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2023-10-31-accounts

THE TOWN MILL TRUST LYME REGIS

REGISTERED CHARITY No: 1041614 COMPANY No: 2982747

ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

THE TOWN MILL TRUST LYME REGIS

INDEX
Trustees' Report 1
Independent examiner's report 12
Statement of financial activities 13
Summary of income 14
Summary of expenditure 15
Balance sheet 16
Notes to the Accounts 17

The Town Mill Trust Lyme Regis

Trustees’ report for the year ended 31 October 2023

The trustees present their annual report with the accounts of the Company for the year ended 31 October 2023

Legal and Administrative Information

The Town Mill is a company limited by guarantee and is a registered charity.

The Charity Commission registration number is 1041614 and the company registration number is 2982747 registered in England and Wales.

Principal address and registered office : The Town Mill, Mill Lane, Lyme Regis, Dorset, DT7 3PU

Professional advisers:

Bankers :

CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent, ME19 4JQ

The Cooperative Bank plc, PO Box 101, 1 Balloon Street, Manchester, M60 4EP

Solicitors :

Scott Rowe, Raymond House, 29 Broad Street, Lyme Regis, DT7 3QE

Independent Examiner :

Rosy Jeffery Ltd, Chartered Certified Accountants, The Loft Unit 11, Hunthay Business Park, Axminster, Devon, EX13 5RJ

Trustees and Governance

The Trustees in office during the year were :

Robert McLaughlin Andrew Davies Phillip May Simon Williams Yvonne Green Hilary Highet (resigned 06/12/2022) Jane Bard (resigned 01/06/2023)

All trustees are members of the Council of Management and are also directors of the Company.

Structure, Governance and Management

The Trust constituted as a company and the governing document is the company’s Memorandum and Articles of Association.

1

Overall responsibility lies with the council of management, which determines strategy and policies and takes major decisions. Day to day management is delegated to the Town Mill Staff team.

Trustees are usually selected on personal recommendation; this period saw active advertising for the role of a trustee with specialism in the arts. There is no maximum term for how long someone may remain a trustee, although one third of trustees must retire by rotation every year but are eligible for re-election. The latter is done by a majority vote at the AGM.

Each new trustee is provided with information about the Trust including a copy of the company’s Memorandum and Articles, a copy of the Charity Commissioners booklet on trustees’ responsibilities and a copy of the most recent company accounts. Companies House also send all new company directors a copy of their booklet of directors’ responsibilities. New trustees receive induction training from the Chair of the Trust.

The trustees and the staff team continue to keep the various policies and procedures and risk assessment updated, and training has been given on health and safety.

Objectives and Activities

Objects of the Trust

The objects of the Trust are :

Strategy

To achieve these objectives, our current strategy is :

The trustees’ strategy has due regard to the guidance published by the charity commission on public benefit.

2

Achievements and Performance

The accounting period saw the first full year without the spectre of the global pandemic – yet still produced both opportunity and ongoing challenge for the mill, the arts and the tenants at the Town Mill.

Q1 was characterised by significant pressure on costs due to the continued volatility in the wholesale utility market. Issues here included cashflow caused by the high bills associated with winter consumption and the delay between paying whole-site utility bills and re-claiming that expenditure from Trust tenants via service charging, as well as the impact of rising costs on businesses generally causing doubts about viability. The impact of these costs was significant enough to trigger a budget revision in January 2023.

An effective relationship with a utility broker however continued to pay dividends with the Trust being able to take advantage of fixed rate contracts as soon as they returned to the market in early 2023. The major upsides of this were both immediate cost reduction and the cost assurity of having fixed rate terms through the following winter.

Meanwhile, the operational focus in the mill was to increase opening hours and footfall through the mill. To achieve this goal, a successful drive to increase volunteer numbers was undertaken as well as a reconfiguration of the mill shop, putting into effect the advice and recommendations from external retail consultant, Roger Dalton.

At the start of Q2 – after a period of maintenance which saw scaffolding erected around site to facilitate some essential roof repairs - a bold decision was taken to offer visitors a free, self-guided tour of the mill rather than entering on a paid, formal tour basis. Under this trial arrangement, volunteers were coached in how to encourage donations.

3

By the start of Q3, this free-entry approach had proved so effective in driving visitor numbers, shop sales and donations (a 50% increase in mill turnover viz-a-viz Q1 & Q2 21/22) that the option for a paid formal tour was removed from general sale – but could still be booked for larger parties.

This period also saw the execution of a plan to augment and broaden our flour offerings to offset the significant issues caused by inconsistency of supply from the mills historic grain supplier, Tamarisk Farm. The net was cast wider to source organic grains and although these were not all local, they were all UK grown with good provenance. This was key to meeting both increased demand for flour and strong appetite to mill.

One impact of this greater need to mill, was an urgent project to replace a bearing on the mill’s waterwheel which was showing significant wear from water ingress and embedded dirt and river grit. Although wholly successful, this “downtime” highlighted the mill’s revenue vulnerability, being closely tied to having fullyfunctional machinery and our need to mill flour almost daily.

Water remained a hot topic during the year – particularly in terms of quality. In May 2023, the River Lim, which runs through the mill site – drew national attention for being categorised by the River Lim Action Group as “ecologically dead.” Being of direct consequence to the mill environs, the mill supported the enquiry into this by both hosting a river monitoring station on behalf of the Environment Agency and submitting quality reports direct to South West Water and the EA when issues were apparent.

Additionally, during the period, the mill’s Hydro Electric Power system continued to generate electricity. However, concerns continued about the age and efficiency of the system viz-a-viz the time spent on maintaining and repairing the system.

4

The peak season between June and September saw us welcome over 6000 adult visitors to the mill and over 1000 children on a free entry basis with the uptick in both mill shop sales and donations continuing throughout the summer.

The increased demand for milled flour meant that a trial was undertaken with paid assistance for flour bagging due to the speed of stock turnover. This was necessary to meet demand over the peak period and was vital to free up staff time for planning and operational matters. The success of the temporary trial meant that an agreement was reached for both paid stock support to continue from the start of the next financial year as a permanent feature and also, the development of a “volunteer stock role” for volunteers keen to be involved in the mill community but with perhaps less appetite for a customer facing role.

Summer was celebrated with a range of free events in the mill courtyard where music was provided and the mill stayed open later into the evening, making the heritage asset accessible to a new range of visitors as well as offering the opportunity for mill / tenant collaborations, building the sense of community and benefitting all.

The volume of people visiting the Town Mill site over the summer period lent itself to a “Visitors Survey” which was considered important in understanding the demographic of visitors to the Town Mill sire and their reasons for coming.

5

Key statistics and observations which emerged from the May & August surveys were :

After a period of consultation, Q4 (September 2023) saw Dorset County Council (Highways) start Phase 1 of a project to re-surface Mill Lane – the road on which Town Mill is situated. Existing tarmac was removed and replaced with an impressed cobble-effect road surface. The intention of the project was to extend the heritage appeal of the Town Mill to its immediate environs and the mill was grateful that DCC acknowledged the significance of the location through this investment.

This was shortly followed by urgent repair work – also by DCC – to a wall adjoining the Broad Street Car Park steps whose structural integrity was in question. As one of 3 pedestrian access routes to the mill and the main one from Broad Street (Lyme’s main street), the closure of the access, although necessary, had a notable and negative impact on visitor numbers to site for over a month.

6

Despite the numerous challenges – which are a feature of any year – the accounting period closed strongly and the Trust was delighted to report that the charity had stood on its own merits as a viable concern for the year.

Staffing

During the period, the support team at the mill was unchanged and comprised 3 employees, totalling the equivalent of 2.2 FTE. These comprise a Site Manager, Finance and Operations Manager and a Visitor Experience and Volunteer Manager.

The temporary responsibility for the arts which passed to the Finance and Operations Manager in the prior period – with 5 allocated hours – continued but it was highlighted to trustees that this could not continue ad infinitum with the demands of the gallery equating to more than 5 hours.

Volunteers - whose numbers grew throughout the year – remained at the heart and soul of the operation and supported the day to day running of the mill as well specific projects across all aspects of the Trust’s activities. These include providing “front of house” in the mill shop, milling, bagging flour, maintaining the mill’s gardens and some outside spaces as well as involvement in complex engineering and maintenance jobs on site.

The Town Mill acknowledges its deep gratitude for the continued and unyielding support of its volunteer force without whose dedication and on-going support, the mill could not operate in its entirety.

Tenants

The tenants within the mill complex remain an important part of the Trust and despite challenges, enjoyed continuity of presence for the accounting period.

The tenants consist of a pottery, micro-brewery, a tapas restaurant / cookery school, a clothing designer / sewing school, jewellery designer, pressed seaweed art, graphic design, architectural design, counselling and a pilates studio.

The period saw the difficult issue of stagnant rents addressed. Tenants were advised that there needed to be a move towards achieving rents based more on current market rates if the Trust was to meet its obligations for building maintenance and compliance. Leases already contained tools for this but historically, they had not been used. To support this process, an external commercial surveyor was appointed to liaise with tenants in regard to both mid-market rent reviews and lease renewals and Q4 of the period saw the first tenants go through this process.

This process was underpinned with communication to tenants that the trust remained sensitive to the particular challenges of both true artisan business as well as small enterprise – particularly in environment of a high inflation period. As such, agreement was reached in all cases of rent review / lease renewal.

Despite these challenges, businesses continued to thrive at the mill although tenants reported trading receipts to be generally lower than the prior year.

The Strawberry Tree restaurant fulfilled its vision to deliver a broad range of culinary and food experiences (including bread-based courses which involved collaboration with the mill) as well as their restaurant offering. The brewery invested in its offsite brewing to meet demand as well as hosting a range community events on site such as Oktoberfest and “Pirate Night” as well as the sponsorship of Lyme Morris who performed at the mill. We saw wide ranging national recognition for seaweed artists Molesworth and Bird working with brands

7

with a national profile as well as a range of eagerly anticipated seaweed workshops on site plus the expansion of Sew La Di Da’s offering to include accredited City and Guild qualifications in a range of fashion related subjects - just a small number of tenant achievements in the period.

The end of September saw the retirement of talented potter Don Hudson from his partnership at the Town Mill Pottery with Harry Anderson. We wish Don respite in his retirement and continued success to Harry as he tackles the pottery as a sole proprietor.

Arts at The Town Mill

The accounting period saw the first full year in which the Trust operated on a single gallery basis – the Courtyard Gallery having being given over to the Strawberry Tree restaurant as part of their tenure at the mill to increase the food/drink footprint at the site.

However, with staff change and hours to manage the gallery reduced from 16 to 5 a week, the year was one primarily of embedding understanding of how the gallery worked, artists’ expectations of the space to deliver successful exhibitions and maintaining a full and varied programme. This was achieved and revenues grew.

The year saw the shoulders of the seasons given over to community-focused and emerging artists at nil or token cost. Within this we were delighted to welcome the Woodroffe School for an extremely well received exhibition in the February, showcasing young, local artistic talent between the ages of 11-18.

With a larger gallery space to tackle, artist collaborations were encouraged and this approach succeeded to bring more fresh, local artistic talent to the space in a way that was affordable for artists to use.

8

A successful bid to the Lyme Regis Town Council Community Grant in Q2 for the installation of a small kitchen in the “Bakehouse Studio” saw the re-invigoration of the space by the end of the financial year. With the renewed potential for space to act as a hub for expanding the Trust’s arts and community vision as well as becoming a usable space for meetings, organisations, workshops and classes. The use-ability of the space was trialled in the year with a range of successful Art Workshops hosted by a local artists and creators which were very well received.

9

Financial Review

The overall result for the year (net incoming resources before transfers) was a surplus of £9900, compared with a loss of £487 in 2022.

The surplus on unrestricted funds (which represent the day-today operations of the Town Mill site) was £14452 compared with £4065 in 2022.

The bank balance at the year end was £96336 compared with £90978 in 2022.

Reserves and reserves policy

The Trust is responsible for the maintenance of the Town Mill and Malthouse sites, consisting of buildings and equipment with a replacement cost of over £3 million. We consider it prudent to establish and maintain reserves of £50000 as a contingency. However, the reality of burden of maintaining an extensive heritage building, means there is aspiration is to grow this fund.

Plans for future periods

Building on the ambition to fully realise the desired outcomes of the Trust’s “Vision and 5-year Business Plan”, the financial period saw a period of intense activity by the Trust Board.

With work previously undertaken to seek specific guidance on potential re-generation projects and priorities established, the lengthy and complex process of planning permissions, listed building consent and contractor quotes commenced – all requirements a pre-requisite to any potential funding bid.

The planning and consent process triggered requests for additional information such as a Flood Risk Assessment and a ground stability report in order to move forward. Other requests from the Planning Department were considered too expensive to undertake and as such, projects and priorities went through further refinement and ultimately, the necessary quotes, consents and permissions were achieved to progress the project to the next stage.

Discussion were initiated with National Lottery South West, explaining the Trust’s plans for re-generation, the next substantial phase in the Mill’s development since the original lottery funding tranche awarded in the 1990’s.

What emerged was an understanding that the National Lottery assessment criteria and bidding process would be changing in early 2024 and as such, no lottery bid would be submitted in this financial period. The period was therefore best used as a time for establishing “match funding” so a comprehensive project to look at what the charity itself could commit to providing, as well as other funding opportunities was launched.

The outcomes of this phase of the project comprised :

10

The above report has been prepared in accordance with provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

Signed on behalf of the Council of Management

……………………………………………….

Approved by the Council of Management on

………………………………………………..

11

THE TOWN MILL TRUST LYME REGIS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report on the accounts of the company for the year ended 31 October 2023 which are set out on pages 13 to 20

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certifieds Accountants.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;

follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, as amended); and

state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with general Directions given by the Charity Commision. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect, the requirements:

to keep accounting records in accordance with section 386 of the Companies Act 2006; and

to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of 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)

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed……………………………… Rosy Jeffery Ltd Chartered Certified Accountants

Date: 20 February 2024

12

THE TOWN MILL TRUST LYME REGIS

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2023

Income and endowments
(page 14)
Expenditure
(page 15)
Net Income / (expenditure)
Funds brought forward 1 November 2022
Transfer between funds
Funds carried forward 31 October 2023		 2023
2022
Restricted Unrestricted
Total
Total
£
£
£
£
-
159,104
159,104
124,282
(4,552)
(144,652)
(149,204)
(124,769)
(4,552)
14,452
9,900
(487)
649,740
53,316
703,056
703,543
645,188
£
67,768
£
712,956
£
703,056
£

Continuing operations

All income and expenditure has arisen from continuing activities.

13

THE TOWN MILL TRUST LYME REGIS

SUMMARY OF INCOME YEAR ENDED 31 OCTOBER 2023

Donations and legacies
Donations
Gift aid
Grants (Dorset County Council)
Grants (Covid19)
Other trading activities
Fundraising events
Income from charitable activities
Mill admission fees
Mill shop
Rent received
Art exhibition commission
Gallery hire and exhibtion fees
Education and community room income
Workshops and tours
Service charges
Hydro-electric Scheme
Sale of lease and assets
Investment income
Bank interest
Total income		 2023
Restricted Unrestricted
Total
£
£
£
-
16,354
16,354
-
2,955
2,955
-
-
-
-
-
-
-
-
-
-
19,309
19,309
-
19,327
19,327
-
14,008
14,008
-
54,949
54,949
-
5,895
5,895
-
15,950
15,950
-
2,176
2,176
-
2,246
2,246
-
21,676
21,676
-
2,645
2,645
-
-
-
-
138,872
138,872
-
923
923
-
923
923
-
159,104
159,104		 2022
Restricted Unrestricted
Total
£
£
£
-
8,302
8,302
-
-
-
-
1,700
1,700
-
2,667
2,667
-
-
-
-
12,669
12,669
-
9,104
9,104
-
7,446
7,446
-
46,166
46,166
-
3,734
3,734
-
13,609
13,609
-
1,229
1,229
-
4,605
4,605
-
19,769
19,769
-
5,353
5,353
-
500
500
-
111,515
111,515
-
98
98
-
98
98
-
124,282
124,282

14

THE TOWN MILL TRUST LYME REGIS

SUMMARY OF EXPENDITURE YEAR ENDED 31 OCTOBER 2023

Expenditure on raising funds
Flour purchases
Fundraising events
Expenditure on charitable activities
Direct costs
Maintenance
Café improvements
Capital projects
Mill re-generation costs
Grant expenditure
Depreciation
Shop costs
Gallery costs
Insurance
Water rates
Heat, light and power
Staff costs
Recruitment costs
Postage, stationery and telephone
Professsional fees
Bad debt
Sundry
Support costs
Bank charges
Loan interest
Book-keeping and accounting
Governance costs
IT costs
Legal fees
Publicity
Total expenditure		 2023
Restricted Unrestricted
Total
£
£
£
-
5,524
5,524
-
1,225
1,225
-
6,749
6,749
-
11,157
11,157
-
-
-
-
2,645
2,645
-
1,690
1,690
-
1,123
1,123
4,552
564
5,116
-
6,638
6,638
-
1,181
1,181
-
10,554
10,554
-
3,207
3,207
-
28,781
28,781
-
54,202
54,202
-
-
-
-
2,411
2,411
-
3,724
3,724
-
-
-
-
2,428
2,428
-
1,634
1,634
-
384
384
-
2,800
2,800
-
800
800
-
1,233
1,233
-
-
-
-
747
747
4,552
137,903
142,455
4,552
144,652
149,204		 2022
Restricted Unrestricted
Total
£
£
£
-
3,861
3,861
-
262
262
-
4,123
4,123
-
12,729
12,729
-
6,959
6,959
-
-
-
-
-
-
-
-
-
4,552
771
5,323
-
3,611
3,611
-
-
-
-
7,937
7,937
-
2,741
2,741
-
16,528
16,528
-
51,519
51,519
-
266
266
-
2,106
2,106
-
3,268
3,268
-
25
25
-
877
877
-
1,488
1,488
-
192
192
-
2,800
2,800
-
800
800
-
977
977
-
-
-
-
500
500
4,552
116,094
120,646
4,552
120,217
124,769

15

THE TOWN MILL TRUST LYME REGIS

BALANCE SHEET YEAR ENDED 31 OCTOBER 2023

Notes
Fixed assets
Tangible assets
5
Current assets
Stocks
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due
within one year
7
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
8
Net assets
Funds
Unrestricted
Restricted
9
10		 2,000
4,722
96,336
103,058
13,854		 2023
£
638,552
89,204
727,756
14,800
712,956
67,768
645,188
712,956		 1,000
4,832
90,978
96,810
16,702		 2022
£
643,668
80,108
723,776
20,720
703,056
53,316
649,740
703,056

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsiblities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

Signed on behalf of the trustees

Robert McLaughlin

Approved by the Council of Management on …………………

16

THE TOWN MILL TRUST LYME REGIS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

1. Statutory Information

The Town Mill Trust Lyme Regis is a registered charity and private company limited by guarantee with no share capital, incorporated in England and Wales. The registered office is The Town Mill, Mill Lane, Lyme Regis, Dorset, DT7 3PU. The nature of the charitable company's operations and activities is disclosed within the Report of the Trustees.

The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting Policies

(a) Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The Town Mill Trust Lyme Regis meets the definition of a public benefit entity as demonstrated within the Report of the Trustees.

There have been no material departures from Financial Reporting Standard 102.

17

THE TOWN MILL TRUST LYME REGIS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

(b)

Tangible fixed assets are stated at cost less depreciation to date. Depreciation is calculated to write off the cost over their effective useful lives using the straight line basis and the following annual rates:

Buildings 0.33%
Office equipment 33%
Alterations 10%
Hydro-Electric equipment 4%

(c)

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

(d)

Income

Voluntary income including donations, gifts and legacies is recognised when there is entitlement, certainty of receipt, and when the amount can be measured with sufficient reliability. Income from charitable activities is recognised when earned, and grant income when any associated conditions have been satisfied.

(e)

Expenditure

Expenditure is recognised when a liability is incurred. Costs of generating funds are those incurred in attracting voluntary income. Charitable activities include expenditure associated with running the Mill site. Support costs are those costs which, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. Support costs include Governance costs which are incurred in the governance of the charity and complying with statutory and constitutional requirements.

(f)

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

(g) Debtors

Trade debtors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(h) Creditors

Creditors 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 normally recognised at their settlement amount after allowing for any trade discounts due.

18

THE TOWN MILL TRUST LYME REGIS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

3 Trustees' remuneration and benefits

No trustee received any remuneration or benefit during the year (2022 - £nil).

4 Staff Costs

Wages and Salaries
Social security costs
Average monthly number of employees
Tangible Fixed Assets
Cost
At 1 November 2022
Additions/(disposals)
At 31 October 2023
Depreciation
At 1 November 2022
Charge for the year
At 31 October 2023
Net book value
At 1 November 2022
At 31 October 2023		 2023
2022
£
£
54,202
51,519
-
-
54,202
51,519
2023
2022
3
3
Mill Buildings Malthouse Hydro electric
Alterations
Office
Total
freehold
freehold
equipment
equipment
£
£
£
£
£
£
518,926
145,000
58,531
6,826
6,322
735,605
-
-
-
-
-
-
518,926
145,000
58,531
6,826
6,322
735,605
36,306
6,762
36,285
6,826
5,758
91,937
1,728
483
2,341
-
564
5,116
38,034
7,245
38,626
6,826
6,322
97,053
482,620
138,238
22,246
-
564
643,668
480,892
137,755
19,905
-
-
638,552
6 Debtors
Trade debtors
Other debtors		 2023
2022
£
£
2,085
2,056
2,637
2,776
4,722
£
4,832
£

19

THE TOWN MILL TRUST LYME REGIS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023

7. Creditors: amounts falling due within one year

----- Start of picture text -----
2023 2022
£ £
Trade creditors 3,523 4,057
Other creditors 1,464 4,112
PAYE payable 515 -
VAT payable 2,432 2,613
Loan 5,920 5,920
£ 13,854 £ 16,702
8. Creditors: amounts falling due after one year
Loan £ 14,800 £ 20,720
----- End of picture text -----

8. Creditors: amounts falling due after one year

9. Restricted Funds

Mill Fund
Malthouse Fund
Garden Fund
Leat Restoration Fund
Hydro Electric Equipment		 Balance
Incoming
Outgoing Transfers
Balance
1.11.22
Resources Resources
31.10.23
£
£
£
£
£
482,620
(1,728)
480,892
138,238
-
(483)
137,755
14
-
-
14
6,622
-
-
6,622
22,246
-
(2,341)
19,905
649,740
-
(4,552)
-
645,188

The Mill Fund comprises the Mill Buildings, which have restrictions on their use as detailed in note 7 below.

The Garden Fund consists of assets, income and expenditure related specifically to the Miller's garden.

The Malthouse,Town Mill Path and Leat Restoration are funded with grant monies, donations and certain income which may only be used for these projects and the assets are therefore kept separate.

10. Analysis of net assets between funds

Mill Fund
Malthouse Fund
Garden Fund
Leat Restoration Fund
Hydro Electric Equipment
Unrestricted funds		 Net
Fixed assets
Current assets
£
£
480,892
-
137,755
-
-
14
-
6,622
19,905
-
638,552
6,636
-
67,768
638,552
74,404		 Total
£
480,892
137,755
14
6,622
19,905
645,188
67,768
712,956

11. Contingent liabilities

The mill buildings would revert to West Dorset District Council for no consideration if certain covenants regarding their use are not complied with, or if the Trust attempted to sell them before the year 2075. These buildings are therefore held separately within the Mill fund. Lottery grants received for the restoration of the buildings of £240,000 would become repayable if the buildings were sold or were used for purposes not approved of by the National Lottery.

20

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Signature 1

Signed by PHILLIPPA REX using authentication code UyolMD8uYUdIP3Vr at IP address 81.130.144.205, on 2024/07/19 13:00:38 Z.

PHILLIPPA REX's e-mail address is: pippatownmill@gmail.com.