Company Registration No. 2523744 (England and Wale81 Lytham Town Trust Limited Report and Accounts For the Year Ended 31 December 2023
LYTHAM TOWN TRUST LIMITED CONTENTS YEAR ENDED 31 DECEMBER 2023 Page Company infomabon Report of the trustees, Report of the audrtor Statement of financial a¢tivilies 10 Balance sheet Accounting w)licies 12 Notes lo the accounts 15
LYTHAM TOWN TRUST LIMITED COMPANY INFORMATION Elected directors D K Gill-chaiman # S C Kitt- Secretary # D F Clarke- Deputy Chaimian # Mrs A Evans# Dr A J P Gilchrist WR THale# RACSmilh# AMWolfp# Nomlnat•d dir•clorn Mrs S M Comah #- Lytham St Annes CIV Scciety J D Hornyak - Fnends of Lytham Hall A Lavin- BAE Systems Iretired 17 April 20241 J R Thomas - Fykle Council Irelired 4 May 20231 S M Williams- Lytham Heritage Group M Wlhers- Fylde Council lappoinled 17 July 20231 Honorary Llfo Vl¢•.Pr••idonts G A Buffas IDied 28 January 20241 Secretary SCK Regl8tored offl¢e Assembly Rooms Dicconson Terrace Lylham FY8 5JY Company numb•r 2523744 Re9Sstergd ch•rlty numb•r 1000098 Audltorn Ashworth TW$U Ltd 17-19 Park Street Lylham FY8 SLU
- Members of Ihe executive committee
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LYTHAM TOWN TRUST LIMITED IA Re9islered Charity and a Company Limited by Guarantee) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also directors of the charity for the purposes of the Companies Act. present their report and the audited financial statements of ltte chanty for the year ended 31 December 2023. The trustees have adopted the provisions of the Slalement of Recommended Pracbee ISORPI -Accounting and Reporting by Chariltes" IFRS 1021 in preparing the annual report and financial stalem8nl$ of the charity. The financial statements have begn prepared in accordance with the accounting poliCS set out in the notes lo the aoUnt5 and comply with the charity's goveming document. the Charities Act 2011 and Accounting and Reporting by Charities. Slalemenl of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard app1ible in the UK and RepubliG of Ireland 155ued in October 2019 Structure, governance and management Governing document The Trust is a company limited by guarantee and also a registered chanty. The organisalion was established under a Memorandum of Association on 19 July 1990 which established the objects and powers of the charitable company, and il 1$ govemed under its Articles of Associatson. Appointment of trust•o8 The directors of the company are also chafity Iruslees lor the purposes of charity law. Under the requirements of the Memorandum and Articles of Association. the board of directors shall consist of.. Nomlnated members of.. Numbgr of nomln• Fylde Council Lytham Sl Annes Civic Soc*ty Lylham Heritage Group BAE Systems Friends of Lytham Hall Cowopted members Any said person having direct connections wrth the primary objects ol the company - CCpOPted by the Board at its diSCretn Elected members Tru8tee8 inductlon and trainlng An induction prcgramme is provided for all new trustees which includes Infomialh)n about the Trust's constilulion, finances and governance. All Trustees receive ¢gpie$ of the Charity Commission bulletins and other p¢Jblicalions, where relevant. R•latod yrtl•• Any transaction entered into by the Trust is influenced onty by the con3Kleralion of the charity's own interests. Rlsk management The trustees continually examine the major strategic business and operational risks which the charity faces and systems have been established to l@ssen these risks. Page 2
LYTHAM TOWN TRUST LIMITED IA Registered Charity and a Company Limrted by Guarantee) REPORT OF THE TRUSTEES {CONTINUEDI YEAR ENDED 31 DECEMBER 2023 Organlsatlon The business of the charity is managed by the Board which meets quarteily Day lo day operational matters aré delegated to an Executive Committee comprising of at least six members of the Board. Other sub - committees deal with propety matters and the management of the Assembly Rooms and also report to the Board An Executive Committee comprising of tsvo members from Lylham Town Trust and tsvo members from the Herlt8ge Trust for the Northwest oversee Ihe mana9errEnt of Lylham Hall. Objectiv03 The Trust's obie¢tives a lo preserve building$ of hi$lori¢81 and architectural interest and to provide community cenlres and other aftnitIeS for the inhabitants of the community fesidin9 in Lylham. Review of activities - Achievements and perfoTmanc• Actlvltles There have been no significant changes in the activity of the Tfusl in the year. Flnan¢lal rovlew Thè net surplus on incoming soUrCeS before revalualn$ and gainFJlosses on investrnents was £62,19212022'. £78,387). The directors have adopted a reserves policy whereby the unresth'cted fvnds not sel aside for or invested In tangible fixed assets, is beeen 12 and 24 mnths of the average resources expended over the previous the years. exGluding exceplional items. The reserves at 31 Dècembar 2023 cakulated on this basis equate lo 30 mnths12022 21 Months). The funds hekl al the end of the year were. 2023 2022 Unrestricted Fund - General Unreslricled Fund - Designated Reslricled Fund - Endowment Fund Reslricled Fund - Lytham Hall 1,072,060 395,000 805,952 955,113 993,229 390,ofJO 786,242 980, 151 ToLg1 Fundg 4131 December 3.228. 125 3.129,622 Objective8 and actlvltles The Trust owns Lytham Hall which is trfia9ed by The Heritage Trust for the North Wesl under a 99 year lease. The Assembly Rcx)ms are let lo the Tfust by Fylde Borough Council under a 125 year lease at a nominal rent which runs from 1991. Part of the building Is 1 on commercial tenanues and the remainder houses a public library and a community centre Page 3
LYTHAM TOWN TRUST LIMITED IA Registered Chaiity and a Company Limrted by Guantee) REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 DECEMBER 2023 Oblectlve5 and activitigs Icontinuod In shaping the Trust's objeth'ves for the year and annIng our xts"vtts"es, Ihe directors have considered the Charity Commission's guidance on public benefit, induding the guidancE on fee charging. The Trust relies on room hire income to cover 115 operating costs. In setting the e1 of hire charges, the directors have sought lo ensure that the Assembly Rooms are aecessible to charitsble and community organisations ty tharging fees that are below ommertial rates. A88embly Rooms The Assembty Rooms continue lo be a well-used and loved o)mmunity asset embra¢ing hh quality tenants ike the Lytham Library servi ak>ng wrth many community organisations using the Ribble Room for daily use. Repair work to the roof and car park is planned in the year ahead otherwise the building is in very goTr# ondition. The Trust is proud of its work here, in offering community-based activItS and services allowing it to clearly achieve one of rt5 Gore chartsble objectives Lytham Hall Thg tru51e8s werg sorry lo seè the dèparture of Liz Moss during the year, although she has continued as a trustee of Heritage Trust lor the Northwest bul were pleased lo welcome Michael Guy. her replacement as Chief Executive Officer. The Lylham Hall Executive Committee. the ff*mbership and scope of which is sel out in the lease of Lytham Hall, now meets tAice a year. The Lytham Hall Partnership has accordingty become redundant and has been disbanded. As reported18sI year Fylde Council accepted that their grant of £75 000 had been appl towards the maintenance of the Collection and that the terms on which 1$ was 9ranled have accord¢n9ly been met. Thi8 enabled the corresponding loan of £75.000 lo Hentage Trust for the North Wesl lo be cancelled. The replacement of the geptic tank wth a sewage treatment plant was completed during the year with Lytham Town Trusl contributsng £40.000 towards the cost from the income accumulated in tho Lytham Hall Endowmènt Fund. Lytham Institute In Decemb9r the Charity Commission published rts lon9-awarted decision on the proposgd cy pr05 scherno for the Lytham Institute charity. This conffimed that the Iruslee. Fylde Council. does not have the FX)wer lo sell the building without repla¢ing it unless a further applicatson is made lo the Commission. As an added protection the Commission sp8cifi8d that such a decision cannot be made until additional. indèpendonl, trusto8s are appointed. The obligation to progress this now rests with the Council. Lytham Town Trust continues to work wrth the Lytham St Annes Civic Scriety. Lytham Hentage Group and the Friends ol the Lylham Institute lo ensure that the Lylham Institute has a sustainable fLslure a5 a community 838et. Page 4
LYTHAM TOWN TRUST LIMITED IA Registered Charity and a Company Limited by Guarantee) REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023 Future developments Assembly Rooms- Work will b8 undertaken lo remedy water ingress and improve drainage on a fial roof and there are proposals to re-render the wall in the car park. LyÉh8m Hall- Since the year end a proto¢ol has been agreed for the approval of landlord's consents and consents have been granted for the following work5." Inslallalion of solar panels on the inner roof glevations Additional parking and drainage improvements Resloralion and renovation ol the Gardenerfs Cottage to provide holiday accommodatn Lytham Institute~ Fylde Council has confimied that funding has been secured for a feasibility study on which business plan and applications for hjnding for the resloralion of the building can be based Olrectorn. r•8ponslbllltlM lor lh• accounts The Irusl8es (who are also dir8clors of Lylham Town Trust Limited for thè purpo ofeompany lawl arè rèsptsnsiblé for prepafing the Trustees, Annual Report and the financial slalements in accordance with appli¢abb law and Unitgd Kingdom Accounkn"ng Standards Iunrted Kingdom Generalty Accepted AeLountsng Prathce). Company law requires the Uirectors to prepare finanual statements for each financial year. which give a true and fair view ol the stale of affairs of the chantabie company and of the incoming resources and application of resources, including the income and exFendilufe. of the chantable company for that period. In preparing these financial ststemènts, the trustees are r8quir8d to". select surtable accounting polties and then appty them eth*$tenlly,' observe the methods and principles In the Chanties SORP 2019 IFRS 1021., make judgements and eslimales that are reasonable and prudent,. State whether applicable UK Accounting Standards have been folliJved. subject to any malenal departur8S disclosed and explained in th8 financial slatemenls". prepare the financial statements on the going wncem ba$is unless it 18 inapproprkqte to presuffÉ that the charitable company will continue in operation. The direclots are resrthsible for keeping adequate acc(yJntsng records that disclose wrth reasonable accuracy al any tr'me the financial posf(ion of the chantable company and enable them lo ensure that the financial slalements comply with the CompanÈs Act 20CE. They a also responsible for safeguarding the assets of the charitable company and hence for taking reasonab steps for the preventson and detethn of fraud and other irregularityés. In so far a5 the directors are aware.. there is no relevant audit inf0m1atn of which the company's auditors are unaware,. and the dIlorS have taken all steps that they ought to have taken lo make themselves aware of any relevant audit infomation and lo èstablish that t auditor is aware of that infomiation. Page 5
LYTHAM TOWN TRUST LIMITED IA Registered Chafity and a Company Limited by Guarantee) REPORT OF THE TRUSTEES (CONTINUED YEAR ENDED 31 DECEMBER 2023 Audltor4 Ashworth Treasure have indicated that they do not wish to te ap01nted because of their lack of charity expertise. The tnJstees will accordingly be going through a sejgction prccess to appoint new auditors. SCKItt Secretary Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LYTHAM TOWN TRUST LIMITED Oplnlon We have audited the financial statements of Lylham T¢)wn Trust Ltd for the year ended 31 December 2023 which comprise the Statement of Financial Activities. the Ststement of Histofical Cost Surpluses and Deficits. the Balance Sheet and the related notes. The financial reportsng framework that has been applied in their preparation is applicable law and United TrQngdom Aexountsng Standards Iunited lQ"ngdom Generally Accepted Accounting Praelicel. In our opinion the financial state1$.. glve a true and fair vlew of the state of the ¢hariiable company's affairs as at 31 December 2023, and of fts incoming resources anci application ol resources, Includirsg its Incomè and èxpenditure, for the year then ended.. have been properly prepared in accordance wrth Unrted Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. B••l# lor oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appliGable law. Our responsibilrties under those standards are further de$end In the Auditor's responsibilities for the audit of the financial slalemenls section of our report We are Independent of the ¢hanlable company in accordance wrth the ethical requirefflenls that a levant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in 8ccordance with these requirements. We believe that the audit evidence we have obtained is 5uffi¢ient and appropriate to provide a basis for our opinion. Coneluilonl rnlatlng to qolng concern In auditing the financkgl stal6m6nts. wè hove ncluded that the trustees, u8e of the going concem ba8is ol accounting in the preparation ol the ffinancial slateffenls is appropriate. Basèd on the work we have pertorffed. we have not idenlffied and material uncertainties relating to events or conditions that, Individually or colleclivety. may cast significant doubl on the Charitable wmpany s ability lo continue as a going concern for a period of at least e1ve months from when the financial statements are aulhorised for i55ue. Our SpOnsIbl11t1e$ and the responsibilrties of the truttees with respect lo going concern are described in the relevant sections of this report. Other Inforniatlon The other information includes the lntom7aln contained in the trustees, annual report. other than the financial slalèmènts and our auditor's pOrt Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent olhetwise explicitly slated in our report, we do not express any form of assurance conclusion thereon Our responsibility is lo read the other information and, in doing so, consi¢Jer whether the Olher information Is maierially Inconsisieni with the financial stslements or our knowledge obtsined In the audit or otheiSe appears to be materially misstated. 11 we identify such material inconsistenc5 or apparent material rnisstalernents. we are required lo determine whether there Is a material mi5s1aiement in the financial ststements themselves If. based on the work we have performed. we conclude that there is a material misstalemenl of this other infomiab"on, we are required to report that tacl. We have nothing to report in this regard. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LYTHAM TOWN TRUST LIMITED CONTINUED Oplnlons on other matters presGTibed by the Companies Act 2006 In our opinion, based on the work undertaken in the cnurse of the audit.. the information given in the Iruslees. report for the financial year for which the financial stslements are prepared is consistent with the financol statements,. Mattels on whlch we are requlfed to report by exceptlon We have nothing lo report in respect of the following matters in relation lo whKh the Companies Act 2006 requirgs us lo report to you if, in our opinion-. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by LIS, or the financial statements are not in agreefit with the accounts.ng records and retums,. or certain disclosures tsf directors, remuneration specified by law are not made". or we have not received all the information and explanations we require for our audit. Responslbllltlm of trustee• As explained more hjlly in the trustees, responsibilit ststement set out on page 5. Ihe Iruslees (who are also the dire¢lors of the charitable company for thè purposes of company lawl are responsible for thè preparation of the financial stslemenls and for being satisfied that they give a true and fair view. and for such internal control as the Iruslegs determine is necessary to enable the preparats'on of financial statements that are free from matenal rnisstslemenl, whether due to fraud or error. In preparing the financial slatemenls. the Iruslees are responsible for assessing the charitat•le company's ability to continue as a going concem, disclosing. as appli¢able, matters lated lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease OP8ralions, or have no realistic ahernatNe but to do $0. Audltor'8 r•8pon8lbllltle8 for tho audbt ol the fln•n¢lal statements Our otyjeclwes are lo obtain reasonabl8 assurance about whether Ine flnanc¢al statements as a whole are free from material misslalement. whether due lo traud or error. and to Issue an auditor's report that includes oui opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will avayS deleel a material misslatemenl when it exists. Misslatemenl$ can arise from fraud or error and are considered material if, individually or in the aggreg3le. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregulanlies, Including fraud, are Instances of non-compliance wrth laws and regulations. We ¢Jesign proceoures in line with our responsibilities. outlined above, to deteel material misstatements in respect of Irregulanlies, including fraud The specific procedures for the engagement and the extent to which these are capable of deleclin9 irre9ularities, in¢ludin9 fraud Is detailed below. enquiry of m8na9ement and those charged wrth governance 8round actual and potential litigation and claims, enquiry of the charities staff, management and those charged wilh govemance to identsfy any instances of non-compliance with laws and regulation5. reviewing minutes of meetings of those Charge wth governance. reviewin9 financial statement disclosures and lesling lo supporting documentation to a55e55 Compliance with applicable laws and fegLslations, auditing the risk of management ovemde of controls. including lesling of journal entries and other adjustments for appropriateness. and evaluating the business rationale of significant transactions outside the normal course of busine5S. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LYTHAM TOWN TRUST LIMITED CONTINUED A further descflption of our responsibilities for the audit of the financial stslements is located on the Financial Reporting Council's website al.. ww.ftc.oig.uklauditorsresponsibililies. This descnplion forms part ofour auditor's report This r8POrt is made solely to the chanlab18 company's members. as a trx)dy, in accordance with Chapl&r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state lo them In an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charrtable company's members as a b>Jy, for our audit work, for this report, or for the opinions we have formed. An audit involves obtsining evidence about the amounts and disclosures in the financial slalements sufficient lo give rtasonable 88surance that the fin8n¢i81 statements art free from mateftal mi88latemenl. whether Caused by fraud or error This Includes an assessment of. whelhef the accounting policies are appropriate to the charitable company's circumstances and have been consisieniiy applied and adequately disclosed,. the reasonableness of significant accounting estimates macle by the Irustee$", and the overall presentation of the financial stslements. In addition, we read all the financial and non-financial information in the Trustees. Annual Report to identify material inconsistencies with the audiled financial statements 11 we become aware of any apparent material mis$tal&menl$ or in¢onsisten¢ie$ we ¢onsid•r th• impl¢alion$ for our r8POrt. Anthony Coon•y IS•nlor St•tutory Audltorl for and on behalf of Ashworlh Treasure Limited Statutory Auditors 17-19 Pafk Street LYTHAM. Lancashire, FY8 SLU SiloJA/ 21)4 Page 9
LYTHAM TOWN TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 DECEMBER 2023 Re8trOcted Fut)d Lytham Hall unrtrIcted Fund8 G•n•r•l D19n*t•d R•strict•d End¢wm•nt Fund Nole 2023 2022 Incornlng rgoourcos Donations Investments Charitable activities 5,000 104,600 29.860 114,102 33.347 24,719 138,821 108.348 75.001 Total Incomlng re8ource8 147,449 24.719 75,001 247,189 139,460 Re8ource8 expend Raising lunds Charitable activities 15,887 46,721 1,320 40,000 17.207 167,770 15,755 45,318 81,049 Total r•60ur¢e• gxpended 62,608 41,320 81,049 184,977 61,073 Nel incomingllout90ing} resources before revaluations. Investment disposals and transfers 84,841 {16.6011 16.048} 62,192 78.387 Realised gainslllosses) Unrealised gainslllosses) 10b 744 35.567 744 35,567 14761 141,9151 Nel in¢omellexpenditurel 84,841 19,710 16.0481 98,503 35,996 Transfers ba08n funds 16,0101 5.000 1,010 15 Net movornent In funds 78,831 5,000 19,710 15.0381 98.503 35,996 Total lunds brought forwar 993.229 390.000 786.242 960. 151 3.129,622 3,093,626 Total fund$ carrled forward 1,072,CÉO 395,000 805.952 955,113 3.228,125 3,129,622 All of the above results are derived from contsnuing activilies. All gains and losses recognised in the year are included above. The notes on page$ 15 to 22 form part of these accounts. Page 10
LYTHAM TOWN TRUST LIMITED BALANCE SHEET YEAR ENDED 31 DECEMBER 2023 Note 2023 2022 Flxed assets Tangible fixed assets Investments 10a 10b 1,739.898 805,952 1,743,940 786,242 2.545,850 2,530,182 Current assets Debtors and Pfepayments Loans Cash at bank 48,462 31,202 75.000 590,973 12 650,181 698.643 697,175 Credltorn - Amounts falling due within one year Unexpended grant Accruals and oth•r er•ditore 13 14 75,000 22,735 18,388 16 368 97,735 N•t eurr•nt a•••ts 682,275 599,440 Total as$ets1gs$ Ilab1111106 3,228,125 3,129,622 Funds Unrg$trlct•d General Revalualion reserve 556,674 515,388 477,843 515,386 15 15 1,072.060 395.000 993.229 390,000 Designated reserves 1.467.060 1,383,229 Ro$trfcted Endowment Fund Lytham Hall 16 16 805,952 955.113 786,242 960,151 3,228,125 3,129,622 The notes on pages 15 10 22 fomi part of these accounts. These accounts were approved by the Directors on 13bK and signed on their behalf by D K Gill Chainnan Company Registratlon No. 2523744 Page 11
LYTHAM TOWN TRUST LIMITED ACCOUNTING POLICIES YEAR ENDED 31 DECEMBER 2023 Accountlng policies Basls of accountlng The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reportt'ng by Charitr"es.' Statement of Recommended Practice applieable to charili8s preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republ of Iland IFRS 1021 issued on 16 July 2014. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued in October 2019, the Chanties Act 2011, the Compan185 Act 2006 and UK Genefally Accepted PraclKe as Il applies from 1 January 2015. The significant accountsng policies aPpld in the Pfeparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unk%ss otherwise stsled. Going concorn The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items al fair valuè. The financial $tstemenls are prepared in sterfing which is the functsonal currency of the charity. Incomlng re8our¢e• All incoming resour¢e$ are included in the SOFA when the charity Is legalty enlilled to the incnme and the amount can be quants'fied with reasonable accuracy. For legacies. enlitlernent Is taken as the earlier of the date on whh either the charity is aware that probate has been granted, the estate has been finalised and nolificalion has been made by the executorlsl lo the Trust that a distribution will b• made. or when a distribution is e1Ved from the estate Receipt of a legacy. in whole or in part. Is only considered probable when the amount ean be measured reliably and the charity ha$ been notified of the executor's intention lo make a distnbulion leg8¢ie$ have been notified lo the charity or the ¢h8rity 18 aware of the granting of probate and the cntefia for InGonR recognition have not been met, then the legacy is treated as a eonlingent asset Bnd dis¢losed If material The Wies are eTediied 10 the general lund unless ttte legator indicates a spttifi¢ bequest. Capital grants and donations are induded in incr1n in the pericrfj in whth the eXpendrtU they are intended lo fijnd is incurred Resourc08 oxponded Expenditure Is re¢ognised when a liability is incurred Contractual arrangements are recognised as goods or services are supplied. Other payments ale recognised when a con51ruclive obligation arises that results in the payment tyeing unavoidable. Expenditure on raising funds comprises investment management costs. Charitable activrties expenditure comprises those costs Incurred by the charity in the delivery of its activities and services for ils beneficiaries Governance costs are those incurred in the operation of procedures and associated with the decisions making, performance and control of the organisalion. with providing structures lo give rt overall direction to the organisalion and lo satisfy the expectslions of accountability to those outside Il. Also included are costs with meeting the conslitulional and statutory requirements and inspection. Support costs are those costs which enable fund generating and charitable actsvitses to be undertaken. Page 12
LYTHAM TOWN TRUST LIMITED ACCOUNTING POLICIES (CONTINUED) YEAR ENDED 31 DECEMBER 2023 Fixod assets T•ngiblo The cost of fixed assets is depreciated on a 5traighl line basis at the folknving rates-.- Freehold buildings per annum Fixtures and equipment 10% ter 3nnum Improvements to long aseho propety 5% per annum Lytham Hall is a Grade 1 listed building and is being maintained in a good stste of repair. Clifton Portfolio controls several properties which are let and also maintained in a gocJ state of repair. The directors consider the depreciation rale lo be appropriate. Investments Inve51menls are initially recognised at their transactw value and subsequentty measured at their market value as at the balance sheet dale. The stslemenl of financial activities Includes the nel gains and losses arising on reValuatn and disposals throughout the year. All gains and losses are taken lo the statemènt of financial aelivili@s as they anse. Realised gains and lossés on investments are calculated as the difference betAeen sales proceeds and their opening carrying value or their purchase value If acquired subsequent lo the first day of Ihe financial year Unrealised gains and losses are calculalerj as the difference beeen the fair value at the year end and their carying valu8. Realised and unrealised Investment gains and losses a combined In the Statement of Financial Activities, Investment propertlè8 Investment properties for which fair value can be measured reliably wilhoul undue cost or effort are measured at fair value at each reporting date wilh changes in fair value recognised in 'nel gaIn{lo$se$l on investments, in the Statement of Financial Aciivilies. The directors are satisfied Ihal the value of the proFerties is not maleria11y different lo the current OFen market value. DepreCl)n ts not provided in respeel of freehold Invesltrnl woFertiès. D•btorn Trade and other debtors are recognised al the settlement amount due after any trade discount offered Prepayments are valued at the amount prepaid net of any trade discounts due. Crodltors Creditors are recognised where the chanty has a present obligatson suIts.ng from a p83t event that will prob8bly ull in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or estimated reliably. Cre(litors are normally reccgnised at their settlem8ni amunl aft&r allowin9 for any tradè discounts due. Conce831onary lo•n8 Concessionary loans inelude those receNable and payable to thir(I partt.es which are infrrest free or below market interest rates and are made lo advance charrtable purposes. All loans are repayable on demand within one year, the loan is measured al cost. less impairment. Where the loan is repayable more than one year, the loan is initially measured at fair value and subsequenlly measured al amrtised Cost using the effective interest rale method. less impairment. Flnanclal Instruments The charity only has financial assets and financial liabilibes of a kind that qualify as basic financial inslruments. Basic financial instruments are initialty recc>Jnised at transaction value and subsequently measured at their settlement value. Page13
LYTHAM TOWN TRUST LIMITED ACCOUNTING POLICIES ICONTINUEDI YEAR ENDED 31 DECEMBER 2023 Taxation The charity is exempl from corporatson tax on rts charitable actsvrties Fund •c¢ountlng Unr851ricted funds can be used in accordance with the charitable objectives al the discretion of the trustees. Designated fvnds comprise unrestn'cled funds that have been set aside by the trustees for particular purposes. Reslricled funds can only be u3ed for parti¢ular restricted purposes within the objects of the charity. Restrictions arise when specific by the donor or when lunds are raised for Pacular reslricled purposes Thè eost of raising and administering such fvnds are charged against the specific fvnd. Doslgnat•d lund• A88embly Rooms R•palrn Amounts are appropriated from the Accumulated Fund at the discretion of the Board to m8•1 thé longer term maintenance of the Assembly Rooms. The annual Iransler is made in accordance with the maintenance plan. Horlt•g• Property This has been set aside from a propety sab lo holp pro1v8 buildings of architectural and historical interest in Lylham. Further explanation of the nature and purpose of each fund is included in th& notes 10 the financlal slatemenls. Ca•h flow gbtatem•nt The Company has not prèpared a cash IIN Statement as part of the fin8neI SIateffnts, having taken advantage of the exemptions from preparing such a statement on the grounds Ihal it qualifie6 as a small company. Slgnlflcant •$tlmat•8 and Judg•m•nts In the application of the charity's accounting policies, the trustees are required to make judgements, eslimale8 and assumptions about the carrying amount of assets and Iiatsililies that are not readily apparent from other sources. The Iruslees do not believe that there are any estimates or assurnpbons which have a significant nsk of causing a material adjustment lo the carrying amount of assets and liabilities. Page 14
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles The financial staterrnts have been prepared in accordance with the accounbng policies sel out on pages 12to 14. T•x•tlon The company is a regisiered charity and exempl from c0rWratn tax. Income Irom donatlon• R•¥trlct•d Fund$ Lytham Hall Unre8tricted Rtricted Fund D••ignted Endowment G•MAI Fund Fund 2023 2022 Donations 5.000 Total for 2022 s.000 5,000 Ineome from Inve8tments Re8trlcted Fund• Lytham Hg411 Llnr••trl¢t•d RMtrlct•d Fund D••ign#tgd Endowmènt ¢ngr•l Fund Fund 2023 2022 Rents receNed Bank Interest DIVendS 90.553 23,549 90,553 29,741 18,527 84,887 9,091 10,622 6,192 18.527 Total for 2023 114.102 24.719 138,821 104,600 Total for 2022 91,139 13.461 104,600 Page 15
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS {CONTINUEDI YEAR ENDED 310ECEMBER 2023 Income Irom charltable activities Restricted Fund¥J Lytham H•ll Unrn8trlci¢d fttrICted Fund L)•sign¥ted Endowmènt Gener•1 Fund Fund 2023 2022 Room hire Recharged Insurance Service charges Car park fees Grant written off Rental income 11,639 11,639 12,310 2,332 12,826 6.550 2,332 12,826 6,550 75,000 2,111 9,800 5,638 75,000 Total for 2023 33.347 75,001 108,348 29,860 Totsl lor 2022 29,859 29,860 Expendltur• on rahlng funds RMtrlct•d Fund• Lytham H*ll Unrn•trtcted R••trlct•d Fund DMign•t•d Endowm•nt G•n•r•l Fund Fund 2023 2022 Investment management costs 15,887 1.320 17.207 15,755 Totsl for 2023 15,887 1,320 17,207 15,755 Total for 2022 14,795 960 15,7S5 Page 16
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 Analysls of oxpondlturn on charltable actlvltles Assernbty Rooms Lytham Hall 2023 2022 Wages and National Insurance Gardening Cleaning Repairs and renewals Telephone Heat. light and water Insurance Audit fee Accountancy Professional fees Loan written off Contnbulion lo drainage project Sundnes Depreeialion.. Buildings Fixtures and fith'ngs 5.400 1,709 5.694 4,112 937 13.227 5.638 2.500 4.800 783 5,400 1,709 5,694 4,112 937 13,227 5,638 2,500 4,800 1,794 75,000 40.000 276 5,400 2,391 5,440 623 859 6,479 7,496 2,770 2,096 5,330 1,011 75,000 40.000 278 388 5,038 5.038 1,645 5,038 1,008 1,645 46,721 121,049 167,770 45,318 R••tdcted Fund• unrl- rf¢t•d Fund Oe¥lgnated endowment G•n•r*i Fund Fund Rutrlct•d Lytham Mall 2023 2022 Management of Assembly Rooms Lytharn Hall Governance costs Inole 81 44,221 44.221 121,049 37,410 5,138 40,000 81,049 2,500 2,500 2,770 Total for 2023 46,721 40,000 81,049 167,770 45,318 Total for 2022 40.180 5.138 4S.318 Page 17
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED YEAR ENDED 31 DECEMBER 2023 Governance costs 2023 2022 Audit fee 2,500 2,770 Trustoe8 remuneration The charity trusteès were not paid or received any other benefits from employment with the charity In the year12022.' £nill neither were they reimbursed expenses during the year12022. £Nill No charity Iruslee received payment for Professional or olhef seNi¢es supplied lo the ¢harity12022.' £NIll. 10 {a} Tan9lbl• fix•d assets Fr¢•hold L•nd and bulldlngl InvMtrn•nt Flxturn• and Improv•m•nt proport1 Equlpm•nt to property Total Co•1 or ¥alu•tlon At 1 January 2023 Disposal Revaluats'ons Additions 1.007.660 842,000 47,214 22,291 1,919,165 2.641 2,641 At 31 Dec•mb•r 2023 1,007,660 842,000 49.855 22.291 1,921,806 Depr8¢lallon Al 1 January 2023 Depreciation on disFosals Charge for Ihe yeaf 11 S,874 37,060 22,291 17S,225 5.038 1,645 6,683 At 31 Docomber 2023 120,912 38,705 22,291 181.908 Net book v•luo At 31 Oecember 2023 886.748 842.000 11.150 1.739.898 Al 31 Oecember 2022 891,766 842.000 10.154 1,743,940 No value has been attributed lo the Tru5Ys 125 year lease of the Assembly Rcoms. The investrnt properties were re-valued by Bushells & Benstead, Chartered SuTveyor5. at 31 December 201Q and, in the opinion of the iJirKtors, thore has been Materi ¢han9e in value Sin that date. Page 18
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 10lbl Investments 2023 2022 Market value at 1 January 2023 Additions lo Investments at cost Disposals al carrying va5ue Net Investment gainWllosses) 473.958 151.420 130.4931 34.g91 430,637 130,670 144.9581 142,3911 Market Valu? at 31 December 2023 629,876 473,958 £29,749 inv8Stm8nts al cost wer8 sokl dunng the year12022.' £45,434) 2023 Market valu• 2023 2022 Market valu• 2022 Co8t Co8t Investments comprise.. Unitised and common investment funds Ca3h and cash equiv8lenls 629.876 176,076 S9S.411 176.076 473.958 312.284 474,936 312,284 805,952 771,487 786,242 786,242 D•btorn •Thd pr•paym•nt• 2023 2022 Rent receivable Prepayments Other debtors 2,538 1,604 44,320 6,550 2.127 22,525 48,462 31,202 12 Conce•8lonary loans rncelvabl• 2023 2022 Heritage Trusl for the North West 75,000 Following acceptsnce in May 2023 by Fylde Council that expenditure incurred on the Colle¢tron by HTNW fully met the criteria ol the grant lo Lylham Town Trust thi5 loan was deemed lo have been repaid in the year ending 31 December 2023. Page 19
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 13 Unoxpended grant 2023 2022 Fylde Borough Council 75.000 The Council agreed in May 2023 that the grant had been appl lo its original pUrySe 14 Creditorn: Due within l••s than on• y•ar 2023 2022 Rent rKeivable in advan Accwals 3,950 12.418 6.550 16,185 16.368 22.735 16 Unr•8trlctod fund$ Brought loThiard at 1Jan 2023 Carrl•d lorward at 31 Doc 2023 GalnB and Transfer8 In¢om• ExndIture General UTrre8tfl¢l fund8 993,229 147,449 162,6081 16.0101 1,072,060 Oe81gnatod funds Assembly Rooms Hentage Propety 15,000 375,000 5,000 20,000 375,000 Tolal dMlgnated fund8 390.000 5,000 395.000 Total fund• 1,383,229 147.449 (62.6081 11,0101 1,467,060 The general lund represents the free fvnds of the trust which a not designale¢y lor a particular purpose. 2023 2022 Total funds Total fufids Represented ty. Tangible fixed assets at cost less depreciation Revaluation of tangible fixed assets Net current assets less current liabilrties 337,764 515,386 613,910 336.768 515,386 531,075 1,467.060 1,383,229 P8ge 20
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENOED 31 DECEMBER 2023 15 Unrestricted fund8 Icontinuedl Doslgnated fund8 Assembly Room6 ropalr8 Amounts are appropnated from the Accumulated Fund at the discretion of the 8oard to meet the longèr term maintenanGe of the Assembly Rooms in aOranCe with Ihe maintenanre plan. Horltago Property This ha$ been sel aside from a property sale to provide funding lo help preserve buildings of ar¢hile¢tural and historical Interest In Lylham. 2023 2023 Assembly Herltage Rooms Property 2023 2022 Total Tot•1 1 January 31 December 15.000 20,0 375,000 375,000 390,000 395.000 210.000 390.000 Represented by 2023 2022 Net currenl assets 39S.000 390,000 395,000 390.000 16 R•itrlct•d fuThd• Brought forward at 1Jan 2023 Carried forwarfl at 31 D8C 2023 Galn81 (lo•se$> Incorn• Expenditure End¢)wment Lytham Hall 786,242 960. 151 24,719 75.001 141,3201 181,0491 36,311 1,010 805,952 955,113 1.746.393 99,720 1122.3691 37,321 1,761,065 Endowment Fund Repr8senled by 2023 2022 Investments Nel current asselsllliabilities) Cash deposits 629.876 473,958 176,076 312,284 05,952 786,242 Page 21
LYTHAM TOWN TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 16 Re8tr1cted funds {contlnu•dl Lytham Hall Fund R&presented by 2023 2022 Tangible fixed assets Current assets less Current liabilities 886,748 68,365 891,786 68,365 955,113 960,151 The Endowment Fund is a permanent endowment for the benefst of Lytham Hall the income from which is applied towards prOjeS al Lytham Hall. Ae$S lo the capital become5 available in the event of the lease of Lylham Hall to Heritage Tnjsl for the North Wesl Ltd being lerminaled or after the expiry of eighty yeafs from 1 January 2005. The Lytham Hall fund represents the donations originally received lo enable the purchase of Lytham Hall less deprècialn charged since acquisitron and includes an unspent wacy of £5,00012022. £5,000> 17 Capltal commltments The Company had no contracted capital commitments at 31 December 202312022.. None). 18 Dlrectorn and •mployMs 2023 2022 The Trust had I part limè equival8nl employee during the year12022.' 1 part tim81 The employees, costs amunt to Salary Social Security costs 5,400 5,400 5,400 5,400 There are no employees who receivéd total employee benefits of more than £60,00012022 .' none). 19 Reloted p•rty tran$•¢tlon8 Rent of £1 is payable by The Herrtage Trust for the North Wesl for Lylham Hall and Lylham Town Trust made no donations to Heritage Trust lor the North West in the ye8r12022". £Nill. Al 31 December 2023 the loan outstanding from Herrtage Trusl for the North Wesl of £75.000 had been Written off12022. £75,000). 20 Control rnlatlonshlps The company 15 undef the ¢ontrol of the direclors. Page 22