REGISTERED COMPANY NUMBER: 04168289 (England and Wales)

REGISTERED CHARITY NUMBER: 1088229

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

BOWNESS THEATRE FESTIVAL LIMITED

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

Notes to the Financial Statements

8

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in the notes and comply with the Charities Act 2011, the Companies Act 2006, and the Memorandum and Articles of Association.

Objectives and activities

Objectives and aims

The objects for which the charity is established are the promotion and advancement of aesthetic education and the cultivation and improvement of public tasks in drama, opera, music, painting and the other arts. The strategies employed to achieve the charity's objectives are to:

a) Offer opportunities for a broad range of people to get involved in arts activity exploring their own creative powers.

b) Provide facilities for amateur and professional artists to showcase their abilities.

c) Represent the diversity of cultures in our society by programming presentations by, and with, artists of different cultural backgrounds; and

d) present a broad range of arts activities.

Public benefit

The trustees confirm that that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

Achievements and performance

Charitable activities

In Spring 2024 we had the following included in the programme: Austen's Women - Lady Susan from Dyad theatre - anything Jane Austen usually sells well. Friend - The One with Gunther. Other one/two person shows included Appraisal an award-winning and Noddy, Big Ears and Lashings of controversy about the Life and works of Enid Blyton.

John Godber Company presented a new production of Bouncers.

Music from The Tannahill Weaver, Kammer Philharmonie & Sean Webster. Hangfire Theatre presented The Importance of being Earnest.

Other events included Windermere Science Festival talks and our own production of Things we do for Love, by Alan Ayckbourn.

Autumn 2024 saw events including music from Lindisfarne & Jive Aces. Poetry from Roger McGough, Plays including Watson - The final problem, Deaths at Sea, Is that a Whip in your hand, Dad's Army Radio Show, Hancock, the lost tapes, A Christmas Carol & Santa's Christmas Cracker, plus a post-Christmas magic show.

A popular programme has led to increased ticket sales and furthered the objectives of the charity, as noted above.

Financial review

Financial position

Admission fees of £171,517 were £30,193 more than those of the previous year.

The direct costs of producing shows has decreased from £74,730 to £56,979 but the bought in costs of providing shows have increased from £77,362 to £104,533. Income generated from the bistro decreased to £997 from £1,978, however costs also decreased to improve the margin made.

Other costs have increased from £162,051 to £178,384. The main element of this increase are payroll costs, which have increased by £9,030.

The company had a net surplus for the year. Lakes Story Limited increased its donation of services and facilities to £110,890 from £98,858 and made a cash donation of £15,000 (2024 - £nil). Grants of £45,000 (2024 - £5,000 from South Lakeland District Council) was received from Westmorland & Furness Council, £35,000 (2024 - £nil) of which was restricted.

Investment policy and objectives

Under the Memorandum of Association, the charity has the power to invest in any way the trustees wish.

Reserves policy

The trustees aim to ensure that the unrestricted funds, which are the free reserves of the charity, are kept to a minimum but are sufficient to fund those projects where income received does not cover the costs incurred. The trustees hope to attract sufficient funding in order that the charity will at least achieve a break-even position.

There was a deficit on unrestricted funds at 31 January 2025 of £11,790 (2024 - £59,648) which includes £35,533 (2024 - £2,441) invested in fixed assets. The free reserve figure at year end is a deficit of £47,322 (2024 - £62,089).

During the year, sound equipment costing £35,977 was purchased, funded by a restricted grant of £35,000 from Westmorland & Furness Council. In accordance with the terms of the grant, the restriction was satisfied upon acquisition of the asset. Consequently, £35,000 was transferred from the restricted fund to the unrestricted fund to reflect that the funds are no longer subject to donor-imposed restrictions.

The trustees continue to try to source additional funding and to increase admission numbers in order to improve the funds position. Nevertheless, the charity is dependent, in the absence of other funding, on the continued financial support of two of its trustees, C R Scott and R P Glossop. These trustees have confirmed their commitment to provide the necessary support.

Going concern

The company had a net surplus of £47,858 for the year ended 31 January 2025 but had net liabilities of £11,790 at that date. The company is dependent, in the absence of other funding, on the continued financial support of its trustees, C R Scott and R P Glossop. These trustees have confirmed their commitment to provide the necessary support.

On this basis the trustees consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if C R Scott and R P Glossop were not to provide further support.

Future plans

The successes of the current year have informed and shaped the future programming. For 2025 there is a full season planned including plays, films, music and a children's theatre festival.

Structure, governance and management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 26 February 2001 and registered as a charity on 28 August 2001. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

New trustees must either be recommended for appointment by the existing trustees or proposed by a member. All new trustees must offer themselves for retirement at the Annual General Meeting following their appointment.

Organisational structure

The trustees meet regularly and co-ordinate the charity's activities through managers co-opted from Lakes Story Limited, a company in which C R Scott and R Glossop are directors. A festival administrator is appointed by the trustees to manage the day to day operations of the charity. Artistic performance related activity is controlled by R Glossop and C R Scott.

With the exception of the payments to the trustees recorded in note 8 to the financial statements the trustees give of their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in notes 8 and 15 to the financial statements. Trustees are required to disclose all relevant interests to the other trustees and in accordance with the Charity's policy withdraw from decisions where a conflict of interest arises.

Induction and training of new trustees

An induction pack is available to any new trustee which includes a copy of the Memorandum and Articles of Association, a summary of the Charity's objectives, a copy of the Charity Commission's guide on the duties of a trustee and the most recent financial statements.

Related parties

The charity has a very close relationship with Lakes Story Limited, a company owned by two of the trustees, C R Scott and R Glossop. Lakes Story Limited provides certain facilities and services free of charge as recorded in note 3 to the financial statements.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity. Procedures are in place to ensure compliance with health and safety of staff and visitors to the theatre. The trustees consider that as far as is currently practical, suitable systems, internal controls and insurances are in place to mitigate risks.

Reference and administrative details

Registered Company number

04168289 (England and Wales)

Registered Charity number

1088229

Registered office

Northern Assurance Buildings

Albert Square

9-21 Princess Street

Manchester

M2 4DN

Principal address

The Old Laundry

Crag Brow

Bowness On Windermere

LA23 3BT

Trustees

C R Scott

S Glossop

R P Glossop

P Allen

A Goolden

P James

H Pezet

G Rhys Jones

A Lau Theatre Director

Company Secretary

C R Scott

Independent Examiner

S & W Partners Audit Limited

9 -21 Princess Street

Manchester

M2 4DN

Bankers

Barclays Bank plc

Business Centre

PO Box 27

Oxenholme Road

Kendal

LA9 7GF

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 28 November 2025 and signed on its behalf by:

C R Scott - Trustee

Independent examiner's report to the trustees of Bowness Theatre Festival Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Angela Chorlton FCA

S & W Partners Audit Limited

9 -21 Princess Street

Manchester

M2 4DN

28 November 2025

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

Income and endowments from

Donations and legacies

3

174,497

35,000

209,497

134,393

Charitable activities

5

Operation of theatre

178,165

-

178,165

149,427

Investment income

4

92

-

92

10

Total

352,754

35,000

387,754

283,830

Expenditure on

Charitable activities

6

Depreciation of fixtures & fittings

9,281

-

9,281

2,758

Governance

2,295

-

2,295

1,400

Operation of theatre

328,320

-

328,320

309,985

Total

339,896

-

339,896

314,143

NET INCOME/(EXPENDITURE)

12,858

35,000

47,858

(30,313

)

Transfers between funds

14

35,000

(35,000

)

-

-

Net movement in funds

47,858

-

47,858

(30,313

)

Reconciliation of funds

Total funds brought forward

(59,648

)

-

(59,648

)

(29,335

)

Total funds carried forward

(11,790

)

-

(11,790

)

(59,648

)

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

Fixed assets

Tangible assets

11

35,533

-

35,533

2,441

Current assets

Debtors

12

18,835

-

18,835

37,284

Cash at bank and in hand

15,028

-

15,028

5,149

33,863

-

33,863

42,433

Creditors

Amounts falling due within one year

13

(81,186

)

-

(81,186

)

(104,522

)

Net current assets/(liabilities)

(47,323

)

-

(47,323

)

(62,089

)

Total assets less current liabilities

(11,790

)

-

(11,790

)

(59,648

)

NET ASSETS/(LIABILITIES)

(11,790

)

-

(11,790

)

(59,648

)

Funds

14

Unrestricted funds

(11,790

)

(59,648

)

Total funds

(11,790

)

(59,648

)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28 November 2025 and were signed on its behalf by:

C R Scott - Trustee

1.	Statutory information

Bowness Theatre Festival Limited is a private company, limited by guarantee, registered in England and Wales and has no share capital. The liability of each member in the event of winding-up is limited to £10. The company's registered number and registered office address can be found on the reference and administrative information on page 1 of these financial statements. The principal nature of the charity's operations is the promotion and advancement of aesthetic education and the cultivation and improvement of public tasks in drama, opera, music, painting and the other arts.

Statement of compliance

These financial statements have been prepared in accordance with the Charities SORP (FRS102), applicable UK accounting standards, and the Companies Act 2006.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charity constitutes a public benefit entity as defined by FRS 102.

The company had a net surplus of £47,858 for the year ended 31 January 2025 but had net liabilities of £11,790 at that date. The company is dependent, in the absence of other funding, on the continued financial support of its trustees, C R Scott and R P Glossop. These trustees have confirmed their commitment to provide the necessary support.

On this basis the trustees consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if C R Scott and R P Glossop were not to provide further support.

Income

a) Charitable trading activities

Income from theatre admission fees, sales and programmes, membership, sponsorship and advertising is included in incoming resources in the period in which the relevant show takes place.

b) Grants, donations, legacies and gifts in kind

Income from grants and donations is included in incoming resources where these are receivable unless donors impose specific conditions.

Income from legacies is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Donated facilities, services and administration assistance are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

c) Interest receivable

Interest is included when receivable and can be measured reliably by the charity.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities include expenditure associated with staging theatre and other artistic events and include both the direct costs and support costs relating to these activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts offered.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

a) Financial assets

Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

b) Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

3.	Donations and legacies

2025

2024

£

£

Donations

164,497

129,393

Grants

45,000

5,000

209,497

134,393

Donations received, included in the above are as follows:-

2025

2024

£

£

Donations from individuals

38,608

28,065

Donations from companies

15,000

2,470

Donated facilities

10,401

16,131

Donated services and administration income

100,489

82,727

164,498

129,393

Included in the above is donated facilities, services and administration assistance comprising free accommodation, administrative expenditure and use of staff provided amounting to £110,890 (2024 - £98,858) by Lakes Story Limited, a company of which C R Scott and R P Glossop are directors and shareholder. A corresponding amount is included within the costs of administering and managing the charity (see note 6).

Income from donations totals £164,498 (2024 - £129,393) of which £nil (2024 - £26,000) is attributable to restricted funds and £164,498 (2024 - £103,393) is attributable to unrestricted funds.

Grants received, included in the above, are as follows:

2025

2024

£

£

South Lakeland District Council

-

5,000

Westmorland & Furness Council

45,000

-

45,000

5,000

The income from grants totals £45,000 (2024 - £5,000) of which £35,000 (2024 - £nil) was for restricted funds and £10,000 (2024 - £5,000) was for unrestricted funds.

4.	Investment income

2025

2024

£

£

Deposit account interest

92

10

5.	Income from charitable activities

2025

2024

Activity

£

£

Admissions Income

Operation of theatre

171,517

141,324

Bistro Income

Operation of theatre

997

1,978

Membership Income

Operation of theatre

2,672

2,488

Other Income

Operation of theatre

2,979

3,637

178,165

149,427

All incoming resources from the operation of the theatre of £178,165 (2023 - £149,427) are attributable to unrestricted funds.

6.	Charitable activities costs

Direct

Costs

£

Depreciation of fixtures & fittings

9,281

Governance

2,295

Operation of theatre

328,320

339,896

Charitable activity costs are as follows:

2025

2024

£

£

Box office manager and front of house

55,600

46,570

Show costs

104,533

77,362

Production costs

56,979

74,730

Marketing costs

21,003

20,005

Repairs and renewals

23,779

21,185

Bistro costs

214

4,187

Rent

10,401

16,131

Postage and stationery

29

-

Electricity

1,536

1,517

Sundries

7,103

5,050

Travel expenses

888

1,106

Bank charges

1,611

2,750

Costs of donated facilities and services

44,644

37,892

Depreciation of fixtures and fittings

9,281

2,758

Governance - Independent examination fees

2,295

2,900

339,896

314,143

The charitable activity costs totals £339,896 (2024 - £314,143) of which £nil (2024 - £26,000) was restricted and £339,896 (2024 - £288,143) was unrestricted.

7.	Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

9,281

2,758

8.	Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.

C R Scott and R P Glossop, trustees, received £nil (2024 - £1,190) for production costs. These payments were made in accordance with paragraph 28A of the company's Articles of Association.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.

9.	Staff costs

The average monthly number of employees during the year was as follows:

2025

2024

Box office and front of house

2

2

No employees received emoluments in excess of £60,000.

10.	Comparatives for the statement of financial activities

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

Income and endowments from

Donations and legacies

108,393

26,000

134,393

Charitable activities

Operation of theatre

149,427

-

149,427

Investment income

10

-

10

Total

257,830

26,000

283,830

Expenditure on

Charitable activities

Depreciation of fixtures & fittings

2,758

-

2,758

Governance

1,400

-

1,400

Operation of theatre

283,985

26,000

309,985

Total

288,143

26,000

314,143

NET INCOME/(EXPENDITURE)

(30,313

)

-

(30,313

)

Reconciliation of funds

Total funds brought forward

(29,335

)

-

(29,335

)

Total funds carried forward

(59,648

)

-

(59,648

)

11.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 February 2024

78,362

Additions

42,373

At 31 January 2025

120,735

Depreciation

At 1 February 2024

75,921

Charge for year

9,281

At 31 January 2025

85,202

Net book value

At 31 January 2025

35,533

At 31 January 2024

2,441

12.	Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

6,264

26,000

VAT

11,321

11,284

Prepayments and accrued income

1,250

-

18,835

37,284

13.	Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

34,636

65,778

Other creditors

36,803

34,742

Accruals and deferred income

9,747

4,002

81,186

104,522

14.	Movement in funds

Net

Transfers

movement

between

At 1/2/24

in funds

funds

At 31/1/25

£

£

£

£

Unrestricted funds

General fund

(59,648

)

12,858

35,000

(11,790

)

Restricted funds

Westmorland and Furness Council

-

35,000

(35,000

)

-

TOTAL FUNDS

(59,648

)

47,858

-

(11,790

)

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

352,754

(339,896

)

12,858

Restricted funds

Westmorland and Furness Council

35,000

-

35,000

TOTAL FUNDS

387,754

(339,896

)

47,858

Comparatives for movement in funds

Net

movement

At 1/2/23

in funds

At 31/1/24

£

£

£

Unrestricted funds

General fund

(29,335

)

(30,313

)

(59,648

)

TOTAL FUNDS

(29,335

)

(30,313

)

(59,648

)