## **THE TOWN MILL TRUST LYME REGIS** 

**REGISTERED CHARITY No: 1041614 COMPANY No: 2982747** 

**ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** 



## **THE TOWN MILL TRUST LYME REGIS** 

|INDEX||
|---|---|
|Trustees' Report|1|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Summary of income|9|
|Summary of expenditure|10|
|Balance sheet|11|
|Notes to the Accounts|12|





## **THE TOWN MILL TRUST LYME REGIS** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025** 

The trustees present their annual report with the accounts of the Company for the year ended 31 October 2025 

## **1 LEGAL AND ADMINISTRATIVE INFORMATION** 

The Town Mill Trust 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 Bopx 101, 1 Balloon Street, Manchester. M60 4EP 

Solicitors: 

Porter Dodson LLP, Suite 1, Mey House, Bridport Road, Poundbury, Dorset, DT1 3QY 

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

## **2 TRUSTEES AND GOVERNANCE** 

The trustees in office during the year were: 

Robert McLaughlin Andrew Davies Philip May Yvonne Green (resigned 17 November 2024) Simon Williams David Witham Joanne Fox 

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

1 



## **THE TOWN MILL TRUST LYME REGIS** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)** 

## **Structure, Governance and Management** 

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

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 on 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: 

To secure the preservation, protection, development and improvement of the features of the Town Mill at Lyme Regis, including its related waterways and environs; 

To educate the public in the history of the architecture of the Town Mill and mills in general; 

To promote, improve, develop and maintain public education in and appreciation of the visual, performing and written arts in all their aspects; and 

To implement and promote good environmental practice. 

## **Strategy** 

To achieve these objectives, our current strategy is: 

To continue to use the buildings and site in ways which will provide amenities for the town and its visitors, and provide income for the Trust to meet the running costs; 

To open the Town Mill regularly to visitors and educational groups; 

To promote the site as a centre for high quality local food and drink by means of our tenancies, patrons and events; 

To mount or facilitate exhibitions in the gallery space; 

To provide space for local artists and craft workshops, thereby also enhancing the experience of visitors to the site; and 

To continue to research and promote the historical, archaeological and educational aspects of the site. 

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

2 



## **THE TOWN MILL TRUST LYME REGIS** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)** 

## **Achievements and performance** 

The accounting period saw the three primary operating lines continuing to contribute to the mill’s revenue – operating the historic mill as a heritage visitor attraction, using the Malthouse Gallery as a space for the arts and an income stream of rents from tenants who occupy mill buildings. 

The prior financial year marked the first year in which revenue from the mill surpassed rents, making the mill the single biggest contributor to bottom line. The 24/25 year saw the same pattern repeated, even with growth in rents at over 10% year-on-year. 

This revenue performance solidified the revised business model introduced in 23/24 which offered entry to the mill on a free, self-guided basis (as opposed to a paid tour) and continues to be one of the key foundations guiding our decision making. 


Having secured grant funding in the prior period of just from £200,000 from The National Lottery Heritage Fund, Lyme Regis Town Council, Dorset County Council, The Medlock Charitable Trust, Low Carbon Dorset and Town Mill itself, the 2024/25 year was characterised by the implementation of a number of those grant-funded projects, with the overarching aim of creating a sustainable future for this historic site. 

This was given a further boost with the award of a sum of £20000 in two tranches by the Garfield Weston Foundation for specified projects related to mill machinery and hydro improvements plus the award of a Section 106 Grant from Dorset County Council (£3416) to fund a range of educational resources and their delivery. 

Additionally in February 2025, we were also fortunate to be successful in a further bid to Lyme Regis Town Council from their “Term Grant” funding pot in which we were awarded £25,000 over 5 years to support mill improvements. For this vital financial support, we do extend our most grateful thanks as these funds will be instrumental in maintaining a complex building over coming years. 

The funded projects we were able to undertake in the period have enabled the following improvements to site so far : 

- Installation of a suite of photovoltaic panels on the Malthouse Gallery roof to harness solar energy (Autumn 24) 

- Installation of a bespoke, glazed door at the mill entrance to make the welcome more appealing 

- Installation a larger intake unit and an innovative automated scraping system to the mill’s hydroelectric plant (November / December 24) 

- Improvements to metalwork fabricated by Arc Edge Metalwork in Bridport including new railings around the Malthouse Gallery  & parts of the Mill’s perimeter to improve both visual appeal & safety (January 25) 

- Allocation of 12 hours a week specifically to develop and increase community engagement work undertaken at the mill (February 2025) 

- Inclusiveness and accessibility training (March 2025) 

- Total upgrade of the historic Town Mill model – a key mill learning resource (May 2025) 

- Artistic but functional metalwork gates to replace the “yard” gates into the Millers Garden (May 2025) 

- A new artistic access gate and staircase down to the Miller's Garden from the River Lim footpath (July 2025) 

- Communicating both “our lottery story” on the website allowing people  to follow all developments and launch of “Town Mill Diaries” to document quarterly, everything happening on site 

- Development of a new  visual language, logo and colourways for the Town Mill 

3 



## **THE TOWN MILL TRUST LYME REGIS TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)** 

During all this financial activity, the day-to-day business of running the site continued as follows : 

## **THE MILL** 

The mill continued to operate as a volunteer-run working watermill capable of milling small batches of stoneground flour by ancient methods whilst simultaneously keeping its doors open as a free entry heritage attraction. The key features of the year are summarised as follows: 

- Concerns about the stress on mill’s ancient machine (particularly flexing in the shaft) prompted a full survey into the mill’s condition by Dorothea Restoration in January 2025. 

• In response to the issues raised in the mill survey, an in-house team undertook a project to replace the metal keys that secure the waterwheel hub to the steel shaft with bespoke keys being commissioned from mild steel 

- Consideration of ideas of how else we could produce flour in the event of catastrophic failure 

- Purchase of a modest commercial machine for back up milling 

- An emerging idea that the French Burr stones – currently not in use – could be separately electrified to ensure stoneground flour could still be produced in the event of failure of the main mill. 

- Development of a new volunteering role – “Steward”. This mill based role would allow us more flexibility to open with a steward and a front of house volunteer, as opposed to needing a miller and a front of house volunteer. Identified as a gap as not all volunteers expressed a wish to undertake the responsibility of the physicality associated with milling. 

- Building of new grain storage shelves on the Stone Floor Landing which allowed us to store more grain and improve sack handling ease. 

- The mill continued to be open 7 days a week, between 1100-1500 daily (1100-1330 on a Sunday). This is only achieved with a full complement of highly committed volunteers which we are fortunate to have. • The launch of a “hands-on” milling experience using hand-powered mills making it possible for an individual to mill their own bag of stoneground flour– specifically targeted to support our work with both the community and augment visitor experience 

- A range of other visitor centred events including Mill Fest, B Sharp’s Busking Festival, Summer Nights & Big Christmas Weekend 

- Widespread engagement with community groups visiting the mill for bespoke tours 

- Giving over of mill spaces (in particular the Bakehouse Studio) to support other local community groups, charities and organisations (including LRDT, B Sharp’s Youth Work Experience, Repair Café, Lyme Regis Society, Lyme Regis Museum) • Throughout the year, free child-centre mill offerings marking key dates in the calendar including “Santa’s Helper Experience”,  Halloween, Valentine’s Day and Easter 

- The continuance of the “free entry” business model which proved successful through the year as a revenue-driver. 

## **THE SITE** 

A continuous programme of mill and building maintenance was undertaken throughout the year although most site issues in the financial period were connected to projects undertaken by the lottery funding and the issues arising from the mill’s mechanical state. 

However, we became aware of two important issues in the period : 

1. The Environment Agency communicated a requirement for us to have – under Section 24 of the Water Resources Act 1991 - a formal Abstraction Licence in the event of abstracting more than 20 cubic metres of water a day. 

2.�The rapid deterioration of the roof on the brewery-occupied premises. 

Clarification was received on an important issue concerning ownership of bridge from Broad Street Car Park to the mill. After confirmation that the bridge was in fact structurally sound, the Lyme Regis Town Council adopted this from Dorset County Council and will be responsible for its maintain going forward. 

## **STAFFING** 

During the period, the support team at the mill comprised 3 staff. These comprise a Site Manager, Finance and Operations Manager and a Visitor Experience and Volunteer Manager. 

We also worked with a mandate to provide an additional 12 hours per week to pursue a community engagement role as part of our National Lottery Heritage Fund project to work with hard-to-reach groups to improve mill engagement. 

After trialling ways in which this could be best delivered, agreement was reached for this role to be delivered within the existing staff team. 

Volunteers - whose numbers and enthusiasm remained very strong – remained at the heart and soul of the operation, supporting 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, stewards, 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 commitment; the Town Mill site could not operate in its entirety. 

4 



## **THE TOWN MILL TRUST LYME REGIS** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)** 

## **Tenants** 

The tenants within the mill complex remain an integral part of the Trust, all contributing to the artisan credentials of the site. The period saw continuity with all our tenants plus (although agreed in the prior period) a new textile artist formally moved into an empty premise on 1/1/2025. 

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

The Trust’s staff continue to operate a “door always open” policy for any tenant concerns and in addition to this, four “stakeholder” meetings are scheduled each year to encourage open exchange. 

During the year, we reached agreement with the architectural design tenant to re-locate to a different room, from “The Old Kitchen”. This allowed us to establish a kitchen facility for tenants and a permanent, flour bagging area for the mill. 

The main themes reported during the accounting period by tenants were the impact on business of significant road closures around town for an extended period, the impact of increases in National Minimum Wage and Employer’s NI. Steeply rising underlying costs in almost all businesses continued to be a feature. 

Highlights included Lyme Regis Brewery winning 2nd place for Lyme Gold at the National Beer Awards, continuance of a range of very successful seaweed pressing workshops by Molesworth & Bird and strong uptake of cookery classes and experiences at Strawberry Tree. 

## **Arts at The Town Mill** 

We are delighted that demand for the gallery space very strong during the period and with a reputation for delivering exhibitions with strong footfall and financials, we found ourselves able to fill a couple of short-notice cancellations moderately easily ensuring a full programme for the year. 

With our understanding of the gallery environment now fully embedded, the start of 2025 saw the introduction of a new pricing strategy allowing the charity to receive a fairer share of exhibition turnover. 

The year saw the shoulders of the seasons given over to range of community-focused and emerging artist projects at nil or token cost. Within this we were delighted to welcome the Woodroffe School again for an extremely well received exhibition in the February, showcasing young, local artistic talent between the ages of 11-18 and afterwards, talented young photographer, Jessica Hollis with a highly successful botanical themed exhibition. 

We worked collaboratively with The Woodroffe School to host an exhibition of students work as well as on a separate project with their DT department to design a set of Town Mill themed festival flags for the Miller’s Garden. 

A range of artistic workshops were scheduled for the Bakehouse Studio including Woodblock Printing and artistic workshops hosted by established artists. 

We welcomed a range of new artists to the space for the first time and the 2024/2025 season delivered strong revenue results for artists 

5 



## **THE TOWN MILL TRUST LYME REGIS** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 (continued)** 

## **Financial Review** 

The deficit on unrestricted funds was £3,806 compared with a surplus of £106,984 in 2024. 

It should be noted that from pure operations, grant income (of £53446) and grant expenditure (of £90277) should be discounted, giving an operational surplus of £33025 before depreciation. 

The bank balance at the year end was £184,316 compared with £195,948 in 2024. 

The accounting period closed strongly and the Trust was delighted to report that the chairty had again stood on its own 

## **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. Historically, reserves have been too low and have been incrementally increased as funds allow. We are currently retaining £60000 as a contingency however, the reality of the financial commitment of maintaining an extensive heritage building, means there is aspiration is to grow this fund but we will make no formal commitment to increasing this year whilst we maintain sufficient to manage the cashflow issues associated with implimenting capital grant projects and the management of VAT. 

## **Plans for future periods** 

The immediate period until November 2027 will be largely defined by the continued implementation of the wide-ranging projects to which we have committed as a result of our success in securing funding from The National Lottery Heritage Fund in conjunction with other generous supporters and other grant-funded undertakings. 

Achievement of this will realise the Trust’s ambition to realise the desired outcomes of the “Vision and 5-year Business Plan” document written in 2021. 

In conjunction with this, strategic thinking is developing in terms of the next 5-year plan where the structural integrity of the mill and all buildings around site will be a priority as well as preservation of mill machinery for perpetuity and deepening the financial and operational resilience of the site. 

The above report has 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 Council of Management 

Robert McLaughlin 

Approved by the Council of Management on 

6 



## **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 2025 which are set out on pages 7 to 14 

## **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: 10 March 2026 

7 



## **THE TOWN MILL TRUST LYME REGIS** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2025** 

|Income and endowments<br>(page 9)<br>Expenditure<br>(page 10)<br>Net Income / (expenditure)<br>Funds brought forward 1 November 2024<br>Transfer between funds<br>Funds carried forward 31 October 2025|**2025**<br>**2024**<br>**Restricted Unrestricted**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>244,057<br>244,057<br>279,931<br>(4,552)<br>(247,863)<br>(252,415)<br>(177,499)|
|---|---|
||(4,552)<br>(3,806)<br>(8,358)<br>102,432<br>640,636<br>174,752<br>815,388<br>712,956|
||636,084<br>£<br>170,946<br>£<br>807,030<br>£<br>815,388<br>£|



## **Continuing operations** 

All income and expenditure has arisen from continuing activities. 

8 



## **THE TOWN MILL TRUST LYME REGIS** 

## **SUMMARY OF INCOME YEAR ENDED 31 OCTOBER 2025** 

|**Donations and legacies**<br>Donations<br>Gift aid<br>Grants (Dorset County Council)<br>Grants (Medlock Charitable Trust)<br>Grants (Garfield Weston Foundation)<br>Grants (Lyme Regis Town Council)<br>Grants (National heritage lottery)<br>**Other trading activities**<br>Fundraising events<br>**Income from charitable activities**<br>Mill admission donations<br>Mill shop<br>Flour sales<br>Rent received<br>Art exhibition commission<br>Gallery hire and exhibtion fees<br>Education and community room income<br>Workshops and tours<br>Service charges<br>Hydro-electric Scheme<br>Sale of lease and assets<br>**Investment income**<br>Bank interest<br>**Total income**|**2025**<br>**Restricted Unrestricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>-<br>2,858<br>2,858<br>-<br>2,813<br>2,813<br>-<br>29,696<br>29,696<br>-<br>-<br>-<br>-<br>20,000<br>20,000<br>-<br>3,750<br>3,750<br>-<br>-<br>-<br>475<br>475<br>-<br>59,592<br>59,592<br>-<br>20,308<br>20,308<br>-<br>23,304<br>23,304<br>-<br>23,525<br>23,525<br>-<br>64,962<br>64,962<br>-<br>9,777<br>9,777<br>-<br>16,980<br>16,980<br>-<br>2,467<br>2,467<br>-<br>957<br>957<br>-<br>15,691<br>15,691<br>-<br>3,432<br>3,432<br>-<br>-<br>-<br>-<br>181,403<br>181,403<br>-<br>3,062<br>3,062<br>-<br>3,062<br>3,062|**2024**<br>**Restricted Unrestricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>-<br>4,037<br>4,037<br>-<br>3,893<br>3,893<br>-<br>10,000<br>10,000<br>-<br>7,000<br>7,000<br>-<br>-<br>-<br>-<br>11,000<br>11,000<br>-<br>63,507<br>63,507<br>-<br>-<br>-|
|---|---|---|
|||-<br>99,437<br>99,437|
|||-<br>23,885<br>23,885<br>-<br>20,550<br>20,550<br>-<br>22,519<br>22,519<br>-<br>58,955<br>58,955<br>-<br>4,450<br>4,450<br>-<br>18,634<br>18,634<br>-<br>2,403<br>2,403<br>-<br>1,177<br>1,177<br>-<br>21,071<br>21,071<br>-<br>4,594<br>4,594<br>-<br>-<br>-|
|||-<br>178,238<br>178,238|
|||-<br>2,256<br>2,256|
|||-<br>2,256<br>2,256|
||||
||-<br>244,057<br>244,057|-<br>279,931<br>279,931|



9 



## **THE TOWN MILL TRUST LYME REGIS** 

## **SUMMARY OF EXPENDITURE YEAR ENDED 31 OCTOBER 2025** 

|**Expenditure on raising funds**<br>Flour purchases<br>Fundraising events<br>**Expenditure on charitable activities**<br>**Direct costs**<br>Maintenance<br>Capital projects<br>Waterwheel repair project<br>Mill re-generation and garden costs<br>Grant expenditure<br>Lottery grant expenditure<br>Lottery grant expenditure - payroll<br>Section 106 grant expenditure<br>Depreciation<br>Shop costs<br>Gallery costs<br>Insurance<br>Water rates<br>Business rates<br>Heat, light and power<br>Staff  costs<br>Training costs<br>Postage, stationery and telephone<br>Professsional fees<br>Consultancy fees<br>Sundry<br>**Support costs**<br>Bank charges<br>Loan interest<br>Book-keeping and accounting<br>Governance costs<br>IT costs<br>Legal fees<br>Publicity<br>**Total expenditure**|**2025**<br>**Restricted Unrestricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>-<br>5,882<br>5,882<br>-<br>4,889<br>4,889<br>-<br>10,771<br>10,771<br>-<br>11,168<br>11,168<br>-<br>5,988<br>5,988<br>-<br>625<br>625<br>-<br>220<br>220<br>-<br>3,735<br>3,735<br>-<br>78,509<br>78,509<br>-<br>6,596<br>6,596<br>-<br>812<br>812<br>4,552<br>-<br>4,552<br>-<br>9,458<br>9,458<br>-<br>2,178<br>2,178<br>-<br>12,858<br>12,858<br>-<br>3,591<br>3,591<br>-<br>1,086<br>1,086<br>-<br>16,066<br>16,066<br>-<br>65,970<br>65,970<br>-<br>-<br>-<br>-<br>2,464<br>2,464<br>-<br>1,277<br>1,277<br>-<br>1,760<br>1,760<br>-<br>4,253<br>4,253<br>-<br>2,731<br>2,731<br>-<br>384<br>384<br>-<br>3,108<br>3,108<br>-<br>1,000<br>1,000<br>-<br>210<br>210<br>-<br>-<br>-<br>-<br>1,045<br>1,045<br>4,552<br>237,092<br>241,644<br>4,552<br>247,863<br>252,415|**2024**<br>**Restricted Unrestricted**<br>**Total**<br>**£**<br>**£**<br>**£**<br>-<br>6,446<br>6,446<br>-<br>2,285<br>2,285|
|---|---|---|
|||-<br>8,731<br>8,731|
|||-<br>16,439<br>16,439<br>-<br>7,888<br>7,888<br>-<br>-<br>-<br>-<br>199<br>199<br>-<br>6,912<br>6,912<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4,552<br>-<br>4,552<br>-<br>11,724<br>11,724<br>-<br>1,197<br>1,197<br>-<br>11,489<br>11,489<br>-<br>4,075<br>4,075<br>-<br>-<br>-<br>-<br>25,877<br>25,877<br>-<br>61,798<br>61,798<br>-<br>1,183<br>1,183<br>-<br>2,220<br>2,220<br>-<br>2,621<br>2,621<br>-<br>-<br>-<br>-<br>2,615<br>2,615<br>-<br>1,457<br>1,457<br>-<br>384<br>384<br>-<br>2,800<br>2,800<br>-<br>800<br>800<br>-<br>500<br>500<br>-<br>-<br>-<br>-<br>2,038<br>2,038|
|||4,552<br>164,216<br>168,768|
|||4,552<br>172,947<br>177,499|



10 



## **THE TOWN MILL TRUST LYME REGIS** 

## **BALANCE SHEET YEAR ENDED 31 OCTOBER 2025** 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>5<br>**Current assets**<br>Stocks<br>Debtors<br>6<br>Cash at bank and in hand<br>**Creditors: amounts falling due**<br>**within one year**<br>7<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors: amounts falling due**<br>**after more than one year**<br>8<br>**Net assets**<br>**Funds**<br>Unrestricted<br>Restricted<br>9<br>10|2,000<br>5,163<br>184,316|**2025**<br>**£**<br>629,448<br>180,542<br>809,990<br>2,960<br>807,030<br>170,946<br>636,084<br>807,030|2,000<br>4,380<br>195,948|**2024**<br>**£**<br>634,000<br>190,268|
|---|---|---|---|---|
||191,479<br>10,937||202,328<br>12,060||
||||||
|||||824,268<br>8,880|
|||||815,388|
|||||174,752<br>640,636|
|||||815,388|



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 ………………… 

11 



## **THE TOWN MILL TRUST LYME REGIS** 

## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** 

## **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. 

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## **THE TOWN MILL TRUST LYME REGIS** 

## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** 

## **(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. 

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## **THE TOWN MILL TRUST LYME REGIS** 

## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** 

## **3 Trustees' remuneration and benefits** 

No trustee received any remuneration or benefit during the year  (2024 - £nil). 

## **4 Staff Costs** 

|**Staff Costs**||
|---|---|
|Wages and Salaries<br>Social security costs<br>Average monthly number of employees|**2025**<br>**2024**<br>**£**<br>**£**<br>72,566<br>61,798<br>-<br>-|
||72,566<br>61,798|
||**2025**<br>**2024**<br>3<br>3|



|**Tangible Fixed Assets**<br>Cost<br>At 1 November 2024<br>Additions/(disposals)<br>At 31 October 2025<br>Depreciation<br>At 1 November 2024<br>Charge for the year<br>At 31 October 2025<br>Net book value<br>At 1 November 2024<br>At 31 October 2025|Mill Buildings Malthouse Hydro electric<br>Alterations<br>Office<br>Total<br>freehold<br>freehold<br>equipment<br>equipment<br>£<br>£<br>£<br>£<br>£<br>£<br>518,926<br>145,000<br>58,531<br>6,826<br>6,322<br>735,605<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|
||518,926<br>145,000<br>58,531<br>6,826<br>6,322<br>735,605|
||39,762<br>7,728<br>40,967<br>6,826<br>6,322<br>101,605<br>1,728<br>483<br>2,341<br>-<br>4,552|
||41,490<br>8,211<br>43,308<br>6,826<br>6,322<br>106,157|
||479,164<br>137,272<br>17,564<br>-<br>-<br>634,000|
||477,436<br>136,789<br>15,223<br>-<br>-<br>629,448|



## **5 Tangible Fixed Assets** 

## **6** Debtors 

|Trade debtors<br>Other debtors|**2025**<br>**2024**<br>£<br>£<br>1,070<br>1,461<br>4,093<br>2,919|
|---|---|
||5,163<br>£<br>4,380<br>£|



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## **THE TOWN MILL TRUST LYME REGIS** 

## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025** 

## **7. Creditors: amounts falling due within one year** 

|Trade creditors<br>Other creditors<br>PAYE payable<br>Pension payable<br>VAT payable<br>Loan<br>**reditors: amounts falling due after one year**<br>Loan|**2025**<br>**2024**<br>£<br>£<br>677<br>2,550<br>8<br>267<br>1,120<br>523<br>153<br>-<br>3,059<br>2,800<br>5,920<br>5,920|
|---|---|
||10,937<br>£<br>12,060<br>£|
||2,960<br>£<br>8,880<br>£|



## **8. Creditors: amounts falling due after one year** 

## **9. Restricted Funds** 

|Mill Fund<br>Malthouse Fund<br>Garden Fund<br>Leat Restoration Fund<br>Hydro Electric Equipment|Balance<br>Incoming<br>Outgoing Transfers<br>Balance<br>1.11.24<br>Resources Resources<br>31.10.25<br>£<br>£<br>£<br>£<br>£<br>479,164<br>(1,728)<br>477,436<br>137,272<br>-<br>(483)<br>136,789<br>14<br>-<br>-<br>14<br>6,622<br>-<br>-<br>6,622<br>17,564<br>-<br>(2,341)<br>15,223|
|---|---|
||640,636<br>-<br>(4,552)<br>-<br>636,084|



The Mill Fund comprises the Mill Buildings, which have restrictions on their use as detailed in note 11 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<br>Malthouse Fund<br>Garden Fund<br>Leat Restoration Fund<br>Hydro Electric Equipment<br>Unrestricted funds|Net<br>Fixed assets<br>Current assets<br>£<br>£<br>477,436<br>-<br>136,789<br>-<br>-<br>14<br>-<br>6,622<br>15,223<br>-<br>629,448<br>6,636<br>-<br>170,946<br>629,448<br>177,582|Total<br>£<br>477,436<br>136,789<br>14<br>6,622<br>15,223|
|---|---|---|
|||636,084<br>170,946|
|||807,030|



## **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. 

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