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 wh￿h £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 I￿11 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 perf0m￿nCe 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 dir￿orS 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 eXan￿nation. or
the financial statsments have not been prepared in accordance with the methods and princi￿eS 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$ ex￿nded
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 r￿tice, 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 g￿ernIng 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 r￿tified
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 Ir￿truMents. and Section 12
'Oiher Flnancial InStrU￿ts 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 enfor￿ble 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 ind￿lIng 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 F￿tI￿1 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 re￿iVed 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 UneXp￿ded 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-