance undarplns tylr burn•ry w0granoI and contrlbule8 lo the funding ol core costs This ensures I th• Tw•1 hp1 ¥1• •• 01 Po•¥) lor Quf b•ntI¢rIOa. Wé m•ny •upporlefS lor th•lr oon•toW ¢oniknuod 5upwTh1. Th• fx Wlndvbrv• Tllhqb•m twilthng IInvU1fy C4vwt R•Ormn•CTr•). h ncw l•a••d. g•nornling renbl Inconw ¥0 a muceded 5pKlal s(thool SK41ty This oulcume trnwrets I dwbled conwnuniiy Clinue lo bfrnefii from Ihe wte I1[e •lbo ¢InbUtsg to TnJst'8 financk41 r•wlwica The sch1 One to tts m March 7026 and Ihe Tttjsl li looty fon¥¥d lo WkIng 1h Nfjw Rel•¢ kn ty0¥106 •dvenlUu1 •ctyvM•S aThtt for Iho wpil Th• y•ar • gfjnthcanl th8nge wtth Incr•awig Ornwd dwatth Ilvffl by Il wlder finwcl preswres on our w&ilofS. The ampact was Ih8t whlgl occupancy reduced to 8,41 (Tr b•thiights M Ihe ye12024 9,2411. lh• n4¥nbqr ol IndvKILwls wppc4hd Ilirwyh wr pro9famnw and co¢Jises mGfoa8•d 10 3,163 12024 2.&45) Page 7
THE LAKE DISTRICT CALVERT TRUST (A chath•bl• cq>fflyny Imli•d by gu•rnt••l TRUSTEES. REPORT INCLUDWG DMecTORS' REPORT) (CONTINUEDI FOR THE YEAR ENDEO JO NOVEhweR Z026 The Ivas 19 Jurn¥fiAty lh• yow ol Ihe fulty Iw•déd Aee•M Aovmlurn wtyr•nm• Ihwk• to Ihe rn&nUe support ol the NHS North E•sl and Nfflh Cumbn'a, The Franci5 Scoll Chanty arbd Cyrtma Cornrnunlty Foundalion Th¢ programnx supporlj ththjrnn and young adulis th autssm lewrning N(th Cumbria providtrA rnL4pl• lor larywlies thr¢ugh eng4glnq sbmu1a1q activltses delNefed from ow Calvert Lakes cen1re over Iho wnler rnonlhs (Decernbw to April). the 5 mMlh$ ol d¥y. I811¢d Support lor 11 dY8abh>d young people supported by a turthw 22 f4nly and c8rtrs w8$ ddi¥ernd Tho programme has now closed bul due lo lh• Suc$5 and demand ol Ihe pr09fe the TNut bo lUnd51rJ durlng 2028 10 provMl• thè Ix4ltrei nwJ•d lo d•ll4 a ClIn9 progrnM frcth Stables . The UK Ywth Adventut•s Away tram Htsm• pfogrnrryrn •galn 2• Irom th• Pftvious yeaf. The Tru•1 wo) oble lo •uccos$luly work with k)cal ¥wal and orM5110n• to deNver • lully fundqd progrnmrn ol rwdential 8rwJ doy wslts Spffin¢4ly targ•lmg grou yrrtsry dls&bAlIMs Ih TnJ818UPPOrt•0 177 lThJwhl¥th12024 1531 to ¥yJldooT alfvwture Drymnd foi fyjr acc•uibl• pcK4 cortnu•• st¢•Jy The ••w B,897 <2024: 7.481 community wtidpant W55K$ dunry yw. Ilve fthUnu• to lry I1 lh¢ dlsoblwj nU1ty r•maln lh• rrwn uwi ol Ihé fatyltw, Th? year Al saw tangth Opofabonal Improvem1# wnili wlnt•r rlurbJshmeiil Ik0 proo10sd. bnTrgg C11• Kcommodotson 4tp lo o high star0rd Thlj WAI •$ d¢liveT our 'GcrwJ lo Gfeol. •ep4K¢ knpro¥•rMnt plan dew•lop•d ¥rtih GLWp frcm Holols. lor whlch w• art txlr•nly grf•fvl Th¢ Eruffite r•cogthw Ihe COnsth w••wrn l¢•d ¢m teams thJ• w vac•nc• and r•uuknwnl 8llengM dunng the y&•r N•veftheloss. •ervIC ¥nr• detrvef•d gaf•ly and •ffediv•ly By y•w d, koy ¥&Kar8• Iwl bDOn Ibllod, lh¢ cwtr• lor a •lwl10 2028, Calvert Slablex conimuts ID pl•y • ¥llal In •que8lri•n Ih•rnpfjulK •¢bvlll•¥ lo lyjlh Day s•s•ions l¢)mi • si9nilic1 elomonl ol Tfus1' community 2,818 St•bl•• 5811)n% (2024 2,4821 a)ntnkJtrrKJ lo the overall tplol 01 12,021 doy across tho Tru•t T hyhhghts thfr iipNlance of lh• •xpandlng aL¥s lo outdw Jdivily for I Cumtth•n con¥nsJnlly Th• ye•r w•$ nol wlthout M• chall•fft9•s or•d •• 1h Cd¥•rt L•k••, th• Stgbw l•f•n urth ithfflng pressures dumg pans of tr yeBT. We werp 8190 pined by severnl new Wsnles and the Tru511fj thvBys very gralett lo our %upport•r¥ oft•n Ihetr loThJ4¢rm loan. At Ihe SWI of 2025 w• wr•re pffjed by Ann wlio •etlled inlo the Slab5 ¥¢ry 11. I1(d Blu ietyiT)iry lo thwr oner We ww¥ allo Juffie41 Bndge •1 Ihe tst 012028. who lolns Iho l••m on kj pon •asy the Trusl lost Max ID D•c•nkn 2025. The t•am w•r• m¢yodthl ole6sional IhfDughwl ttvg difficult p8nod. llh Iho w(? ol Max rem&lnlDg Ihe prwnwy conc•rn Ihrou9houl The IrLtslov$ commend the dtrdicalth of our S&JlBs stsff aThl volunleers who contsnuè to ensure the h¥he¥l qudily of our wd the hlghml qtrty eXpernCe• lty oui portlprIt wo aro 9fl•ful to th• loc•1 CTrrnIty kn wpwrflng Qui st. Each ol our ipTriy and aro ural•lul io ewryone conlnbJt¢9 to wr Spww-A-Pony •Chen Th15 en$urev we malrthln the highe lovds ol horse w•#aro cariknw lo 11d11 knwanl lh• IDco1 dwblfjd Plan• tor Fulr? P•rlod• L¢om9 ah¢od Ihe Int¥1¢. loc rf on dehvoiing our bng4•mi •traloglc StrengthIry the Tfubl's reilIrI9 reserves to ensu rewben¢e In •n In¢Yeir)9ty ¢10g9 operating enwfonmeni Our planj •ie grou• In Ihe otsl•ctsv s•1 oul 5 Yow Straleg¢ PIAn 1202620301 and Owpted by Ilw dewled firtrAnDal propcIn ow 3 Ytw Pkn. Pa9e 8
ThE LAKE DISTRICT CALVERT TRUST IA charltsbl• comp•ny Ilmlt•d by purnt••) TrUSTEES' REPORT ONCLUDING DIRECTORS. REPORn ICONTWUED? FOR THE YEAR ENOED 30 NOVEMBER 2026 (knr thè nexl 12 rr¢nth• •rbd bwnd. w• pnryitJ•• aotl(m th•1 lay lound4lltM frx bng40rn1 EnhM¢kng ow r•thik•l off•r •t c¥1 L•kg1 Ilwough ol uyesl bethpryTW to rdrn C4Sle slandards arKI Jlrengiiiening our Into under-r•pYNenled c0rrrnunlls wim rewfth Inlo fulw• b&n•fw n••ds th• T1 •• 01•odww adva 4cc••Jlbl6 l¥eniufe Stabbg Inczeasln9 hyitrolherapy ulTrh'Utft Ihiou9h WTr[¢ digital sysieAn•. and ¢1111n9 W•ylh loc stakehdd•rs a1 sp•ual schooli to relresh and expwd ow SEND pri)¥iwi. Ir IDr a major redevek)kwn8nl of Calvert Si801¢o wlll b& do10pd, ensunng thal Il become• a modem: 8sle ar¥J suswnabltr comnwnlty t•¢ilty. arnl •ts•ngthoning our lunthiwng redur• Ilhi IiTrancW our vl•lltyV, IllCIW burwy prow¥on •nd coi• ¢rnls and ¢ptsl Investmtnt Kty •cllOll• Irbcl¢xlo embodding Ih mrynenftmn ol our Soih annvWry. Inve8lin&F lffl Improved funthwJiTra swwns, deveWr4 givinq •rnl l•gacy Inc(xn•. ènd weparinll Irrf mw captlal app•ali. In¥9 p•tykn, •rMwlng f•mAm • 9rNI placa to wort4 ¥nt•, We WAI CU to dovv.lop •lnKhJred Ir•inlng And loaderjhlp p8thwgyb. roluftssh slail aCC)d•110, •nd c•pKlty to putsor• Trn•t u • nahon c•nty• ol •xEd1c• In Ed1x pracllc•. SliEnglhenlng organrnallon41 yutsinabilty and govemance, Indudlftg prDgresJry t(MMrdi our net z¥ro MOn. enhJnun9 dwli•l infr•8truclurn •nd ¢yb•f socunty. Improving diversty xross our Or9•n)N. 4Md mwl&knlng stra wilh Ihe Chanly CDd• Togelhtyr, Ihow aclth• Tfvll en•w• th•t th• Tnjst nol mnlin• bul po•llK>n a• • lttjding provityff ol tsble th¢TI and cAknmunrty al lh• Iimt, tu1 C1 manwmenl In p14K¢ Stnffinu Jnd Dperi(l cojls hjve budi mlo budgets 8t sndgnl Ivvel•, wthlle 14tg•l•d lTrveslm¥nl In growth opwjrtunths. parllculwly occup4ncy •nd lundr•i¥iig. 11 ljo doofjty monilored lo enwr• PSVOV¢vte rern on Inv•8lm•nt Trus1• rncognlg• that 4thwng 0pOrial •urpluw4 Ilone i• noi wclI. rebudd9 free retyeryes lo •n approylato lewl l• crllkal lo manawng rt•k. SUPFthing caplal bl8 and ensuing Ihe Trusl can •hth618nd ntubon8 In lnrth. Surplu•u g•n•r•t•d ovw th• noxl Ihreo y08rs wlll Ihw¢lpr¢ bo directsd ILwwd¥ trpngtlwnkw unroltrltaed rosofffiffi #nd Inyovty ovw44 ffft•rK¥AI ¢•InC. Lookirw forw•rtl, Iho ctyninu fequn cweful b•10v of And prudvnc• Wfj G(mrTrtled lo delryemg our th4rrtatrAe obieclives 8nd ¥nth •xcollen¢•. w•hil• nnn9 Ihol Ihe Tiu%l l• ser0. opèrlts•1IY efficwil ond enlonrrffll4ty re6ponwb By akngning disop&ned fIn4nal mwwgemenl wrth cl•w stralegK InvgslThnt. th• truslees ar• clideI Ihal lh• Tru conlinLe to gry)W Ils Impact f¢bulhd rts ¢•4¢rth ond yJ•it itsth lor thfr dec4L16 #+00d. Tr•n•actlon• •nd FlnATrcl Po•ltlon Th• nrb•ncl4 Itatsments shthv a not dlKal ol £181.343 lor lh• y•w aft•1 d0pr•dotj untht•d Irfo¢overable VAT 12024 dthl £798,6431 This defiot W8s after a dep1waln chary• ¢1 Q37.171 12024 £265.31. Unf•8lrtod gins. and gw¢s lotaw U98.75412024 £418,990I, In Marth 2021 an 8arthy'g C81L ICINonwru$ BurS 1n1mruwn Loan) l)dlty for £100.IJOO w oblwned lo th1diEh)n conbngency lund& Ai the year-end the remammg balance was £26,669 12024. £48.681 } In De¢tsel 2021 •) un••cLtred Jac Invvatrrnnt low Ilrngh The FrarKl• C Scott ClwrrtatA• Tn•sl DI £300.DOO was seojrod to pruvide conM9ency lunds. loeihfy was lor 6 yeors Artsl LS interesl.onty repoymenl, Al lh¢ Year1 Ihe remwnmg balance wa5 aqain £319.J48, rwpwtlnu lh• oritynal £31)O,IJOD loan t dol•rr8d foah thlw•81 from 2023 P•Ja g
THE LAKE DISTRICT CALVERT TRiIST (A th•rll•bl• ¢gmp•ny Umtt•d by gu•rnnl••l TRUSTEES, REPORT ¢INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR ThE YEAR ENDED 30 NOVEMBER 2026 ln Seplembor 2024 Ihe Twsf nL¥nbw ol xludlNJ INtstw. lo ••cfft hKIIwf conlKoency lund8 duiing the rtlslructuifr folluwlng Ihe clowro ol Cthrt RecOnnedTr$. The I0•d fund5 wwe pmicleo ts 3 yews, e¢re¥¢ rwwm•nl due In S¢ptembw 2Q27. Al the ye•r4rnJ oulslaThJlng bblanco w £157.500. Them loan la¢ilrtles th• Tnt wtyklng and •mwgew lund# 1th1 once be rebiiili Fln•ncl•l Outk 2026 to 2027 Thfoughoul 2024 2025 I trus10 mainlained dose m411 of performan< in ¢018b(xat•Th wllh Ih AdeTrhip leam Th1• enabled 8 tlrmfy dtscisn lo be m8de lo cloNe th• Calvert R•LwnecUons ffieNc8 u, unIortun1y, Ihere fernd gnifvcanl unctrrtnty wwdiiig Ihfr ablliiy to Ing iuffi¢Jent nurnbern io Ihé ¢entro whKh, 41 bwn c(be, h•w¢ leopard1 ts lulw? ol txo•d•r Tru6t. Po$1 the clo•uie ol Cthert R•Cne¢t10n$ the TiLtsl has 9CKle thrwh a pencrfl ol c¢1datICm It r•-fjlzed Ils PF91bon ar is nTh¥ locumd on lh• C•tr¥rl Lakes and Sl8bl•o 8•fVK• lo rebuild bcth cash •nd rn9ef¥eS In der lo provloe Ihe tiu81tt8 wilh ¥uff¥xil t¥enCe lo wpp)rt the rhk a86essm•nl •nd wblbly ¢Onflrrn81n$ delalled fTnancJal fofoc05ts hav& t) •xt•nd•d (XA unll •ndkng Joth Nmmlw 2027 Pthlomwnce In e•ty 2028 18 brotJly In liné lth PIM. Th• Trust remn• Ih4nkfvl for the tTrU•d Imm genero bgacy offtl and wppc1¢fg. tth of whK ovided n¥alu4ble cash •upport o¥w Ilw post months The Tnjsl contMLt•¥ ID have acce85 to I0ed lund8 lotsbilig £603.517 tbkkn an mallv• thire• al fvnd• unil tho Tru•t'• ¢yiT¢ f•oeive• on bfr f¢bu[. Twslw• have tsndertsken 4 IhNc4Jgh sconwlo F4wnthg prouss wilh the1oodwJhip leAm ar¢ Conkn"nug to ¢kJ%ely moniioi perfomwice with a locu5 on the earfy warnmg ol anw ptsrlL)Imano ¥trou5 rdan. Th• trUee$ are of the owion th81 Ihè organisats has access lo attequate r68ouices to opernle +M11J1 dNupli (of th• 1oreseeal fuluro bolng Ihtr ptrlod ol * knas112 monlhi ftom the dal• of ith f•POrt. For lh• ru•on. th• Tru conlitiuej lo Jopl tho going Concern ba$ig in Iho finCl 8leMen1. R•Mrv The TNsl'g lolal fewveg decTea•ed lo 13,785,436 at ih¢ yeai-end 12024 £3.968,779I These 10t r•••rv$ bolng mad• up ol genernl unrn8lncled fur8 ol 4648,634 12024 -E607,2031, dwtrd lunds cl £4,310.42 1 1?024 £4 447.2441 antl regIre lund¥ or £123.849 12024 E128 738> These deswnaitsd frJnd$ ¢1j1# £4.316.12512024 £4,452.0481 ol fixed 888Otg represenllrvj land. buthlings, •quipm•nl and 8 well aj Inveslnnl wwerty Tho TruJl'$ Iree I••, l e Itseryts th•1 In wxt• may b¢ JllrK410(S al the tsusle8' dlscr•thon wrnrn £NII 12024 £1411) Havmy rqcovervd r•¥e& Ourlng 2021 through w emergency Junce back appeal, th¢ follng IQLM ytar¥. 2D22 to 202S, hovo s¢n Ih• exknnvw•ly thosè le5wv Io •fwble Ihe contsnued delivery of serwcM lo our benefiuane5 M wen M to launch th• new Calvert Rèconnociion• seThi¢¢ in wh•1 Was o ch4lNwng oxlemal ¥lnm•t HaMn9 decmlon close thtr Cthgrt RectJnnwbws service In 2024, the Tnjffil nnUeS to woth 1ry4fds rts Flan to r•tum lo a luiplus goner•llrbll ¢)p•ithg mcald going f¢Ywards. vtr•lm•nt Pdky •rbd R•tum• Th• Trusys Irrfeff wet• h•kl fft • chavrtat4e rNe6tsMrrt lund managed ty Sal• & P8rinern LLP. Th• 6rments were overseen by the Fin4fKe C*on¥nitlee who recthvthd flWOrts and rnel r•gularly Wllh syran. sePtber 2024 m•Oo d•eMn 10 clow ow •¢¢ount •# tunds Into ow day" k).dJy tsann9 wovkl•f. Page 10
THE LAKE DISTRICT CALVERT TRUST (A ch•Tltabl• comwny Ilmll•d by gu•rnntMI TRUSTEES. REPORT IINCLUD114G DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDEO XI NOVEMBER 2025 FWANCIAL IN8TRUMENT8 Obl•¢llvM And Pollcl• Th clty'• #IMis •xpo•• l trj • numbe¢ of rfsk• Cr• rmk. c•th Iltr• rl•k WKI Inl•rul rate rigk C••h Flow Rl•lt As pwt ol financ41 afTvaements the Iru¥t•es he developed monlhly caBh forw891s wthlch extend unw Novembef 2027 The en8blo Ilie Trusi to fJpidly rntrJel differ•nl lin•1 enlI01 and lo t••t k•y Fwlh•r h•Jh4evd forncasts ha¥? bo•n wi¥lucd ?¥tend lo 2Q28 Ci•dlt Rl•k The thanty's prkn¢lpBI fmanaal •ssel• gre bonk balances arbj cth. tr¥le ¥nd ieceNablp.$. The Ir$1•• ctsn81def•d Ihfr nshs thal affecl Iho day lo day oyratrons. have ImF4om•nled procodures ihat af• •pwopnkn ID Jlie ol lh• Chwty, Inl•ff••t 1• Rhk The m•J(xty of Ihe TnMl• I1) wo •uty•¢l lo wJrW Yl•rn8t r•l•• Thty crealw re rK#. ThfOU9h 118 gory Conc anthfy•. t Tru li ¢(mtenl Ih8111 ¢an a r•ngè of ml•rosl rnle ac4mano•. Si•l•m•nt ol Dl•¢lo•uiv ol Informitk to Audltqx• Th¢ InMlo•¥ of tr Gh•nty who hBhJ office •1 th• date of ¢lthls annud rapNt clmfimi Ihal- io far thty are aware. Ihere Is no revanl bLidrt InforrnJbon or other ln1omal needed by Ihe dilors m ¢onnx¥on wth Ihelr r•port. ol which lh• th¥Tty'I 11<1 ar• un•wJr•. and Ihey Ie l&k•n •1 Ihe 91eps Ih•l ihfry ought lo have laken BS I31eel io make Ihemjotves Thar• of •ny rnlev•rt a111 Inform1• and lo eslaljhh Ihal lh• charlty'• wJllc4J ar• ol m•1 Audllof• Dav AMW Chwlwfjd ACCOUntt• w•r• ¥ppoInO o• tho Tr IrtorS kn th• pwlod c¢XTWkng 111 Doc•ner 2017 Mnwln m plx•. AmBtrix9 Walsm ACCOwt$ b•on wel4•d M th• TnMf• account1, Da¥ Amen Chartered Account15 hove $ignthed their vrflingness remo1Tr In ofhc• #• wdltcn rvjokfyon rtrBppoinlirg them be 8t lh• Annual Gonofal M•eVnq . Th• IrurtM•' r•porL aNJroYed by the BorAts gl Trustoes ffi151 S I 16 .. 8nrJ ggmd Its b•W /ts- L> Alartln, G hluiiln Iruswe TIu51ee Pty• 11
THE LAKE DISTrICT CALVERT TRUST IA charliabl• elmnnY Ilmlt•d by gu•f•nt••l STATEMENT OF TRU8TEE8' RESPONSIBILrrs FOR THE YEAR ENDED JO NOVEMBER 2028 Th• Trwteoa Iwho arn akn thè (rf IM Ctywy for the purpos¢• d ciompany Iwl wepr•rlty me Truslees. reFr1 Includmg directors, reportl Jnd the finarKl sialomonls th 8CCQfdanr• Tmlh pF4icablo L•w Bnd Llnrted l(bn9dom Acc4)unbng Standards IncJthng FIMr¢ffjl RePlm9 sId 102., Th0 Financ1 Rewrtinp Sland¥d 8pICable m l)ht UK 8rn1 Republic ol Irelwd (Unitod Genernuy Acoptfjd Acwunllng Pract•). CfNnwy la rnqMI Ihq TnJst•Os lo w•p•r• •ltsm•nts for oKh lmancl y•, Ufth ¢ony•ny l•v. Tfustoes musl nol approve Iht fin•ncwl 91&tents unlegj they ore sali%fied Ihal thty glve a true and lalr Yew ol Ihe slat• ol 8ffalrs of Ihe Company arbd of rtj Incomlrw iesoutctss ar4)IKailrm of resouic•s, Incwmg rts •ThJ exwndlllK•, ts Ihal ptrlod In thew finno >ta1pml¥. th• Tn•g raquThl t¢ ••l•ct pt•i Wbd th¢n apdy them C¥191enlly, obwve Itt• methods and prlncipkn ol Ihe Charitth SOFIP IFRS 1021, iuthJerrKnts and 4ccounbng e%iimates thal •re pwthnt, Itsle whelhw BpF.cob1V IJK Acn1$n9 Si8nQwds IFRS 1021 L lo114, wlycl lo Y mal•n•l dwaiturM dlsclo&od afid o¥Fl•n•O In the fffl•rwl ¥WorrnJnti. pjn) the fin8nci•l Itslenl¥ on lh• Gwcem bA•& ur• wi1pryo lo &Yfj•unw thal th• Comp•ny conbnuv m kw$ino$3. The Trustees are r•sponsIb for malntalnmg proper accotsnllng roccrfos that •r• gull•1 10 6how and •yplal Ihe Comp•nYs tran8aCtYM and dlxlojo with r¢•sonabl• accuw •t ony bme Ihe finnGl poyljon ol Ihe Company and enable Ihem io ertsure Ihal the flnBnual slatments compty ¥th Iho CcAnpanlt5 Acl 20C Thty I•0 fr45[ble lor salegu•Jding tho gswI8 of th• Compwy ar rIca for ieawi•bkn gl•p• for lh• ApprobO lry onler ol Ihe ol Ixwnl a¢ TNJtw¥ •wffjd on ItB behdl by, illrtln 42 laullln Tiuslee AnllK>ny Trusltre P4• 12
THE LAKE LXSTrKT CALVERT TRUST
IA
THE LAKE DISTRICT CALVERT TRUST
IA ¢h•rlthbl• ¢ompMy lkntt•d by guanrrtw)
OEPENDENT AUDITOR? REPORT TO THE MeM8ERS OF THE LAKE tMSTRICT CALVERT TRUST
{COMTINUED)
Oih•r Inlonn•llon
The othef inlmtlon ccynpnse$ the in1matt thd6d In Iho arwual mport, InclLbding the trutee•' rewt.
othef th Ihe Ilnanclol statements and our audrtofs reixxl thernon. rhe TnJ8tsè8 ai• IW81ble llw the other
InfMnatw ¢ontaIr ¥thIn the Annual iep(rt Our opin Ihe it41emlI 0• t oover the oih¢r
Informat1 Ènd, eKeepl lo the emlenl otherwse BY¢IeY staled In Ouf r•pJrt. we do nol exprnss ary fom ol
•ssurwKo condU¢D IhffiDon Our rwonkxlily M tD the oltter Inlornallon WKI, kn +knng yo, cDnsMtsr
wheihef the other infomw¢JDn 4 mplerijlly mconystenl w11h rhe fintIo181ement5 c our kntrledge obtained
lh• ol the Jtsdrt. ( olherwLse Jppew5 10 be Mat•ty mi$1Alod 11 w• )dtnllty suc molor1
mcoD>leftcies (w apparent mater• miS$taleryfit1. •re requwed to tJeiefnne whether thr4 9lveJ nse to
rnalen81 mrnstalem•ni m Ihe Nnancia slaieffnt• th•M•elO If. basuo on lfi• w• hwo wrformed. Y
conclude tlwi Ihere Is 4 rn•tenal mi$stBlemv.nl ot thm othr In1motI. requwed to rep)rt thot ID
W• nothlng to rryort In Ihth r•g¥d
Oplnlon• on o¢hw fflatt•Tr wMcrlb•d by th• C•Jrnp•nlM Act 21101
In ow wniw. bawd on lh• wrk In th• c4)Uf•• ol ow •udrt'.
InlNm•bcffl gryeft In lh• Charf Sl•l•nwrt bv•t•••' rerKrt th• dir•ctrT'
preparea tor the wrpowg ol conyttny Imv. lor the fin•no•l ar the financ41 iiemeM•
pMpar•d cony¥l•nl with the IinarKkryl $I41wnrS. arml
Ch•¢¥ StatenI and the trustees. report, wthich th• thrnclcn, rnport yepwtAI In
•octyd•nc• wllh •lWB•bl• W
Matt•r• on whkh w• af• rnquii•d lo r•pDrt by •xc•WI¢
In the Iighl ol our knowledge and understanding ol the thwilBblo company Jnd Ils •n¥0mOn1 olthned In the
rse of authl, W•KI have n(A eil[led fflJltn•l rm5Stalefflj In iho Chare• ol Iius1¢•1' r•munerntiM speed ty I are not rn&. ex
Ihe fin81 sl&temen15 In Jgreefflenl Wllh Ihe aGcounlmg recordj and ty
we hove nol recthvpd all the mfDrm&Doll and èxplanat111 we rwuire frm Lwi audll." or
Ihè Tru were not enlrtled lo YePa slal¢ment> In accordwce wrth lh¢ 9rn cony•nle•'
f•gim? ana kO thanta9e ol Ihe smal ConWar, •xempln• m PatIng Ihe tNste#S' IOWt Irryn
Ihe la prw)wo • •lV f•wL
P4• 14
THE LAKE DISTRICT CALVERT TRUST (A ehath•bl• cwnyny Ilmllod ty gu•fanl••l INDEPENDENT AUDITOR'S REPORT TO ThE MEM8ER3 OF THE LAKE DISTRICT CALVERT TRUST ICONTINUEDI R••pon•lbllltb•• d tN81• •xpwwd frAy Tru•N' st•t•mert on pap 12), lh• Trujloes (who w• alw Ihe dlrectors of Ihe chmfilftbkn r.ompJfty for Ih• purposos of comr INWI we 1•sponle IDr I pr•p•rnts ol financlal stalemenlj and for bwg Mlisfied tlwt Ihty give 8 1rue a1 Iwr view, and ouc tefnal control as tho Truslte• (lélornwn• t• nec••sary 1¢ enable th¢ W•PO4rallon of frn•nu418talennEs thal En Ir•e frun mjlerw WdSgtl, hh•th¢r io frwd or ¢ry(ff, In prepanng the fiMD(3•11IatwTh11. th• Tn1•tl w• lor lh• (Jwrt•bl• compty• ID ccffjiinu• 45 a gtyng corKern. dlsthslng. as ap{'calo. malleis f•laled 10 9omo con¢•rn and ufig the gtyng conwn bJ¥i• ot Kcounliry unle•s the Truglees ether wrt•nd lo Iqui¢J8 th? chart*blB C(ynpany lo ce41¢ opoi•kn•, or hav• no ie•li8k 4l•rnab¥e bul lo •0. Page 15
THE LAKE OISTRICT CALVERT TRUST IA charlta1 ¢4xnwny Ilmtt•d ty gu•rani••l INDEPENDENT AUDITOR? REPORT TO THE MEMBERS OF THE LAKE D18TRrf CALVERT TRUST ICONTINLIEO) Audli¢rf Thp91b111ttrt lor th• •udli ol th• Iln4n¢W •14l•m•nts Our otyedlweg we lo ot>ibln realonhble agurance about ¥hlhtr Ihe stalernents 05 a wholè are free Inyn malenal nvsststelirt. due lo fraud or offt)r. and an Audrtorf$ Ih•l mclud¢8 our opnlon Re)ntIle usur•Dce Is a higli kn¥•l ol awrance, bul ¥ gyarBnt•è that an wdil ffjThJudod cordance with ISA5 (UK) ¥rt11 deled a matenal mts31atemenl when 11 MIw8t•ments w iya Irom or error and conaidwed malonal Il, Indtvhlually or In Ihe rywe9th0, thwy CLMJld tje expocled lo mfluence Ihe ecrmomlc do¢lrm• ol u•ern lthen on the bawl ol lhe finanuJl tht•n¥Thts. Irrngulorrtles, ffi¢knng Iraud, arn in•t•rS ol wth kn And rngLkn W• d•swn proclumB line wth tyjr itsponbAiiies. oulkn•d atx)Y•. to d•t¢cl molfJr41 mi$slalemenl¥ In respecl of irr•gun•O. 1nc1tsdg fraud, Th• exlml to ¢x¥ proGedures gre gl dele£tsng Irul o delrJkl bc4kn Ow Iart ProclUb wef? d•bwi•d lo rnSpd lo those IdtIll•d n¥k•. ffj¢hJthng Iw¥ iegul•bw$ lir1e9tilthl fraud Ih•l •Te lo ttr fmnck•l ¥Wemll Ow autht W0¢•[r ded t1 lfftil•d lo. DI51n0 wilh Ihe Tru•tev MMggem•nt corlr wth Iws and r•9ulalions CnnI¢Strg Klèntrhe(I I&• WKI le9U# lh¢wqhl tr •r4ageffont t•wn and rnm•lMg to any Indic•ts(m8 ol non.compli•n¢• Ihffjughoul our wdll, Cmwdennll Ihe n$K ol by Ihe charlty %thlch wefe cc¢thry lo the appk•tle Im PAKI regulabcl. IrKluding Our oudll lo fvwd tr0•d lrnt•d lo,, ol the TnJ•t••S ManHg•nwnt +Jn thettl th•y knol•d9• ol any Jhthl, S&¢1•d or BIIv901l tr•ud. 'scusslng affl9$1 the ongagemenl t•gm the rt6ks ol Iraud. abid G•iThng M unOeThtsrbding ol ihe vilwnol contruls e%bIl¥bod to rt•s rn1•d kn Irnl Addr•sww lh• fiqls ol trgud thfough manag•mnl (werrlde ol contrd• trrf uma1 enlry t491kn9 W• • noe fty d•l•ctrg frjud AFKI pre¥wrthig nc¥K¥Jrryhw>ce and unnol b• •xwtsJ to deleci all frJLid and I<011•D wmlh [41 and rtgulal18 Th• Pfbmory rosp)nthlhdlty lof th• pr•vJnlth and del•cbon ol Irregeie5 IrUdIng traud re•ts boih the TNstees wd Management As vn1h ary auort. Iher• remJir•trd o nsk ol Dc401ctl ol +rreoulanl)os #s m•y mvdvv colt10n, loryory. mlenuonal omissions. •••ntstsco or Ihe ovemd¢ ol Intem4 A lurthw d•scr•on ol ow f•¥mthiltyes lor thè of Iho bx•lod Firiwial AUthi$ repM, Pap 16
THE LAKE DISTRICT CALVER T TRUST IA ¢h•rltsble ¢omp4ny Ilmh•d by gU•fantMI INDEPENDENT AUDITOffS REPORT TO THE MEMBERS OF THE LAKE tMSTRICT CALVERT TRUST (CONTINUED) U•• of our r•port Th18 rgwrt Is nde •ol•ty lo lh• chwlt•bl• ¢Mipany'• rrnftw•, M • body, In •c¢(Ydarhce Ch8plor 3 01 Pwl 16 01 the cOmni Acl 2(JIX. 414th1 Work hag bBen undertalt•n w Ihal mluhl 5ts1e lo the c1Wl•b c¢yrpanys members those mattet5 requlred to Btale Ihém Ln AudilN'• 11p1 and lor no rAher PUryJ05¢ To the fvlesi extent pefrnrtred ty ITh. do not Kcepl OT •s$ume respon$Trbility to anyone othw Ih4n lh• thantsblo cY and Ill M•m1•. u • IW. ts our aLKlIl wcrfk, for IhL• opThDn• have ford. & u)QLAE Allson W•llon 8Sc FCA {S•nlor Stllulory Audllorl For and on Lhl ol David Aifen. Che0 Accoun1 •nd Staluicry Authk Bwra$ Lano E Dalslon arkJl• Cumbr CAS 7NY Page 17
THE LAKE DISTRICT CALVERT TRUST IA rh•rlt•bl• company Ilmlt•d by guwanlw) STATEMENT OF FIMANCIAL ACTMTIES V14CORPORATNO INCOME AND EXPENDMJRE ACCOUNn FOR ThE YEAR ENDED 30 NOVIMBER 2025 lund¥ 1025 fuTrdJ 2025 funds X125 2024 N• Intom• from: DO1 •NI1lYJo1 132,246 398,7fA 1.289.219 42,163 6J1,000 1.289,289 42,ZSJ 608.835 2.LK14,233 12081 Tothl IKom• 232.246 1.730,296 1.962,541 2.825, 149 Exp•ndttur• on: Ral8N IlJrKII Ch•nlAtle acU¥iu•• 109,276 1.991,671 109,276 2,034,609 iJi.941 J.290, 151 42,938 Tol•l •xp•ndllu 42,•31 2.100.947 2,143,815 3,428,092 N•t Incom•ll•¥p•ndliur•l b•lor• n•1 g•ln• on Inv••tni•n Net gain• Invo$tments 189,308 (802,943) W•1 In¢om•ll•xp•ndllur•> 189,308 1192.3•71 1370.8511 192.397 1101.343) fT98 643) 21 N•1 mov•m•nl In fund• (J,0891 1171.2641 1111.3431 98,843) R•¢ohclllatlon ol fvTrd•'. Total Ilmds brwglyl for# Not mov•nrt m ¢yfJ• 126.738 lJ.0891 3.840.011 11782641 3.966,779 1111.3431 4. 765 422 fT98,IY43) Tol41 Gwrl•d forwwd 21 123.149 3.6d1,717 3.9dO, 779 T1 SWm•nl ol fin•nci•t xlMts•s mthJdo• IU •MI loM• r•cCqThs m the Al •Trd The ¥18iemonl of 1¥1118 atso wilh lh• rnqwom•nt• lry Ir)4 expendre K£cwrt und•r th• Companlos Act 20L The notm an pa&¥ 22 19 48 f(*m pwt ol fin¢41 ¥talem¢nl& Pw18
THE LAKE DISTRICT CALVERT TRUST IA ch•flLbl• eofflp•ny Ilmlt•d by gu•r•nl••) REGISTERED NUM8eK' 01240160 8ALANCE SHEET AS AT 30 NOVEMBER 2028 202S 2024 Flx•d •4••ts Tangltd• 4i•e 16 16 J.S91.411 724,714 4.452,94 4.310.126 4.452, 948 Sltxkj D1 C••h •1 b•n •nd In hd 17 10.832 18,125 Z46.763 10,188 159.92T 189.916 J44,520 340, 031 Ci•dll(Th fdkng du• thln o 19 lJ91.6921 1342.6711 ¢urT•nl I111•• 147,1721 rd.6401 T¢A¥l ••Mt• curr•nt Il•blllll•q 42U,•53 4,430.308 Cr•drtDrs. amount• falkng du• •ft•r rrw than year 20 1483,S171 (483,529) T¢)tsl nèl ••••ts 3.785.438 3 966. 779 Phge 19
TIIE LAKE DISTRICT CALVERT TRUST IA ¢h•rtlabl• ¢omp•ny Ilmli•d by gu4rnntM) REGISTEREO NUMBER: 01240160 8ALANCE SHeeT {CONTINUEDI AS AT JO NOVEMBER 2026 2D2S 2024 WX• Ch•ffty lund• R•alricAed funds Unr••trt(l•é knd• 21 123.641 126, 738 D•¥lunat•d 21 21 21 4.01937 240,SQ4 {04J,6J41 4, 2a3, 121 2414, 1 la 1807,20J) (3qnw frJnd• T1 1Irthd lun 21 J.641,787 3.840. Q41 Totsl lund• 5.785,434 3 P88. 779 Th• Triffjl••• •d(ThrloI i•wJnwtslilleg lot lh• rwwr•Trxn16 01 lh• Acl 20C with fo•Mid lo Kojunikng Ind Wep•rnIk ol finwcl•l •la1•mlI. Th• fiftCIal it•l•m¢nii h* b• pr•p•r•d kn acc1¥• with the pIk• oppk•l> lo to Th• slalern ¥rnrn apwov•d And $•d lor by th• TnJffil•ots and b•hall ty iartln G hiuiiln I I'usiee Aiithony O I rusieo nn Thè rbolos on pw 22 10 48 fom wt d th?Je fmarThl tMontI. Page 20
ThE LAKE DISTRICT CALVERT TRUST IA charttabl• c4xnpAny Ilmll•d by gu•ranl••) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NoveM8ER 2025 2018 2Q24 Ca•h ilow• from oyr•tlng •ellvhl•• N•1 cath u•ed opefaung IfbOt• 23) 129,31• 1446. 8401 Cmh no Irom Invtsiing Kil¥ld Ftroce¢dJ tfom ol Ilx•d Puh• ¢1 knigibl• Ilx•d Purthmfr ol m¥trn•n PTIK•ods (>n thsFK)8pI ol in¥Ints 4,638 IH,775) f46,OlUJ 15,57Jl 1381 509) 782. 980 12,081 42,263 N•1 c*•h Iw•d Inyprpvkl•d by Inv••llng acilvftl•• 163.4001 307.540 C4Bh flfr•n from flnin¢lng •¢tlvlll proceed[rePaYMentI of bank bans PrOC•¢d1r0pym•nl) of olh¢r kJ•n8 120.0121 20.000 QO 012J 13T,5QO N•1 c••h lu••d InVpro¥ld•d by Ibmnclno xllvlll 117,481 Ch•ng• kn c••h •TKI ¢fv •qulv•hnts In th• y••r C•th and u•h owlval•nl• 81 the b¢wnlryi of yo•r 71,847 ,188 189.911 131.728 C••h and cuh oqufv•l•ni• at th• end ol th• yur {no¢• 24) 245.713 1899ffj Th• not•• on po9ts 22 10 41 Iwn part ol fin•nclal •t4l•m•nty Paye 21
THE LAKE DISTRICT CALVERT TRUST IA ¢h•rtt•bl• ¢•xnpany Ilmn•d ty gu•ranl••l NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR eNDED JO NOVEM8ER 2018 G•nor•l Intorm•llon Tho Lake DI$11 Cth•rt Twsi rf • than18b compony Imileé by guarnnl•e irporated In Enyland •nd Wales ond consequenlty does hwe Shore Captsl Exh ol Ih8 rnernbws ts at¢ lo COntrtLe an amounl nDI exc•vding £10 ILwrds the assets of chty In ihe ev•nl ol &traI, The Mglst•fod •• CTowthw•lle, UndvskAdd•. Curnha, CA12 40D. The opefal•¢ frrmn Iwo Iiw coiiires. Calvert Lakos Calvwt Slablefj Little CfoMlhwlo KIS¢k Cumbn• CA12 400 CuinbM• CA12 4NT A¢¢•xntlng polkl•• 2.1 8•1 of pMp•rnllon ol fln4ncl•l •lat•m•nt• Th• ftnJn¢lal hove been prepired In •ccordarK ¥filh th• ¢harrtat4• 9overnlng docum1. the Companles Acl 20 FRS 102 'Th• Fm•)oal ReportiTh9 Stjndtrtt appl10 In Ih UK on¢J Repul ol If•larrfl- fFRS 102.1 atld the Chan1 SORP "Kcovnllng W R•Fx)ttrg ty CttarrtW8 Sbtsm•nl ol R1mMénd&d Prad¢e 4r¢41t4L48 lo chwillm wopwlng Ih•¥ In accordBnce wllh Ihe Fln•nclo1 R¢pry¢kng •pWbl• In th• UK ar•1 Rewt of Irel•nd IFRS 1021" l•ll•clty• l Jnu•ry 201¥1. Th• I181 staltlmonts •r• prepwed In slarting, whKh tuncllonal curr•nty ol lh• tharrtgb rwny, •1ry Omnts m th••• 1kn•nO Wat•Thnts ¥• Ijd 10 lh• n•tr• L The loke Disirrt Tru$1 n)ert• the rtefinitJM ol o piiblie b•n•fil entlty ijntlof FRS 102 A58els •nd hablltli ar• mlwolly rocognised al h15torKg1 c1 u ITBnBactson yue unless Iplhm¥i•e ffj lh¢ rnlevanl •cctyJntsng pdlc stai•mw)lJ ha¥• b••n pr¥)ar•d dr lh• hl•lorul CMI c<ThYnkn, m(KJffled to IndLtde rnvalua1l of treehold propefbes and to Indudo Inve8tmenl proper cortaffj finawal al l•ii ¥du• Thq pilnupthl pdiuoi l(Wd arn Ml wl brjwi. Pa9e 22
THE LAKE DISTRICT CALVERT TRUST IA ch•rftsbl• comp•ny Ilmli•d by 9u•ranl••l NOTES TO THE FTr4ANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2026 Accountlng polklm l¢onUnu•dl 2.2 Golro eon¢•rn ThrotyJhNI 2024 and 2025 thè Truyte maintameé d¢)se rnmrtrrflry ol pwlorrnance In nablIOn th Iho 18•J•fshlp l•am Thts 8bd J Ilmoty dtscision In 2024 lo b• mAdè lo cl[>8• lh• Cthert ReconneC1n$ serrte a•, unlorturi4lety. Iliere unc•M•nty regarding the abhty lu in9 suffiu•nl numbwj to the centri W•ttch, h•a tt bow lo caWnu•, wwld h• Jeop•nlised the fuuwt ol Ihe bfo•de( Trusl. Posl I clo•we ol Calvert Reconllec1s Ihe Tr1 hfft gon• Ihrough • of ¢onsolld8tWi. h has rts orwi8obon arbd Is now ftyJJ•ed eore Cofvgff Lakm and Stat4•s gerv )0ng to iobudd both $h and rel•Tr8s In ordef lo prowrjo Ibe TN8ies •ufficionl OVldenc• lo wLt Iho risk a8s•o•rnenl viabthty Conf¥mallol detailed thanoal foTrca61s have be trled xrt until yoar 8rdmg 30 NcNernbw 2027 Pwform•nce fft 6•ty 2026 th bro4dly m kn• The TryMI r•m•lns ihwklul lor ihe conlm(Kd iupwl from w¢rou$ 1•9w ftty •nd su1•18. both ol ¥hbom h#v• provldod Invaluab cafjh WPPL¥t over tho pasl monthl Th• TTrJ conllnv•s lo h4V• IK£e88 lo trAnèd fvndl Iall1Thu £503.517 th+ich pr¢)vtth• an 811efnattve ol lunds untd th• Tnffjte hav• uTrJ•rlthen • ic•n4M ln9 th• tsam aThl eonbnulrbg monrtor poiformancé wth • lotsJ8 on tho •orfy wwning ol •iy odv•rn• perlofm•nce ¥¢riu4 plan The TNslees ar• ol lh• th41 IhD organisaOn h•y acce Io adaqLsale i•SOUfCeJ to opernte wthout dm1upD lor th• lty•wbl• fuluf•, b*ng tho por ol al le•8112 monlhs from Iho d•le ol this reptyi For ihlj r••wn, th• Trtmt Owllnuos 10 •dopl Iho conGern bas1• In the an(l Slakrn15, P•oe 23
THE LAKE DISTRICT CALVERT TRUST (A thartlable mnY Imli•d by iuarnnt••l NOTES TO THE FINANCIAL STATEMENrJ FOR The YeAR ENDED JO NOVEM8ER 2D25 A¢¢owitlng pollcl•• l¢onllnu•d) U kn¢Tr• Incom• IJ recogrmwd charrtaits Is l•gdy enlmknd b) It •ft•T Any C4)ndibm8 hav• irnt th• •rounts b• meawr•d rnthably, rt li webatlo th1 Incotrn ¥ donaiion¥ •rn reco9nMod rcelpL Cxher donaDon •re recognlmd onc¢ tre f•nlable mpany has b•en nOfd of th don¥ty. unl895 p•rforman¢x O)ndlllrm requffe d•lerral ol the •mcMJni Income lax roc0verab in rehih>n to don8nI r•c¢ived wdef Gift Ajd ty deeds ol coven4nt l• irKo9n•wJ 81 lh• of lh• dcfflJon. L•gaclu ara recognimd on rnc•lpl y h•Se il trbe CanY has rffied of an knpendirJ9 dtribUll0n tho arnoLml Is kn¢ym. &Yl r•(lpl is •xp•ct•d.11 it aNunt i• nol n¢r4m, gacy 18 IreAled 09 o cryilweni a%J•l. Grnnls ve r¢coqTr•ed the chwty h•• •n tri$8M¢nI ID the lunds •ny Ilnkeil lo the grants have bD•n mei whre Peflormance condits(S are ailacld iu th• grnnl and #np yet lo be mel, Ihe inwm• f•oogTh•od M • and wKluded M th• •h•al d¢fefr•d r•leAyod. Gmmrnnl grants we r•coprSed arml measured al Ihe tslr vak• of the asbel le10d oi f•coNiblt Gfanls 8fe ¢IsIned al ether to r•v•fi or to assets lkni$ rel8bng lo we recogniwl Incorne o¥ef me perlcl In wfvch Iho related recryJnwd. Granls relallrwj Ip 411é15 ar• r•coyrtsvd ovw Ihe expKl•d uwfvl Illo ol lh• a•t Wh•r• p•t 41 • i•L99 to on Sei i• delefrrA It 16 iecogThisLNI M deleried IncorT Inc¢Th Irorn obwll•blè l• rncopTri••d ith• entthmert lo IM Inc(¥rn. obablo ihgt Ilw iiicorr WIM be lpGel¥ and Ihe amount gl ihe incon Iabl w be naBurl atsly Inc(xn• nel ol MleV¥•lu• add•d t•x relurn& r•ts•t•• th•¢ount Inc Irom oiher ¢v•nls Is wh•n thw• i• ol •ntsllThni r•c•w M wobabl• aThl its rnnl can b• nowred Tg1i•. Inl•fii•l on fundi hold d¢powl M 1ced when Tvcfjvat4e and ihe omounl can be ffl8aswvd bly ty th• ch•nty DI¥Klend¥ r•colln1d orKe the d•dartd •nd Ihe fighl lo rntyvtr p•ymenl h•J bèen eslabltshed 2A ExndlirI Eypertyditure rn rncog1 Mce thefe a loga or crUt¥8 obligthon to transler ocormIe n¢1 to a wy. rt Is wobable Ihal a transler ol Koncfflic benefils be rnqLwed m seltkni. th• 8nKwni ol Ibe obbg•kn ¢•n bl muJur•d rotsabty, Ewoftury * das1 by •ctivlty Th• ¢¢ts ol •ath aetsvlty •r• md• up of Ihe tol•l ol dlwd crffjts aDd ghar8d cost8, Incliiding support ¢osl¥ Invotr¥ed In undertak9 eoch Diroct eosts •ttribuLitlo to a rvI1 actsvlly ar• allocthl dnytly to thpi bvity Shw•d c0515 Contr• io morn than one activty and supwrt CO•1$ which are nol 8rtDbutsble 10 • •ingk activity appo0tt b¢ basrf con*stenl Ihe ol Iv[Co$ Central staff ¢o•ts akocaled w the ol Um• wenL deprocrdboD Chw9 we akncdtod on Ihe porliM ol Ihe ••fjef'8 U¥•. Page 24
THE LAKE DISTIIICT CALVERT TRUST (A ch•rlt•l)l• Comwny Ilmll•d by qu•r•nt••) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JO NOVEMBER 2026 A¢¢fjunllng pollcl•• Icontlnu•dl 2A Exp•ndltttr• IMnilnv•d) Cost& ol rai51r IufKh arn coll• IncLiry•d •fftathng Volunlvy knc¢m•, lh• ol Inve•trMnts and Ihom IncLwI kn trr4Jry •Gbvths Iha¢ faffj• tur•. Chjnlable exper110 ciyrwlse$ th06e c¢•ls Irbcurrld by Ihe chanty In me delivery ol l¢J thilie d Ser¢8 IDI Its lJon6fTrciaM8 li In¢lud• k<¥lh coo1& th•t Can b• •lkicaloa dbe¢Oy lo and thoqe c¢7•ts of M Indvecl nwu•ry to JuppNI Ilbtrm, Support oo• Include ¢Mlrnl luncElon• •nd hav¢ •ll0C4 lo acIlty co•t on • b• con818l•nl wllh Ihtr ol r••ou1•, fDr •Karle, sljff ¢tKts ty lh• Ilm• sp1 and oll oo•ts * Ih•ir usa9• Governanco costl IrKlwJo th• co•ts otlftbutablo to It• chanly's C4)rhe wrth c11110l Jrwj 6tatUl(YV fequwern1s. mcludffig audi gtrathgic m•nagwnenl 4nd Iw$te¢•' meeungs arwl r•vthrs•d oxwns Th• Clwiiy lortsN In rn¢wlNJ •ub•l#ntl•l amounls DI ¥dunlary unpakl hdp htwrnvw th1• ol b• tl thwelor• not In(Jd•d In Ih fiF)Jncial •thl•rn•nh. 2.6 In¢•r••l rn¢•1v•lI Inlor••l on lufid• h•kl ¢)n l• ld•d whon rnc•Ivat and th• omounl b• m#1•d reliabty by the COmpy, Ihis IN normBlly upon nr)trfullon ol Ihv Inlotrt pald c by lh• InstsrM with ¥Ahyn th• fvnd• am d8poiii•d. 11 T•x•iio The G(xnpAry h ftyb%dernd to lé•ts •el Parngrw 1 6 al th• Fc0 A¢1 2010 afbd Ihwtloro I meels the definlllon ol D chontthe company for UK ojrpoTal)on lax purpos. Accordlngfy, the Ccxnp4ny ffj potents4ly exeryl fiom taxAlion In ol Income c•pilal gai I•1vd wiihM coverod by Chwief 3 P8rt 11 01 the Ctyp(xokn Tox Acl 2010 N sec1 256 01 ihe T8Mwllon of Chwgegble G¥in• Aci 1992. to fv oxtent thal wch or ¢J•n• w• applèd ochJsivety lo chw11ab Wrpo8. 2.7 T•nglbl• Ilx•d ••••ts and d•pfKl•Uon Twwjible ffixed 85Ws G(Bbng £ I,OIXI or rnrn awe capilalised and iècouniwd wffi luttsr b•neMs w• prob•L4• •nd lh• ¢y alu• of th• ass1 c•n b• mNsw•d reli*, As$8ts un(hr e•)n•lnJci are ac£ounled for e061 •nd w• nol d•w•u•lod Ih• a¢untI perd In Ihey ore broughl Into Ltx Pw26
THC LAKE DISTRICT CALVERT TRU8T
IA ch•rttsbl• ¢omp•ny Imlt•d by quar•nlMI
NOTES TO TTrIE FINANCIAL STATEMENTS
FOII ThE YEAR ENDED 3Q NOVEMBER 20ZS
untlng poN¢b•s l¢onllnu•dl
17 Tanglbl• Ih•d •nd d•w•clallon l¢onilnv•d)
O•wffwllon N ¢h•ry•d •0 M lo •&x81• lh• cosl ol thtylbl• fix•d •s#ts Iw thdr ¥xlu•
Dwcwllon l• on Ihe kl(yMn9 b••
Frn•hold pffjperty IlIdgI
. Ovvr the remwlng &f• crf the bbn9
Frevhold property Iln5t4QaknaMI - &IO% per WM strwhl ne
Leasehold wopwty ItlIan9> . 0¥ the pwlod ol exh lem•
Le8sehokS propwtsf
10-20% per slTrighi Iln•
llotor vehKs
Flxlures and Mlmgs
8oBI
- per annum 5trwBht bn•
. 20% poi annum strwghl lJn•
- IO% pgr annurn strorght hn•
. Ovw th• •XFcknI tslelKn• èl ty •rwMI
The ch8nty trns a numbtr ol h(wses held for lh• uso ol customrn Th•• trthlly ffl•Mtsrnd at
¢oJl •r5d 0gpfety4t•(l o¥w Ihe expoclfrd Iifetsme• ol l• aTrinwl
G•thi 10sJH on diwDMts d•M)In0a by compwlrvj th? proc••dJ lh• cary9 •m¢wnt
are r•cogThg•d In Ihe StJlwnenl ol finanopl ocWvilJq•
2J knp•lrnwrt oe Ilx•d u••l•
Ai ojch ry)rtin9 eno dale, rhe chaniaL4B compaffjy revNwn Ihe wylng 4mounlJ ol Its n9&bkI
8Hel# lo doierry#ne wh•lJ)w thwe ¢1 any iTh14llon Ihal lho asws have suff•d an Inwirnnl
lobs. 11 tKli IndKuknQll éAMlJ. Ilie ani¢)unl ol lh• l• ••bnwlod lo
d•terffdne tho •xi•nl ol k)•s111 aftyl,
L• VtM¥1 pmpwty
InveslThrt WOF•Jrty, wh¥th h prDperty hold to •ndh tr wii4 0pp1Y, th lrn
iecogntsed •t ¢o•t. whlch Indud•s Ihe pJrth8•• coit •ny dvecty aitribull• •xwrbdrfw
Il ty meA4wE
THE LAKE OISTRICT CALVERT TRUST IA ¢hafltth• comyny Ilmll•d ty gu•i•M•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JO NOVEMBER 2028 A¢¢ountln9 pollcl¢• l¢onllnu•dl 112 Cuh •1 tr•nk and In h•nd Cash bBnk wid th hand hKAudes hand. deposllB held al call wlh banki. fv %hor14om liquwj inveslnxnts wrth Cffjtynal MIrI1 ol Ihrèo months or l•M, and b•nk ovordiaft& Bank overdrafts arn ¥hMI wrfhln btyrcwings In curfenl Iiabrflties 2.13 LbIlAl•0 •nd pn>vl•kxM ar• recogrsloed thef• l¥ on ot4igèli6n al Ihe Balan¢ shoel dole a$ a fesull of A pall evonl. 11 Is woO•blo thal a Iransler ol •conorrc benefll wll bo requlr•d In seill&menl, and the nrrf ol lh• •eIUemt can b• eWim•l¢d rnli•bty. Lb•J•S r•cogM•d •1 lh• that lh• Ctyrpany antscyAt•J 11 WAI pty ts> wil• lh• d•b¢ or h•• r•c•lbYd M •d¥•rKed p•wn•nh Irjr Ih or fflt pm¥id•, Provlilons MO4r•0 41 th• Mt¢ of lh •runtr r¢qund lo willo th• oblwjallon V4hw• Ihe eff• ol lh• lime v•lu• ol MOrY 18 malèilal. the provislon batsed on lh• pr•senl valw ol Iho mountk, Ihscwnl•d yt th• ptX dIOU1 rale tho1 i•lcls Ihe rl4s specffj¢ lo Ihe h•billly Th• nndIng ol Ihé dkntounl th r•rxynN•d M lh• Stal•m•rt ol finwKl•l a Iinanc• co•1. 2.14 D•l•rMd Incom• Dolwrnd kncomv #mounts fftcelved IDI lulur• p8dod• and h rn18ased lo incAffdng i•swr¢e• In lh¢ perK¥J lor rt hu b•en reCrd. Such Inc(x))o th onty d•lwtd wh•n". • Tho donor •pe¢ifi¢$ Ihwt Ihe gwt or donat1 mujl only be u•ed In fviw? HcGouniinq w•,. or . The d01 ha6 Inwd 4xJndilthfj whiGh mubl b8 rMI Ix¥lNe lh• chaNty uncondrbon41 •ntrtlefnent, or . Paym•nts arn rnrAfv•d rAl¥ ol or 4pods b9 yo¥*1
THE LAKE DISTrICT CALVERT TRUST (A ch•rllabl• ¢omp•ny Ilmii•d by guai•nl••? NOTES TO THE FINANCIAL STATEMEIIT8 FOR ThE YEAR ENDED 30 NOVEM8ER 2025 ¢ounllng poll¢l•• Iconllnu•d? 2.16 Fln•nclal In•trUffb•nl• Ftrwcl•l •M•l¥ and Ibnand4 I1•b4iU w• fwts•d tn the #Iwty boc¢)n• • pwty lo th• c1144u•l ol Ihe $truMe Al fvnaTrxl 98t •nd I119 •rn Irthly mo$red •1 lrnnsacwon th i11n0 Iran sill, •xcpl lor those nn4nci818ssel$ clas&fi•J as 01 Iwr vakn Ihrough prohi or l(w. ¥knl¢h org Inrt1ty ryasufèd •1 l•ir Vall llch ih? tran•x¢)n ¢Drt%). unless Ihe affangenI consbtules o tr4n5adion. FinanuBI 4s0•tr halM'kn¥• are offsel In the stalemwrt ol lknw¢Jal when. arml then Ihw• emls • lfrgally ofifc¥cMblD righl lo off Ihe recogniKd •m¢ufflts Ihe charilabte mpany intends wlU• 4 n•1 b•ws, r•dlw th• a•wl •eUle Ihe lthhly niultaTW)LffjIy. ve dernc))gM•d Th•n al lh• eonirnclull rwits to Ihe cash Irom Ihe fin4ncl81 awl ¢xp•i• rx s¢ttyd. bl the charrtab cwipany tran&lery lo wothe¢ rI¥ •utssl8nlially al ol n•k5 and rewords ol ownefship ol Iho Iinanc4AI Ms•i or cl the dwiiBtAe company, despll• r•iain•d M•. bul nol all. ggnrflcwl nJk$ and Trwgrds ol trwnrnhip. h8$ Iw•l•fi•d ¢trOl ol th• ass01 lo anolhtt pwty. Flnancld bAblhlb•B •rn dwwnrt•d Ihe W w¥lTiaql o)Trtrxl N dl¥wpd, Il•d tx •xpII•& Cwronl •9g•1s WKI Cufrnnt Il•blllS wb•èqueDty m•••uMd •t th• oi hr conthley0 FIX •Mql IDv••lrMDls ale Jrmj •rth•vKe 4h lh• •x11nll PL4ky. The th•rtty does nol Into ty •cqwr• Jwlv•tlv•g Of olhfrf fin•nud 2.11 Employ•• b•n•fity The CO ol arry unu¢d holM •nilknnl r• r•c¢onO In th• P0d 1 Ihe ampkn.1 T•rTrnalion nefts rpeognn•d nmedlBtety ah •xpenJe chanlat40 company (leryw8trabty o)mmill¢d tyb• •mpkn>Yn•nl ol •n •nF4oyw lo wvvwJ• tnts neilis 117 P•n•k•n• The Company ope¢8le$ 8 definod coninbvtscNI ponBion hlmo and lh• p•i•kni ch4ry9 rnwe•ents Ihe nnIS p#yAtAe ty the Company lo tha lund in rgype¢l ol the ypar P398 28
THE LAKE DISTRICT CALVERT TRUST IA ch•rltsblo ¢omp•ny IhTrrtod by guarant••l NOTES TO THE FINANCIAL 8TATEMENTS FOR ThE YEAR ENDED JO NOVEMBER 2026 AtthintlTrg pollcl•• l¢onlhu•dl 2.10 Fund K¢ounllnp General hJrbd unresinctod lunos ¥•l)Ich are avArtobl• lty us al lh• drscrgtson ol Ihe TfusEeefj In Iwlhoranc? of lh# genernl of Ihv CrAnpany 7•thich have r[ been deo1gnal•d for ¢11 PUIP)8es O••lgnal•d lund$ ¢onylw ILmds that hay• been wt a•1& by the TN•to•• parts¢ul Purposes Th• •¥n of oKh dosl9nal•d fLmd N s•1 oul In not•s lo lh• fmgnd Rtricit lunds w• luntts wthich are ID be used in •¢rthanu wlh 1Cl Irnpod donw N whith l)oen rais•d by Ihe Compan¥ purrrtjsos. Tho ol lIng arwj administemg lundj are chafged ag•in8t Ihe %pe¢ific ftd The us• of 08¢h iestrictad lund li Mt oul In Iho n(th ID th• hn•n¢thl slalan15. Inv•iim•nl Incorm. gns •nd lolw w• •loc•t•d lo th• •pwwrt•l• fund. Cthkal •c¢ounllng •nd •T••• ol ludg•rn•nl In th• •ppUc•tsn d th• Cn11t48 corryJ•nl• •rxAMthg wllrrn lh• InMth•i w• r•qulrnd to m•k• iudgrnnls, eslimales and ajgumpts1 aboul th• carrybng •mounl ol a•g•h IiaNili¢• m•t •r• not ieadlli appwanl IIMI other SOLbffjea. The ebbmai•ffi assGool•d assumpbon• ar8 basod liiJtorKo1 •xperTr and ollwr t•clors Ihli •fo consxJ•r•d lo b• relev1. Aclu•l ra•ull rn•y diff•f ftom th••• The eslimalos pssunwllons 8fe re¥d on ongoing bosm, R$19 kn rcoUntIng tsbmalés afe Tecognrfed In lh• p0d m ¥MIth the 08matell I?5ed whero Iho revisn allect6 only Ihal penod or bn the perd of the rewjion and n0d3 where th• rfrvI8n affects bolh •Thd fviure Incom• Irom don•Uon• •nd l•g•¢hs R••lTkted Unmtrlcl•d lund• lund• 2025 2025 Tolal 2025 01101 Donations and qrfl• R•yu* gmng ca• 232.246 628.338 36,151 38.151 232,246 332.243 S64,489 Log$ 06.511 66,511 232,246 398,754 831,000 P•9? 29
THE LAKE DISTRICT CALVERT TRUST IA ¢h•rtL•bl• comp•ny knlt•d by guar•nt•o) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENOED JO NOVEMBER Z025 In¢M froffl don•lloft• •nd1•9•cIM (conllnu•d> Tolal lurKIJ 2024 lund¥ 2024 2024 Don•llon• 1&9.845 275.075 34. 540 405.520 34.540 R•gL44r gr arnl c•pt4 donati 189,845 310.215 L•gac 189.845 418.990 In¢om• Irwn Gh•dt•bl• a¢llvl¢l•• Unrnsirlci lynd 2025 Totsl lund• 2025 C•tvert Lake• loo mcom• CMrt R¢conn•clKm• l9• Incom• 1,289.289 1.289.289 1.289,2ei UrMg8fft100 lundj 2024 2024 Calwrt l¥k fw Calvert R•conn•cUon• l•• 1,275617 728,616 1,275.017 rd8,610 2.(1)4, 213 2,004.23J Pa9¢ 30
THE LAKE DISTRICT CALVERT TRUST IA chathalA• comwny Ilmll•d by guarantml NOTES TO THE FINANCIAL STATEMÉNTS FOR THE YEAR ENDEO Ja NOVEIIBER 2025 In¥••tnwnl Incom• Unrn•lrkl•d lundN ToLl lund• 2025 202$ Inv••trMnl Inorwne. Mvellment Fwopwty 37,917 4.336 37.117 4.JJl 42 253 42.ISJ rof fvnd 2024 fvnds 2024 f2,081 12.081 Exp•ndllur• on r•l•lng lund• c18 ot g•n•tattng donaUon• Ind g•el•• Unf••trkl•d lund• 2025 T•1 lund• 2028 Fundrnisffig co819 Inveslmenl property 45.437 9.288 4fj.403 5.463 46,437 9,288 48,403 5,463 2,6JS Socb•l oecunty co•ts Othw p•n•th 008ts 109,276 I,278 Po90 31
THE LAKE DISTRICT CALVERT TRUST IA ch•vttabl• company lknll•d by gumni••) NOTE3 TO THE FINANCIAL STATEMENTS POR TrIE YEAR ENDeD 30 NOVEMBER 2025 Exwidiiur• on r•l•lng lunth Icontlnts•d Costs ol g•n•ratlng dornllon• •nd l•g•cl•• leontlnu•dl luijdj 2024 fvnd 2024 Funthwg co• Irweknnl mgrwont l••• Wage8 and salane• 23.496 1.648 99.891 8.22 4.683 23.496 1.645 9989f 8.226 4.683 Ottt•r p•ftslon cost• 137 941 137.94f An•ly•l• ol •xp•ndttur• ¢h•rttabh •ctfvlil•• Sufflm•ry ty lund typ• R•rkI•d Unr••irktod fund• lund• 2025 2025 Tothl 2025 C•rthi Athl Mathllng Co•1• 42,938 1,01?.843 1n.828 1J61,7 172.121 42 938 1.991,871 2,034.109 rKIs 2024 2024 2024 Cenlre actlwts• Marh¢bng costs 28,$87 1082.443 IT9,f2f 3.111,030 179, 121 28, 587 3.261,W 3.290, 1st Pag• 32
THE LAKE DISTRICT CALVERT TRUST IA ch•rtt•bl• COMllY Ilmhed by gu•r4nlw) NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR eNDED 30 NOVEMBER 2026 Anaty•l al •xp•ndllyr• by acllvltl•• Bupport ¢o•t 2026 Tothl lun 2026 Acilvltlo• 202S Centr• Mafk•tyng Co•ls 1,389,141 1n,828 492.840 161,781 172,821 1,541,969 492,640 1,034.609 Tr3laf fvnd¥ 202 2024 2024 Cwtf• •clJvill 259&1JS 179.121 512,895 3, 111.030 179.121 2, 777.256 Jt2,895 3,2WJ 151 AnIty• ol dlr•ct C•ntr• A¢ll¥ltl 202S M*rk•tlng Co•ts 2025 Tothl lund• 2025 Stnff cojts (hweo•iion Tèmw8ry wofk•rn Siaff trathtng 876,450 237.171 17.463 2,522 34.146 32.186 116.916 993.jll 237,171 17,463 2,522 34.148 32,186 RldiTrg ¢0gts 118.337 22.128 4.6351 5.528 27.809 118,337 22,128 14.63S) 61.438 27,809 Profeswigl fees Profit) on disposal ol fiyed awts Other opèratthal Unthl•d Irre¢over8bkn VAT 55,910 1,369.141 172.828 1.$41,969
THE LAKE DISTRICT CALVERT TRUST (A ¢h•rltsbl• ComnY knill•d ty gu•rant••l NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 30 NOVCMBIR Z026 An•ty•l• ol •xpMdltuv• by •cttvle• (contlnu•dl An•ty•l• of dlr•¢¢ ¢o•l• Iconilnu•dl C•ntrv Atsrt8tt Tofal lund5 2024 2024 2024 Slaff co I, T57,014 265, 363 94.480 28.494 43.476 34.658 132. 130 1.889, 750 265 363 94.409 28,494 43.476 34.858 Temporary rI Stsll lia1n9 Acvbty cosls Rlrhrwj co Cmtre 4thrtTh•tratKm KNr¥nc• F•olity coli8 Prof•s6Kmal fee• LOSD w dwwl ol fix•d •1s•11 Olhor Op•r4t1(aI ci Unalloc*•d VAT 251.464 20. 900 3.421 54. r09 40.110 251.184 3421 10&094 40. 170 4a383 2.598 135 IY9. 121 2. 77T,258 An•ty•h of •upport co•1• C•l¥•rt Lako• 2025 Total lund• 2016 1412 22,29 114.701 193,178 21.231 141.236 22.296 114.701 193.176 21.231 Sloff tr41nl FacArty costs Un4k¢ol•d VAT 492,64a 492.fAQ
THE LAKE OISTRICT CALVERT Trusr IA ¢h•rtt•bl• ¢omp4ny Ilrnlt by 9u•r•nlo•1 NOTES TO ThE FINANCIAL STATEME14TS FOR THE YEAR ENDED 30 NOVEMBER 202S Anafy•l• ot •xp•fidlluM ty advltl•• {contlnu•d) An•ly•ts d •upport co•ls {conilnu•d) Total lun( 2024 L•k&s 2024 Sff ooglB Sl8ff tran9 Céntr• •dmmlallon Insurnra FathlMy c4JS Un*K8t•d rnrnv•rnbl• VAT 184.884 7. 740 101.809 195.380 23.Oa2 184 884 T. 740 lof 809 195.380 23.082 512.895 512.895 Included th>ve •fft 99Vernin ¢4111 WTwnllw to £22,121 QTr24 . £20,800) relats to •udrt •rKI managemerrt accountsnfs I• 10. Audltorf• v•mun•i•tk 2025 2024 Feel payable lo the CMp•ty• •udllN tr wdlt ol the Comwl• fiu accoLml• 6.300 Oth¢r lo•$ to m•nagvrnnl •cCoUntlI. n(xhiudil 8•ThK••. marwrnnl accoun1• 16,7n 14 foo 11. N•t mov•m•nl In fund• 2026 2024 15,778 237.171 t4.7 265,363 289.299 286.263 P•98 35
THE LAKE DISTRICT CALVERT TRUST (A ¢bath•t• ¢ompny Ilmlt•d ty gu•r•nl••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JO NOVEMBER 2Q2S 2025 2024 Wages sf Sotsgl M¢urity C1% Contribulion lo delffi•d Contr#Ilon sclwM• 1,03S.015 10Z.263 61.877 1.91T.6SS 168. 304 fOI,415 1,189.166 2.f87.434 19 lh• yow lh• ch•rtty mcuryed I•Mn•t)n PrnIrt8 lor lou of C7.LNXI 12024 . £38.0521. Dvtails ol Ihe tieotrnenl of Ihe tsrnirwtion benehl be found In th• actOLmtstyJ pdtiv¥ Th• teMiin•1n bwefrt• ffi Ihe •1 were lund•O Irom the cMrty• 111• 9wwal The •vefoge nufflb•r of pernc¥Y4 •nwloyed bw lh• Can¥•iy dunTra tho •r 05 loifo Xi2S 2024 Ctt•rtst4e Fundr•rrfJ mwktskng 37 09 76 Th• numb•r ol omthoe• vhx• •mployM b•nefil• l•xl(dng •1¥ coth) •xc••d•d £60,000 wai 2024 In lh¢ b4fvJ f60,001- £70,000 In Eh• tMnd £80,001- Eg0,000 The total ojmkne knefiis ol the kvy rnarwgwn•nl pwlonnel of th• chaftty £188,gW2 12024 . £334.2411 13. Tax•tl( The chanty • a reglstff¢d ch•rty 8ueh Is enithd b eert•ln •xemptlLWN Lm mcome and pmffls from Inv¢¥tmeni$ and surF4uses any trathng actrvllles carried on th lurtherarTh ol the ¢h8rntyp wrn 14. TN•t•M' r•mun•r•tlon and •xwn• IXtrkn9 Ihe yg•r. no Tr4rnkn recewod Y r•munwatsM N athw bqnfrfft$12024 . rNIu the 30 Nthomber 2&, totsllnq Q.155 i•Imtrj or pold d*eclly to I Tlugiee in rel•t•)n to (2024 . £495L Page 36
11 11 I I I
THE LAKE DISTRICT CALVERT TRUST (A chwll•l)l• ¢omp•ny Ilmll•d ty guw•nl••l NOTES TO THE FThIANCIAL gTATEhlENTS VOR THE YEAR EPIDED JO NOVEMOEfl 202$ IS. T•nglbl• Ilx•d ••••l• {¢on¢lnu•dl Thfr Mi boDk valuo al fr••ttold l•nd bu4dlng• Iwbd wvj ljuilthngs In¥tlI( Th• Trusl ¢xxupi•s a Iro•hrAd property near KtswicK Curtl•. Littl& Crouthwwie. 109ether llh freehokl propetyes Bl (Yd Windebrowe. werp 4xigin4Oy Acqund by wty ol a ger(xjS glfl vrt)en th TNil ¥fdS lound•d VarKl pffjperneS, when u4fl•d. were •¢Jblecl to r•strbcS requlrry thal they ar• lo l)0 used by a chwily l¢y the btsnefii ol dt90d people Dunn9 Iho y•4r, tr Trusl c•asod ¢)¢cupy I (1 Tith¢barn twlldiw, Iho Pfr)yrty l• n(y r•ni•d (¥Jt whKth lo dtsablod ptopÈ•. Duitrig 1989. piop•rn•• W•f• r•v4wd ty th• tru•le••. to kn• r•str¢llon at I Ihen estimated net reJlis4t4e Val of £990,000. Tht unrNINd 8uiplu$ On r•V8lUat. ¥knkh pnmwly rnfjocls a valu• lh• propornq• qilt¢d WKI typlwhl rfo £19 rf nll ¥alu•. l• licluded In the accounts AJ tdlows. The Company haj adopted a pohry ol peTh)dic revoluabw lor I9118 fix¢d •g••ts Had IhM• b•en mSUred •t h141 cobl, Iho cwryirbg Valu woukl as It11(y. 2026 2024 363.206 1112,1211 353,3th5 1109.019) 244.fl Th• cwtr• bwi on frb•hold ld and pirt ¢Jn IM••hdd Ibxl 11 l• wac)cJkn •ltr•bul4 the bld tu eadi pwcel L>1 and Ilie co&ts InCILed In Ifothokj land tAAhJmg8 Th• l••e In lh• l•••BluAd M Itw 999 >arn and 29 M4fch 2010, In¢ludad m Land and 8ulklinus is L¥bd al Litllv Cioslhwartt, Under8knld#. Keswck ITIO• number CU2696321 thi$ fftil t• gubi•cl lo a chfjigo doled 16 M4r¢h 2Q21 ty Th• Enli•h Swrt• Counol. Th$ FkKK, Vlclorl• house, Bkn(XnJIry Squ¥e London WC1 B 4SE A by H(vM• C¢>nYwnlty Agwcy, C•ntre Pa. WwnngI. Ch•iHi•. WAI 1XB xpid dunn9 Ihe yew. Fummiftr and • do•ff•d 10 b• dl•po•d after Nx y••rn. 11. Invnlrn•nt prop•rty Fiwhold knv••lrn•nl prop•rty V•luallo 6.673 719.141 Transl•rs trom fr••hold and AI 30 Novwnber 2026 724.714 Pag• 38
THE LAKE DISTRICT CALVERT TRUST IA ch•rtthbl• ¢¢)mp•ry lknlt•d by gu•rnnl••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NoveMBER X128 l•. Inv••lm•nl pvop•rty1¢onllnu•dl Inve•trnenl wopertle• ww• ievalwl lo mark•t dw•ig 1989 lorms the of th• ¥Batn Ai the balanc• dllle The InJ51ee6 consider th¢ OlOnC e&limal¢ lo fem•in roasonèljle and Oo nor bdltye Ihal Ihe epon•• of an tspd•d pots8OnI1 •tth•r th• Inl•re•l• ol th• m•mb•fB iead•r5 01 Ihe acc4)unls. 17. Stocki 2025 2024 10,6J2 fo, f88 18. 0•bl 2028 2024 Dv• 4thln on• y••r TIle debiois Oih•r dolrtc Prnp•ym•nts 20,M• 11.000 14.551 93. 165 52,211 8.120 159,927 Other wKlwlo•11gKs f•c•fvwbltr Jlor the w¥J P•p 39
THE LAKE DISTRICT CALVERT TRUST IA ¢h•tlt•bl• ¢omp•ry lkntt•d by gu•rarf••l NOTES TO THE HNANCIAL STATEMENTS FOR TrIE YEAR eNDED jo NOVEMBER 2025 CThdllorn', Amounts f•llng du• wllhln on• ymr 202& 2024 ,000 108,356 11,641 1,922 241.710 Tle cfedrtor¥ l•xthon WKI wcurly 80.028 21. 7T1 2.343 218,529 and d•f•rr•d Incom• 3•1,692 342.671 2025 2021 D•l•rred lDCLVT 411 Drnber R••cwrces deleffed dunng the yeaf Amounts r4¢ from p•rYJd• 105,858 194,877 115l,JJ81 220 865 126 953 fl82. 160J 200,997 165.658 Dfrlèrrnd r•lato5 Io c4J8lom•r m•de kn •Jvanc• •nd mvolc•J •il• Ih yw •nd on th• pro¥istM ol Ui• oi goods lo th• ctsilow, Cr•dllorn: Jnount• l•lllng du• •rt•t morn than on• ywr 2028 2024 1.669 470.848 26.881 456.84 Oiher108n• 483.017 483, 529 The bon loan ty wtsecured, Inleresl.l)e8ftng and M repuyobkn m ln1tth Ih? Wry•>inl du• 18 M•rch 2027, Inleiem 1$ chaiged al a rato bgys. Th• 'Other lo•n' h pw1ty Irom The C Scou Chfjl¥Jl• Trusl li •n unwcurnd, c •1rnn9ennt w 16 June 2021, mtervjt is chwged It 2 5% the Ihft bme rBi• oltr Bhnk ol Engknd Th• 'Oih•r loan. alw Trusth•10on• *filch •r• J lo•M, wlth no InlwuL b•n•d ty a rnmber ol Tw5tees. Page 40
THE LAKE I)ISTRICT CALVERT TRUST IA ch4thabk ¢¢)rnpiny Ilmli•d by gu•rant•• IK)TES TO THE FIP4ANCIAL STATEMENTS FOR ThE YEAR ENDED JO NOVEMBER 2025 Stat•rn•ni ol lund• St•l•m•nt ol lund•- Qwrnil y••r Balanc• al 8•lane• •11 L)•¢•mb•r 2024 Tran•l•r¥ Irkloul Nov•mb In¢om• EKp•ndttuv• Unr••ltht•d lynd• D••n•t•d fund• Flx•d AM•t A•19 R•¥aallln Re6•M Deve[OF•t Rewve 4308J32 244,118 12J7,1711 103,810 IJAJ21 4,OTS.641 28.906 ol lth• C•l¥*l 18.000 162.6101 19,6101 18.000 Mw Fund 4847,244 1237,171) 90.6 4,J10,421 Gon•r•l fund• Funds. •1 1607.2031 1.720,641 11013,7181 101,89• 1848.iJ4} Tothl Unv••lrkl•d lund• 3P40.041 1,730,291 12,100,947) 192,397 3.M1.787 Rntrl¢i•d lun Enoblryj Athenturn FLmd Roll100 Donalth• Fund 81.•41 14,797 134,005 •1,241 1113,6891 171,7081 82.2S7 41,392 142,9381 126,738 231,246 142.9381 1192.397) 12J.84• Totsl ol lund• J.966.779 1.982.$42 (2.143.88si J.705A31
THE LAKE DISTRICT CALVERT TRUST (A ¢h•rtl•¥• ¢¢mp•ny Ilmll•d ty guAr•D•) NOTES TO TrIE FINANCIAL STATEMENTS POR TNE YEAR ENDED JO NOVEMBER 2021 21. Stst•menl •1 lund• (cl¢•nUed¥ Flx•d AM•t RH•r¥• And R•vahMilon R•••¢v• Th• Iru•t•u t41th1o th•s• lund• lo cl•rlfy to usern of th• th• >nc>unl ol rwerweo lJs•1 •re bed up In Fixed A8sel$ ar41 Rv44lva Rose• Tfyn61ers •h(y¢m Flx•d Ass•ts R•s•r¥o nd thr lunds refloct th• PUTtha5es of ais•ls ncw uwd In Ih 9th)w•l purpo$ 01 th• Chwty. Thls tum h•lps dwfy lo usern of rh¢ accoun1¥ the of 9¢nw81 fimds. D•v•loprn•nt Ind Imprw•m•nl RM•Th• I•e haJ hen •¥tabli¥hed In tyder IMI tyusteH Can donJte lund8 lo fDf idenIff wolecl¥ Ihol ore corwdered above arKI beyMd nomwl opeTabonal eXj11Urtr Th• rogery• nom7alty be lunded through ure¢l ldIal, mcome such •J 18gtKy gifts m •xcess of afinu looc•gti unpl•nnod operatxJnAI fyur¢4uvs aThJ t&k•n frorn Fund• th•n cw¢umslanr41 Alw. Th• Frl•nd• ol lh• Cilv•rt TnMI Dl•trt) Tho Ytdopendent chonty r•w• tur#a• lor PUfpO• gpoofd to Lak• IhIln C•l¥l Tru When circumslancrt alknw thJnd wil be used Io ¥p•CIf IwqKl¥, wrch••e rt•m• of •quipw)t or match fvnd dOnatic• trom other sources IAalor App••l Fund Th? Gharily gt•rl•d dthing Il• upt•l d•¥dtymenl foquii•nxnls as p1 ol W4leglc Pl1n? 2023 Research ond cwiu1taln wth our ¥1¢5 Klonbfwd 0tUni$ lo •upport morB peo. bty more effx1Jve ond lo moro suslaln4tAo, Work look pl•co dumg 202 3 •nd 2024 on dovebFxn9 thew pl•n• to en$UTO tho Twwt ¢ythnue 10 meét tht need% ol Ils beneliclarles golry lorwards wllh qmphast¥ on •nsurlng Calv•rt Lakn• and Colwrt SbI continuu to th• Iofms ol ae(JwbiMy Mf•ty nd ol clIA• •ththtumu• ojtdoor •ctivilI. Hwng l••sltslrty •nd d•¥oWm•rt Lknng 2023 Iho Tnjsi dthod • rn4 fvnd(3nq appeal a fesuli ol the clDSure ol Calven R•Ce¢0n1 subs•quenl restruclurffjg. Lwkjng thead mo thgl VAI i•cornmeiice copitol developwnents al Cafvert L4k and Calv•rt siatJle8 Ihal the fea51bdity costs wiil be rawntrned u part ol lundrwsmg acll¥ity TN•¢•••' Contlng•n¢y R•••r¥• The Injslees congder thal reservei Jhould be de to cow unin¥w3ble ¢onlm9encth luch fvndrnising 6hortlalls oi losses 1•8ulllng fiom havmg to lempcKwity Ihe Cglveil L8kv$ N Cvwt Stats5 centres lor unforeseeablts foason$ AJ a r•GuII ol Ihe conbnuing recovery from the CQWD cni, lh• tnVtrSb7iE m Calvtrt R•conne¢tKmx lh• tr)w>mg cosi ol V¥9 cri818 lh• TruL4tèo Conkn9or Reserve was ubllged durmg 2023 in k•wng Alh this arbd has not 1 been febuilt Havlng C1ere0 the tm•voNl•ble cost• ol lh• 6 month enfcrfced cloSUfe ol of lh• TfuBI's ceTrtr•s Ihe Vthe of lh8 cngencY Re6erye Is to be £790.tsJO. Givfj) thè 5hortlal m Ihe Jrrenl level ol Ihe rew¥e thinabve JDurce of lunding. mcludffj9 repayablv lac11rt afmj non tefesi beamg 5uPF#r k)9ny h8ve been Fwjl In place unbl the ieserve cgn be retwih 11 Ihe Iwstve8' Int8niwt 10 rnbudd lh6 TrvBlets' Conbngency Reser to Ihe rnquwed IMII soon as clrcumslanrn8 MasonBbly pwnuL The reswve is expocled to be fiJnded thrc#J9h wlndfall gffls. su¢h a$ logaoes, rontal IncLTh from our Cmd I+vmd•bf(y prowrty ano orrntlonal SWFAus•s As ouff ottwaw grow Bth Ihe poky and lfi• b•lv£• • ann•. Palle 42
THE LAKE OISTRICT CALVERT TRUST IA charltsbl• company Ilmll•d by gu•rnThl••l NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED JO t40VEAIBER 2025 21, Ststsm•nt ol fvnd• Icontbnu•dl Enbllnq Adv•nluv• Fund Th? tDJslees' pdlcy is, as lai ats powbkn. lo make chwgos to our ¥110$ Ihal ren•d trb cost of iunnlr our CrIrt Laks contre, •xdudln9 costs ol deprecialirm Th¢ Enabling FuThJ c4Jntam$ lurnds, t)th donated dir•cfy transferred from G•rtral Fundi. boon •amark•d lo provlde Ilmiied finanoal lo tOrS. Ix>lh indwtual and qroup8. who would Q1hei)e Dot b• •Y• lo alld to viwl th• ¢tre Thli asslthnce Is offerod al t thKrebcm of Ihe Chiel ExKutsve. R••lrfd•d Donallom Fund Th¢$ fund acc(ntS lof monlets donaled oxp•rKlrknre Transfers Ir(kn trH"¥ lund repvwnt cfJntr1LKsYc tvard quahfyini oxwr)dJr• nol pivwttad as dlr•cl •XPDndttur•. 41 c¢)ntrthDnS lo¥Mnl6 capllal It•m. St•l•m•nt d fvnd• - pdor y••r Bal•nc¥ •1 30 G•w No¥ts•1 fLoJso¥J 2024 Trnryjlfyrn 2023 Incorn• Expfrndltr UnvMlrlct•d fund• Dvsloh•t•d lund• Fixad A¥•o1 R¢gerv• Rev8lua1 Regwve 4.428,006 (265.363) 48. 129 4.208,832 24f648 (1032) 244, 1 16 and Re5erye The Fr$ 01 Ihe Calvert Tru61 {L8k• DIstsl M4or AFW Fund 28. 9cKI 28.90a 23, 704 89,488 IP2J f52,610J 152.610) 4.675,714 89,488 (265.363) 152.59 4 447.244 Pago 43
THE LAKE DISTRICT CALVERT TRUST (A ¢h•rtt•tth ¢wyny Umft¢d by gu•r•nt••l NOTES TO THE FINANCIAL STATEMEPffS FOR THE YEAA ENDEO JO NOVEMBeR 2021 8ial•ffl•nl ol lunds Icofitlnu•dl 8alan¢• al l D•cwnbof 2023 Trnn51e Incom• Eiptrndlurn ILoss•sl 2024 G•n•rnl lunthb Ufir••irthd 2.345.818 ¢3. 131. f42) fT6.823 4.JtIJ rn17.203} Tot41 Unmlrfct•d lund• 4.67&714 2.435,301 (1399. 124,224 4.3CKI 1840,041 l D0m0, 2023 Trnnjlors I (Lo55•sP Inc4%M E¥wndttur• X124 R••trlct•d lund• EnJkn9 Furn 46,392 122, 232 U06.U31 01.94t Rè%trlcthd DDnabcm8 43.316 87,813 (28.5871 f17,545J 64.797 89. 708 (28,$87J 1124,228) 126. 738 T1 of fvnd• 4.76&422 2, 625. f49 (3,428, 0921 3.POO 779 Psbue 44
THE LAKE DISTRICT CALVERT TRUST IA ch•rliAbl• ¢¢)mp•ny Ilmll•d by gU•Vant••) NOTES TO THE FINANCIAL STATEUENT3 FOR THE YEAR ENDED JO NOVEMBER 2025 21 A11 ol n•1 u•l• b•lw••n lund• Analysh of n•t •s••t• b•In lund• . ¢urrnnt y••f R••irfctod Unrmtrtctsd lund• lund• 2026 2025 Trf41 lund• 2025 3,S91.411 724 714 220.871 1391,6921 1483,5171 3.511,411 724.714 344,520 lJg1.692 1483.517) In¥tr&lmml prowty Cwfenl Credilw d4 fftln frn >ar CT•dlDf• m n1 y•ar 123,049 T&1 123.649 3.861,787 3,785,431 Induded Tth unfestrlcled lund¥ l• £4 310,421 01 knnds. Wl b•1 £4.316,125 Trfhln fix•d •i••lJ and1£5, 7041 held wiihin cuffenl wels An•ty•l• ol n•t ••••ts b•lw••n lund• . prfor y TLxal fiindj 2024 m(ts 2024 2024 4,452948 12Y.01 I 213.020 12731 (342.398J 1403.529) 4 452,948 340,031 {342,6711 (483.529) Crndlorn llhln ONI y••r CrvdilN• duv kn ffl0 ¢n• yow To¢•1 120. 738 3.849.041 3,960. TT9 Inthd•d wrthkn lunds M £4.447,244 01 0191ed fvnd•. •plii lJ•iw•w £4.152.948 h•ld Ihin Ilx•d 81•0ty Kt1É5,7041 h•ld Wlthm curr•nl as1 Page 45
THE LAKE OISTRICT CALVERT TRUST IA ¢h•¢li•bl• ¢gmp•ny Iml¢•d by gu•i•nt•o1 NOTES TO THe FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2026 R•¢onclll•tlon ol n•t fflov•m•nl ts) lund• to Iwl cajh Ilow •Ctl¥lll 2028 2024 N•t •xp•ndrtur• for the yew {M pff Sla1•ml ol FwwKial 1181,3431 98.643J AdJts¥tmwt• for". Deprecialion chary 237.171 (42,253 14,6351 {444 71.102 lJ,682 3S.J39 203.383 ¢12.08lJ 3.421 1780 178406 ¢Jt.8Tg1 155.207) IPTofrt)1loM on sale ol fi1 D•¢>t•fj&lincTe8J•l m ¥tLk• Deue•se In debto jrbcrea1ltYoUQa$op th ryvdllorn *rrealIa••eSol m delen•d Inc N•1 cmh prnvbd•d by11•d Inl op•v•tlng •¢1111•¥ 129.319 (446 840) An•ty•kn ol ¢••h Ind cuh •qulv•hiil• 2026 2024 Cth in h•rKI 24S,76J 169.916 Tol•l cmh Ind c••h •qulval•nts 245,763 169.916 26, AMly•l• •f ch•ngM In n•t d•bl AiJo Nov•mb•r 2025 2024 Cmh flow• ash al bank Iri hand De due wifhin l year Deb¢ Que after 1 year 169.916 120,0001 148J.5291 76.847 245.783 12 1483.5171 1333,6131 78.859 1257.7641 Page 48
THE LAKE DISTRICT CALVERT TRUST
(A chwttabl• comp•ny Ilmlt•d by gu•rnnl••
NOTES TO THE FINANCIAL STATEMeNT8
FOR THE YEAR ENDED JO NOVEMBER 2025
P•Mlon cwrtnllJMnl
The chllfrt4ble comp•ny op•r•t•s a defin oJntrIbuin per• ¥wne for qu•itying Th•
J1¥ ol lh• 8ch•me ar• h¢hJ wwthly from th0 ol tho oompany 1rK1•pdetty •dminlw•d
Th¢ ch•p t> profft •rKI IDU In def#)•d c(ffi1nbuTh £51,877 12024 .
£101.415}
C4)ntrlbullrmg tolattmo £13.14711024- £6.782) w•r• pay&bl• lo the IIWKI •1 th• b•lwK• It1 dale Arn
clud•d In crèdllDTY
Op•fallng l•a•• £ommltm•fits
AI 30 Nmmber 2025 Ihe Cornpony h•J ouslandkffj C47fr•nllm•nts loi ftjiurn mlnknNm
urmlof non
THE LAKE DISTRICT CALVER T TRUST IA chwltsbl• Gomp•ny lknll•d by guarnnl••l NOTES TO THE FIIIANCtAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 202 R¥I•d p•rty Ir•nmcil¢J Ik•n•lbon8 from Tn1••0 An &ggregBleu t1 ol £1 134 12024 - £747) don4 wwe m•(l• trj lh• ¢thwrt•bl• ciwnyny th• y•w fr¢m ITh1••1. I1 thn•lnI w•r• PD¥klod C4xKlhloM atlachd. Th• Frl•nd• pl th• CAlv•rt Tr1 (Lik• DlstA¢ll The challtI8 CLMnp•ny 1$ Imioe Cf Ihe ¥l)ove thwliy •rMI dln9 th yew Th Fnends 01 the Calvwt Trus1 ILak• Dt•lrKII Pfo¥h d(fftatK5 and kngxy InMe lo lh• diJfilybl¢ rcrfnp•ny 01 £9,fj50 12024 . £89,488> arxl Ihty •• drtk4•d In Note 21, Lg•n• Irom TN•t••B D41rlng Ihe year the Chjnty receivwj loans trorn Tru51eei ol F20.00012024 - £65.000I Tlw loan¥ ¥wr• un8•cJied, Int¢f•¥l fr•e arr•ry•merbtJ f•p•yl• orn d•rMi. Ai th• b•lww •htt•l d4t• lh• thJ• Tru918 wo• £85,0[2024 - £65 0001 Pago 48