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2024-12-31-accounts

Lyme Regis (Philpot) Museum Trust Limited (A Charitable Company Limited by Guarantee) Annual Report and Financial Statements

For the Year Ended 31 December 2024

Company Number: 2855423 Charity Registered in England and Wales Number: 1041201

Lyme Regis (Philpot) Museum Trust Limited Contents For the Year Ended 31 December 2024

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 – 11
Independent Examiner’s Report 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 – 27

Prepared By Albert Goodman LLP

1

Lyme Regis (Philpot) Museum Trust Limited Reference and Administrative Details For the Year Ended 31 December 2024

Trustees and Directors I Evans (Chair)
J Thomas (Deputy Chair)
G Dodd
W Earp
J English
N Gostling
D Hodd
V Pitts
Museum Director B Houseago
Company Secretary Albert Goodman LLP
Company Number 2855423
Charity Number 1041201
Principal Office and Registered Office Lyme Regis Museum
Bridge Street
Lyme Regis
Dorset
DT7 3QA
www.lymeregismuseum.co.uk
museum@lymeregismuseum.co.uk
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
Bankers Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN

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2

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

The trustees, who are also directors for the purposes of the Companies Act, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

Lyme Regis (Philpot) Museum Trust Limited is a charitable limited company. 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 hereby presented independently.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s memorandum and articles of association, the Statement of Recommended Practice (SORP FRS 102 2019), and are in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.

Introduction

Lyme Regis Museum is a small independent museum, located on the seawall in the centre of Lyme Regis. It celebrates, shares and preserves the town’s rich history, and is famous as the birthplace of Mary Anning and the science of Palaeontology.

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 discovered the first scientificallydescribed Ichthyosaur, Plesiosaur and Dimorphodon.

Commissioned by Thomas Philpot, the nephew of Elizabeth Philpot, a fossil collector and great friend of Mary Anning, the Museum was gifted to the Town in 1920 by Caroline Philpot, for the use and enjoyment of the inhabitants. It first opened to the public with geology and archaeology displays in 1921.

Extended in 2016/17 the museum now includes the Fine Foundation Learning Centre, a versatile education space with outstanding views of Lyme Regis and Lyme Bay, and a gift shop located on the ground floor. The museum also has a small temporary exhibition space, lift and accessible toilet.

The museum’s position, in the heart of Lyme Regis and on the Jurassic Coast, a UNESCO World Heritage Site, makes it an important tourist attraction, as well as serving the local community, it welcomes visitors from around the Country and across the world.

Structure, governance and management

Lyme Regis (Philpot) Museum Trust Limited is an independent charity, registered number 1041201 and a company limited by guarantee, registered number 2855423. 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 last updated in 2019.

The Museum is governed by a board of Trustees who meet quarterly. The Trust operates in line with Charity Commission guidance and regulation, and Museum Accreditation standards.

A small sub-committee (Business Group) meet quarterly to over-see delivery of the Museum’s forward plan and audience development strategy, and a staff sub-committee meet annually, or as required to review and advise on staff matters.

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3

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

The following trustees who are also directors for the purposes of company law, served during the year and since the year end:

J Evans (Chair) J Thomas (Deputy Chair) G Dodd (appointed 22 February 2025) W Earp J English N Gostling (appointed 22 February 2025) D Hodd J Horsfield (resigned 31 December 2024) I Ogilvie (resigned 31 December 2024) V Pitts P Williams (resigned 21 August 2024)

Charitable Objects

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

2024 Strategic Direction and Priorities:

The trust has identified three key priorities:

The museum’s forward plan (2021-2026) sets out the priorities and activity of the museum and the annual report for 2024 reflects the work undertaken by the staff and volunteers to deliver the objectives of the Forward Plan.

Vision

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

Mission

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4

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

To achieve our vision and mission, we will:

To achieve these goals, we will:

Aims

In undertaking its role, the museum aims to:

Principles

The museum will:

OUR WORK 2024

The Director has delegated authority, approved by the trustees, for operational matters including finance, employment, the museum’s collections, building, and programme. The Museum Director and a small dedicated team of staff, and a team of over 60 volunteers help deliver the Museum’s objectives and forward plan.

In 2024 the Museum welcomed just over 40,000 visitors.

Exhibitions & 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.

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5

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

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 displays and exhibitions refreshed annually.

The Museum has a small temporary exhibition gallery in the rotunda, which showcases work by Devon and Dorset based artists. The continuation of these displays and exhibitions proved popular in 2024. Museum Volunteer Karol Kulik who has curated this display for several years stood down in 2024 and the Museum will continue the programme and build on the success of previous years.

In 2024 working with the Victoria Museum in Australia, a book, the Encyclopaedia of the Crinoidea once owned by Mary Anning, that had gone missing from the collections sometime in the 1980s, was returned and displayed in the writer’s gallery.

Audience Development & Engagement

The Museum staff team, freelancers and volunteers deliver a lively and extensive programme of audience engagement activity, including schools, fossil walks, the Lyme Regis Fossil Festival, family friendly holiday activities, adult art workshops, and seasonal events to celebrate Halloween and Christmas.

Fossil Festival

In 2024, the museum set up the Lyme Regis Fossil Festival CIC and organised the Lyme Regis Fossil Festival for the 2[nd] year. This is an event that attracts over 15000 visitors to the town over the Festival weekend and includes; talks, walks, trade stands, crafts, and for the first time Jurassic Coast boat trips.

Fossil Walks

In 2024, the museum continued to deliver a programme of fossil walk throughout the year.

Prepared By Albert Goodman LLP

6

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

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

Focusing on activities for families that enhance and add value for money, the museum’s holiday programme of drop in crafts and arts activities and storytelling continues to be success.

This year working with a talented team of freelance practitioners the museum delivered a range of holiday workshops and activities from storytelling, to rockpooling walks, and clay model making.

Fossil Polishing

Kieran Satchell and a dedicated team of volunteers continue to run 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 2024.

Connections

Funding from the NHS via Dorset Community Fund enabled the museum to develop and deliver new sessions including Lyme Stories, Connections and Art Classes to Calm and Connect.

Prepared By Albert Goodman LLP

7

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

Schools and Formal Education

In February 2024, the Museum appointed Kieran Satchell, as its new Learning & Engagement Officer.

Kieran has developed and delivered learning activities in the museum and on the beaches of Lyme, delivering sessions on Mary Anning, fossil hunting and evolution.

The museum hosted a number of placements from universities, DOE and local schools and colleges.

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Free Entry Tickets for Lyme Regis School Children

The museum 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.

Collections Care & Management

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 Museum to improve the storage, care and conservation of the principal collections and in 2024 a number of new acquisitions have been added to the geology collection with support of Lyme Regis Museum Friends.

The museum’s (voluntary) local history research team, continued to meet in 2024 and developed a new website to host their research and papers. 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.

Prepared By Albert Goodman LLP

8

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

Our People

Staff

The success of the museum relies heavily on the commitment and contribution made by its small number of dedicated staff.

In February 2024 the Trust appointed Kieran Satchell, as Learning & Engagement Officer and Natalia Jagielska as Collections and Engagement Officer (fixed term contract 6 months).

The trust recognises the value of its staff team and aims to provide a friendly workplace, together with fair rewards and conditions of employment. The HR Dept continues to provide specialist advice in human resource matters.

In December 2024, the Trust awarded staff a salary increase of 3.5%, to help protect them from the predicted and on-going 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. 2024 saw our Front of House volunteers provided over 1800 hours of support.

In 2024 Museum volunteer Lizzie Wiscombe, won the prestigious Marsh Award for volunteering in Museums for the South West region.

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.

Public benefit

The trustees report that the charitable activities, described in the “Mission statement”, “Activities” and “Achievements and performance” paragraphs, are for the public benefit. The trustees also confirm that they have complied with section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Prepared By Albert Goodman LLP

9

Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

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 LRM Shop Ltd, with procedures and strategies to minimise potential risks and to manage those risks if they were to materialise.

Subsidiaries

The Philpot Museum Trust

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

Lyme Regis Museum Shop Ltd

The retail and commercial activities of Lyme Regis Museum are carried out by the Lyme Regis Museum Shop Ltd (02894291). The Trust is the sole shareholder and appoints its directors.

The Friends of Lyme Regis 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.

Fundraising and Finance

In 2024 the Museum’s financial position was steadied by good visitors numbers and stable admission income, and strong sales in the Museum gift shop and online.

Grants received in 2024 included £20,000 from Dorset Council, the first year of a new three year funding agreement. The Museum also received grants from Dorset Community Foundation towards it’s Connections programme, and Grants from the Valentine and Alice Cooper Dean Trust for it’s education and Fossil Festival programme.

In 2024 the museum managed to maintain a stable financial position. However, this should be seen in the context of increasing and on-going staff and operational costs.

Reserves Policy

The Trust is committed to maintaining a minimum of one year operational reserves, ring fencing project funding, and maintaining a £50K reserve for emergency Building repairs and maintenance.

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 authorized by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme.

Prepared By Albert Goodman LLP

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Lyme Regis (Philpot) Museum Trust Limited Trustees’ Report For the Year Ended 31 December 2024

Statement of Trustees’ Responsibilities

The trustees (who are directors of Lyme Regis (Philpot) Museum Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (incorporating the Directors’ Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 and are responsible for the maintenance and integrity of the corporate and financial information on the charity’s website.

Signed by order of the trustees on 07 August 2025

I Evans Trustee

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Lyme Regis (Philpot) Museum Trust Limited Independent Examiners’ Report to the Trustees For the Year Ended 31 December 2024

Independent examiner’s report to the trustees of Lyme Regis (Philpot) Museum Trust Limited I report to the charity trustees on my examination of the accounts of Lyme Regis (Philpot) Museum Trust Limited (“the Company”) for the year ended 31 December 2024.

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 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.

Albert Goodman LLP provides the charity with book-keeping services. I confirm that the necessary safeguards as required by the Directions of the Charity Commission have been implemented, and that I have applied the provisions of the Revised Ethical Standard 2016 issued by the Financial Reporting Council.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  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 comply with these 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.

Michelle Ferris BSc (Hons) FCA DChA

Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Dated: 18 September 2025

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Lyme Regis (Philpot) Museum Trust Limited Statement of Financial Activities (including Income & Expenditure account) For the Year Ended 31 December 2024

Notes
Income
Donations and legacies
2
Charitable activities
3
Investment income
Other trading activities
4
Total income
Expenditure
Charitable activities
5
Total expenditure
Net income / (expenditure)
for the year before transfers
Transfers
14
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 £
81,079
280,749
1,118
18,289
381,235
315,382
315,382
65,854
-
65,854
398,519
464,373
Unres-
tricted		 £
43,921
-
-
-
43,921
64,058
64,058
(20,137)
-
(20,137)
897,756
877,619
Re-
stricted		 £
125,001
280,749
1,118
18,289
425,157
379,440
379,440
45,717
-
45,717
1,296,275
1,341,992
Total
2024		 £
42,421
182,926
506
54,268
280,121
250,939
250,939
29,182
5,279
34,461
364,058
398,519
Unres-
tricted		 £
£
41,754
84,175
-
182,926
-
506
-
54,268
41,754
321,875
60,295
311,234
60,295
311,234
(18,541)
10,641
(5,279)
-
(23,820)
10,641
921,576
1,285,634
897,756
1,296,275
Total
2023
Re-
stricted

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

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

13

Lyme Regis (Philpot) Museum Trust Limited – Company Registration Number: 2855423 Balance sheet As at 31 December 2024

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Notes 2024 2023
£ £
Fixed assets
Intangible fixed assets 8 2,400 400
Tangible fixed assets 9 964,183 991,152
Investments 11 3 3
966,586 991,555
Current assets
Debtors 12 68,120 59,054
Cash at bank and in hand 327,299 252,301
395,419 311,355
Creditors
Amounts falling due within one year 13 (20,013) (6,635)
Net current assets 375,406 304,720
Net assets 1,341,992 1,296,275
Funds
Restricted funds 14 877,619 897,756
Unrestricted funds
Designated funds 14 279,967 174,000
Unrestricted funds 14 184,406 224,519
464,373 398,519
Total charity funds 1,341,992 1,296,275
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These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board for issue on 07 August 2025 and signed on its behalf by:

I Evans - Trustee

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14

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

1 Accounting policies

1.1

General information and basis of accounting

Lyme Regis (Philpot) Museum Trust Limited is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. Each member of the charity undertakes to contribute a maximum of £1 to the charity’s assets if it should be wound up while they are a member or within one year after they cease to be a member. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees Report on pages 3-11.

The financial statements have been prepared on the historical cost basis and in accordance with the accounting and reporting by Charities: 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) (effective 1 January 2019)- (Charites SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Trustees of Lyme Regis (Philpot) Museum Trust Limited have reviewed the position of the trading company, Lyme Regis (Philpot) Museum Shop Limited, and have determined that it meets the conditions necessary to be considered a subsidiary of the Charity, however, the charity is part of a small group and the charity has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and the Charities Act 2011 and has not prepared group accounts.

1.2

Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 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.

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Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

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.

Income from admission is included in the year in which the right of admission is granted.

1.4

Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

As the charity’s is below the large charity 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.

1.5

Intangible assets

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

1.6 Fixed assets

Tangible fixed assets are valued at cost less depreciation.

Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:-

Land and buildings – 2% reducing balance Fixtures, fittings & equipment – 15% reducing balance

1.7 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.

1.8 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.

1.9 Debtors

Other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.10 Cash at bank and in hand

Cash at bank and in hand compromise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

1.11 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

1.12 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied for charitable purposes.

1.13 Defined contribution pension schemes

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

1.14 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).

1.15 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

2 Donations and legacies

Donations
Dorset Council grant*
Donation from subsidiary
Other grants		 £
33,416
20,000
27,663
-
Unres-
tricted		 £
£
5,371

38,788
-
20,000
-

27,663
38,550
38,550
43,921
125,001

Res-
tricted
Total 2024		 £
£
£
22,421
1,419
23,840
20,000
-
20,000

48,268
-
48,268
-
40,335
40,335
90,689
41,754
132,443
Total 2023
Unres-
tricted
Res-
tricted
81,079

* Denotes government grants

Income from government grants comprises grants made by local authorities to fund the principal activities and objectives of the charity via core funding and funding for specific projects. See above for more information, including the amount and source of these grants. There are no unfulfilled conditions or other contingencies attached to these grants.

3 Charitable activities

£
Admission fees
189,997
Fossil walks
70,735
Fossil Festival and Mary Anning event
-
Museum & gallery exhibition tax relief
3,106
Gift aid on admissions
13,883
Room hire and sundry income
3,027
280,749
Unres-
tricted		 £
Admission fees
189,997
Fossil walks
70,735
Fossil Festival and Mary Anning event
-
Museum & gallery exhibition tax relief
3,106
Gift aid on admissions
13,883
Room hire and sundry income
3,027
280,749
Unres-
tricted		 £
£
-
189,997
-
70,735
-
-
-
3,106
-
13,883
-
3,027
Res-
tricted
Total 2024		 £
165,403
-
4,244
3,016
10,263
-
Unres-
tricted		 £
£
-
165,403
-
-
-
4,244
-
3,016
-
10,263
-
-
-
182,926
Res-
tricted
Total 2023
280,749 -
280,749		 182,926

Fossil walks were previously carried out by the subsidiary company, Lyme Regis (Philpot) Museum Shop Limited but have been operated by the charity for the first time in 2024.

The Fossil Festival Activities were transferred to Lyme Regis Fossil Festival CIC and carried out by this company in 2024.

4 Other trading activities

Other trading activities
Rent paid by subsidiary
Management charges receiveable:
Subsidiary
Lyme Regis Fossil Festival CIC		 £
6,200
9,441
2,648
Unres-
tricted		 £
-
-
-
Res-
tricted		 £
6,200
9,441
2,648
Total 2024		 £
6,000
-
-
Unres-
tricted		 £
£
-
6,000
-
-
-
-
-
6,000
Total 2023
Res-
tricted
18,289 - 18,289 6,000

Prepared By Albert Goodman LLP

18

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

5 Direct charitable expenditure

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted Total 2024 tricted tricted Total 2023
£ £ £ £ £ £
Advertising and marketing 6,468 667 7,135 11,794 2,000 13,794
Display, conservation and
exhibition costs 2,284 - 2,284 8,031 2,864 10,895
Educational events and activities (1,624) 33,175 31,551 14,256 17,350 31,606
Research 51 - 51 158 - 158
Wages 193,619 3,000 196,619 123,858 8,000 131,858
Pension costs 6,914 - 6,914 2,929 - 2,929
Staff training 1,702 200 1,902 150 - 150
Staff travel expenses 2,456 - 2,456 483 - 483
Establishment costs 47,497 - 47,497 42,691 - 42,691
- -
Bank charges 7,021 7,021 6,697 6,697
Admin and IT costs 20,273 - 20,273 12,620 3,065 15,685
- -
Legal and professional 1,905 1,905 4,668 4,668
- -
Accountancy fees 11,779 11,779 7,130 7,130
- -
Hospitality and other sundry costs 4,190 4,190 4,437 4,437
Depreciation and amortisation 10,846 27,016 37,862 11,037 27,016 38,053
315,382 64,058 379,440 250,939 60,295 311,234
----- End of picture text -----

Due to the charity operating the fossil walks for the first time in 2024 (previously carried out by the subsidiary, Lyme Regis (Philpot) Museum Shop Limited), costs have increased accordingly.

6 Wages and salaries

Wages and salaries
Wages and salaries
Social security costs
Pension		 2024
£
175,431
21,188
6,914
203,533		 2023
£
120,762
11,096
2,929
134,787

No individual employee was paid over £60,000 (2023: none).

The key management personnel of the charity is considered to be the chief executive. The total costs to the charity of employee benefits for the key management personnel were £46,559 (2023: £44,273).

The average number of employees for the year was as follows: 2024 2023
Number of staff 11
11
‗‗‗‗‗‗‗ ‗‗‗‗‗‗‗

Prepared By Albert Goodman LLP

19

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

7 Net incoming resources before transfers

7
Net incoming resources before transfers
This is stated after charging:
Depreciation
Independent examiners remuneration: - independent examinaton
- accountancy and bookkeeping fee		 2024
£
37,863
2,000
9,779		 2023
£
38,053
2,680
4,450

8 Intangible assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Website
£
8,700
2,880
11,580
8,300
880
9,180
2,400
400		 Total
£
8,700
2,880
11,580
8,300
880
9,180
2,400
400

Prepared By Albert Goodman LLP

20

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

9 Tangible assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
land and
buildings
£
1,045,667
-
1,045,667
166,176
17,590
183,766
861,901
879,491		 Fixtures,
fittings &
equipment
£
279,232
10,014
289,246
167,571
19,393
186,964
102,282
111,661		 Total
£
1,324,899
10,014
1,334,913
333,747
36,983
370,730
964,183
991,152

10 Heritage assets

In 2021, Lyme Regis (Philpot) Museum Trust Limited obtained consent from the Charity Commission to transfer 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 registered in England and Wales number 206241), which allows the museum to display the collection under a memorandum of understanding between the two organisations.

Prepared By Albert Goodman LLP

21

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

----- Start of picture text -----
11 Investment 2024 2023
£ £
Shares in subsidary undertakings 3 3
3 3
----- End of picture text -----

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 £6,275 to the charity (2023: £6,000). In addition, the trading subsidiary donated its profits of £27,663 (2023: £48,268) 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. The summarised results of the trading subsidiary are given below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Profit for the financial year
Retained earnings brought forward
Donated to Lyme Regis (Philpot) Museum Trust
Retained earnings carried forward
The aggregate of the assets, liabilities, capital, and reserves was:
Assets
Liabilities
Capital and reserves		 2024
2023
£
£
137,330
160,680
(83,902)
(91,294)
53,428
69,386
(25,765)
(21,118)
27,663
48,268
27,663
48,268
3
3
(27,663)
(48,268)
3
3
48,562
40,392
(48,559)
(40,389)
3
3

Prepared By Albert Goodman LLP

22

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

----- Start of picture text -----
12 Debtors 2024 2023
£ £
Trade debtors 5,263 -
Amounts due from subsidiary undertakings 40,150 33,891
Other debtors and prepayments 13,043 11,884
Gift Aid refund 6,558 10,263
Museum and galleries exhibition tax relief 3,106 3,016
68,120 59,054
13 Creditors- amounts due in less that one year
2024 2023
£ £
Trade creditors 2,709 -
Accruals and deferred income 11,225 2,981
-
Social security and other taxes 2,247
VAT payable 5,323 894
Other creditors - 513
Owed by Lyme Reis Fossil Festival CIC 756 -
20,013 6,635
----- End of picture text -----

Prepared By Albert Goodman LLP

23

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

----- Start of picture text -----
14 Statement of Funds
Balance Expend- Balance
01.01.2024 Income iture Transfers 31.12.2024
£ £ £ £ £
Restricted funds
-
Education, Activities and Events 7,985 22,550 (26,535) 4,000
- -
Conservation and Acquisitions 2,136 8,000 (10,136)
- -
Museum Extension Appeal 887,635 (27,016) 860,619
The Mason Family - bench - 250 (250) - -
Mary Anning Rocks - 121 (121) - -
- - -
Crispin Tickell legacy 13,000 13,000
-
Total restricted funds 897,756 43,921 (64,058) 877,619
Unrestricted funds
General 120,599 381,235 (315,382) (2,047) 184,406
- -
Designated - Fixed asset 103,920 2,047 105,967
Designated - Operational asset
- - -
and repair reserve 20,000 20,000
- - -
Designated - Galley maintenance 4,000 4,000
- - -
Designated - Operational reserve 150,000 150,000
Total unrestricted funds 398,519 381,235 (315,382) - 464,373
Total funds 1,296,275 425,156 (379,440) - 1,341,992
----- End of picture text -----

Prepared By Albert Goodman LLP

24

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

----- Start of picture text -----
Statement of Funds - prior year
Balance Expend- Balance
01.01.2023 Income iture Transfers 31.12.2023
£ £ £ £ £
Restricted funds
- -
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 (3,065) (3,860)
- -
Museum Extention Appeal 914,651 (27,016) 887,635
Total restricted funds 921,576 41,754 (60,295) (5,279) 897,756
Unrestricted funds
General 83,706 280,121 (248,507) 5,279 120,599
- -
Designated - Fixed asset 95,652 8,268 103,920
Designated - Operational asset
- - -
and repair reserve 20,000 20,000
- - -
Designated - Galley maintenance 4,000 4,000
-
Designated - Operational reserve 184,700 (2,432) (32,268) 150,000
Total unrestricted funds 364,058 280,121 (250,939) 5,279 398,519
Total funds 1,285,634 321,875 (311,234) - 1,296,275
----- End of picture text -----

Prepared By Albert Goodman LLP

25

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

15 Analysis of net assets between funds

Intangible assets
Tangible assets
Investments
Net current assets		 £
2,400
103,564
3
358,406
Unres-
tricted		 £
-
860,619
-
17,000
Res-
tricted		 £
2,400
964,183
3
375,406
Total 2024		 £
400

103,517
3
294,599
Unres-
tricted		 £
£
-
400
887,635
991,152
-
3
10,121
304,720
897,756
1,296,275
Total 2023
Res-
tricted
464,373 877,619 1,341,992 398,519

16 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 £27,663 unrestricted (2023: £48,268 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 £nil net of VAT (2023: £3,138) have been apportioned to Lyme Regis (Philpot) Museum Shop Limited. Labour costs of £nil (2023: £29,317) were recharged in relation to delivering fossil walks and £9,441 (2023: £5,676) in relation to administration and managerial time. The shop has also paid a commercial rent of £6,200 in the year (net of VAT) to the Trust (2023: £6,000).

Prepared By Albert Goodman LLP

26

Lyme Regis (Philpot) Museum Trust Limited Notes to the Financial Statements For the Year Ended 31 December 2024

15 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.

16 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £1 per member on the winding up of the company. At 31 December 2024 the company had seven members and the total amount guaranteed was therefore £7.

Prepared By Albert Goodman LLP

27