Theatre by the Lake is owned and operated by a not-for-profit Company Limited by Guarantee, Cumbria Theatre Trust, which is also a Registered Charity. The Board, who have overall responsibility for the organisation, currently comprises 10 Trustees who serve in a voluntary capacity, including nominees of local authorities and Friends of Theatre by the Lake: Graham Lamont (Joint Chair), Vicky Robinson (Joint Chair), Cllr Denston Kemp, Cllr George Scott, Cllr Roger Bingham (Cumbria County Council), Colin Fleming, Nigel Illman, Godfrey Owen, Douglas Cook (Friends of Theatre by the Lake), Hilary Young.
The Board also makes honorary non-statutory appointments to the positions of President (Dame Judi Dench) and Patrons (Lord Bragg of Wigton, Tony Cunningham MP, Hunter Davies, Patricia Routledge OBE, Colin Welland, Richard Wilson OBE).