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
(app￿nted 1 October 2023)
M G Hayes
G M Hoadley
(apFM)inted 12 December 2023)
L Mileto
(appointed 25 January 2024)
CJsC￿tt
(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 M￿lC 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 th￿r 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 Ch￿Itable 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 TrI￿lee8 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 0￿rateS and are given a 'Trustee Welcome Pack.. The main doujments 74vhich set out the operalional
frameworkforthe Ch￿itat￿e 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 En￿1$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 M￿81C 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 follU￿ryng 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 COM￿eMentsry 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 Stan￿fig. 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
ne￿ork of lo¢al arts organisalions and workin9 tO￿ther 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 a￿osS the
year. 4,500+ tickets were sold, welcoming 512 new visitors, all of whom came to watch 135 ama￿ng musicians.
Amongst these were 41 emerging muSi￿an5 vtho %%ryll continue lo be nurtured thiough our soft skn.lls lab and
advocacy. 1,000 school children experienced dassical music for the fi￿t 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 intsr￿ting 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 Fretr￿rk all prove powlar v￿th 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 V￿re 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 p￿ItiOning 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 in￿ease 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, succ￿s1on 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
ne￿6 regari*ng 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 unres*ricted 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￿ V￿th 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 a￿OUnting 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 foll0v￿d, 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 reasonal￿e 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 her￿for 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 ex￿eded £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 a￿*t 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:
Cha￿￿ble artivities
Total ex￿nditur6
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 Ca￿led 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 aP￿l￿tle 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 otheTh￿se 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 con￿rn. 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 StateM￿ts 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 Sup￿lerS, 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 o￿lgatiOn 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. Accordin￿y, the
Charity is potentialty ex6mpt from taxation in r8spert of income or caFNtal gains re￿Ved 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 ap￿ted 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 re￿rdS 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 ex￿nSeS
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 follo￿ryng support costs have been split as follovts:
Support costs
kaising
Funds
other
Salaries and expenses
Accountan
1￿10
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 nor￿anCelIable
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 eSta￿1Shed to promole, improve. develop and maintsin the education of the public in the
study and appre￿atIon 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
Hav￿rth
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 Tr￿t
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 ThiS￿e 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 y￿r
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