Lake District Music Limited (A company limited by guarantee) Annual Report and Financial Statements 30 September 2024 Company Yegistration number 01887957 Charity registration number: 516350 dOdd&co
Lake District Music Limited Contents Reference and Administrative Details TnEtees' report Tiuslees. responsibiltlies in relation to the financial stalèments Indepenthnt examiners rep)rt statement of finan(4al activib'e8 8alance sheet Notes to the financial sl*ements io
Lake Distrlct Music Limited Reference and Administfttive l)etails Charity name Lake District Music Limited Charity registration number 516350 Company registration number 01887957 Principal office Stiicklandgate House 92 Stri¢kJandgate KENDAL LAQ 4PU Registered office stricklandgate House 92 Stiicktandgate KENDAL LA9 4PU Trustees O N Bull, Chair" W H Sang. Dewty Chaiiman (resigned 16 October 2023) A R Mccooey, Honarary Treasurer" R J D Dodgson MBE M W M Rayner J Rink (resigned 12 June 2024) (resigned 22 January 2024) (resigned 12 June 2024) (resigned 31 October 2024) J Scott (resigned 7 November 2023) C Wardle JRWood H M 81air (appnted 1 October 2023) M G Hayes G M Hoadley (apFM)inted 12 December 2023) L Mileto (appointed 25 January 2024) CJsCtt (apwinted 11 September 2024) F L Stuart (appoirrted 1 October 2023) G Swallow (appointed 16 July 2024) Accountant Dodd & Co Limited FIFfEEN Ro8ehill Montgofflery Way Rosehtll Estate CARUSLE CA12RW Page 1
Lake District Music Limited Trustees, Report for the Year Ended 30 September 2024 The Trustaes (who are also directors of the charity for the purpt)8es of the Companies Act) presènt their annual report together viith the financjal statements of Lake District Music Limited (the company) for the year ended 30 September 2024. The organisation changed its name on 20 October 2023 from Lake District Summer Music Limited to Lake Distrid MlC Limited, follcAving the atxorptton of the actiyitses of The Patrons of Lake District Summer Music, which had hrtherto been a sepaiate charity. Throughout this report V therefore iefei to Lake Distrtct Music In yace of Lake District Summer Music. These financial statemer¥ts have been prewared in accordance wrlh Accounting and Rewjrting by Charities". statement of Recommended Practi applicable to chatiti.es preparing thr accounts in aceoTdance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effecaive 1 January 2019) (Chaiities SORP (FRS 102). the Financial Retxjrting Slandard applicable in the UK and Repubh'c of Irèland (FRS 102) and the Companies Ad 2006. Structurq govemance and rnanagement CONSTITUTION The company is registered as a charitatAe cornpBry limited by guarantse and wa5 Set up by a MemoTandum and Articles of Association on 15th April 1985. Registsred charity number 516350. MEfiioD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the ChItable company is the responsitAlity of the tnthes who are elected and CCpOPted under the tsrms of the Artides of knciation. All trustees give their time voluntarily and receive no benefits form the charitable company. Any expense redaimed from the charitable company is detailed in the accoun The Trustees attempt to ensure that the board of tntstees represent as wide a cross section of the local community as possible and, in particular. that the trustees have appropriate experience to assist the charitsble company wth its objec1ive& Traditional trJJsiness skius as well as music skills are well representsd thin the board of trustees. The Trustees and the Chafrnan have worked haid this year to improve the make-up and constitution of the board of truslees and welcome 6 newtruste6s to bring In the adthtional skills. Names of serving TrIlee8 during the year are disclosed on page 1 to the financid statèments. ORGANISATIONAL STRUCTURE AND DECISION MAKING Trusteè inductx>n and training Most Trusts8s are already familiar V•ryth the praclical work of the charitable company before becoming trustees. NÈW Trustees are familiarised by the Chairman and Executive Director on its WOTkJ"ng and the context %ilhin vthich t 0rateS and are given a 'Trustee Welcome Pack.. The main doujments 74vhich set out the operalional frameworkforthe Chitate company indude the Articles of Asso(xats"onv¥hith are presented at indudion. Organisational structure The Board of Tnthes meet quarterly ry1h the Ttusfs Execulive Director and the Artistic Dire(knr and are reswnsit4e for the strategic direclion and pcliues of the charitable company. Nicholas Hardisty is the ExeLviive Director. Nicholas is a violinis( holds an MPhil in musicology and joins us after SÈX years as Produth"on Coordnator of The En1$h Concert, one of the world's foremost period orchestras. Stephen Threlfall is the Artisb"c DiredoT. Stephen is a ceMis( conthrtor and creabve director numerous artistic projects. He stood d(Tr from his role as Director of M81C at Chetham's Schwl of Music in 2019 after 24 years during which the school prospeied and developed under his musical guidance. commitment to the students. and ID Ihe widef musical community. Bookkeetxng sepiices were provided by Dixon & Gibts Lld and latterfy 1311 Rees. Governance The Trustse8 follow th8 Charity Commission's G(M)d Governance guidelines and the Essential Trustee and carry out regular govemance reviews follUryng Lake District Musid5 Governance Aclion Plan. This wiers Diversity, Board Effectiveness, Decision Making and Control and Stakeholder Mapping to name but a few of the ft)cus areas. Page 2
Lake District Music Limited Trustees. Report for the Year Ended 30 September 2024 Related Parties Insofar as it is COMeMentsry to the charitable company's objethes, the chatitable company is guided ty local and natt'on8J p)licy. POLICIES AND OBJECTIVES PurN>se and aims The Board is now actively engaged in a Stralegic Planning Process. whith is styled as Putpose, Ambition, and Plans and involves defining the companws frjndamental reason for exist'ng, what it vrants to achieve in short meithum and long terms. and detailed t4ans for achieving these aims. The first part of this process is now comp4eted- our Purpose is stated as follows.. -To Inswre & Uplrft throu Music" This is delivered by the promotion, irnprovemenl and athancement of education and entertainment of the public in music and other arts, and in particular to olganise a Swing Series of concerts and a Summer Music Festival of international excellen and recognised Stanfig. indudng the provision of support for emergng young musicrans on the cusp of their careers. Public benefit The Company brings a distinct and compelling musical focus to Cumbria's cultural heritage through events that have the power to insyre and transforrn lives and careers. Lake District Music makes accessitAe to the communities of Cumbria concerts ty worl&da8s artists who would not otherwise perfomi h8r8. The involvement of the communty itself in the festival has been a key feature of recent Festival programmeE. Lake Distiict Music also acts as Strategic Cultural Lead partner on behalf of Westmorland & Fumes8 Council, bringing together a neork of lo¢al arts organisalions and workin9 tOther to better serve their communities. We attract significant investm8nt to local businesses from Thalional and international tourists and visitots. As an integral part of our Summer Festival, masterclassès and educational projects provide young musiciarts wlth the high-quality training and public performance opportunities they need to successfully launch their careeTr. The TtU61ees confirm that they have Complied Kffjlh the duties in section 4 of the Chartties Act 2006 to have due regard to the guidance published by the Charity Commission on public benefrt. Achievements and perforniance REVIEW OF ACTIVITIES Sadly in the spring of 2024 our founder and Honorary President Renna Kellaway MBE passed away. A celebrated teacher, pianÉst and chamber musician, she founded the organisation in 1985 bringing world dass performances to Cumbria combined N%ryth training for talentsd young musicians. Both features remain Current to this day 40 years later and has left and indelible legacy not only upon local communities, but upon generations of the UK'S brightest tslents vtho now delight international audiencesfrom Nicda Benedetti and beyond. We are delighted that her piano protégé. Steven Osbome OBE, himself a regular performer and alumnus of our summer fesb'val, has been appointsd as our new PFesident in October 2024. Induilng both our spring concert series and summer feslival we OdUCed some 49 performances aosS the year. 4,500+ tickets were sold, welcoming 512 new visitors, all of whom came to watch 135 amang musicians. Amongst these were 41 emerging muSian5 vtho %%ryll continue lo be nurtured thiough our soft skn.lls lab and advocacy. 1,000 school children experienced dassical music for the fit time through our school outreach projects while 4IXJ members of the community also took part in our vanous workshoFE and performance opportunitie&. Vhile there has en a looming question mark as to the trends of audiences in the post-covid world, Trhgth SFNkes and drops in attendance acro&8 the UK v* are delighted that our au(h'ence levels have contlnued to grow and now surpass those before the pandemic. .1 commend the wovtsion of so many varied and interesting p8rforman¢88 of a much higher slandard than one might expect, in intsrting oft8n beautifvl and sp6Cta¢ular venue8. Particularty pleasing to encourage emerging talent as well as appreciating familiar artistes. Thank you.. - audience feedback Page 3
Lake District Music Limited Trustees. Report for the Year Ended 30 September 2024 Brodsky Quarte( James Peatson Jazz Trio. Jess Dandy (contralto) and Fretrrk all prove powlar vth our audience, taktng in some new venues at Cartmel Priory amongst othèr8. 2024 continued to be a blg hit for our family programming following 3 previous yeats of grovrth. fjth 10 events in Grizedale, Barrow, Windermere, and Grasmere. 2024 also featured 2 young string quartets am0Tr our emerging artrsts, all of whom Vre resident at the festival, learning from numerous masterdasses and performing both in their orignal ensembles as well as during prim&time events V#ith senior artists, gving them eX{ent profile and exposure. Planning for the 2024r25 and 2025r26 years are well under•My having also now appointed a new fulKime Matketing & Development Manager and a part time Production Coordinator tx)th in March 2025. In parlicular. the Trustees are looking fofftrd to the 401h anniversary this year. INVESTMENT POUCY AND PERFORMANCE As oullined in our reseNeS policy the charity Tetains a prudent amount of cash for short term requirements. Most of the funds held Ly the chanty are therefore for use vfithin the year of receipt With this in mind, Ihe Trustees have decided to retain cash with their bank on instant access accounts and also retain a sum on instant acces6 deposit Nvith another competitive account to ensure y take athantage of the excellent interest rates currently available. The pItiOning of these funds reviewed annually. Flnanclal rnview For the 2024 finan(#a year. a balanced budget set Voith anticipated turnover of £280,000. This 14% increasè represented an inease in aclivty v4ikh a new spring concert 8erie8, expanded schools outreach programme, and new staff costs. In th8 end the year produced turnover of £262.558 and a small deficat of £1.498 this year. Although a deficit is disappointin rtsidering the èconomic dimate, our incomefrom charitst48 activities Shov an increase of 15P/o. The areas which have not performed as well as hoped are individual g"ving, and trust & foundations sources. Both sources of income are dovffl against our budgeted return by £15.000 in total vAiich contributed t¢)wards the deficit. Support costs of our charitable activities, amounting to £86,243, were £8,000 better than budgeted. Th8 threct costs relating to our charitatde activities ¥Te £159,529 and over-ran the budget by £4,000. Whilst some areas produced cost saving5, higher venue fees and addilional box office staff have been the main reason for the increased o)sts. The resulting defiLNt of £1,498 for the financial year has been set against the Company's brought forward unrestricted reserves. The environment for fundraigng for the arts remains extremely challeng'ng and we intend to continue working with a fundraising consultantfor the foreseeable future_ Wrth the merger of our Patrons company, we hope that this will g"v& us the opportunity to re-engage Véith our many supporters and generate better t'es wth them in the future. We are extremely gateful for the generosity of the trusts, businesses, and in¢*viduals Nvho gave grants and made donations to support our work We would also like to give particular thanks lo the Patrons of Lake District Summer Music for their tireless hard work and generous suptKJrL PRINCIPAL RISKS AND UNCERTAIPITIES The T[teeS conduGt a regular review of the major risks to which the charitskle company is exwsed. Where appropriatq systems ar procedure5 have been estatAishedto mitigate the risks the charitable compary faces. Procedures ale in rAace to ensure comt4iance V¥7th Ihe hèalth and safety of staff and v¢Junteers. Th8 CharitabEe Company carries approprFate employers, and public liability insurance as well as professional indemnity insurance at an appropriate levd and directors and officerfs insurance. RISK MANAGEMENT The Board has examined the major strategic, business and operational risks that th8 company faces and has put in place procedures and systems to manage these iisks. These risks concèm mattets such as fire, hèalth and safety of students. staff and audience, data prote(#ion, succs1on Flanning. and lontrterm fvnding. Page 4
Lake District Music Limited Trustees. Report for the Year Ended 30 September 2024 RESERVES POLICY The reseNes FoliGy, which is reviewed and apwoved by the board annually, sets out an &8ses8mènt of an appropriate level of our free reseNes. The Trustees have considered the Reserves Policy as at 30th Septemter 2024. They have tsken into account all the risks that face the charity during this on90ing period of economic uncertainty. These effects may impact on our income streams and costs, and indude the challenges the charity faces in an incr8asingly compet'tive fundraising world and the likelihood that small deficats may be incurred in the 8horttsrm a8 a result The risks that we face indude the very Teal cost of livlng crisis which is restricting leisure time spend and residual uncertainty amongst some membeTr of the public following the pandemic. The Trustees also note thè troubling ne6 regaring dosur8 or withdrawal of considerabl8 funds at short notice from atts organisations, as well as consideratle uncertainty surrounolng policy changes from the new government that will affect fijnding from public bodies. Equally the pandemic has tsught us that a whole-yearfs turnover can be significantly reduced by Similar global events. Thes8 facto are especaally pertinent con8ideiing th6 majoiity of income is received in the latter part of the fingncial year (when our flagship summer festival lakes Flac88) while considerabl8 expenditure for marketing, events. artists and overheads during preparalion tthases have alreaoy been committed well in athance. The Truslee8 have ambitious pians to have a widor and greater impact on our local communities and have brought on new staff to reallse those asF4rations. However. we do acknomrtedge that 4thil8 this 18 an important Positive step foThvards, new staff numbers have increased our salary liabilitie8. Having reviewed all of these risk6 the Trustees lIeVe that our Reserves Policy must conb'nu8 to adhere to our tests of wudence. sufficÈenGy and care of our emrloyees. After due consideration, therelorè, we can report that are (xjnffident that our year- end unresricted reseNes of £125.915 rewesent a fair level for us to carry fonfiftrd into our next financial year. Small company provisions This rep)rt has been prepared In accordancewith the small companies regme under the Companies Act 2006. Approv th8 Board on 2 May 5 and signed on its behalf by: ONBull Trustee Page 5
Lake District hlusic Limited T. Responsibilities in rnlation to the Financial Statements The trustees (vtho are also d¥ectO d Lake Th'strict Music Limited for the purposes of company lawl are responsitA6 for weparing the Trustees. Annual Report and the financial statements in accordan Vth applicab16 law and the Financ4al Repo"ng Standard 102 - 'The Financial Rep)rting Standard apklicable in the UK and Republic of Ireland.. Company law reqiires the trustees to prèpare financial statements for each financial yeaT which give a true and fair view of the stste of affairs of the charTrtable company and of the incoming resources and application of resources, including income and expenditure, of the charitabie company for that period In preparing trtese financial slatements, the trustees are required to: select suitatAe aOUnting Wicies and then apply them consistentty: observe the methods and txinrAr4es in the Charilies SORP; make juthjements and estimates that are reasonable and pruden( Stste whether 8NlicaL4e UK accounling standards have been foll0vd, subiect to any material departures dl$¢lo8ed and explained in the financial statements; and prepare the finan(ial statements on the going concern basr& unless it is inapprO.?te to presume that th• charitatle company will continue in btsinè88. Th8 trustees are responsible for keey'ng proper accounling iecords that disctose with reasonale accuracy at any time the finanraal r#)sition of the charitrdble company and enable them to ensure that the financlal statements comply th the Companies Act 2006. They are also reswnsibie for safeguarding the assets of the tharitsbie company and herfor taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Page 6
Independent Examinerfs Report to the Truslees of Lake Distiict Music Limit•d I report on the accounts of the company for Ihe year ended 30 September 2024. which are 8et out on pages 8 to 21. Respecth resp¢)nsibilllies of trustees and examlner The trustees (who are also the directors of the MpanY for the purFx>ses of company law) are responsible for the prepara1ion of the accounts. The trustees consider that an audit ss not required foT this year under seclion 144(2) of the Charities Act 2011 as amended by the Charilies Act 2022 (the Act) and that an independent examinaton is neede The charity's gn)ss income exeded £250,000 and l am qualified to undertake the examirRtion by being a qualified member of the Institute of Chartered Accounlants in England and Wales. Having satisfied mysdf that the charity is not subject to at undeT Part 16 of the Companies Act 2006 and is 81igible for independent examination, it 18 my responsibilityto.. examine the accounts under section 145 of the A foll(w4 the proc8dures laid in the General Dirertions g'ven by the Charity Commi88ion und8r Sèction 145 (5> {b) (rfthe Act and state whethei particular matters have come to my attention. Basis of Independent examinefs report My examination was earri8d out in accordance with the General Direclions given by the Charity Commission. An examinalion indudes a review of the accounting records kept by the charity and a compaiison of the accounts presented vitth those Tecord& It also includes considèration of any unusual items or disdosures in the accounts, and seeking explanaliorts from you as trustees conceming any such matters. The procedures undertaken do not provide all the evmlence hat would be required in an audit and wnsequently no opinion is given as to whether thé accounts present a Irue and fair view and the report is limtied to those matters set out in the statement below. Independent examiners ststement In conneclion with my examination. no matter has corne to my attention: (1) which gves me reasonable cause to believe that in any material respectthe requirements: to keep accounling record5 in accordance with secb.on 386 of the Companies Act 2006" and to prepare accounts whith accord with the accounting recorth. comF4y with the accounts'ng requirements of sedion 396 of the Companies Act 2(KJ8 and with the methots and principl88 of the Statement of Recommended Praclice: Accounting and Rep)rting by Charities have not LEen mot., or {2) to wlich. in my opinion, attention should be draNn in order to enable a proper understsnthng of the actounts to be reached. FIFfEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Dodd & Co Limited Chartered Acc*untants 2 May 2025 Page 7
Lake District Musi¢ Limited Statement of Financial Activities (including Income and Expenditure Account ) for the Year Ended 30 September 2024 Unrestrlcted Restricted Total Funds Total Funds Funds Funds 2024 2023 Income and endowments from: Donab'ons and legacies Investments Charitsble activities Total income and endowments 90.018 3,499 85,887 179,404 83,154 173.1n 156.460 2.164 74.165 232,789 85.887 262.558 83,154 Expendlture on: Chable artivities Total exnditur6 180.902 180.902 83,154 83,154 264,056 264.056 249,785 249.785 Net movements in funds (1.498) (1.498) (16.996) Reconciliation of funds Total funds brought forward Total funds Caled forward 127.413 125,915 127.413 125.915 144.409 127.413 All of the Charity* activities derive from continuing operalion8 during the atx)ve periods. The notes on page8 10 to 21 foTm an integial part of th8se financial ststements. Page 8
Lake District Music LFmited Company rnglstration number 01887957 Balance Sheet as at 30 S&plember 2024 2023 Fixed assets TaniitAe assets 10 695 Current ass Debtors Cash at bank and in hand 11 30.905 151,881 182,786 40,332 111,790 152.122 Credltors: Amounts falling due wlthln one year 12 (57.2321 (25,404) Net current assets 125,554 126,718 Net assets 125,915 127,413 The funds of the charlty. Restrkted funds Unrestricted fvnds Unrestiicted income funds 125,915 127.413 Total charity funds For the ffinanfaal year ended 30 September 2024. the charity was entitled to exemption from audlt under sectson 477 of the Companies Act 2006. 125,915 127.413 The members have not rèquired the charity to obtain an audt of Its accounts for the year tn question in accordance with section 476 of the A(*. The directors acknowledge their responsibiliiies for comrAying wth the requirements of the Act with respect to accounting recorth and the preparation of accounts. These accounts have been wepared in accordance with the provisions applicable to mpanIeS subject to the small companies règime. Appro ty tho Board on 2 May and signed on lis behalf by". ONBull Trustee The notes on pages 10 to 21 foim an integral part of these financial statements. Page 9
Lake District Music Limited Notes to the Flnancial Statements for the Year Ended 30 September 2024 Accounting polieles Summary of significant a¢xounting policies and key accounting estimate5 The principal accounting policies applied in the pteparation of these financial statsments are set out telow. These polictes have been consistent]y apKlied to all the yearn presented, unless otherwise stated. SLitement of compllance The finanaal statements have been prepared in accordance wth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charÈlies preparing their accounts in accordance wth the Finanaal ReportFng Stsndard aPltle in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191- (Charities SORP {FRS 102)), the Financial Reporting Standard aprAicalJe in the UK and Repubiic of Ireland {FRS 1021 and the CompaniesAct2006. Basis of preparatlon The charitable company moets the defjnition of 8 PUt4ic benefit entity under FRS 102. Assets and liakn"litses are initi'ally recognised at historical cost or transaction valu6 unless otheThse statsd in the relevant accounting policy note6. Going concern These finaftctd statements have been prepared on a going concem basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significarrt doubt on the akxlity of the Charity to conts.nue as a going conrn. The trustees make this assessment in respect of a period of one year from the date of approval of the financaal statements. Fund accountlng policy Unre8tricted income fund8 are general fund5 that are availaUe for usè at the trustees. d'scretion in furtherance of the otyeraives of the charty. Furth6r details of each fund ar8 dsdosed in note 18. Page 10
Lake District Music Limited Notes to the Financial StateMts for the Year Ended 30 September 2024 Income and endowment5 Donations are recognised whèn the Charity has been notified in wrtling of both the amount and setllement date. In the event that a donation is subject to conditions that require a level of pefftirmance by the Charity before the Charity is entiued to the funds. the incorne is deferred and not re¢ognised unb'l either those conthts'ons are fully met. or the fuifilment of those con(*tions is whokly within the control of the Charity and it is probable that these conditions 111 be fulfilled in the reporting period. Legacy g.fts are re¢ognised on a case by case basis follov•ing the grant of probate when the administorlexecutor for the estate has communicated in lling tx)th the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gft teing reliatrAy measured wth a degree of reasonable accuraw arKI the trtle to the asset having been transferred to the Charity. Income from Government and other grants, whether 'caF¥tal' grants or 'revenue' grants, is recognised when the charity has entittement to the funds. any perforfflan con(ltions attached to the grants have teen met, it is prot)able that the income will be received and Ihe amount can be measured reliably and is not deferred. Where services or facrlities are provided to the Charity as a donation that would normal be purchased from our SuplerS, this benefrt is included in the financial statements at rts fair value unless tt8 fair value cannot be realiaLly measured, then at cost to the donor or the resale value of the goods that are to be sold Income from tax reclaims are included in Ihe slatem8nt of fjnancial activities at the seme time as the gift to which they relate. Invéstsnent income is recognised on a Teceivable basis. Income from charitable activiknes indudes income recognised as eamed (as the related goods or 6eTvices are provided) under contract. Expendlture Liabilities aré recognised as soon as there is a legal or con6tru¢kne olgatiOn commTtting the charity to the expenditure. AJI expenditure is accounted for on an accruals basts and has been dassified under headings that aggregate all costs relatsd trj the calegory. Charitable expendlture comprises those costs incurred by the chanty in the delivery of its activities and Servi for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to aclivty cost categories on a basis consistent with the use of resources, for example, allocating property costs ty floor areas, or per capits. staff costs ty the time spent and other costs by their usage. Taxation The Charity is considered to pass the tests set out in Paragraph 1 Sthedule 6 of the Finance Act 2010 and therefore it meets the definibon of a chantatAe company for UK corporation tax purposes. Accordiny, the Charity is potentialty ex6mpt from taxation in r8spert of income or caFNtal gains reVed within calegorie6 covered by Chapter 3 Part 11 of the Corporalion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such inoome or gains are apted exclusively to charitable purpos8S. Fixed assets Indvidual fixèd assets cost'ng £100 or more are initially recorded at cost. Page11
Lake District Music Limited Notes to the Financial Statements for the Year Ended 30 September 2024 corkinued Depreciation Depreciation is provided on tangible fixed assets so as to vfiite off the cost or valuation, less any est"mated residual valuq over their expected useful economic life as follo. Piano, stasing and office equipment 20% 8tratght line basis Trade Debtor5 Trade debtors are amounts due from customets for merchanolse sold or services perfonned in thè ordinary course 4Jf business. Trade debtors are recognised initsally at the transaction price. They are subsequently measured at amortised cost using the effective irrteresl method, less provision for impairment A provision for the impairment of trade debtors is estauished vthen there is objeGlive evidence that the Charity will not be able to collect all amounts due according to the original temis of Ihe recetvabies. Cash and Cash Equlvalents Cash and cash equNalèrrts comprise ¢ash on hand and call deposits, and other short-term highly liquid inveslments that are readily convertible to a known arnounl ol cash and are subject to an insignifi¢ant risk of chang8 in value. Liabllltles Tradè creditors are obiigations to pay for goods or services that have been acquired in the orthnary course of business from Suppliers. Accounts payat4e are classified as current liabilities if the Chanty does not hove an unconditional light, at the end of the reporling period. to defer setuement of the creditor for at least twelve months after the repjrting date. If there is an uncon(Ittonal right to defer settlement for at least twelve months after the rewrting date, they are presented as non-current liatilities. Trade creditors are recognised initially at the transact1r price and subsequently measured at amortised cost using the effecbve interest method. Operating lea5e5 Leases in which substant'ally all the risks and rerdS of oNwJership are retsined by the lessor are classified as operating leases. Rentals payatle under opera*"ng leases are charged in the Statement of Financial Activities on a straight line basis over the1&gse term. Pensions The cha¥ity operatss a defined conth'bution pension scheme. Contiibutions are charged in th8 statement of financial adivities a8 they become payatle in accordance the wles of the Bchem8. Page 12
Lake District Music Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Donations and legacies Unrestricted Restrlcted Total Funds Total Funds Funds Funds 2024 2023 Donatlons and legaclps Appeals and donations Donated services 61.918 1.000 82,918 61,918 1,000 62,918 42,310 8,200 50,510 Grants Grants 27.100 83,154 110.254 105.950 90.018 83,154 173.1n 156,460 OF the donations and legacaes income in 2023. £35.310 related to unr8Strtcted funth and £15,200 related to restiicted fund8. Investhlents Unrestricted Restrlcted Total Funds Total Funds Funds Funds 2024 2023 Interest on cash deposits 3.499 3,499 2,164 AJI of the investment income in 2023 related to unrestri(*ed funds. Charltabla actlvities Unrestrlcted Restricted Total Funds Total Funds Funds Funds 2024 2023 Chaiitable adivities 85,887 85,887 74.165 All of the incomè from charilat4e aclivilies in 2023 related lo unrestricled funds. Page 13
Lakè District Music Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Expenditure Charitable actlvities Ralslng fund5 Total 2024 Total 2023 Direct Costs Fundraising costs Artist fees and exnSeS Festsval support team Event costs Ticketing Marketing Filming Depreaation of office equipment 9.579 9,579 64,999 17,772 25,354 12,916 32,509 5.645 334 169,108 7.859 74,347 9,116 24.518 9.888 27.600 11,249 194 164,771 64,999 17.772 25,354 12.916 32,509 334 159.529 9,579 Support costs Employment costs Facilities Cost of Irustee meet'ngs Accountancy fees Independent examiners f88 Bookkeeping costs Legal and professional fees 71.225 6.821 743 1.605 7.914 359 39 85 53 255 79,139 7.180 782 1,690 1,050 5,107 68.496 7.57T 743 1.000 4.258 2,940 85.014 4,852 86,243 8.705 94,948 245,772 18,284 264,056 249,785 Of the expen(Iture in 2023, £128.635 related to unrestricted funds and £121.150 related to restricted fLsnd$. The folloryng support costs have been split as follovts: Support costs kaising Funds other Salaries and expenses Accountan 110 90% 95% Page 14
Lake District Music Limited Noles to the Financial Statements for the Year Ended 30 September 2024 Lixkinu8d Gownance costs 2024 2023 A¢¢ountsncy fees BookkeerAng costs Independent examinerfs fee Legal and professional fees Cost of trustee meetings 1,690 5.107 1.050 4.258 1,000 2.940 743 8,941 8,629 Trustees. Rmuneralion and expenses No trustees received any remuneration during the year. Net expenditure Net expenditure is stated after charging: 2024 2023 Depreciation of tangble fixed assets Independent examinerfs fee 334 1,050 1.000 Page 15
Lake District Music Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Employe85' remuneration The aggregate p8yrcAI costs of these persons were as follov*S." 2024 2023 Wages and salaries Other pension costs Tl,497 1,642 79.139 67,286 1,210 68, 10 Tangible fixed assets Pian¢A staging and office equlpment Cost As at 1 Ortober 2(Y23 and 30 September 2024 76,446 Depreciation As at 1 October 2023 Charg6 for the year As at 30 September 2024 75.751 334 76,085 Net book value As at 30 September 2024 As at 30 September 2023 361 695 11 Debtors 2024 2023 Trade debtots other d8tQors 28,850 2.055 30,905 32,750 7,582 40,332 Page 16
Lake District Music Limited Notes to the Financial Stalements for Ihe Year Ended 30 September 2024 12 Creditors: Amounts falllng due within one >wr 2023 Trade cre(Itots Taxation and social securty other creditors Accruals and deferred income 11.025 1,754 558 43,895 57,232 3,633 2.189 19,582 25,404 13 Members. Ilability The charity is a private company lirnited by guarantee and consequenljy does not have share carMtsI. Each of the Membe is liable to contribjte an amount not exceeding £1 towards the assets of the charity in the event of liquidabon. 14 Operating lease commitments As at 30 September 2024 the charity had total future minimum leasé payments under noranCelIable operaing leases as follow& other 2023 wrthin one year Within two and five yea 2,820 3,347 6,167 887 3.347 15 Other financMI commttments Fredance staff are under a three month notice agreement Should the charity exercise this dause, the totsl Commitment payable by the chanty would total £13.749 (2023- £nil). 16 Pension scheme Deflned contribution pensk)n scheme The charity opèratss a defined eontribulion pension scheme. The p8nsion cost Char for the period represents contribulions payable by the charity to the scheme and amounted to £1.642 (2023- £1,210). Contributions totalling £276 (2023 _ £nil) were payatle to the scheme at the end of the period and are included in cre(thtors. Page 17
Lake District Music Limited hEotss to the Financlal Statements for the Year Ended 30 Septsmber 2024 17 Related partks Controlling entity The charity is controlled by the trustees who are all directors of the company. Related party tran&tIOnS R Kellaway and R Hall are directors of the charity and atso Irustees of Patrons of Lake District Summèr Music, which vrds eSta1Shed to promole, improve. develop and maintsin the education of the public in the study and appreatIon of music and other arts by supporting the objects and activities of Lake District Music Limitèd. Sadly, both passed avray in 2024 and will be greaty missed. During the year the Patrons of Lake District Sumrner Music made a £20.000 donation to the charity (2023 - £20,000). 18 Analysls d funds At30 September 2024 At 1 October 2023 Incoming Resources resources expended General Funds General funds 127.413 179,404 {180,902) 125,915 Restricted Funds Sir John Fisher Foundation Ida Carro]l Trust Arts Council England lfjrckman Concert Society Fidelio Charitsble Trust Granada Foundation Victoria Wood Foundalion Havrth Fenton ArtB John Thaw Foundation The Bob Hall Grant The R K Charitsble Trust Golsonscott Foundation Ulverston CGP Trust Th8 Coin Tntst 3.250 2,500 45.500 600 2.000 3,000 4,304 10,000 4,000 2.000 2,000 1,500 1,000 500 1.000 83,154 13,250} {2,5001 (45,500) 1600) (2.000) 13,000) (4,304} (10,000> (4,000) (2,000) (2.000> (1,500) (1,000> (500> (1.000) {83,1541 127,413 262,558 (264,056) 125,915 Page 18
Lake District Music Limited Notss to the Financial Slatements for the Year Ended 30 Seplember 2024 . ntinued Arts Council Enyand- funds tovrdrds Lake Distrirt Music Fe8tNal 2024 Bob Halliwell Charitsklé Trust- funds toward5 Lake District Music Festival 2024 The Coln Trust- fund8 tovrdrds Lake District Music Feslival 2024 The Fenlon Arts Trust- funds towards the New Young Artist S¢heme The Fidelio CharitatrAe TnBt- funds lowarth the New Young Atlist Schème The Granada Foundation- funds towards Lake District Music Fest'val 2024 The Gol8oncott Foundation- funds towards the Newyoung AFbst Scheme Haworth- funts towarts Lake Distrid Music Festival 2024 Ida Carroll Trust- funds toyrarts the New Young Artist Scheme The John Thaw Foundation - funding for Primary School Outreach Projects Sir John Fisher Foundation- funds tovrards Schools Education Project The Kiickman Conc*rt Soraety- funds to support a concert by Lumas Winds The R K Charitat4e Trust- funds toward% the Planets School Education ProSe¢t Ulverston CGP Trust- funds towafth running a Gospel Choir The Victoria Wood Foundatton- funds towards Lake District Music Festival 2024 Page 19
Lake District Music Limited Notes to the Financial Slatements for the Year Ended 30 September 2024 Prior period At10ct22 Incomlng Resources At 30 Sept 23 General Funds Unrestricted Income Fund 144.409 232,789 249,785 127,413 Restrlctad Fund3 Anonymous Funders Art8 Counul England Stephen Bell Trust The Coln Trust The Cosman Keller Art and Music Trt The D'oyly Carte Charitsble Trust Fidelio Charitable Trust Sir John Fisher Foundation Granada Foundation Hadfield Trust Helen Hamlyn Trust lfjrckman Concerts The John Thaw Foundation The ThiSe Trust Westmortand Arts Trust Westmorland & Furn8ss Council 20,900 40.000 3,000 20,900 40,000 3.000 5.CK)O 3,000 2,000 5,000 3,750 10.000 3,000 2,000 1,000 2,000 5,000 7,500 3,000 2,000 5,000 3.750 10,000 3.000 2,000 1,000 2,000 5.000 7,500 121,150 353,939 121,150 370,935 144.409 127,413 Page 20
Lake District Music Limited Notss to the FinancSal Statements for the Year Ended 30 September 2024 corrtinued 19 Net assets by furKI Unrestricted Funds Totsl Fynd5 2024 Total Funds 2023 i angible assets Current assets Creditors: Amounts falling due within onè year Net assets 361 182,786 (57.232) 125,915 361 182,786 157,232) 125,915 695 152,122 {25,404) 127.413 Prk*r perlod Ilnrestricted Funds Total Funds 2023 Total Funds Tangible a&8ets Current assets Credilors" Amounts falling due within one yr Net assets 695 152,122 (25,404} 127.413 695 152.122 {25.404) 127,413 889 165,641 {22,121> 144,409 Page 21