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← Lyme Regis Philpot Museum Trust Limited

2023-12-31-accounts

LYME REGIS (PHILPOT) MUSEUM TRUST LIMITED

TRUSTEES’ REPORT

AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 - 16| |Independent examiner’s report|17| |Statement of financial activities|18| |Statement of financial position|19 - 20| |Notes to the financial statements|21 - 37|

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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 museum@lymeregismuseum.co.uk Registered Office Lyme Regis Museum Bridge Street Lyme Regis Dorset DT7 3QA

Trustees Jonathan Evans (Chair) Wayne Earp Sam Hunt (Retired 13/06/2023) Jacqueline Horsfield Kate Pitts James Thomas (Deputy Chair) Deborah Hodd Jan English Iain Ogilvie Philip Williams

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

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||| |---|---| |Staffing Sub-Committee|Jonathan Evans| |Kate Pitts| |Jacqueline Horsfield| |Business Group|Wayne Earp| |James Thomas| |Museum Director|Bridget Houseago| |Operations/Programme Manager|Bridget Houseago| |Visitor Services Supervisors|Paula Silverthorne| |Samantha Fowler| |Susan Jones| |Learning Officer|Christopher Andrew| |Geology Curator|Paul Davis| |Seasonal Fossil Walk Guide|Richard Edmonds| |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 2023

The trustees are pleased to present their report and the financial statements for the year ended 31 December 2023. 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.

Introduction

Lyme Regis Museum is a vibrant and lively organisation, over-looking Lyme Bay and the Jurassic Coast. It celebrates the town’s rich history, landscape and people, and is famous for being the birthplace of Mary Anning and the science of Palaeontology.

Lyme Regis Museum is an independent Arts Council Accredited Museum, operated by Lyme Regis (Philpot) Museum Trust Limietd.

The museum was commissioned by Thomas Philpot, a nephew of Elizabeth Philpot, 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.

Structure, Governance and Management

Constitution and 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.

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 remuneration.

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

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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 2023

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.

The Charitable Objects of Lyme Regis (Philpot) Museum 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.

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 2023

Associated organisations and working partners

The Philpot Collection

Lyme Regis Museum’s collections are held by The Philpot Collection, a separate charity (Charity number 306241). Lyme Regis (Philpot) Museum Trust Limited is the sole Trustee of The Philpot Collection.

Lyme Regis (Philpot) Museum Shop Limited

The retail and commercial activities of Lyme Regis Museum are carried out by The Lyme Regis (Philpot) Museum Shop Limited (Company number: 02894291). The Trust is the sole shareholder and appoints its directors. The trading company’s directors include Bridget Houseago (Museum Director), and two trustees Mrs Jacqueline Horsfield, Kate Pitts, and specialist adviser Mrs Lisa Looker.

The Friends of Lyme Regis Philpot Museum

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

Lyme Regis Fossil Festival Community Interest Company

For a number of years, Lyme Regis Museum has carried out an important role in helping to organise a Fossil Festival in the town. This activity is part fundraising for the museum but also fits within the educational charitable objective of the museum. With growing popularity and increased responsibilities, following the 2023 Fossil Festival it was decided that future festivals would be operated through a separate Community Interest Company. Lyme Regis Fossil Festival Community Interest Company (company number: 15469684) was incorporated on the 6 February 2024 for this purpose. Trustees and employees of the museum make up the majority of the company’s management board. Therefore it is important to acknowledge the ties that exist between the two organisations.

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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 2023

2023 Strategic Direction and Priorities

The annual report for 2023 reflects the substantive activities undertaken by the staff and volunteers of Lyme Regis Museum in the last financial year. The museum’s forward plan is reviewed annually and informs the museum’s operations and programme.

Stabilising the museum following the uncertainty of the Covid Pandemic continued to be a major priority, as well as refining the museum’s business planning processes, encouraging new visitors, enhancing our displays and exhibitions, improving our income streams, building new partnerships, improving our collection care and nurturing our people.

VISION

To inspire and share the remarkable and globally significant stories of Lyme Regis.

MISSION

To achieve our vision and mission, we will:

To achieve these goals, we will:

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 2023

PRINCIPLES

The museum will:

FUTURE

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

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.

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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 2023

OUR WORK

THE MUSEUM

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 located on the old sea wall meters from Lyme’s beaches and this gives it stunning views of Lyme Bay and beyond, as well as leaving it exposed to the full force of the weather.

Making best use of its space, setting, collections and resources in 2023 the Museum welcomed 38,000 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 2023

EXHIBITIONS AND DISPLAYS

The museum’s important collections continue to be represented in its main gallery spaces with displays and exhibitions focused on the town’s history, geology, and literature.

The displays in the Geology Gallery reflect the importance of Mary Anning, her discoveries and the town’s location on the Jurassic Coast and 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 has a rich literary heritage, as the inspiration for much of Jane Austen’s novel ‘Persuasion’, and other writers such as JRR Tolkien, Beatrix Potter and more latterly John Fowles and Tracy Chevalier. It is also the birthplace of Sir George Somers, thought to be an inspiration for Shakespeare’s ‘The Tempest’.

The Museum’s exhibitions and displays are curated by the Museum Director and Geology Curator, with new displays and exhibitions arranged on an annual basis.

The Museum has a small temporary exhibition gallery in the rotunda, which showcases work by Devon and Dorset based artists, and is co-ordinated by museum volunteer Karol Kulik. The continuation of these displays and exhibitions proved popular in 2023, and continues to build on the success of previous years.

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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 2023

ACHIVEMENTS AND PERFORMANCE

AUDIENCES AND ENGAGEMENT

Events and Activity Programme

Developing events and activities was a key priority for 2023, with the aim to develop and engage existing and new audiences.

Focusing on family engagement, adult workshops, and new seasonal events was a priority for the year. The Museum received a grant from the Social Enterprise Academy, as part of a Heritage Lottery Funded project, that enabled it to invest and trail new walks and workshops.

Early in 2023 the Museum stepped in to save the Lyme Regis Fossil Festival and opened for Free over the Festival weekend, generating 3,700 visitors to the museum, making it one of the busiest weekends ever.

Focusing on families the museum also delivered a packed programme of arts and crafts activities, fossil walks, seasonal events during school holidays. Delivered by a team of specialist practitioners, museum staff and volunteers.

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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 2023

Fossil Walks

In 2023, the museum continued to focus on its well-known fossil walk programme and took over 5,500 people on public and private fossil walks.

Fossil Festival

In January 2023, Lyme Regis Development Trust announced that it was cancelling the Lyme Regis Fossil Festival. This key local event, which had been running since 2004, celebrated the town’s unique location and history as the birthplace of Mary Anning and palaeontology. However the Festival struggled during COVID and had been in decline for a number of years, and a new sense of purpose and improved programme was needed.

Seeing the economic and community benefit for the town, Lyme Regis Museum stepped in to save this well-loved family event. The staff team at the museum worked incredibly hard to fundraise, organise and plan the event in just eight weeks and delivered a Festival widely acknowledged as one of the best ever, it attracting over 15,000 visitors.

Connections Club

Funded by a grant from the Abbey Field Trust the museum organised a new programme of weekly scrapbooking sessions co-ordinated by artist Christine Allison, designed to tackle social isolation and loneliness.

Nature Journalling

Led by artist Alex Boon the museum ran a series of Nature Journalling workshops which aim to encourage and inspire participants to develop a new connection with the natural world, at the same time as improving mental health and well-being.

This programme ran from January to March and was fully booked, generating new audiences and footfall for the museum.

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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 2023

Halloween

The museum’s late night opening event for Halloween enabled visitors to see the museum in a whole new light, with spooky crafts, face painting and torchlight tours taking place.

Christmas

The Museum was decorated with festive decorations and our Christmas Offer included storytelling, crafts, wreath making and was enhanced by a “visit Santa” event for the first time. Kindly supported by museum volunteers, Fred Humphrey and Martin Wells.

Holiday Activities

A range of holiday workshops and activities took place delivered by Freelance artists and practitioners including Darrell Wakelam, Debbie Clark, Alision Bowskill, Christine Allison and Lizzie Bryant.

Fossil Polishing

Museum staff and volunteers ran a number of fossil polishing events throughout the year and supported Lyme Regis Carnival providing a full day of fossil polishing activity as part of Carnival Week 2023.

Schools and Formal Education

The Museum’s Learning Officer continued to deliver a lively programme of school fossil walks and talks for Key Stage 1 and 2, GCSE in 2023 focusing on geology, history, biology and geography with over 2,800 pupils booked.

The museum provided further opportunities both within the museum and on the beaches and is particularly effective at supporting primary school children with their early studies concerning Mary Anning and evolution.

The museum also supported placements from universities, DOE and local schools and colleges.

Free Entry Tickets for Lyme Regis School Children

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

In December 2023 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.

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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 2023

COLLECTIONS AND CONSERVATION

The museum continues to lease a store and office space at St Michael’s Business Centre from Lyme Regis Development Trust.

This space has enabled the Geology Curator to improve the storage, care and conservation of the principal geology collections and a number of new acquisitions have been added to the collection with support of Lyme Regis Museum Friends.

The museum purchased a new subscription to collections database (Axiel) and began work on transferring records from Modes to Axiel with the help of a museum volunteers.

The museum’s (voluntary) local history research team, continue to pursue various research interests, as well as answering museum enquires. They meet weekly, except in Dorset School holidays in the Fine Foundation Education Space. Graham Davies co-ordinates and organises the group, helping to preserve, maintain and facilitate access to the museum’s archives and collections.

Paul’s Place Memorial Garden

To commemorate the life Paul Mason, his connection to the Museum and Lyme Regis, the Museum and Paul’s family commissioned Petter Southall to design and make a bespoke memorial bench in Paul’s memory. The museum’s small terrace was also refreshed and enhanced with planters to create a special space for museum visitors and Paul’s family and friends to visit, rest and reflect.

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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 2023

OUR PEOPLE

STAFF

The stability and success of the museum relies heavily on the commitment and contribution made by its dedicated staff team (FTE 4.2). Often perceived as a much bigger organisation the staff of Lyme Regis Museum consistently deliver high standards and ensure the smooth day to day operation of the museum.

In April the trust appointed a new part-time Marketing Manager and in August a new part-time Admin and Finance Assistant.

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.

In December 2023, 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.

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 day to day operations and programming. Including:

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. 2023 saw our Front of House volunteers provided over 1,800 hours of support.

Several new Front of House volunteers have joined us in 2023 and we have again hosted many students on placement and assisted with providing placements for DOE volunteers.

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

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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 2023

FUNDRAISING AND FINANCE

In 2023 the Museum’s financial position was steadied by good visitor numbers and stable admission income, as well as a good performance by the museum’s gift shop and fossil walk programme.

Grants received in 2023 included £20,000 from Dorset Council, the final year of three-year funding agreement. In the Autumn of 2023, the Museum Director secured support for the next three years (2024-2026) and the Trust is extremely grateful to Dorset Council for their continued support.

The museum also received grants from and sincerely thanks, The Abbeyfield Trust, the Social Enterprise Academy, the Heritage Lottery and Lyme Regis Town Council for their support.

Total Trust income for the year was £321,875, made up of unrestricted income of £280,121 and restricted income of £41,754. Expenditure for the year totalled £311,234, made up of unrestricted expenditure of £250,939 and restricted expenditure of £60,295. Transfers of £5,279 have been made from restricted to unrestricted reserves.

Reserves Policy

Lyme Regis Museum is committed to maintaining a minimum of 12 months operational reserves, ring fencing restricted project funding and creating a building maintenance designated reserves.

At the end of 2023, because of a better than predicted trading year and prudent control of staff and energy costs, the museum maintains a stable financial position. However, this should be seen in the context of the need to make urgent repairs to the museum building, refresh and improved 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 predicted for 2024.

As at 31 December 2023, the charity had unrestricted reserves of £398,519 and restricted reserves of £897,756, which includes both fixed assets and net current assets.

Investment Policy

The Trust receives an income on an annual basis through entrance fees, donations, charitable activities and other sources. It budgets to expend anticipated annual income, whilst maintaining a prudent amount in reserves each year. Existing investments remain on deposit at the best rate with organisations authorised by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme.

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.

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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 2023

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.

21/08/2024

Signed on behalf of the board on ……………..… 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 2023.

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.

........................................................... T J Stuckey Dated: …………………….. 27/09/2024

Thomas John Stuckey FCCA 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 2023

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 2023 2022
funds funds
funds		 Total Total
Notes £ £
£		 £ £
Income and endowments from
Donations and legacies 5 42,421 42,421
41,754		 84,175 53,648
Charitable activities 6 182,926 182,926
-		 182,926 158,032
Investment income 7 506 506
-		 506 29
Other - trading subsidiary income 8 54,268 54,268
-		 54,268 65,696
_ _
_		 _ _
Total income 280,121 280,121
41,754		 321,875 277,405
_ _
_		 _ _
Expenditure on charitable activities
Advertising and marketing 11,794 11,794
2,000		 13,794 13,248
Display, conservation and exhibition costs 8,031 8,031
2,864		 10,895 13,885
Events, education and research 12 14,414 14,414
17,350		 31,764 8,595
Staff wages, training and travel 13 127,420 127,420
8,000		 135,420 111,388
Establishment costs 42,691 42,691
-		 42,691 36,166
Bank and merchant transaction charges 6,697 6,697
-		 6,697 6,204
Administrative and IT costs Administrative and IT costs 12,620 12,620
3,065		 15,685 13,118
Legal and professional fees 11,798 11,798
-		 11,798 10,769
Hospitality and other sundry costs 4,437 4,437
-		 4,437 1,026
Depreciation, amortisation and loss on disposals 11,037 11,037
27,016		 38,053 39,451
_ _
_		 _ _
Total expenditure 250,939 250,939
60,295		 311,234 253,850
_ _
_		 _ _
Net income/(expenditure) 29,182 29,182
(18,541)		 10,641 23,555
and net movement in funds
Transfers 15 5,279 (5,279) 5,279 (5,279) 5,279 (5,279)
-		 -
Reconciliation of funds
Total funds brought 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
_ _
_		 _ _
Total funds carried forward 398,519 398,519
897,756 1,296,275 1,285,634		 897,756 1,296,275 1,285,634 897,756 1,296,275 1,285,634
_ _
_		 _ _

The notes on pages 21 to 37 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 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 19 400 800
Tangible assets 20 991,152 1,009,500
Heritage assets 21 - -
Investments 22 3 3
_ _ ______
991,555 1,010,303 991,555 1,010,303 991,555 1,010,303
Current assets
Debtors 23 59,054 34,110
Cash at bank and in hand 252,301 248,520
___ ____ ___ ___
311,355 282,630
Creditors: amounts falling
due within one year 24 (6,635) (7,299)
___ ___ _
Net current assets 304,720 275,331
___ ___ _ _____
Net assets 1,296,275 1,285,634
_ _
Creditors: amounts falling
due after more than one year 25 - -
___ ___ _ _____
Total net assets 1,296,275 1,285,634
_ _
Funds
Restricted funds 28 897,756 921,576
_ _
Unrestricted funds:
Fixed assets 27 103,920 95,652
Designated funds 174,000 184,700
Undesignated reserves 120,599 83,706
____ __ _____ __
Total unrestricted funds 398,519 364,058
___ ___ ___ ____
Total charity funds 1,296,275 1,285,634
_ _

The Statement of financial position continues on the following page.

The notes on pages 21 to 37 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 2023 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 ………………….. and are signed on behalf of the board by: 21/08/2024

……………………………………..

Dr Jonathan Evans

Director

The notes on pages 21 to 37 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

Notes to financial statements for the year ended 31 December 2023

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.

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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 2023

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 2023

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.

Page 23

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 2023

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 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 2023

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 2023
£ £ £
Donations 22,421 1,419 23,840
Dorset Council grant 20,000 – 20,000
Other grants – 40,335 40,335
------------------------ ------------------------ ------------------------
42,421 41,754 84,175
=============== =============== =============== =============== =============== =============== =============== =============== ===============
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 53,648
=============== =============== =============== =============== =============== =============== =============== =============== ===============

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 2023

6. Charitable activities

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Total Funds|Unrestricted|Total Funds| |Funds|2023|Funds|2022| |£|£|£|£| |Admission fees|165,403|165,403|149,225|149,225| |Fossil Festival and Mary Anning events|4,244|4,244|1,000|1,000| |Museum & gallery exhibition tax relief|3,016|3,016|3,410|3,410| |Gift aid on admissions|10,263|10,263|4,397|4,397| |-----------------------|-----------------------|-----------------------|-----------------------| |182,926|182,926|158,032|158,032| |===============|===============|===============|===============| |7. Investment income| |Unrestricted|Total Funds|Unrestricted|Total Funds| |Funds|2023|Funds|2022| |£|£|£|£| |Bank interest receivable|506|506|29|29| |===============|===============|===============|===============|

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

7. Investment income

8. Other - trading subsidiary income

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Total Funds|Unrestricted|Total Funds| |Funds|2023|Funds|2022| |£|£|£|£| |Donation from subsidiary|48,268|48,268|59,696|59,696| |Rent paid by subsidiary|6,000|6,000|6,000|6,000| |---------------------|-----------------------|---------------------|-----------------------| |54,268|54,268|65,696|65,696| |===============|===============|===============|===============|

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

Page 26

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 2023

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 (2022: £6,000). In addition, the trading subsidiary gift-aided its profits of £48,268 (2022: £59,696) 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
Total 2023 Total 2022
£ £
Turnover 160,680 147,917
Total expenditure (112,412) (88,221)
---------------------- ----------------------
Net profit for the year 48,268 59,696
Amount gift-aided to the charity (48,268) (59,696)
---------------------- ------------------------
Retained profit - -
=============== =============== =============== ===============
The assets and liabilities of Lyme Regis (Philpot) Museum Shop Limited were:
Fixed assets - -
Current assets 40,392 26,810
Liabilities falling due within 1 year (40,389) (26,807)
Liabilities falling due after more than 1 year - -
---------------------- ------------------------
Funds 3 3
=============== =============== =============== ===============

Of the above liabilities £33,891 (2022: £22,790) 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 K Pitts, chair of Lyme Regis (Philpot) Museum Shop Limited.

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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 2023

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 2023 Total 2022
£ £
Net incoming resources are stated after charging:
Depreciation, amortisation and loss on disposal of fixed assets 38,053 39,451
=============== ===============
11. Independent examination fees 11. Independent examination fees 11. Independent examination fees 11. Independent examination fees
Total 2023 Total 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements Independent examination of the financial statements 2,680 2,555
Other financial services 4,450 4,990
------------------------ ------------------------
7,130 7,545
=============== =============== =============== =============== =============== ===============
12. Events, education and research
Unrestricted Unrestricted
Restricted		 Total Funds
Funds Funds 2023
£ £ £
Educational events and activities 14,256 17,350 31,606
Research 158 – 158
------------------------ ------------------------ ------------------------
14,414 17,350 31,764
=============== =============== =============== =============== =============== =============== ===============
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
=============== =============== =============== =============== =============== =============== =============== =============== =============== =============== =============== ===============

12. Events, education and research

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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 2023

13. Staff wages, training and travel

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Wages and salaries and Employer’s NIC 123,858 8,000 131,858
Pension costs 2,929 – 2,929
Staff training 150 – 150
Staff travel expenses 483 – 483
------------------------ ------------------------ ------------------------
127,420 8,000 135,420
=============== =============== =============== =============== =============== =============== =============== =============== ===============
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
=============== =============== =============== =============== ===============

No employee received emoluments of more than £60,000 (2022: None). Employer's National Insurance Contributions totalled £6,095 (2022: £4,432).

Number of employees

The average number of individuals employed during the year was 11 (2022: 9). On a full-time equivalent basis this would equate to 6 employees (2022: 5).

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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 2023

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 2023
£ £ £
Advertising and Marketing 11,794 2,000 13,794
Display, conservation and exhibition costs 8,031 2,864 10,895
Establishment costs 42,691 - 42,691
Bank and merchant transaction charges 6,697 - 6,697
Administrative and IT costs 14,154 3,065 17,219
Legal and professional 11,798 - 11,798
Hospitality and other sundry costs 2,903 - 2,903
Loss on disposal of fixed assets - - -
Depreciation and amortisation 11,037 27,016 38,053
--------------------- ---------------- ----------------------
109,105 34,945 144,050
=============== ============ ===============
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
=============== ============ ===============

15. Transfers

During the year £1,419 of restricted funds was put towards the purchase of a memorial bench and £3,860 of restricted funds was spent on the acquisition of a new till system, both of which are capitalised in the accounts. The trustees consider the restriction conditions of the grant and donations to be met and therefore deemed it appropriate that a transfer be made from restricted funds to the unrestricted funds of the charity to account for this treatment.

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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 2023

16. Trustee remuneration and expenses

No trustees received any remuneration. No expenses were reimbursed to trustees during the year (2022: 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 2023 Total 2022
£ £
Pension charge 2,929 2,468
=============== =============== =============== ===============

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 2023
Cost £ £
At 1 January 2023 8,700 8,700
Additions - -
--------------------- -----------------------
At 31 December 2023 8,700 8,700
============== =============== ============== ===============
Amortisation
At 1 January 2023 7,900 7,900
Charge for year 400 400
--------------------- -----------------------
At 31 December 2023 8,300 8,300
============== =============== ============== ===============
Net book values --------------------- ----------------------
At 31 December 2023 400 400
============== =============== ============== ===============
--------------------- ---------------------
At 31 December 2022 800 800
============== ==============

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 2023

20. Tangible fixed assets

Land and Fixtures
buildings fittings and
freehold equipment Total
£ £ £
Cost
At 1 January 2023 1,045,667 259,927 1,305,594
Additions - 19,305 19,305
Disposals - - -
Transfers - - -
--------------------- ---------------- ----------------------
At 31 December 2023 1,045,667 279,232 1,324,899
=============== ============ =============== ============ =============== ===============
Depreciation
At 1 January 2023 148,227 147,867 296,094
Charge for the year 17,949 19,704 37,653
Eliminated on disposal - - -
--------------------- ---------------- ----------------------
At 31 December 2023 166,176 167,571 333,747
=============== ============ =============== ============ ===============
Net book values
At 31 December 2023 879,491 111,661 991,152
=============== ============ =============== ============ ===============
At 31 December 2022 897,440 112,060 1,009,500
=============== ============ =============== ============ ===============

The Lyme Regis (Philpot) Museum Trust Limited owns the freehold land and buildings of the Museum, having received it for nil consideration from the former local authority 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 Lyme Regis (Philpot) Museum Trust Limited obtained consent from the Charity Commission to transferred heritage assets with a historical cost of £41,000 to The Philpot Collection. Lyme Regis (Philpot) Museum Trust Limited does not own any heritage assets itself. However, collections on display include items of local cultural significance and ancient fossil specimens collected from the Jurassic coast (designated as a World Heritage Site). These items are under legal ownership of The Philpot Collection (charity number: 306241), who allows the museum to display the collection under a memorandum of understanding between the two organisations.

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 2023

22. Fixed asset investments 22. Fixed asset investments Subsidiary
Undertaking
shares Total 2023
£ £
At 1 January 2022 and at 31 December 2023 3 3
=============== =============== =============== ===============
All fixed asset investments are held within the United Kingdom.
23. Debtors 23. Debtors 2023 2022
£ £
Amounts due from subsidiary and associated undertakings 33,891 22,790
Other debtors and prepayments 11,884 2,559
Gift Aid refund 10,263 5,351
Museum and Galleries Exhibition tax relief 3,016 3,410
VAT refunds - -
--------------------- ---------------------
59,054 34,110
============== =============== ============== ===============

24. Creditors: amounts falling due within one year		 24. Creditors: amounts falling due within one year 2023 2022
£ £
Payroll taxes and social security 2,247 3,022
Sundry creditors 513 621
Accruals and deferred income 2,981 2,150
VAT payable 894 1,506
--------------------- ---------------------
6,635 7,299
============== =============== ============== ===============

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

There were no creditors falling due after more than one year (2022: none).

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 2023

26. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Fund balances at 31 December 2023 is represented by: Fund balances at 31 December 2023 is represented by:
Fixed assets (intangible, tangible & investments) 103,920 887,635 991,555
Current assets 301,234 10,121 311,355
Current liabilities (6,635) - (6,635)
Long term liabilities - - -
------------------------ ------------------------ ------------------------
398,519 897,756 1,296,275
=============== =============== =============== =============== =============== =============== =============== =============== ===============
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
=============== =============== =============== =============== ===============

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
2023 resources resources Transfers 2023 resources resources Transfers 2023 resources resources Transfers 2023 resources resources Transfers 2023
£ £ £ £ £
Unrestricted funds of the charity 364,058 280,121 (250,939) 280,121 (250,939) 280,121 (250,939)
5,279		 398,519
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

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 2023

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 £48,898, Fixtures and fittings £54,619, Website development costs £400 and Investment assets £3.

Designated Funds

As at 31 December 2023, the trustees had designated the following funds. Operational asset and essential repair fund £20,000, Gallery maintenance and renewal fund £4,000 and a designated reserve of £150,000 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 £120,599 (2022: £83,706).

28. Restricted funds

28. Restricted funds
Outgoing
resources
At 1 Jan Incoming (including At 31 Dec
2023 resources transfers) 2023
£ £ £ £
Education, Activities and Events - 27,035 (19,050) 7,985
Marketing - 2,000 (2,000) -
Conservation and Acquisitions - 5,000 (2,864) 2,136
Fossil Festival - 6,300 (6,300) -
Paul Mason Memorial Bench - 1,419 (1,419) -
Digital Resources 6,925 - (6,925) -
Museum Extension Appeal 914,651 - (27,016) 887,635
----------------------- ----------------------- ----------------------- -----------------------
921,576 41,754 (65,574) 897,756
=============== =============== =============== ===============

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 2023

Restricted fund (continued)

Restricted funds
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 Extension Appeal 943,791 - (29,140) 914,651
----------------------- ----------------------- ----------------------- -----------------------
955,066 20,479 (53,969) 921,576
=============== =============== =============== ===============

Page 36

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 2023

Restricted fund (continued)

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 £48,268 unrestricted (2022: £59,696 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, certain overhead costs totalling £3,138 net of VAT (2022: £3,234) have been apportioned to Lyme Regis (Philpot) Museum Shop Limited. Labour costs of £29,317 (2022: £25,186 were recharged in relation to delivering fossil walks and £5,676 (2022: £0) in relation to administration and managerial time. The shop has also paid a commercial rent of £6,000 in the year (net of VAT) to the Trust (2022: £6,000).

30. Charges and security

The trustees of the National Heritage Memorial Fund have a registered legal charge in the form of a negative pledge secured against the freehold property of Lyme Regis (Philpot) Museum Trust Limited. This charge relates to the Mary Anning Wing Project and will be satisfied in 2040, being the 20-year anniversary of the completion of the project.

Page 37