This is the 13th running of this fascinating competition and this year the theme is metal (the blurb mentions "include a metallic word, anything from gold to Goldilocks" which doesn't sound too difficult).
Judges included Anne-Marie Fyfe and Imtiaz Dharker. Not sure where the lake comes in but there is a nice picture on the website. There is a cryptic reference to "the most stunning setting for the autumn Awards Celebration at Lake Orta". So it appears you will be festival bound if you win...
Everything closes 22nd April 2013.
Entry details can be found here www.poetryonthelake.org.