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* eM Comrnltt•• S Lc*ththl•n. Chw EM￿ J Ftynn nin G IAullft Chwlole HLFbbard Snnlvr¢S M&Jip RoBeKnwy Rlkny, Cwplo¢l Menth Nomlnallom Commlii•• Myl•J ThoTry￿, Chl Mwtsn G Mulhn Louim r￿nn Emerltu• Tn4•1e n Fryw.SF•dding CBE Rcsef C¢*)ko, Pres￿￿1 Coriiina C•rtwnghi Siephen Nlcol William R Bell PwaB 2 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 Fo*r￿n9 lh• I•¢ov￿ fv(xn lh• COVID parbd•ffMC al a few years ago Y4 IJ dew Ihe w¢¥ld ¢1 a C1￿0ed l •m surn ￿thIer¥ ol Ibi• repon wll re￿gnise my dO￿np￿On ol the wryld a8 votsiile whiljl Iho glob•l nat1(￿•1 Ilts we c£¥n￿￿x and ￿N￿rtaIn, rwning FwediCb￿9 wd trAecaJts fraught d¢xvrtwd• nsk$ 11 is thvl contexl Ihat l am 4r￿001￿ Proud kn iOFQrt thal ¢n 2025 Ihe toam al lh• Laktr Distr￿1 Calv•rt wern knm•n69ty $Lt(4ifjlul. Th15 Jucce89 b￿n athieved doswle c•ntsnupAI thollen9es o¢yos$ the ¢h•iily. •ducat•N and ouldoor k•arnlr•g ••clo￿. Inthdlng c051 Inftallon. pr•swr•s. ugh*nthg ffith(>ol I￿{￿1•￿ •nd trbcrea•mp defflwd Ipr $peci•li•t FXOWw.￿ for dI￿tI￿a pewle, Alknv me to wrnmJrNe V•th s(m• *•y f•cts. The nurnber ol T￿￿•￿11•1 gu•sls hicro•wd by 11.2% Thè number ol d•y InGrvaJed ty 17.8% L4k•s foo ￿¢0￿ Inuoasèd try 1.1% FIHKlrnlfjlng Inc(wrn mcreu¢d by 12.V Mo•t Imwtty th• le￿ •4•ry *nO• rm• ol &￿•¢¥ •*• and •• m•rrtrf&duv•d • bt 015mdes I￿ pooplo ￿¥11￿j with dwbiliiies li IB leglwnenl lo the leom thwt we h&¥• mo¥od fr(￿ 1he dilfvcun dec1910n lo Clo￿ the Calvfjrt Re¢onne¢tic¥)$ 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 h*1 ty bo ntsiibk•, Thi• ift¥otrrtl worKing Unl￿11￿1 patterns, blewinu sn lty cdleogu*s 8nd othng everylhing Ihlr s￿1 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 p￿￿eJn loi the d4th¥trry 01 Obfvuts W• hrn • (*ar mmwrth •tr•ttyc pkn devebp•d ¢xrt wi)12030 d•w o*lW41. Iocumd on slrnngthenmg lon9-l•mi financial rvsil*nc•, maintAming hlgh gL￿￿ty Inclusive provi&on, Invesmng Ir facililJO•. d en•unng tho Tru81 r8m•*ns PD•￿￿d lo mgpoTrd lo the 9fv4virbg dom8rbd lor acc•$sible cmjldc leyn￿ll and resrtlentsd •xpenenco6 lof dtsat￿ed In the Mar Iwm thjr key obpctive Is ID ensure Iht nnanciBI wlu•lJon ¥nproves ye•f cm year we ale Oble lo n¢1 only Opofale bul also dIy￿7 debt To Ilu• C￿.￿C￿¥￿ l am greaty enc0uffa￿d by thè booknngk lor 2026 are al a rocofd level conv8￿1 lo ony pr y•w. l am also to Ih•l have wJr••d 8 It>ng Wrm loose on ihtr Old W￿(1•￿￿¥0 bu*ling wffh Renex¥on8 Limrted The buikling WHI be used lo d¢*wer ro•kl•rth•l r￿lI￿rn•￿1￿￿￿I lor chthlron with ar￿ a ol learninu digabdilles. Slgnfftyrt Fyogrnss w•s rnJd• lfi 2025 to enh4rKe Ihe yuest •wwlenL¥ Staff tog•lhef a group DI volunle8¢s embafk•d cffl affl refij￿i5hrn•nI progf•mme over th• winter monlhg *)1h 4XrtstsrHlinp rngulls The feedback frorn guests ha$ bean a Iremendwg rnotNallon 8uch thai furth* amtmtws len(Y¥al￿n9 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• w￿d￿rIU1 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 fmanCi￿1Y secure the (ry￿1￿￿1*0n 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 9￿￿TrI••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**, $w￿nI 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 I*A*. 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 $hwe wlal The charlly r5 gowemtrj by 115 MemorarKJurn •rnJ ArfidN ol A••wailon. Th• chw hBs d￿9￿•d 1*4ih the ule ¢1 lh• w(yd 'Limi•d' In its narrt. Th• Tfii%l was rw%lei*d +M1h tho Chwily Commisllon on 17 M*rth 1976 and op•thd Ni•ly M a d•y mr¥￿• frwi Jls Slats￿5 al WirKletsr0￿ Boaihou58 ￿ BBsJenthw•t• Laka. The Tntsfs first rpgKlents41 centre al Kewck WBS opened In 1978 Work￿9 dD8•ty wth th• Tntsfs thtsabled lor• Ihe many oryantsaiions Ihal v18rt OLW c•ntstrs. Iho Tru%1 hal pioneefed Ihe pfovwon •nd ol outdoor •c¥V￿•• for peorAo T**th Ii••t411kn•L The Bowo ol Tfu•ltr•• hMI d•ltyatsd1oadof•hlp al th• Trull lo • SOn￿r L¢ad•rshlp Te•m ISLT) l•d by ow Ch*1 EMeculiv• Fol￿ a oovemwK* rèvw h 2025. Board of Trui10￿ lo10m￿d Ils st*ding e0mmili￿ lo wort •CfOSS th• Trust m lh• •re•• ol - P#0￿ •n¢J Oper•tlw•. Inc¢rn* Genefalkn and Fln4nc& Addiiional qjmillèfrs. IndLKling an Authl c(rntte•, to WOV￿ and iibk owr%yhi ond ensuie conv1￿￿¢• fwMiibiknl>eg are m•1. • NOMI￿￿oni corrwnlllM hwe ￿10 established, Tho Bowd ol Trusl•e5 moets at leayi loui Iwnes 8 ye•r to ivc•iv• reF￿r￿ from the Chlel EMeculMI. Senk* Leadership Tewn d tr•¢>1 ccrtMiifta• lo •n•ur• ih•i al InAkn•i w• W In¥(*￿0 In th• TnJ￿.¥ 9o¥om•r•o* Tht S￿*01 L6adv•hw Tewn oro lor th• l•ad•r•h* ol th• Tru•t w• ￿Pp￿i*d ty * Manopwnonl Te•m OD 4 d•y4Trday ba* The Iiuslw• liavo Gompliod tho duty In 17151 ctyl Ihe 2011 CharrtKs Act lo hJ¥• due rrywt1 10 gUKlw¢• p￿*th•￿ ty lh• Ch¥lty C(ThnI•*￿, b•n•fit gulO•nc•. The Iru*we$ 4r¢ troffl • ¥ariely ol ithvanl prolemwial, b4rntnes• cbHriiablt backgioundl a nimber haviThJ th¥ed expenenc* ol Impalm￿l, dillorvnce or thsabllrty, The corytMilwn ol trLnlee4' bowd Ihtyr eXpen•n￿ and J￿11$ w4 regul•ily r•vlow•d by lh• Ntynimllons Comnwll40, Iv •n%K¢ numbvr and ba￿E• 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 d￿311$ 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 $0, • ol Volun1•• The rhaiity hay beneciiied liom Ihe holp ol Qvw UO wo￿lI1e•l$ 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' acwrMKrfl*ion lor guests w85 8tarted In November 202A WKI corybe1￿1 over Ihe winier, A f•luibishmunl Programn￿ WAS Con￿￿ted on wr rnm•Thng Fatntho)use xcommodallon, slwbng tr) November and corylebng tY¥*r wmitef, ThIA ¢xlen•v• lurtssfj￿￿I PToiecl could nol b￿￿ t*lih¢)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 per￿1 assetssffth. foNow a Iwnal truslee wduaKin proc45s and le￿+¥* a truslee MdU¢l￿n pxk Th•y al￿ or*Ithi￿n me8iJng with th• Chiel Exocuiiv•, annunl •ppr4iMI arhd fri and Wi¥￿1 as￿$$Ments, lomowed by formal on dwt*lity 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•r￿m& 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 ￿ndrai￿n9 thiwoul Iho fffl4rbrJ41 yo¥. The￿ arn onJon￿O IbrAJul) ihe Twsi'l lundrwslny t•om. Th• Tfust tts a lundralslng ccqle and h tvgljthred wrtth Ihe Fundrwwry Ragulp*ff ID wsuro all lundral81fi9 knitses lolow t*•1 PT•ctsct. The ch•nly •ls¢ omltmol to piovlde *￿￿14￿ct undertakiny mopr app￿kn. 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• c￿ntrysIde, 11 doo¥ $0 wnap*ty Ihmuyh tm of •po¢tal•od In and rwr th¢ L•ke Th• th•1 lh• chwtyi •cu¥th• to w v*llarn ￿.. The ennthrrnni of Ilve8 thffjugh ad￿nI￿re, con14Llonce bulthiig •nd p•r•onal •thl•v•menl The thanc47 to enpDy cwntysKle of excep1￿￿￿1 na1urnl beauty The opportunity to P8rtyJale In a F¥ogran*ne thal Ir￿l￿d•S ielax8bon •• well os courno •cts¥lty. The enioyrnMI ot reCreji￿nll Athllies th•1 trbnglerred Inlo everydny Iivwy. Pwsmal dv¥&knpmenl wpport leath.ng to grealer Inlegralion ￿thIn $wely The Trust recogn1￿8 lh• •rA>)0M￿ dW(fv￿tsg* expeTien¢¢d ty mary ￿0p1& ￿1h disabiliiiei Actofdingly. ￿ suilAbl• ca￿• 11 m4y be •bl* lo offer Iinancial iUF¢)Ort In thé lom ol I￿r$¥T1•S Iri olh In%t8nces rt may bo pJ9s￿le lo guKle vlw10rn lowardj other of The phlksKwhy 1$ lo ty to onwr• Ih•l no porson J disab*ty IJ• d•F¥lv*J ol tho ¢ppurtun¥ly ol • Wi￿ be￿￿*8 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'• a￿1v￿OI benefrl t1￿ FKsbbc In genernl. crf • sUffia￿l seKlicm ol publ*. and Trol gTve nse Its than Incthnlal pe￿0￿￿ 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 Set41￿51. ty ljenefils lo A pernonal bgnefrt ￿ cortwdornd'lrrloenlaf ¥tr*er• 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 Ih*l r4 Mjeniifiable capAble of being prDved ty eythice where n¢¢ess•ry ond wbt¢h ffj nol baspd ￿ pe￿orIal ¥*WB". and •ny detrllnoni harrn thal resLttts Imm ihe PUTFK¢SQ Ilo peoplè, propety 01 the trnvi1￿MOD11 musl nol out￿1 Ihe beTr￿l- 8g•m, Ihffj shoukl be bo*d 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. vehabilrt*tKn 9d￿nI￿￿ wllhm a 1fam￿*r￿ of salety 11 has been Invthnd m Ihe develryrn•nl ol gn eXtrn￿Ye fanoe ol xbvttros for dthatknd pc￿0, whlch noA+ thr￿￿de sailing. accessible bI￿n9. C4noeing. k8yakiry. climtsng, b*thI￿￿, hurse nding. driving. mb)unie4n•enng. hiltr*akng I wshmg. bush c¥a*, orth•erww. archery. Tho ch•nly ￿nStIn￿Y *tflWi lo eX￿rKI Improv• th• rww• of a¥•Mabl• 10 Ill ¥1*￿ li l• pl••wd to be recogTrwd M • l••dw ￿ Ilj f￿ld TN•l•••' Ind•mnltl Tho chanty h*•1￿41 tfu•ts• ind•mnty Ihroughout th• Kcountrng I￿￿d, 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$vffj(k nwneil LI￿￿ cr￿1￿￿￿1￿ and (Jd Wind¢brow•. *￿ich Ihe ol • generous gift when lh• Tfust w88 knnO￿. The Trnst thaqe prop8rb•• M the b•Ms trom whlch It carr•s out its work Th¢ mopnty ol prop•rt*& gifted, •U0￿cl ￿ • r••InCi￿rI Ifffjt Ih•y or• lo b• u••d for lh• ol • charty In Awil 2025 Iho TvU￿ *rt•rnd *rtO 8 R•lknlons Llmrt•d Iccrt7wèny rn) 0658n201 arKI •niered mlo • le•M a9ften￿l lor the Trust'• Okl wiii0ebrtr￿ Titheb•m New R•ftDxi¢M h subsequenlly owngd •n Olsted regiNlwed Jpoo81 schocl IDr chlldTEn +Mth Illwryng dI￿bIllI1¢s. The property )Iiiif1¢￿ 10 lJoll¢lil tht cliaiily by pi(N¥Juig a f#gulw inL4me. oui (wm W￿k, and B Much not￿ted erY￿e for thildten dl58bthtt￿ Tho TnJ41 k*)k5 fryward to ReflexKTh to prDvldo Jv•niufQU• •¢trvllt•• *KI •*vi¢u l¢r Ih Khool'i The Tnjsl also ttcupleb an •¢c•M*Jkn B•M0nlhW￿• ￿ •id v¥lN• g￿lI¥j for •labl•% r4cdity ￿ a ltrasehotd ba 3•1•ty Ind Rhsk M•n•g•m•nl The Tru￿ t￿￿M￿Slon5 fegular health 4nfflyny Imli•d by gu•r*nt••l TRUSTEES. REPORT INCLUDWG DMecTORS' REPORT) (CONTINUEDI FOR THE YEAR ENDEO JO NOVEhweR Z026 The Ivas 19 Jurn¥fiAty lh• yow ol Ihe fulty Iw•déd Aee•M Aovmlurn wtyr•nm• Ihwk• to Ihe r￿n&nUe￿ support ol the NHS North E•sl and Nfflh Cumbn'a, The Franci5 Scoll Chanty arbd Cyrtma Cornrnunlty Foundalion Th¢ programnx supporlj ththjrnn and young adulis ￿th autssm ￿ lewrning N(*th Cumbria providtrA rnL4pl• lor larywlies thr¢ugh eng4glnq sbmu1a1￿q activltses delNefed from ow Calvert Lakes cen1re over Iho wnler rnonlhs (Decernbw to April). the 5 mMlh$ ol d￿¥￿y. I8￿11¢d Support lor 11 dY8abh>d young people supported by a turthw 22 f4n*ly and c8rtrs w8$ ddi¥ernd Tho programme has now closed bul due lo lh• Suc￿$5 and demand ol Ihe pr09f￿￿e the TNut bo lUnd￿51r￿J durlng 2028 10 provMl• thè Ix4ltrei nwJ•d lo d•ll4* a C￿lIn￿￿9 progrnM* frcth Stables *. The UK Ywth Adventut•s Away tram Htsm• pfogrnrryrn •galn *2• Irom th• Pftvious yeaf. The Tru•1 wo) oble lo •uccos$luly work with k)cal ¥wal and or￿M5￿110n• 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¢•J*y The ••w B,897 <2024: 7.481 community wtidpant W55K￿$ dunry yw. Ilve fthUnu• to lry I￿1 lh¢ dlsoblwj ￿n*￿U￿1ty r•maln lh• rrwn uwi ol Ihé fatyltw, Th? year Al￿ saw tangth Opofabonal Improvem￿1# wnili wlnt•r r*lurbJshmeiil ￿Ik0 proo10s￿d. bnTrg￿g C￿11• Kcommodotson 4tp lo o high star￿0rd Thlj WAI •$ d¢liveT our 'GcrwJ lo Gfeol. •ep4K¢ knpro¥•rMnt plan dew•lop•d ¥rtih GLWp￿ frcm Holols. lor whlch w• art txlr•n*ly grf•fvl Th¢ Eruffite￿ r•cogthw Ihe COns￿￿th 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 ¥&Kar￿8• 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 • si9nilic￿1 elomonl ol Tfus1'* community 2,818 St•bl•• ￿5811)n% (2024 2,4821 a)ntnk*JtrrKJ 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 Slab￿5 ¥¢ry ￿11. I￿1(￿*d Blu ietyiT)iry lo thwr o*ner 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 q￿trty eXper￿nCe• lty oui port￿lp￿rIt* wo aro 9f*l•ful to th• loc•1 C￿Trr￿nIty 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 11d1￿1 knwanl lh• IDco1 dwblfjd Plan• tor Ful￿r? P•rlod• L¢o*m9 ah¢od Ihe Int¥1¢￿. loc￿ rf on dehvoiing our bng4•mi •traloglc Strength￿Iry the Tfubl's re￿i￿lIrI9 reserves to ensu￿ rewben¢e In •n In¢Ye￿ir)9ty ¢*￿10￿g￿9 operating enwfonmeni Our planj •ie grou￿•￿ In Ihe otsl•ctsv** s•1 oul 5 Yow Straleg¢ PIAn 12026*20301 and Owp￿ted by Ilw dewled firtrAnDal propcI￿n* ow 3 Ytw Pkn. Pa9e 8 ThE LAKE DISTRICT CALVERT TRUST IA charltsbl• comp•ny Ilmlt•d by pu*r*nt••) 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 lound4llt*M frx bng40rn1 EnhM¢kng ow r•thik•l off•r •t c¥1￿ L•kg1 Ilwough ol uyesl bethpryTW to r￿d￿rn C4S￿le slandards arKI Jlrengiiiening our Into under-r•pYNenled c0rrrnunll￿s wim rewfth Inlo fulw• b&n•fw n••ds th• T￿￿1 •• 01•odww adva￿ 4cc••Jlbl6 l¥eniufe Stabb*g Inczeasln9 hyitrolherapy ulTrh'Ut￿ft Ihiou9h WTr[￿¢￿ digital sysieAn•. and ¢1￿￿111n9 W•ylh loc stakehdd•rs a￿1 sp•ual schooli to relresh and expwd ow SEND pri)¥iwi. I￿r IDr a major redevek)kwn8nl of Calvert Si801¢o wlll b& do￿10p￿d, ensunng thal Il become• a modem: ￿￿8s￿le 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 annv￿Wry. 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 C￿￿￿U￿ to dovv.lop •lnKhJred Ir•inlng And loaderjhlp p8thwgyb. roluftssh slail aCC￿￿￿)d•110￿, •nd c•pKlty to pu*tsor• Trn•t u • nahon￿ c•nty• ol •xEd1￿c• In ￿Ed1x* pracllc•. SliEnglhenlng organrnallon41 yutsinabilty and govemance, Indudlftg prDgresJry t(MMrdi our net z¥ro ￿M￿￿On. enhJnun9 dwli•l infr•8truclurn •nd ¢yb•f socunty. Improving diversty xross our Or9•n￿￿)N. 4Md mwl&knlng str￿a wilh Ihe Chanly CDd• Togelhtyr, Ihow aclth• Tfvll en•w• th•t th• Tnjst nol m*nl*in• bul po•llK>n a• • lttjding provityff ol ￿t*s￿ble th¢￿TI and cAknmunrty al lh• Iimt, ￿*￿tu1 C￿1 manwmenl In p14K¢ Stnffinu Jnd Dper*i(￿￿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 re￿rn on Inv•8lm•nt Trus1￿• rncognlg• that 4thwng 0pOr*i￿al •urpluw4 Ilone i• noi w￿c￿lI. rebudd￿9 free retyeryes lo •n approylato lewl l• crllkal lo manawng rt•k. SUPFthing caplal ￿b￿l￿8 and ensuing Ihe Trusl can •hth618nd n￿tu*bon8 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 ¢•I￿￿nC*. Lookirw forw•rtl, Iho ctyninu fequn cweful b•10￿*￿v of And prudvnc• Wfj G(mrTrtled lo delryemg our th4rrtatrAe obieclives 8nd ¥nth •xcollen¢•. w•hil• ￿n￿nn9 Ihol Ihe Tiu%l l• se￿r0. opèrlts￿•1IY efficwil ond en￿lonrr*ffll4ty re6ponwb* By akngning disop&ned fIn4n￿al mwwgemenl wrth cl•w stralegK InvgslTh*nt. th• truslees ar• c￿lide￿I Ihal lh• Tru￿ conlinL*e 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 d*lKal 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 dep1wal￿n chary• ¢1 Q37.171 12024 £265.3￿1. Unf•8lr*tod gins. and g*w¢s lotaw U98.75412024 £418,990I, In Marth 2021 an 8arthy'g C81L ICINonwru$ Bu￿r￿S 1n1mruw￿n 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¢ Year*￿1 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 conlK*oency lund8 duiing the rtlslructuifr folluwlng Ihe clowro ol Cthrt RecOnned￿Tr$. 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• Tn￿t wtyklng and •mwgew lund# ￿1th1 once be rebiiili Fln•ncl•l Outk￿* 2026 to 2027 Thfoughoul 2024 2025 I￿ trus10￿ mainlained dose m￿41￿1￿ of performan<* in ¢018b(xat•Th wllh Ih AdeTrhip leam Th1• enabled 8 tlrmfy dtscis￿n lo be m8de lo cloNe th• Calvert R•LwnecUons ffieNc8 u, unIortun￿￿1y, Ihere fern￿￿￿d *gnifvcanl unctrrt￿nty wwdiiig Ihfr ablliiy to ￿Ing iuffi¢Jent nurnbern io Ihé ¢entro whKh, 41 bwn c(￿b￿￿e, h•w¢ leopard1￿ ts lulw? ol txo•d•r Tru6t. Po$1 the clo•uie ol Cthert R•C￿ne¢t10n$ the TiLtsl has 9CKle thrwh a pencrfl ol c￿￿¢*1datICm It r•-fjlzed Ils PF9￿1￿bon 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 ¢Onflrrn81￿n$ delalled fTnancJal fofoc05ts hav& t￿) •xt•nd•d (XA unll •ndkng Joth Nmmlw 2027 Pthlomwnce In e•ty 2028 18 brot*Jly In liné *lth PIM. Th• Trust rem*n• Ih4nkfvl for the t￿￿TrU•d Imm genero￿ bgacy offtl and wppc*1¢fg. tth of whK ovided n¥alu4ble cash •upport o¥w Ilw post months The Tnjsl contMLt•¥ ID have acce85 to I0￿ed 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"nu￿g to ¢kJ%ely moniioi perfomwice with a locu5 on the earfy warnmg ol anw ptsrlL)Imano ¥trou5 rdan. Th• trU￿ee$ are of the owion th81 Ihè organisats￿ has access lo attequate r68ouices to opernle +M11￿J1 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$ig in Iho fin￿C￿l ￿8leMen1￿. R•Mrv The TNsl'g lolal fewveg decTea•ed lo 13,785,436 at ih¢ yeai-end 12024 £3.968,779I These 10t￿ r•••rv*$ bolng mad• up ol genernl unrn8lncled fur￿8 ol 4648,634 12024 -E607,2031, dwtrd lunds cl £4,310.42 1 1?024 £4 447.2441 antl regIr￿e￿ lund¥ or £123.849 12024 E128 738> These deswnaitsd frJnd$ ￿¢1￿j1# £4.316.12512024 £4,452.0481 ol fixed 888Otg represenllrvj land. buthlings, •quipm•nl and 8 well aj Invesln*nl wwerty Tho TruJl'$ Iree I￿￿••, l e Itseryts th•1 In wxt*• may b¢ JllrK410(S al the tsusle*8' dlscr•thon wrnrn £NII 12024 £1411) Havmy rqcovervd r•*¥e& Ourlng 2021 through w emergency Junce back appeal, th¢ foll￿ng 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 ￿¥l￿nm•￿t HaMn9 decmlon close thtr Cthgrt RectJnnwbws service In 2024, the Tnjffil ￿n￿nUeS to woth 1ry*4fds 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 Irrfe*ff￿ 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 syra￿n. sePt￿ber 2024 m•Oo d•eM￿n 10 clow ow •¢¢ount •# tunds Into ow day" k).dJy tsan￿n9 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'• #IMi*s •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 afT￿vaements the Iru¥t•es h￿e developed monlhly caBh forw891s wthlch extend unw Novembef 2027 The￿ en8blo Ilie Trusi to fJpidly rntrJel differ•nl lin￿￿•1 ￿en￿lI01 and lo t••t k•y Fwlh•r h•Jh4evd forncasts ha¥? bo•n wi¥luc*d ?¥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￿$1￿•• ctsn81def•d Ihfr nshs thal affecl Iho day lo day oyratrons. have ImF4om•nled procodures ihat af• •pwopnkn ID Jlie ol lh• Chwty, Inl•ff••t ￿1• Rhk The m•J(xty of Ihe TnMl• I1)￿ wo •uty•¢l lo wJrW Y*l•rn8t r•l•• Thty crealw r*e rK#. ThfOU9h 118 gory Conc￿ anthfy•. t￿ Tru￿ li ¢(mtenl Ih8111 ¢an a r•ngè of ml•rosl rnle ac4mano•. Si•l•m•nt ol Dl•¢lo•uiv ol Informitk￿ to Audltqx• Th¢ InMlo•¥ of tr* Gh•nty who hBhJ office •1 th• date of ¢lthls annud rapNt clmfimi Ihal- io far ￿ thty are aware. Ihere Is no re*vanl bLidrt InforrnJbon or other ln1omal￿ needed by Ihe dilors m ¢onnx¥on wth Ihelr r•port. ol which lh• th¥Tty'I ￿￿11<￿1 ar• un•wJr•. and Ihey I￿e l&k•n •1 Ihe 91eps Ih•l ihfry ought lo have laken BS I￿31eel io make Ihemjotves Thar• of •ny rnlev•rt a￿111 Inform1•￿ and lo eslaljhh Ihal lh• charlty'• wJllc4J ar• ol m•1 Audllof• Dav￿ AMW Chwlwfjd ACCOUnt￿t• w•r• ¥ppoIn￿O o• tho Tr￿ *I￿rtorS kn th• pwlod c¢XTW￿kng 111 Doc•n*er 2017 Mnwln m plx•. AmBtrix9 Walsm ACCOw￿￿t$ b•on wel4￿•d M th• TnMf• account￿1, Da¥￿ Amen Chartered Account￿15 hove $ignthed their vrflingness ￿ remo1Tr In ofhc• #• wdltcn rvjokfyon rtrBppoinlir*g them be 8t lh• Annual Gonofal M•eVnq . Th• IrurtM•' r•porL aNJroYed by the BorAts gl Trustoes ffi151 S I 16 .. 8nrJ ggmd ￿ Its b•W /ts- L> Alartln, G hluiiln Iruswe TIu51ee Pty• 11 THE LAKE DISTrICT CALVERT TRUST IA charliabl• elmn￿nY Ilmlt•d by gu•f•nt••l STATEMENT OF TRU8TEE8' RESPONSIBILrr*s FOR THE YEAR ENDED JO NOVEMBER 2028 Th• Trwteoa Iwho arn akn thè (rf IM Ctywy for the purpos¢• d ciompany Iwl wepr•rlty me Truslees. reF￿r1 Includmg directors, reportl Jnd the finarK￿l sialomonls th 8CCQfdanr• Tmlh pF4icablo L•w Bnd Llnrted l(bn9dom Acc4)unbng Standards Inc*Jthng FIMr¢ffjl ReP￿lm9 sI￿d￿￿ 102., Th0 Financ1￿ Rewrtinp Sland¥d 8p￿ICable m l)ht UK 8rn1 Republic ol Irelwd (Unitod Genernuy Acoptfjd Acwunllng Pract*•). CfNnwy la* rnq￿MI Ihq TnJst•Os lo w•p•r• •l*tsm•nts for oKh lmanc￿l y•*, Ufth ¢ony•ny l•v. Tfustoes musl nol approve Iht fin•ncwl 91&te￿￿nts unlegj they ore sali%fied Ihal thty glve a true and lalr Yew ol Ihe slat• ol 8ffalrs of Ihe Company arbd of rtj Incomlrw iesoutctss ar4)IKailrm of resouic•s, Incwmg rts •ThJ exwndlllK•, ts Ihal ptrlod In thew fin*no￿ >ta1pm￿l¥. th• Tn*•g raquThl t¢ ••l•ct p*t•i Wbd th¢n apdy them C￿¥191enlly, obwve Itt• methods and prlncipkn ol Ihe Charitth SOFIP IFRS 1021, iuthJerrKnts and 4ccounbng e%iimates thal •re pwthnt, Itsle whelhw BpF￿.cob1V IJK Ac￿￿n1$n9 Si8nQwds IFRS 1021 L￿￿ lo11￿￿￿4, wlycl lo ￿Y mal•n•l dwaiturM dlsclo&od afid o¥Fl•n•O In the fffl•rwl ¥WorrnJnti. pjn) the fin8nci•l Itslen￿l¥ on lh• Gwcem bA•& ur*• wi1pryo￿ lo &Yfj•unw thal th• Comp•ny conbnuv m kw$ino$3. The Trustees are r•sponsIb￿ for malntalnmg proper accotsnllng roccrfos that •r• gull￿•￿1 10 6how and •yplal Ihe Comp•nYs tran8aCtYM and dlxlojo with r¢•sonabl• accuw •t ony bme Ihe fin￿nG￿l poyljon ol Ihe Company and enable Ihem io ertsure Ihal the flnBnual slat*ments compty ¥*th Iho CcAnpanlt5 Acl 20C￿ Thty I•0 fr45[￿￿*ble lor salegu•Jding tho gswI8 of th• Compwy ar￿ ￿rIca for ieawi•bkn gl•p• for lh• Approb*O lry onler ol Ihe ol Ixwnl a¢ TNJtw¥ •wffjd on ItB behdl by, illrtln 42 laullln Tiuslee AnllK>ny Trusltre P4• 12 THE LAKE LXSTrKT CALVERT TRUST IA n* •ypendrture for Il* ye•r then •ndod, Pf8cl*•, arKI hav• b••n w*pw*J h •cerytta￿ lh• r￿￿M￿nIs of Ilw Cowl•• Act 2iYX 8••l• lor oplnl( W• eondu¢thl ow wdrt In 0curdw￿ vffjth InlernJtlDn•l StJndafd• on Audthig IUKI IISAI IUKTrI ￿ oppltabl Im¥ Ouf rè•ikiri$its11llts undef Ihogo slJntt•idg •re lurtbw dèJ¢ribed In lh• Audrto¢• r¢•pM&ibllities lof I￿￿ •udil ol the ItnarK41 $18tenwnts sectron cl oui fepjrt We are Irbdependenl ol Ihe company In Kcordan¢ Ilie ethical requMorn•nls thai w• T•5￿￿nI to OUT ￿drt of sialemenlg in Iht Unrted Km9dom, lh• FM•ncI￿ R•wrnng Counol'j Ethicd Slandwd, and w• lulNl•d ther elhi￿1 rffipJn6ltslllb• kn oCwrd￿e• wth Ihoso r•quirnm•nts. We bolMMI th•1 outhl •Md•r#* wo obl•ffj•O I• ¥uffic*nl ¥propriw¢ lo Pfowd• J ba•1¥ IN OUT oplftbn C•)nclu•loD• Y•Wln9 to ¢on¢•m In audliing ihe fvi•nad slalementy. h•v• ￿n£*￿thd Ihal I*￿ Trust¢w' of I￿ gom9 tw• xounwry In Il* prep•rallon of Trnarthl slal•fftints Is •wopnal•. 84•qd Mi h•¥• porttyn¥d, h•¥0 nol ￿*nIl￿d ary m•10￿1 unc•rt•inty•• f•lallrbg lo •vDnl¥ C￿￿11￿)￿• Ihol, iTrdi¥idua#y or collectN•ty. m•y c•s1 doubt ￿ the th•rithbl• company'8 8bdlty lo conbnu6 0$ a golryi cmcem per￿a ol at lust Iw?Ive month• from whon tho bn•no41 bla1•n￿nt% ar Ow M•wnllt4l￿￿ •v*Y lh• rn•FttMibditlM ol th to c￿￿(￿n Dr• deKthd m the r*4wl 9ocl*ons ol thls rewi Page 13 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 in1￿matt￿ ￿thd6d In Iho arwual mport, InclLbding the tru*tee•' rewt. othef th￿ Ihe Ilnanclol statements and our audrtofs reixxl thernon. rhe TnJ8tsè8 ai• IW￿81ble llw the other InfMnatw ¢ontaIr￿￿ ¥￿thIn the Annual iep(rt Our opin￿￿ ￿ Ihe it41em￿lI 0￿• ￿t oover the oih¢r Informat￿1 Ènd, eKeepl lo the emlenl otherwse BY¢￿Ie￿Y staled In Ouf r•pJrt. we do nol exprnss ary fom ol •ssurwKo condU￿¢D IhffiDon Our rwon*kxlily M tD the oltter Inlornallon WKI, kn +knng yo, cDnsMtsr wheihef the other infomw¢JDn 4 mplerijlly mconystenl w11h rhe fin￿tIo18￿1ement5 c* our kntr*ledge obtained lh• ol the Jtsdrt. (* olherwLse Jppew5 10 be Mat•￿ty mi*$1Alod 11 w• )dtnllty suc* molor￿1 mcoD>l*eftcies (w apparent mater￿• miS$talery￿fit1. •re requwed to tJeiefn*ne whether thr4 9lveJ nse to rnalen81 mrnstalem•ni m Ihe Nnancia slaieff*nt• th•M•el￿O If. basuo on lfi• w• hwo wrformed. Y conclude tlwi Ihere Is 4 rn•tenal mi$stBlemv.nl ot thm othr In1￿motI￿. 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• wr*k 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 ii*emeM• pMpar•d ￿ cony¥l•nl with the IinarKkryl $I41wn￿rS. arml Ch•¢¥ State￿￿nI 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¥￿0￿mOn1 olthned In the rse of authl, W•KI have n(A ￿e￿il[led fflJltn•l rm5Staleff￿lj In iho Cha￿re• ol Iius1¢•1' r•munerntiM spe￿￿ed ty I￿ are not rn￿&. ex Ihe fin￿￿81 sl&temen15 In Jgreefflenl Wllh Ihe aGcounlmg recordj and ty we hove nol recthvpd all the mfDrm&Doll and èxplanat1￿11 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￿, •xempl￿n• 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• •xp*wwd 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 com￿r￿ INWI we 1•spon￿le IDr I pr•p•rnts￿ ol financlal stalemenlj and for bwg Mlisfied tlwt Ihty give 8 1rue a￿1 Iwr view, and ouc tefnal control as tho Truslte• (lélornwn• t• nec••sary 1¢ enable th¢ W•PO4rallon of frn•nu418talen*nEs thal En Ir•e frun mjlerw WdSgt*l, *hh•th¢r io frwd or ¢ry(ff, In prepanng the fiMD(3•11IatwTh￿11. th• Tn1•t￿l w• lor lh• (Jwrt•bl• compty• ID ccffjiinu• 45 a gtyng corKern. dlsthslng. as ap{￿'cal￿o. malleis f•laled 10 9omo con¢•rn and u￿fig 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* Th*p￿91b111ttrt lor th• •udli ol th• Iln4n¢W •14l•m•nts Our otyedlweg we lo ot>ibln realonhble a*gurance about ¥h*lhtr Ihe stalernents 05 a wholè are free Inyn malenal nvsststeli￿rt. due lo fraud or offt)r. and an Audrtorf$ Ih•l mclud¢8 our opnlon Re￿)n￿tIle 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¢kn*ng Iraud, arn in•t•r￿S ol wth kn And rngLkn W• d•swn proc￿lumB line wth tyjr itspon*bAiiies. oulkn•d atx)Y•. to d•t¢cl molfJr41 mi$slalemenl¥ In respecl of irr•gu￿n￿•O. 1nc1tsd￿g fraud, Th• exlml to ¢x¥ proGedures gre gl dele£tsng Irul o delrJkl bc4kn Ow I￿art Proc￿lU￿b wef? d•bwi•d lo rnSp￿d lo those Id￿tIll•d n¥k•. ffj¢hJthng Iw¥ iegul•bw$ lir1e9￿￿tilthl fraud Ih•l •Te lo ttr* fmnck•l ¥Wem￿ll Ow autht W0¢•[￿r￿ ￿￿ded t￿1 lfftil•d lo. DI￿￿￿51n0 wilh Ihe Tru•tev MMggem•nt cor￿l￿r￿ wth Iws and r•9ulalions C￿n￿nI¢Str￿g Klèntrhe(I I&*• WKI le9U￿￿# lh¢wqh￿l t￿r •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 regulabc￿l. IrKluding Our oudll lo fvwd tr￿0•d l*rnt•d lo,, ol the TnJ•t••S ManHg•nwnt +Jn *thett￿l th•y kno*l•d9• ol any *Jhthl, S&￿¢1•d or BIIv901l tr•ud. 'scusslng affl￿9$1 the ongagemenl t•gm the rt6ks ol Iraud. abid G•iThng M unOeThtsrbding ol ihe vilwnol contruls e%￿bIl¥bod to rt•*s rn￿1•d kn Irn￿l Addr•sww lh• fiqls ol trgud thfough manag•mnl (werrlde ol contrd• trrf ￿uma1 enlry t491kn9 W• *• noe fty d•l•ctrg frjud AFKI pre¥wrthig nc¥K¥Jrryhw>ce and unnol b• •xwtsJ to deleci all frJLid and I￿<0￿￿11•D￿ wmlh [41 and rtgulal1￿8 Th• Pfbmory rosp)nthlhdlty lof th• pr•vJnlth and del•cbon ol Irreg￿e￿ie5 Ir￿UdIng traud re•ts boih the TNstees wd Management As vn1h ary auort. Iher• remJir•trd o nsk ol Dc￿401￿ctl￿ ol +rreoulanl)os #s m•y mvdvv colt10￿n, loryory. mlenuonal omissions. •••ntstsco￿ or Ihe ovemd¢ ol Intem4 A lurthw d•scr•on ol ow f•¥mthiltyes lor thè of Iho bx•lod Firiw*ial AUthi￿$ 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 n*de •ol•ty lo lh• chwlt•bl• ¢Mipany'• rrnft*w•, M • body, In •c¢(Ydarhce Ch8plor 3 01 Pwl 16 01 the cOm￿ni￿ Acl 2(JIX. 414th1 Work hag bBen undertalt•n w Ihal mluhl 5ts1e lo the c1W￿l•b c¢yrpanys members those mattet5 requlred to Btale ￿ Ihém Ln AudilN'• 11p￿1 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 c￿Y and Ill M•m1￿•. u • IW. ts our aLKlIl wcrfk, for IhL• opThDn• have for￿￿d. & u)QLAE Allson W•llon 8Sc FCA {S•nlor Stllulory Audllorl For and on L￿h￿l* ol David Aifen. Ch￿￿e0 Accoun￿1* •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: DO￿1￿ •NI1lYJ￿o1 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$tments 189,308 (802,943) W•1 In¢om•ll•xp•ndllur•> 189,308 1192.3•71 1370.8511 192.397 1101.343) fT98 643) 21 N•1 mov•m•nl In fund• (J,0891 1171.2641 1111.3431 98,843) R•¢ohclllatlon ol fvTrd•'. Total Ilmds brwglyl for# Not mov•n*rt m ¢yf*J• 126.738 lJ.0891 3.840.011 11782641 3.966,779 1111.3431 4. 765 422 fT98,IY43) Tol41 Gwrl•d forwwd 21 123.149 3.6d1,717 3.9dO, 779 T1￿ SWm•nl ol fin•nci•t xlMts•s mthJdo• IU •MI loM•* r•cCqThs￿ m the Al •Trd The ¥18iemonl of ￿1¥111￿8 atso wilh lh• rnqwom•nt• lry ￿ Ir￿)￿4 expend￿re K£cwrt und•r th• Companlos Act 20L The notm an pa&*¥ 22 19 48 f(*m pwt ol fin￿¢￿41 ¥talem¢nl& Pw18 THE LAKE DISTRICT CALVERT TRUST IA ch•flL*bl• eofflp•ny Ilmlt•d by gu•r•nl••) REGISTERED NUM8eK' 01240160 8ALANCE SHEET AS AT 30 NOVEMBER 2028 202S 2024 Flx•d •4••ts Tangltd• 4i•e 16 16 J.S91.411 724,714 4.452,94 4.310.126 4.452, 948 Sltxkj D*1 C••h •1 b•n* •nd In h￿d 17 10.832 18,125 Z46.763 10,188 159.92T 189.916 J44,520 340, 031 Ci•dll(Th fdkng du• *thln o 19 lJ91.6921 1342.6711 ¢urT•nl I1￿1￿1•• 147,1721 rd.6401 T¢A¥l ••Mt• curr•nt Il•blllll•q 42U,•53 4,430.308 Cr•drtDrs. amount• falkng du• •ft•r rrw than year 20 1483,S171 (483,529) T¢)tsl nèl ••••ts 3.785.438 3 966. 779 Phge 19 TIIE LAKE DISTRICT CALVERT TRUST IA ¢h•rtlabl• ¢omp•ny Ilmli•d by gu4rnntM) REGISTEREO NUMBER: 01240160 8ALANCE SHeeT {CONTINUEDI AS AT JO NOVEMBER 2026 2D2S 2024 W*X• Ch•ffty lund• R•alricAed funds Unr••trt(l•é knd• 21 123.641 126, 738 D•¥lunat•d 21 21 21 4.019￿37 240,SQ4 {04J,6J41 4, 2a3, 121 2414, 1 la 1807,20J) (3qnw* frJnd• T￿￿1 ￿1￿Irthd lun 21 J.641,787 3.840. Q41 Totsl lund• 5.785,434 3 P88. 779 Th• Triffjl••• •d(Thr￿l￿oI i•wJnwtslilleg lot lh• rwwr•Trxn16 01 lh• Acl 20C with fo•Mid lo Kojunikng Ind Wep•rnIk￿ ol finwcl•l •la1•m￿lI. Th• fift￿CIal it•l•m¢nii h*￿ b•￿ pr•p•r•d kn acc￿1¥￿• with the p￿Ik￿• oppk•l>￿ lo to Th• slalern￿ ¥rnrn apwov•d And ￿￿￿￿$•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 ￿t￿MontI. 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 Pu￿h￿• ¢1 knigibl• Ilx•d Purthmfr ol m¥￿trn•n PTIK•ods (>n thsFK)8pI ol in¥￿I￿nts 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•¢d￿1r0p￿ym•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$1￿1 Cth•rt Twsi rf • than18b￿ compony Imileé by guarnnl•e i￿rporated In Enyland •nd Wales ond consequenlty does hwe Shore Captsl Exh ol Ih8 rnernbws ts ￿at￿¢ lo COntrt￿Le an amounl nDI exc•vding £10 ILwrds the assets of ch￿ty 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 CfoMlhw*lo 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 docum￿1. the Companles Acl 20￿ FRS 102 'Th• Fm•)oal ReportiTh9 Stjndtrtt appl￿￿10 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 R1￿mMénd&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 J*nu•ry 201¥1. Th• I￿1￿81 staltlmonts •r• prepwed In slarting, whKh tuncllonal curr•nty ol lh• tharrtgb rwny, ￿￿•1￿ry Om￿nts m th••• 1kn•nO￿ Wat•Thnts ¥• I￿￿j*d 10 lh• n•tr•￿ L The loke Disirrt Tru$1 n)ert• the rtefinitJM ol o piiblie b•n•fil entlty ijntlof FRS 102 A58els •nd hablltl*i ar• mlwolly rocognised al h15torKg1 c￿1 u ITBnBactson y￿ue unless Iplhm¥i•e ffj lh¢ rnlevanl •cctyJntsng pdlc stai•mw)lJ ha¥• b••n pr¥)ar•d ￿d￿r lh• hl•lorul CMI c8• lh• Cthert ReconneC1￿n$ serrte a•, unlorturi4lety. Iliere unc•M•nty regarding the ab*hty 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 Reconllec1￿s Ihe Tr￿1 hfft* gon• Ihrough • of ¢onsolld8tWi. h has rts orwi8obon arbd Is now ftyJJ•ed eore Cofvgff Lakm and Stat4•s gerv ￿)0￿ng to iobudd both ￿$h and rel•Tr8s In ordef lo prowrjo Ibe TN8ie*s •ufficionl OVldenc• lo w￿L￿t Iho risk a8s•o•rnenl viabthty Conf¥mallo￿l detailed thanoal foTrca61s have be *￿tr￿led *xrt until yoar 8r*dmg 30 NcNernbw 2027 Pwform•nce fft 6•ty 2026 th bro4dly m kn• The TryMI r•m•lns ihwklul lor ihe conlm(Kd iupwl from w¢rou$ 1•9w ￿ftty •nd su￿￿1•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 I￿all1Thu £503.517 th*+ich pr¢)vtth• an 811efnattve ol lunds untd th• Tnffjte￿ hav• uTrJ•rlthen • ic•n4M ￿l￿n9 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 organisa￿On h•y acce￿ Io adaqLsale i•SOUfCeJ to opernte wthout dm1up￿D 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 Slakr￿n15, P•oe 23 THE LAKE DISTRICT CALVERT TRUST (A thartlable ￿m￿nY 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 th*1 Incotrn ¥ donaiion¥ •rn reco9nMod ￿ r*celpL Cxher donaDon* •re recognlmd onc¢ tr*e f*•nlable mpany has b•en nO￿f￿d of th* don¥ty￿. unl895 p•rforman¢x O)ndlllrm￿ requffe d•lerral ol the •mcMJni Income lax roc0verab￿ in rehih>n to don8￿nI r•c¢ived wdef Gift Ajd ty deeds ol coven4nt l• irKo9n•wJ 81 lh• of lh• dcffl*Jon. L•gaclu ara recognimd on rnc•lpl *y ￿h•￿Se il trbe C￿anY has r￿ffied of an knpendirJ9 d￿tribUll0n tho arnoLml Is kn¢y*m. &Yl r•(*lpl is •xp•ct•d.11 it* aN￿unt i• nol *n¢r4m, gacy 18 IreAled 09 o cryilweni a%J•l. Grnnls ve r¢coqTr•ed the chwty h•• •n ￿tri$8M¢nI ID the lunds •ny Ilnkeil lo the grants have bD•n mei wh￿re Peflormance condits(￿S are ailacl*d iu th• grnnl and #np yet lo be mel, Ihe inwm• ￿ f•oogTh•od M • and wKluded M th• •h•al ￿ d¢fefr•d r•leAyod. Gmmrnnl grants we r•copr￿Sed arml measured al Ihe tslr vak*• of the asbel le￿1￿0d oi f•coNiblt Gfanls 8fe ¢I￿sIned al ether to r•v•fi￿ or to assets lkni$ rel8bng lo we recogniwl ￿ Incorne o¥ef me perlc*l 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•L9￿9 to on Sei i• delefrrA It 16 iecogThisLNI M deleried IncorT Inc¢Th Irorn o*bwll•blè l• rncopTri••d ith• entthmert lo IM Inc(¥rn. obablo ihgt Ilw iiicorr* WIM be lpGel¥￿ and Ihe amount gl ihe incon* I￿￿abl￿ w be n*aBur￿l 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• n*owred Tg1i•. Inl•fii•l on fundi hold ￿ d¢powl M 1￿c￿￿ed when Tvcfjvat4e and ihe omounl can be ffl8aswvd bly ty th• ch•nty DI¥Klend¥ r•colln1￿d orKe the d•dartd •nd Ihe fighl lo rntyvtr p•ymenl h•J bèen eslabltshed 2A Ex￿ndli￿rI Eypertyditure rn rncog1￿￿ Mce thefe ￿ a loga or c￿￿rUt￿¥8 obligthon to transler ocor￿mIe ￿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 * das*1￿ 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 undertak￿9 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 appo￿0￿￿tt 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 IncLw￿I kn trr4Jry •Gbvths Iha¢ faffj• tur￿•. Chjnlable exper￿1￿10 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 nw*u•ry to JuppNI Ilbtrm, Support oo*• Include ¢Mlrnl luncElon• •nd hav¢ •ll0C4￿ lo acIl￿ty co•t on • b• con818l•nl wllh Ihtr ol r••ou1￿•, fDr •Kar￿le, sljff ¢tKts ty lh• Ilm• sp￿1 and oll oo•ts * Ih•ir usa9• Governanco costl IrKlwJo th• co•ts otlftbutablo to It• chanly's C4)r￿h￿￿e wrth c￿￿￿11￿110￿￿l Jrwj 6tatUl(YV fequwern￿1s. 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•l￿I Inlor••l on lufid• h•kl ¢)n l• ￿l￿d•d whon rnc•Ivat￿ and th• omounl b• m#￿1•d reliabty by the COmp￿y, Ihis IN normBlly upon nr)trfullon ol Ihv Inlotrt pald c* by lh• Insts￿r￿M 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• F￿￿c0 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•￿1v￿d 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 o*chJsivety lo chw11ab￿ Wrpo￿8. 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• ass*1 c•n b• mNsw•d reli*, As$8ts un(hr e•)n•lnJci￿ are ac£ounled for ￿ e061 •nd w• nol d•w•u•lod Ih• a¢￿untI per￿d In Ihey ore broughl Into Ltx Pw26 THC LAKE DISTRICT CALVERT TRU8T IA ch•rttsbl• ¢omp•ny Imlt•d by quar•nlMI NOTES TO TTrIE FINANCIAL STATEMENTS FOII ThE YEAR ENDED 3Q NOVEMBER 20ZS untlng poN¢b•s l¢onllnu•dl 17 Tanglbl• Ih•d •nd d•w•clallon l¢onilnv•d) O•wffwllon N ¢h•ry•d •0 M lo •&x81• lh• cosl ol thtylbl• fix•d •s#ts Iw thdr ¥xlu• Dwcwllon l• on Ihe kl(yMn9 b•• Frn•hold pffjperty I￿lId￿gI . Ovvr the remwlng &f• crf the b￿b￿n9 Frevhold property Iln5t4QaknaMI - &IO% per W￿￿M strwhl *ne Leasehold wopwty It￿lIa*n9> . 0¥￿ the pwlod ol exh lem• Le8sehokS propwtsf 10-20% per slTrighi Iln• llotor vehK*s Flxlures and Mlmgs 8oBI - per annum 5trwBht bn• . 20% poi annum strwghl lJn• - IO% pgr annurn strorght hn• . Ovw th• •XF*cknI tslelKn• èl ty* •rwMI The ch8nty tr*ns a numbtr ol h(wses held for lh• uso ol customrn Th•*• ￿ trthlly ffl•Mtsrnd at ¢oJl •r5d 0gpfety4t•(l o¥w Ihe expoclfrd Iifetsme• ol l*• aTrinwl G•thi 10sJH on diwDMts d￿•M)In0a by compwlrvj th? proc••dJ lh• cary￿9 •m¢wnt are r•cogThg•d In Ihe StJlwnenl ol finanopl ocWvilJq• 2J knp•lrnwrt oe Ilx•d u••l• Ai ojch ry)rtin9 eno dale, rhe chaniaL4B compaffjy revNwn Ihe wylng 4mounlJ ol Its ￿n9&bkI 8Hel# lo doierry#ne wh•lJ)w thwe ¢1 any iTh1*4llon Ihal lho￿ asws have suff￿•d an Inwi￿rnnl lobs. 11 *tKli IndKuknQll éAMlJ. Ilie ani¢)unl ol lh• l• ••bnwlod lo d•terffdne tho •xi•nl ol k)•s111 aftyl, L• ￿V￿tM¥￿1 pmpwty InveslTh*rt WOF•Jrty, wh¥th h prDperty hold to •ndh* tr wii4 0pp￿￿1*Y￿, th lrn iecogntsed •t ¢o•t. whlch Indud•s Ihe pJrth8•• coit •ny dvecty aitribul*l• •xwrbdrfw Il ty meA4wE *r• ￿l￿ed al Ihv ltrww cl CO￿ aDd n•¢ rnthabl• ¥￿• •ft•f mDkJn9 du• I solele and 51owvrnovlry glc¢ks N•t rethDblo v4*Jo ￿ th• 8gbmaled ￿lrIg ￿*MOt•d co•ts of •nd coth lo b• I1￿Tryd In m•kelmg 5o1kn9 ond dt4tnbub¢)n. 111 D•blorn ordinary cours¢ ol bu$ln• Trnde •M Mcogffilmd ot Ihe tr￿n￿l￿on wlc• They ar• 8t amor1tsed cost uwng efferli¥e 1rnteffj￿ meihcxl, le68 pn)vis￿n IDr unpaFrmenl A wslon lor Ihe fmenl ol Irxdo d•bton Is eJtabbshe¢J when there Is (*>lethe ev￿￿nce thal th? chwty no¢ b• at4e to cdleot am amounry due according to the or•9m￿ Wms ol Ihe receN4￿08 Page 26 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 MI￿rI1￿* ol Ihrèo months or l•M, and b•nk ovordiaft& Bank overdrafts arn ¥hMI wrfhln btyrcwings In curfenl Iiabrflties 2.13 L￿bIlAl•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 •conorr*c benefll wll bo requlr•d In seill&menl, and the ￿n￿rrf ol lh• •eIUem￿t can b• eWim•l¢d rnli•bty. L￿b•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 ffl￿t pm¥id•, Provlilons MO4￿r•0 41 th• ￿*M￿t¢ of lh* •r￿untr r¢qund lo willo th• oblwjallon V4hw• Ihe eff•￿ ol lh• lime v•lu• ol MOr￿Y 18 malèilal. the provislon ￿ batsed on lh• pr•senl valw ol Iho mountk, Ihscwnl•d yt th• p￿t￿X dI￿OU￿1 rale tho1 i•l*cls Ihe rl4*s specffj¢ lo Ihe h•billly Th• ￿n￿ndIng 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 reC*r￿d. 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 d￿01 ha6 Inwd 4xJndilthfj whiGh mubl b8 rMI Ix¥lNe lh• chaNty uncondrbon41 •ntrtlefnent, or . Paym•nts arn rnrAfv•d ￿ rAl¥￿ ol or 4pods b￿9 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 *t*n the #Iwty boc¢)n*• • pwty lo th• c￿1144*u•l ol Ihe ￿$truMe￿ Al fvnaTrxl 98*t* •nd I￿11￿9 •rn Irthly mo￿$red •1 lrnnsacwon th i*￿￿11n0 Iran￿￿ sill, •xc*pl lor those nn4nci818ssel$ clas&fi•J as 01 Iwr vakn Ihrough prohi or l(w. ¥knl¢h org Inrt￿1ty ry*asufèd •1 l•ir Vall￿ l**lch ih? tran•x*¢)n ¢Drt%). unless Ihe affange￿nI consbtules o tr4n5adion. FinanuBI 4s0•tr halM'kn¥• are offsel In the stalemwrt ol lknw¢Jal when. arml t*hen 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 T*h•n al lh• eonirnclull rwits to Ihe cash Irom Ihe fin4ncl81 awl ¢xp•i• rx s¢tty*d. 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 trwn*rnhip. 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•blll*S wb•èqueDty m•••uMd •t th• oi ￿h￿r conthley￿0 FIX￿ •Mql IDv••lrMDls ale Jrmj •rth•vKe *4h lh• •x￿￿11nll 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* •nilkn￿nl r• r•c¢on**O In th• P0￿d *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• t￿n￿ts neilis 117 P•n•k•n• The Company ope¢8le$ 8 definod coninbvtscNI ponBion ￿hlmo and lh• p•i•kni ch4ry9 rnwe•ents Ihe ￿n￿nIS 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 R￿tricit￿ lunds w• luntts wthich are ID be used in •¢rthanu wlh 1￿Cl￿ Irnpo￿d donw* N whith l)oen rais•d by Ihe Compan¥ purrrtjsos. Tho ol ￿lIng arwj administemg lundj are chafged ag•in8t Ihe %pe¢ific ft￿d The us• of 08¢h iestrictad lund li Mt oul In Iho n(th ID th• hn•n¢thl slalan￿15. Inv•iim•nl Incorm. g*ns •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• C￿n11t48 corryJ•nl• •rxAMthg wllrrn lh• InMth•i w• r•qulrnd to m•k• iudgrnnls, eslimales and ajgumpts￿1 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 •xper￿Tr￿ and ollwr t•clors Ihli •fo consxJ•r•d lo b• relev￿1. Aclu•l ra•ull* rn•y diff•f ftom th••• The eslimalos pssunwllons 8fe re¥￿￿￿d ￿ on ongoing bosm, R￿$1￿9 kn r￿coUntIng tsbmalés afe Tecognrfed In lh• p￿0d m ¥MIth the 08￿matell I?￿5ed whero Iho revis￿n allect6 only Ihal penod or bn the per￿d of the rewjion and ￿n0d3 where th• rfrvI8￿n affects bolh •Thd fviure Incom• Irom don•Uon• •nd l•g•¢hs R••lTkted Unmtrlcl•d lund• lund• 2025 2025 Tolal 2025 0￿*110￿1 Donations and qrfl• R•yu* gmng ca• 232.246 628.338 36,151 38.151 232,246 332.243 S64,489 Log￿￿$ 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• C*Mrt 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 ToL*l 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• c￿18 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 mgrwon￿t 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• COM￿llY 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 1￿61,781 172,821 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.$41,969 THE LAKE DISTRICT CALVERT TRUST (A ¢h•rltsbl• Com￿nY knill•d ty gu•rant••l NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 30 NOVCMBIR Z026 An•ty•l• ol •xpMdltuv• by •cttv*le• (contlnu•dl An•ty•l• of dlr•¢¢ ¢o•l• Iconilnu•dl C•ntrv Atsrt8tt Tofal lund5 2024 2024 2024 Slaff co I, T57,014 265, 363 94.480 28.494 43.476 34.658 132. 130 1.889, 750 265 363 94.409 28,494 43.476 34.858 Temporary ￿rI Stsll lia￿1n9 Ac*vbty cosls Rlrhrwj co Cmtre 4thrtTh•tratKm KNr¥nc• F•olity coli8 Prof•s6Kmal fee• LOSD w dwwl ol fix•d •1s•11 Olhor Op•r4t1(￿aI ci Unalloc*•d VAT 251.464 20. 900 3.421 54. r09 40.110 251.184 3421 10&094 40. 170 4a383 2.598 135 IY9. 121 2. 77T,258 An•ty•h of •upport co•1• C•l¥•rt Lako• 2025 Total lund• 2016 1412 22,29 114.701 193,178 21.231 141.236 22.296 114.701 193.176 21.231 Sloff tr41nl FacArty costs Un4k¢ol•d VAT 492,64a 492.fAQ THE LAKE OISTRICT CALVERT Trusr IA ¢h•rtt•bl• ¢omp4ny Ilrnlt￿ by 9u•r•nlo•1 NOTES TO ThE FINANCIAL STATEME14TS FOR THE YEAR ENDED 30 NOVEMBER 202S Anafy•l• ot •xp•fidlluM ty advltl•• {contlnu•d) An•ly•ts d •upport co•ls {conilnu•d) Total lun( 2024 L•k&s 2024 S￿ff ooglB Sl8ff tra￿n9 Céntr• •dmml*allon Insurnr*a FathlMy c4JS Un*K8t•d rnrnv•rnbl• VAT 184.884 7. 740 101.809 195.380 23.Oa2 184 884 T. 740 lof 809 195.380 23.082 512.895 512.895 Included th>ve •fft 99Vernin￿ ¢4111 WTwnllw to £22,121 QTr24 . £20,800) relats to •udrt •rKI managemerrt accountsnfs I￿• 10. Audltorf• v•mun•i•tk 2025 2024 Feel payable lo the CMp•ty• •udllN tr wdlt ol the Comwl• ￿fiu￿ accoLml• 6.300 Oth¢r lo•$ to m•nagvrnnl •cCoUnt￿lI. 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 s*f Sotsgl M¢urity C￿1% 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•M￿n•t￿)n P￿rnIrt8 lor lou of C7.LNXI 12024 . £38.0521. Dvtails ol Ihe tieotrnenl of Ihe tsrnirwtion benehl ￿ be found In th• actOLmtstyJ pdtiv¥ Th• teMiin•1￿n bwefrt• ffi Ihe ￿•1 were lund•O Irom the cMrty• ￿￿11￿1•￿ 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$12024 . rNIu the 30 Nthomber 2￿&, totsllnq Q.155 i•Imt￿r￿j or pold d*eclly to I Tlugiee in rel•t•)n to (2024 . £495L Page 36 11 11 I I I THE LAKE DISTRICT CALVERT TRUST (A chwll•l)l• ¢omp•ny Ilmll•d ty guw•nl••l NOTES TO THE FThIANCIAL gTATEhlENTS VOR THE YEAR EPIDED JO NOVEMOEfl 202$ IS. T•nglbl• Ilx•d ••••l• {¢on¢lnu•dl Thfr Mi boDk valuo al fr••ttold l•nd bu4dlng• Iwbd wvj ljuilthngs In¥t￿lI( Th• Trusl ¢xxupi•s a Iro•hrAd property near KtswicK Curt*l•. Littl& Crouthwwie. 109ether *llh freehokl propetyes Bl (Yd Windebrowe. werp 4xigin4Oy Acqund by wty ol a g￿er(xjS glfl vrt)en th* TNil ¥fdS lound•d VarK￿l pffjperneS, when u4fl•d. were •¢Jblecl to r•strbc￿￿S requlrry thal they ar• lo l)0 used by a chwily l¢y the btsnefii ol dt90￿d 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 pt*opÈ•. 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 I￿911￿8 fix¢d •g••ts Had IhM• b•en m￿SUred •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 l￿d and pirt ¢Jn IM••hdd Ibxl 11 l• wac)c*Jkn •ltr•bul4 the b￿ld tu eadi pwcel L>1 and Ilie co&ts InCIL￿ed 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(XnJI￿ry Squ¥e London WC1 B 4SE A by H(vM• C¢>nYwnlty Agwcy, C•ntre Pa￿. WwnngI￿. Ch•i*Hi•. WAI 1XB *xpi*d 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• ¥B￿at￿n Ai the balanc• dllle The InJ51ee6 consider th¢ ￿￿OlOnC e&limal¢ lo fem•in roasonèljle and Oo nor bdltye Ihal Ihe e*pon•• of an tspd*•d pots8￿OnI1 •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 TI￿le debiois Oih•r dolrtc Prnp•ym•nts 20,M• 11.000 14.551 93. 165 52,211 8.120 159,927 Other wKlwlo•11gK*s 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 T￿le 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 D￿rnber R••cwrces deleffed dunng the yeaf Amounts r￿4¢￿ 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•>in￿l du• 18 M•rch 2027, Inleiem 1$ chaiged al a rato bgys. Th• 'Other lo•n' h pw1ty Irom The C Scou Ch*fjl¥Jl• Trusl li •n unwcurnd, c •1rnn9en￿nt 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•¥a￿al*lln 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 Roll￿100 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 do*nJte lund8 lo fDf idenIff￿ wolecl¥ Ihol ore corwdered above arKI beyMd nomwl opeTabonal eX￿￿j11Urtr Th• rogery• nom7alty be lunded through ur￿￿￿e¢l￿￿ ￿l￿dIal, 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•tr*t) Tho Ytdopendent chonty r•w• tur#a• lor PUfpO•￿ gpoof*d 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 p*1 ol W4leglc Pl￿￿1n? 2023 Research ond cwiu1tal￿n wth our ¥￿1¢￿5 Klonbfwd 0￿￿tUni￿*$ 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$UTO tho Twwt ¢*ythnue 10 meét tht need% ol Ils beneliclarles golry lorwards wllh qmphast¥ on •nsurlng Calv•rt Lakn• and Colwrt S￿bI￿ continuu to th• Iofms ol ae(*JwbiMy Mf•ty *nd ol ￿c￿lI￿A• •ththtumu• ojtdoor •ctivilI￿. Hwng l••sltslrty •nd d•¥oWm•rt Lknng 2023 Iho Tnjsi dthod • rn4 fvnd(3￿nq appeal ￿ a fesuli ol the clDSure ol Calven R•C￿￿e¢￿0n1 subs•quenl restruclurffjg. Lwkjng thead mo thgl VAI i•cornmeiice copitol developwnents al Cafvert L4k and Calv•rt siatJle8 Ihal the fea51bdity costs wiil be rawnt￿rned u part ol lundrwsmg acll¥ity TN•¢•••' Contlng•n¢y R•••r¥• The Injslees congder thal reservei Jhould be ￿de to cow unin¥w3ble ¢onlm9encth luch fvndrnising 6hortlalls oi losses 1•8ulllng fiom havmg to lempcKwity Ihe Cglveil L8kv$ N C*vwt Stats￿5 centres lor unforeseeablts foason$ AJ a r•GuII ol Ihe conbnuing recovery from the CQWD cn*i, lh• tnVtrSb7￿iE 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 C￿1￿ere0 the tm•voNl•ble cost• ol lh• 6 month enfcrfced cloSUfe ol of lh• TfuBI's ceTrtr•s Ihe Vthe of lh8 c￿￿ngencY 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 or*rntlonal 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 En*bllnq Adv•nluv• Fund Th? tDJslees' pdlcy is, as lai ats powbkn. lo make chwgos to our ¥1￿10￿$ Ihal ren•d tr*b cost of iunnlr our CrI￿rt Lak*s 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 Q1he￿i)e Dot b• •Y• lo all￿d 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￿￿ tv*ard* quahfyini oxwr)d*Jr• nol pivwttad as dlr•cl •XPDndttur•. 41 c¢)ntrth￿DnS 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• DIsts￿l 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 D0￿m0￿, 2023 Trnnjlors I (Lo55•sP Inc4%M E¥wndttur• X124 R••trlct•d lund• En*Jkn9 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,$87J 1124,228) 126. 738 T￿*1 of fvnd• 4.76&422 2, 625. f49 (3,428, 0921 3.POO 779 Psbue 44 THE LAKE DISTRICT CALVERT TRUST IA ch•rliAbl• ¢¢)mp•ny Ilmll•d by gU•Vant••) NOTES TO THE FINANCIAL STATEUENT3 FOR THE YEAR ENDED JO NOVEMBER 2025 21 A￿1￿1* ol n•1 u*•l• b•lw••n lund• Analysh of n•t •s••t• b•I￿n lund• . ¢urrnnt y••f R••irfctod Unrmtrtctsd lund• lund• 2026 2025 Trf41 lund• 2025 3,S91.411 724 714 220.871 1391,6921 1483,5171 3.51*1,411 724.714 344,520 lJg1.692 1483.517) In¥tr&lmml prowty Cwfenl Credilw d4* *fftln frn >*ar CT•dlDf• m n￿1* y•ar 123,049 T￿&1 123.649 3.861,787 3,785,431 Induded Tth unfestrlcled lund¥ l• £4 310,421 01 knnds. Wl b•1￿￿ £4.316,125 T*rfhln fix•d •i••lJ and1£5, 7041 held wiihin cuffenl wels An•ty•l• ol n•t ••••ts b•lw••n lund• . prfor y TLxal fiindj 2024 m(ts 2024 2024 4,452948 12Y.01 I 213.020 12731 (342.398J 1403.529) 4 452,948 340,031 {342,6711 (483.529) Crndlorn *llhln ONI y••r CrvdilN• duv kn ffl0￿ ¢n• yow To¢•1 120. 738 3.849.041 3,960. TT9 Inthd•d wrthkn lunds M £4.447,244 01 0￿1￿￿91ed fvnd•. •plii lJ•iw•w £4.152.948 h•ld Ihin Ilx•d 81•0ty *Kt1É5,7041 h•ld Wlthm curr•nl as￿1 Page 45 THE LAKE OISTRICT CALVERT TRUST IA ¢h•¢li•bl• ¢gmp•ny Iml¢•d by gu•i•nt•o1 NOTES TO THe FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2026 R•¢onclll•tlon ol n•t fflov•m•nl ts) lund• to Iwl cajh Ilow •Ctl¥lll 2028 2024 N•t •xp•ndrtur• for the yew {M pff Sla1•m￿l ol FwwKial 1181,3431 98.643J AdJts¥tmwt• for". Deprecialion chary 237.171 (42,253 14,6351 {444 71.102 lJ,682 3S.J39 203.383 ¢12.08lJ 3.421 1780 178406 ¢Jt.8Tg1 155.207) IPTofrt)1loM on sale ol fi*￿1 D•¢>t•fj&lincTe8J•l m ¥tL*k• Deue•se In debto jrbcrea￿1ltYoUQa$op th ryvdllorn *r￿rea￿lIa•￿•eSol m delen•d Inc N•1 cmh prnvbd•d by11￿•d Inl op•v•tlng •¢11￿11•¥ 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￿ oJntrIbui￿n per•￿￿ ¥*wne for ￿ qu•itying Th• J1¥ ol lh• 8ch•me ar• h¢hJ wwthly from th0￿ ol tho oompany 1rK1•p￿de￿tty •dminl*w•d Th¢ ch•p t> profft •rKI IDU In def#)•d c(ffi1nbu￿Th £51,877 12024 . £101.415} C4)ntrlbullrmg tolattmo £13.14711024- £6.782) w•r• pay&bl• lo the IIWKI •1 th• b•lwK• It￿1 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￿. 202S 2024 Nol lat•r Ihan on¢ ye•r Laler than one nol l•t•f Ihan fm Lalei than five ye 70,0120 280,000 30J,333 Tol*l IS3.333 TrAal C£￿￿￿onI r•nts rnwinlmd as wrt £37,917 (2024 - nll The 1&8se ayrvem￿l c(fftmenc•d M P and co4wJ rhe penod up kn 8 WI 2035, Tho rngtrictl th• ol lh• pwowrty lo Olfi￿5. •ducatw and tr•nin9 with Plew RelIe￿On8 Lsmiied ¢*owi du• lo thtrr worfrf prDvid*rnJ ed{•￿IK)n tor chiklfm wrth rNs8bilitsoJ. As the wopeny cMIKtUts• ￿ bj uwd In e wth the Tnr5ts charrtablg obieclwes The tsnanl Is resp￿￿ble for utslikne&, business rotes 4￿j lh• lemal and ma￿1¢￿0ncO ol lh• prop•rty, wh1& the kndlNd relains re¥)onwtsllty lor thwring the IMJ&llng The contws standard prO¥Ly￿s warthr4J alterallons Isubitct trj 18nd&yd coffl8enll, Ly*npliance g18tulory requirermnls, and ryhls ol ac￿8$ lor In&F*Ction and maint*nan￿ No o)nbng•ni r•nls or Pufchase optKnG 8pply undef the agrnern￿L R¢ntal Inc(¥ne ger￿￿1¢d w￿1 be u¥ed furlt*r Ihe otyctrm• of ihe Lhke Dislnd C•lvert TnJ81 P•g¢ 47 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 Tn￿1••0 An &ggregBleu t￿￿1 ol £1 134 12024 - £747) don￿￿4 wwe m•(l• trj lh• ¢thwrt•bl• ciwnyny th• y•w fr¢m ITh￿1••1. I1￿* thn•l￿nI w•r• PD¥klod C4xKlhloM atlachd. Th• Frl•nd• pl th• CAlv•rt Tr￿1 (Lik• DlstA¢ll The chall￿tI8 CLMnp•ny 1$ Imioe C*f Ihe ¥l)ove thwliy •rMI dl￿n9 th* yew Th* Fnends 01 the Calvwt Trus1 ILak• Dt•lrKII Pfo¥h￿ d(fftatK￿5 and kngxy In￿Me 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•c*Jied, Int¢f•¥l fr•e arr•ry•merbtJ f•p•y*l• orn d•rMi￿. Ai th• b•lww •htt•l d4t• lh• thJ• Tru91￿8 wo• £85,0￿[2024 - £65 0001 Pago 48