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2022-03-31-accounts

Charity registration number 1048549

Company registration number 03067374 (England and Wales)

THE LYME TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE LYME TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G Thomson
Mr J J A Pearson
Mrs M Faichney
Mr P A Lomas
Mrs K A Smith
Mr L Wilbraham
Secretary Mr P A Lomas
Charity number 1048549
Company number 03067374
Registered office 37 London Road
Newcastle-under-Lyme
Staffordshire
ST5 1LN
Auditor Geens Limited
68 Liverpool Road
Stoke on Trent
Staffordshire
Chief Executive Mrs S Tagliarino
Solicitors Walters & Plaskitt Solicitors
124 Ford Green Road
Stoke on Trent
ST6 1PG
Bankers Barclays Bank
118 High Street
Newcastle-under-Lyme
Staffordshire
ST5 1PT

THE LYME TRUST

CONTENTS

Page
Trustees' Report report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 22

THE LYME TRUST

TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. The trustees have adopted the provisions of 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).

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 governing document, the Companies Act 2006 and "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).

Objectives and activities

The Lyme Trust (“the Trust”) provides safe, supported accommodation and life skills to people with mild to moderate mental health conditions with the aims of a return to independent living and the prevention of homelessness.

The Trust delivers against its objectives through the provision of accommodation to residents at low rent via the Trust’s portfolio of owned and leased properties, together with the ongoing support of project workers.

The Trust’s support staff are experienced and highly trained to offer guidance and support, but the final outcome for each resident is down to their own engagement and hard work.

Many of the people who come to live at the Lyme Trust also have alcohol or substance dependency issues, for which the Trust employs a dedicated drug and alcohol support worker to signpost the best support.

We aim to develop positive attitudes and self-motivation that will lead to independent living.

Achievements and performance

The Trust delivers against its objectives by investing in and leasing local residential property which it lets to its residents at low rent. The charity makes a housing benefit claim to Newcastle-Under-Lyme council on behalf of its residents to support rental payments. As at 31 March 2022, the Charity owned 7 properties and leased a further 13, for a total of 85 resident rooms. During the financial year, the Trust achieved an average occupancy rate of 94%.

The Trust also provides a regular and continuing schedule of activities for its residents that are creative, therapeutic and social in nature. Engagement of residents in this manner contributes to their personal and social rehabilitation, mental wellness, and is an integral part of their journey to independent living.

The Trust provides ongoing training to its project workers and support workers to equip them with the tools to successfully support the residents and help them with current and historical issues.

The Charity measures its performance through key performance indicators. ‘Planned moves’ refers to residents moving into private accommodation and ‘unplanned moves’ relates to evictions or abandonment. The Charity records all eviction reasons, and these are discussed by the board of trustees monthly.

The board of trustees is pleased to report that for the year ended 31 March 2022, a total of 27 (2021: 23) residents made a successful planned move to independent living within the community (14% of resident moves). A further 75 (2021: 73) residents abandoned their accommodation during the year (39% of resident moves) and 92 (2021:82) were evicted (47% of resident moves).

THE LYME TRUST

TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

During the year, the COVID-19 pandemic still had a substantial impact on the operations of the trust, principally due to the management of infection and the availability of staff, although these issues are easing in line with current infection rates and vaccinations. The Charity has remained financially stable during the year and is considered to be a going concern. During the year ended 31 March 2022, the Charity generated a surplus of £41,402 (2021: £146,343).

The principal source of funding for the Trust is via working capital generated from the housing benefit claim. The trust receives no government grants but applies for community grants from private organisations when available. Property purchases are funded via the property investment fund and bank mortgages, although the Trust did not make any acquisitions of property during the year.

Detailed monthly financial reports are scrutinised by the Finance Sub Committee and a summary is presented to the Management Committee meeting of the trustees. The Trustees and management committee meetings incur no costs.

For the year ended 31 March 2022, the Charity’s assets and cash balances are in line with Charity Commission recommendations.

Plans for future periods

The Trust plans to continue its property refurbishment programme across the existing property portfolio. This is intended to be supported via charitable donations from local businesses.

The Trust will continue to look for suitable properties for acquisition.

The current CEO of the Lyme Trust is due to retire in 2023 and, as such, the trustees will be assisting in the employment of a suitable replacement and ensuring an uninterrupted transition.

Structure, governance and management

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.

It is registered as a charity with the Charity Commission in England and Wales.

Trustees

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr G Thomson Mr J J A Pearson Mr N H Ecclestone (Resigned 28 June 2022) Mrs M Faichney Mr P A Lomas Mrs K A Smith Mr L Wilbraham

Recruitment and appointment of new trustees

As set out in the Articles of Association, the trustees are elected at the annual general meeting and serve for a period of two years.

Co-opted members may be appointed throughout the year as required.

All members are circulated with invitations to nominate trustees prior to the AGM advising them of retiring trustees and requesting nominations for the AGM.

THE LYME TRUST

TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Organisational structure

The board of trustees administers the charity. The board meets monthly and there is a Finance Sub Committee and they also meet on a monthly basis.

A chief executive is appointed by the trustees to manage the day to day operations of the charity.

To facilitate effective operations the Chief Executive has delegated authority for operational matters including finance, employment and welfare of the residents of the trust.

New trustees are provided with an orientation pack to brief them on their legal obligations under charity and company law.

Trustees are encouraged to attend The Lyme Trust to meet key employees and obtain a better understanding of the work the charity carries out. Trustees are required to sign a confidentiality statement which governs the types of information that can be disclosed to the Trustees.

Remuneration policy

An annual pay review for all employed staff is completed with reference to inflation and industry comparatives, and is submitted sequentially to the Finance Sub-Committee, Board of Trustees and Newcastle-Under-Lyme council (with reference to the housing benefit claim) for approval.

Summary of The Lyme Trust Properties

Owned by The Lyme Trust
41 London Road 9 Bedrooms
52 London Road 4 Bedrooms
70 London Road 3 Bedrooms
108 London Road 8 Bedrooms
13 Webster Street 2 Bedrooms
39 Victoria Street 2 Bedrooms
23 Well Street 3 Bedrooms
Leased by The Lyme Trust
2 Grosvenor Road 4 Individual flats
4 Grosvenor Road 7 Bedrooms
10 Horton Street 2 Bedrooms
11 Well Street 3 Bedrooms
18 Hanover Street 2 Bedrooms
33 London Road 9 Bedrooms
39 London Road 6 Bedrooms
40 London Road 5 bedrooms
56 London Road 5 Bedrooms
80 London Road 3 Bedrooms
112 London Road 4 Bedrooms
70 Stubbs Gate 2 Bedrooms
72 Stubbs Gate 2 Bedrooms

All the above properties are based in Newcastle-Under-Lyme.

THE LYME TRUST

TRUSTEES' REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Statement of Trustees' Report responsibilities

The trustees (who are also directors of The Lyme Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with The Charities 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.

In so far as the trustees are aware:

Auditor

In accordance with the company's articles, a resolution proposing that Geens Limited be reappointed as auditor of the company will be put at a General Meeting.

The Trustees' Report report was approved by the Board of Trustees.

Mr J J A Pearson

Trustee

13 December 2022

THE LYME TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LYME TRUST

Opinion

We have audited the financial statements of The Lyme Trust the charitable company for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' Report use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE LYME TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LYME TRUST

Responsibilities of trustees

As explained more fully in the statement of Trustees' Report responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

THE LYME TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LYME TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Geens Limited

13 December 2022

Chartered Accountants Statutory Auditor

68 Liverpool Road Stoke on Trent Staffordshire ST4 1BG

Geens Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE LYME TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted
Restricted
funds
funds
funds
2022
2021
2021
Notes
£
£
£
Income from:
Donations and legacies
3
17,413
57,261
20,850
Charitable activities
4
1,153,490
1,183,015
-
Investments
5
205
182
-
Total income
1,171,108
1,240,458
20,850
Expenditure on:
Charitable activities
6
1,127,573
1,094,115
20,850
Other
10
2,133
-
-
Total expenditure
1,129,706
1,094,115
20,850
Net income for the year/
Net movement in funds
41,402
146,343
-
Fund balances at 1 April 2021
780,396
634,053
-
Fund balances at 31 March 2022
821,798
780,396
-		 Total
2021
£
78,111
1,183,015
182
1,261,308
1,114,965
-
1,114,965
146,343
634,053
780,396

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE LYME TRUST

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
Income funds
Unrestricted funds		 2022
£
£
825,163
35,869
401,926
437,795
(82,542)
355,253
1,180,416
(358,618)
821,798
821,798
821,798		 2021
£
£
845,352
64,202
333,938
398,140
(82,579)
315,561
1,160,913
(380,517)
780,396
780,396
780,396

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

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

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 13 December 2022

Mr J J A Pearson Trustee

Company registration number 03067374

THE LYME TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
20
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Proceeds from new bank loans
Repayment of bank loans
Net cash (used in)/generated from
financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(21,585)
205
-
(22,915)		 2021
£
£
£
112,283
156,732
(203,058)
182
(21,380)
(202,876)
124,600
(20,839)
(22,915)
103,761
67,988
57,617
333,938
276,321
401,926
333,938

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

The Lyme Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 37 London Road, Newcastle-under-Lyme, Staffordshire, ST5 1LN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Rental income is recognised on an accruals basis.

Cash donations are recognised on receipt.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers have not been included.

Income from grants, are recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from investments is included in the year in which it is receivable.

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% Straight Line Leasehold improvements 5% Straight Line Fixtures and fittings 25% Reducing Balance Computers 25% Straight Line Motor vehicles 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

THE LYME TRUST

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of assets. See note 11 for the carrying amount of property, plant and equipment, and note 1.6 for the useful economic lives of each category of asset.

Impairment of land and buildings

Factors taken into consideration in assessing if there are indicators of impairment include the maintenance and condition of the properties, local market trends and property rental yields.

Going concern assessment

The main judgement is assessment of the charity's cash reserves and whether they were considered sufficient to meet operational commitments as they fall due.

Rent arrears balances

Factors taken in to consideration when assessing the recoverability of rent arears and the provision for bad debts include the aging of the arrears and the make up of the debt. Old rent balances and arrears owed by former tenants are less likely to be recovered than more recent debts owed by current tenants.

3 Donations and legacies

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2022
2021
2021
£
£
£
Donations and gifts
15,413
7,748
-
Grants
2,000
49,513
20,850
17,413
57,261
20,850		 Total
2021
£
7,748
70,363
78,111

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Donations and legacies
Grants receivable for core activities
Lloyds Bank Foundation
The National Lottery Community Fund
HMRC Job Retention Scheme Grant
Newcastle Borough Council Grant
Other		 -
-
-
-
2,000
2,000		 -
-
24,513
25,000
-
49,513		 (Continued)
16,200
16,200
4,400
4,400
-
24,513
-
25,000
250
250
20,850
70,363		 (Continued)
16,200
16,200
4,400
4,400
-
24,513
-
25,000
250
250
20,850
70,363
70,363

3 Donations and legacies

4 Charitable activities

Income from
charitable
activities
Income from
charitable
activities
2022
2021
£
£
Shop Takings
-
2,853
Housing Benefits & Rents
1,153,490
1,180,162
1,153,490
1,183,015		 Income from
charitable
activities
Income from
charitable
activities
2022
2021
£
£
Shop Takings
-
2,853
Housing Benefits & Rents
1,153,490
1,180,162
1,153,490
1,183,015		 Income from
charitable
activities
Income from
charitable
activities
2022
2021
£
£
Shop Takings
-
2,853
Housing Benefits & Rents
1,153,490
1,180,162
1,153,490
1,183,015
2022
£
-
1,153,490
1,153,490		 2021
£
2,853
1,180,162
1,183,015

5 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Bank deposit interest 205 182

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Charitable activities

Resident
housing and
support
Resident
housing and
support
2022
2021
£
£
Staff costs
299,446
338,358
Depreciation and impairment
39,643
38,400
Rent, Rates & Water
163,352
161,268
Light & Heat
61,881
78,593
Insurance
13,698
18,279
Professional Fees
19,738
20,427
Telephone
7,179
9,092
Printing, Postage & Stationery
14,839
13,386
Advertising
12,923
7,409
Healthcare
1,749
1,046
Motor & Traveling
11,436
16,038
Resident's social activities
15,740
1,083
Training
11,783
4,787
Health and safety
13,328
20,037
Repairs & Maintenance
118,191
65,770
Bad debt write off
32,924
31,977
Other charitable expenditure
28,156
34,369
866,006
860,319
Share of support costs (see note 7)
255,497
233,045
Share of governance costs (see note 7)
6,070
7,140
1,127,573
1,100,504
Analysis by fund
Unrestricted funds
1,127,573
1,079,654
Restricted funds
-
20,850		 Resident
housing and
support
Resident
housing and
support
2022
2021
£
£
Staff costs
299,446
338,358
Depreciation and impairment
39,643
38,400
Rent, Rates & Water
163,352
161,268
Light & Heat
61,881
78,593
Insurance
13,698
18,279
Professional Fees
19,738
20,427
Telephone
7,179
9,092
Printing, Postage & Stationery
14,839
13,386
Advertising
12,923
7,409
Healthcare
1,749
1,046
Motor & Traveling
11,436
16,038
Resident's social activities
15,740
1,083
Training
11,783
4,787
Health and safety
13,328
20,037
Repairs & Maintenance
118,191
65,770
Bad debt write off
32,924
31,977
Other charitable expenditure
28,156
34,369
866,006
860,319
Share of support costs (see note 7)
255,497
233,045
Share of governance costs (see note 7)
6,070
7,140
1,127,573
1,100,504
Analysis by fund
Unrestricted funds
1,127,573
1,079,654
Restricted funds
-
20,850		 Resident
housing and
support
Resident
housing and
support
2022
2021
£
£
Staff costs
299,446
338,358
Depreciation and impairment
39,643
38,400
Rent, Rates & Water
163,352
161,268
Light & Heat
61,881
78,593
Insurance
13,698
18,279
Professional Fees
19,738
20,427
Telephone
7,179
9,092
Printing, Postage & Stationery
14,839
13,386
Advertising
12,923
7,409
Healthcare
1,749
1,046
Motor & Traveling
11,436
16,038
Resident's social activities
15,740
1,083
Training
11,783
4,787
Health and safety
13,328
20,037
Repairs & Maintenance
118,191
65,770
Bad debt write off
32,924
31,977
Other charitable expenditure
28,156
34,369
866,006
860,319
Share of support costs (see note 7)
255,497
233,045
Share of governance costs (see note 7)
6,070
7,140
1,127,573
1,100,504
Analysis by fund
Unrestricted funds
1,127,573
1,079,654
Restricted funds
-
20,850		 Lyme
treasures
shop
2021
£
-
-
9,333
-
-
-
-
-
-
-
-
-
-
-
-
-
5,128
14,461
-
-
14,461
14,461
-		 Total
2021
£
338,358
38,400
170,601
78,593
18,279
20,427
9,092
13,386
7,409
1,046
16,038
1,083
4,787
20,037
65,770
31,977
39,497
2022
£
299,446
39,643
163,352
61,881
13,698
19,738
7,179
14,839
12,923
1,749
11,436
15,740
11,783
13,328
118,191
32,924
28,156
866,006
255,497
6,070
1,127,573
1,127,573
-		 2021
£
338,358
38,400
161,268
78,593
18,279
20,427
9,092
13,386
7,409
1,046
16,038
1,083
4,787
20,037
65,770
31,977
34,369
860,319
233,045
7,140
1,100,504
1,079,654
20,850
874,780
233,045
7,140
1,114,965
1,094,115
20,850
Basis of allocation Governance
2021 £ 217,476 15,569 7,140 240,185 240,185
Governance costs £ - - 7,140 7,140 7,140
Support costs £ 217,476 15,569 - 233,045 233,045
2022 £ 243,005 12,492 6,070 261,567 261,567
Governance costs £ - - 6,070 6,070 6,070
Support costs £ 243,005 12,492 - 255,497 255,497
Support costs Staff costs Interest payable and bank charges Audit fees Analysed between Charitable activities
7

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8 Trustees

The trustees did not have any expenses reimbursed during the year (2021 - £Nil).

The trustees neither received or waived any remuneration during the year (2021 - £Nil).

The charity has received no donations with conditions from the trustees during the year (2021 - £Nil)

9 Employees

The average monthly number of employees during the year was:

Provision of accomodation and support
Management and administration
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
21
7
28
2022
£
499,451
30,821
12,179
542,451		 2021
Number
19
9
28
2021
£
511,445
32,294
12,095
555,834

There were no employees whose annual remuneration was more than £60,000.

10 Other

Unrestricted Total
funds
£
2022 2021
Net loss on disposal of tangible fixed assets 2,133 -

Total £ 1,218,202 21,585 (22,670) 1,217,117 373,286 39,205 (20,537) 391,954 825,163 845,352
Computers Motor vehicles £
£		 67,335
11,500		 6,785
-		 -
(11,500)		 74,120
-		 49,168
10,286		 10,046
-		 -
(10,286)		 59,214
-		 14,906
-		 18,167
1,214
Fixtures and fittings £ 174,954 6,070 (11,170) 169,854 148,482 7,903 (10,251) 146,134 23,720 26,472
Leasehold improvements £ 83,956 8,730 - 92,686 35,938 3,647 - 39,585 53,101 48,455
Freehold land and buildings £ 880,457 - - 880,457 129,412 17,609 - 147,021 733,436 751,044
Tangible fixed assets Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation and impairment At 1 April 2021 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2022 Carrying amount At 31 March 2022 At 31 March 2021
11

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
13
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2022
£
26,946
1,566
7,357
35,869
2022
£
380,521
21,903
358,618
262,635		 2021
£
34,863
13,321
16,018
64,202
2021
£
403,436
22,919
380,517
279,772

Bank loans are secured by a legal charge on the freehold properties to which the loan relates. Interest is charged on the bank loans at a variable rate of interest and the loans are repayable within 15 years.

14 Creditors: amounts falling due within one year

Notes
Bank loans
13
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Bank loans
13		 2022
£
21,903
14,068
24,183
11,849
10,539
82,542
2022
£
358,618		 2021
£
22,919
8,820
35,325
8,123
7,392
82,579
2021
£
380,517

15 Creditors: amounts falling due after more than one year

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement
in funds
Incoming Resources Balance at Incoming
Balance at
resources expended 1 April 2021 resources 31 March 2022
£ £ £ £ £
Lloyds Bank Foundation 16,200 (16,200) - - -
The National Lottery Community Fund 4,400 (4,400) - - -
Other 250 (250) - - -
20,850 (20,850) - - -

Lloyds Bank Foundation

A grant to fund the salary of a floating support worker as part of a three year project which commenced in January 2018 and finished in January 2021.

The National Lottery Community Fund

A grant received in connection with the Outreach project.

Other

Other funds received for specific purposes.

17 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Unrestricted Restricted Total
funds funds funds
2022 2021 2021 2021
£ £ £ £
Fund balances at 31 March 2022 are represented
by:
Tangible assets 825,163 845,352 - 845,352
Current assets/(liabilities) 355,253 315,561 - 315,561
Long term liabilities (358,618) (380,517) - (380,517)
821,798 780,396 - 780,396

18 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
33,600
71,400
105,000		 2021
£
36,000
105,000
141,000

THE LYME TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Related party transactions

Remuneration of key management personnel

The key management personnel of The Lyme Trust comprises the senior management team. The total amount of employee benefits (including employer pension contributions) received by key management personnel is as follows:

Aggregate compensation
Transactions with related parties		 2022
£
178,234		 2021
£
156,608
During the year the charity entered into the following transactions with related parties.

Lymebrook Media Limited - PR services paid in the year was £11,436 (2021 - £7,639). This is a company owned by trustees Mr L. Wilbraham and Mr G. Thomson.

20 Cash generated from operations 2022 2021
£ £
Surplus for the year 41,402 146,343
Adjustments for:
Investment income recognised in statement of financial activities (205) (182)
Loss on disposal of tangible fixed assets 2,133 -
Depreciation and impairment of tangible fixed assets 39,643 38,400
Movements in working capital:
Decrease/(increase) in debtors 28,333 (8,822)
Increase/(decrease) in creditors 977 (19,007)
Cash generated from operations 112,283 156,732
21 Analysis of changes in net funds/(debt)
At 1 April 2021 Cash flowsAt 31 March 2022
£ £ £
Cash at bank and in hand 333,938 67,988 401,926
Loans falling due within one year (22,919) 1,016 (21,903)
Loans falling due after more than one year (380,517) 21,899 (358,618)
(69,498) 90,903 21,405