Charlty reglslrallon number 1075743 Company rngistratlon number 03501364 (England and Wales) LYME REGIS DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LYME REGIS DEVELOPMENT TRUST CONTENTS Pago Trustees report Independent examlnefs report Statement of finandal acuvlues 10 Balanc8 sheet 11 Notes to ihe finandal statements 12-24
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees who are also dlrectors of the charity for the purposes of the Companies Act 2006, present their report with the financial ststements of the charity for the year ended 31 December 2023. The Trustees have adopted the provlsions of Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charltles preparfng thelr accounts In accordance with the Financial Reporung Standard applicable in th8 UK and R8public of Ireland {FRS 102) (effective 1 January 2015). REFERENCE AND ADMINSTRATIVE DETAILS Registered Company number 03501364 (England and Wales) Reglstered Charlty number 1075743 Reglstered office St Michaels Business Centre Church Street Lyme Regis Dorset DT7 3DB Trustees S J Howard Chair until January 2024 M Taylor Toby Gulduccl Neil Charleton Staff David Tucker CEO (part time) Kriam Feltham Operatlons Manager (part time) Cleo Cobb Marketing Manager (part time) Christie Street Adminstration (part tlme) Carole Packman Bookk88P8r (part time) Llsa Jones Cafe Manager (part time) Mary Ward Cafe Manager (part time) Independent examlner Lentells Ltd Kingsway 50 Fore Street Seaton Devon EX12 2AD The financial statements have been prepared In accordance with the accounting policles set out In nots 1 to the financial statements and comply with the Trusfs tgoveming document]. th8 Companies Act 2008 and 'Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charibes preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)" {effectlve 1 January 2019).
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities Our Vision To create a community where Lyme people have opwrtunities to improve theirs, and others economic. social. environmental and personal well-being. Our Mission Lyme Regis Development Trust (LRDT) is a community-based charity, working collaboratively with other local organisalions to improve the economic, social, environmental and personal well-being for all in Lyme Regis and its surrounding area,. Our Values We Care - The community and its people are at the heart of everything we do, We commit to do whatever it takes to help them thrive. We Create - Innovative, sustainable initiatives that support the communities needs are a driving for behind the trust. creating impactful, inclusive opportunities where people feel valued and involved. We Collaborate We believe in the power of community and know that together we are better. Seeking new ways to work and share with others, we ensure long lasting success for LRDT and its people. Public Benefit Through the operation of the HUB and the various projects contained therein thal are described more fully in this report, the trustees consider that the charity has complied fully with its duty in section 17 of the Charities Act 2011 to have due regard to public benefil guidance published by the Charity Commission. Achievemenls and Performance Lyme Regis Development Trust {LRDT) is a community-based charity. working collaboratively with other local organisations to improve the economic, social, environmental and personal well-being for all in Lyme Regis and its surrounding area. Our Charitable Objects state our Trust exists to -provide relief from poverty and disadvantage and to advance education for (Lyme Regis.) residents of all ages". Each year the Trustees review the Trust's perfomiance against these Charitable Objectives. This annual report highlights the wide range of opportunities and activities provided for the public. Introduction Lyme Regis Development Trust is an innovative and inclusive organisation situated in the heart Lyme Regis, a stone's throw from the beautiful beaches of the JurassiG Coast. Historically it has saved two notable buildings in the town; St Michael's Business Centre (previously St Michael's School). and the Hub (previously the boys Glub) from being either sold off or becoming derelict, the latter being re-purposed for commlsnity use. Our charity prides itself on its flexibility. We constantly adapt to address changing social needs striving to use our resources and extemal grant funding to address specific challenges as they arise. Our institutional philosophy is one of optimism: we focus on what we are able to deliver with existing resources, rather than focus on the things we can't. Our Trust is involved in a number of initiatives around our town. including our 'flagship project.. 'The Seaside Store,, a social supermarkel which helps people struggling financially by supplying affordable fresh and nutritious food. This and the other community-enhancing programmes run by our charity are summarised below.
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Overview 2023 has, like 2022 been a challenging year. We appreciate that we, and many other charities are operating in an environment unrecognisable from that of less than a decade ago. The uncertainties caused by the war in Ukraine, the pandemic and the weakened relationship with the EU alongside the contraction in local authority capacity has created a greater need for our services. Our charity is not immune from these pressures- for Lyme Regis Development Trust 2023 was characterised by spiralling costs (especially the costs of healing our 100 year old community building 'The HLtb'} shortages of skilled labour and a Continuing strain on our small staff and enthusiastic volunteer structure lo maintain and develop the daily operations of our charity. But we have made firm progress and learned from these adversities. Our board and management team are increasingly appreciating the need for a long term strategy lo ensure that Lyme Regis Development Trust adapts to the world as it now is. In simple terms we have adopted a policy of 'weeding, nurturing and planting, as we move towards a new financial equilibrium for our charity. There is a sad likelihood that many British charities will 'fail' in the next 5 years.. Lyme Regis Development Trust (LRDT) will not be one of them. Wise decisions made in the past strengthening reserves and current innovations will see us remain strong and relevant, delivering for those in need in our beautiful seaside community. Weedlng 2023 saw two significant developments within the operational structure of LRDT, with tNo functions ceased. Lyme Regls Fossil Festlval 2023 2023 SIL FESS As previously identified, 2023 saw only limited involvement in the delivery of Lyme Regis Fossil Festival. Previously run by LRDT as a significant financial cost, it was identified that a celebration of Lyme's wonderful palaeontology, whilst very popular with tourists, neither resonates with local people nor addresses our charitabl8 objectives. 2023 saw the delivery of Fossil Fest by Lyme Regis Museum, who have latterly rejuvenated the event, inviting a new generation of more divers&, younger scientists lo participate. Consequently, our charity was able to reduce ils expenditure whilst the event itself has found a new and more appropriate home. LRDT thanks Jon Doody, our final Fossil Fest Coordinator for his staunch and committed work. Lyme Bay Radio RADIO December 2023 saw our community radio station, Lyme Bay Radio established as a free-slanding Charitably Incorporated Company. with an ambitious business plan in place. The new CIC will physically femain within our building. and has been given a one-off payment by our charity to guarantee that it is able to deliver its ambitious business plan. Our charity has been identified as the new CIC'S asset lock. Chaired by volunteer Lisa Galvani, LRDT wishes Lyme Bay Radio CIC well for ils future development.
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Nurturing 2023 saw ¢rucial decisions made conceming the operation of our flagship operations, ensuring that they can and will be nurtured. Communlty Café Our charity is irnmensely proud of its community café which operates on Thursdays and Fridays from our Hub headquarters in our People's Lottery-funded kitchen and café. Run by two part time managers and a team of volunteers during 2023. we provided a wami and welcoming environment for local people and those who work in the town, filling a demand not mel by the town's many lourist-orienlated catering venues. Running at a loss, our trustees instwcted the café team to reduce the operational deficit, but in recognition of the significant social benefits delivered to local people decided to continue to support this popular initiative from reserves. GREAT COFFEE GREAT FOOD GREAT PRICES GREAT PEOPLE Welcome Café Operated entirely by volunteers, our Welcome Café operaled in 2023 at Lyme Regis Football Club. Once a month, our team of volunteers. led by Lynne Blackshaw and Caroline Powley provided tea, cakes, events, activities and friendship for older people in Lyme. those experiencing dementia and their carers. Originally funded entirely by the volunteers, our board has ensured that for 2023 a suitable budget was in place, enabling a wider range of activities for our guests, as well as meeting all olher costs. We acknowledge the support of an anonymous local benefactor in meeting the costs of hiring ihe football club - which is a much more accessible venue than The Hub. st
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Hub: our Prime Asset THE After a series of years of reslricted expenditure, our board and management team recognised that investment in and the improvement of our primary asset, The Hub, our 100 year old headquarters and communal building within the centre of Lyme is essential. A generous grant of £14,000 from the Abbeyfield Trust enabled significant improvements to be made to the Hub's much used sports hall. For the first time in living memory. the hall has been redecorated in LRDT'S vibrant colours, its sprung-floor restored, sanded and re-lined and improved blinds fitted to its windows. Improvements that have been greatly appreciated by the groups that hire the space. A significant brake on our ambitions to improve our premises with much needed repointing and improved security and safety systems remain thwarted by post Covid and post-EU skilled labour shortages. We gratefully acknowledge the ongoing support of Lyme Regis Town Council, who have continued to supply £10,000 towards the upkeep of the Hub during 2023. Community Ownership Fund (Department of Levelling) During late 2023, work commenced on seeking sources of capital funding to improve The Hub, recognising that although situated within a conservation zone, the Hub is neither listed nor in any way capable of controlling heating bills or delivering greener outcomes for the environment. The only significant funding source open to our charity is the Community Ownership Fund, and the end of 2023 saw LRDT invest significantly in obtaining the specialist information to submit a bid to the Community Ownership Fund. An application for in the region of £180,000 will be made to the Community Ownership Fund in Spring 2024. Note: al the time of drafting our submission has been suspended. as the grant's future will be decided by the July 2024 General Election and future government policy. The Seaside Store Often described as LRDT'S 'flagship operation, the volunteer led Seaside Store is Lyme's own social supermarket, providing free bread, fruit and vegetables alongside significantly discounted 'larder staples.. As a social Supermarket, we ask for no proof of hardship and in making small charges protect our customers, dignity. We very gratefully acknowledge funding obtained via Dorset Council to support the operation of the Seaside Store during 2023, as well as donations from individuals. Most importantly, we gratefully acknowledge the hard work of our volunteers inoperating the Seaside Store, and picking up for deliveries from charity 'Fareshare' in Dorchester. Although concerned about food miles, declining support from larger local retailers and continuing demands on volunteers. we strove to adapt and improve this essential service, to which queues continued to grow for as long as food insecurity became a greater issue for the people of Lyme Regis. Our trustees especially thank Lisa Charleton and Mary Ward for their endeavours. Growing Faced with an operalional deficit and wider economic crisis for those on lower incomes as well as the ongoing challenges to people's mental health and social isolation, we sought to grow new initiatives in what was not always a fertile environment. Such initiatives are dependenl on external funding for specific projects. Early 2023 saw LRDT strive to respond to heal insecurity with the creation of a 'warm space, initiative. From this grew our Wednesday older persons. Art Group, led by Carolyn Fielding continues to thrive. 2023 ended with a successful submission to the National Grid to support the 'Cosy Café. art initiative for delivery in early 2024.
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Supporting Lyme Groups As in the final months of 2022. 2023 saw a gradual increase in the range of activities operated by hiring groups within The Hub. Our physical activities continued to thrive with The Use It or Lose 11 exercise group for older people consistently filling the Hub Hall. whilst the U3A badminton group and new 2023 users, Lyme's burgeoning pickleball club made good use of our facilities. as did the toddler group and kick boxing club. as did B Sharp, Lyme's innovative musical enterprise for young people. We continued to be the discreel home of Lyme Regis AA. Youth Academy Our building was originally conslructed in the 1920s by the Boys Club of Great Britain and has been the home of Lyme's youth club and youth provision for much of the last 100 years. During 2023, we continued to operate Lyme Regis Youth Club. in the very competent hands of our qualified youth workers. The significant funding reductions at County level has created the situation where this service runs at a loss. In 2023, £2,000 was provided by our county's youth services. Discussions were carried out with Dorset Council about the extending of our services to supported targeted youth within our town but without external resources and extra capacity these discussions were not resolved. We will in 2024 enter into discussions with Lyme Regis Town Council conceming the maintenance of this service. Lyme Regis Development Trust Property Management Our charity operates a subsidiary company, Lyme Regis Property Management, from which the profits are covenanted to support the operation of our charity. Income sources are drawn from residential properties, a stsnd-alone business unit and the rental of spaces within St Michael's Business Centre. As in 2022, 2023 was a year of mixed fortunes. The spiralling inflation rate during 2022 and the first half of 2023 impacted heavily on some of our tenants, with late rent payments increasing. In contrast. the year ended with discussions with Lyme Regis Town Council about their relocation lo St Michael's Business Centre as their current seafront home faces unsurmountable challenges. The year also ended with Precision Setvices, a specialist recruitment service taking a yearlong tenancy with us.
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 FlnanGlal revlew The income of the Trust and its subsidlary company for the year amounted to £150,352 (2022: £171224). The Income for the year arlses from the grant funding of £30,871. donatlons of £8,390 fundraising activltles of £468, interest receivable of £3,113 and other Income of £107,510. Totsl expendllure for the year vrds £182,928 {2022, £201,001). The net outgoSng expendlture for the trust and Its subsidlary company for the year were (£32.576) (202." {£29.777) resources). The increase is due to a reduction In the grants received throughout the year. The cash balances for the Trust and its subsidiary company at the end of the year were £262.292 (2022: £305.773} of whh £32.682 belonged to the subsidiary company. LRDT Property Management Ltd. £227.215 to the general fund and £2,395 held for specific projects rnanaged by the Lym8 Regis Development TrusL Reserves As required by the Charities Commission the Trust seeks to expend as much as possible on the activities (xjnsistent with objectives, how8ver. it is necassary to maintaln reserves to ensur8 thé conttnued viabllity of the organisation. Wherever posslble unr8Stricted funds are °designated' lo particular projects. The general reserve is maintalned at a level whlch. taken together with anticipated income, will allow the Twst to meet ts general obligations as they fall due. to meet unforeseen co$ls and to take advantage of opportunities that may enhance achievement of i)ur objectives. The Trust minimises risk and maintans its financial stsbllity by careful budgeting. regular reporting and project management to ensure that at all tlmes there Is at least 12 months confimied income to cover core operating costs and sufficient fundlng to complete all committed proiects. Structure, governance, and management Governlng document thè charity is controll8d by Its govemlng documen( a deed of trust, and constitutes a Ilmlted company, Ilmited by guarantee. as defined by the Companles Act 2006. Anyone interested In helping attain the Trust's objectives may become a member on payment of £1. The Future 2023 has seen our charity make progress in the most dlfficult of circumstances. Our community café. Seaside Store and Welcome Café continue to dellver all be it at a loss or with external funds. Similarfy, our youth dub continues to deliver a valuable (and valued) service for some of Lyme's more vulnerable younger people. 2023, like 2022. has seen LRDT run at a significant loss which has been supported (and will need to be supported into the future) through the use of reserves. However. the withdrawal from Fossil Festival means that aSthough the deficti remains at an unsustainable level, rnuch of the expense has been committed to maintenance and supporting innovative developments such as the complex and costly funding application to the Community Ownership Fund. Once current capital commitments are resolved. coupled with a more stable position for our subsidiary Propety Management company with the relocation of Lyme Regis Town Council to our business centre we have every expectation that our annual defic51 I11 redu. allowrfng us lo contlnue to face the future with optimisrn.
LYME REGIS DEVELOPMENT TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure• governance and management Governlng document The charity Is controlled by Its goveming documen( a deed of trust, and corv3titutes a Ilmlted company. Ilmited by guarantae, as defined by the Companies Act 2006. Anyone Interested In helping attain the Trusfs objectives can be(x)rne a member on payment of £1. Recrullm8nt and appolntm•nt of new trustees The mlnlmurn number of trust88s Is three. wlth no maxlmum. Throughout 2023 the Trust had at18ast four trustees; new trustees wlth marketing or legal expertise would b8 W81come. Two trustees usually stand down at each Annual General Meetlng but may be reappolnted by the membership. The trustees may declde to appolnt one of thelr number to be the trusfs chaimian to preslde over thelr meetlng8. The maxSmum term for a chalrman Is four years, whlch may be extsnded once for a further four years. Inductlon and tralnlng of new trustoes New trustees undergo an odentatlon to brlaf them on thelr legal obligations under charfty and company law, the ntent of the Memorandum and Artlcles of Assoclatlon, the commlttee and declsion making proc888es, the buslness plan and recent financlal perf0mnCe of the charity. Durlng the Induction thay meet the employaes arKI oiher trustees. The trustees are encouraged to attend approprlate extamal tralning events where these wlll facllltate the undertaklng of thelr role. Organlsatlonal structurn The day to day runnlng of the Trust Is delegated to the chief executlve officer, other staff and a 9mall number of ntractors; the equlvalent of 3 full tlme 8tsff. In addition to these paid staff hours. volunteers Contrlbute on regular basis. Lym8 Regls Oevelopment Trust has tha followlng 8ubsldlary company: LRDT Property Management Llmlted - 100% shareholdlng. These Ilnanclal stataments Includ8 the consolldat8d results for the group. Rlsk managemont The trustees have conducted a ravlew of tho major risks fadng the Tnjst and methods of mitigatlng the major rlsks have been. or are being, implemented. Internal risks are minlmised by the Implemantation of proceduras for authorfsatjon of transactlons and those rlsks that are unable to b8 mltlgated are frequently revlewed. The major rlsks faclng the Trust are revlewed annually. The Trustees port was approved by the Board of Trustees. Mr8 Sue Trustee I 8 IOL4-
LYME REGIS DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYME REGIS DEVELOPMENT TRUST I report to the Trustees on my examlnatlon of the financial statements of Lyme Regis Development Trust for th8 y8ar ended 31 December 2023. Responslbllltles and basls of report As the Trustees of the Trust (and also its dirorS for the purposes of company law) you a responsible for the preparatton of the financial statements in accordance with the requirements of the Companies Act 2006 (Ihe 2006 Having satisfied myself that the financlal statements of the Trust are not required to b8 audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Trust's finanaal statements rrIed out under sectlon 145 of the Charltles Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlnerfs statement I have cornpl8ted my examination. l confinn that no matters have come to my attention in connection with the examination glvlng me cause to believe that in any materlal respect: accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply wlth the accountlng requSrements of sedon 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 eXannation. or the financial statsments have not been prepared in accordance with the methods and princieS of Ihe Statement of Recommended Practice for accounting and reporting by charities applicabl8 to chariti8S preparing their accounts In accordance with ihe Financial Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102>. I have no concems and have come across no other rnatters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Lentells Llmlted 50 Fore Slreet Seaton Devon EX12 2AD
LYME REGIS DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Total 2023 2022 Notes Income from. Donations and legacies Charitsble aGlivlties Other trading activiiies Investments 1.082 16,621 7,328 44,280 8,390 60,881 468 80.613 8.303 75,067 1.502 86,352 80,613 Totsl Income 98,296 52,056 150.352 171.224 ndlture on: Charitable activilies 42.073 84.953 127,026 141,133 Other 55,904 55,904 59.868 Total r•source$ exnded 97,977 84.953 182,930 201,001 Net Incomlngl(outgoing) resources before transfers 319 {32,897) (32,578} {29,777) Gross transfers between funds (9.878) 9,878 Net expendiiuro for tha yearl Net movement In funds (9,559) (23,019) (32,578) (29,777) Fund balances at 1 January 2023 1,043.720 99.878 1.143.598 1.173.374 Fund balances at 31 December 2023 1,034,161 76,859 1,111,020 1.143,597 The statement of financial activlties Includes all gains and losses recognlsed In the year. The statement of financial activities includes all gains and losses recognised in the year. All incorne 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. 10-
LYME REGIS DEVELOPMENT TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 Group 2023 Trust 2023 2022 Notes Fixed assets Tangible assets Investrnent properties 10 11 68,712 779.458 67.626 779.458 68,712 159,458 67,626 159,458 848.170 847.084 228.170 227.084 Current assets Debtors Cash at bank and in harKI 12 16.519 262,292 11.315 305,773 143.589 229.610 177.637 256.300 278,811 317,088 373.199 433,937 Credltors: amounts falllng due wlthln one year 13 (15.961) (20,574) (4.469) (9,543) Net current assets 262.850 296,514 368,730 424,394 T¢)tal assets less current Ilabllitlos 1.111.020 1.143.598 596.91)0 651,478 Income funds Restrlthl funds Unrestricted funds 15 76.859 16 1.034,161 99.878 1,043,720 66,981 529,919 99,878 551.600 1,111,020 1,143,598 596,900 651.478 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 2023. No member has deposited a rtice, pursuant to section 476, requirirg an audlt of these financial statements. The Trustees acknowledge their responsibilty for ensuring that the charity keeps accounting records which comply th sectlon 386 of the Act and for prepaiing finanaal statements Mthich glve 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 arKI application of resources. Including its incorne and expenditure. for the financial year in ac<¥)rdance with the requirements of sectrons 394 and 395 and which othepNise comply wlth the Tequirements of the Conpanles Act 2(X)6 relating to financlal statements. so far as applicable to the company. These financial statements have been prepared in accordance Imth the provisions to companies subject to the small companles reglme. Mrs Sue Trustee Company Reglstratlon No. 03501364 11
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Charlty Inforniatlon Lyme Regis Development Trust Is a charitth Trust company incorporated In England and Wales. The registered office is St Michael's Business Centre. Church Streel. Lyme Regis, Dorset, DT7 3DB. 1.1 A¢¢ounting conventlon The financial statements have been prepared in accordance wilh th8 Trusfs gernIng document. the Companies Act 2006 and °Accounting and Reportrng by Charities: Statement of Recomrnended Prdctice applicable to charities prepar tsir a(x(NJnts in accordance with the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 102)- (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefft Entity as defmed by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update BulletSn 1 not to prepare a Stalernent of Cash Fl(y4ts. The financlal statements are wepared in sierfing, which is the functional currency of the TrusL Monetary amounts in these finanoal ststements are rounded lo the nearest £. The finandal statements have been prepared under the historical o)st convention. [modified to include the revaluation of freehold properties and to indude irvrfestment properties and certain financial instruments at fair value]. The principal ac(x>unting policies adopted are set oul bel¢yw. 12 Going concern At the time of approving the financial statements. the Tnjstees have a reasonable expedation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of acco(mting in preparing ts finanaal statements. 1.3 Charltable funds Unrestricted funds are wtsilable for use at the discretion of the TNslees Mi furU)erance of their charitable objedives. Restricted funds are subject to speafic eon¢fitions by donors or grantors as to how they May be used. The purposes and uses of the restricted fvnds are set out in the notes to the financial staternents. Endowment funds are subjeca to speofic I•110n$ by dorKXS that the Capital must be maintained by the TrusL 1.4 Incomlng resources Income is recognised when Ihe Trust is legalty entitted to it after any perfomiance conditions have been mec the amounts can be measured reliably, and it is probable that inqx)m8 will be received. Cash donations are recognised on receipt Other donations are recognised m the Trust has been rtified of the donation. unless perft)nnance condilions require deferral of the am(NJnt. Incorne tax recoverable in relation to donations received under GiftAid w deeds of covenant is recognised at the time of the donation. Legaaes are r8cognlsed on receipt tx otsThvise rf the Trust has been rntified of an hnpending dlstribullon, the amount is known. and receipt is expected. If the nOUnt ts nol known, the legacy is treated as a contingent ass&L 12-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AcGounlJng pollcle8 (Contlnued) 1.5 Resources expended Expenditure is recognised once there Is a legal or construcllve obllgallon to transfer economlc benefit to a third party. It is probable that a transfer of economlc benefts will be requlred In settIement. and the amount of the obllgatlon can be measured rellably. ExpendEture Is classified by actlvity. The costs of each 8Ctlvlty are mad8 up of the total of dlrect costs artd shared costs, Indudlng support costs Involved In undertaklng each acllvlty. Olrect costs attrlbutable to a slngle activity are allocated direcuy to that activlty. Shared costs whlch contrtbute to more than one aclSvlty and support Costs whlch are not attributable to a slngle actlvSty are apportion8d b8bAieen thosé activ1ti8s on a basis consistent th the use of resourcas. Central staff costs ar• allocated on the basls of tlme spenl, and dapre¢latlon charges are allocated on the portlon of tha asset's use. LlabSllttes are recognised as expendlture as soon as there Is a legal or constructlve obllgatlon commltting the charlty to treat expenditure, it is probable that a transfer of economic benefits wlll be requlred In settlement and the amount of the obligation can be measured rellably. Expenditure Is accounted of on an accruals basis and has been classified under headlngs that 8ggregate all cost to the category. Where costs cannot be directly attributed to partlcular headings they have been allocated to actlvities on a basls conslstent wlth the U8e of resources. "Charltsble expendlture. comprlses thoge costs Incurred by the charlty In ddivery of its activlties and servlces for its beneficiarles. It Indudes both costs thal Gan be allocated dlrectly to such actlvltles and those Costs of an IndSrect nature to 8UPPOrt them. Govemance costs are those c08ts a8soclated wlth meetlng the con8tltutlonal and statutory requlrements of the charty and Indude the accountancy f888, Compan188 House annual charge arKI the bank charges. Expondllure Includes VAT as the charfty 18 noi VAT reglstered. The subsldlary company, LRDT Property Manag8ment Ltd Is VAT reglstered and therefor8 expendlture by th18 company exdudes VAT. 1.6 Tanglbla flxed asse1$ Tangible fixed assets are initlally mea8ured at Cost and subsequenlly measured at C08t or valuation, nel of depredatlon and any Smpalrment losses. Depreciation Is rerngnised so as to wrfte off the cost or valuatlon of assets less thelr resldual values over thelr useful Ilves on the following basas: Freehold land arKI bulldings Plant and equlpment Computern Nll 33 Yo Stralght Ilne 25% on cost Th8 galn or loss arislng on Ihe disposal of an asget 13 detemilned as the difference beiween the sale proceeds and the carrying value of the assat. and Is recognised in the statement of financial activitie8. 1.7 Investment propertles Inv8Stment property, which is prop8ty held to eam rentals andlor for capital appreciation, is initially recognlsed at cost, whlch includes the purchase cost and any directly attributable expenditure. Subsequently it Is m8asured at fair value at the reporting end date. Th8 surplus or deficit on revaluation is recognised in profit or loss. 1.8 Impairnient of fixed assets At each reporting end date. the Trust revlews Ihe TryIng amounts of its tanglble assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists. tho recoverable amount of the asset Is estlmated In order lo detemilne the extent of the Impalmient10&8 (If any). 13-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢hs (Continued) 1.9 Cash and cash equlvalents Cash and cash equivalents indude cash in hand. deposts held at call with banks, other short-tsmi liquld investrnents with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within boTThings in current liabilitses. 1.10 Flnanclal Instruments The Trust has elected to apply the provisions of Secfjon 11 'Basic Financral IrtruMents. and Section 12 'Oiher Flnancial InStrUts Issues, of FRS 102 10 all of its financial Instruments. Flnanclal Instruments ar8 recognised in th8 Trusts balance sheet vhwi the Trust beconM pty to the contraciual provlslons of Ihe instrumenL Financial assets and liabilities are offse( with the net armunts preserrted in the financial ststements, when there is a legally enforble right to set off ts recognised amounts and there Is an Intentlon to settle on a net basis or to realise the a%set and setue the liabilty simuttaneously. Baslc fin•ncial assets Basic financial assets. which indude debtors and cash and bank balances. are iniiially measured at transaction price indlIng transaction costs and ar8 subsequenty carried at amortised 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 discountad at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Baslc financlal Ilabllltles Basic financial liabilities. induding creditors and bank loans are initially recognised at transaclion price unless the arrangement constitutes a financing transaction. where the debt instwment is measured at the present value of the future payrnents discounted al a market rate of interest. Financial liabilities clas*fied as payable within one year are not arTh)rtised. Debt instruments are subsequently carried at amortised C usrng ts effective inlerest rate rnethod. Trade creditors are obligalions lo pay for goods or services that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classtfied as current liabilities if payment is due within one year or less. If noL they are presented as non-currenl liabilitses. Trade creditors are recognlsed Inltlally at transaction price and subsequenty measured at amortised cost using the effective interest method. Derecognltlon of financlal liabllities Financial liabilities are derecognised when the Tntsfs contradual obligatlons expire or are distharged or (xncelled. 14-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlon$ and legacl Unrnstrlcted Restrlctod funds funds Total 2023 2023 2023 2022 Donatlons and gffts 1.062 7,328 8,390 8,303 For the y•ar ended 31 December 2022 8.303 Donatlons and glfts Dorset Councll The Stonebarrow Trust Camlval Commlttee Alexandra Hotel l Julla Leah Wl Adyen NV DA & GL Tucker l LBS Intemaknl Wendy Oavies I C Streel Hall & Woodhouse J&S Calder l A Nelson HI Charties UK 3,000 500 500 3,000 500 500 1,440 1,174 932 230 189 175 250 1,000 3,000 200 1,440 2,458 1,174 932 130 100 189 175 250 200 7.328 8.390 8,303 Other tradlng actlvltles Re8trl¢t•d funds 2023 Fundralslng events 15-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable Ktlvlth8 The Hub & Youth Club & CCC, R•dlo Statlon, Fo8811 FtI1 S••sld• Starn ManapAUBO WoTk8hop & C•f• & TFOP Cornmunlty C•f• Total 2023 Total 2022 Conlrfbutlons I tlcket sales 11111 sales Grant Income Renlal Income 12,932 2,000 119 2.250 8,296 21.347 30,871 8.663 19,229 45,066 10,772 16,621 10,000 8.663 16,621 18,663 14,932 2.369 8,296 60,881 75,067 Analysis by fund Unrestrlcted funds Restrlcted funds 16,621 16,621 44,260 18,663 14.932 2.369 8,296 16.621 18.663 14,932 2.369 8.296 60.881 For the year ended 31 December 2022 Restrlcted funds 31.372 7,806 31,575 4,314 75,087 16-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activities (Contlnu•d) The Hub & Youth Club & Fos$ll FO$Val Seasldo Store CCC. Radlo Statlo Menopau6& Workshop & Caf& & TFOP Communlty Cafe Total 2023 Total 2022 PerfornianGe relatsd grants Abbeyfield Dorset Council National Grid Lyme Regis Town Coundl 13,596 13,596 6,250 3,025 10,000 2.000 2,250 2,000 15.120 500 10,000 9,889 5,000 3,000 600 1,000 3.025 10,000 16,621 10.000 2.000 2,250 30,871 45,066 17-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investments Unrestrlcted funds Total 2023 2022 Subsldiary rental income Interest receivable 77,500 3.113 85,520 832 80,613 86,352 Trustses During the year to 31 December 2023 Trustees, Sue Howard was paid £1.176 for Youth worker time and marketing and William Neil Charleton was pald £607 for travel for Seaslde Store and Communlty Cupboard. There were no truslees, expenses pald durlng the year ended 31 December 2023. Employees The average monthly number of employees during the year (mostly part time) was: 2023 Number 2022 Numbor There were no employees whose annual remuneration was more than £60,000. 18-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable aGtlvllles Corn Fossll Festlval The Hub Youth Club M•nopau$e Radlo, Communlty & Soasldo Cafe &Workshop & Cafa Store Together for Communlty Cupboard our Planet Cafe 2023 2023 Total 2023 Total 2022 2023 2023 2023 2023 2023 Depreclatlon and Impalrment DSrect cosis Employment costs External 8arvlcas Claanlng & 8anltatlon Repalrs & malntenan¢e Offlc8 Expenses Advertlslng & promotlon 876 37 33,945 3,978 1,497 636 1,104 966 1,363 14,671 6,042 3,751 12,287 5,842 1,842 12,859 70,377 10,599 5,251 12,938 10,160 3,000 876 26,469 85,976 9,935 3,206 2,204 10,738 1,729 7,599 4,670 15 1.123 952 504 1,012 13,712 1,725 771 60 1,656 100 3,000 414 409 1,836 455 42,073 4,756 44,922 12,707 2,988 16,563 3,017 127,026 141,133 42,073 4,756 44,922 12,707 2,988 16,563 3,017 127,026 141,133 Analy818 by fund Unrestrfcted funds Restrlcted funds 42.073 42,073 84,953 40,249 100,884 4,756 44,922 12,707 2,988 16,563 3,017 42,073 4,756 44,922 12,707 2,988 16,563 3,017 127,026 141,133 For the year ended 31 December 2022 Unrestricted funds Restricted funds 40,249 40,249 100,884 28,697 32,242 8,515 2,108 23.318 6,004 40,249 28,697 32,242 8,515 2.108 23,318 6,004 141,133 19-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Taxatlon The charlty Is exempt from tsxation on Its activities b8cause all Its Income is applied for charitable purposes. 10 Tanglble flxed assets Freehold land and bulldlngs Plant and Comwrto equlpment Cost At 1 January 2023 Additions 65.000 2,229 23,817 2,928 91,046 2,928 At 31 December 2023 65.000 2,229 26,745 93,974 Depreclatlon and Impalrnient At 1 January 2023 Depreciation charged in Ihe year 2,229 21,191 1.842 23,420 1.842 At 31 December 2023 2.229 23.033 25,262 Carrylng amount At 31 December 2023 65.000 3,712 68,712 At 31 December 2022 65.000 2,626 67.626 11 Debtors 2023 2022 Amounts falllng due wlthln one year: Trade debtors Prepayments and accrued Income 11,728 4,791 7,504 3,810 16,519 11,314 -20-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Inveslment property 2023 Falr value At 1 January 2023 31 December 2023 779.458 Investrnent propty relales lo a 91.77% interest in the freehold of St Michaels Buslness Centre. Investment propety was revalued in June 2019 by Findlay & Butler Chartered SuNeyors. on an open market basls. No valuation of the property was caThied out in 2023 and the Trustees feel the value of the property remains at the 2019 value. 13 Credltors: amounts falllng due wlthln one year 2023 2022 other taxation and social security Payments reiVed on account Trade creditors Other creditors Accruals and deferred income 3.310 3.005 2.313 2,590 4,743 2.702 4.669 3.726 4.090 5,387 15,961 20,574 14 Retirement benefft schemes The Trust operates a defined (x)ntribution pension scheme for all qualifying employees. Tha assets of the scheme are heId separately frorn those of the Trust in an Independenty admlnlstered fund. 15 Anatysls of net assets between funds Unrestrlcted Restrlcted fvnds 2023 Total 2023 2023 Fund balances at 31 Decomber 2023 are represented by: Tangible assets Investmenl properties Current assetsl(liabilities) 3.712 779.458 250,991 65,000 68,712 779.458 262,850 11,859 1.034.161 76.859 1,111,020 21
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Analysis of net assets betwe funds Icontinuod) Unrestrlcted funds 2022 Restrlcted funds 2022 Total 2022 Fund balances at 31 December 2022 arn r•presented by: Tangib18 assets Inveslrnent propertles Current assetsl(liabilities) 2.626 779.458 261,636 65.000 67.626 779.458 296,513 34,877 1.043.720 99.877 1.143.597 16 R•8tr1cted funds The restri¢ted funds of the charlty comprSs8 the UneXpded balances of donatlons and grants hekl on trust subject to specific conditl(Th by don¢xs as to how they may bo used. ov•m•nt In fund• 8•l•nc• at hxoffllng R••oUr$ TrJn•fgrn 31 Dec•mb•r 2023 Fossll Festtval The Hub Youth Club Atlantlc Challenge Defibrlllator Radlo Stallon Workshop Community Cafe Welcome Cafe Together for our Planet Costal Community Cupboard Seaslde Store 2.539 54.377 13,392 32 (4,756) (44,923) (5,560) 2,217 20,269 1.200 29,723 9,032 32 527 5,530 {738) 101 8.367 15,157 {399} (3.1951 (12,968) (1.422} <1.5661 (3,017) (7.147} 128 4,405 2,070 7,116 250 6,590 1.071 6.801 18,359 7.785 6,219 14.932 99,878 52,056 (84,953) 9,878 76,859 17 Related party transactlons There were no dlsclosable lated party transactions durlrvJ the year {2022 - none).
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Unrestrlcted Funds The Income funds of Iha charity include the fdlowing unrestricted and deslgnated funds: Movement In funds Incornlng Resources r•sourMs oxponded Balance al 1 January 2023 Transfvrs Balan at 31 December 2023 CORE fund LRDT Propety Managment Ltd Designated fijnd - 17118 Church Street Designated fund - Affordable Hous5ng 183,832 559,919 167,194 132,773 98.296 (97,975) (9,878) 174,275 559,919 167.194 132,773 1.043.718 98.296 (97.975) (9,878) 1,034,161 19 Subsldlartes These financial statements are separate Trust financlal statements for LRDT Propety Management Ltd. Separate cornpany financial statements ar8 required to b8 prepared by law. Consolidated financial statements for the Lyme Regls Development Trust are prepared and publicly available. Details of the Trust subsidiari8s at 31 D8C8rnb8r 2023 are as follows: Name of undertaklng Roglstered office Nature of buslness Class of % Held shares held Dlrect Indirect LRDT Property ManagementEngland Ltd Management Company Ordinary 100.00 2023 Rental Income Interest 77.499 Gross profit Admlnstrative expenses 78,484 78,484 Net profit The aggregate of the assets, liabilities and fund was: 2022 Assets Llabilltles 665,499 {509.537) Funds (one ordinary share of £1 and fair value reserve of £134,245 & non distributable reserrfes of £21.716) 155.962 -23-
LYME REGIS DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 ULTIMATE CONTROLUNG PARTY Th8 charlty13 under the control of Ihe Irustees wlth no ono party having uttimate conlrol -24-