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

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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

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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.

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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 othe￿iSe 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 othe￿iSe 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.

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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 offe￿d 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.

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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 offi￿rS 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)

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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

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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 re￿iVed
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.