Reglstered Number: 4314538 Charlty Number: 1090558 11 li 111 Jos iii tlie LOOE DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEX: Pa Contents: Legal and Administrative Information; Company Advisors; Goveming Document and Objects; Report of the Trustees; Report of the Treasurer 10 Independent Examiner's Report; 11 12 Statement of Financial Activities; 13 Balance Sheet. 14-20 Notes to the Financial Statements. Oakleys - Accountants 117 North Hill Plymouth PL4 8JY
Pa LOOE DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Charity Name: Looe Development Trust Company Number: 4314538 Reglstered Charlty Number: 1090558 Financial Perlod Beglnning: 1 st April 2023 Financial Perlod Ending: 31st March 2024 Charlty's Registered Office: Millpool Centre The Millpool West Looe Comwall PL13 2AF Trustees l Directors: Mr. Malcolm Garrington Appointed 1 Oth June 2006 Mr. Robert Lewis Appointed 1 st April 2023 Mr. Michael Macartney Appointed 17th April 2014 Mr. Justin Spreckley Appointed 18th November 2003 Mr. Amiand Toms Appointed 5th May 2004 Mr. Colin Tregear Appointed 20th May 2009 Mrs. Kim Spencer Appointed 18th February 2020 Chalnnan: Mr. Justin Spreckley Appointed Chairman 2nd February 2004 Secretsry: Mrs. Elaine Warne Treasurer: Mr. Robert Lewis Appointed 1 April 2023
LOOE DEVELOPMENT TRUST COMPANY ADVISORS Bankers: Barclays Bank PLC Lloyds Bank PLC Solicltors: Coodes 10 Windsor Place Llskeard Cornwall Surveyors: Tim Deakin 5 Hannafore Lane West Looe Cornwall PL132DT Insurance Brokers: Trelawney Insurance Solutions Gables Brentfields Polperro Cornwall PL13 2JJ Accountants: Oakleys Accountants 117 North Hill Plymouth PL4 8JY
Pa LOOE DEVELOPMENT TRUST GOVERNING DOCUMENTS AND OBJECTS Governing Document The Looe Development Trust was Incorporated by the Reglstrar 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 5th 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 l or working in the parish of Looe and contiguous parishes (hereinafter called "the Area of Benefit.) Objects of the Charlty 1 To advance education and leaming, including training in skills relevant to securing employment to relieve financial need: hardship, distress and sickness among those living within the Area of Benefit. 2 To preserve, protect and enhance in any way for the benefit of the public, amenities including the buildings or features of historic, architectural or natural interest within the Area of Benefit. 3 To provide facilities for public recreation or other leisure time occupation in the interests of social welfare, with the object of improving the conditions of life for those living or working in the Area of Benefit. 4 To advance any other charitsble purpose or purposes for the benefit of those living or working in the Area of Benefit. Statement of Intention The Charty 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, sexual orientation, marital ststus. age, religion, political belief, or other opinion. Activlties of the Charity The Charity may do anyth6ng lawful that may be necessary In order to promote its Objects induding the use of the following powers: Subject to any consent required by law, to raise funds and borrow monies, invite and receive contributions from anyone through donations or subscriptions, or the running of a lottery or in any other way. Subject to compliance with any statutory regulations, to undertake trading activities only in so far as the activities are exercised in the course of the actual carrying out of a primary Object of the Charity. Subject to any consents by law, To purchase take on lease or In exchange or hlre or otherwise acquire any land or property of any sort. To erect construct lay down enlarg8 alter maintaln Improve change and manage or contrlbute to or subsldlse the erectlon constructlon and maintenance of any land propety ways plant and machlnery.
Pa LOOE DEVELOPMENT TRUST GOVERNING DOCUMENTS AND OBJECTS CONTINUED To undertak8 any charitable trust or other charitable agency business, which may promote any or all of the Objectlves of the Charlty. To establlsh, co-operate wlth support, orjoln wlth other charltles, voluntary bodles and statutory authorities operating in furtherance of the Objects of similar charitsble purposes and to exchange advlce and information with them. To purchase or otheiSe acquire any of the property assets and liabilities of any of the charity's voluntary bodies or statutory authorities with which the Charity is authorised to join and perform any of their engagements. To transfer any of the Charity's propety, assets, liabilities and engagements to any of the charity's voluntary bodies or statutory authorities with which the Charty is authorised to join. To establish, promote. and otherwise assist any limited company or companies for the purpose of acquiring any property, or offurthering in any way the Objects of the Charity through trading, and to establish the same either as wholly owned subsidiaries of the Charity or jointly with other persons, companies and govemment departments or local authorities, and to finance the same if the Trustees see fit by way of secured loan or share subscription on commercial temis provided that the Charity shall seek professional advice before financing such companies. To provide educational training, advisory counselling, consultancy, administrative, professional and technological support services in furtherance of the Objects of the Charity. 10 To promote, encourage or undertake research and disseminate the results of such. 11 To produce, print, publish, supply, sell or deal in anything in written. oral or visual media. 12 To open and operate bank accounts and other banking facilities and to draw, make, accept, endorse, negotiate. discount and execute promissory notes, bills of exchange, cheques and other negotiable instruments. 13 Subject to the provisions of clauses 6 and 7 hereof, to employ and pay employees, offjcers, servants and professional or other advisers, and to make all reasonable and necessary provision for the payment of pensions and superannuation to or on behalf of employees, officers and servants and their wives, husbands and other dependants. 14 To pay out of the fvnds of the Charty, all the expenses, costs and charges of and incidentsl to the formation and registration of the Charity. Use of Income and Property The income of the Charity whencesoever 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 otheiSe 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 falth.
Pa LOOE DEVELOPMENT TRUST REPORT OF THE TRUSTEES CONTINUED Ob ectlves and Actlvltles The Trustees, who are also dlrectors of the charlty for the purposes of the Companies Act, submit their annual report and the financlal statements for the year ended on 31st March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice SORP (FRS 102) (effective 1 January 2022), °Accounting and Reporting by Charities. in accordance with the Charities Act 2022 as amended on 14 June 2023, in preparing the 8nnual report and financial statements of the charity. The charity was incorporated on 31st October 2001, and the relevant Memorandum and Artides of Association of the charity are referred to on pages 2 to 4 of the report. Review of actlvitles and future developments The Financial Statements for the year ended 31 st March 2024, which comprise the Statement of Financial Activities, Balance Sheet and related notes, are set out on pages 11 to 20. A summary of the financial results and the work of the charity are set out below. Trust publlcations (Supporting Object 2 of the Trust as detailed above) The Trust publishes "Looe Communlty News.. Thls online publication (slnce the COVID pandemic) covers the parishes of Looe, Pelynt and Duloe and also contains Looe Town Council News. The Trust reviewed whether to resume printing a hard copy, but decided that for a number of reasons. including costs, distribution and value for money, it would remain online only. Looe Community News is designed and prepared by volunteers. Trust Activities Looe Development Trust has undertaken the following projects in the last year in support of its objectives in facilitation, fvnd holding and provision for: Millpool Centre Enterprise House Moor to Sea Project, including Smugglers Way Looe Defibrillator Appeal The Wheeled Sports Facility (Skateboard Park) at Looe (Planning) The Looe Christmas Lights and Festivals Looe Coastal Communities Team Looe Valley Cycle Trails 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. The Centre celebrated its 10-year anniversary during the reporting period, with a Millpool based celebration. The thallenge remains to make the Centre self-sustaining whllst dellvering its core benefits to the community. It continues to secure a good range of local clubs and activities. The Centre is now well known as a venue to hold local events, It Is also used by Comwall Council and the local education and health authorlties. The Centre achleves a satlsfactory Income, but It does not cover its overheads, whlch are subsidlsed by the Trust, from Enterprlse House rental income. Casual space for office use is £13 per hour.
LOOE DEVELOPMENT TRUST REPORT OF THE TRUSTEES CONTINUED The introductlon of evening (post 6pm), daytlme and weekend car parkong charges at the highest band by Comwall Council in May 2023, was vigorously campaigned against, but th8 points raised were ignored or dismissed without qualified justification by Cornwall Council and the portfolio holder. As a direct result of these increase in charges, two groups stopped using the Centre. Users have, with the cost4)f4iving increases on top of the parking charges, found It 8 Struggle to retain their customers and some have reduced their activities. Overall, the Centre's income has fallen and running cost have increased. The Trust Is continuing to campalgn to have the parking charges reduced. Enterprise House (Supporting Object 1 of the Trust as detailed above) Enterprise House is owned by the Trust on a 999-year lease and was formerly run as the Looe Enterprise Centre until May 2013. Since then, the property has been let on leases to a number of local businesses and is used to generate income to support the Millpool Centre. The tenants since July 2019 are a dog grooming parlour. The Trust has robustly held to account the Freeholderfs previous remote management agents (Warwick Estates), who did not even engage with their own complaints, procedure! New local propety managers were appointed in 2024 by the freeholder, which was welcomed by the TrusL Moor To Sea Project 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 estsblish a community group to further the cycle trails. A new contractor was appointed, and the project started for the third time in late March 2022. The final project exhibitions were held in September 2023. The project was extended with agreement of the main funder until 31 March 2024. Final events were held over the March Easter weekend. The Devon & Comwall Rail Partnership awarded a further matched expenditure grant to the project in 2023124, which enabled additional project delivery over the winter of 2023. Final reports were submitted to funders on time and retained payments from them received. Smugglers Way This is a spin off project from the Moor to Sea Project. It achieved a grant from the Good Growth Fund. The project has undertaken feasibility work and signposting of local trails and footpaths within the East Looe Valley, known as the 'Smugglers Way., The project has garnered good support from the parishes and councils contiguous to the Looe Valley railway line, with the formation of a legacy group in hand. Planning pemission from GWR and Comwall Council was still awaited for some signs. The project has to be completed by the end of September 2024. Defibrlllators The Trust continues to act as the fund holder for the Looe Defibrillators fund. The five-year replacement funding for the equipment and its replacement was achieved. The Wheeled Sports Faclllty (Skateboard Park) at Looe (Plannlng) (Supports'ng Object 3 of the Trust as detailed above) It has long been the ambition of the Trust to provide a skatepark in Looe for the youth of the local area. Attempts have been made over the years to try to achieve this and the appointment of a new Trustee allowed this project to be re-started. Leading a team consisting of Looe Town Council and the Boundless Trust, a working group was established to flnd a suitable site In the centr8 of Looe. An area in the Millpool car park was Identlfied and the worklng group, with the full support of Looe
Pa LOOE DEVELOPMENT TRUST REPORT OF THE TRUSTEES CONTINUED Town Council, negotiated the "in prlnclple" release of thls land by Comwall Council, who have now only offed draft terms for leasing it. Looe Town Councll no longer fully support the project, due to the lease conditions for full re-instatement, and they will no longer submit the planning application in their name. Design meetings have been held between the contractor Maverick and youth within Looe. Having completed the design, a noise survey has been undertaken at the site and the next steps identified. The provision of a skatepark was supported In the Looe Local Development strategy in 2022 and is consistently the number one ask from Looe's youth. As a priority project for the town, the Trust will continue to commit significant time, resources and effort to bring it to the construction phase before handing over to partners to undertake the day-to-day management. The Looe Chrlstmas Llghts Festivals (Supporting Object 3 of the Trust as detailed above) The Trust continues as the fund holder for the Christmas lights. These are 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 Visttors alike. The lights continue to offer attraction to the Town for locals and seasonal visitors year on year. 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 Comwall Council and fomied the Looe Coastal Community Team to attract fvnding. Following the initial successful funding, the team continued to look for funding opportunities for the benefit of Looe. Looe Valley Cycle Trails (Supporting Object 1. 2, 3 & 4 of the Trust as detailed above) The Trust is leading the development of local cycle trails, to link into the national network, to create economic development and prosperity. The Comwall Council feasibility contractors have failed to achieve the goals for the route planning. General 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. These included: Looe Town Team - Working on the Town's proposed buslness hub. We are the only non- Looe town council member on this group. Because of the Trust's participation additional County funding for the development work was secured. Co-operation meetings- The Twst established and maintains co-operation meetings with the heads of East Looe Town Trust, West Looe Town Trust, Looe Harbour Commissioners and Looe Town Council. These 'lnfomial' meetings enable understanding and ease cooperation within the Town, fulfilling our objective of working together. Looe Community Players- The trust, uslng the Mlllpool Centre, asslsts and holds the funds for the annual Looe pantomlme on a proflt-sharlng basls. Thls popular event successfully Involves the use of many of the dance groups that use the Centre.
Pa LOOE DEVELOPMENT TRUST REPORT OF THE TRUSTEES CONTINUED In addition to these activities the Trust has been Involved over the year with the Town Council and Comwall Council, The trust contlnued to seek out further opportunltles to Increase Income and expand what we do in the communlty. The Trust has also provlded help and assistance to many local organisations with help in finding fundlng for young people and various projects. FUTURE DEVELOPMENTS AND COMMITMENTS Other projects have been consideréd by Looe Developrnent Trust during this reporting period; some have not gained support; others have been given assostance 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 following the unjustified 6x inflation increase in parking costs in the Millpool Car park, and the longer temi letting of Enterprise House to provide Trust income. During the reporting year the Millpool Manager has retained volunteer stsff who have made considerable efforts to make the Millpool Centre attractive to users withln the communty. It is to the Manager's and volunteers, credit that the Centre continues to provide support to meeting the objectives of the Trust. 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 offirS have reviewed the Trust's immediate, medium and long-term sustainability and commitments. The Trust Treasurer (and chartered accountant) has provided sound fresh guidance to the Trust during this reporting period; he has also brought useful commercial skills to the Trust. STATEMENT OF BENEFIT The Trust has continued to meet its commitments for the community and has worked in collaboration with other local organisations to address povety in the ensuing energy based economic crisis, exacerbated by the continuing war in Ukraine. During the reporting year the Trust received income from "central / local govemment to deliver services. Minor local Town Council grants have been received for projects in this financial year. The Trust has a policy of not paying its volunteer staff, apart from legitimate expenses when incurred. The Trust has one employee, the Millpool 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 2023124 reporting year. The Trustees, its Officers, employees and volunteers have provided a substantial tsngible improvement to the local community of Looe and its contiguous parishes, with the provision of continuing services to the wider community through the Millpool Centre. However, the trust has plans to overcome these challenges with various options being explored and some are already in place. This report was approved by the Trustees on 2024 Justin G Spreckley (Chairman of the Trustees)
Pa LOOE DEVELOPMENT TRUST REPORT OF THE TREASURER Flnancial revlew Looe Development Trust generated a small surplus In the year and it remains in a financially solid position with net assets of £662,618. Its principal financial challenge is to generate more net income from the Millpool Centre so that over time the Trust is able to maintain this valuable asset for the benefit of the community and renew its lease in longer term. For the restricted funds, the key events in terms of income and expense during the year were the effective completion of the Moor To Sea project and significant progress being made on the Smugglers Way Trail. Reserves pollcy The Trustees consider that the free reserves to enable the Trust to continue in operation comprise the cash held by the Trust excluding the restricted and designated income funds of £77,871 plus income generated on its rental property at Enterprise House. The Trust generated a small surplus on its operations last year which is consistent with the Trustees aim to ensure that the pricing of events at Millpool Centre coupled with rental income from Enterprise House is at a minimum broadly neutral. The reserves are held to provide for any operating deficits at the Millpool Centre, to meet maintenance costs of the Millpool Centre and in due course to extend the lease of the Millpool Centre. The Trustees reserve policy is expense reserve of approximately one yearfs income of £40,000 and a maintenance reserves / lease renewal of £50,000 so at present time the trust is below its targeted level of reserves of £90,000 and will look to build its reserves over time to required level. The Trust investment policy is to hold surplus reserves in bank deposit accounts. Going Concern Based on the level of cash and free reserves the Trustees consider that they have adequate resources to continue as a going concern for at least the next 12 months of operation.
Pa e10 LOOE DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT We port on the accounts of the Charity for the year ended 31 st March 2024, which are set out on pages 11 to 20. Respective responsibllltles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charitys 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 examine the accounts (under section 43(3)(a) of the 1993 Act), to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act), and to state whether particular matters have come to our attention. Basis of independent examinerfs report Our examination was carried out in accordance with General Directions gNen 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 indudes consideration of any unusual items or disclosures in the accounts. and seeking explanations from the trustees conceming 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 fairf view and the report is limited to those matters set out in the statement below. Independent examlnerfs statement In connection with our examination, no matter has come to our attention. which gives us reasonable cause to believe that in, any material respect, the requirements to keep accounting records in accordance with section 41 of the 1993 Act, and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met, or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date: 29th October 2024 Oakleys Accountants
Pa e11 LOOE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Unrestricted Restricted Funds Funds Total Total Notes INCOMING RESOURCES Millpool Centre Enterprise House 27,017 8,213 27,017 8,213 28,683 9,546 LDT Donations received LDT Membership fees LDT Gift aid LDT Administration receipts Bank interest reiVed 1,796 16 1,796 16 14 1,772 3,006 1,295, 3,006 1,295 144 41,343 41,343 40,999 Projects Moor to Sea Defibrillators Wheeled Sports Facility Looe Community Players Looe Community Cupboard Looe Community Meals Max Evans 45,648 1,821 208 2,240 , 45,648 1,821 208 2,240 22,372 13,682 55 1,594 1,875 5.240 Festivals Christmas Lights Festivals 2,631 J2,508 2,631 2,508 2,133 5,240 55,056 , n 55,056 52,191 Total incoming resources 41,343 55,056 96,399 93,190 Totsl resources expended (next page) (37,910) (86,316) (124,226) (96,843) NET MOVEMENT IN FUNDS 3,433 (31,260) (27,827) (3,653) Funds balance brought forward 149,438 80,807 230,245 233,898 Funds balance carrled forward 152,871 49,547 202,418 230,245
e12 LOOE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES CONTINUED R THE YEAR ENDED 31ST MARCH 2024 2024 2023 Unrestricted Restricted Funds Funds Total Total Notes RESOURCES EXPENDED Millpool Centre Enterprise House LDT Funds Donations made 35,039 35,039 34,891 1,109 120 1,792 1,792 LDT Support costs Administrative expenses Professional fees 13 1,065 13 1,065 147 263 37,910 37,910 36,530 Projects Moor to Sea Defibrillators Wheeled Sports Facility Looe Community Players Looe Community Cupboard Looe Hardship Fund Secret Santa Looe Community Meals 69,299 153 69,299 153 28,975 2.112 1,920 1,428 2,871 4,581 521 10,699 1,900 1,900 601 601 Festivals Christmas Lights Festivals 3,060 11,303 3,060 11,303 2,908 4.298 86,316 86,316 60,313 Total resources expended 37,910 86,316 124,226 96,843
Pa e13 LOOE DEVELOPMENT TRUST BALANCE SHEET AS AT 31ST MARCH 2024 Notes £ 2024 £ 2023 FIXED ASSETS: Investment property Tangible assets 10 11 75,000 463,295 75,000 472,000 CURRENT ASSETS: Bar Stock Debtors and accrued income Cash at bank and in hand 788 12 18,002 122,173 557 3,754 152,134 140,963 156,445 CREDITORS: Amounts falling due within one year 13 (16,640) (1,200) NET CURRENT ASSETS 124,323 155,245 NET ASSETS 662,618 702,245 RESERVES: Restricted income funds Unrestricted income funds Designated fund General fund 15 49,547 80.807 15 75,000 15 77,871 75,324 74.114 152,871 460,200 149,438 472,000 Deferred capital grant 14 662,618 702,245 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 Stsndard for Smaller Entities (effective 2015). For the financial year ended 31st March 2024 the company was entitled to exemption from audit under section 477 Companies Act 2006; and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the company keeps accounts'ng records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs ofthe 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. Slgned on behalf of the Board of Trustees: Date.118 Ler2024 Mr. R. Lewis, Trustee Mr. J. Spreckley, Trustee
e14 LOOE DÈVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (a) Basis of Accounting: The accounts have been prepared under the historical cost convention as modified by the revaluation of properties and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS 102) effective 1st January 2019. 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 fvnd is set out in the notes to the financial statements. Investment income and gains are allocated to the appropriate fund. (d) Incomlng 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.
LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENT Pa e15 CONTINUED (e) Resources expended: Expenditure is recognised when a Ilability Is incurred. 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 activitles on a basis consistent with the use of the resources. Direct costs of generating funds are those incurred direclly in carrying out the income generating activities of the charity, and do not include the costs of disseminating infonnation in support of the charitable activities. Support costs are those incurred directly in support of expenditure on the objects of the charity. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. (fj 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. (g) Operating leases: The charity classifies the lease of equipment as operating leases, title to the equipment remains with the lessor and leasing costs are charged on a straight- line basis over the term of the lease. (h) Tanglble flxed assets: Tangible fixed assets costing more than £500 are capitalised and included at cost, including any incidental expenses of acquisition. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lrfe. Leasehold building Fixtures, fittings and equipment Over life of lease 33.33 % on cost (i) Donated assets: These are capitalised at reasonable value on receipts and depreciated over their useful economic lives.
Pa e16 LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED u) Investment Property: Investment property is 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. TRUSTEE'S EXPENSES: Trustees received no remuneratlon during the current or prior year. 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. MILLPOOL CENTRE: 2024 2023 Hire of hall income Bar Sales 25,731 1,286 26,008 2,675 27,017 28.683 Expenditure: Staff costs & volunteer expenses Depreciation Deferred grant income Propety maintenance Cost of bar sales Utilities Insurance Cleaning Administrative expenses Accountancy fees Subscriptions Valuation fees Licences 10th Anniversary Celebration Computer expenses Publicity and meetings Ground rent 19,367 11,837 (11,800) 4,241 858 4,926 2,105 1,213 227 19,263 11,800 (11,800) 2,985 976 5,126 2,198 1,630 121 1,133 442 452 420 866 214 513 430 24 50 63 50 (35,039) (34,891) (8,022) (6,208)
Pa e17 LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED ENTERPRISE HOUSE: 2024 2023 Rental income 8,213 9,546 Expenditure: Propety maintenance & premises costs Ground rent 1,108 (1) (1,109) 8,212 8,437 DONATIONS MADE: 2024 2023 Barbican Pre School Royal British Legion Looe Boat Owners 1,657 30 105 25 95 1,792 120 LDT ADMINISTRATIVE EXPENSES: 2024 2023 Website cost Other 43 104 13 13 147 FESTIVALS: 2024 2023 Christmas lights: Looe Town Council West Looe Town Trust Gift Aid Interest 1,500 1,000 1,500 500 100 33 131 2,631 2,133 Lighting equipment and installation Cherry picker Administrative expenses Insurance 2,410 300 50 300 2,318 240 50 300 (3,060) (2,908) (429) (775)
818 LOOE DÉVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED INDEPENDENT EXAMINER'S REMUNERATION: The accountant and independent examiner's remuneration was £825 (2023 £825). 10. INVESTMENT PROPERTY Total Valuation: At 1 st April 2023 and at 31st March 2024 75,000 The leasehold propety at Enterprise House was purchased in January 2002 and was originally used to provide computer training for the Looe community. It is recorded at the valuation determined in the accounts for the year ended 31 March 2014. The term of the lease is 999 years from May 1999 and is held on a on ground rent of £1 per annum and is currently sublet at £8,000 per annum to provide rentsl income for the Trust. The Trustees consider that the current valuation is supported by the rental income generated. 11. FIXED ASSETS: TANGIBLE ASSETS Leasehold Fixtures, fittlngs Property & equlpment Total COST: At 1st April 2023 Additions 590,000 3,132 59,866 649,866 3,132 At 31 st March 2024 593,132 59,866 652,998 DEPRECIATION: 1st April 2023 Depreciation 118,000 11,837 59,866 177,866 11,837 At 31st March 2024 129,837 59,866 189,703 NET BOOK VALUES: At 1 st April 2023 472,000 472,000 At 31st March 2024 463,295 463,295 The Leasehold Property is The Millpool Centre which was completed in 2013 and is held on a 50-year lease at £50 per annum from Looe Town Council.
Pa e19 LOOE DEVELOPMENT TRUST HE FINANCIAL STA EMEN NOTES TO CONTINUED 12. DEBTORS: 2024 2023 Debtors Moor To Sea I Smugglers Way debtors Gift aid 1,135 16,552 315 615 3,139 18,002 3,754 Debtors increased by due to timing of Easter holiday In current year and comprise final 10 % grant from two funders and initial grant from another fund for Moor To Sea I Smugglers Way projects. 13. CREDITORS: Amounts falling due within one year: Trade creditors Moor To Sea I Smugglers Way accruals Other accruals 2024 2023 139 15,301 1,200 1,200 16,640 1,200 Accruals increased by due to timing of Easter holiday in current year and payment of Moor To Sea I Smugglers Way project costs incurred before year end after the year end. 14. DEFERRED CAPITAL GRANT: Total At 1 st April 2023 472,000 Release to income in year (11,800) At 31st March 2024 460,200 The deferred capital grant provided to construct the Millpool Centre is being amortised to the income statement over the 50-year lease period.
Pa 020 LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED 15. RECONCILIATION OF MOVEMENT IN FUNDS: Opening Incoming Resources Closing balance resources expended Transfers balance Restrlcted Funds Moor to Sea 32,567 Defibrillators 21,623 Wheeled Sports Facility 7,998 Looe Community Players 2,112 Max Evans 1,318 Coastal Team 226 Tea Dance 312 Looe Community Meals 601 45,648 (69,299) 1,821 (153) 208 2,240 8,916 23,291. 8,206 2,452 1,318 226 312 (1,900) (601) Festivals Christmas Lights Festivals 4,708 9,342 2,631 (3,060) 2,508 (11,303) (100) 100 4,179 647 80,807 55,056 (86,316) 49,547 Designated Funds Enterprise House Forum newsletter 75,000 324 8,213 (1) (8,212) (324) 75,000 75,324 74,114 8,213 (1) (8,536) 33,130 (37,909) 8,536 75,000 77,871 LDT General Fund 149,438 41,343 (37,910) 152,871 Restricted Funds Designated Funds 80,807 149,438 55,056 (86,316) 41,343 (37,910) 49,547 152,871 230,245 96,399 (124,226) 202,418 In the current year, the Trustees decided to redesignate the Forum Newsletter to the LDT General Fund. The majority of the cash balances previously held for Looe Community Forum under Festivals were transferred to that the Looe Community Forum in the year.