OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Lyme Regis Philpot Museum Trust Limited

2020-12-31-accounts

nf MUSEUM

LYME REGIS (PHILPOT) MUSEUM TRUST LIMITED

TRUSTEES’ REPORT

AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

REGISTRATION NUMBER 2855423

CHARITY NUMBER 1041201

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
ay LY M E R E G | S
aie Mv U S a U M
----- End of picture text -----

Contents

eee

Page
Reference and administrative details 1-2
Trustees’ report 3-21
Independent examiner's report 22
Statement offinancial activities 23
Statement offinancial position 24 -25
Notestothefinancialstatements 26-41

: Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYMER EGIS
WN
vie Vi UJ S E U Mi
----- End of picture text -----

Reference and administrative details

Charity Number 1041201 Company Registration Number 2855423 Business Address Lyme Regis Museum Bridge Street Lyme Regis Dorset DT7 3QA www.lymeregismuseum.co.uk info@lymeregismuseum.co.uk Registered Office Lyme Regis Museum Bridge Street Lyme Regis Dorset DT7 3QA Trustees John Dover BA (Hons) FCIPD (Chairman) Sam Hunt BA (Hons) FMA (Deputy Chairman) Alan Kennard MBE, FCA (Resigned 25/07/2020) Valerie Doney MSc, BSc, BA (Resigned 15/08/2020) Stephen Locke OBE, FMA (Resigned 15/08/2020) Richard Stratton ARICS (Resigned 15/08/2020) Jacqueline Horsfield BSc (Hons) MRICS Paul Mason BA (Hons), MBA Charlotte Middleton BA (Hons), MBA Kate Pitts DBA, MA Alison Smith BA (Hons), CIM James Thomas BSc (Hons), PGCE Peter Ryley BA (Hons) (Appointed 15/08/2020) Company Secretary Alan Kennard MBE, FCA (Resigned 25/07/2020) Thomas Westcott Secretarial Limited (Appointed 15/08/2020)

Page 1

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

“Ai R EG | S vite Mi UJ S rE UJ Mi

Reference and administrative details

Staffing Sub-Committee John Dover BA (Hons) FCIPD Kate Pitts DBA, MA Charlotte Middleton BA (Hons) MBA David Tucker MA Business Group John Dover BA (Hons) FCIPD Alison Smith BA (Hons), CIM Jacqueline Horsfield BA (Hons) MRICS James Thomas BSc (Hons), PGCE Peter Ryley BSc (Hons) David Tucker MA Bridget Houseago BA (Hons)

Museum Director David Tucker MA Operations Manager Bridget Houseago BA (Hons) Visitor Services Supervisors Vivien Rodger BSC (Hons) Sue Jones BA (Hons) Paula Silverthorne

Learning Officer Christopher Andrew BSc (Hons) Geology Curator Patrick Howe BSc (Hons) Accountants Thomas Westcott Timberly South Street Axminster Devon EX13 5AD Bankers Lloyds TSB Trinity Square Axminster Devon EX13 5AL

Page 2

----- Start of picture text -----
RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited ay LY M E R E G IS
Charity Number 1041201 ye Vi UJ S F UJ Mi
Company Limited by Guarantee
----- End of picture text -----

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2020

The trustees present their report and the financial statements for the year ended 31 December 2020. The trustees, who are also directors of Lyme Regis (Philpot) Museum Trust Limited for the purposes of company law and who served during the year and up to the date of this report are set out on pages 1 and 2.

1. INTRODUCTION

Lyme Regis Museum is a vibrant and popular institution situated at the heart of the Jurassic Coast, within metres of the beaches where Mary Anning, the world's first great fossil hunter and early scientist discovered the first scientifically-described Ichthyosaur, Plesiosaur and Dimorphodon.

----- Start of picture text -----
The museum tells the story of the town, its people and its unique
place as the home of palaeontology. It stands on the site of Mary
Anning's home and was endowed in 1902 by Thomas Philpot,
nephew of Elizabeth Philpot, herself a prominent fossil hunter. ir =
The building was designed by George Vialls in the northern me —>
European renaissance style as an unusual miniature city a “4
museumborrowed in a small coastal town. The museum opened witha S| as See§ \
collection in 1921. ‘4 = “i } = bes
Otherheritage,museumas the collectionsinspiration forreflectmuchtheoftown’sJane Austen'simportantgreatestliterary 4 aebe ¥Ey =
novel ‘Persuasion’, JRR Tolkien and more latterly John Fowles :
and Tracy Chevalier. Fowles, a previous curator of the museum, En
set his most significant novel, ‘The French Lieutenant's Woman’ e
in the town where it was later filmed. #
a ‘dl ey i wD, The collections also reflect Lyme’s important early
es oe “% landing place of the Duke of Monmouth’s failed
ae ie aa - A role as a port, its Civil War siege, its position as the
Ps _ 3 invasion of England as well as being the birthplace of
, a a * "a Lyme's ‘greatest citizen’ Thomas Coram, founder of
i ==!‘ BE!Mmecemechomai | raa == townEngland'sis alsofirstthecharity,birthplacethe Foundlingsof Sir GeorgeHospital.Somers,The
ie Bias F founder of Bermuda and inspiration for Shakespeare’s
—_ fo | 3 Zz , : :
= a=6S v-..a &)% ‘The Tempest’. The museum. also has ‘.an increasingly’
if w | important fine art collection, representing Lyme’s role
= “ umsal!, 0 ag as an inspiration to generations of artists. This wide
e & > emTT —~ee ye s range«increasinglyof collectionsdiverse audiences,is used providingto engagethemwithwithoura
P. oL «MS Weed m greater understanding of the exceptional history of
ai L | 2 i i | this remarkable town.
----- End of picture text -----

Page 3

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
Any LY M E R E G | S
Th Mi UJ S bE 1) MV
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

1.1. Our Vision We will inspire people about the astonishing global stories of Lyme Regis.

In order to achieve our vision and mission, we will:

----- Start of picture text -----
a ae — oe
enti. Fa : a ——
oa SN Se
ip Vk . ae “
_ ¢
“< wa
“aay fi pee :
rie + ~ .
—— —
----- End of picture text -----

To achieve these goals, we will:

2. PUBLIC BENEFIT

Through the operation of the museum, its numerous educational and learning events, public exhibitions, the collection of historical objects and records, walks, talks and the various programmes of activity described in this report, the trustees consider that the charity has complied fully with its duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

3. STATEMENT OF PURPOSE

The museum exists to promote public understanding of historic and contemporary Lyme Regis, and of its society, culture, coast and landscape.

3.1. Principles

The museum will:

Page 4

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M a R F G | S
any
Th Mi U S E U M
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

3.2. Functions

The museum conducts an on-going active dialogue about Lyme, its environment, its past and its future with people who live in, work in and visit Lyme. Our aspirations include:

3.3. Aims

In undertaking its role, the museum aims to:

3.4. Strategic Aims

Alongside the above operational aims, the trust has identified three key strategic aims within its current Business plan:

Page 5

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M E R F G | S
ity
vue M J S a UJ Mi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

4. REVIEW OF PERFORMANCE 2020

4.1. Heritage in the Time of Coronavirus

Each year the Trustees review museum performance against the museum's operational objectives, ensuring that they continue to reflect the museum’s values. This report captures the most challenging and unusual year in the museum's history since 1945.

4.2. The Immediate Response to Covid 19

The museum established its own ‘Cobra’ group significantly in advance of the March 16 2020 announcement that unnecessary social contact should cease. The museum's Cobra group was led by the museum's director and included volunteers Elizabeth Wiscombe and Angela Main — both retired nurses with a practical understanding of germ transmission. The museum acted in advance of government guidance to acquire the correct protective and disinfecting substances.

4.3. Following the Science

Lyme Regis Museum prides itself on its science and scientific rigour. In Mid-March 2020, a consultation was held with museum patron Professor Richard Lane, a leading epidemiologist as to how the Coronavirus crisis was likely to unfold. From March 2020 the museum proceeded on the likelihood that:

These science-led conclusions have proven to be correct.

4.4. 2020 Closure Strategy: Lockdown 1

Once the museum had identified the trajectory of the epidemic, steps were taken to protect the staff, volunteers and collections. To this end the museum decided to stay shut until September 2020 and take full advantage of the Furlough Scheme. This decision was posited on:

Page 6

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
aa LY M E R E G | S
TT Vi UJ S FE U Vi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

4.5. September 7th 2020 ~ December 31st 2020

Once the summer school holidays were completed, the museum opened for limited hours under social distancing and with rigorous cleaning regimes. The museum closed in line with the second lockdown in November 2020 and re-opened on December 2™ 2020 and remained open until December 24" 2020.

Once again following the science, the trustees agreed to a January and February 2021 closure in advance of the government announcing the 3” lockdown.

----- Start of picture text -----
( eg | WAag “Gay &.
= a —_ —
Open: 10am to 4pm, Wednesday to Saturday
Ae FL iy
itn coos sews Bese | 4
Mary Anning — mask up poster Lockdown museum and empty
----- End of picture text -----

Lockdown museum and empty gallery

Page 7

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited FN LY M E R E G | S Charity Number 1041201 vHE Vi U S a UJ Mi Company Limited by Guarantee Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

4.6. Financial Review 2020

Trading in 2020 for both the museum and its subsidiary trading company was very significantly curtailed. The museum was able to operate with a degree of normality in January and February 2020, although admissions were dampened by the approach of Covid 19 and continuing Brexit uncertainty. Similarly, during September and October 2020, the museum performed well within the constraints of the social distancing regimes, the absence of the majority of volunteers and the concomitant greater reliance on staff. An on-line booking system was introduced to control access to safe numbers during September and October.

4.7. Lyme Regis (Philpot) Museum Shop Limited (trading subsidiary)

The Covid crisis impacted upon the museum’s subsidiary company to a much greater extent than to the Trust itself (see Reserves and Arts Council England Funding below). It was the duty of the trading company to pass its 2019 trading profit to the museum by September 30" 2020. However, the very limited ability for the trading company to earn income between March and September 2020 meant that the trading company struggled to meet this obligation. To this end, the trading company borrowed £14,000 from its bank in the form of a ‘bounce back loan’ and a further £5,000 from its parent museum trust at a commercial interest rate of 3% in order to meet its short-term liabilities. 4.8. Lyme Regis (Philpot) Museum Trust Limited (parent charity) The trust itself was able to benefit from the much-appreciated government Furlough Scheme, as it employs the museum’s staff. The trust also benefitted from the Dorset Council-administered grants for the leisure sector. In line with the museum’s rateable value, £27,000 was received from this source in the course of 2020, with further £12,143 received in the first quarter of 2021.

4.9. Commitment to Staff

During the lockdowns, the museum director continued to work. All other staff were furloughed, or part furloughed. The trust recognised that it should cover the 20% of furloughed staff salaries not covered by the 80% paid through the Furlough Scheme. Therefore, all staff salaries were protected. The decision was also made that should redundancies become inevitable, the consultation time would be significantly more than that identified in law. Through the lockdowns regular on-line staff meetings have been held to support the morale and mental health of isolated colleagues.

4.10. Arts Council England Emergency Funding Due to the strength of the museum’s reserves, the museum was turned down for emergency funding in the first funding tranche administered by Arts Council England. However, an application was approved in October 2020 in the second tranche. £42,998 was awarded and later received in November 2020.

Page 8

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
ai LY M E R EG | S
py Mi UJ S F U Mi
----- End of picture text -----

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2020

4.11. Museum Reserves

Lyme Regis Museum has long-pursued a deliberate policy of increasing its reserves. In March 2014, the total unrestricted cash holdings of the trust and its subsidiary company was £79,333. As of the commencement of the first lockdown in March 2020 this figure had increased by 255% to over £204,000. It has been a combination of a policy of strengthening reserves in line with best practice advised by the Charity Commission and the emergency aid received later in 2020 which saw the trust confident of its survival at the end of 2020.

4.12. Collections and Research

The museum's documentation team continued their work in recording and improving the care of objects, and the museum's coliection expanded with the acquisition of a series of smaller objects relating to the human history of Lyme Regis. Much of this work has been curtailed by Covid 19, but the museum’s two dedicated Collections and Research volunteers, Richard and Barbara Bull have continued to carry out research enquiries from their home. This has included creating a small display commemorating the museum’s 100" anniversary. 2020 also saw the recently Great Bindon Landslip Heptaptych conserved and displayed with the generous support of an Association of Independent Museums grant. The recently conserved ‘Lyme Tops’! Schooner’ oil painting, recording the boat running aground in 1851 was also redisplayed. The trustees would like to record their grateful thanks to honorary curators Richard and Barbara Bull.

----- Start of picture text -----
. SSS ~
————s of — SS
----- End of picture text -----

Lyme Schooner in Peril after conservation

Page 9

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M 7 ih 7 G | S
“aK
Hiei Mi UJ S EF UJ Mi
----- End of picture text -----

----- Start of picture text -----
Report of the trustees (incorporating the directors’ report) -
for the year ended 31 December 2020
|| ~ 3 il
} | 5 4
ta me aoe : ee ene P
----- End of picture text -----

The conserved Bindon Landslip paintings

4.13. Volunteers

The vibrancy of the museum owes a great deal to its team of dedicated volunteers who work alongside the paid staff to deliver many aspects of the museum's operations and programming. The museum has done its best to support its volunteers through 2020. A few volunteers felt comfortable working in the museum under social distancing conditions, but many made the decision to await the roll-out of a vaccine. As at the end of 2020, the museum acknowledges that its pool of volunteers has been reduced by the impact of Covid 19 on people’s long-term confidence.

The museum is also supported by the skills of its board of trustees and the museum’s sister-charity, the Friends of Lyme Regis Museum, who donate a significant amount of time to fundraising for the museum.

4.14. Engagement with Audiences

During 2020, the museum was only able to operate ‘unfettered’ in the first two months of the year, which due to Lyme’s heavy reliance on tourism are traditionally very quiet. The museum operated under a strict social distancing regime between September 7 2020 and October 23 2020 and from December 2"? 2020 until Christmas Eve. During the latter period museum attendances are traditionally low. Consequently, within the constraints of its largely furloughed staff, the museum exploited its digital capacity.

Page 10

Registration Number 2855423 (LN CharityLyme Regis Number (Philpot) 1041201 Museum Trust Limited aHHY | LYMEVi UJ S R FFE UJG MIS Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

----- Start of picture text -----
4.15. Make and Do
Working with long time . — -
museum free-lance ; am.© | ~~ - ey
artists Darrell Wakelham rate wae / “ype
and Debbie Clarke, the a te 33 ee | | Bih,:1\
museum introduced a e non ‘ -~ a o = a
series of on-line craft [iRise ens '
events aimed at engaging x. r Pct | \
‘children of all ages’ ie * a rita aoe
during lockdown. SG hk al Pv
Artist and ‘Junk Modeller
CLSlee Artist Darrell Wakelam shows ad st
Darrell = = yh pe is
Co CO ome YOu how tomakea fantastic =<" ,
construct models from Make an ichthyosaur
recyclable material = s nasensireuatinadionaea —— Se ;
includingichthyosaur,an ammonite, (ogg ssuetsaeee m eenaes pr1 gamer nomen
and _ plesiosaur {ay ly = ke Pl =— is
dimorphodon. These 3b _ aa aes : Fa be. Ld, —- LYME REGIS.
models were explained : ‘Ygu can see more of Darret¥sa
through sequences filmed | | =~ Jidtas on Twitter @DarroliWakelam | ra M US EU MI
by Lyme _ film-maker,
Robert Coombe.
. Similarly, clay-modeller and
‘stk | pies yf Once the clay is dry el "Clarke, iollan i
sat {about 10 days) you could Rae RE iid a
; ie, - ie poster paintsor series” of ontine clay
» ais aad) sd gi? modelling experiences,
3eae ett including Mary Anning, and
Sa _ Abit of PVA glue on the . :
Et He ey ipa a dinosaur, as well as
mesaa “Ti fossilslBaes Beatrix Potter's ‘Little Pig
aa li m look. Robinson’ and a Tolkien
he hi hy } dragon in celebration of
“ Kil. eee both authors’ Lyme
iba BTR MOTH A i dg Sa le
----- End of picture text -----

Page 11

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
Aly LY M E R E G | S
vie Mi UJ S F it Mi
----- End of picture text -----

----- Start of picture text -----
Report of the trustees (incorporating the directors’ report)
for the year ended 31 December 2020
4.16. Museum at Home (2020-21) nt Em :
Lyme Regis Museum is committed to 2 0) jee SC cei
supporting its local community through a ay ll a N = ip
range of wellbeing activities. During 2020 a) | @ f ¥ ‘- i . Waa |
the museum was awarded £6,500 by wi | Be Hi
South West Museums Development. Asa [iy - aE am ig: Tae to
consequence of the Coronavirus, this Rel —- r% ee. i y x S
work was delivered on line, and aimed to ~ | &a Br
support people feeling isolated and F. | ae Z
anxious. py -
Q ricald edicd to a. omall acpacie. of sok
No time to Lack up ox lack axcund Museum at home Launch photo - Bridget Houseago,
Beauty urfude Beneath, hex siown fingers Christine Allison, Sarah Acton
From Sb bypiloh
Grd ey po u bs quichenst the paltaen.and al the the. kra p i ns,edge TheconversationsMuseum inspiredat Homeby theinitiativecuriousaimeditems towithincreatth e
WotSie bli Hi Hine, in ber Band museum and use these objects and conversations to
Feet. S mews cf in nine deliver a creative project for wellbeing and enjoyment.
LekiBacfetd fine Local poet and writer Sarah Acton and Lyme artist
Tid the Bstancebaiver ve Christinemuseum wereAllison,engagedboth aslong-timeconsultantsupportersartists, asof wasthe
“Until cut ingen Lyme film maker Rob Coombe. A series of short films
Slouch were made capturing the collections and Museum at
Museum at Home — ‘Lacemaker’ by Home support packs were either handed out (when
Gel TEE conditions allowed) or made available on-line. Museum at
Home enabled participants to harness their own creativity
and experiment with poetry, prose and drawing from home, inspired by the museum's collections
and supported by Sarah Acton and Christine Allison. J
Over 120 people signed up for the initiative, many were locally based, = yar ‘li.
but some at a distance, including a participant in Canada. The excellent 2 ey 16
response to this initiative will see an exhibition of work produced by 3 BS | =m, “al
participants within the museum during 2021. The trustees wish to » 5 rege
acknowledge the very significant contribution to the museum’s public r. te: ~ 7 me |
profile made by the museum’s operations and programming manager, 2 y ‘eS af2, eS |
Bridget Houseago in designing and delivering both ‘Make and Do’ and * a re , —
by Tussi Dunstall
----- End of picture text -----

Page 12

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F p F G [ S
min
vit MV U S E U Mi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

----- Start of picture text -----
as
%) 4 | | asEndgndinds : eemies UF bad, Be.om er fomE ee [ay]
“hate nw Let? Soue Cob le ; 4 they Sous toqedin.
2? "They oat p. bY sr vcs AE & 2833 Ee
w “Tage wad WA anys, Cot ae ge
ma oe T por en i sear spr , B . 1 ae i Be ~
— , AS — + ae & ae fide. P3 ¥ i WA f =
;
, oe . = Jt £ Gat! Oe gest ” saa Peau B = = \ eS z e —
LZ - . 7 7 ; a hy tan? mee “a z ten ete
—— ==>
ie ‘bl a = bf mie out i ai
Museum at Home — iSi fynd A RESO heo at
The Great Bindon Landslip in cake Museum at Home - Endgendering by Sandra Lello
----- End of picture text -----

The Great Bindon Landslip in cake by Maya Pieris

----- Start of picture text -----
For all lives lost,
----- End of picture text -----

----- Start of picture text -----
: here near the humaw 4
: S Yin a For Princesy Mary and the Empire,
time Ce pe = = I way shot iw mud and shellfire.
oo sey. ey ~/@ Although it’y good to get a gift
Spyri yf f. Neso Pi 4 bs aePs os 4 =.2 it'y always better to exist.
hiSe C. « ; & ; AG. Museum at Home - inspired by the Princess
a —- Lecel2 Mary tin ‘for all Lives Lost’ by Zoe Smith
----- End of picture text -----

Museum at Home - Dolls by Jacqueline Horsfield

----- Start of picture text -----
Ww ligry ed "
mae Et
ees “n g
Aan eet
| SsAy ,
----- End of picture text -----*

Museum at Home— ‘Ammonite Sky’ by Jay Hesmondhalgh

Page 13

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F R F G i S
ais
vue Mi UJ S F UJ Mi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

4.17. Exhibitions and Displays

The first two months of 2020 saw the museum complete the last major project of the Mary Anning Wing Programme — the redisplay of the museum's Literary Gallery. Working with designer Innerspace and Renatus, this area has now been brought up to the same standard as the museum's flagship geology gallery, and tells the stories of Lyme’s significant authors and filmmakers, and covers a range of literary stories from Henry Feilding’s visit to Lyme in 1724 to the filming of ‘Ammonite’ with Kate Winslet in 2019. 2020 saw the museum continue its partnership with Lyme Bay Arts (LBA), a local Charitably Incorporated Company (CIC), to run an on-going series of exhibitions within the museum’s Rotunda Gallery. This has proved a significant success and builds on working relationships developed with Devon and Dorset artists in previous years. Coordinated by Dr Karol Kulik of LBA, a series of regularly changing exhibitions was put in place and the museum’s trading company has also provided a platform for the sale of original art, cards and prints. This programme was very seriously disrupted by Covid 19.

4.18. Events

The museum was not able to run any of its expected events in 2020. Heavily dependent on tourist income and distant visitors the museum saw a reduction in numbers in early March, followed by the introduction of the First Lockdown on March 16" 2020.

The Museum did not re-open until September 7" 2020, and in the following two months until the November 2020 Lockdown, events within the museum could not take place due to social distancing regimes.

----- Start of picture text -----
fe ersOR BR hes, e.
eke “ye aahAS ‘ an Stil dear =Seee
----- End of picture text -----

Lock down beach images - courtesy of Francesca Evans

Page 14

RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
“i LY M E R EG | S
TT Mi UJ S FE UJ Vi
----- End of picture text -----

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2020

5, PERFORMANCE BY AREA

§.1. Formal and Informal Learning The aim of Lyme Regis Museum’s Learning Programme is to use the museum, its collections, the wider stories of Lyme and its world-famous fossil beaches to educate and inspire learners of all ages.

During 2020, the museum was unable to deliver formal education beyond the February half-term in 2020, at which point, booked school groups cancelled ‘en masse’ in advance of the 1% lockdown. At this point the museum and the few visiting schools it received were able to clearly identify a variation in attitudes towards Coronavirus, which created a serious threat to staff, volunteers and their families.

5.2. Fossil Walks and Rockpooling The museum's well-regarded Fossil Walks programme was very seriously impacted by Covid 19, and ceased following the February 2020 half term. During the summer of 2020 the museum, although closed, introduced a series of premium-priced walks for family bubbles in line with Covid regulations. This enabled a small number of visitors to have guided tours on the beaches whilst making an important contribution to the financial position of the museum's free-lance fossil guides, who were very heavily impacted by Covid 19. This on-line product, in line with Covid regulations ceased at the start of the November 2020, and revived for a few weeks before Christmas, although most people chose to cancel their bookings.

----- Start of picture text -----
Fossil Walks 2020 2019 2018
Adults 1,000 3,429 4,398
Children 500 1,657 1,910
Children on organised trips 0 2,795 1,897
TOTAL 1,500 7,881 8,205
----- End of picture text -----

§.3. Wellbeing Activities

The museum's strong commitment to supporting wellbeing events was seriously curtailed by Covid 19 in 2020. Funding committed at the start of 2020 to a range of activities was curtailed by both the lockdowns and the furloughing of staff. As mentioned above, the major ‘Museum at Home’ programme was progressed when staff were available in the autumn and winter of 2020. Other funded programmes, designed around meeting the needs of local children receiving the pupil premium were, with the funders’ approval delayed until 2021.

Page 15

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
“ik LY M E R E G | S
#ie Mi UJ S F UJ Mi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

5.4. Gallery Improvements

The museum was able to complete its NHLF funded Mary Anning Wing programme with a series of gallery improvements.

e Writers Gallery. The first two months of 2020 saw the completion of the Writers Gallery redisplay, that had commenced in 2019. This work was completed whilst the museum was locked down and became accessible to the public for the first time in September 2020.

a S —: : : | . : 5.5. Retail and Admissions Museum admissions at the museum are heavily dependent on the weather and general state of the economy, reflecting the museum’s location in a tourist hot-spot. In 2020 trading was significantly curtailed by the lockdowns.

5.6. Subsidiary Trading

Retail and trading were significantly impacted by Covid 19. When able to trade the trading company sold £14,260 of stock and took £5,665 of income from Fossil Walks, Rock Pooling and other walking tours. Most of the former was earned during the period September to October. In the case of fossil walks these operated through the summer for small groups at a premium price in line with social distancing protocols.

Page 16

LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
ay LY M E R E G | S
vie Mi UJ S F UJ Mi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

In 2019, shop sales of stock totalled £61,299, fossil walk commission was £17,538 and other walking tours, rock pooling and similar activities totalled £17,538. When the very difficult conditions are factored in the performance of both shop and fossil walks are significant. As identified above, the inability to trade during most of the first nine months of 2020 meant that the museum’s retail company was forced to source loans of in the region of £19,000 to meet its commitments to the museum trust.

5.7. Admissions

Covid 19 and the closure of the museum for in the region of 8 months, including through school holidays, saw the admissions to the museum significantly limited. Admissions were further impacted by limited access being granted to the building in line with social distancing protocols. Admissions during the year raised £21,033. In 2019, the figure was £103,473.

5.8. Lyme Regis Fossil Festival 2020

The Lyme Regis Fossil Festival was cancelled in 2020. However, a coalition of partners including the museum contributed to an on-line Festival, the museum making its developing You Tube channel accessible to participants

5.9. Events within the Museum

Events in the museum were unable to proceed in 2020 due to lockdowns and social distancing.

6. FINANCIAL REVIEW

2020 was a year like no other for the Lyme Regis Museum and for other trading partners within Lyme Regis. Income raised by the trust through admissions were very seriously impacted by lockdowns and social distancing. Following on from the weather-driven bumper year of 2018 and the economically depressing Brexit uncertainty of 2019, 2020 was the most financially disruptive year in the museum’s post-1945 history.

However, the institution benefitted from a range of state aid in 2020 that made a significant contribution to the trust's ongoing financial resilience. During 2020 the trust received £22,209 in furlough payments — which made up 80% of the cost of furloughed staff when the museum could not safely operate. The trust also received £27,000 from the Dorset Council administered Retail and Leisure Grant Fund. The trust gratefully acknowledges the provision of this state aid which has protected jobs and prosperity within Lyme Regis. Total income for the year was £189,782, made up of unrestricted income of £118,567 and restricted income of £71,215. Expenditure for the year totalled £228,540, made up of unrestricted expenditure of £166,668 and restricted expenditure of £61,872. Total Funds as at 31 December 2020 was £1,321,682 (made up of unrestricted fund of £261,562 and restricted funds of £1,060,120).

Page 17

RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
“Aa LY M E R EG | S
PHY Vi UJ S re UJ Vi
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

6.1. Revenue Funding

During 2020, the uncertainty about ongoing support from Dorset Council was extended by Covid 19. The Autumn of 2020 saw Dorset Council open up its cultural support budget for deployment in April 2021. Expecting to see its annual grant reduced to a maximum of £15,000 from £28,400, the trust was pleased to receive a three-year settlement of £20,000. The reduction in the grant represents a significant challenge to the museum, but the three years certainty enables the museum to plan more effectively.

The museum was also able to obtain £42,988 from Arts Council England’s Emergency Funding budgets by submitting a successful and competitive funding bid.

Lyme Regis Museum has identified the long-term strategic aim of moving our museum to a position of financial independence from local authority revenue income, recognising the very significant challenges faced by the local authority. Our trust currently raises over 85% of its operational income through its own endeavours and now receives a local authority grant very significantly smaller than any other similar Dorset museum.

However, we continue to face the future with optimism and he trust will continue to seek new ways of raising income.

7. RESERVES POLICY

Trustees have considered the scale, complexity and risk to Lyme Regis Museum. Considering the museum's high level of self-generated income, it has decided that our trust should aim to hold unrestricted current assets reserves of £140,000, allowing the museum to operate without income for up to one year. The trust's excellent performance through the Covid 19 crisis has been a result of state aid and the trust’s decade-long policy of strengthening reserves in line with ‘best practice’ proposed by the Charity Commission.

Strong reserves, coupled with success at obtaining competitive aid, furlough and a coherent understanding of the nature of a global pandemic has enabled Lyme Regis Museum to weather the storms of Covid 19 in a way that many charities would envy.

Page 18

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F R E G | S
ail
vHE Mi UJ S E UJ M
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

8. STRUCTURE, MANAGEMENT AND GOVERNANCE

Charitable Objects

The Charitable Objects of Lyme Regis (Philpot) Museum Trust Limited are:

The advancement of education by acquiring, housing and exhibiting and conserving, restoring and repairing objects and collections of an educational nature and by establishing, acquiring, managing and maintaining museums, galleries, libraries and other places where such purposes may be achieved and where education and educational research and enquiry and the exchange, dissemination of relevant views and information may happen.

8.1. Governing Document

Previously operated by West Dorset District Council, the trust was incorporated on 21st September 1993. It is governed by its Memorandum and Articles of Association, which were amended by special resolution on 16th August 1994, 15th April 2005 and 27th July 2007. 2020 saw the trust carry out a comprehensive review of its Memorandum and Articles, and at the time of writing significant amendments are being considered by the Charity Commission.

8.2. Form of Accounts

Lyme Regis (Philpot) Museum Trust Limited is a charitable limited company and operates as a public benefit entity. It operates a wholly-owned subsidiary company, the Lyme Regis (Philpot) Museum Shop Limited, the profits of which are donated to the trust. The accounts for each entity are presented independently. The Charity’s financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their account is accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (the ‘SORP’), the Charities Act 2011 and the Companies Act 2006.

8.3. Corporate Governance

The Board of Trustees, which meets quarterly, is responsible for the charity. During 2020, the Board and its various sub-groups have continued to meet through the use of on-line conferencing.

8.4. Induction and Training of Trustees

New trustees are provided with copies of all key policies and plans, including the Business and Operations Plan. They are given a tour of the museum by the Chairman and Director and quarterly updates are provided by the Director to all trustees on all aspects of museum governance and operation. None of the trustees have any undisclosed material interest in the charity or any company directorships or other significant interests that may cause conflict with their duty as trustees. Trustees receive no payment for their support of the trust with respect to their role as trustees.

Page 19

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F a 7 G S
“ity
WHE MV UJ S F 1 Vi
----- End of picture text -----

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2020

8.5. Subsidiary Trading Company

The Trust is the sole shareholder in Lyme Regis (Philpot) Museum Shop Limited and appoints its directors. The charity is also the trustee of the Philpot Collection, charity number 306241, which has no income or expenditure but holds all of its collection in the museum. The trading company’s directors have been streamlined during the year and now include the museum director, two trustees from Lyme Regis (Philpot) Museum Trust Limited and an independent director, in order to manage potential conflicts of interest with the parent charity.

8.6. Sub-Committees Reporting to the Board of Trustees

The trust operates a series of sub-committees. These comprise:

All sub-committees report back to the full Board. These three groupings are chaired by museum trustees and where appropriate comprise of trustees, staff and co-opted supporters.

8.7. The Museum Director

The museum director is appointed by the Board and he has delegated authority, within the terms of delegation approved by the trustees, for operational matters. The director is also responsible for the proper use of grant aid from external funding bodies.

8.8. Risk Management

Risk is minimised by prudent annual budgeting based on an assessment of likely income, audience development and marketing opportunities. Partnership working and ongoing dialogue with funders and supporters is also essential to ensuring the work of the museum is recognised and continues to attract support. A Risk Register is also maintained and reviewed by trustees when appropriate.

8.9. Staff and Human Resources

The trust is committed to being a good employer. We aim to treat our employees in a fair and consistent manner, promoting good working relationships and encouraging high standards of conduct and work performance. We aim to provide a healthy workplace where risks are effectively managed, together with fair rewards and conditions of employment. The museum strives to ensure that all employees are paid at or above the salary levels identified by the Living Wage Foundation. As the museum has a small staff, communications are upheld through regular staff meetings and annual performance management. The trust also employs the services of Mr Nicholas Taylor of the ‘HR Dept’ as a specialist in human resources.

Page 20

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F re E G | S
“LIN
vat M U S E U M
----- End of picture text -----

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2020

Statement of trustees' responsibilities

The trustees (who are also directors of Lyme Regis (Philpot) Museum Trust Limited for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

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

----- Start of picture text -----
Signed on behaff6rt e-hoard-on AOS fp Cal... by
Lf CLP
H7 Wo,
John\Dover BA (Hons) FCIPD
Trustee
----- End of picture text -----

Page 21

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M E R F G | S
CLAN
nie M E UJ Mi
----- End of picture text -----

Independent examiner's report to the trustees on the unaudited financial statements of Lyme Regis (Philpot) Museum Trust Limited.

| report on the accounts of Lyme Regis (Philpot) Museum Trust Limited (the Company) for the year ended 31 December 2020.

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 or under section 144(2) of the Charities Act 2011 (the 2011 Act) and are eligible for independent examination, | 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 | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

| have completed my examination. | 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

  2. 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

  3. 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)].

| 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.

----- Start of picture text -----
ae Dated: 2b CGE
Ya es
----- End of picture text -----

Stuart Carrington FCA Independent Examiner

Thomas Westcott, Timberly, South Street, Axminster, EX13 5AD

Page 22

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F R E G i S
HIN
vig Mi UJ S F UJ Mi
----- End of picture text -----

Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2020

The results for the year derive from continuing activities and there are no gains or losses other than those shown.

Unrestricted Unrestricted Restricted 2020 2019
funds funds Total Total
Notes £ £ £ E
Income and endowments from
Donations and legacies 5 84,845 71,215 156,060 152,689
Charitable activities 6 28,816 - 28,816 110,808
Investment income 7 131 - 131 43
Other -trading subsidiary income 8 4,775 - 4,775 31,444
Total income 118,567 71,215 189,782 294,984
Expenditure on charitable activities
Advertising and marketing 6,339 710 7,049 1,027
Display, conservation and exhibition costs 6,373 4,367 10,740 856
Events, education and research 12 85 12,392 12,477 13,413
Staffwages, training and travel 13 98,829 10,000 108,829 114,065
Establishment costs 19,756 - 19,756 25,180
Development activity costs 14 - - - 58,449
Bank and merchant transaction charges 1,367 - 1,367 3,524
Administrative and IT costs 10,873 - 10,873 13,999
Legal and professional fees 14,018 - 14,018 15,417
Loan interest 1,500 - 1,500 1,500
Hospitality and other sundry costs 515 - 515 1,769
Depreciation and amortisation 7,013 34,403 41,416 47,431
Total expenditure 166,668 61,872 228,540 296,630
Net income/(expenditure) (48,101) 9,343 (38,758) (1,646)
and net movement in funds
Reconciliation offunds
Total funds broughtforward 309,663 1,050,777 1,360,440 1,362,086
Totalfundscarriedforward 261,562 1,060,120 1,321,682 1,360,440

The notes on pages 26 to 41 form an integral part of these financial statements.

Page 23

Lyme Regis (Philpot) Museum Trust Limited CharityRegistration NumberNumber 10412012855423 Company Limited by Guarantee

----- Start of picture text -----
LY M F R F G iS
vie(aM M UJ S F UJ Vi
----- End of picture text -----

Statement of Financial Position

As at 31 December 2020

|

2020 2019
Notes £ £ £ £
Fixed assets
Intangible assets 19 - -
Tangible assets 20 1,061,062 1,097,863
Heritage assets 21 41,000 41,000
Investments 22 3 3
1,102,065 1,138,866
Current assets
Debtors 23 11,142 50,597
Cash at bank and in hand 274,368 229,784
285,510 280,381
Creditors: amounts falling
duewithin one year 24 (65,893) (8,807)
Net currentassets 219,617 271,574
Netassets 1,321,682 1,410,440
Creditors: amounts falling — —
due aftermorethan one year 25 - (50,000)
Total net assets 1,321,682 1,360,440
Funds
Restricted funds 28 1,060,120 1,050,777
Unrestricted funds:
Fixed assets 27 85,690 88,089
Designated funds 50,000 72,000
Undesignated reserves 125,872 149,574
Total unrestricted funds 261,562 309,663
Totalcharityfunds 1,321,682 1,360,440

The Statement of financial position continues on the following page.

The notes on pages 26 to 41 form an integral part of these financial statements.

Page 24

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME REGIS
(AW)
Lit) Vi U S E UJ Mi
----- End of picture text -----

Statement of Financial Position (continued)

Trustees’ statements required by the Companies Act 2006

For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The financial statements were approved by the board of trustees and authorised for issue on [4/05/2041 and are signed on behalf of the board by:

----- Start of picture text -----
(7 XY
----- End of picture text -----

John Dover BA (Hons) FCIPD

Director

The notes on pages 26 to 41 form an integral part of these financial statements.

Page 25

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME R EG IS
aN
HEY Mi UJ S t UJ MV
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

  1. General Information The limited company is registered in England and Wales, its registered office is Lyme Regis Museum, Bridge Street, Lyme Regis, Dorset, DT7 3QA.

  2. Statement of compliance These financial statements have been prepared in compliance with FRS 102 section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

  3. Accounting policies The principal accounting policies, set out below, have been applied consistently throughout the year and the preceding year.

  4. 3.1. Basis of accounting

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, the functional currency of the entity.

3.4. Judgements and key sources of estimation uncertainty

Page 26

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME ie = G | S
“fai
pig Mi UJ S E UJ Vi
----- End of picture text -----

Notes to financial statements

for the year ended 31 December 2020

3.5. Exemption from preparing group accounts

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use in the pursuance of its objects at its discretion.

Designated funds are unrestricted funds earmarked by the Trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeai, and fall into one of two sub-classes: restricted income funds or endowment funds (although the charity does not currently have any endowment funds).

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included as it is impractical to measure it reliably.

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacy income is recognised when receipt is probable and entitlement is established.

Income from investments is included in the year in which it is receivable.

Page 27

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYMER EG iS
daw
pi | Mi UJ S a UJ Mi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

3.8. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

Expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

As the charity’s is below the audit threshold, it has chosen to report its charitable expenditure based upon the nature of the expenditure rather than on an activity basis, as this is deemed to be more useful to charity stakeholders.

3.9. Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less accumulated amortisation. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful life of that asset as follows:

Website

33.3% straight tine

3.10. Tangible fixed assets and depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Page 28

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY Mi FE R F G IS
fal
vuG Mi U S F UJ Vi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings - 2% reducing balance Plant and machinery - 20% reducing balance Fixtures, fittings and equipment - 15% reducing balance

3.11. Heritage assets

The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.

Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the statement of financial position if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees’ stewardship of the assets. The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.

3.12. Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

3.14. Defined contribution pension schemes

The pension costs charged in the financial statements represent the contribution payable by the charity during the year.

3.15. Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Page 29

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

LYME RE Gl S HAN vy Vi UJ S F J M

Notes to financial statements for the year ended 31 December 2020

3.16. Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

,

4,

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest fora similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.

Company limited by guarantee

Lyme Regis (Philpot) Museum Trust Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5.

Donations and legacies Unrestricted Restricted Total Funds
Funds Funds 2020
a £ £
Donations 6,790 ~ 6,790
Dorset Council grant 28,486 - 28,486
Coronavirus government grants 49,209 - 49,209
Other grants - 71,215 71,215
84,845 £14215 156,060
Unrestricted Restricted Total Funds
Funds Funds 2019
a a £
Donations 7,260 = 7,260
Dorset Council grant 28,486 = 28,486
Other grants - 116,943 116,943
35,746 116,943 152,689

Page 30

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME RE G ( S
vii
via Mi U S FE t Mi
----- End of picture text -----

Notes to financial statements

for the year ended 31 December 2020

6. Charitable activities

Charitable activities Charitable activities Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Admission fees 21,033 21,033 103,473 103,473
Fossil Festival and Mary Anning events - - 1,102 1,102
Museum& gallery exhibition tax relief ¥#783 1,183 - -
Gift aid on admissions - - 6,233 6,233
28,816 28,816 110,808 110,808

7. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Bank interest receivable 131 131 43 43

8. Other - trading subsidiary income

Unrestricted Total Funds Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Donation from subsidiary 2,275 2275 25,444 25,444
Rent paid by subsidiary 2,500 2,500 6,000 6,000
4,775 4,775 31,444 31,444

Page 31

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME RE G i S
“ay
| Mi UJ S F UJ M
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

9. Trading subsidiaries

The charity controls the company listed below by virtue of holding a controlling interest in the equity share capital. During the year the trading subsidiary paid commercial rent of £2,500 (2019: £6,000) to the charity and in addition gift-aided its profits of £2,275 (2019: £25,444) under the terms of a Deed of Covenant.

% of equity share capital Name of subsidiary Country of incorporation held Lyme Regis (Philpot) Museum Shop Limited England and Wales 100

The company operates a retail outlet within the museum,

Summary of trading results

Summary of trading results
Total 2020 Total 2019
£ £
Turnover 19,925 83,090
Total expenditure (17,650) (57,646)
Net profit forthe year 2,275 25,444
Amount gift-aided tothe charity (2,275) (25,444)
Retained profit a e
The assets and liabilities of Lyme Regis (Philpot) Museum Shop Limited were:
Fixed assets - -
Current assets 24,069 20,601
Liabilities falling due within 1 year (11,466) (20,598)
Liabilities falling due after more than 1 year (12,600) -
Funds 3 3

Of the above liabilities £8,593 was due to the Lyme Regis (Philpot) Museum Trust Limited.

A deed to covenant is in place which constitutes a legally binding obligation. Therefore, the donation to the charity is recognised in the same year that the profits have been made. The subsidiary's financial statements were approved on behalf of the board of directors by Jacqueline Horsfield.

Page 32

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LY M F R FE G IS
ils
vuY MV UJ S FE UJ Vi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

10. Netincoming resources forthe year
Total 2020 Total 2019
£ =
Net incoming resources are stated after charging:
Depreciation and amortisation 41,416 47,431
11. Independent examination fees
Total 2020 Total 2019
£ E
Fees payable to the independent examiner for:
Independent examination ofthe financial statements 2,300 2,300
12. Events, education and research
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Educational events and activities - 4,499 4,499
Museum at Home initiative - 7,893 7,893
Research 85 - 85
85 12,392 12,477
Unrestricted Restricted Total Funds
Funds Funds 2019
3 £ £
Educational events and activities 2,036 9,373 11,409
Museum at Home initiative - _ —
Research 1,625 379 2,004
3,661 9,752 13,413

Page 33

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME 2 E G | S
“aly :
ang Vi UJ S E U Mi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

13. Staff wages, training and travel

Unrestricted Restricted Total Funds
Funds Funds 2020
£ Fy £
Wages and salaries and Employer’s NIC 96,988 10,000 106,988
Pension costs 1,841 - 1,841
98,829 10,000 108,829
Unrestricted Restricted Total Funds
Funds Funds 2019
ry E £
Wages and salaries and Employer's NIC 90,650 20,871 111,521
Pension costs 1,572 129 1,701
Stafftraining = 715 715
Stafftravel expenses 128 - 128
92,350 21,715 114,065

No employee received emoluments of more than £60,000 (2019: None). Employer's National Insurance Contributions totalled £3,196 (2019: £4,275). Restricted fund pension costs relate to statutory employer pension contributions specific to an employee’s wage which is funded through restricted income.

Number of employees

The average number of individuals employed during the year was 8 (2019: 7). On a full-time equivalent basis this would equate to 4.5 employees (2019: 4.5).

Page 34

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee Notes to financial statements for the year ended 31 December 2020

----- Start of picture text -----
LYMER EG i S
AW)
vie Mi UJ S fF UJ Mi
----- End of picture text -----

14, Development activity costs

Development activity costs incurred during 2019 related to the final part of a National Lottery Heritage Fund project to construct the museum's Mary Anning Wing. As part of the award, a number of activities had to be delivered once the actual build was completed. During 2019 £20,436 was used for marketing and promotion, £6,352 on external consultancy and £31,661 on project delivery and education costs. No equivalent costs relating to this were incurred during 2020.

15. Other charitable activity expenditure

Other charitable activity costs detailed in the Statement of Financial Activities relate to the operation of the Museum and are detailed with the comparative year below.

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Advertising and Marketing 6,339 710 7,049
Display, conservation and exhibition costs 6,373 4,367 10,740
Establishment costs 19,756 - 19,756
Bankand merchant transaction charges 1,367 - 1,367
Administrative and IT costs 10,873 - 10,873
Legal and professional 14,018 - 14,018
Loan interest 1,500 - 1,500
Hospitality and othersundry costs 515 - 515
Depreciation and amortisation 7,013 34,403 41,416
; 67,754 39,480 107,234
Unrestricted Restricted Total Funds
Funds Funds 2019
£ E E
Advertising and Marketing 1,027 - 1,027
Display, conservation and exhibition costs 123 733 856
Establishment costs 20,111 5,069 25,180
Bank and merchant transaction charges 3,524 - 3,524
Display, conservation and exhibition costs 11,503 2,496 13,999
Legal and professional ~ 8,108 7,309 15,417
Loan interest 1,500 = 1,500
Hospitality and other sundry costs 1,769 - 1,769
Depreciation and amortisation 7,271 40,160 47,431
54,936 55,767 110,703

Page 35

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

----- Start of picture text -----
LYME RE GIS
(iy
THES Vi J S F UJ Mi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

16. Trustee remuneration and expenses

No Trustees received any remuneration. No expenses were reimbursed to trustees during the year (2019: total expenses of £135 were reimbursed to two trustees during the year in relation to travel, staff welfare and trustee retirement gifts).

17. Pension costs

The company operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to the following:

Total 2020 Total 2019
£ 3
Pension charge 1,841 1,701

18. Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Tax Act 2010. Accordingly, there is no taxation charge in these accounts.

19. Intangible fixed assets

Intangible fixed assets
Website Total 2020
Cost £ ra
At 1 January2020 7,500 7,500
Additions - "
At 31 December 2020 7,500 7,500
Amortisation
At 1 January2020 7,500 7,500
Charge foryear 7 a
At 31 December2020 7,500 7,500
Net book values —
At 31 December 2020 ai zs
At31December2019 - FA

Page 36

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited By Guarantee

----- Start of picture text -----
2 LY M E R E G | S
rae Mi UJ S F UJ Mi
----- End of picture text -----

Notes to financial statements

for the year ended 31 December 2020

20. Tangible fixed assets

Land and Fixtures
buildings fittings and
freehold equipment Total
£ £ £
Cost
At 1 January 2020 1,045,667 229,075 1,274,742
Additions
Disposals		 -
-		 4,615
-		 4,615
-
Transfers - - -
At 31 December 2020 1,045,667 233,690 1,279,357
Depreciation
At 1 January 2020 92,150 84,729 176,879
Charge forthe year 19,072 22,344 41,416
Eliminated on disposal ~ - -
M1222 107,073 218,295
Net book values
At31December2020 934,445 126,617 1,061,062
At31December2019 953,517 144,346 1,097,863

The Lyme Regis (Philpot) Museum Trust Limited owns the freehold land and buildings of the Museum, having received it for nil consideration from West Dorset District Council. The land and buildings stated in the accounts represents the net book value of improvements and__ integral features added to the building.

21. Heritage assets Heritage
Exhibits Total 2020
£ £
At1January2020andat31December2020 41,000 41,000

The heritage assets include items of local cultural significance and ancient fossil specimens collected from the Jurassic coast (designated as a World Heritage Site). The cost brought forward above includes the following additions which have taken place in recent years; a Temnodontosaurus paddle valued at £6,300 in 2015, an Ichthyosaur fossil valued at £18,000 in 2013 and a Plesiosaur fossil valued at £9,000 in 2012. There have been no disposals of any heritage assets.

Page 37

RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited By Guarantee

----- Start of picture text -----
dim LY M E R E G | S
aT Vi UJ S E UJ Mi
----- End of picture text -----

Notes to financial statements

for the year ended 31 December 2020

22. Fixed asset investments Subsidiary
Undertaking
shares’ Total 2020
£ £
At 1 January 2020 and at 31 December 2020 3 3
All fixed asset investments are held within the United Kingdom.
23. Debtors 2020 2019
£ z
Grants receivable - 25,432
Amounts due from subsidiary and associated undertakings 8,593 18,101
Other debtors and prepayments 500 7,064
VAT refunds 2,049 -
11,142 50,597
24. Creditors: amounts falling due within one year 2020 2019
£ £
Othertaxes and social security - 1,927
Sundry creditors 11,649 -
Accruals and deferred income 4,244 6,880
Other loans 50,000 -
65,893 8,807
25. Creditors: amounts falling due after more than one year 2020 2019
£ a
Loans . 50,000

Page 38

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited By Guarantee

----- Start of picture text -----
LY M E R E G S
TT Vi U S E UJ M
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

26. Analysis of net assets between funds

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Funds| |Funds|Funds|2020| |Fund|£|z,|£| |balances|at|31|December 2020|is|represented|by:| |Fixed|assets|(tangible,|heritage|and|investments)|85,690|1,016,375|1,102,065| |Current|assets|230,763|54,747|285,510| |Current|liabilities|(54,891)|(11,002)|(65,893)| |Long|term|liabilities|-|-|-| |261,562|1,060,120|1,321,682| |Unrestricted|funds| |At|At| |1|January|Incoming|Outgoing|31|December| |2020|resources|resources|Transfers|2020| |£|£|£|£|£| |Unrestricted|funds|of the|charity|309,663|118,567|(166,668)|-|261,562|

----- End of picture text -----

27. Unrestricted funds

Purposes of unrestricted funds

These unrestricted funds are funds available for use at the discretion of the trustees in furtherance of the objectives of the charity. The unrestricted funds have been allocated into the following categories by the trustees:

Fixed Assets

Unrestricted fixed assets are made up of: Freehold land and buildings £51,952, Fixtures fittings £33,735 and Investment assets £3.

and

Designated Funds

A loan repayment fund of £50,000 (2019: £50,000) has been set-aside in anticipation of having to repay a loan balance to Dorset Council by 31 December 2021.

Due to the pandemic the trustees’ have not designated any further money for particular future projects. Instead, the remaining unrestricted reserves are available as required to maintain the essential running costs of the trust, until such time when the charity can start to generate surpluses again.

Page 39

LymeRegistrationRegis (Philpot)Number 2855423Museum Trust Limited Charity Number 1041201 Company Limited By Guarantee

----- Start of picture text -----
an LY M E R EG | S
aut Mi UJ S i Uj Mi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

Last year the trustees had also designated the following funds:

Free Reserves

The remaining balance of undesignated reserves, made up of debtors, creditors and free cash totalled £125,872 (2019: £149,574).

28.
Restricted funds
At1 Jan Incoming Outgoing At31 Dec
2020 resources resources 2020
£ £ £ £
Heritage Assets 41,000 - - 41,000
Education - 18,000 (18,000) .
Artefact conservation - 4,367 (4,367) ‘
Wellbeing - 5,850 (5,102) 748
ACE Covid-19 Support - 42,998 - 42,998
Museum Development Project Fund
- Museum Extension Appeal 1,008,777 - (34,403) 975,374
1,050,777 74,215 (61,872) 1,060,120

Page 40

Lyme Regis (Philpot) Museum Trust Limited Registration Number 2855423 Charity Number 1041201 Company Limited By Guarantee

----- Start of picture text -----
es LY M E R EG S
vii Mi UJ S F UJ Mi
----- End of picture text -----

Notes to financial statements for the year ended 31 December 2020

29. Related party transactions

During the year Lyme Regis (Philpot) Museum Shop Limited, a 100% owned subsidiary of Lyme Regis (Philpot) Museum Trust Limited donated a total of £2,275 unrestricted (2019: £25,444 unrestricted) to Lyme Regis (Philpot) Museum Trust Limited.

Due to the nature of Lyme Regis (Philpot) Museum Shop Limited being situated within the Museum premises, relevant administration costs and overhead costs totalling £2,246 net of VAT (2019: £3,463) have been recharged from Lyme Regis (Philpot) Museum Trust Limited to Lyme Regis (Philpot) Museum Shop Limited. The shop has also paid a commercial rent of £2,500 in the year (net of VAT) to the Trust (2019: £6,000).

30. Charges and security

The Trustees of the National Heritage Memorial Fund have a registered legal charge in the form of a negative pledge secured against the freehold property of Lyme Regis (Philpot) Museum Trust Limited. This charge relates to the Mary Anning Wing Project and will be satisfied after successful completion of the project.

31. Events after the reporting period

Although there are no specific known factors which could have an impact on the company’s financial statements as at 31 December 2020, it should be noted that the Coronavirus global pandemic continued to impact the charity’s ability to operate. Under government guidance due to COVID-19, the museum building remained closed until 19 May 2021, after which it was opened under socially distant conditions which has restricted the number of admissions. Although an estimate of the full financial effect cannot yet be made, the trustees are confident that reserves will allow the charity to remain operational for the foreseeable future.

Page 41