OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Registered Number: 4314538 , CharityNumber: 1090558

----- Start of picture text -----
olA \ ALOP/Mey,| _
2: La +
SD (ae |
= © Brandt
eS u =
S Nw Siu’
eae AF ll |
“n E aS
$4, oe
“Ages in We
----- End of picture text -----

LOOE DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

INDEX:

Page: - Contents: 1 - Legal and Administrative Information: 2 - Company Advisors; 3-4 - Governing Document and Objects; 5-9 - Report of the Trustees; 10 - Independent Examiner's Report: i ae2 - Statement of Financial Activities; 13 - Balance Sheet; 14-21 - Notes to the Financial Statements.

Oakleys - Accountants 91 Houndiscombe Road Plymouth PL4 6HB

LOOE DEVELOPMENT TRUST

Page41

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Name:

Looe Development Trust

Company Number: 4314538

Registered Charity Number: 1090558 Financial Period Beginning: 1st April 2020 Financial Period Ending: 31st March 2021

Charity’s Registered Office: Millpool Centre The Millpool West Looe Cornwall PL13 2AF

Trustees / Directors:

Mr. Stuart Ashby-Wright Appointed 19th October 2004 Mr. Malcolm Garrington Appointed 10th June 2006 Mr. Michael Macartney Appointed 17" April 2014 Mr. Justin Spreckley Appointed 18th November 2003 Mr. Armand Toms Appointed 5th May 2004 Mr. Colin Tregear Appointed 20th May 2009 Mrs. Kim Spencer Appointed 18th February 2020

Chairman:

Mr. Justin Spreckley Appointed Chairman 2nd February 2004

Secretary:

Mrs. Elaine Warne

Treasurer:

Mr. Colin Tregear

LOOE DEVELOPMENT TRUST

Page 2

COMPANY ADVISORS

Bankers: Barclays Bank PLC Liskeard Cornwall Lloyds Bank PLC Fore Street East Looe Cornwall

Solicitors:

Surveyors:

----- Start of picture text -----
|||| |---|---|---| |Coodes| |10|Windsor|Place| |Liskeard| |Cornwall| |Jefferys| |17|Dean|Street| |Liskeard| |Cornwall|

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

----- Start of picture text -----
|||||| |---|---|---|---|---| |Insurance|Brokers:|Trelawney|Insurance|Solutions| |Columbia|House| |Summer|Lane| |Pelynt| |Cornwall| |PL13|2LP|

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

----- Start of picture text -----
|||| |---|---|---| |Accountants:|Oakleys Accountants| |91|Houndiscombe|Road| |Plymouth| |Devon| |PL4|6HB|

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

Page 3 LOOEDEVELOPMENTTRUST GOVERNING DOCUMENTS AND OBJECTS

Governing Document

The Looe Development Trust was incorporated by the Registrar of Companies for England and Wales as a Private Limited Company on 31st October 2001. It is a Company Limited by Guarantee and not having a Share Capital. The Company is governed by its Memorandum and Articles of Association, and these are set out in accordance with the Companies Acts 1985 and 1989. The Memorandum of Association was signed and sealed on Sth July 2001, and the Articles of Association were signed and sealed on 19th October 2001.

Area of Benefit

The Charity is for the benefit of those living and / or working in the parish of Looe and contiguous parishes (hereinafter called “the Area of Benefit”)

Statement of Intention

The Charity will be non-party in politics, non-sectarian in religion and will not discriminate on the grounds of race, colour, nationality, ethnic or racial origin, sex, marital status, age, religion, political belief, or other opinion.

Activities of the Charity

The Charity may do anything lawful that may be necessary in order to promote its Objects including the use of the following powers:

Page 4

LOOE DEVELOPMENT TRUST

GOVERNING DOCUMENTS AND OBJECTS (CONTINUED

Use of Income and Property

The income of the Charity wnencesoever derived, shall be applied solely towards the promotion of the Objects of the Charity and no part shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to any member of the Charity, and no Trustee appointed to any office of the Charity shall be paid by salary or fees, or receive any remuneration or other benefit in money or money's worth from the Charity, PROVIDED THAT nothing in this document shall prevent reasonable and proper payments made in good faith.

Page DEVELOPMENT LOOE TRUST 5 REPORT OF THE TRUSTEES

The Trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the financial statements for the year ended on 31st March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice SORP (FRS 102) (effective 1 January 2019), “Accounting and Reporting by Charities”, in accordance with the Charities Act 2011 and the elements of the 2016 Act introduced in Autumn 2016, in preparing the annual report and financial statements of the charity.

The charity was incorporated on 31st October 2001, and the relevant Memorandum and Articles of Association of the charity are set out on pages 3 and 4 of the report.

Review of activities and future developments

The Financial Statements for the year ended 31st March 2021, which comprise the Statement of Financial Activities, Balance Sheet and related notes, are set out on pages 11 to 21. A summary of the financial results and the work of the charity are set out below.

Trust publications (Supporting Object 2 of the Trust as detailed above)

The Trust publishes “Looe Community News”. During COVID-19 pandemic the publication has only been available online. This bi-monthly magazine publication covers the parishes of Looe, Pelynt and Duloe normally as a 32-page publication, containing Looe Town Council News. It also carries advertisements, which enables the magazine to be largely self-financing. The design, production and accounting staff are continuing to take the publication forward. The publication continues to be well received, with the deadline for copy being 2 weeks prior to the beginning of the publication months.

Nelson The Seal.

A booklet (ISBN 978-0-9559645-1-0) and brochure on sea life and the life-sized bronze sculpture of Nelson the one-eyed Grey Seal erected by the Trust, which was unveiled by Sir Robin KnoxJohnston MBE on 28 May 2008, was published by the Trust in 2009 and is sold as an income generator, although sales this trading year have been minimal. The Looe Harbour Commissioners care for and are still to provide the sculpture’s lighting, as previously undertaken.

HMS Looe Booklet.

A booklet (ISBN 987-0-9559645-0-3) and leaflet on the history of the eight HMS Looe warships from 1696 to 1943 are published by the Trust on behalf of The HMS Looe Foundation in 2008. The books are on sale in Looe but now raise limited funds for the Trust.

Trust Activities

Looe Development Trust has undertaken the following projects in the last year in support of its objectives in facilitation, fund holding and provision for:

LOOEDEVELOPMENTTRUST REPORT OF THE TRUSTEES (CONTINUED)

Page6

Millpool Centre (Supporting Objects 1 & 3 of the Trust as detailed above)

The Centre is a quality community space for all age groups of the community and has been open since 10 June 2013. Cornwall Council Youth Services Stopped its outreach budget in March 2014: as such the Trust was providing the use of the Centre from its own funds. The Trust negotiated the continuation and re-opening of a Youth Group in spring 2020, as the Looe Youth Club, through the Rusty Bucket (Christian) charity, in a mew designated youth club space. Unfortunately these plans were put on hold due to the COVID-19 pandemic, although it has now opened.

The Centre has had a challenging and limited seventh year of operation, due to the COVID-19 pandemic. The Trust volunteered the Centre for the COVID-19 vaccination programme for Old Bridge Surgery in Looe, and it has been used extensively, with basic running costs only being met when used. The challenge remains to make the Centre self-sustaining whilst delivering its core benefits to the community. It continued to secure a good range of local clubs and activities, once it could re-open in the autumn, but this had to close during the further lockdowns. The Manager was furloughed during the period of this report. The business has changed with IT services and delivery largely no longer required, although a computer learning club remains. The Centre is now known as a venue to hold local events, including by Cornwall Council and the local education and health authorities. The Centre was made available for the Town Council and other organisations to help deal with the pandemic, Financial modelling of the impact of the pandemic on the future of the Centre and the Trust has been undertaken, and the Trust can afford to operate the Centre at a higher loss from reserves for financial years 2020 and21, Some user groups returned in June 2022 when schools were permitted to return: a full programme along with events started in September 2021. Casual space for office use is £12 per hour.

The Looe Christmas Festive Lights (Supporting Object 3 of the Trust as detailed above)

The Trust continued as the fund holder for this, held during the December and January festive season. The Festive lights are a well-established event supported by many local organisations and adds to the ambiance and enjoyment of Looe by both locals and visitors alike. Whilst the festivities have been scaled back during the pandemic, the lights continue to be improved year on year.

The Skateboard Park at Looe (Planning) (Supporting Object 3 of the Trust as detailed above)

At the request of the defunct Looe Youth Action Group, Looe Development Trust had undertaken, where possible, to establish a skateboard park in Looe for the youth of the local area. In cooperation with Looe Town Council, the site on church land at St Martin's Church has been provisionally agreed by the Glebe. Following the successful noise survey, a full planning application was being submitted through and paid for by Looe Town Council in 2018. However, that application was withdrawn due to restrictions on use of the land. An alternative site is now being sought with the appointment of a new Trustee to lead the project. The project fund was £9858.60 which was made up of the money originally raised by the Youth Action Group and donations from East Looe Town Trust and the Town Council, together with collections and interest accrued. The West Looe Town Trust has pledged a further £2,000.

LOOE DEVELOPMENT TRUST REPORT OF THE TRUSTEES (CONTINUED)

Page 7

Enterprise House (Supporting Object 1 of the Trust as detailed above)

The Looe Enterprise Centre was based at Enterprise House, Higher Market Street, East Looe until May 2013. Enterprise House is owned by the Trust. The tenants since July 2019 are a dog grooming parlour. It should be noted that the Trust is in dispute with the Freeholder’s management agents; who were appointed in contravention of our lease; without ‘consultation’. They are further demanding maintenance payments for the flats for which the 999-year commercial lease has no liability (only for the arcade), Rental holidays were given during periods of compulsory closure during the pandemic to the Trust's tenants. They have since re-opening in the 2021 financial year been repaying the outstanding amount at 150% a month.

Looe Coastal Communities Team (Supporting Object 1, 2, 3 & 4 of the Trust as detailed above) The Trust has joined in partnership with Looe Town Council, Looe Harbour Commissioners, Looe Community Forum, East Looe Town Trust, West Looe Town Trust, SECTA and Cornwall Council and formed the Looe Coastal Community Team to attract funding. Following the initial successful funding, the team continue to bid for funds and look for opportunities for the benefit of Looe.

Looe Valley Trails Studies (Supporting Object 1, 2, 3 & 4 of the Trust as detailed above)

The Trust is leading the development of local cycle tails, to link into the national network, to create economic development and prosperity. Cornwall Council has now appointed feasibility contractors to further the cycle trails. The Trust has actively been advising and engaging with the contractors and maintains an overarching steering Group with key stakeholders.

Moor To Sea. This is a heritage project that has emerged from the trails’ studies to document and engage with the local community to publicise the heritage of the East Looe valley; with an aim to establish a community group to further the cycle trails. This project was due to start in April 2020, but due to the pandemic some funding was not confirmed, along with the lack of ability to engage with the public has meant a redesign of the project and re-submission of new and revised funding bids, which were confirmed as successful in late August 2020. After tender selection the project began in autumn 2020, but had to be formerly suspended in January 2021, due to the two major national COVID-19 lockdowns, preventing public engagement. Funders have met the minor expenditure within the financial year. The project funders have reconfirmed their commitment and it is to restart in October 2021 with an end date of December 2023. A new administrator is being recruited.

Looe Corona Virus Support. The Trust has been actively involved in the establishment of, and as a fund-holder for, a COVID-19 emergency Community Hardship fund. Activities include Looe Community Meals, a collaboration with restaurants to provide and deliver at least one substantial meal per week to those in genuine hardship. There is also a Community Cupboard, where items are donated and purchased for those in genuine need to come to in extremis. Funds have also been raised for a Secret Santa Fund providing gifts to local children at Christmas.

Other Activities. The Trust through participation of its Trustees continues to be involved in a variety of activities, programmes and funding streams to the benefit of the area including the Looe Community Forum:

LOOE DEVELOPMENT TRUST

Page 8

REPORT OF THE TRUSTEES (CONTINUED)

Trustees continue to provide much needed assistance and considerable volunteer time through membership of the partnership boards of the leader program (South and East Cornwall LAG) and Community Led Local Development (CLLD). Both EU Funding programmes and others such as the coastal communities program. These programmes bring much needed EU and UK investment, (several million pounds over 4-years) into the SE Cornwall area to help the regeneration of the local economy.

In addition to these activities the Trust has been involved over the year with the Town Council and Cornwall Council, in the development of the Neighbourhood Plan. trust has been actively involved in the establishment of, and as a fund-holder for, a COVID-19 emergency community chest fund, the (COVID) meals on wheels service and the community cupboard (of essential supplies for those in hardship). The Trust has also provided help and assistance to many local organisations with help in finding funding for young people and various projects.

FUTURE DEVELOPENTS AND COMMITMENTS

Other projects have been considered by Looe Development Trust during this reporting period; some have not gained support; others have been given assistance and for others their feasibility was to be further investigated. The Trust's principal monetary concern is that of the commercial sustainability development of the Millpool Centre, and the longer term letting of Enterprise House to provide Trust income.

During the reporting year the now established Millpool Manager has retained volunteer staff who have made considerable efforts to make the Millpool Centre attractive to users within the community. New advertising drives and courses of instruction to meet the community’s needs were undertaken. Itis to the Manager's and volunteers’ credit that the Centre continues to provide support to meeting the objectives of the Trust. The Government Furlough Scheme has been a great benefit to the Trust meeting most of the Manager's salary during the pandemic, along with other grants to help meet the running costs of the Millpool Centre. The Millpool Centre is an accessible and bespoke design located next to the town library and new Town Council offices. It offers great opportunity to engage and meet the needs of the wider population.

The Trustees and Officers have continually reviewed the Trust's immediate, medium and long-term sustainability and commitments. The COVID-19 pandemic has reduced the Trust's reserves, which are being regularly reviewed as pandemic restrictions are eased, although they may well be reintroduced, limiting the Millpool Centre to generate income and further reducing the Trust's reserves. The Trust has a (Chartered Accountant) volunteer bookkeeper and has moved its main accounts to online computer-based accounts in anticipation of Making Tax Digital.

Page 9

LOOE DEVELOPMENT

TRUST

REPORT OF THE TRUSTEES (CONTINUED)

STATEMENT OF BENEFIT

During this most trying and important year for the community, the Trust has not only continued to meet its commitments but has worked in collaboration with other local organisations to address poverty during the Corona Virus pandemic. At the time of wring this report those additional measures are still on going. During the reporting year the Trust received income from central or local government to deliver services as COVID business support grants. Minor local Town Council grants have been received in financial year 2020/21.

The Trust has a policy of not paying its volunteer staff, apart from legitimate expenses when incurred. The Trust has one employee, the Millpoo! Centre Manager. The Trust has an ongoing review of its operating procedures, business plan and financial controls.

Looe Development Trust continued to provide benefit, in accordance with its objectives, during the 2020/21 reporting year. The Trustees, its Officers, employees and volunteers have provided a substantial tangible improvement to the local community of Looe and its contiguous parishes, with the provision of continuing services to the wider community through the Milipoo! Centre. The Trust have plans and facilities in place to continue this into 2021/22 and beyond.

This report was approved by the Trustees on 10th December 2022.

Mr. J. Spreckley (Trustee)

Page 10

LOOE DEVELOPMENT TRUST

INDEPENDENT EXAMINER’S REPORT

We report on the accounts of the Charity for the year ended 31st March 2021, which are set out on pages 10 to 20.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed.

It is our responsibility to

Basis of independent examiner’s report

Our examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with our examination, no matter has come to our attention.

CoVuus Oakleys Accountants

----- Start of picture text -----
Date: Bid Vecombor 1
----- End of picture text -----

Page 11

LOOE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021

2021 2020
Unrestricted Restricted
Funds Funds Total Total
Notes £ £ £ £
INCOMING RESOURCES
Projects Forum Newsletter 4 50 - 50 3,074
Looe Youth Wednesday Project - - - 100
Looe Community Players - 170 170 2,058
Skate Park - 8 8 162
Millpoo! Centre Events 276 - 276 1,303
Looe Community Cupboard - 1,875 1,875 -
Looe Hardship Fund - 7,950 7,950 -
Secret Santa - 2,259 2,259 -
Tea Dance - 42 42 775
Moor to Sea - 45,470 45,470 2,000
WinterWarming Fund - 500 500 -
Rifle Club - - - 6,394
Max Evans - - - 1,836
Looe Community Meals - 14,852 14,852 -
Defibrillators - 2,619 2,619 760
Festivals Christmas Lights 5 - 2,000 2,000 2,006
Festivals - 1,433 1,433 8,885
Enterprise House 6 4,265 - 4,265 5,493
Millpool Centre 6 34,757 - 34,757 25,808
LDT Funds Donations received - - - 60
Membership fees - - - 14
Gift aid 639 - 639 -
Administration receipts 540 - 540 835
Bank interest received 57 - 57 435
Other income 735 - 735 130
Total incoming resources 41,319 79,178 120,497 62,128
Total resources expended (next page) (31,607) (19,049) (50,656) (94,502)
NET MOVEMENT IN FUNDS 9,712 60,129 69,841 (32,374)
Funds balance brought forward 81,595 29,249 110844 143,218
Transfers 40 (40) - -
Fundsbalancecarriedforward 91,347 89,338 180,685 110,844

Page 12

LOOE STATEMENT DEVELOPMENT TRUST FOR OF FINANCIAL ACTIVITIES (CONTINUED) SLESE,LEAR THE YEAR ENDEDENDED 31ST3151 MARCHMARCH 20212021

2021 2020
Unrestricted Restricted
Notes Funds
F		 Funds
£		 Total
£		 Total
£
RESOURCES EXPENDED
Projects
ForumNewsletter
4
LooeYouthWednesday Project
LooeCommunity Players
Riffle Club
MoortoSea
WinterWarming Fund
Millpool Centre Events
Looe Community Cupboard
Looe Hardship Fund
Secret Santa
Tea Dance
Societiesday
Max Evans
Looe Community Meals
Defibrillators		 10
-
-
-
-
-
196
-
-
-
-
-
-
-		 -
-
259
-
4,560
500
-
899
3,996
876
-
-
-
2,432
2,268		 10
:
259
-
4,560
500
196
899
3,996
876
-
-
-
2,432
2,268		 2,862
2,175
1,840
6,514
-
-
382
-
-
-
840
53
618
-
-
Festivals
Christmas Lights
5
Festivals
Looe Saves theDay
Looe Music Festival		 -
-
-
-		 1,826
1,433
-
-		 1,826
1,433
-
-		 2,666
11,170
31,916
48
Enterprise House
6
Millpoo! Centre
6		 76
30,991		 -
-		 76
30,991		 900
31,521
LDTFundsDonationsmade
7
GiftAid		 25
-		 -
-		 25
-		 25
639
31,298 19,049 50,347 94,169
Support costs
Administrative expenses
8		 46 - 46 20
Professional fees
9		 263 - 263 313
Totalresourcesexpended 31,607 19,049 50,656 94,502
LOOE DEVELOPMENT TRUST LOOE DEVELOPMENT TRUST LOOE DEVELOPMENT TRUST LOOE DEVELOPMENT TRUST LOOE DEVELOPMENT TRUST Page 13
BALANCE SHEET
ASAT AT31ST MARCH 2021
FIXED ASSETS: Notes £ 2021
¢£		 £
2020		 ¢€£
Tangible assets 10 665,000 665,000
CURRENTASSETS:
Stock
Debtorsandaccruedincome
Cash atbankand inhand		 11 463
1,020
149,539		 660
1,043
79,507
151,022 81,210
CREDITORS:
Amounts falling due
withinoneyear 12 (1,384) (1,413)
NETCURRENTASSETS 149,638 79,797
NET ASSETS 814,638 744,797
RESERVES:
Restricted incomefunds
Unrestricted income funds		 13 89,338 29,249
- Designated funds
- Generalfunds
Revaluation reserve		 13
13.		 43,915
47,432
waenneeee		 91,347
633,953		 35,840
45,755
--—--——
81,595
633,953
814,638 744,797

These accounts have been prepared in accordance with the Special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the financial year ended 31st March 2021 the company was entitled to exemption from audit under section 477 Companies Act 2006; and no notice has been deposited under section 476.

----- Start of picture text -----
The directors acknowledge their responsibilities for ensuring that the company keeps
accounting records which comply with section 386 and for preparing accounts 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 profit or loss 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 accounts, so far as applicable to the company,
igned on behalf of the Board of Trustees:
Mr. U saat be LLi- Date:7 ) , le - 2021
M. Gartington, Trustee Mr. J. Spreckley, Trustee
----- End of picture text -----

Page 14

  1. ACCOUNTING POLICIES

LOOE DEVELOPMENT TRUST SSNOTES TOHE THE FINANCIALEINANGIAL STATEMENTSSTATEMENTS

(a) Basis of Accounting:

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS 102) effective 1% January 2015 and the Financial Reporting Standard for Smaller Entities (effective January 2015). The company has availed itself of Paragraph 3(3) of schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the company’s activities.

(b) Legal Status of the Company:

The Trust is a company limited by guarantee and has no share capital. The members of the company pay an annual fee of £1. In the event of the company being wound up the liability in respect of the guarantee is limited to £1 per member.

(c) Fund accounting:

General funds are unrestricted funds that have been set aside by the trustees in furtherance of the general objectives of the charity, and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors, or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

(d) Incoming resources:

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity.being notified of an impending distribution, or the legacy being received.

Gifts in kind are accounted for at a reasonable estimate of their value to the charity and the amount actually realised.

Page 15

LOOE NOTES DEVELOPMENT TRUST TO THE FINANCIAL STATEMENTS (CONTINUED)

Expenditure has been classified under headings that aggregate all costs related 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 the resources.

Direct costs of generating funds are those incurred directly in carrying out the income generating activities of the charity, and do not include the costs of disseminating information in support of those the charitable activities. Support costs are incurred directly in Support of expenditure on the objects of the charity. Management and administration costs are those incurred in connection with administrationrequirements. of the charity and compliance with constitutional and statutory

(f) Taxation: The charity's activities are exempt from Value Added Tax. Irrecoverable VAT is not separately analysed and is charged against the category of resources expended for which it was incurred.

(h) Tangible fixed assets:

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold buildings Nil Fixtures, fittings and equipment 33.33% on cost Computer equipment 33.33% on cost

No depreciation is charged on the Enterprise House building, which is held on a 999 year lease. The trustees consider that both the annual depreciation charge and the accumulated depreciation are not material in view of the asset's very long useful life and have invoked the true and fair override provisions of the Companies Act accordingly.

The Millpool Centre is held on a 50 year lease from Looe Town Council from June 2013.

(i) | Donated assets:

These are capitalised at reasonable value on receipts and depreciated over their useful economic lives.

LOOE NOTES DEVELOPMENT TRUST TO THE FINANCIAL STATEMENTS (CONTINUED)

Page 16

(i) Investments: Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on re-valuations and disposals throughout the year.

(k) VAT: HMRC have agreed to zero rate the build costs of the Millpool Centre, as long as the building is used no more than 5% of the time for non charitable purposes. The potential liability reduces each year by 10% over 10 years. (Now Standing at 20%). A record of this usage is kept, to ensure the conditions are met.

  1. TRUSTEE’S EXPENSES:

Trustees received no remuneration during the year.

  1. RELATED PARTY TRANSACTIONS: There were no transactions undertaken by, or on behalf of, the charity in which a trustee, officer or connected person had a material interest.

  2. PROJECTS:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2021|2020| |Forum|Newsletter:|£|£| |Advertising|sales|50|3,074| |Printing|and|production|costs|-|(2,862)| |Admin|fee|(10)|-| |40|212| |FESTIVALS:| |2021|2020| |Christmas|lights:|-|£|£|£| |Looe Town|Council|1,500|1,500| |West Looe|Town|Trust|500|500| |Other| |-|6| |Lighting|2,000|2,006| |Cherry|equipment and|installation|1,176|2,016| |picker|300|300| |Administrative|expenses|50|50| |Insurance|300|300| |(1,826)|(2,666)| |174|(660)|

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

§. FESTIVALS:

Page 17

LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

----- Start of picture text -----
6. ENTERPRISE HOUSE:
2021 2020
£ £ £ £
Rental income 4,265 9,333
Other income - 160
4,265 5,493
Expenditure:
Utilities - 252
Accountancy 75 75
Property maintenance & premises costs 1 573
(76) (900)
4,189 4,593
MILLPOOL CENTRE:
2021 2020
Income £ 3 fe £
5,246 25,808
Covid grants 29,511 -
Expenditure:
Computer expenses 158 895
Cleaning 1,556 1,463
Accountancy fees 933 500
Professional fees - 240
Licences 953 369
Staff costs & volunteer expenses 18,352 17,888
Property maintenance & premises costs 7,034 7,781
Publicity and meetings 125 343
Administrative expenses 1,880 2,025
Depreciation - 17
(30,991) (31,521)
3,766 (5,713)
----- End of picture text -----

Page 18

LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. DONATIONSMADE: 2021 2020
£ £
Royal British Legion 25 25
8. ADMINISTRATIVE EXPENSES: 2021 2020
Website E
26		 F
-
Licences 20 20
46 20

9. INDEPENDENT EXAMINER’S REMUNERATION:

The accountant and independent examiner's remuneration was £825 (2020 £825) comprising £75 in Enterprise Centre costs, £500 in Millpool Centre costs and £250 included under professional fees.

LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

Page 19

10.

FIXED ASSETS: TANGIBLE ASSETS:

Leasehold Fixtures,fittings Computer
Property &equipment equipment Total
£ £ £
COST:
At 1st April 2020
Additions		 665,000
-		 59,866
-		 46,696
-		 771,562
-
Revaluations - - - -
Grants received - - - -
Disposals - - - -
At 31st March 2021 665,000 59,866 46,696 771,562
DEPRECIATION:
At 1st April 2020
Disposals		 -
-		 59,866
.		 46,696
-		 106,562
-
Charge forthe year - - - -
At 31st March 2021 - 59,866 46,696 106,562
NET BOOKVALUES:
At 31st March 2021 665,000 - - 665,000
At31stMarch2020 665,000 - - 665,000

The leasehold property at Enterprise House was purchased in January 2002 at a cost of £61,653 and refurbishment costs of a further £24,370 were incurred in converting the premises from an Indian Restaurant to computer offices. The term of the lease is 999 years from May 1999 and is currently let at £7,500 per annum.

The Millpool Centre was completed in 2013 and is held on a 50 year lease at £50 per annum from Looe Town Council.

11. DEBTORS: 2021 2020
£ £
Debtors 190 1,043
Gift aid 802 -
Prepayments 28 -
1,020 1,043

:

LOOE Page 20 NOTES DEVELOPMENT TRUST TO THE FINANCIAL STATEMENTS (CONTINUED)

12. CREDITORS:
Amounts fallingdue withinone year:
Trade creditors
Accruals		 2021
E
121
1,263		 2020
£
114
1,299
1,384 1,413

Se

Page 21

NOTES LOOE DEVELOPMENT TRUST AL TO THE FINANCIAL STATEMENTSSTATEMENTS (CONTINUED)CONTINUED

13. RECONCILIATIONOF
Restricted Funds		 OFMOVEMENTINFUNDS:
Opening
Incoming Resources
balance
resources expended
£
e
£		 OFMOVEMENTINFUNDS:
Opening
Incoming Resources
balance
resources expended
£
e
£		 Closing
Transfers
balance
£
£
Projects
LooeYouth Wed Project
1,002
Max Evans
1,318
SkatePark
8,850
LooeCommunityPlayers 2,035
Defibrillators
760
MoortoSea
2,000
CoastalTeam
226
Sue Norman
217
TeaDance
310
LooeCommunityCupboard”
-
LooeHardshipFund
-
Secret Santa
-
WinterWarmingFund
-
Looe
CommunityMeals
-
Festivals		 -
-
-
-
8
-
170
(259)
2,619
(2,268)
45,470
(4,560)
-
-
-
-
42
-
1,875
(899)
7,950
(3,996)
2,259
(876)
500
(500)
14,852
(2,432)		 (1,002)
-
-
1,318
1,002
9,860
-
1,946
-
1,111
-
42,910
-
226
-
217
(40)
312
-
976
-
3,954
-
1,383
-
-
-
12,420
Christmas Lights
Festivals		 4,531
8,000		 2,000
(1,826)
1,433
(1,433)		 -
4,705
-
8,000
29,249 79,178
(19,049)		 (40)
89,338
Designated Funds
Projects
Forumnewsletter
MillpoolCentreEvents
HMS Looe		 284
3,477
292		 50
(10)
-
324
276
(196)
(3,477)
80
-
- -
292
Enterprise House
Millpoo!
Centre		 4,053
95,919
(64,132)		 326
(206)
(3,477)
696
4,265
(76)
-
100,108
34,757
(30,991)
3,477
(56,889)
GeneralFund 35,840
45,755		 39,348
(31,273)
1,971
(334)		 -
43,915
40
47,432
81,595
41,319
(31,607)		 40
91,347
RestrictedFunds
DesignatedFunds		 29,249
79,178
(19,049)
81,595
41,319
(31,607)		 (40)
89,338
40
91,347
110,844
120.497
(50,656)		 -
180,685