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← Lyme Regis Philpot Museum Trust Limited

2022-12-31-accounts

LYME REGIS (PHILPOT) MUSEUM TRUST LIMITED

TRUSTEES’ REPORT

AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

COMPANY REGISTRATION NUMBER: 2855423

CHARITY NUMBER: 1041201

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

Contents

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||| |---|---| |Page| |Reference and administrative details|1 - 2| |Trustees' report|3 - 15| |Independent examiner’s report|16| |Statement of financial activities|17| |Statement of financial position|18 - 19| |Notes to the financial statements|20 - 36|

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

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 Jonathan Evans BA MA PhD FGS (Chair) Wayne Earp BSc MBA CEng CEnv AMAPPT Sam Hunt BA (Hons) FMA Jacqueline Horsfield BA (Hons) MRICS Kate Pitts DBA, MA James Thomas BSc (Hons) PGCE (Deputy Chair) Deborah Hodd Jan English (Appointed 01/12/22) Iain Ogilvie BSc, MESc (Oxon) (Appointed 01/12/22) Philip Williams (Appointed 01/12/22)

Company Secretary Westcotts Secretarial Limited

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

Reference and administrative details

Staffing Sub-Committee Jonathan Evans Kate Pitts Sam Hunt Business Group Wayne Earp Kate Pitts James Thomas Bridget Houseago Museum Director Bridget Houseago (appointed January 2022) Operations/Programme Manager Bridget Houseago Visitor Services Supervisors Paula Silverthorne Samantha Fowler Susan Jones BA Learning Officer Christopher Andrew BSc (Hons) Geology Curator Dr Paul Davis BSc (Hons) Seasonal Fossil Walk Guide Richard Edmonds BSc (Hons) Accountants Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 5AD Bankers Lloyds TSB

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

The trustees are pleased to present their report and the financial statements for the year ended 31 December 2022. 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. THE MUSUEM

Lyme Regis Museum is a fully accredited independent museum, operated by Lyme Regis (Philpot) Museum Trust Limited.

The museum was commissioned by Thomas Philpot and built in 1902 and gifted to the Town in 1920 by his niece Caroline Philpot, for the use and enjoyment of the inhabitants, and opened to the public with a geology display and library in 1921.

Enjoying a stunning seafront location, over-looking Lyme Bay on the world-famous Jurassic Coast, Lyme Regis Museum is a small, dynamic and family friendly museum.

Designed by architect George Vialls and built in 1902, on the footprint of Mary Anning’s first home and fossil shop, the museum is situated within metres of the beaches where Mary uncovered the first scientifically-described Ichthyosaur, Plesiosaur and Dimorphodon.

Extended in 2016/17 the museum includes the Fine Foundation Education Centre, a shop, toilets and lift. The museum is a small, attractive and unusual building.

Making best use of its space, setting, collections and resources in 2022 the Museum welcomed over 30,000 visitors.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

1.1. Exhibition and displays

The museum’s significant collections continue to be represented in its main displays and exhibitions.

The display in the Geology Gallery reflects the importance of Mary Anning and her discoveries and the town’s significance as the birthplace of palaeontology.

On the ground floor the collections and displays cover Lyme’s important early role as a port, the building of the Cobb, its role in the Civil War siege, its position as the landing place of the Duke of Monmouth’s failed invasion of England as well as being the birthplace of Lyme’s ‘greatest citizen’ Thomas Coram, founder of England’s first charity, the Foundlings Hospital.

The town is also the birthplace of Sir George Somers, an inspiration for Shakespeare’s ‘The Tempest’ and has a rich literary heritage, as the inspiration for much of Jane Austen’s greatest novel ‘Persuasion’, and other writers such as JRR Tolkien and more latterly John Fowles and Tracy Chevalier.

Curated by Museum Director Bridget Houseago and Geology Curator Dr Paul Davis, this important exhibition lifted the museum’s displays for the summer of 2022 and established new partnerships with the Sedgwick Museum, Cambridge and the Geological Society.

Celebrating the legacy of Mary Anning, the exhibition focused on the iconic portrait of JM Donne, loaned by the Geological Society for the first time. JM Donne would have known Mary, as he was at Robert’s school in Lyme, opposite Mary’s home and fossil shop. The portrait was shown alongside a rare ichthyosaur breviceps found by Mary Anning and loaned by the Sedgwick Museum.

Curated by Dr Karol Kulik of Lyme Bay Arts (LBA), 2022 saw a lively programme of exhibitions showcasing work by Devon and Dorset based artists. The continuation of our partnership with Lyme Bay Arts proved popular with our visitors and continues to build on the success of previous years.

A temporary display was presented in the Marine Gallery in May 2022 to celebrate the Queen’s Platinum Jubilee.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

2. CHAIR’S REPORT

This year was a challenging year for Lyme Regis Museum, as we undertook work to strengthen our business planning processes and moved towards placing the museum on a more stable footing following the disruption and uncertainty of the Covid pandemic.

As well as improvements in planning and management we made the key decision to invest in renting a new collection store and office space. This enabled us to significantly improve the conservation and storage of the museum’s important geology collections, as well as providing new accessible storage for our picture and photography collections, and a dedicated workspace for our Geology Curator, researchers and volunteers.

At a time when the environment was uncertain and forecasting visitor numbers for the coming year was difficult, the museum focused on delivering a new exhibition celebrating the life and work of Mary Anning to tie in with the anniversary of her birthday and the unveiling of a new statue made by Denis Dutton and commissioned by Mary Anning Rocks. The museum’s exhibition focused on JM Donne’s iconic portrait of Mary Anning, loaned for the first time by the Geological Society and a rare ichthyosaur breviceps, found and sold by Mary Anning to Adam Sedgewick in 1822 and recently attributed to her and loaned from the Sedgwick Museum, Cambridge.

In a year with lots of uncertainty, the museum bounced back from the Covid pandemic welcoming over 30,000 visitors and delivered a

dynamic and informative programme of exhibitions, activities and events from children’s holiday activities to history talks, walks and workshops.

I would like to thank all our funders, particularly Dorset County Council for supporting the museum’s work this year, and Lyme Regis Town Council for funding towards our holiday events and activities programme helping generate important footfall to the town and the museum.

Many thanks also to our wonderful staff and volunteers, whose support and commitment is formidable and welcoming our visitors makes our work possible.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

3. 2022 STRATEGIC DIRECTION AND PRIORITIES

The annual report for 2022 reflects the substantive activities undertaken by Lyme Regis Museum in the last financial year. Stabilising the museum following the uncertainty and crisis of the Covid Pandemic has been the priority, as well as improving the museum’s business planning processes, enhancing our displays and exhibitions and building new partnerships, improving our collection care and nurturing our people.

3.1. Vision

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

3.2. Mission

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

To achieve these goals, we will:

3.3. Aims

In undertaking its role, the museum aims to:

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

4. 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.

5. PRINCIPLES

The museum will:

6. FUTURE

Alongside the above operational aims, the trust has identified three key priorities:

7. AUDIENCES AND ENGAGEMENT

7.1. Family Events and Activity Programme

Grant funding from Lyme Regis Town Council enabled the museum to run an extensive programme of family friendly holiday events and activities throughout the school holidays, helping encouraging visitors to the town and attracting many family visitors to the museum. Events and activities included a variety of arts and crafts delivered by specialist practitioners creating memorable quality events for our younger visitors and their families.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

7.2. Schools and Formal Education

The part-time Learning Officer, in a post that in 2022 was continued to be supported by The Friends of Lyme Regis Museum, delivered the school programme. 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, Duke of Edinburgh Award 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.

7.3. Free Entry Tickets for Lyme Regis School Children

The museum offers free learning visits to schools within its collecting area, the Woodroffe School and its three primary schools, Mrs Ethelston’s Primary School Uplyme, Charmouth Primary School and St Michael’s School, Lyme Regis.

In December 2022 the museum re-issued 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 inclusivity and community engagement.

7.4. Fossil Walks

In 2022 via its trading subsidiary, the museum was able to run a full programme of fossil walks and welcomed over 5,000 people on its public and private group Fossil Walk programme.

7.5. Community Events

Cancelled in 2020 and 2021 due to the Covid pandemic, the Lyme Regis Fossil Festival organised by Lyme Regis Development Trust returned in 2022 and the museum ran a packed programme of Fossil polishing and events in the museum throughout the weekend.

The Museum also supported the Lyme Regis Carnival providing a full day of fossil polishing activity in the Market Space above the Town Beach.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

8. COLLECTIONS AND CONSERVATION

In the spring of 2022, the museum leased from Lyme Regis Development Trust a large storage and office space at St Michael’s Business Centre, to use as a new museum store and office for the geology curator. To ensure security and light levels were controlled the museum installed a new intruder alarm and fitted the large windows with UV film as well as investing in new shelving and conservation packaging and materials.

The Director, Geology Curator and Education Officer over-saw and facilitated the move of all the museum’s geology collections from the damp and dirty basement store in the museum, and the photographs, pictures and books from the cramped Curator’s office to the new store.

This move has dramatically improved the storage, care and conservation of the collections, and has provided a new workspace for the Geology Curator, Education Officer, volunteers and visiting researchers. The museum’s voluntary curatorial team (Richard and Barbara Bull) continued their work in recording and improving the care of objects, and the museum’s collection and displays. However, at the end of 2022, after over 15 years, Richard and Barbara decided to retire, although they remain very much in touch and friends of the museum.

The museum’s local history research (volunteer) team continued to meet regularly in the Fine Foundation Education Room. The trust is very grateful to Graham Davies who co-ordinates and organises this committed group, helping to preserve, maintain and facilitate access to the museum’s archives and collections.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

9. ACQUISITIONS

The Charmouth Crocodile

2022 saw further research of the recent donation of the first crocodilian ever found in the Lyme-Charmouth area, dating from over almost 200 million years ago, resulting in the specimen being confirmed and named as a new species. This exciting addition to the museum’s collection was put on display for the first time in 2022.

10. PROJECTS

10.1. Business Plan

Following the Trustees away day in November 2021 and the staff and volunteers’ away day activities, the Director with support from the Trustees Business Group reviewed and updated the Museum’s Business Plan.

10.2. Our Digital Future

At the end of 2021 the museum received funding from the Garfield Weston Foundation for the Our Digital Future, a project to review and upgrade the museum’s digital resources. After extensive research, the Museum appointed Vennersys, a specialist visitor attraction software provider to supply new EPOS and online booking software for the museum, with integrated gift aid submission and CRM facility. The Trust acknowledges and thanks the Garfield Weston Foundation for its generosity.

11. OUR PEOPLE

11.1. Staff

The stability and success of the museum relies heavily on the commitment and contribution made by its dedicated staff team. Often perceived as a much bigger organisatio, the staff of Lyme Regis Museum consistently deliver high standards and ensure the smooth day to day operation of the museum.

A key asset to the organisation is its staff team and their skill, knowledge and dedication.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

11.2. Commitment to Staff

In January 2022, in anticipation of the predicted rise in inflation, the Trust awarded staff a salary increase of 5%, to help protect them from the predicted (and subsequently real) cost of living increases. In November 2022, the Trust agreed to a further 3% increase for 2023 as a result of the ongoing cost of living and inflation issues.

11.3. 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 volunteers’ roles include:

The museum’s operation model relies on the valuable contribution volunteers make to manning the “Front Desk”. Without their help the current level of operation would not be sustainable. In 2022 our Front of House volunteers provided over 1,800 hours of support.

Several new Front of House volunteers have joined us in 2022 and we have again hosted many students on placement and assisted with providing placements for Duke of Edinburgh volunteers.

The museum also organised a number of volunteer events including a spring Cream Tea at the Black Dog Café in Uplyme and a Christmas Lunch at the Pilot Boat in early December.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

12. OTHER ORGANISATIONS

12.1. Lyme Regis (Philpot) Museum Shop Limited

The main shop retail, fossil walks, walking tours and other sources of non-primary income operate through the charity’s trading subsidiary The Lyme Regis (Philpot) Museum Shop Limited (company number: 02894291). The Trust is the sole shareholder and appoints its directors.

12.2. The Philpot Collection

Lyme Regis Museum collections are held by The Philpot Collection, a separate charity registered with the Charity Commission under number 306241). The Trustee of The Philpot Collection is Lyme Regis (Philpot) Museum Trust Limited as a body.

12.3. The Friends of Lyme Regis Philpot Museum

The work of Lyme Regis Museum is supported by The Friends of Lyme Regis Philpot Museum (charity number 278774), a separate charity that exists to provide grants and support to the museum from the surplus created by its membership and fundraising activities.

13. ACHIVEMENTS AND PERFORMANCE

13.1. Fundraising and finance

In 2022 the museum finances were buoyed by increased footfall and subsequent increased admission income, (comparison with the pre-covid base year of 2019). This was supported by a good performance by the trading subsidiary, that benefited from increased footfall in the museum gift shop and the re-structuring of museum fossil walks.

In 2022 the museum received a grant of £20,000 from Dorset Council, and £7,000 from Lyme Regis Town Council. This significant support has helped the museum deliver its important collections work, new exhibitions, audience engagement activities and community projects. The museum sincerely thanks both Dorset Council and Lyme Regis Town Council for their support.

The Museum Friends supported the ‘Mary Anning Comes Home’ exhibition with a special grant of £5,000 towards the transport and insurance costs.

In September the museum successfully bid to take part in the ’Steps to Sustainability’ programme. This was a HLF funded scheme which supports Heritage organisations with training and seed funding to develop new income generating products or services.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

Total Trust income for the year was £277,405, made up of unrestricted income of £256,926 and restricted income of £20,479. Expenditure for the year totalled £253,850, made up of unrestricted expenditure of £19,9881 and restricted expenditure of £53,969.

14. RESERVES POLICY

Lyme Regis Museum is committed to maintaining a minimum of 12 months operational reserves, in addition to ringfenced restricted project funding and creating a building maintenance reserve budget.

At the end of 2022, because of a better than predicted visitor numbers, a prudent control of staff and energy costs, and the restriction of discretionary spend, the museum had built up its undesignated free reserves to £83,706 (2021: £27,211, 2020: £125,872) This apparent buoyant position should be seen in the light of the need for urgent investment in the care and maintenance of the museum building and its ground floor galleries and displays. As well as ensuring the museum can absorb the rapid increase in energy costs and on-going increases in inflation.

15. 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.

15.1. 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.

15.2. 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.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

15.3. Corporate Governance

The board of Trustees administers the charity and meets quarterly. It has a Business Group Subcommittee that meets more regularly and a Staffing Subcommittee who meet annually or as required to review staffing and renumeration.

15.4. 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.

15.5. 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 hold all its collection in the museum.

15.6. The Museum Director

The museum Director and a small team of staff are responsible for day-to-day operations of the museum charity. The Director has delegated authority, approved by the trustees, for operational matters including finance, employment, the museum’s collections, building, and programme.

15.7. Risk Management

The Trustees have a risk management strategy, including an annual review of the museum’s risk register, which includes a summary of the strategic risks to the charity and its subsidiary Lyme Regis (Philpot) Museum Shop Limited, with procedures and strategies to minimise potential risks and to manage those risks if they were to materialise.

15.8. 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

Report of the trustees (incorporating the directors' report) for the year ended 31 December 2022

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.

Signed on behalf of the board on 13/06/2023 by

Dr Jonathan Evans Trustee

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

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

I report on the accounts of Lyme Regis (Philpot) Museum Trust Limited (the Company) for the year ended 31 December 2022.

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, I 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 I 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. I 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

  3. 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

  4. 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)].

I 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.

........................................................... Dated: 7 July 2023

Stuart Carrington FCA Independent Examiner Westcotts (SW) LLP, 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

Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 December 2022

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

Unrestricted Restricted Unrestricted Restricted Unrestricted Restricted 2022 2021
funds funds
funds		 Total Total
Notes £ £
£		 £ £
Income and endowments from
Donations and legacies 5 33,169 33,169
20,479		 53,648 110,882
Charitable activities 6 158,032 158,032
-		 158,032 92,267
Investment income 7 29 29
-		 29 15
Other - trading subsidiary income 8 65,696 65,696
-		 65,696 39,620
_ _
_		 _ _
Total income 256,926 256,926
20,479		 277,405 242,724
_ _
_		 _ _
Expenditure on charitable activities
Advertising and marketing 13,248 13,248
-		 13,248 13,870
Display, conservation and exhibition costs 8,885 8,885
5,000		 13,885 4,910
Events, education and research 12 2,070 2,070
6,525		 8,595 18,042
Staff wages, training and travel 13 103,388 103,388
8,000		 111,388 119,670
Establishment costs 33,937 33,937
2,229		 36,166 29,392
Bank and merchant transaction charges 6,204 6,204
-		 6,204 3,662
Administrative and IT costs Administrative and IT costs 10,043 10,043
3,075		 13,118 16,722
Legal and professional fees 10,769 10,769
-		 10,769 11,770
Loan interest - -
-		 - 268
Hospitality and other sundry costs 1,026 1,026
-		 1,026 3,184
Transfer of heritage assets - -
-		 - 41,000
Depreciation, amortisation and loss on disposals 10,311 10,311
29,140		 39,451 39,837
_ _
_		 _ _
Total expenditure 199,881 199,881
53,969		 253,850 302,327
_ _
_		 _ _
Net income/(expenditure) 57,045 57,045
(33,490)		 23,555 (59,603)
and net movement in funds
Reconciliation of funds
Total funds brought forward 307,013 307,013
955,066 1,262,079 1,321,682		 955,066 1,262,079 1,321,682 955,066 1,262,079 1,321,682
_ _
_		 _ _
Total funds carried forward 364,058 364,058
921,576 1,285,634 1,262,079		 921,576 1,285,634 1,262,079 921,576 1,285,634 1,262,079
_ _
_		 _ _

The notes on pages 20 to 36 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

Statement of Financial Position

As at 31 December 2022

2022 2021
Notes £ £ £ £
Fixed assets
Intangible assets 19 800 -
Tangible assets 20 1,009,500 1,035,590
Heritage assets 21 - -
Investments 22 3 3
_ _ ______
1,010,303 1,035,593 1,010,303 1,035,593 1,010,303 1,035,593
Current assets
Debtors 23 34,110 13,141
Cash at bank and in hand 248,520 236,811
___ ____ ___ ___
282,630 249,952
Creditors: amounts falling
due within one year 24 (7,299) (23,466)
___ ___ _
Net current assets 275,331 226,486
___ ___ _ _____
Net assets 1,285,634 1,262,079
_ _
Creditors: amounts falling
due after more than one year 25 - -
___ ___ _ _____
Total net assets 1,285,634 1,262,079
_ _
Funds
Restricted funds 28 921,576 955,066
_ _
Unrestricted funds:
Fixed assets 27 95,652 91,802
Designated funds 184,700 188,000
Undesignated reserves 83,706 27,211
____ __ _____ __
Total unrestricted funds 364,058 307,013
___ ___ ___ ____
Total charity funds 1,285,634 1,262,079
_ _

The Statement of financial position continues on the following page.

The notes on pages 20 to 36 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

Statement of Financial Position (continued)

Trustees’ statements required by the Companies Act 2006

For the year ending 31 December 2022 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 13/06/2023 and are signed on behalf of the board by:

Dr Jonathan Evans

Director

The notes on pages 20 to 36 form an integral part of these financial statements.

Page 19

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 2022

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. There are no material uncertainties about the charity’s ability to continue to operate and meet its liabilities as they fall due.

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.

Page 20

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 2022

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

Notes to financial statements for the year ended 31 December 2022

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 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 Registration Number 2855423 Charity Number 1041201 Company Limited by Guarantee

Notes to financial statements for the year ended 31 December 2022

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 has previously held a number of heritage assets, which included items of local cultural significance and ancient fossil specimens collected from the Jurassic coast (designated as a World Heritage Site). These were transferred to The Philpot Collection (Charity Number: 306241) in the prior year (2021) 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

Notes to financial statements for the year ended 31 December 2022

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.

5. Donations and legacies

5. Donations and legacies
5. Donations and legacies Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations 13,169 – 13,169
Dorset Council grant 20,000 – 20,000
Other grants – 20,479 20,479
------------------------ ------------------------ ------------------------
33,169 20,479 55,648
=============== =============== =============== =============== =============== =============== =============== =============== ===============
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Donations 21,042 – 21,042
Dorset Council grant 20,000 – 20,000
Coronavirus government grants 35,430 – 35,430
Other grants – 34,350 34,350
------------------------ ------------------------ ------------------------
76,472 34,350 110,822
=============== =============== =============== ============================== ===============

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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 2022

6. Charitable activities

6. Charitable activities 6. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Admission fees 149,225 149,225 91,313 91,313
Fossil Festival and Mary Anning events Fossil Festival and Mary Anning events
1,000		 1,000 – –
Museum & gallery exhibition tax relief 3,410 3,410 – –
Gift aid on admissions 4,397 4,397 954 954
----------------------- ----------------------- ----------------------- -----------------------
158,032 158,032 92,267 92,267
=============== =============== =============== ===============
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Bank interest receivable 29 29 15 15
=============== =============== =============== ===============
8. Other - trading subsidiary income

Unrestricted		 Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Donation from subsidiary 59,696 59,696 39,620 39,620
Rent paid by subsidiary 6,000 6,000 – –
--------------------- ----------------------- --------------------- -----------------------
65,696 65,696 39,620 39,620
=============== =============== =============== ===============

7. Investment income

8. Other - trading subsidiary income

Page 25

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 2022

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 £6,000 to the charity (2021: £0 rent was paid due a temporary waiver to support the subsidiary’s recovery from the pandemic). In addition, the trading subsidiary gift-aided its profits of £59,696 (2021: £39,620) under the terms of a Deed of Covenant. The deed constitutes a legally binding obligation. Therefore, the donation to the charity is recognised in the same year that the profits have been made.

have been made.
% 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 2022 Total 2021
£ £
Turnover 147,917 92,492
Total expenditure (88,221) (52,872)
---------------------- ----------------------
Net profit for the year 59,696 39,620
Amount gift-aided to the charity (59,696) (39,620)
---------------------- ------------------------
Retained profit - -
=============== =============== =============== ===============
The assets and liabilities of Lyme Regis (Philpot) Museum Shop Limited were: The assets and liabilities of Lyme Regis (Philpot) Museum Shop Limited were:
Fixed assets - -
Current assets 26,810 34,672
Liabilities falling due within 1 year (26,807) (24,729)
Liabilities falling due after more than 1 year - (9,940)
---------------------- ------------------------
Funds 3 3
=============== =============== =============== ===============

Of the above liabilities £22,790 (2021: £11,298) was due to the Lyme Regis (Philpot) Museum Trust Limited.

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

Notes to financial statements for the year ended 31 December 2022

10. Net incoming resources for the year 10. Net incoming resources for the year 10. Net incoming resources for the year 10. Net incoming resources for the year 10. Net incoming resources for the year
Total 2022 Total 2021
£ £
Net incoming resources are stated after charging:
Depreciation, amortisation and loss on disposal of fixed assets 39,451 39,837
=============== ===============
11. Independent examination fees 11. Independent examination fees 11. Independent examination fees 11. Independent examination fees
Total 2022 Total 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements Independent examination of the financial statements 2,555 2,370
Other financial services 4,990 4,616
------------------------ ------------------------
7,545 6,986
=============== =============== =============== =============== =============== ===============
12. Events, education and research
Unrestricted Unrestricted
Restricted		 Total Funds
Funds Funds 2022
£ £ £
Educational events and activities 2,049 6,525 8,574
Research 21 – 21
------------------------ ------------------------ ------------------------
2,070 6,525 8,595
=============== =============== =============== =============== =============== =============== ===============
Unrestricted Unrestricted
Restricted		 Total Funds
Funds Funds 2021
£ £ £
Educational events and activities 781 15,697 16,478
Other events – 1,511 1,511
Research 53 – 53
------------------------ ------------------------ ------------------------
834 17,208 18,042
=============== =============== =============== =============== =============== =============== ===============

12. Events, education and research

Page 27

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 2022

13. Staff wages, training and travel

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Wages and salaries and Employer’s NIC 100,646 8,000 108,646
Pension costs 2,468 – 2,468
Staff training 40 – 40
Staff travel expenses 234 – 234
------------------------ ------------------------ ------------------------
103,388 8,000 111,388
=============== =============== =============== =============== =============== =============== =============== =============== ===============
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Wages and salaries and Employer’s NIC 92,633 24,019 116,652
Pension costs 2,223 – 2,223
Staff training 695 – 695
Staff travel expenses 100 – 100
------------------------ ------------------------ ------------------------
95,561 24,019 119,670
=============== =============== =============== =============== ===============

No employee received emoluments of more than £60,000 (2021: None). Employer's National Insurance Contributions totalled £4,432 (2021: £3,600).

Number of employees

The average number of individuals employed during the year was 9 (2021: 10). On a full-time equivalent basis this would equate to 5 employees (2021: 5).

Page 28

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 2022

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
Funds Funds 2022
£ £ £
Advertising and Marketing 13,248 - 13,248
Display, conservation and exhibition costs 8,885 5,000 13,885
Establishment costs 33,937 2,229 36,166
Bank and merchant transaction charges 6,204 - 6,204
Administrative and IT costs 10,043 3,075 13,118
Legal and professional 10,769 - 10,769
Hospitality and other sundry costs 1,026 - 1,026
Loss on disposal of fixed assets 231 - 231
Depreciation and amortisation 10,100 29,140 39,220
--------------------- ---------------- ----------------------
94,443 39,444 133,887
=============== ============ ===============
Unrestricted Restricted 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
Hospitality and other sundry costs 3,184 - 3,184
Transfer of assets to The Philpot Collection 41,000 - 41,000
Depreciation and amortisation 8,254 31,583 39,837
--------------------- ---------------- ----------------------
107,438 57,177 164,615
=============== ============ ===============

15. Transfer of assets to The Philpot Collection

During the prior year (2021) 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.

Page 29

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 2022

16. Trustee remuneration and expenses

No Trustees received any remuneration. No expenses were reimbursed to trustees during the year (2021: no trustees received any remuneration and 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:

Total 2022 Total 2021
£ £
Pension charge 2,468 2,223
=============== =============== =============== ===============

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

Website Total 2022
Cost £ £
At 1 January 2022 7,500 7,500
Additions 1,200 1,200
--------------------- -----------------------
At 31 December 2022 8,700 8,700
============== =============== ============== ===============
Amortisation
At 1 January 2022 7,500 7,500
Charge for year 400 400
--------------------- -----------------------
At 31 December 2022 7,900 7,900
============== =============== ============== ===============
Net book values --------------------- ----------------------
At 31 December 2022 800 800
============== =============== ============== ===============
--------------------- ---------------------
At 31 December 2021 - -
============== ==============

Page 30

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 2022

20. Tangible fixed assets

Land and Fixtures
buildings fittings and
freehold equipment Total
£ £ £
Cost
At 1 January 2022 1,045,667 248,055 1,293,722
Additions - 12,730 12,730
Disposals - (858) (858)
Transfers - - -
--------------------- ---------------- ----------------------
At 31 December 2022 1,045,667 259,927 1,305,594
=============== ============ =============== ============ =============== ===============
Depreciation
At 1 January 2022 129,912 128,220 258,132
Charge for the year 18,315 19,776 38,091
Eliminated on disposal - (129) (129)
--------------------- ---------------- ----------------------
At 31 December 2022 148,227 147,867 296,094
=============== ============ =============== ============ ===============
Net book values
At 31 December 2022 897,440 112,060 1,009,500
=============== ============ =============== ============ ===============
At 31 December 2021 915,755 119,835 1,035,590
=============== ============ =============== ============ ===============

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

In 2021 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) after seeking permission via an Order of the Charity Commission.

Page 31

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 2022

22. Fixed asset investments 22. Fixed asset investments Subsidiary
Undertaking
shares Total 2022
£ £
At 1 January 2021 and at 31 December 2022 3 3
=============== =============== =============== ===============
All fixed asset investments are held within the United Kingdom.
**23. ** Debtors 2022 2021
£ £
Amounts due from subsidiary and associated undertakings 22,790 11,298
Other debtors and prepayments 2,559 400
Gift Aid refund 5,351 953
Museum % Galleries Exhibition tax relief 3,410 -
VAT refunds - 490
--------------------- ---------------------
34,110 13,141
============== =============== ============== ===============

24. Creditors: amounts falling due within one year		 24. Creditors: amounts falling due within one year 2022 2021
£ £
Payroll taxes and social security 3,022 2,424
Sundry creditors 621 11,492
Accruals and deferred income 2,150 9,550
VAT payable 1,506 -
--------------------- ---------------------
7,299 23,466
============== =============== ============== ===============

25. Creditors: amounts falling due after more than one year

There were no creditors falling due after more than one year.

Page 32

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 2022

26. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Fund balances at 31 December 2022 is represented by: Fund balances at 31 December 2022 is represented by:
Fixed assets (intangible, tangible & investments) 95,652 914,651 1,010,303
Current assets 275,705 6,925 282,630
Current liabilities (7,299) - (7,299)
Long term liabilities - - -
------------------------ ------------------------ ------------------------
364,058 921,576 1,285,634
=============== =============== =============== =============== =============== =============== =============== =============== ===============
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fund balances at 31 December 2021 is represented by: Fund balances at 31 December 2021 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 (12,464) (11,002) (23,466)
Long term liabilities - - -
------------------------ ------------------------ ------------------------
307,013 955,066 1,262,079
=============== =============== =============== =============== ===============

27. Unrestricted funds

At At
1 January Incoming Outgoing 1 January Incoming Outgoing 1 January Incoming Outgoing 1 January Incoming Outgoing 31 December 31 December
2022 resources resources Transfers 2022 resources resources Transfers 2022 resources resources Transfers 2022 resources resources Transfers 2022
£ £ £ £ £
Unrestricted funds of the charity 307,013 256,926 (199,881) 256,926 (199,881) 256,926 (199,881)
-		 364,058

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:

Page 33

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 2022

Fixed Assets

Unrestricted fixed assets are made up of: Freehold land and buildings £49,896, Fixtures and fittings £44,953, Website development costs £800 and Investment assets £3.

Designated Funds

As at 31 December 2022, the trustees had designated the following funds:

• Operational asset fund £15,000 • Display and interpretation £10,000 • Modes subscription upgrade £4,000 • Renewing gallery interactive £4,000 • EPOS, website and IT review £11,700

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 £83,706 (2021: £27,211).

28. Restricted funds

==> picture [486 x 173] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |At 1 Jan|Incoming|Outgoing|At 31 Dec| |2022|resources|resources|2022| |£|£|£|£| |-| |Education – Lyme Regis Town Council|1,275|5,250|(6,525)| |-|-| |Mary Anning portrait – Museum Friends|5,000|(5,000)| |-|-| |Building conservation|2,229|(2,229)| |Education – Museum Friends|-|8,000|(8,000)|-| |-| |Digital resources - Garfield Weston|10,000|(3,075)|6,925| |Museum Development Project Fund| |-| |- Museum Extension Appeal|943,791|(29,140)|914,651| |-----------------------|-----------------------|-----------------------|-----------------------| |955,066|20,479|(53,969)|921,576| |===============|===============|===============|===============|

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

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 2022

Restricted fund (continued)

Page 35

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 2022

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 £59,696 unrestricted (2021: £39,620 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 £3,234 net of VAT (2021: £2,653) 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 £6,000 in the year (net of VAT) to the Trust (2021: £0).

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.

Page 36