2020-12-31-accounts

Charity Registration No. 1075743

Company Registration No. 03501364 (England and Wales)

_ LYME REGIS DEVELOPMENT TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

LYME REGIS DEVELOPMENT TRUST

CONTENTS

	Page
Trustees report	1-6
Independentexaminer's report	7
Statement offinancial activities	8
Balance sheet	9
Notestothefinancialstatements	10-23

' LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

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 31 December 2020. 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 2015).

REFERENCE AND ADMINSTRATIVE DETAILS Registered Company number 03501364 (England and Wales)

Registered Charity number 1075743

Registered office

St Michaels Business Centre

Church Street Lyme Regis Dorset DT7 3DB

Trustees

S J Howard L D Wheatley

D A Wood

M Taylor (appointed 6 November 2020)

S J Davies (resigned 26 November 2020)

independent examiner Lentelis Ltd Kingsway 50 Fore Street Seaton Devon EX12 2AD

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LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities

The Trust's objects as stated in its Memorandum of Association are:

"to promote general charitable purposes for the benefit of the community of Lyme Regis and the surrounding area and to provide relief from poverty and disadvantage and to advance education of its residents of all ages; and in particular to provide opportunities for the aforementioned residents to participate fully in the life of their community in ways which address and alleviate social and economic deprivation"

At our AGM in 2008, we adopted this plainer version:

Lyme Regis Development Trust is a community based organisation that works to stimulate the economic, social and environmental well being for all in Lyme Regis and its surrounding area.

Public Benefit

The trustees have considered LRDT's objectives and strategies to achieve them in the light of the Charity Commission guidance on public benefit. We consider that our aims are charitable and for public benefit (our geographical restriction being acknowledged as "generally reasonable") and that our strategies reflect these aims and are designed to deliver clear benefits to eligible classes of the public. The benefit to the public is clearly demonstrated in the following activities:

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’ LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and Performance

Overview

2020 inevitably turned out to be a difficult year due to the COVID pandemic, especially for the HUB which lost most of its paying customers, not all of whom returned.

The Trust had a fairly stable Trustee board after Bill Trundley stepped down at the beginning of the year, and we appointed new Trustee in Malcolm Taylor who brings a wealth of HR experience from his employment at the Met Office.

We also had to ask Sue Davies to step down following updated Charity Commission guidance as there was an increased risk of Conflict of Interest as she had assumed the Chairmanship of LymeForward and was increasingly unable to offer time to LRDT.

Sadly, the expected merger with LymeForward was

not able to happen and both parties remained separate.

Due to the Covid crisis and the fact that we had a new CEO, Sue Howard remained Chair throughout 2020 for continuity and this was endorsed by all Trustees. All staff adapted to well to working from home, and we managed to keep in touch with frequent Zoom and Teams meetings, and by transferring our server onto the Microsoft Cloud which made access and collaboration across projects a lot easier. This also meant that Trustee meetings were able to continue as well and contact with outside bodies such as the Town Council.

We also made the permanent shift to QuickBooks online from our old QuickBooks pro desktop which (thanks to our Accountants Lentells) not only saved us money but gave us a lot more flexibility and reporting ability.

St Michaels business centre managed to weather the worst of the crisis, although we helped out 3 of the tenants in St Michaels Business Centre as they were unable to make the full rental payment and would have had to give notice. Thankfully we have managed to retain all the businesses that we started the year off with, and we were also lucky to have the Word Forest Organisation take over Unit 1 which was being rented on a temporary basis to another tenant.

Sadly, after reviewing all the positions within the Trust, we came to the conclusion that the Hub Manager role was no longer viable so unfortunately we made that position redundant in June.

With our focus on improving our presence in Lyme Regis, we were able to promote Cleo into the position of Marketing Manager later in 2020

We also welcomed our first volunteer in a long time, as Sarah Rutter joined us for one day a week and has been looking at our environmental policies and also some longer-term projects.

Fossil Festival

The Fossil Festival was one of the first casualties of Covid, and despite looking at running it later in the year, we decided it was not a viable prospect due to the social distancing requirements. Some of the work we had done outside the Festival Weekend was still able to take place though, and Jon rose to the occasion and managed to enable a “virtual” fossil festival website which has had 9500 unique visitors and 195,000 page views since it was published.

The Hub

As mentioned above, we lost most of the Hub Users due to lockdown, but thankfully the core users, B-Sharp, S W Kickboxing and Fitsteps continued to support where they could, and we were further bolstered by Helen French who was a new customer that runs a “use it or lose it” fitness groups for the over 65's

Youth Club unfortunately had to close but again we have taken the opportunity to look at our offering and we will be looking to improve our Youth Services by launching a Youth Academy. In conjunction with the Youth Leaders we will be canvassing parents and children alike to see what they would want from a Youth Club and what service are missing. We are already talking to Sport England about a potential youth archery group and have several other ideas which we hope to implement.

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LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Community Café

Unfortunately, we closed this down due to Covid, despite another successful clothes swap event. We fully intend to re-launch in 2021 and we have been successjul in obtaining a substantial grant from the Peoples Postcode lottery for this purpose. We have managed to secure the services of the ex LymeForward coordinators for this purpose and they are currently working on several new projects for us.

Lyme Bay Radio

The radio was launched on the ist March 2020 and closed down 4 weeks later due to Covid. We stayed off air for 2 months during which time Simon West stepped down as Station Manager, however we remain grateful to Simon for all the time and effort he put in to get the station launched. Our CEO stepped in on a temporary basis and with the help of Cleo we managed to re-launch in May with the majority of our programming being recorded by presenters at home. We also took the opportunity to completely re-brand the station which was all done in house by Cleo as the original look had been put together quickly and was not quite what we had had in mind.

During the re-launch we appointed Ashley Kellett as Station Manager who has gone on to shape the look and feel of the station into the professional outfit that it is today. We now have a waiting list of local people who want to be presenters, and over 80 hours of original programming each week.

The next step with the station is to seek advertisers as the few we had could not afford to continue.

The website is also due a complete revamp and work will start on this mid-2021.

The Workshop

The Workshop was finally launched in September 2020 under the guidance of Dot Wood. To say it has been a success would be an understatement as we now have a long waiting list of people wanting to try woodturning and other woodworking skills. Dot has been the driving force behind this and has built a brilliant team of professional wood turners who are happy to pass their skills and knowledge on to very willing and eager pupils. The workshop serves the dual purpose of being educational and also therapeutic and we have several cases where users have said that it is helped them socially or with anxiety issues. Although forced to close during various lockdowns, it has gone from strength to strength. The only issue we will have going forward is that we are running out of space.

Website

Cleo rebuilt the website and it has a brand new look and feel, and also revamped the LRDT logo into something more professional. Work continues into 2021 on this and we will be moving from Wix to a Wordpress site to enable more functionality e.g payments and purchases.

Property Management

Property Management started the year with a new flat purchase at Clappentail Court, adding to our portfolio and able to offer affordable accommodation in the local area.

Property Management was further bolstered with the addition of two new Directors. Mick Burke and Adrian Morgan who both joined mid-year and brought a wealth of business experience with them.

Dot Wood continued as Chair, and St Michaels business centre has managed to retain a full tenancy in her term despite Covid and the assistance we had to give to a number of tenants who were struggling due to the pandemic.

The Future

With an almost complete change of Trustees, there is a general feeling that 2021 will be a year where we review our activities of the past few years and start to re-define the key drivers of the Trust. The three projects listed above are just the start of a journey back to re-establishing itself and its purpose within the community of Lyme Regis and the surrounding area.

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' LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

The income of the Trust and its subsidiary company for the year amounted to £153,613 (2019: £204,685). The income for the year arises from the grant funding of £33,791, donations of £25,413 fundraising activities of £4,478, interest receivable of £2,441 and other income of £87,490.

Total expenditure for the year was £154,817 (2019: £170,921).

The net outgoing resources for the trust and its subsidiary company for the year were (£1,204) (2019: £92,063. The decrease arising largely because of an decrease in grants received, a fall in fund raising following cancelled events in 2020 and the fact a valuation on the property was carried out in 2019 which resulted in a gain on investments held.

The cash balances for the Trust and its subsidiary company at the end of the year were £288,690 (2019: £446,394) of which the general reserves was in a negative position as at the 31 December 2020 and £54,308 belonged to the subsidiary company, LRDT Property Management Ltd. The remaining funds are held for the specific projects managed by the Lyme Regis Development Trust.

Reserves policy

As required by the Charities Commission the Trust seeks to expend as much as possible on the activities consistent with its objectives, however, it is necessary to maintain reserves to ensure the continued viability of the organisation. Wherever possible unrestricted funds are “designated” to particular projects. The general reserve is maintained at a level which, taken together with anticipated income, will allow the Trust to meet its general obligations as they fall due, to meet unforeseen costs and to take advantage of opportunities that may enhance achievement of our objectives.

The Trust minimises risk and maintains its financial stability by careful budgeting, regular reporting and project management to ensure that at all times there is at least 12 months confirmed income to cover core’operating costs and sufficient funding to complete all committed projects.

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Anyone interested in helping attain the Trust's objectives can become a member on payment of £1.

Recruitment and appointment of new trustees

The minimum number of trustees is three, with no maximum. Throughout 2020 the Trust had at least four trustees; new trustees with marketing or legal expertise would be welcome. Two trustees usually stand down at each Annual General Meeting but may be reappointed by the membership.

The trustees may decide to appoint one of their number to be the trust's chairman to preside over their meetings. The maximum term for a chairman is four years, which may be extended once for a further four years.

Induction and training of new trustees

New trustees undergo an orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction they meet the employees and other trustees.

The trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

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LYME REGIS DEVELOPMENT TRUST

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Organisational structure

The day to day running of the Trust is delegated to the chief executive officer, other staff and a small number of contractors; the equivalent of 3 full time staff. In addition to these paid staff hours, volunteers contribute on a regular basis.

Lyme Regis Development Trust has the following subsidiary company:

LRDT Property Management Limited - 100% shareholding.

These financial statements include the consolidated results for the group.

Risk management

The trustees have conducted a review of the major risks facing the Trust and methods of mitigating the major risks have been, or are being, implemented. Internal risks are minimised by the implementation of procedures for authorisation of transactions and those risks that are unable to be mitigated are frequently reviewed. The major risks facing the Trust are reviewed annually.

The Trustees report was approved by the Board of Trustees.

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Mrsaa
Trustee
Dated: .SAN)02)
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’ LYME REGIS DEVELOPMENT TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF LYME REGIS DEVELOPMENT TRUST

| report to the Trustees on my examination of the financial statements of Lyme Regis Development Trust for the year ended 31 December 2020.

Responsibilities and basls of report

As the Trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the Trust's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with

the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or 2 _ the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 _ the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Lentells Limited

50 Fore Street Seaton

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|
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Devon

EX12 2AD

Dated: _2els\zeo)

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LYME REGIS DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

		Unrestricted	Restricted	Total	Total
		funds	funds
		2020	2020	2020	2019
	Notes	£	£	£	£
Income from:
Donations and legacies	2	12,005	13,408	25,413	10,472
Charitable activities	4	7,350	33,854	41,204	106,121
Othertrading activities	3	3,295	1,183	4,478	8,774
Investments	5	82,518	-	82,518	79,318
Total income		105,168	48,445	153,613	204,685
Expenditure on:
Charitable activities	6	32,592	72,420	105,012	126,536
Other		49,805	-	49,805	44,385
Total resources expended		82,397	72,420	154,817	170,921
Net gains/(losses) on investments	9	-	-	-	58,299
Net incoming/(outgoing) resources		22,771	(23,975)	(1,204)	92,063
Other recognised gains and losses
Revaluation of tangible fixed assets		-	-	-	(40,120)
Netmovement infunds		22,771	(23,975)	(1,204)	51,943
Fund balances at 1 January2020		1,003,554	425,652	1,129,206	1,077,262
Fundbalancesat31December2020		1,026,325	101,677	1,128,002	1,129,205

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

All income and expenditure derive from continuing activities.

Co

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

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~ LYME REGIS DEVELOPMENT TRUST

BALANCE SHEET AS AT 31 DECEMBER 2020

		Group	Group	Trust
		2020	2019	2020	2019
	Notes	£	£	£	£
Fixed assets
Tangible assets	10	65,014	65,458	65,000	65,000
Investment	11	779,458	620,000	159,458	1
properties
		844,472	685,458	224,458	65,001
Current assets
Debtors	12	15,704	17,089	119,805	150,080
Cash atbankand in hand		288,690	446,394	234,382	426,209
		304,394	463,483	354,187	576,289
Creditors: amounts	13	(20,864)	(19;735)	(3,278)	(4,204)
falling due within
one year
Net currentassets		283,530	443,748	350,909	572,085
Total assets less current liabilities		1,128,002	1,129,206	575,367	637,086
Income funds
Restricted funds	14	101,677	125,652	101,677	155,869
Unrestricted funds	15	1,026,325	1,003,554	473,690	481,217
		1,128,002	1,129,206	575,367	637,086

The company is entitled to the exemption from the audit requirement in section 477 of the Companies Act 2006 for the year ended 31 December 2020. No member has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

The Trustees acknowledge their responsibility for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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The financial statements were approved by the Trustees on AG\S\202.)
Mrs [Sue‘Howard] Xoo
Trustee
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Company Registration No. 03501364

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

• 1 Accounting policies

Charity information

Lyme Regis Development Trust is a charitable Trust company incorporated in England and Wales. The registered office is St Michael's Business Centre, Church Street, Lyme Regis, Dorset, DT7 3DB.

• 1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust'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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

.

1.2. Going concern At the time of approving the financial statements, the Trustees have a reasonabie expectation that the Trust 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 incoming resources

Income is recognised when the Trust 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 recelved.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. we

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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’ LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.55 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to treat expenditure, 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 accounted of on an accruals basis and has been classified under headings that aggregate all cost to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

“Charitable expenditure" comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.

Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees, Companies House annual charge and the bank charges.

Expenditure includes VAT as the charity is not VAT registered. The subsidiary company, LRDT Property Management Ltd is VAT registered and therefore expenditure by this company excludes VAT.

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 Nil Plant and equipment 33 % straight line Office equipment 33% straight line Computers 25% on cost

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 net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially . recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.8 Impairment of fixed assets At each reporting end date, the Trust 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).

1.9 Cash and cash equivalents

• Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.10 Financial instruments

The Trust 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 Trust's balance sheet when the Trust 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.

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.

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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 methed.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.

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' LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 Donations and legacies

2	Donations and legacies
						.
			Unrestricted	Restricted	Total		Total
			funds	funds
			2020	2020	2020		2019
			£	£	£		£
	Donations and gifts		12,005	13,408	25,413		10,472
	Fortheyearended 31 December2019		454	10,018			10,472
	Donations and gifts
	Other		-	158	158		417
	Co-operative / Lyme Bay Holidays		-	3,500	3,500		113
	Seasalt/Rotary Club		-	250	250		500
	Alexandra Hotei /Jason VanderSyde		-	2,500	2,500		2,000
	LRAFCYouth Football Club	/LR Regatta & Carnival	-	500	500		160
	LRDT Property Management Ltd		12,000	6,000	18,000		6,394
	Montagu Masonic Lodge / Palmers Brewery		-	500	500		300
	Mountain Warehouse /Amazon		5	-	5		313
	Charmouth Parish Council		-	-	-		75
	Uplyme Community Sponsorship		-	-	-		200
			12,005	13,408	25,413		10,472
3	Othertrading activities
			Unrestricted	Restricted	Total		Total
			funds	funds
			2020	2020	2020		2019
			£	£	£		£
	Fundraisingevents		3,295	1,183	4,478		8,774

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

4	Charitable activities
		Core Fossil Festival		The Hub	Youth Club	Farmers	Radio Station,	Total	Total
						Market	Workshop &	2020	2019
							Community
							Cafe
		£	£	£	£	£	£	£	£
	Contributions / ticket sales	-	-	-	111	-	933	1,044	725
	Services provided	-	-	-	-	25	-	25	-
	Grant income	7,230	4,717	9,906	4,438	-	7,500	33,791	82,464
	Rental income	120	1,200	4,974	-	50	-	6,344	22,932
		7,350	5,917	14,880	4,549	75	8,433	41,204	106,121
	Analysis byfund
	Unrestricted funds	7,350	-	-	-	-	-	7,350
	Restricted funds	-	5,917	14,880	4,549	75	8,433	33,854
		7,350	5,917	14,880	4,549	75	8,433	41,204
	Forthe yearended 31 December2019
	Unrestricted funds	1,649	-	-	-	-	-		1,649
	Restricted funds	16,664	26,260	54,928	5,163		18,121		104,472
		17,999	26,260	54,928	5,163	-	18,121		106,121

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Charitable activities

(Continued)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Core|Fossil|Festival|The Hub|= Youth|Club|Farmers|Radio|Station,|Total|Total| |Market|Workshop|&|2020|2019| |Community| |Cafe| |£|£|£|£|£|£|£|£| |Performance|related|grants| |National|Lottery & HMRC JRS|-|1,717|1,072|-|-|-|2,789|8,819| |Dorset|Council|7,230|-|1,334|4,438|-|7,500|20,502|32,406| |Rotary|Club|-|-|-|-|-|-|-|200| |Lyme|Regis Town|Council|-|-|7,500|-|-|-|7,500|15,999| |Palaeontological|Asociation|-|3,000|-|-|-|-|3,000|3,000| |National|Heritage|-|-|-|-|-|-|-|9,800| |The|Valentine|Trust|-|-|-|-|-|-|5,000| |Community|Planning|-|-|-|-|-|-|-|750| |Tesco &|Co-operative|-|-|-|-|-|-|-|2,052| |Jane|Nicklien|-|-|-|-|-|-|-|4,438| |7,230|4,717|9,906|4,438|-|7,500|33,791|82,464|

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Investments

	Unrestricted	Total
	funds
	2020	2019
	£	£
Subsidiary rental income	80,077	74,558
Interest receivable	2,441	4,760
	82,518	79,318

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

	Core	Fossil Festival	The Hub Youth Club	The Hub Youth Club	Farmers Market	Radio Station,	Total 2020	Total 2019
						Workshop &
						Community
						Cafe
	2020	2020	2020	2020	2020	2020
	£	£	£	£	£	£	£	£
Direct costs	374	5,798	653	-	310	12,101	19,236	12,330
Employmentcosts	20,626	10,923	15,558	1,222	-	500	48,829	49,480
External services	6,665	-	163	-	-	599	7,427	6,680
Cleaning & sanitation	-	-	4,570	-	-	-	4,570	5,511
Repairs & maintenance	3,234	248	3,509	-	-	7,806	14,797	25,117
Office Expenses	1,673	958	5,679	644	815	114	9,883	26,874
Advertising & promotion	20	-	129	-	-	121	270	544
	32,592	17,927	30,261	1,866	1,125	21,241	105,012	126,536
	32,592	17,927	30,261	1,866	1,125	21,241	105,012	126,536
Analysis byfund
Unrestricted funds	32,592	-	-	-	-	-	32,592	36,164
Restricted funds	-	17,927	30,261	1,866	1,125	21,241	72,420	90,372
	32,592	17,927	30,261	1,866	1,125	21,241	105,012	126,536
Forthe yearended 31 December2019
Unrestricted funds	36,164	-	-	-	-	-		36,164
Restrictedfunds	-	28,076	50,918	7,910	-	3,468		90,372

-17-

8

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’ LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Trustees

During the year to 31 December 2020 one Trustee, Dorothy Wood was paid £1,545 for Workshop direct project costs.

There were no trustees’ expenses paid during the year ended 31 December 2020.

8 Employees

Number of employees

The average monthly number of employees during the year (mostly part time) was:

2020	2019
Number	Number
4	4

9 Net gains/(losses) on investments

			Total	Unrestricted
				funds
			2020	2019
			£	£
Revaluation ofinvestment properties			-	58,299
Tangible fixed assets
	Freehold land	Plantand	Computers	Total
	and buildings	equipment
	£	£	£	£
Cost
At 1 January 2020	65,000	2,229	20,315	87,544
At 31 December 2020	65,000	2,229	20,315	87,544
Depreciation and impairment
At 1 January 2020	-	1,771	20,315	22,086
Depreciation charged in the year	-	444	-	444
At 31 December 2020	-	2,215	20,315	22,530
Carrying amount
At31 December 2020	65,000	14	-	65,014
At31December2019	65,000	-	-	65,458

10 Tangible fixed assets

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.

LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11. ‘Investment property

‘Investment property
	2020
	£
Fairvalue
At 1 January2020	620,000
Additions through external acquisition	159,458
At31December2020	779,458

Investment property relates to a 91.77% interest in the freehold of St Michaels Business Centre. The investment property was revalued in June 2019 by Findlay & Butler Chartered Surveyors, on an open market basis. No valuation of the property was carried out in 2020 and the Trustees feel the value of the property remains at the 2019 value.

12 Debtors

Debtors
	2020	2019
Amounts falling due within one year:	£	£
Trade debtors	12,974	14,297
Prepayments and accrued income	2,730	2,791
	15,704	17,088
Creditors: amounts falling due within one year
	2020	2019
	£	£
Other taxation and social security	3,056	1,717
Payments received on account	8,498	11,758
Trade creditors	2,306	2,497
Other creditors	3,623	-
Accruals and deferred income	3,381	3,763
	20,864	19,735

13 Creditors: amounts falling due within one year

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• LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Unrestricted Funds

The income funds of the charity include the following unrestricted and designated funds:

			Movement In funds	Movement In funds
		Balance at	Incoming	Resources	Transfers	Balance at
	1	January 2020	resources	expended		31 December
						2020
		£	£	£	£	£
CORE fund		(23,667)	25,091	(32,592)	243,785	212,617
LRDT Property Managment Ltd		483,469	80,077	(49,805)	-	513,741
Designated fund - 17/18 Church Street		167,194	-	-	-	167,194
Designated fund -Affordable Housing		376,558	-	-	(243,785)	132,773
		1,003,554	105,168	{82,397)	-	1,026,325

15 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
	Balance at 1 January2020	Incoming resources	Resources expended	Transfers	Balance at 31 December
					2020
	£	£	£	£	£
Fossil Festival	23,522	9,002	(17,927)	-	14,597
The Hub	78,997	20,920	(30,261)	-	69,656
YouthClub.	7,666	4,549	(1,866)	-	10,349
Atlantic Challenge	32	-	-	-	32
Defibrillator	594	-	-	-	594
Radio Station, Worksjop & Community
Cafe	14,841	13,199	(21,241)	-	6,799
Farmers Market	-	775	(1,125)	-	(350)
	125,652	48,445	(72,420)	-	101,677

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LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

16	Analysis of net assets	between funds
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2020	2020	2020	2019	2019	2019
		£	£	£	£	£	£
	Fund balances at 31
	December 2020 are
	represented by:
	Tangible assets	14	65,000	65,014	458	65,000	65,458
	Investment properties	779,458	-	779,458	620,000	-	620,000
	Current assets/
	{liabilities)	246,853	36,677	283,530	383,096	60,651	443,747
		1,026,325	101,677	1,128,002	1,003,554	125,651	91,129,205

17 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).

18 Subsidiaries

These financial statements are separate Trust financial statements for LRDT Property Management Ltd.

Separate company financial statements are required to be prepared by law. Consolidated financial statements for the Lyme Regis Development Trust are prepared and publicly available.

Details of the Trust subsidiaries at 31 December 2020 are as follows:

----- Start of picture text -----
Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
LRDT Property England Management Company Ordinary 100.00
Management Ltd
2020
. £
Turnover 80,102
Cost of sales -
Gross profit 80,102
Adminstrative expenses 80,102
Net profit -
The aggregate of the assets, liabilities and fund was:
2020
£
Assets 684,460
Liabilities 528,498
----- End of picture text -----

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’ LYME REGIS DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Subsidiaries

(Continued)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Funds (one|ordinary|share|of £1|and|fair value|reserve|of £134,245|155,962| |&|non|distributable|reserves|of £21,716)|

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

19 ULTIMATE CONTROLLING PARTY

The charity is under the control of the trustees with no one party having ultimate control

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