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← Lyme Regis Philpot Museum Trust Limited

2021-12-31-accounts

a MUSEUM

LYME REGIS (PHILPOT) MUSEUM TRUST LIMITED

TRUSTEES’ REPORT

AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

REGISTRATION NUMBER 2855423 :

CHARITY NUMBER 1041201

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

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Contents

Page
Reference and administrative details 1-2
Trustees’ report 3-24
Independent examiner's report 22
Statement offinancial activities 23
Statementoffinancial position 24 -25
Notestothefinancialstatements 26-42

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

LY M F R EG i S ALN vue Vi U S fa U Mi

Reference and administrative details

Charity Number

Company Registration Number

4041201

2855423

Business Address 1 Lyme Regis Museum Bridge Street Lyme Regis Dorset DT7 3Q0A

www.lymeregismuseum.co.uk info@lymeregismuseum.co.uk

Registered Office

Lyme Regis Museum Bridge Street Lyme Regis Dorset DT7 3QA

Trustees Jonathan Evans BA MA PhD FGS (new Chair) John Dover BA (Hons) FCIPD (retiring Chair) Sam Hunt BA (Hons) FMA Jacqueline Horsfield BA (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 Wayne Earp BSc MBA CEng CEnv AMAPPT Peter Ryley BSc (Hons) Deborah Hodd

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.
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(Appointed 14/05/21) (Resigned 14/05/21)

(Died 04/06/2021) (Resigned 11/11/21)

(Resigned 11/11/21)

(Appointed 14/05/21) (Resigned 01/02/22) (Appointed 25/09/21)

Company Secretary Thomas Westcott Secretarial Limited

Page 1

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

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Reference and administrative details

Staffing Sub-Committee

John Dover (Retired May 2021) Jonathan Evans (Appointed 14/05/21) Kate Pitts

Charlotte Middleton (Resigned 11/11/21) David Tucker (Resigned 31/12/21)

Business Group

John Dover (Resigned 14/05/21) Alison Smith (Resigned 11/11/21) Jacqueline Horsfield (Resigned 11/11/21) Peter Ryley (Resigned 01/02/22) David Tucker (Resigned 31/12/21) James Thomas (Appointed 11/11/21) Kate Pitts (Appointed 11/11/21) Wayne Earp (Appointed 11/11/21) Bridget Houseago (Appointed 11/11/21)

Museum Director

David Tucker (resigned 31/12/21) Bridget Houseago (appointed January 2022)

Operations/Programme Manager Bridget Houseago

Visitor Services Supervisors Paula Silverthorne Samantha Fowler Susan Jones BA

Accountants Thomas Westcott Timberly South Street Axminster Devon EX13 5AD

Bankers Lloyds TSB Trinity Square Axminster Devon EX13 5AL

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LymeRegistrationRegis Number(Philpot) 2855423Museum Trust Limited ay LY M E R EG | S Charity Number 1041201 vit M U S “= U Mi Company Limited by Guarantee Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

The trustees present their report and the financial statements for the year ended 31 December 2021. 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.

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. The building was designed by George Vialls in the northern European renaissance style as an unusual miniature city museum in a small coastal town. The museum opened with a borrowed collection in 1921.

Other museum collections reflect the town’s important literary heritage, as the inspiration for much of Jane Austen's greatest novel ‘Persuasion’, JRR Tolkien and more latterly John Fowles and Tracy Chevalier. Fowles, a previous curator of the museum, set his most significant novel, ‘The French Lieutenant’s Woman’ in the town where it was later filmed.

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LymeRegistration Regis Number(Philpot) 2855423 Museum Trust Limited al LY M E RE G | S Charity Number 1041201 PH Mi U S E U M Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

1.1. Our Vision We will inspire people about the astonishing global stories of Lyme Regis. 1.2. Our Mission * to enhance and improve the collections * to provide a world-class visitor experience * to share our collections and knowledge

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In order to achieve our vision and mission, we will: ; ¢ strengthen our relationship with international, national and local audiences

To achieve these goals, we will: « deploy our resources effectively

¢ invest in digital

« develop our people

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:

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

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Report of the trustees (incorporating the directors' report) for the year ended 31 December 2021

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:

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RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited ty LY M E R E G S Charity Number 1041201 vue Vi U S di U M Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

4. REVIEW OF PERFORMANCE 2021

The ongoing impact of Covid-19 in 2021 ' i 7 Just as in 2020, the operation of the museum was significantly Cae By7 impacted in 2021 by the Covid-19 pandemic. The museum was \ % yy Ps not able to reopen and operate its popular public walks in line a= a with Covid-19 Regulations until late May 2021, and for much of ane f the year operated with social distancing and reduced numbers within the museum at any one time. The below review of ; performance reflects this challenging situation. The museum [aaa af ; By continued to be ‘guided by the science’, and the early [S| mer Wh 4 predictions of museum patron and epidemiologist Professor = ene | Lis through the winter of 2020-21 and an effective roll-out of [ie ° : Richard Lane that there would bea significant spike in infections z i NS vaccinations by late Spring 2021 proved to be correct. Armed with this knowledge and with the very welcome support of Arts Council England and the Dorset Council Heritage and Leisure support fund, the museum was abie to successfully weather the storm. = See 44.1. January - May 17th 2021: Ongoing Lockdown hf= al ge |’ 4 |n late 2020, the museum decided that it would not open for (!'[{][}] Wi9) 3 |ritWy Pe 1) AS¥ 4) thisJanuary 2021period. andThe themuseum governmentcontinued announcedto receive a lockdownfinancial for Os fe rae tte i | support through the furlough scheme, slowly bringing staff en -BeS~~ eeAA e@ f backbettertoweather work asandthe Covid-19the ongoingrestrictionsvaccination were ofreducedcitizens.by See; l= — Through the judicial use of Furlough and permitted activity, _ % the museum was able to protect the income of all staff and ee continued to contribute the ‘top-up’ funding to ensure that all , \ n= furloughed staff received 100% of their income. » ee \ 4.2. Limited Re-opening / On The museum reopened under strict social distancing - $=] conditions for the late-May Spring Bank Holiday. All staff and = + the limited number of volunteers who felt they were able to a eeey10am to an Wednesday4 to“~e——Saturday -workvisitors.underA combinatithese c on* ditionsof poorfacedweather,an longimmediatequeuessurgeoutsidein ————<“‘C;;™~C~™”™C~™C~™~~C the museum and significant traffic issues meant staff and Ih ——al BsMSR ee.Tarren aS¢ === = === |_| volunteerstheseperformanceconditions,facedduringtheconsiderable 2021. museum managedpressure. to putOperating in a creditableunder

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

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Report of the trustees (incorporating the directors' report) for the year ended 31 December 2021

4.3. Financial Review 2021

Trading in 2021 for both the Trust and its subsidiary trading company was, as in 2020, very seriously curtailed. No income was earned in the first quarter of the year and the second quarter only saw a return to significant economic activity with the mid-May reopening of museums. Admissions to the museum were prone to significant fluctuations due to social distancing and the weather. The museum benefitted from the pent-up demand for spending and leisure opportunities as people were once again able to start the slow process of a return to normality.

4.3.1. Lyme Regis (Philpot) Museum Shop Limited

As in 2020, The Covid-19 crisis initially impacted upon the museum’s trading subsidiary company Lyme Regis (Philpot) Museum Shop Limited to a much greater extent than to the Trust itself (see Reserves and Arts Council England Funding below). The trading company continued to utilise its £14,000 loan from the ‘Bounce Back’ scheme and its £5,000 loan from the Trust (both authorised in 2020). The performance of the museum shop was very creditable in the summer and autumn of 2021, through improved stock selection and a reorganisation of the museum shop income increased as the company did its best to exploit the pent-up consumer demand. It should be especially noted that the museum’s front of house staff and volunteers bore the brunt of this increased demand whilst operating under strict measures to limit the spread of Covid-19. The impacts of Brexit and Covid-19 led to some delay in stock availability and deliveries.

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RegistrationLyme Regis Number(Philpot) 2855423Museum Trust Limited Charity Number 1041201 Company Limited by Guarantee Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

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4.3.2 Lyme Regis (Philpot) Museum Trust Limited (the Trust)
As in 2020, the Trust itself was able to =
benefit from the much-appreciated — r
government Furlough Scheme and Retail, | | { : at kf
Hospitality and Leisure Grant Funding. A fee i | od |
total of £35,430 was received (£11,287 and i Vi = —
£24,143 respectively). Throughout the year, § 1@// way
the museum continued to utilise generous Hl |
Emergency Funding it received from Arts , ‘Fl i - 1.' 2
Council England during the 2020 year. Such | , Ja ee \ Ey
was the post-lockdown demand for activity [jj meg ile ta | __
that museum admissions raised £91,313. ae nh SON - at
Even after adjusting for the beneficial ie ) Mee a “1 anon
reduced VAT rate for the leisure sector, the = ‘| Bs pela
turnover equates to £81,435 in just over a ——
seven months of trading, equivalent to over — a i
80% of the sum raised in the last ‘normal’ re
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Total Trust income for the year was £242,724, made up of unrestricted income of £208,374 and restricted income of £34,350. It is important to note that £35,430 of unrestricted income was provided as emergency funding, and that 2021, like 2020, is an atypical operating year. Expenditure for the year totalled £302,327, made up of unrestricted expenditure of £162,923 and restricted expenditure of £139,404.

4.3.3 Commitment to Staff

In December 2021, in anticipation of the predicted rise in inflation, the Trust agreed to award staff a salary increase of 5%, to help protect them from the predicted (and subsequently real) cost of living increases.

4.3.4. 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. At the end of 2021, as a consequence of a better than predicted trading year and emergency funding this figure had increased to £214,534. This apparent buoyant position should be seen in the light of the need for institutional investment, and the rapid increase in all costs driven (as at 31 December 2021) by increased energy costs and increasing inflation.

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

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Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

5. COLLECTIONS AND RESEARCH

The museum’s documentation team continued their work in recording and improving the care of objects, and the museum’s collection expanded with the acquisition of a series of smaller objects relating to the human history of Lyme Regis. The team of two, Mr Richard and Mrs Barbara Bull continued to work on documentation and research from home. When allowed to return to the museum they limited their access to days when the museum was closed. The museum's research team recommenced meeting in the Autumn of 2021 in line with social distancing protocols. The trust would like to record its grateful thanks to honorary curators Richard and Barbara Bull, photographic researchers Ken Gollop and Winnie Donno and to Graham Davies leader of the museum research team and his fellow researchers for their hard work in preserving Lyme’s past in very difficult circumstances. .

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Lyme Schooner in Peril. By A Beattie, oil on canvas.
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6. 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 impact of Covid-19 significantly impacted on the number of volunteers able to work in the museum under the strict social distancing conditions operating from late May 2021. The year accordingly saw a ‘changing of the guard’ as several volunteers decided to step down, whilst new volunteers have been successfully recruited.

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

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Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021 .

Tasks performed by volunteers in 2021 included:

e Helping staff the front desk (often under difficult and hectic conditions)

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e Research and mounting exhibitions . —
e Collections documentation A ~~ a
¢ Curation - %
e Research and enquiries 2 i . |
¢ Maintenance of the building __—T= Ce. >
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Volunteers gather for Christmas 2021

|

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 very significant amount of time to the museum each year. In 2021, the Friends continued to support the provision of education within the museum and ran events and raised money as conditions allowed. The trust gratefully notes the contribution to the museum made by ‘The Friends’.

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RegistrationLyme Regis Number(Philpot) 2855423 Museum Trust Limited iis LY M E R J G | S Charity Number 1041201 pie Mi UJ S F U Mi Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

7. KEY ACHIEVEMENTS

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Engagement with audiences was [ieee aie aS ', |
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museum’s Fine Foundation Learning
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Christine Allison, poet Sarah Acton and Poe:
Operations and Programming Manager,
Bridget Houseago.
Museum in a Matchbox Matchbox
The great success of ‘Museum ‘Museum at Home’ led to the creation of a complementary project ‘Museum
a Matchbox’ to provide further activities for people of all ages. Over 60 people created 100
displays within matchboxes inspired by the collections, for which which they also produced produced an
label and which were displayed all around the museum. Once again benefitting from the skills
Lyme artist Christine Allison, Museums in a Matchbox was was also produced as a small book,
was given to all participants. The publication was funded by the participants, by fundraising by
Allison and by by the museum. Previous museum chairman, John Mariage generously designed
publication and managed its publication. The Trust gratefully thanks all participants, especially
Allison and Mr Marriage Marriage for their their support in delivering this exceptional exceptional project.
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7.2. Museum in a Matchbox Matchbox

The great success of ‘Museum ‘Museum at Home’ led to the creation of a complementary project ‘Museum in a Matchbox’ to provide further activities for people of all ages. Over 60 people created 100 small displays within matchboxes inspired by the collections, for which which they also produced produced an explanatory label and which were displayed all around the museum. Once again benefitting from the skills of Lyme artist Christine Allison, Museums in a Matchbox was was also produced as a small book, which was given to all participants. The publication was funded by the participants, by fundraising by Ms Allison and by by the museum. Previous museum chairman, John Mariage generously designed the publication and managed its publication. The Trust gratefully thanks all participants, especially Ms Allison and Mr Marriage Marriage for their their support in delivering this exceptional exceptional project.

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

“Ait LY M E R 7 G S aia Vi U S F UJ Mi

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

7.3. Exhibitions and Displays

2021 saw the renewal of the museum’s 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. From late Spring 2021 LBA were able to recommence their exhibition programme within the museum's Rotunda. This once again 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.

7.4. Repairs to the Fabric of the Grade 2 Listed Museum Building

During 2021, £7,500 was received from Historic England to make repairs to the original museum's ground floor windows. Made of limestone, these stone corbels have proven very susceptible to erosion in the naturally acidic coastal environment in which the museum stands. Mr Andrew Coxall of Corbel Conservation carried out a series of interventions designed to retard this decay and make much of the ground floor of the museum watertight. The museum still faces significant porosity on its north facing (roadside) aspect, but the overall situation has been considerably improved.

7.5, Our Digital Future

During 2021 the museum carried out a review with IT consultants Cosmic, to identify how it should address digital innovations. This work resulted in a significant funding bid to the Garfield Weston Foundation which yielded £20,000 to help support this complex and ongoing development. The Trust acknowledges and thanks the Garfield Weston Foundation for its generosity.

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7.6. The Charmouth Crocodilian

2021 saw the museum receive an exceptional donation. The first fossil crocodilian ever found in the Lyme-Charmouth area, dating from over almost 200 million years ago was donated to the museum. The crocodilian is a new species, and this fossil therefore its holotype. Although of significant value, the finders very generously donated the specimen to the museum on the understanding that it be displayed. In line with the very great scientific importance of this specimen, the museum purchased a Government Indemnity Scheme standard case from Click Netherfield for its display.

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

rin LY M FE ‘i EF Gl S wi Vi U S F U M

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

7.7. Appointment of Dr Paul Davis

On the resignation of long-standing museum geologist Paddy Howe, the museum appointed Dr Paul Davis, previously a curator/registrar at the Natural History Museum and regarded as the preeminent expert on Lyme’s Jurassic Fossil beds. The appointment of Dr Davis in the autumn of 2021 signals the commitment the museum has to improving its already impressive geology collections with the long term aim of seeking Arts Council England Designation Status for the Lyme Museum palaeontology collections.

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7.8. New Constitutions

On the 14 August 2021 the museum trust adopted.a new charitable Articles of Association, correcting several anomalies within the existing governing documents. With permission of the Charity Commission, the trust also formally transferred all heritage asset collections to the Philpot Collection, charity number 306241, which exists to hold all museum collections in perpetuity. Lyme Regis (Philpot) Museum Trust Limited is the sole trustee of the Philpot Trust.

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RegistrationLyme Regis Number(Philpot) 2855423 Museum Trust Limited “iN LY ME R FG IS Charity Number 1041201 HG Vi U S Fr UJ Mi Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

8. EVENTS

During 2021, as in 2020, the museum ran a scaled back events =. programme. Generous funding was provided by Lyme Regis moti Town Council under its ‘Term Grants’ scheme to enable the j=. museum to run income driving events in high season within the | museum. For the second year in a row, these events were seriously constrained by the pandemic, the limits to numbers >. within the museum and most importantly, the protection of public P: health. Some events were delivered under social distancing and Ei. Covid-19 protocols, but it was impossible to support the same numbers of visitors as in previous years. The Trust acknowledges = with thanks the flexibility of Lyme Regis Town Council for allowing funds to promote these activities to be transferred to initiatives supporting wellbeing and mental health.

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Similarly, the museum was unable to run its very popular fossil polishing sessions, as the proximity to crowds of people was a high risk to staff and volunteers. Following reopening in May 2021 the museum received few visits from schools, as at that stage Covid-19 was very prevalent in the young. For the rest of 2021, school bookings were limited.

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9. PERFORMANCE BY AREA
<a yy (9.1. Formal and Informal Learning
. 7 <i The aim of Lyme Regis Museum’s Learning Programme is to use
GA wi ag the museum, its collections, the wider stories of Lyme and its
\ de | ' world-famous fossil beaches to educate and inspire learners of all
Say = mM ages. The Learning Centre facilitates the delivery of talks, school
; “, visits and holiday activity programmes. The Covid-19 pandemic
q severely affected the programme leading to numerous
; ; \a cancellations and restrictions.
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9.2. The Range of Formal and Informal Learning

The part-time Learning Officer, in a post that in 2021 was supported by The Friends of Lyme Regis Museum, delivers the school programme. As identified above, opportunities to work with formal and informal learners were restricted.

The Learning Officer leads a popular programme of walks and talks for Key Stage 1 and 2, GCSE and A-Level in geology, history, biology and geography. He also supports placements from universities, DOE and local colleges. The museum provides educational opportunities both within the museum and on the fossil beaches and is particularly effective at supporting primary school children with their early studies concerning Mary Anning and evolution.

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LymeRegistration Regis (Philpot) Number Museum 2855423 Trust Limited “aly LY M E R rE G | S Charity Number 1041201 Bi Vi U S f UJ Mi Company Limited by Guarantee Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021 9.3. Lyme Regis Schoois The museum offers free learning visits to schools within its collecting area, the Woodroffe School and its three ‘feeder schools’, Miss Ethelston’s Primary School Uplyme, Charmouth Primary School and St Michael's School, Lyme Regis. The trust recognises that the most economically disadvantaged of its potential visitors are hard-pressed local families and accordingly targets initiatives and events at these schools (see Wellbeing below). The museum also provides free use of the Fine Foundation Learning Centre to local schools. Summer 2021 saw the museum re-issue its free entry cards for all primary age children attending Lyme’s primary schools. The free entry card, distributed via the schools, encourages local children to attend the museum with their parents and siblings at no charge. As part of the museum’s commitment to improve its contribution to the local ‘wellbeing’ agenda, this programme of free entry is aimed at tackling issues relating to less affluent families, recognising the museum as an ‘engine of aspiration’.

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9.4. — | epee
As Fossil Walks and Rockpooling — ety eas
in 2020, the first five months of 2021 saw the museum’s die eee ae
well-regarded Fossil Walks programme seriously impacted oe ne is tas fae g #
by the Covid-19 pandemic. As soon as it was possible in a Sy Sie ee oe reay et
2021, the museum re-introduced its private group walks for i4 & Nf 4 SS | oS. ee
family bubbles in line with Covid-19 Regulations. This - arr ame ha P. ™% bs =
enabled a small number of visitors to have guided tours on Fel), te Ee& A
the beaches and was an important source of income for the 4 ee 5 [ps] eS? ae >
museum and its team of freelance guides. 7 we. OeSG, ¥ oY
Following the emigration of long-time freelance fossil walk guide, Paddy Howe, the museum
restructured the fossil walk delivery model, bringing it in-house and operating through the
museum’s subsidiary trading company. Fossil walk guides are now recruited on a new fixed
contract basis. This clarified the ownership of the fossil walk product, gave financial stability to the
guides, reduced the administration and increased the profit margin for the subsidiary. The museum
recruited Dr Paul Davis as a new guide, to lead walks alongside long-standing guides Chris Andrew
and Richard Edmonds. The walks programme expanded as social distancing rules were relaxed.
Fossil Walks 2021 2020 2019
Adults 1,946 1,000 3,429
Children 895 500 1,657
Children on organised trips 654 0 2,795
TOTAL 3,495 1,500 7,881
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*Fossil walks for larger groups (initially 20) were reintroduced from late May 2021.

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

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“ay LY M E R FG IS
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Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

9.5. Wellbeing Activities

2021 saw the museum successfully adapt its wellbeing activities to deliver for local people. Curtailed from working with many vulnerable local groups it used its Museum at Home and Museum in a Matchbox to target the creativity of local people with restricted access to culture. As soon as was practicable, the museum re-commenced its work with local children at St Michael’s Primary School, where a significant number of children receive the pupil premium. In an activity supported by Lyme Regis Town Council, utilising local arts coordinator Dot Wood and animator Matthew Dean, a short-animated film was created telling the story of Thomas Coram, Lyme’s greatest son and creator of England’s first charity, the Foundlings Hospital in London. The animation was previewed on the museum’s website, and will be added to the museum gallery.

9.6. Lyme Regis Fossil Festival

For the second year in a row, Lyme Regis Fossil Festival (which takes place over the Early May Bank Holiday) was unable to proceed. As in 2020, the museum provided resources to support the virtual delivery of Fossil Fest.

9.7. Revenue Funding

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 Dorset Council, our current 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. Nor is the museum protected by a Reversionary Agreement with the local authority, should it fail, unlike our comparator Dorset museums. In 2021 (as in 2020) the museum received a grant of £20,000 from Dorset Council, and the Trustees note the ongoing decline in local authority support. Notwithstanding this, our Trust acknowledges the difficult financial position Dorset Council finds ‘itself in and thank the Council for their kind support. In the face of this decline, we continue to face the future with optimism and the trust will continue to seek new ways of raising income.

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RegistrationLyme Regis Number(Philpot) 2855423 Museum Trust Limited “Ally LYM E R E Gl S Charity Number 1041201 fi Mv U S F U Mi Company Limited by Guarantee

Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

Fad Pe Celebrating “=MUSEUM 100 YEARS

10. THE MUSEUM CENTENARY

During 2021, the museum celebrated its centenary. The museum’s Centenary Group comprising trustees John Dover, Jacqueline Horsfield and Paul Mason, and Museum Friends Jayne Jones and Val Doney laboured under very difficult circumstances to promote this momentous event.

In response to the pandemic and consequent social distancing, very few Doula * : events in ‘real time’ were able to take place. The museum commissioned local film maker Rob Coombe to record a series of films, recorded under social a distancing conditions, capturing the views of people connected to the ¥y sellingmuseum, author,including Tracypatron andChevalier,best,7 “a trustees, volunteers, staff members and stakeholders within the Jurassic Coast Trust,ChamouthMaryCoastalAnningHeritageRocks’Centre.and : These short films were shown on the Ta af museum’s YouTube channel and ww across social media throughout the [Rial Oo Cte fetsOO 2s year. : Er ~ = rk te “a s art Sth - a? “er. hn a

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

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“Ail LY M E R E G | S
wie Mi U S F t M
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Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

11. PAUL MASON

The most significant event in the museum’s challenging and fluid 2021 was the unexpected and untimely death of valued museum trustee, Paul Mason. Appointed to the Trust in August 2019, Mr Mason, Chief Executive Officer of Qatar Bank in Great Britain brought a great deal of financial knowledge and enthusiasm for the history of Lyme Regis in which he, his family and friends regularly holiday.

Mr Mason was attacked in London on his way home in December uses A: A: 2020. Very sadly, he died whilst undergoing surgery in June 2021. The | cyt A A sees. Trustees wish to take this occasion to formally commend Mr Mason’s —g Sy hard work in his all-too-short tenure as a trustee of Lyme Regis aoe a too Museum as well as note our heartfelt sympathy to Mr Mason's family Sei & and Friends. ee | On Thursday, 24th of June, led by recently-retired Chairman, John aha) - ae - Dover the museum formally marked Paul's life with two minutes silence ka = <i 3= and a minutes applause outside the museum in the presence of some of his closest friends.

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Paul Mason 1969-2021

12. RESERVES POLICY

The 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 continue to weather the storms of Covid-19 in a way that many charities would envy.

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Lyme Regis (Philpot) Museum Trust Limited LY M E R EG | S Registration Number 2855423 ‘ty Charity Number 1041201 vE Vi U S i U Mi Company Limited by Guarantee Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

13. STRUCTURE, MANAGEMENT AND GOVERNANCE

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

To advance education for the public benefit in particular but not exclusively in the history, geology and archaeology of Lyme Regis and the surrounding area as told through its heritage, landscapes and story of the people of the area by such means as the directors think fit, including but not limited to; the provision and maintenance of a museum and information service, the documentation and curation of the museum collections and holdings, the exhibition and interpretation of the museum collections and holdings and the provision of public access to them, the provision of learning experiences and educational activities for the public, the provision of exhibitions, conferences, workshops and other events; and to research, promote and publish studies.

13.1. 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, 27th July 2007 and 14th August 2021.

13.2. 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.

13.3. Corporate Governance

The Board of Trustees, which meets quarterly, is responsible for the charity. During 2021, the trust continued to reform its method of operation. This work has proved successful, with new trustees bringing a much wider range of skills to the Board especially in the fields of long-term planning, fundraising and business skills.

13.4. 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.

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

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in LY M E R E G | S
vue Mi U S F UJ M
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Report of the trustees {incorporating the directors' report) for the year ended 31 December 2021

13.5. Subsidiary Trading Company and Associated Heritage Collections

The Trust is the sole shareholder in Lyme Regis (Philpot) Museum Shop Limited. The trading company’s directors include two trustees from Lyme Regis (Philpot) Museum Trust Limited, the museum director and an independent director, Mrs Lisa Looker an experienced and successful retailer, who helps to managed potential conflicts of interest with the parent charity. The charity is also the trustee of the Philpot Collection, charity number 306241, which holds all of its collection in the museum.

*13.6. Sub-Committees Reporting to the Board of Trustees

The trust operates two sub-committee: Staffing Sub-Committee and the Business Group. The Staffing Sub Committee comprises the director, Chairman and three trustees. The Business Group comprises the director and three trustees.

13.7. 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.

13.8. 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.

13.9. 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.

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

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LY M 7 R cE G j S
(AN)
HE Mi UJ S F U M
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Report of the trustees (incorporating the directors’ report) for the year ended 31 December 2021

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:

  • . select suitable accounting policies and then apply them consistently;

  • . observe the methods and principles in the Charities SORP;

  • . make judgements and estimates that are reasonable and prudent;

  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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.

Signed on behalf of the board on ROLL ROAR... by

Dr Jonathan Evans

Trustee

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j

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

LYME REGIS vue(aly Mi (J S F UJ Mi

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 2021.

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

i 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.

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5 OI os
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Dated: ...!..:...0....400.65
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Stuart Carrington FCA

Independent Examiner

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

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

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LY M a i? F G { S
“Ali
vH Mi U S F U M
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Statement of financial activities (incorporating the income and expenditure account)

For the year ended 31 December 2021

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

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2021|2020| |Notes|funds£|funds£|Total£|Total£| |Income|and|endowments|from| |Donations|and|legacies|5|76,472|34,350|110,822|156,060| |Charitable|activities|6|92,267|-|92,267|28,816| |Investment|income|7|15|-|15|131| |Other|- trading|subsidiary|income|8|39,620|-|39,620|4,775| |Total|income|208,374|34,350|242,724|189,782| |Expenditure on|charitable|activities| |Advertising|and|marketing|7,200|6,670|13,870|7,049| |Display,|conservation|and|exhibition|costs|3,060|1,850|4,910|10,740| |Events,|education|and|research|12|834|17,208|18,042|12,477| |Staff wages,|training|and|travel|13|95,651|24,019|119,670|108,829| |Establishment|costs|21,892|7,500|29,392|19,756| |Bank and|merchant transaction|charges|3,662|-|3,662|1,367| |Administrative|and|IT costs|7,148|9,574|16,722|10,873| |Legal|and|professional|fees|11,770|-|11,770|14,018| |Loan|interest|268|-|268|1,500| |Hospitality|and|other sundry|costs|3,184|-|3,184|§15| |Transfer of heritage|assets|_|15|-|41,000|41,000|-| |Depreciation|and|amortisation|8,254|31,583|39,837|41,416| |Total|expenditure|162,923|139,404|302,327|228,540| |Net income/(expenditure)|45,451|(105,054)|(59,603)|(38,758)| |and|net movement|in|funds| |Reconciliation|of funds| |Total|funds|brought forward|261,562|1,060,120|1,321,682|1,360,440| |Total funds|carried|forward|307,013|955,066|1,262,079|1,321,682|

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The notes on pages 26 to 42 form an integral part of these financial statements.

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Lyme Regis (Philpot) Museum Trust Limited CharityRegistration NumberNumber 1041201 2855423 Company Limited by Guarantee

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LY M ° REG : S
vee“iN M it S E UJ M
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Statement of Financial Position

As at 31 December 2021

2021 2020
Notes £ £ £ £
Fixed assets
Intangible assets 19 . -
Tangible assets 20 1,035,590 1,061,062
Heritage assets 21 - 41,000
Investments 22 3 3
1,035,593 1,102,065
Current assets
Debtors 23 13,141 11,142
Cash at bank and in hand 236,811 274,368
249,952 285,510
Creditors: amounts falling
duewithin oneyear 24 (23,466) (65,893)
Net current assets 226,486 219,617
Net assets 1,262,079 1,321,682
Creditors: amounts falling
due aftermorethan oneyear 25 - -
Total netassets 1,262,079 1,321,682
Funds
Restricted funds 28 955,066 1,060,120
Unrestricted funds:
Fixed assets 27 91,802 85,690
Designated funds 188,000 50,000
Undesignated reserves 27,211 125,872
Total unrestricted funds 307,013 261,562
Totalcharityfunds 1,262,079 1,321,682

The Statement of financial position continues on the following page.

The notes on pages 26 to 42 form an integral part of these financial statements.

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Lyme Regis (Philpot) Museum Trust Limited LYM - "4 F G | S Registration Number 2855423 fai Charity Number 1041201. ous M U S E U M Company Limited by Guarantee

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:

  • e The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

  • ° The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 0k.f061£022, and are signed on behalf of the board by:

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é
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Dr Jonathan Evans

Director

The notes on pages 26 to 42 form an integral part of these financial statements.

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

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LY M E R F G | S
Ati
vii Mi U S FE UJ M
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Notes to financial statements

for the year ended 31 December 2021

  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.

  • 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. :

  • 3.2. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition of the deposit or similar account.

  • 3.3. Going concern

The financial statements have been prepared on the going concern basis. Please see note ‘Events after the reporting period’ for details of uncertainties relating to the going concern of the charity. The Trustees have prepared the financial statements on the going concern basis as, although challenging, they are confident that they can continue to operate and meet their liabilities.

3.4, Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

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LYME REGI S
AN
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Notes to financial statements for the year ended 31 December 2021

3.5. Exemption from preparing group accounts The company has not prepared group accounts by the exemption afforded in section 139 of the Charities Act 2011, as aggregate gross income of the group is below the consolidation threshold requirement.

  • 3.6. Fund accounting

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 appeal, and fall into one of two sub-classes: restricted income funds or endowment funds (although the charity does not currently have any endowment funds).

3.7. Income 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.

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

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LYME REGIS
ait
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Notes to financial statements for the year ended 31 December 2021

3.8. Expenditure Expenditure is recognised on an accruals basis asa 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 line

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.

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Lyme Regis (Philpot) Museum Trust Limited LY ME REG | S Registration Number 2855423 “AW Charity Number 1041201 vil M U S E U Mi Company Limited by Guarantee

Notes to financial statements

for the year ended 31 December 2021

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:

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

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3.11. Heritage assets

The charity has previously held a number of heritage assets, which included items of local cultural significance and ancient fossit specimens collected from the Jurassic coast (designated as 'a World Heritage Site). These were transferred to The Philpot Collection (Charity Number: 306241) during the year after seeking permission via an Order of the Charity Commission.

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.

3.13. Defined contribution pension schemes

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

3.14. 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.

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

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LY M FR FG | S
“ly
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Notes to financial statements for the year ended 31 December 2021

3.15. 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. 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 for a 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.

4. 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.

Donationsand legacies Unrestricted Restricted Total Funds
Funds Funds 2021
£ = £
Donations 21,042 _ 21,042
Dorset Council grant 20,000 _ 20,000
Coronavirusgovernmentgrants 35,430 os 35,430
Othergrants = 34,350 34,350
76,472 34,350 110,822
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Donations 6,790 - 6,790
Dorset Council grant 28,486 oo 28,486
Coronavirusgovernment grants 49,209 = 49,209
Other grants _ 71,215 71,215
84,845 TU2AS 156,060

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

LYME REGIS mW FH Vi U S F Tt M

Notes to financial statements

for the year ended 31 December 2021

6. Charitable activities,

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2021|Funds|2020| |£|£|=|£| |Admission|fees|91,313|91,313|21,033|21,033| |Fossil|Festival|and|Mary Anning|events|-|-|ad|=| |Museum &|gallery|exhibition|tax|relief|-|-|7,783|7,783| |Gift|aid|on|admissions|954|954|_|=| |92,267|92,267|28,816|28,816| |Investment|income| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2021|Funds|2020| |£|£|£|£| |Bank|interest|receivable|15|15|131|131| |Other|- trading trading|subsidiary|income| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2021|Funds|2020| |£|£|£|£| |Donation|from|subsidiary|39,620|39,620|2,275|2,275| |Rent|paid|by|subsidiary|-|~|2,500|2,500| |39,620|39,620|4,775|4,775|

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  1. Investment income

8. Other - trading trading subsidiary income

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

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LYMER EG | S
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Notes to financial statements

for the year ended 31 December 2021

  1. 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 £0 (2020: £2,500) to the charity and in addition gift-aided its profits of £39,620 (2020: £2,275) under the terms of a Deed of Covenant.

% ofequity
share capital
Name ofsubsidiary Country of incorporation held
Lyme Regis(Philpot)MuseumShopLimited EnglandandWales 100

The company operates a retail outlet within the museum.

Summary of trading results

Summary of tradingtrading results
Total 2021 Total 2020
£ £
Turnover 92,492 19,925
Total expenditure (52,872) (17,650)
Net profitfortheyear 39,620 2,275
Amount gift-aided tothe charity (39,620) (2,275)
Retained profit a -
The assets and liabilities ofLyme Regis (Philpot) Museum Shop Limited were:
Fixed assets = -
Current assets 34,672 24,069
Liabilities falling duewithin 1 year
Liabilitiesfalling due aftermorethan 1 year		 f (24,729)
(9,940)		 (11,466)
(12,600)
Funds 3 3

Of the above liabilities £11,298 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.

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

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LY M F REG | S
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Notes to financial statements for the year ended 31 December 2021

10. Netincoming resources fortheyear
Total 2021 Total 2020
£ £
Net incoming resources are stated after charging:
Depreciation and amortisation 39,837 41,416
11. Independentexamination fees
Total 2021 Total 2020
£ ,
Fees payable to the independent examiner for: .
Independentexamination ofthefinancial statements 2,370 2,300
12. Events, education and research
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ 3
Educational events and activities 781 15,697 16,478
Otherevents - 1,511 eC
Research 53 - 53
834 17,208 18,042
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

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

LY M E R F G IS (aby vn Vi U S a UJ Mi

Notes to financial statements

for the year ended 31 December 2021

13. Staff wages, training and travel

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Wagesand salaries and Employer’s NIC 92,633 24,019 116,652
Pension costs 22235 - 2,223
Stafftraining 695 - 695
Stafftravel expenses 100 - 100
95,561 24,019 119,670
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
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

No employee received emoluments of more than £60,000 (2020: None). Employer's National Insurance Contributions totalled £3,600 (2020: £3,196).

Number of employees

The average number of individuals employed during the year was 10 (2020: 8). On a full-time equivalent basis this would equate to 5 employees (2020: 4.5).

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

LY ME R E G : S AAR) ve Mi U S FU M

Notes to financial statements for the year ended 31 December 2021

14. 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 Total Funds
Funds Funds 2021
£ £ £
Advertising and Marketing 7,200 6,670 13,870
Display, conservation and exhibition costs 3,060 1,850 4,910
Establishment costs 21,892 7,500 29,392
Bank and merchant transaction charges 3,662 - 3,662
Administrative and IT costs 7,148 9,574 16,722
Legal and professional 11,770 _ 11,770
Loan interest 268 - 268
Hospitalityand other sundry costs 3,184 - 3,184
Transfer ofassets toThe Philpot Collection 41,000 - . 41,000
Depreciation and amortisation 8,254 31,583 39,837
107,438 57,177 164,615
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
Bank and 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
Hospitalityand othersundry costs 515 - 515
Depreciation and amortisation 7,013 34,403 41,416
67,754 39,480 107,234

15. Transfer of assets to The Philpot Collection

During the year the Lyme Regis (Philpot) Museum Trust Limited transferred heritage assets to The Philpot Collection, having obtained consent from the Charity Commission. The assets transferred included items historically valued within the accounts totalling £41,000.

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

LYME REG | S “ay Hi Mi J S PE U Mi

Notes to financial statements

for the year ended 31 December 2021

16. Trustee remuneration and expenses

No Trustees received any remuneration. No expenses were reimbursed to trustees during the year (2020: no expenses were reimbursed).

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:

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||||| |---|---|---|---| |Total|2021|Total|2020| |£|E| |Pension|charge|2.223|1,841|

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  1. 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

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|||||| |---|---|---|---|---| |Website|Total|2021| |Cost|£|£| |At|1|January 2021|7,500|7,500| |Additions|=|=| |At 31|December 2021|7,500|7,500| |Amortisation| |At|1|January 2021|7,500|7,500| |Charge|for year|=|=| |At 31|December 2021|7,500|7,500| |Net book values|oe|a|se|[eee]| |At|31|December 2021|<| |At|31|December 2020|.|ss|

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

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Notes to financial statements

for the year ended 31 December 2021

  1. Tangible fixed assets
Land and Fixtures
buildings fittings and
freehold equipment Total
£ £ £
Cost
At1January2021
Additions
Disposals
Transfers		 1,045,667
-
-
=		 233,690
14,365
-
Hs		 1,279,357
14,365
-
_
At 31 December 2021 1,045,667 248,055 1,279,357
Depreciation
At 1 January2021 111,222 107,073 218,295
Charge for the year 18,690 21,147 41,416
Eliminated on disposal - - -
129,912 128,220 218,295
Net book values
At 31 December 2021 915,755 119,835 1,035,590
At31December2020 934,445 126,617 1,061,062
The Lyme Regis (Philpot) Museum Trust Limited owns the freehold land and 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 bookvalue of improvements and_ integral
features added to the building.
21. Heritageassets Heritage
Exhibits Total 2021
£ £
At 1 January2021 41,000 41,000
Disposals—transfer to The Philpot Collection (41,000) (41,000)
At31December2021 - -

The heritage assets held by the charity, which included items of local cultural significance and ancient fossil specimens collected from the Jurassic coast (designated as a World Heritage Site) were transferred to The Philpot Collection (charity number: 306241) during the year after seeking permission via an Order of the Charity Commission.

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

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Notes to financial statements

for the year ended 31 December 2021

22. Fixed asset investments Subsidiary
Undertaking
shares Total 2021
£ £
At1January2021andat31December2021 3 3

All fixed asset investments are held within the United Kingdom.

23. Debtors 2021 2020
£ £
Amounts due from subsidiary and associated undertakings 11,298 8,593
Other debtors and prepayments 400 500
GiftAid refund 953 -
VAT refunds 490 2,049
13,141 11,142
24. Creditors: amounts falling due within oneyear 2021 2020
£ £
Othertaxes and social security 2,424 -
Sundry creditors 11,492 11,649
Accruals and deferred income 9,550 4,244
Other loans - 50,000
23,466 «65,893
25. Creditors: amounts falling due aftermorethan one year 2021 2020
£ =
Loans as 3

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

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LY M E R E G S
vat; M U S F U M
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Notes to financial statements

for the year ended 31 December 2021

26. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fund balances at 31 December2021 is represented by:
Fixed assets (tangible, heritage and investments) 91,802 943,791 1,035,593
Current assets 227,675 22,277 249,952
Current liabilities
Long term liabilities		 (12,464)
Ps		 (11,002)
=		 (23,466)
<
307,013 955,066 1,262,079

27. Unrestricted funds

Unrestricted funds of the charity

At At
1 January Incoming Outgoing 31 December
2021 resources resources Transfers 2021
£ £ £ £ £
261,562 208,374 (162,923) - 307,013

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 £50,914, Fixtures fittings £40,885 and Investment assets £3.

and

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

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ua MUSEU Mi
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Notes to financial statements

for the year ended 31 December 2021

Designated Funds

As at 31 December 2021, the trustees had designated the following funds:

eOperational Operational assetfund £15,000
e Display and interpretation £10,000
e Exhibition and event forMaryAnning Portrait £2,500
eModes Modes subscription upgrade £4,000
eRenewing Renewing gallery interactive £4,000
e EPOS,websiteandITreview £12,500

In addition, a further designated reserve of £140,000 is maintained in order to protect the operation of the museum for a 12-month period with no income.

Free Reserves

The remaining balance of undesignated reserves, made up of debtors, creditors and free cash totalled £27,211 (2020: £125,872).

28. Restricted funds

28.
Restricted funds
At 1 Jan Incoming Outgoing At 31 Dec
2021 resources _resources 2021
£ £ £ £
HeritageAssets 41,000 - (41,000) -
Education— Lyme RegisTown Council - 7,000 (5,725) 4,275
Artefactconservation— Museum Friends - 1,850 (1,850) -
Building—window restoration
Wellbeing		 =
748		 7,500
e		 (7,500)
(748)		 -
s
ACE Covid-19 Support 42,998 = (42,998) z
Education—Museum Friends - 8,000 (8,000) -
2022 Projects - GarfieldWeston - 10,000 - 10,000
Museum Development Project Fund
-Museum Extension Appeal’		 975,374 “ (31,583) 943,791
1,060,120 34,350 (139,404) 955,066

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

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an LY M E R E G IS
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Notes to financial statements for the year ended 31 December 2021

Restricted fund (continued)

  • e Heritage Assets — represents restricted heritage assets acquired in previous accounting periods. Due the nature of the asset, no depreciation is charged. These heritage assets were transferred to The Philpot Collection charity during the year.

  • e Education — grants from both Lyme Regis Town Council and Friends of Lyme Regis Museum were received during the year, in order to support the educational activities undertaken in the museum including developing digital engagement for remote learning.

  • e Artefact conservation - a grant from the Friends of Lyme Regis Museum to conserve an ichthyosaur fossil specimen.

  • e Building — Window restoration — a grant awarded by Historic England to help restore a museum window.

  • e Wellbeing — A grant from Bristol City Council in relation to wellbeing initiatives during lockdown.

  • e ACE Covid-19 Support — grant money received in relation to the cultural recovery fund, supporting charities to after Covid-19. Although stipulations have been placed on the award, it can be used for a broad range of qualifying purposes.

  • , *Museum Extension Appeal - expenditure during the year represents depreciation applied to the Mary Anning Wing construction costs previously built with restricted funding.

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

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Notes to financial statements for the year ended 31 December 2021

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 £39,620 unrestricted (2020: £2,275 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 £2,653 net of VAT (2020: £2,246) 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 £0 in the year (net of VAT) to the Trust (2020: £2,500).

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 in 2040, being the 20-year anniversary of the 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 stalemenls as al 31 December 2021, it should be noted that the Coronavirus global pandemic continued to impact the charity's ability to operate. 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.

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