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The monument is also known as the Hoad Monument, as it stands on Hoad Hill.

The monument was built in 1850 in memory of Sir John Barrow (1764-1848). About £1200 was collected by public subscription. It has now been reopened to the public (2010), after closing in 2003.

It is a Grade II listed building. See Link .
A notice by the doorway states -
Restored and maintained by Ulverston Town Council in 2010 and opened by volunteer Monument Keepers. The Monument is open when the flag is flying. This restoration works were funded by Heritage Lottery Fund, English Heritage, Ulverston Town Council, South Lakeland District Council, North West Development Agency and Cumbria County Council with donations collected from the community by the Friends of Sir John Barrow Monument.

See SD2978 : Sir John Barrow Memorial, Ulverston and SD2979 : Doorway to the Hoad Monument for photos before the restoration.
The design is based on the old Eddystone Lighthouse, or Smeaton Tower, which was re-erected on Plymouth Hoe (see SX4753 : The Smeaton Tower ). Although the original intent was to install a light at the top, this was never done.