Charity Registration No. 516673
Company Registration No. 1874868 (England and Wales)
CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 MARCH 2024

CUMBRIA THEATRE TRUST
CONTENTS PAGE
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
Page
Company information
Chails Report
24
Trustees, and Directors Annual Report
&14
statement of Truslees, Responsibilities
15
Independent Auditorfs Report.
16-18
Statement of Financial Aclivities
19
Balance Sheet
20
Cash Flow Statement
21
Noles to Ihe financial stalements
22-39

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
Company Information
PRESIDENT Damg Judi Dench
FOUNDING Graham Lamont
PRESIDENTS Vicky Robinson MBE
VICE PRESIDENTS Nigel Illman
PATRONS Lord Bragg ofwglon
Sir Tony Cunningham
Hunter Davies OBE
Dame Patricia Routledge OBE
Eric Robson OBE
Richard Wlson OBE
DIRECTORS AND Charles Carter"
TRUSTEES Kate McLaughlin-Flynn .
Steve Freem8n -
Elizabeth Freestone"
J8n8ki Fryer-spedding"
Fiona Lowry.
Philip Moorhouse.
Jenna Omeltschenko-
' Member of Flnance Commtitee
' Member ofArtislic Committee
. SECRETARY Amanda Leader
.JOINT CEO Simon Slephens- Executive Director
Liz Stevenson- Artistic Director
EXECUTIVE DIRECTOR Simon Stephens .
ARTISTIC DIRECTOR Liz Stevenson
KEY MANAGEMENT David Jane- General Manager (reswJned 1310312024)
PERSONNEL Amanda Le2der- Head of Finan￿ & Operatior
Amy Clewes- ProducEr {malemity leave)
Victoria Rop8- (maternity cover)
Shelly Ramsdale- Head of Marketing and Communicalions (appoint8d 19107120231
REGISTERED Theatre by the Lake
OFFICE Lakeside
Keswick
Cumbrla
CA12 5DJ
AUDITORS Azets Audit Services
Fleet Houso
New Road
Lancaster
LA1 1EZ
MAIN BANKERS Barclays Bank pk
Market Square
Keswick
Cumbria
CA12 5BE
COMPANY NUMBER 1874868
CHARITY NUMBER 516673
TELEPHONE 017687 72282
WEBSITE ww.Ihealre
thelake.com

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
ANNUAL REPORT- CHAIR'S REPORT
For the year ended 31 March 2024
Overthe last year, we haiie lived in an increasingly troubled world with economic uncertainty
affecting many of us through high inflation and the resulting pressures on the cost of living. Despite
some of these fina ncial pressures directly affecting us at TBTL, it'5 been vital that we continue to
develop excellent theatre to delight, entertain and challenge our audiences. Through this, we
continue to support their well-being through sometimes difficult times and enrich lives acr055
Cumbria, We can do this best through the work that we do; by producing excellent work and
endeavouring to make sure it reaches deeply into our communities. Doing thi5 ha5 been the Story of
our year.
The work on our stages this year has been fantastic and has built on the enhanced artistic quality
that we Saw last year. We have produced or co-produced the family-friendly productions of Around
the World in 80 Doys and the world premiere of The lost Spells, both of which received strongly
positive audience and critical responses, as did our Christmas production of A Little Prince5S,
another premiere. These productions started to contribute to ourwider ob}ective5 of being place-
based (with the environmental focus of The Lostspeljs) and Involving our communities Iwith an
outstanding community cast of children in A Little Princess}. We welcomed the return of large
audiences over the summer with The Blonde Bombshells of 1943 and The 395tep5, both of which
gave us hope that it's possible to rebuild significant audiences to pre-covid levels, albeit booklng
laterwith the consequent risks to sales and cashflow.
Perhaps the most notable production of the yearwas Every Brilllunt Thing, which demonstrated our
ability to deliver social impact through work which is highly relevant to our pla￿. The play covers
the difficult subject of suicide, which is sadly a particular concern in Cumbria, where rates are
significantly above the national average. We developed a hugely well-regarded production on our
main stage and partnered with local mental health charities to amplify our impact. The production
was enhanced with multiple and varied wrap-around activities. Followingthe Initlal run at TBTL, the
show toured to community venue5 across Cumbria, reachinE new audiences and breaking down
barriers to engagement. The show'5 success was noted by a nomination for Community Project of ':
the Year at the prestigious annual Yhe Stage Award5'. We want to do more of this community-
focused work in the future, although affordability is a major challenge.
-As somebody who has struggled with mentol health issuesfor many years Every Brilliant Thing has
not only resonated with me on G personal level helping me to'occept50me of my own issues but it
has olso helped myfamily understand myfeelings more which hfJS helped with everyday life".
Audience testimony from community tour performance of Every Brilliant Thing- October 2023
Thls varled range of horne and co-produced work, together with a more focused programme of
visiting work, has enabled us to increase our understanding of our audience. This insight is
increasingly used to inform a responsive approach to programming allowing us to entertain,
challenge and invigorate the communities we serve. We want to play an active part in dismantling
barriers that we know exist withln Cumbrla and we are now starting to do this by bringing our work
to a wide range of communities. by working Wlth people from a wide range of backgrounds; and by
telling compelling and relevant storles on stage.
We have continued to champion Cumbrian creativity through our talent development activity.
2023124 was the inaugural year of ourTour the Writer partnership with Paines Plough. This

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
ANNUAL REPORT- CHAIR'S REPORT
For the year ended 31 March 2024
nationalEy significant multi-year programme, In association with 'England's Natlonal Theatre of New
Writing'i provides high quality professional development and networking opportunities for emerging
local writers.
Cum brian Creatives, TBTL'S network for local artists, has continued to grow. In 2023/24, we provided
over 800 hours of support-in-kind for emerging artists, and staged our annual scratch night, Open
Space to showcase new work. A highlight from the previous yearfs Open Space, Dreamtime
Fellrunner byjulie Carter, underwent further development in the Studio before securing ACE project
funding for a regional tour.
We continue to provide vital support local for local performing arts societies and community groups,
welcoming back Keswick Amateur Operatic Society and Keswick Theatre Club to our stages, as well
as providing regular space for writing groups.
Financially, audiences are our principal source of revenue. Our two summer productions did
extremely well, and this meant that we ended the year in a stronger financial position than we had
imagined at its start. But the long-terrn financial challenges remain significant. As mentioned at the
outset, our costs have increased su bstantially, and we have not yet been able to sustain ticket prices
and sales to match. So, for example, we have not been in a financial position this year to be able to
mount ourown shows in the Studio, akhough we are able to show visiting work there and it remains
a key space for early years and artist development.
Arts Council England are a core funder and we continue to be a proud member of their National
Portfolio, We are very grateful to ACE fortheir continued strong 5UPPOrt. This funding continues to
be crucial for us, although it is a declining proportion of our income as the amount awarded ha5
remained largely unchanged for over 10 years. The financial challenge5 of achieving the ticket sales
we need, rising costs and a real-terms reduction in subsidy remain a comrnon. problem for all mid-
scale theatres in the country.
We continue to be immensely grateful to those who support us, both through buying tickets and
through donations. Fundraising is a vital part of our financial model and the donation5 from our
supporter5 are vital to us. I particularly note the generous legacy from Hilary Young. Hilarywas
c105ely involved with TBTL'S precursor, Century Theatre (the Blue Box) and he Subsequently became
a Trustee and continued as a long-term supporter of the theatre. This legacy has helped us to ride
through difficult economictimes and to start to develop in areas that we would otherwise have been
unable to. I would like to acknowledge the many years of encouragement, support and help that we
received from our Vice President Doreen Wilkinson who sadly died this year.
Lastly, I must thank all ourvolunteers, ourstaff and rny fellow Trustees. Our 180 volunteers
continue to be a mainstay of the theatre and always provide a warm welcome to ourvisitors,
donating over 8000 hours of their time in 2023124, Our staff team work incredibly hard to deliver
delight to our audiences, and are ably led by Simon Stephens, our Executive Director, and Liz
Steven50n, our Artistic Director. I give huge thanks to them all, a51 do to my fellow Trustees for all
their help.
2024 marks our 25th year since opening in 1999, and we will celebrate with a series of exhibitions,
events and initiatives. It has been an Incredible twenty-five years since we opened, and we look

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
ANNUAL REPORT- CHAIR'S REPORT
For the year ended 31 March 2024
forward with continued optimism to the next twenty-five. We will undoubtedly be different, but we
hope to be even more successful.
Charles Carter
Chair of Trustees

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES. AND DIREcfoRS' ANNUAL REPORT
For the year ended 31 March 2024
The Trustees present their report and the audited financial statements of the charity forthe year
ended 31 March 2024. The Trustees have adopted the provisions of the Statement of
Recommended Practice (SORPI "Accounting and Reporting by Charities" in preparing the annual
report and financial statement5 of the charity.
TRUSTEES OF THE CHARITY
The directors of the charEtable company are Its Trustees forthe purposes of charity law. The.
Trustees who have served duringthe year and since the year end are detailed on page l.
OBJECTIVES AND AcfiviTIES
Charitable ob"ective5
The charitable objectives of Cumbria Theatre Trust (ctt) are to:
promote and advance the arts and in particularthe performing arts forthe benefit of the
public; and
promote and advance education through the devekopment and delivery of creative learning
programmes for people of all age5.
Develo
our strate
The theatre has had great success since its opening in 1999, but itwas increasingly clear pre-covid
that our busines5 model was becoming unsustainable because we could not afford to sustain the
historical quality of our work. After 25 successful years, we needed to revitalise our organisation.
Overthe Covld period and since, we have therefore developed a new approach to our work with a
refined vision and mission that addresses these concerns. It provides a framework that we continue
to develop and which we use to guide our annual and longer-term planning.
Our vislon and mission .
Our new business model, while still developing, remains true-to our charitable objectives
summarised above. It also responds to our location and environment by moving us strongly to a
place-based model that 15 more relevant and accessible to our local communitie5. Ourvision and
mlssion summarises this:
Vlslon
Theatre enriches the lives of everyone in Cumbria, and theatre made in Cumbria is celebrated on the
national stage.
Mission,
In ourvenue and out across Cumbria, we make and share greattheatre that te115 Stories, builds
communities & celebrates our place.

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS, ANNUAL REPORT
For the year ended 31 March 2024
Our Yelevance to the arts in Cumbria
Our direction acknowledges our current position and the arts in Cumbria. As a regional arts and
education charity based in Keswick, Cumbria, crr owns Theatre by the Lake (TBTLI, and is the onEy
midscale producing theatre between Glasgow, Newcastle & Lancaster. We serve communities
across Cumbria and visitors to the Lake District.
TBTL is an essentlal creative hub in an area of comparatively limited cultural provision. We operate
in England's second largest and second least populated county with 70% of settlements comprising
under 200 people. As a producing theatre, the work we create, commission and share 15 critical to
levelling up access to high quality arts for rural and isolated communities, particularly children and
young people, and developing local talent.
We use strategic, creatlve partnerships to increase our impact and reach. We partner with small to
large-scale producors, creating work for diverse audiences from across Cumbria and the UK, in
Keswick and on rural and natlonal tours.
Our
We develop our annual and long-term plans In line with ourvision and mission while acknowledging
our importance to the arts in Cumbria. Our objectives for the next year are summarlsed later in this
Trustees, report.
We recognise the need to test different elements of our approach overthe nextfew years and adapt
accordingly. We are also continuing to develop in more detail how we are going to pursue aspects of
our strategy, particularly increasing our community reach. During the year, the management team
has been actively working on how we deepen our relationships with our audiences and
communlties, Using a 'theory of change, model and extensive work on audlence segmentation. The
results of this work are guiding our activities in 2024125.
We accept that elements of our approach are uncertain, nat least because of continulng concerns
about our financial hea Ith given the impact on our costs during a period of high Inflation, and
challenges for our audience5 given the consequential impact of inflation on the cost of living.
The changes needed to transition from our historical model to our new approach were embedded in
our application to remain part of the Arts Council England (ACE) National Portfolio for 2023-2026.
ACE strongly support our approach and approved our application to remain a National Portfolio
Organisation INPO) within the new portfolio that is funded from the start of this financlal year. The
funding which ACE provides is a core element of our finances for the NPO period.
Public benefit statement
The Trustees are aware of the Charity Coinmi55ion guidance on public benefit and have taken thls
into account when making a decision to which the guidance is relevant.

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS, ANNUAL REPORT
For the year ended 31 March 2024
ACHIEVEMENTS AND PERFORMANCE
Activities on our sta
es- in-house
roductions
Our principal achievement5 overthe reportingyear have been based around delivering a wide range
of home-produced and co-produced productions on ourstages, many of which incorporated wrap-
around activity for our communlty. Our in-house productions were..
Around the World in 80 Days (a co-production with Hull Truck Theatre), a family-friendly
production to appeal to locals and tourists at a busy time of year. This brought In a large
number of first-time bookers and received excellent local press and a 4° review from the
Guardian. We used this production, in part, to test the attraction of a 'family-frlendly' show
over Easter.
The Lostspells la world premiere co-produced with Goblin Theatre, Watford Palace Theatre
and Polka Theatre) received positive audience and critical response. This show, with Fts
themes of nature and environmental responsibility, resonated with our place-based
ambltion, It also helped to develop our family audience and aimed to increase school
attendance outside Christmas, We also established a range of wrap-around activities to
engage and capture audiences.
Tunlng In la co-production with disability-led companies Miles-wildin and Ng, and Graeae).
We had supported the early development of this one-person show that focused on the
insights and experiences of someone with Tourette's syndrome. The show and wrap-around
activitie5 were well received, but with modest audiences. While it enabled us to test our
reach into less-served audlences in Cumbria, it highlighted some of the challenges with cost
and ease of access.
The Blonde Bombshells of 1943 (a c(Fproduction with Octagon Theatre Bolton and Stephen
Joseph Theatre), a well-executed 'feel good, production with Ilve muslc. This received
overwhelmingly positive reviews and achieved well in excess of financial target.
The 39 Steps la co-production with Stephen Joseph Theatre), which also received great
reviews, a strong positive audience response and was a great financial success.
These two shows together demonstrated the success and financlal importance of
programming some shows With strong appeal to tourist market and local audiences alike,
recognising that they may not meet all our broader ambitions. Both were successful in
reengaging lapsed audiences who had not visited the theatre since pre-COVID.

CUMBRIA TH EATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS. ANNUAL REPORT
Forthe year ended 31 March 2024
Every Brilliant Thing. This showwas programmed to enable us to test many aspects of our
vision, and it succeeded beyond most of our expectations. The integration of community
engagement across every aspect of the production, from partnerships to the participatory
exhibition and rural touring provides a model for future ways of working. Although financial
performance didn't meet target, the success of the show was multidimensional. The
subsequent evaluation was testimony to its social impact across Cumbria. The production
achieved critical acclaim, with a 4 review in the Guardian
Notably, the community aspects of this production were recognised nationally with a
nomination for the Community Project of the Year at the prestigious annual Yhe Stage
Awards,.
A Little Princess. Our Christmas show, a premiere of a new adaptation of the well-known
book, was the first TBTL commission brought to production since the Artistic Directorjoined
TBTL: It was a large and all-consuming production, due to the integration of a youth cast and
it being a newly-wrltten play, It received strong reviews locally and in the national press,
with 4. reviews from both The Stage and the Guordian.
The artistic quality has been high for all these productions In terms of press coverage, peer review
and audience reaction. This is reinforced by preliminary ana￿SIS from a new audlence evaluation
tool that we are now starting to use.
Activities on our sta
es- visitin
work
As well as the work in which we had a producing role, either solely orjointly, we also presented a
wide range of vislting work on our stages. For the first time, we are endeavouring to curate our
programme of visiting work to enable us to test what is attractive to our audiences and potential
audiénces, although we are in part dependent on shows that are available (which continue to be
limited as the theatre and arts world recovers from Covid). Our visiting programme included..
For children and families:
o Hey Diddle Dlddle (Kltchen Zoo)
o Pirute Bonnie (Fidget Theatre)
o Seedheart (Indigo Moon)
o Wolf (Kitchen Zoo}
o Nest (M6)
together with further productions staged for l or 2 nights
Film, literature and music:
o Kathryn Tickell
o The Manfreds
Ralph M¢Tell
o Alon Johnson

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS, ANNUAL REPORT
For the year ended 31 March 2024
Theatre:
Quallty Street (Northern Broadsidesj
o Sizwe Bon21 is Dead (Mast Mayflowerstudios)
o The Schoolfor Scandol (Tilted Wig}
o One of Them Ones {PentobusJ
together with further productions staged for l or 2 nights
Community productions supported by TBTL
SisterAct The Musicol (Keswick Amateur Operatic Society- KAOS}
o The Lt7kers {Wordsworth Grasmerel
Beyond the Abyss (Keswick Peace & Human Rights Group)
84 Charing Cros5 Rood and Mlss Roach's War (Keswick Theatre Clu b}
Behind the Mosk lan evening for Rotary Club of Keswick)
The La'ul Big Band {in supw)rt of Keswick Cricket Club)
Committed2Rock {Community choir)
Financially, we are not yet achleving the financial resilience that we need from the work on our
stages. Although we had two shows that out-achieved target by a considerable margin we have
found that, in common with all regional theatres, audiences have been slow to return to PDSt-Covid
levels. They are also booklng laterwith a consequential adverse effect on cashflow.
Communi
actlvltles and Talent Develo
ment
Alongside our work on stage, we continue to rebuild our work with local communities, including:
Supporting local companies (Keswick Amateur Opera Society, Keswick Theatre Club, Young
Farmers) with presenting work on our stages, much of which is summarised above.
Providing professional support and connections though our artist network, Cumbrian
Creatives. This includes our annual scratch nights on our stages, Open Space, where local
performers are invited to perform and are supported to develop their work further.
Partnering with Paines Plough to deliverthe Your the Writerf development programme for
local writers.
Working wlth leadlng accessible theatre company, Graeae, to help four deaf, disabled or
neurodivergent writers bring short plays to stage at the scratch night, Crips with Chips
Continuin£ to work with Cumbrian writer, Lee Mattinson, to develop his new play, Steel,
which will be staged in 2024.
We were also delighted to host Anti Racist Cumbria, an organisatlon with which we have been
building strong links in recent years, who held their annual summit in our building.

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BYTHE LAKE
TRUSTEES, AND DIREcfoRS' ANNUAL REPORT
For the year ended 31 March 2024
FINANCIAL REVIEW
For the financial year ended 31 March 2024, the Group realised a surplus on unrestricted funds after
transfer5 of £216,185. The statement of financial activities {SOFA), balance sheet, cash flow state-
ment and notes are set out from page 19 onwards.
After ticket sales, the most substantial part of c￿,5 funding comes from Arts Council England (ACE)-
Cumbria Theatre Trust has been a member of the ACE National Portfolio Organisation (NPOI funding
programme for many years. This funding is awarded for multi-year tranches of which the most
recent was a four-year award (2017118-2021122) which was extended by a further year12022123} as
consequence of the Covid pandemic. During 2022, crr applied for the next round Df funding for.
the period 2023/24- 2025126. This application was successful and CTf is grateful to ACE for this
continued support. In common with many organisations, crr will receive ACE funding for each Df
the three years at the same level as in the previous NPO round. In real terms, this represents a
decline in ACE funding.
Cumbria County Council continued to 5UPPOrt through the award of a funding grant for National
Portfolio Organisations in Cumbria, and Keswlck Town Councll continues to support as well.
AddFtionally, crr receives substantial support from individuals who donate to the theatre. This year,
the theatre received a substantial legacyfrom the estate of Hilary Youn& and two smaller legacies
from other long-standing and active supporters. The theatre is immensely grateful to them forthese
donations, which are crucial to our continuing surwval.
operates a subsidiary company, TBTL SeNices Ltd rrBTLSI for trading activities which might fall
outslde its charitable objectives, including bars and caterin& ice creanls, merchandise and
programmes. The provlsion of bars and catering seNices has been outsourced since the opening of
the Lakeside café slx years ago. In 2022123 TBTLS reviewed closely the operatlon of these services
and considered a number of options, including bringing all these services in house. It was declded
that the Se￿[ceS should be re-tendered and after an extensive process supported by an experlenced
consultant, the contract was re-awarded to Baxterstorey for a five year period from the beginnlng of
2023124. The contract for these services was signed in May 2023. TBTLS donates its proflts to C
through Gift Aid.
Oursecond subsidiary company, Theatre by the Lake Productions Limited, a Special Purpose Vehicle
company which was set up to prepare productionsfor presentation atTBTL and other venues, was
dissolved in 2023 as a separate legal entity is now no longer needed.
CTh's financial statements for the year ended 31 March 2024 are consolidated with the profit and
loss account of TBTL Services Limited. TBTL Services Limited made a net profit of £216,226, which
was donated to the Charity (see also note 28).
10

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS, ANNUAL REPORT
For the year ended 31 Marth 2024
Reserves Polic
The unrestricted reserves of the Trust are £2,308.890. The Trust also has restricted reserves of
£2,911,165 not available forthe general purposes of the charity at the end of the year. Reserves are
further analysed in notes 27 and 30.
Free reseNe5, of the Trust, were £1,038,101 at the year-end12023: £835,857). We have designated
£438,925 of these reseNes for capital expenditure, which will meet in part the costs of our capital
project plan for the next three flnancial Yea￿ (2023". £nil).
At 31 March 2024 cash reserves stood at £1,095.523 including cash representing restricted fund
balances {£21,0001 and deferred income and third party resource5 (£341,569).
The Trustees have reviewed closely the level of reserves, taking into account the risks that the Trust
faces (including, for example, the slow return of audiences, the prevailing economic situatlon, a nd
the need to cope with unforeseen emergencie5) while recognising the need to invest for the future
{including, for example, the need to reach new aUdien￿s}.
Afterthis review, the Trustees have concluded that in the comingyear a rninimum level of free
reserves of £500,000 would be satisfactory. Nevertheles5, senlor management and the Trustees
continue to monitor the position regularly alongside the monitoring of risk and will take any
necessary steps to maintain a satisfactory financial position. The Trustees will review the reserves
position formally at the end of the financial year in the light of prevailing conditions and experience.
Financial Risk Mana
ement
The Flnance Committee considers the financial risks to which may be exposed, a55e55es their
potential impact on the organisation and identifies strategies to mitigate their effect, should those
risks materialise.
Cumbria Theatre Trust'5 risk management strate8y comprises:
regular review of the principal rtsks and uncertainties faced bythe group;
the establishment of policies, system5 and procedures to mitigate those risks;
the Implementation of procedures to minimise or manage any potential impact on the
organisation, should those risks materiali5e.
The charity's most significant risk would be the10s5 of Arts Council England funding orchange of its
conditions. If these risks were to materialise, it would adversely affect the charity's ability to
operate. Provided Arts Council England continue with the current arrangements, and given reserves
balance held, Trustees are confident that the charity can be sustained in its current form.

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTOR5, ANNUAL REPORT
For the year ended 31 March 2024
PLANS FOR FUTURE PERIODS
Our plan for 2024/25 has been agreed by the Board and by ACE as our principal funder. It sets out
the actiiiities that we propose to undertake, and our adherence to a set of investment principles set
out by ACE. These Investment principles are intended to ensure we develop work of sufficient
ambition and quality, that we are inclusive and relevant throughout our organisation, that we are
dynamic and respond qUIc￿Y to changes in our circumstances, and that we are environmentally
responsible.
Overall, the plan is intended to move us further towards meeting our vision and Mission as set out
earlier. Our plan includes:
Staging a minimum of 5 home prodU￿d orco-prodU￿d shows. This will include two place-
based plays and a place-based new writing festival, We will also build partnership5 With
rural touring schemes and community venues to help u5 to spread our workfurther.
Staging a play written by a local artist, with strong commuftity involvement and engagement
Staging a multi-arts event
Celebrating 25 years since our opening with a celebration including:
o An exhibition of our history
o Comrnissioning 25 portraits of those who have helped, and will continue to help. our
development
o Building links into 25 community groups
Continuing to facilitiate community shows on ourstages
A programme of theatre for children, young people and families
Worklng with young people and emergingtalent, and building closer links to local schools
STRu￿uRE, GOVERNANCE AND MANAGEMENT
Governin
Documents
CTh is a company limited by guarantee. governed by its Memorandum and Articles of Association
dated 4 December 1984 with subsequent minor updates in 2007 and 2018. It is reglstered with the
Charity Commission.
CTh established a wholly owned tradlng subsldiary company forthe benefit of the charity, TBTL
Services Limited, a private company limited by shares, governed by its Memorandum and Articles of
Association dated 22 June 2009.
12

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS. ANNUAL REPORT
For the year ended 31 March 2024
Or
anisatlon
The governing body of crr is the board of Trusteès whose rnembers are non-executive and unpaid.
The board meets at least four time5 a year and retain5 full and effective control over the Company.
The board delegates the management and artistic operation of the company to the Executive
Director and Art15tic Directorwho are joint Chief Executives. They attend meetings of the board,
together with otherseniorstaff, a5 appropriate. All staff who attend board meetings do so a5 non-
voting participants..
The board of Trustees takes responsibility for appointing the Executive Dlrector and Artistic Director
and will determine the contract of employment and monitor the perfomiance of individuals
undertaking these roles. The responsibility for the appointment of other staff would normally be
delegated to the Executive Director and Artistic Director.
Keswick Town Council are entitled to nominate one member to the Board. Cumberland Council
(formally Allerdale Borough Council) is also entitled to nominate one member to the Board. Neither
Organisation has nominated such a member for the last 4 year5.
Trustee A
ointment
The Articles of A550ciation specifythat the number of members of the board is not less than five and
not more than fifteen, including Trustees nomlnated by external bodies currently designated In the
board rules.
Elected directors would normally retire at the end of their term of office (up to 4 years) but may
seek re- election for a second term.
The Board of Trustees regularly reviews its needs in terms of skills and recruits new Trustees in areas
where It Is considered necessary or helpful. Trustees are usually recruited through open
advertisement, with selection being made by existing Trustees against pre-agreed criteria. New
Trustees are provided with extensive background material and are encouraged to gain a thorough
knowledge of the organisation by meeting members of staff and otherTrustees. Trustee training is
orEanized in relevant areas as needed.
Volunteers
Recruitment, induction and training of volunteers represents a vltal element of Crt's staffing
strategy, with approximately 180 dedicated front of house staff 'on the books,. The theatre
experience is hugely supported by our volunteers, who offer a unique welcome to theatre
customers.
13

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
TRUSTEES, AND DIRECTORS. ANNUAL REPOFfr
For the year ended 31 March 2024
FUNDS AND FUNDRAISING
generates income from its activities; ticket sales, ancillary tradin& contracts for Se￿ices, grants
for speclflc projects, fundraising. The balance of regular income is made up of grants.
Our annual core funding from Arts Council England {A￿l, which supports the full range of artistic
activlty. The Trust Is immensely grateful for this funding.
We are also grateful to Cumberland Council for theirsupport of the Trustthrough their award of a
funding grant for National Portfolio Organisations in Cumbria, and Keswick Town Council for their
continued project based funding.
The Trustees place great importance on relationships lilith donors and supporters and are
committed to ensuring best practice through ethical, sustainable fundraising. The charity is not
currently registered with a regulatory body but follows the principles of the Fundraising Regulatorfs
voluntary regulation scheme. We used the support of Tarnside, a consultancy firm, to establish
resea rch in future fundraising activities, and contracted Freckle Fundraising to develop our strategy
DISCLOSURE OF INFORMATION TO THE AUDITORS '.
We, the directors of the companywho held office at the date of approval of these Financlal
Statements a5 set out above each confirm, so far as we are aware, that:
there is no relevant audit information of which the companrfs auditors are unaware; and
We havetaken 311 the steps that we ought to have taken as directors in order to make
ourselves aware of any relevant audit information and to establish that the company's
audltors are aware of that Information.
In approving the Trustees, Annual Report, we also approve the Strategic Report included therein, in
our capacity as company directors.
alf of the board
°'rh( /
Charles Carter, Trustee
Date....
14

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
STATEMENT OF TRUSTEES. RESPONSIBILITIES
For the year ended 31 March 2024
The trustees, who are also the directors of Cumbria Theatre Trust for the purpose of company law, are responsible
for preparing the Trustees, Report and the financial stalemenls in accordan￿ with applicable law and United
Kingdom Accounting Standards (Uniled Kingdorn Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the charity and of the incoming resources and application of resources, including
the income and expenditure, of the charitable company for that year.
In preparing Ihese financial statements, the trustees are required to:
select suitable accounting policies and then appty them consistentty.
observe the methods and principles in the Charities SORP;
make judgemenls and estimates that are reasonable and prudent; and
prepare the financial stalements on the going concern basis unless it is inappropiiate to presume Ihal the charity
will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at
any lime Ihe financial position of Ihe charity and enable them to ensure Ihat the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and henGe f()r taking
reasonable steps for Ihe prevenlion and detection of fraud and other irregularities.
15

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CUMBRIA THEATRE TRUST
Opinion
We have audited the financial statements of Cumbria Theatre Trust (the 'charity') for the year ended 31 March 2024
which comprise the statement of financial aGtivities, the balance sheet, the stalement of cash flows and notes to the
financial statemenls. including significant accounting policies. The financial reportlng framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Repolting Standard 102 The Financi81 Reporbng Standard applicable in the UK and Republic of Ireland {United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slalements=
gÉve a Irue and fair view of the slate of the charitable company's affairs as al 31 March 2024 and of its
incoming reSoUr￿S and application of resources. including its income and expenditure. for Ihe year Ihen
ended-
have been properly prepared in accordance with United Kingdoln Generally Accepted Accounting Practice"
and
hav.e been prepared in accordance with Ihe requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with Inlemalional Standards on'Audiling (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audif ol
the financial stat8m8nts section of our report. We are independent of the charity in accordance with the ethical
requirernenls that are relevant to our audit of Ihe financial statements in the UK. including the FRC'S Ethic81
Standard, and we have fulfilled our other elhical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is Sufficient and appropriale to provide a basis for our opinion.
Conclusions relating to going concem
In auditing the financial statements, we have concluded that the truslees, use of the goiThJ concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on Ihe work we have perfonned. we have not identified any material uncertainlies relating to evenls or
conditions that, individually or collectively, may cast significant doubt on Ihe charity's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our. responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevanl sections ol this report.
Other infomiation
The other information comprises the information included in the annual report other than the financial slalements
and our auditor's reporl Ihereon. The trustees are responsible for the other information contained within the ar)nual
report. Our opinion on Ihe financial statements does not cover the other infomialion and, except lo the exlent
othèrwise explicitly stated in our report. we do i￿1 express any form of assurance conclusion Ihereon. Our
responsibility is lo read Ihe olher informalion and, in doing so, consider whether the olher information is malerially
inconsistent with the financial statements or our knowledge obtained in the course of the audil, or otherwise appears
' to be materially misstated. If we identify such malerial inconsistencies or apparent material misslatements, wè are
required to detemiine whether this gives rise to a maletial misstatement in the financial staternenls themselve5. If,
based on the work we have performed, we conclude that there is a material misslatemenl of this olher information,
we are ￿qUired lo report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Iruslees, report lor the financial year for which the financial slatemenls are
prepared, which includes the directors, report prepared for the purposes of company law. is consistenl with the
financial statements., and
the directors. report included within the trustees. report has been prepared in accordance with applicable legal
requirements.
16

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUMBRIA THEATRE TRUST
Matters on which we are required to report by exception
In the light of the knowledge and underslanding of the charity and its environment obtained in the Course of the
audit, we have not identified material misstaternenls in the directors, report included within Ihe trustees, report,
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you If. in our opinion:
adequate accounting reGords have mt been kept, or returns adequale for our audit have not been receivéd
from branches not visited by us- or
the financial statements are not in agreement with the accounting records and relurns,. or
certain disclosures of truslees, remuneration specified by law are not made., or
we have not received all the infomiation and explanations we require for our audit- or
the trustees were not entitled to prepare the financial stalements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees. report and from the
requirement lo prepare 8 strategic report.
Responsibilities of trustees
As explained more fully in the stalemenl of trustees, responsibilities. the trustees, who are also the directors of the
charity for Ihe purpose of company law, are responsible for Ihe p￿paratIOn ol the financial statements and for beirtg
satisfied that they give a true and fair view. and for such intemal control as Ihe trustees detemiine is necessary to
enable Ihe preparation of financial statements thal are free from material misslatement, whether due lo fraud or
error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability lo
continue as a going concern, disclosing. as applicable. matters related to going concern and using the 90ing
concern basis of accounting unless the trustees either intend to liquidate the charilable company or to cease
operations, or have no reali51ic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether Ihe financial stalements as a whole are free from
material misstatemenl. whether due to fraud or error, and lo issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance bul is not a guarantee Ihal an audit conducted in accordance
with ISAS (UK) will always detect a material misslalement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate. they could reasonably be expected to intluence
the economic decisions of user5 taken on the basis of these financial slatements.
A further description of our ￿sponsibl1111eS is available on the Financial Reporting Council's website at.. https-.11
www.frc.org.ukjaudilorsre5ponsibilities. This description forms part of our auditor's report.
17

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUMBRIA THEATRE TRUST
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities. including fraud, ale instances of non-compliance wilh laws and regulations. We design procedures in
line with our responsibilities. oullined above and on the Financial Reporting Council's website, to detecl material
misstatements in respecl of irregularities. includin9 fraud.
We obtain and update our underslanding of the entity, it5 activities. ils control environment, and likely future
developments. including in relation to the legal and regulatory framework applicable and how Ihe entity is complying
wilh that framework. Based on Ihis understanding, we identify and assess the risks of malerial misstatement of the
rinancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks.
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of Ihe risk of acts by the entity that iiiere contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-complian￿ with laws and regulations. irlcluding fraud, we"designed
procedures which included:
Enquiry of management and those charged with govemance around actual and potential litigation and
claims as well as actual. suspecled and alleged fraud-
Reviewing Minutes of meelings of those charged with govemance-
Assessing Ihe exient of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the entity through enquiry and inspection.,
Reviewing financial stalemenl disclosures and testing lo supporling documentation lo assess compliance
with applicable laws and regulations.,
Perfom)ing audit work over the risk of management bias and override of controls, including testing of
joumal entries and other adjuslments for appropriateness. evaluating the business rationale of significanl
transactions outside Ihe nomial course of business and reviewing accounting estimates for indicators of
polential bias.
Because of the inherenl limitations of an audit. there is a risk that we will not detect all iffegularities. including those
leading to a material misstatement in the financial slatements or non-compliance with regulalion. This risk
increases the rnore that compliance with a law or regulation is removed from the evenis and Iransaclions reflecled
in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk of
not detecting a malerial misstatemerrt resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions. misrepresentalions. or the override of internal control.
Use of our report
This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so thal we tnight slale to the charitable company's
members those matters we are required to slate to them in an audilors report and for no other purpose. To the
fullest extent permitted by law. we do nol accept or assume responsibility to anyone other than the ch2rit8ble
company and Ihe charilable companws members as a body, for our audit work, for this report, or for the opinions we
have formed.
Susanna Cassey (Senior Statutory Auditor)
for and on behalf of Azets Audit Servlces
Chartered Accountants
statutory Auditor
Fleet House
New Road
Lancaster
UDiled Kingdom
LA1 1EZ
18

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
STATEMENT OF FINANCIAL ACTIVITIES
Ilncorporating Income & Expenditure Account}
For the year ended 31 March 2024
Ullr8slrict&d
Rosttrcttd
Total
Total
Fvnd8
2Q24
2028
INCOhlE
DoTrabon5
913.om
913.044
I.GOa,808
CharilaWÈ acbvihes
1,58Q7S)
1.211,845
Olherbadkng
313.2&8
313,233
234,227
Investm8nl(ft¢om8 .
12.727
12.T27
1,723
(Xherkncorne
167.186
167.186
295.741
TOTAL INCOME
2.986.940
2,986.940
2.745.344
EXPENDTFURE
Costs ofgenetathg fimds
74.3C
74,300
101,495
Costs oftharftable aclivftte¥
2.696.449
149A54
2.B4S,903
2,939.YY3
2.770.755
149A54
2.920.209
3,041,268
Net lexpendmurel I Incomp before
tran$lers Ilaxation
216.185
1149,4541
66,7)1
(2949241
Transfers
19
Nat m0￿Mant in lrtet in¢om• alt•rIaXa￿0nI
216.185
1149,4541
66,731
(295,924)
Reconclllallon offunds
TO1￿ runds bf0ugh1fi)r4￿r
2.09Z,705
3,QfjO.B19
5.153,324
5,449.248
Totdl fund$ eart￿d fomld
19
2.308,8gri
2,911,165
S320.055
5,153.324
The statement 0ftha￿lec￿Tr￿S Indudes 4 gthsBnd k)55e5￿g￿1Sed In Ihe year.
l income and expendkne d￿lVeSfrOfft con￿￿￿￿ actpjibes.
The notes an pagps 20 to 37 form an integral p￿t￿ltheSe finaKkil sfafgments.
19

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
BALANCE SHEET
As at 31 March 2024
. Growi
2023
Cha￿ty
2024
Cbarlty
2023
Notts
2024
FIXED ASSETS
Tangible a5sels
ltslangible asse16
IRveslmenls
Tow Fixed As591
4.ISI.074
9.810
4.27a003
18.200
4,138.141
9,880
4,262,583
18,20LF
200
12
13
4,160,$S4
4,284203
4,14B.121
4,2JO,983
CURRENT ASSETS
Stock5
D•bto
Cash albank and ID h*kd
Total CurwlAssets
14
15
1838
559,113
1.095 523
1.651,274
2.773
442,215
997.4J5
1.442,473
703,220
061,926
1,645,146
600,105
836,158
1.436,263
CREDITORS
rnountslallng duewRhii on8 year
16
599 173
Y7,352)
1573.212
(563,9221
NÈT CURRENT ASSETS
1.059.101
865,121
I￿7￿.934
a72,341
TOTAL ASSETS LESSCURRÈ14T LIABILITIES
5.220.055
4153.324
5220.Q55
5.154324
TOTAL NET ASSEts
5.220,955
5.153,324
FUNDS
Unrestrkted Funds
Reslricted Funds
19
2,3DS,BYO
2.(YJ2,705
2.9ql.16J
3,06Q.619
S.220.0$6 ai324
15
2.308,8gD
2.g11 Ils
5520.055
2,092.705
8.060,619
5,153,324
The 6nan¢ial sts1èments￿ra 4)rKoved ty the BowdofTruslees authL¥knI fork%ue on....... .....
.. 2024 and s¥Jn8d on ih8kb8haK by..
erf( etsnil
Charles C4rteT. Ch3
Kate M¢￿￿h1n-Fty￿￿.1fv-Ch&
Aeglsiwed Company number 1674868
Aegls¢eBd Charity number.. 516672
The noles on pages 1610 32 fom) ￿ integral oflhES# fnandal statemenl
20

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
CASH FLOW STATEMENT
For the year ended 31 Mar¢h 2024
Group
2024
Group
2023
Charfty
ZQ24
Charlty
2023
Cash ￿0w5 from operatinu a¢OvOtle$
Netcash prov￿éd by (tss8dthl oper8ting
162.S97
370 328
B2,XfjZ
{444, 136)
/$h Itows from tsx credms:
Theatre la% ETr(Itr•cefved
ash 110￿ from In¥estlng a¢lfvhlps.'
Bank Inlerest
Purthase orpropetyplan1￿N1 equlpment ".
W6bslt•
N81 cash (used kn) fvwesib)g ac11￿￿$:.
12,T2T
177,3861,:
1,723
P5,63
12.727
1693411
1.723
6,3611
65
3.914
86.514
4,638
ChaTrge Ir¥ cash and cash equlv*nts In Ihe ye
Cash and c8sh equw*nts atthe siartofthe year
Cash and cash equfv8knls atlhe end ofthe yeai
98.038
997.485
1095.523
(404.243)
1.401.728
997,485
25.76
836.15
861,926
(464774)
13(H.932
836. 158
Re¢pntlllatton ornet1￿cOmE1{eXpE￿d￿tuTP) lo nEtGashftowfrom operalFng activitw
Nèl lexpendilurel perEhe SOFA
Adiusbnents for..
Dewedallon charges
Amortisalion charges
Dfvh1ends and knlerestfrom nvesignents
{IncrÈaséiidecre85e In sl£Jcks
Ilncre88elldecTr8se in debtOES
knueaselldecreasel In cYedilDf5
Nel cash provKled by lusÉd kn)opwatlng aCt[￿deS
66.731
(295,9241
66,732
{2949241
196,JI6
8,32D
112.7271.
186SI
1116.8991
21.821
162.697
187.823
4320
{1,723}
78
(264,741)
{4,161J
10.32
193,663
8,320
112,72TJ
184966
8,320
11,723?
1183.Of61
[338,971)
82.2&2
14t14.7J6
An4ty31s ol cash and Gash equivalents
Cash in hand
1.095.523 .
997,485
861,926
836,158
Tolal cash 8n(F cash
1 lJ95.52J
997.485
B61.926
836,158
21

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS.
For the year ended 31 March 2024
A¢Gounting policies
Charity inforniation
Theatra By The Lake is a prtvate charitable company limited by guarantee and is incorporated and domiciled
irl England and Wales. The addres5 of the registered office is Theatre by the Lake, Lakeside, Keswick,
Cumbria, CA12 5DJ.
The nature of the its operations and its principal actmties are detailed in th8 tTUStees report attached to these
financial slatemenls.
1.1 A¢counting Gonvention
The financial statements have been prepared in accordancé with the charity's articles of association and
memorandum, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial
Reporting Sl8ndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The
charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from Ihe Charities (Accounts and Reports) Regulations 2008 only to
Ihe extent required lo provide a tnje and fair view. This departure has involved following the Statement of
Recommended PraGtice for charities applying FRS 102 rather than Ihe version of the Stalement of
Recommended Practice which is referred to in the Regulations but which has since been wilhdrawn.
The financial statements are prepared in slerfing, which is the functional currency of the charity. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statemenls have been prepared under the historrcal cost convenlion. modified lo include the
revalualion of freehold properties and to include investment properties and certain financial inslruments at fair
value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving Ihe financial statements, the Trustees have a reasonable expectation Ihat the charily
has adeouale resources to continue in operational existen￿ for Ihe foreseeable future. Thu5 the Trustees
contlnue lo adopt the going concem basis of accounling Fn preparing the financial statements.
1.3 Charitable funds
Unreslricted funds are available for use at the discretion of the in fijrtherance of Iheir charilable objectives.
Restricted ftjnds are subject to specific conditions by donors as lo how they may be used. The purposes and
uses of the restricted funds are set out in the notes lo Ihe financial statements.
Endowment fijnds are subject to specific conditions by donors thal the capital must be mainlained by the
charity.
1.4 Income
Income is recognised when the charity Is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable thal income will be received.
Income In respect of produclioDs is recognised in the peri(Kl in which the produclion occurs.
Cash donations are recognised on receipt. Other donalions are recognised once the charity has been notified
of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in
relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation.
22

THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
For the year ended 31 March 2024
Accounting policies
Lega¢les are recognised on receipt or otherwise if the charity has been notified of an impending distribution.
the amount is known, and receipt is expected.. If Ihe amount is not known, the legacy is treated as a
conlingenl asset.
Income from Governmenl and other grdnts. whether capital grants or revenue grants, is recognised when the
charity has entillemenl lo the fijnds. any perfomiance conditions attached lo the grant5 have been met, it Is
probable Ihal the income will be re￿iVed and the amount can be reliably measured.
Income re￿iVed in advance of a Iheatrical performance or provision of other specified selv1￿ is deferred until
the Griteria for income recognith)n"a"re met.
Other trading income is recognised on a re￿1vable basis.
Investment income is recognised in the Statement of Financial Aclivities In the year in which it is receivable.
1.5 Expenditure
Expenditure is recognised once there is a construclive obligation to make a payment to a third paty, it is
probable that selllement will be required and thè amount of the obligation can be reliably measured,
Expenditure indudes any VAT which cannot be fij1￿ recovered and is reported as part of the 8xpenditure lo
which it relates.
Expenditure on charitable activities comprises those (x)sls incurred by the Gharty in Ihe delivery of its
activities and servI￿s. It includes both costs that can be allccated directly to those activities and those of an
indirect nature necessary lo support them.
Where perfomances of a produclion straddle the year-end. p8yroll. rehearsal arid audillon costs are
recognised in the year in which they arise. Production costs (e.g. sceneryjcostumesl and creative leam fees
are apportioned between the periods on the number of performances in each period and Included in accruals
or prepayments.
Support costs relate to those funclions that assist the woik of the charity but do not directly undertake
charilable activities. Support costs include back office costs. finan￿. personnel, payroll and governance
costs which support the Charity's programmes and aclivilies. These costs have been allocated between
costs of raising funds and" expendilure on charitable activilies. Support costs are apportioned on an
appropriale basis eg floor area, per capila or estimated usage.
1.6 Intangible fixed assets other than goodwill
Inlangible asgets acquired separately from a business are recognised at cost and are subsequently measured
al cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at Ihe
acquisition dale where it is probable that the expected fvture economic benefits that are 8ttributable lo Ihe
asset will flow to the enlity and the fair value of the asset can be measured reliably. the intangiblè asset arises
from contractual or olher legal rights., and the intangible asset is separable from the entify.
Amortisalion is recognised so as to write off the cost or valuation of assets less their residual values over thelr
useful lives on the following bases..
Website costs
5 year straight line basis
23

THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
Accounting policles
1.7 Tangible fixed assets
Tangible fixed assets are initially measured al cost and subsequently measured at cost, net of depreciation
and any impaimient losses.
Depreciation is recognised so as to write off the cost or valuation of assets less Iheir resKlual values over their
useful lives on the following bases..
Freehold land and buildings
Theatre equipmenb
Fixtures and fillings
Office equipment and software
Buildings- 50 years slraight line,. Land- Not deprecialed
10_20QA straight line
10% slraighl line
200A slraight line _
The gain or loss arising on Ihe disposal of an asset is detemiined as the difference belween the sale
proceeds and the carrying value of the asset. and is recognised in net incomel(expenditure) for the year,
1.8 Flxed asset investments
Fixed asset investments are initially measured at tr3nsaction price excluding Iransaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair.value are recognised in net
incomel{expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an enlity (x)ntrolled by the charity. Control is the p.ower lo govern the financial and operaling
policies of Ihe entity so as to obtain benefits from ils activities.
1.9 Impairment of fixed assets
Al each reporling end date, the charity reviews the carying amounts of ils tangible and inlangible assets to
delemine whelher there is any indication thal those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is eslimaled in order lo delemiine Ihe extent of the
impairment loss (if any).
1.10 Stocks
stocks are stated at Ihe lower of cost and estimated selling PriGe less costs to complete and sell. Cost
comprises direct materials and. where applicable. direct labour costs and those overheads that have been
incutred in bringing the stocks lo their present Ic(ation and condition. Item5 held for distribution at no or
nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of complelion and cosls to be
incutred in marketing. selling and distribution.
1.11 Cash and cash equlvalents
Cash and cash equivalenls include cash in hand, deposits held at call with banks, other short-term liquid
inveslmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in currenl liabilities.
24

THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
Accounting policies
1.12 FinanGial Instruments
The charity has elected to apply the promsions of Section 11 'Basic Financial Instruments, and Seclion 12
'Olher Financial Instnjments Issues. of FRS 102 to all of its financial instruments.
Financial instnFments are recognised in the charity's balance sheel when the charity becomes party to the
onlractual provisions of the instrument.
Financial assets and liabililies are offset. with the nel amounts presented in the financial statements, when
there is a legally enfor¢eable right lo set off the recognised amounts and Ihere is an intention to settle on a
net basis or lo re81ise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances. are initially measured at
transaction prtce including transaction costs and are subsequenlly carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where Ihe transaction is
measured at the present value of the future ￿CeIptS dis¢J)unted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Basic financial lialjilities
Basic financial liabilities. including creditors and bank loans are inilially recognised at transaction price unless
the arrangernent Conslilutes a financing transaction, where the debt instrumenl is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabililies classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised c05t. using the effective interest rate melhod.
Trade creditors are obligations to pay for gO￿lS or servi￿$ that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initlally al
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognltlon of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1,13 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's seNi¢es are
received.
Termination benefits are recogni5ed immediately as an expense when the charity is demonstrably committed
to leminate the employment of an employee or to provide lemiinalion benefils.
1.14 Retirement benefits
Payments lo defined contribution reliremenl benefit sCh￿eS are charged as an expense as they fall due.
1.15 Theatre tsx credit
Where Ihe trading subsidiary incurs qualifying losses in respect of theatre produclions these are surrendered
foi a cash payment under HMRC Theatre Tax Relief regime. Where receipt of these tsx credils is virtually
certain they are included in the accounts in the year in which the qualifying losses occurred.
25

THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
Accounting policies
1.16 Group financial 5tstements
These financial stalemenls consolidate the results of the Chariiy and its wholly owned subsidiaries. A
separate Statement of Financial Aclivilies for the charity is not included as it has taken advantage of Ihe
exemption afforded by s408 of the Companies Act 2006.
All intra-group Iransaclions, balances and unrealise"d gains on transaction5 between group companies are
eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence
of an impairment of the asset transferred.
26

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
For the year ended 31 March 2024
2 DONATIONS
2024
Re5tri¢led'.
2023
Unr¢stdcted
Total
Unreglrfcted
Restricted
Total
Com graDIs
Atts Cooncl England- NPO
ACE- emergencyfundhg
ACE-CRF1
ACE-CRF2
ACE_CRF3
Cumbrfa County Councl
Alerdele BC- COVKI support gr8nt¥
HMRC- CJRS lfvrl(xJghl
o*herg￿lS
Dona&ons
Frfend5 olThÈatre by IheLa*e
Otherik¥)ations Ilncl ¢rfIA
Legacies
615.182
61S,182
615.182
615.182
10.000
10.000
ioooo
2,OtKJ
2.000
2,5QO
29.511
32.011
5,500
T¢366
262,7t19
972,297
.500
76,3$6
262,749
74.763
211.IYJ9
913.044
74.763
211,099
913.044
29,517
3 WICOME FROM CHARITABLE ACTIVITIES
Theatre Perforniance$
EduC?￿n & Partklpath)
1￿76.823
3.927
1.580,750
I,S78@23
Y.199,756
1.1gg,7S6
1.58D 750
1.211.845
1 211.845
. ThF m¢w8m8nlln deferred btsx¢ffte knc¥me b show￿ Trute 19.
4 INCOME FROM OTHER TRADING ACTWttlES
2023
2023
RestdcfÈd
VnYostrlcl8d
liestrlcted
Tolal
Unrestricted
Total
Fundrnisir
Buglness Partnerships
Equ5pfflenl& cosiume hirè alc
Roorn hlres
TO1￿ fundrais￿9 actwik$
38,294
38.2>1
11,127
.11,127
11.127
Iq.127
38294
Trddingsub*dlary
Turnover & otherlncome
TotBI sUbs￿la[Y %twRKs
274,939"
274,939
274 939
223. IOD
223, foo
223, fOQ
223.100
274,939
roial thcome trom
313,TJ3
313233
234.227
234.227
S ITrJVESTMENT INCOME
2024
ZiJ29
Bank UrtereSt￿ceNed
12.727
12,721
1,723
Banklftteresl Is tewab￿￿Tr cash baL4nces he￿ in 4)woprfale ￿￿eBSI bÈathgdep05ks.
27

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
Forthe yearended 31 March 2024
6 COSTS OF GENERATING FUND5
2024
Restrlcted
2023
Unrristricted
Yotal
Un¥estrfttÈd
Restyictgd
Total
Gwjerdllngdonallons & g*¥nts
t)treci¢osts
Supwteosts
Gov¥nance costs
Charged lorestricledfvnd
6.e78
8.878
6.688
332
6,688
332
7.274
7274
7.020
FundTrlsltrTg
tlrecl c051s
I,Q44
6.878
259
259
Support casis
Govetnance cosks
6.878
39Y
6,688
332
.6.888
Ja2
Charged lo restricted ￿ndS
.319
8.319
7.279
r.z79
TradKngsubsldlary
tXre¢lcost5
.867
21,846
58,7f3
36,867
21.846
21341
64,855
B7,196
21341
64855
T.190
Support Costs
TO1￿ sub￿diary acbvdiES
Total expenditurg vn oth$rathiOes
74.306
74,306
101.495
101,496
Y COSTS OF CHARITABLE ACTIVITIES
Costs off theal+yo￿A￿Or￿
performanc6$ lin¢ludthu ttwring)
2024
ResthGtsd
2023
Rèstrlcted
Unre¥tskfed
Tolal
Unrestrfcted
Totsi
In-house prod¥ctbns.' actofs
In-house pr￿uctIOns.. £realfve
Othprdirec¢cost5
IncoThung work.. dk￿let781S
8ox0ffi￿ and house management "'
Marktbng and pub￿Cty
Support cosls
Governance cu815
21F.450
313.442
1234,W1
218,450
3f3.442
1.3J4.60f
267.052
445,255
1.249,2TO
267.052
445,250
1.2*19,270
If4.532
774.059
37.232
149.454
2.542.862
114.S32
774,ISJ
37.232
140.488
746.785
31,199
IA064)
2.664,985
140,488
746.785
31,199
Char98d lo restricled knnds
149.454
149,454
215.064
215.064
2.792 316
2,880.Q49
Edu¢aUon éftdpathipatton
Gost5
Support Gos15
(>)vemance Gosts
charg￿ to ￿St￿cled fijnds
21.445
30,55B
1,584
21.415
30.558
1,564
30.722
27.674
1.928
3Q722
2X,674
1.328
53,587.
59.724
59,724
2￿45.
1124,709
2939 773
28

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
¥ SUPPORT ANO GOVERNANCE COSTS
2024
2023
Governancty
Gorwyal Support
G¢)wman¢e
Genoral Support
Toial
Sal8rfes and reLaled co¥ls
Dlretl govem8nce cnsts
Premises
GÈneral offlce
F¥ian¢l
Consu118ncy and developrnent
DÈpreciaticn
204,Y3
18.214
222A67
176.967
189,283
Z47.887
127.224
23.427
36,446
200.993
840,220
250.241
128.482
40.220
38W6
202 003
179,829
301862
129,628
21,IfO
28.609
193 314
B52,690
2.587
1.145
t6.172
305.449
130,973
37,282
28,609
1.238
16.793
1,010
39.609
971
33.191
885,4U*
Apportk)ned as:
Gen￿a1kng grBnls and donallons
Thealre perfOr[r￿￿%
P¥rtlclpalK)n and (Hjlrea
FuThdr81swg
Trathng sttbsNIK4ty
SM78
774.Q&l
. 30￿58 .
6.878
21.B4B
840,220
7.274
811.293
32.142
7.274
21.846
8Tg.B29
fj,688
746,185
27.674
6,64
64,855
852.690
332
7.020
777,984
29,002
7,02(1
64.856
85.881
31,199
1,328
332
T￿54
.fj09
33,tsi
Analy5]5 of g(Nvmance costs
2024
202?
Extem31 audit
Cosis of TrusteB m8elkngs, Irav91, admi)Istrallon et
Appottiontnenl ol staff Gosis
AppatlKJnmenl ol sUPPOrt ¢tssl$ ".
16.581
14976
16,15D
6,878
?0,527
6,688
33.191
Allocation ol $upportGo6ts
The r(Aknwiig bases Df aKDcatton *¢used:
- Prèmlses lu1￿1￿￿, top*s 8tcl:
- General Oir￿e IstsI￿rtEry, posiffje. tskpho)È. ￿ etc%'
- Fllianck11 ityank tharyas. h)ss on dis￿$￿ ¢l.assets etcl:
- Oepreaalion..
ageffiBllt revwofslaff lkne
ManageDWt revwofsiaff Ilrne
Management ￿￿Or$18ff Ilrne '"

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year end&d 31 March 2024
g TnF5tee and stafi Inform¥tlon
al Yrustee Infomiatlon
The tsustees a￿ al v(At¥rteers and were not ￿ or rEceNed *ry ben8fi15 frThn ern$AOyff￿nl the Twst oras subshltary In the ye8r12023'. £nlll', they WelB reirnbuT5ed
pxpwses durillo lh8 y of £352 P023." È5gg1. No ch￿ty Irusiee re¢*ved payment ft*prof￿￿(￿ ￿ 0￿er Gwvi￿5 suppkd to lh8 ¢harity12023: Én￿. tkreclor5
Officers liab￿ty insurance cos14ng £1,04312023'. E9541 was laken oul ty￿1￿9 thB >Ear.
bl Staff Inf0mw￿fjn
2024
2023
Actors and Freelanee Slag8 Manager#
Fees
175.681
7,024
246,629
5,94fj
Penslon t￿￿￿1￿11￿$
Emyoyefs Nl rA)nlnThultons
182.705
252.575
In Ihe vthh HMRC gifidante, TnO51 aMLsts engaged uriderEqulycwtracls *8 IK&a*d as eameTr for ￿?th tax Nl purposes. PaymBnl8 to such peopla are
dL%dose¢S abuve a5 aGlor5' and stw mar*aget5' fees.
In aGcordarKe w7h IhB conednie agreemeftl beM*en Equity arnl UK Thealre, CDft*1￿ m￿al￿ Trust made pen5iM conlthbutiuTrs of SQA of fee5 pald to 8¢tors or stage
rnanagers enroUÈd u) the Equty Pen5h)n Sthemp. P￿￿¥￿ell that the rnembers a C￿[A)ulDn 013%.
The average monthly nUM￿T Df ￿l￿t￿ne 4ufv*nlatlksts enga￿dUnder Equlyconlracts Iheyearwas 8 (2023: 11
2024
2L123
Èmployees
Wages and salèryes
Employers Nl COthribullon5
Ernpwfs contabu*)n5
714,751
89,144
16.74J
30.&38
6a6,703
57,32
15,042
758,473
No employee eamed mare than e60.1NJO 0XthJ￿IU Empws nalonal iisurance perE5MJTr (wtthjibns.
Iri accordan￿ cu￿en1 k91￿8￿0￿, the corT>pany qjetates a tDnthbubons penston S￿eme F¥u%￿lBd by NOW.. Pensbns Lknlled meets b aulD*nrolmant
Dbfigalkjas. Thecomwy conknbules the mimum rewwerTrenl of3%.
Thvaverage MonihTyhead￿lll was 29 slaff (2022.. 29).TheaveKagÈthJmberol￿lLkne equtr￿]&nleMKtyÈ5, actors and stage fft*ager5Vfd5 37 12023.. 40).
Key managemEnt
In adrfthn lo the Board of Tm$leÈs. Ihp Chadty constd8rs Ils Exttubye t*e¢lor. Arbth Di￿or and the other members of the setkor rttanayemenl tearn. as gei oul OD
page 1. lo be Key Ma￿￿eMent Personnel for purpDse5 of SORP. and tserjefts (S￿ary p8nsMJn ￿n￿b￿bonSI récehivil by these empbyee
a¢nuunted lo £ 268.518 n Ihe year12023.' £212,959).
fo Net rnovement lry tot81 lund$ forthe year
15 slated afteTch3tglng:
Auditorfs retnUneralm￿ 1rorp4￿nl and subsklayl
ReMvnerdl￿n lo aUdrf￿s farolherse￿ces
DBpreUa￿0n and a(NortsalK
Paymenls underopprathg ￿ase5
TftJ5teBg renLunerat￿D
Ttvstees, eypenses
2024
2029
11.700
3.300
202.003
9.000
12.50
5.T5LF
194.285
9.000
352
sgg
30

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
11 TANG18LE FIXED ASSETS
Long Lea￿￿0]d
Land &
Bulldlngs
Offt¢o
Equlpm8nt
& Soflwarg
Flxtures &
Theafrg
Group
Fittings
EquipmBDt
TotBI
Cost
As al l Apn12023
AtJdllKJns
6.778.620
SO7.(￿3
62.sm
7.184
801,460
1.008
215,404
13,874
{IJO,932
g8,346
8.302.537
77.388
1g8.116
8.181.B07
D￿Posa
As at 31 March 2D24
6.778.620
802.468
DepTl¢lation
As at 1 Apta 2023
ProvNlÈd
Disp)sal$
As ai 31 March 2024
2.627.088
134.581
442,TlY
34.691
7.184
4111,264
775.070
13,433
187,598
4.032,533
1g6,3f6
198,116
1130,9321
70.277
2.761.669
78B.WJ
N&lBook Valuè
AS 8131 March 2024
4,Of8.YSI
92.089
13.965
4,151.OT4
As at l Apn12023
4.151.SJ2
.2T6
26,390
21.8r16
4,270.003
Long LeasBhold
Land &
Building5
Ftxtttres &.
Fiitlngs ..
Equlpment
& Sofvare
. Charlty
E4ulpment
Total
As al 1 Awl 20Td
Addiuons
tAsw5als .
Ay at31 March 2024
6,Tl8.6ZO
497.776 .
801,460
215.404
f3.874
120.132
08,346
,293.20Q
69.241.
198.116
8.1fj4,385
16f.1841
4B4,951
6,778.620
802.468
Depreclatlon
As Èt l Apdl 2023
Provlded
2.627.008
124.5B1
440.922
775,070
13.423
187,5
13,611
130,932
70,277
4.U3tTr,677
19J,683
198,116
4.026,244
DlspDsal$
A8 8131 March 2024
67,184
405,T96
2.761.869
788.$03
et Book Value
As 813f March 20Z4
4,016 9SI
79,155
13.965
28,a69
4.13&.141
As at J ApN2023
4 151.532
26,390
27,806
4,262,583
31

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
Forlhe year ended 31 March 2024
12 INTANGIBLE FIXEDASSETS
Gtodp & Chorlty
Website
Cts5t
As at 1 Aprll 2023
Addthons
[￿sPo￿lS
As al 31 Mar¢h 2024
41.eo)
41,6(kl
41,600
4f.6Q)
Amortlsatlon
A5 al l 2tr22
Provlded
T8,4LXJ
8.?zo
23,400
8,320
D￿poS
As at 31 March 2023
31,720
Net Book Value
As al 31 March 2024
9.8BO
9.880
As Ht 1 AWH 2023
78,2t
18,200
13 FIXED ASSET INVESTMENTS
GMLtp
2024
GTOUP
2023
Charlty
2024
Charfty
2023
Shares in subsk1iwywd8rtakkngs
100
400
200
200
TBTL Servkes Lkntted (regisle￿ compary llumber ￿46171} is by th8 th3rty and ￿erate5 cerfan trathng Bclfvwes. Thealre by the Lake PrtsJuc*bn$
Lwnited Ireg&slpred company number 092597671 Is +hthoKy ￿ed by Ihe whith was disow on 28 December 2023. The a￿￿￿niS of bDlh 5ubsKliaries are
Consolid￿ed In Ihese finandal Slalements (see aL8o notes 2B afid 291. subs￿￿￿ ￿fflPan￿s are IncorpDrdlBd ￿ Eng￿￿￿ and Wale5 3nd thetr regk4tered office 1$ Ihe
same a5 that ofcumbria Theatrg Twst (the patEnl cowaoyl.
32

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
For the year ended 31 March 2024
Gri>up
2024
GTOWP
7023
Charity
2D24
Charfty
2023
14 STOCTr(S
Consutmablo118ms'
3.638
3,63Q
2,773
2,773
IS DEBTORS
Trade deblors
VATrefund dué
OthÉrdebtor
Inter-tornpany bal￿￿8
The2lrÈ (*e(St recovernNe ."
PrÈpayments
If7,030
54,946
17.54T
2.411
4047
194,963
255,275
121,862
600 705
2S,851
.112
22,Sff
346,Y23
206.88S
206.gsl
783.220
206.ms
209.$46
559.113
25S,275
123.8J2
442.215
16 CREDITORS: amounts lallkng due wlthln one year
Trade crethlors
09.566
16.591
341.569..
57.842
119.980
24,802
259,296
73,429
89.516
16.591
341.569
57.842
114,73
21.264
259,296
73,429
Ta%atTon and sooal setrJ¢ty
Deferred Income- ath8nce bookngs
Customercredlts
Thlr(I party resources
Olhercredltors
als
-q7
18
11.130
62.475
599,173
13,976
84869
57T,352
11.130
5S.664
573 212
13,976
81,219
17 MOVÈMÈNTS IN DÈFFRRED INCOME
2024
2023
Defetred incofftp brought loThRtd
Released n Ihe year
Defetr2d in Iheyear
Deférred incottle caftfedlorward
259,296
P59,2961
190.240
(790.240J
259.296
259.296
341.569
18 THRD PARTY RESOURCES
2024
2023
Balan¢B brought fu[Kr￿d
Rtceipls in th&year
wrthhEkt forthealiÈ afjd olhercharge5
F(￿Warded lo hlrfng org2ntsations LV relundedtothekatslM)8rs
ance carrle(I foNRrd
73,160
11,012
Thirrf pattyresourc8s refers to lickels sokj by CumbtA Theabe Tswslas agontfor(¥g*r6atvJns%¥hKh ha¥8 hiredTheatrety Iha Lakq forlhèrovm prB5ÈnlalnJns.
33

0000
ootso
uuu

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
For the year ended 31 March 2024
19 STATEMENT OF FUNDS l¢ontTnuedl
RBs1￿￿d lund bdances ai th8 ye¥end are hBbJ for Ihe loknythg wrposes.
Cultural Rvcovfyry Fund 1, 2 & 3
To enable Ihe thealre ID meelthe chalknge5 of the pandefflic￿d tetsunch as ￿tnI￿e5 li a COVMI seGufE*dywhBst managirtg Ihe firsancLql ris
Legacy
CurnbrfaThealreTrn$l recetved a leyacyof£35,IJOU be ￿lea￿l owlhe DexEfveyÈars to supptrt the amp*mentolnew i*nt .
Cipital grants & donatlotY8 expensjed
Thh￿ reGords the expendl￿FE0￿ capitalxsseis fiJnderftyrAt￿I ￿tter*Ihere *e¢onUnuhg¥eslrfclk)ns ￿ theassets. and p￿￿dÈ$ a aaalnstwthth depreclallo
can be chwged In fvlure perfods. DepreaaliorE of È141,190 has been chwged k> thi5 lu￿ year.
Reslrfdlon8 relate I)￿h lo funds for Ihe C￿SItUc￿0n and fitbng %lVt al ThEafrE by the LakB and rt5 u)nli¥J&l u59 by tho Chanty as 8 thealre, and tr) th•
redevpbpmenlolthe LakesKJt Calé.
Imlh ihe exttpUoN afwttere delaled abc>ve the trust plans lo ublse al EEMa￿ang EESkncted rpvBrwe *thin Ihè nexl ￿n￿da1 year. Funds are IranSfery￿ lfj'cApK
grants & donallons 84)wd8d IIvs8d to pUrthasecWeWJprn￿L
20 ANALYSIS OF CHARITY FUNDS
Group
Unre$trf¢ted
Funds
Group
Restricted
FuDd
Charny
UnrÈ$trlttÈd
Charlty
Re8tr1cted
Ch%TIty
148 8t￿8￿ JI 2024
Totsi
Fvnds
Total
Ftxed assets
Nel Currenl assets
1.27ts.789
1,038,101
2,308.BgO
2N￿1,165
21.rMIo
2ts11.165
4.1611.954
1.059.101
5.220.055
1.257,956
1,050,934
2.308.890.
2B90,165
,148,121
1 071 gJ4
5.220.055
2.911 165
As atMa+rh 31 2023
Fwed assets
Nel Curyenl asse15
1,256.84U
835 857
3.031.355
4.284203
8fj5 121
0 153 924
1.249,628
843.077
2 092 705
3.031.355
4.280,989
872 341
0 153 324
2 092 705
3060619
3.060 619
35

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
For the year ended 3q March 2024
ZI CONsyrruT￿￿
The company Is limited by guardntee 2lld dces nol h￿e a share Ca￿¥. kn the evElltolW￿￿lng tsp.IhÈ are ￿able lo Cont￿ule £1 esch. The nurnber ofrnembers
al31 N4arch 2024 was 812023.. 81.
The¢iJmpany is tontroled byits mambers In9￿¢￿alMee￿g. ofmertknets hasoverall control 0[￿e¢0MPanY.
22 TAXATK)N
Thecompany15 3 ¥egL4lered ch8rfty and is ellti￿ed ID Cl￿ a￿￿￿3¥exempknft IM< CO[p￿aN]￿Ta
23 CAPNAL COMMITMENTS
At 31 March 2024 Ihechatyhad captrdl c4)mTEMknents wh¥* wBu¥rtraelÈd lortxrt not prO¥￿e￿I￿rin theltn*d* statements of £NI12023.. ÈNII.
24 CONTINGENT L￿B]L￿lEs
The Afts Councl ol Eng(atid krtiBry awdrd (£4.685,7041 ks rep¥y3Ne ir¥ the evenl ofthe Gomw ¥*Jmd ttp. The %4Allten consent ol wanlor15 requlred before the
Iheatre ¢an be dlsposed or.
SlmllarcondHions appty k¢ p*1 ca￿141 gwls froTn.Cumbtra Cwnty C￿￿1{£292,50o), Europe￿ Regbna Deveh)prnenl Fwd (t2(M),0001 Trlorfhetn Rock Fwndalton
2(M).0001.
Should Ihecornpany lacp an InsDfvÉnlvMdR￿ up. ACE Is entsyad lo the of the bulthng. .
The Trvsteps dts Èxped these SabiRt*s touyst8lls8.
25 RELATED PARTYTRANSACTIONS
FrhndsofThe*e by the Lakewds an ￿￿Èpendent tharty{n¢)w dissO￿ed1.Whkh had the dghl lo nomhale c￿e rnemberlo the BoaAF of TheatreTr¥st as delthkd
IheTru8iee¥ ReporL Donalhins tolalkng ÈNII (2023. £5￿1)) Y￿re rEceI￿d frosn FriBThd5 ofTheare tylho Lake durin9 th8 year.
Kes¥Ack T¢wn cou￿1 b gLs0 Énily￿ lo ftomlrtate one member to Ihe BO￿0. A gRnt of E2,(MK) ￿)2). E2.500) vrd5 reGer¥ed ftDrn Kesvl￿k Tr￿ll CotsnLiI iowards Qur
Bthjcabon and path(ipath)n worfl In Kes%*isk thesvtrou•ling *a.
lErda￿ Borough cetsn￿ Is atso entRbd io ntyninalp memberfo the &)*d. The r8c8P48d £NII120rJ'. £NI) kn buslnesg support gran15 from AH¥dale Borough
Councll dutiThg the ye*.
D0natk)Dsloldlng£l94￿re in aggregalBfwm trusteèsththg th8year(2023.' £481.
Th8r8 were no otheroulslandlng baLwsvath ￿l￿d Parf*s althe ￿dOflhe ￿r￿023.. Kdland nootherlransacih)ns ch8rityltusiee5 d￿tIng Ihe year.
26 OPERATING LEASE COMMrrMENYS
A131 March 2024 Ihe cornpany had thtfrJI￿Yl￿ cofflnthmonts uThjernOn-c￿(elabreWPr0w￿a￿e¥.
2024
Properfy
2024
. 2023
2023
Propetty
Olhers
Minimum amovnls payat*:
one year
h¥0 lo ffve years
2A13
9.250
2.31&
17.563
Totsl
36

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STA TEMENTS (CONTINUED)
For the year ended 31 March 2024
27 Parnnl charlty- Statement ol Flnanclal A¢1￿le8
Unr8strict*d
Reststcted
TDtsI
Total
Fund$
Fvnd8
2024
2023
Tqlal wcoM￿l9 r¢sw￿5
Tola resou￿eS expended
Nel lexpendilurellhcorne foT Ihe year
before Iransler5
2.928.228
2.712 Q42
2,928,228
2 B61 496
2,6L58,148
3954,OT2
149.454
216,186
149,454
66.732
{295,924}
2B Subsldlary undertaklng.¢omrnor¢laland tradlng actsmtles
A sumThary orthe ￿SU￿$Z￿￿ GEO5￿g b*nces ofthe subsidW.TBTL Ser¥￿Sltd. Is Sh￿
2024
2L123
TJmover
IntertompsTryadi￿s1ll￿rtS
Acknyrfles forgÈnetatlng fvnds.. t¢athg tsPBrgtsoDs
274.939
223.100
274.939
223.too
Cosl of sa￿4
Admini%loti)n & wmbÈ$ eNpensÈs
Managenentcharge
Cosl of trathno operati¢M$
.867
21.846
21341
64,855
58,713
216,226
87.196
135.904
O¢her income
Nel profil reponed in consdkF*d acwunts
2f6,226
fJ49
Add b8cklnler¢ornpany adluslrnents
Nel profil fwlhe ye8rreported byTBTL ge￿s Lld
GIftAld
Relained in ihe subskliary
216,226
216.22S
134g04
(13&904)
As at the 5heeldale. the assets and W8b•ks ofthe subslth*yww
Non CUErenlassets
CutTent asseis
Credhots.. amaunls due c￿e year
12.933
360.049
1368.6271
7,422
203,581
{210,903J
ReP￿SenIed by..
Aggregate share caplal a[￿ tE5erv85
Prof& 3Hd Loss A(xx)unt.
100
37

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
29 Sub$ldlary ufidertaklfig- Produc￿0￿ 3clfvltle5
A svmmaryofthe resth (4othg ￿anceS ol theSubsk￿*y. Thealre byihe Lake Prod￿lI)nS Lld. bthv. Ihe subsfkryww$ th0￿￿d durinu the yoar.
2014
2023
Turnover
Inlercotnpariy adjustments
Actniifies forgeneral￿g knd5-. Iraduig oPera￿￿S
Coslolsa
Inlor¢ompany 8dluslments
Ad￿l￿￿traI￿n & eywsès '"
Cosi6flrathng opera1￿$
Nel ￿65 reported in coNsorthtÈd accwnts
Add back ￿te￿￿)MpanY a(fiosiments
Nel ￿￿$ forlheyparreportÉd by Theatre byth&L*e Produc*)DsLbl.
Ta¥ Claim
Relalnedln the subshltsry
As al th8 baLqnce sheeld*. the a55e15 8nd1&4kn￿p&0f the subsitharywtti".
Cutrenl assets
Credltors.. 8mounls duo ane year
100
100
Represenled ty.
AggregBte stwe (z5Xtal rBsetve5
Y#èatrÈ iax tYedlL'
rrR daEnablÈ
Defetred laxassel thovemenl
Ci8ditift accutsnts
38

CUMBRIA THEATRE TRUST
TRADING AS THEATRE BY THE LAKE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
30 Deslgnated Fund5
Al Jq March 2023
FuDds deglgnxled
Al JI March 2024
Designated fuThds=
Part￿1Pat￿lll
26.700
(8,7(Xll
f5.000
84.000
428.tr25
18,000
10,000
4,000
428,925
Lega¢y
cap￿81 sponth
2Q7ryJ
519.225
545,925
Part
alion
Plannedvrf)rkswhKh due to statrcspactywm Dol be compleled 24125.
Devplu
fftBnt
Planntd Yfixk8 Wh￿ due Io 8iaFcapacity%wK llDI be C￿￿P￿led 24125
Le
ac
Additaonal ￿8¢Y recév¥8d in 23r24 to bB hpkt lur24f25 s￿d
Ca
8ndkn
Pk3nn¢d capiial spend overlh8 nexl thr88 years 2412&2W27
31 Contlngent Asset
The Charity has been bequeathed a svJnthcanl18wlhatwll b8 n¢ef•8d in 24125 ffianr&4y8ar. IhB Wdhje DfY4hK* i5yet lu be t￿term￿l￿d.
39