Reglstered Number: 4314538 Charity Number: 1090558 LOOE DEVELOPMENT TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 INDEX: Pa Contents: Legal and Administrative Infomiation. Company Advisors. Governing Document and Objects., Report of the Trustees; 10 Report of the Treasurer 11 Independent Examiner's Report; 12-13 Statement of Financial Activities., 14 Balance Sheet. 15-21 Notes to the Financial Statements. Oakleys - Accountants 117 North Hill Plymouth PL4 8JY
00 RU LEGAL AND ADMINISTrA INFO Charfty Name: Looe D8velopmenl Trust Company Numb•r: 4314538 Reglstered Charlty Numb•r 1090558 Flnanclal Perlod Beglnnlng: 1st Aprfl 2024 Flnancl•l Perfod Endlng: 3181 March 2025 Charlty's Reglstor•d Offlc•: Mlllpool Cenlre The Mlllpool West Looe Comwall PL13 2AF Tr0$ l Dlr•ctorn: Mr. Malcolm Garrfngton Appolnted 10th June 2006 Mr. Robert L8 Appolnted 18t Aprfl 2023 Mr. Mlch881 Macartney Appolnted 17th Aprll 2014 Mr. Juslln Spreckley Appolnted 18th Novembar 2003 Mr. Amiand Toms Appolnted 5th May 2004 Mr. Colln Tregear Appolnted 201h May 2009 Mrs. Klm Spencer Appolnted 18th February 2020 Chalrnmn: Mr. Ju8lln Spreckloy Appolnted Chalmian 2nd February 2004 8•crotary: Mr8. Elalno Wam8 Mr. Robert Lew18 Appolnted 1 Aprll 2023
LOOE DEVELOP us COMPA VISORS Bank•r8: Bardays Bank PLC Lloyds Bank PLC 8ollcltors: Coodes 10 Wlndsor Place Uskeard Comwall Surv•yorn: TIM Deakln 5 Hannalore Lane West Loo8 Comwall PL132DT In*urnn Brok•r8: Trelawngy Insurance Solullon8 Gables Brenffields Polperro Comwall PL13 2JJ Accounlants: Oakl8y8 Accountants 117 Norlh Hlll Ptymoulh PL4 8JY
LOOE DEV OPMENT TRUST GOVERNI UMENTS AND OBJ Govwnlng Document Th8 LI¥ Dovelopment Trtt was In¢rypornt•d ty the Regbtrar ol Companlos lor England and Wales as a Prlvate Umll•d Company on 31sl Ociob•r 2001. It Is a Company Llmll•d by Guafanlee and not having a Shale Capllal. The CpanY Is govomed by its Memorandwn and Arlicjes ol A8socbtlon, and these are set out In accordance wdh the Companles 1985 and 1989. The M8morandum of Associaiion w8$ slgmd and sealed on 51h July 2001, and Ihe ArlKles ofAssodallon signed and sealed on 19th October Ar•a of B•ngfit Tho Chaflty * for the benefit of th0 Ilvlng and l or WOTklng In th• parish of Looe and nIlguI)us P3Tlshos (horelnafter called Ihe Area of B8n•fil") ObJoGts of Iho Charfty 1 To advance educatlon and leamlng. Indudlng tralnlng In skllls rnlovanl lo securkng employmenl lo relleve Ilnan¢lal need. hardshlp, dlstress and sld(ness among those Ilvlng wlthln th8 ea of BenefiL 2 To pr88erve. protect and •nhon¢• In 8ny way for tho b8nefii of Ihe publ1& amenltlos In¢ludlng tho bulldlngs or features of hlsloTlc, arch51•thral or n8iwal Internsl vAthln the Area of 8enefit. 3 To provkle faThlibes for wbllc recreallon or olher lelsure Ilme occupatlon In the Inlerests of sodal welfare. wllh the objecl ol Improvlrw the condlllon8 of Ilfe for those fwln9 or %VTking in Ihe kna of BgnofiL 4 To advanc• any othor ¢harftabl8 purpos8 or pwposes for Ihe benefit of Ih080 Imng or worklng In Ihe Area of BenefiL Stat•monl of Inienllon The Chodty wlll ntya In polS11¢5, non4ectsrlan In rellplon and wll not dlscrlmlnale on the grounds of rnce. colour. natlonalSty, etlmlc or raclal orfgln. se& sexual orfentatlon. nmrital siaius. 898. rdi9iOD. poIIUcal bellef. or other oplnlon. Acllvltlos of th• Charfty Tho Charfty m8y do anythlng lawlul tho1 may bts nKas$ary In ¢Mler lo promote Its Objects Includlng Ihe use of the followlng pow8: Sublect to ary ¢InI requlred by Iw•, lo ralso lunds and borrow monles. Invlte and rnc8fve ¢onirllxrtlons from anyon8 through donakns or sutscrfpllons, or the Nnnln9 of a lotlery or In any olhor woy. Subject lo complan¢o wllh any slalutory regulalbns, lo undertake tradlng athllles orty In so lar as the actlvlll•s are exerclsed In the cours• of the aclual carrying oyl of a prlmary ob¢1 of Ihe Charfty, Sublect to any consents by law. To purchase tske on lèase or In exchango or hlre orotlk9Th1s• a¢qulre any land or propgty of any sorL To er•¢t construcl lay down enlawo alier malntsln Improve ¢hange and manago or eontnbute lo or subsldlse the erectlon construcllon malnl•nance of any land PTopety ways plant and machlnery.
Pa LOOE DEVELOPME T TRUST GOVERNIN UMENTS AND OB ECTS CONTINUED To und6rtak• any dwrhable Iwst rx other charllable 8gency IwsIn, whlch may prrynoi• ary or all of Ihe ObJecllv•s of Iho Charfty. To esiabllsh. COperate wllh 8uppwI, or Joln wlth other dwrfli•s. voluntary bodles and statulory authoTIUe$ operatlng In furtherarKe of Iho Objects of slmllar charitable purposes and to exthanga advlce and Infommllon wlth thwn. To pwchas• or olhoThYlse acqulre any of tho property assets and Ilabllill•s of any of the charit$ VOnIary bodles or stalulory authorttles wNh whlth the Charlty Is aulhorfsed i01n and perfom) any ofthelr engagements. To transfer any of th8 Charws propety. 8ssets. li8bllltles and eTvJagements to any of the chaWs volunlary bodles or stalulory authorflles wllh whlch the Charfty Is 8ulhorfsed lo Join. To eslabllsh. promole. and otherwls• a88151 any Ilmlted company or companlos for the puwe of acqulrfng any prop8rty, or of furthorfn9 In any way the Owcls of th• Charfty through tradlng, and lo eslabllsh Ihe same •llh8r as wholly owned subsldlarfesof the Charfty orjolntly wlth olher pernons, companles and govemment departments or 10¢818uthorftles, and to finance the $8m8 If the Tnlee& See fit by way of secured loan or Share $Ubs¢r1 on commerclal lern provlded Ihat the Chorlty shall prol•8slonal advke before finanrjng such companles. To prov8 educatlornl tralnkng, advlsory c4yJnselllng. consuiiancy. admlnlstrauve. profosslonal and technologlcal support S•Tvices in fvrtherance of the Objects of the Charfty. 10 To PTomole. erKour8ge or urKlertake re8eawch and dl¥8emln8le Iho result8 of 8uch. 11 To produce, prlnL pubwsh, suppty. Mll or deal In anyihlng In wrftton. oral ty vbu81 medl8. 12 To opon and operate bank accounts 8nd other banklng fa¢lltles and lo draw. make. 8ccepL endorso, ntyotkie. dIs¢oW and exerte sv(wnlssory nole8. bllls of oxchango, ch8qu88 and othor nogotlable In8lNments. 13 Subjecttothe wovlslons ofclauses 6 and 7 hereof. loemploy and pay employees, officern, swvants and professlonal or other advw5, and to make all re&8onable and noc&8s8ry provi$lon for the paymenl of penslons and supgrannuallon to or on behall of employ. offlceT3 and servants and Itdr wlv88, husbands and other depdants. 14 To pay ol Ihe fund8 of the Charfty, all tho expenses. costs and charges ol and inddenlal lo the fmatlon and reglstratlon of tho Ch*. U60 of Incom• and Pmp•rty The Income of tho Charity Whences0r derlv8d. shall be applled solely Iow8rds the promokn of th• Objects oftho Charlty and no part shal be Pa ortransfeThed dlr•cty or Indlrectly tyway of dfvtdend. bonus or olherwlse ty way of profit Io 8ny member of the Chwity. and Twstee appdnw to any Offi of Ihe Charfty shall bo p8ld by salary or fees, Of rKefve any remunernllon or other benefil In money (v mone$ worlh Irom the Charty, PROVIDED THAT nolNng In thls documenl shall prevenl rea80nable and proper payments mado th good falth.
OOE DEVEL REPO TOFTHE TRUST EES The Tr1888, who are 8180 dlrectord of the charfty for the purpose8 of Ihe Companle8 Acl, 8ubmFt thelr annual rnport and th• flnandal 8lalemenls for Ihe year ed on 3181 March 2025. The T1883 hov8 adopted th8 Pfovtslons of the Slalemenl of Racommended Pracuca SORP (FRS 102) (offectlv8 1 January 2022). "Aecounllng and Reportlrva by Charftles". in accorda wlth thg Charilles Acl 2022 as amonded on 14 June 2023, In preparSng the annual report and finandal Statements of Ihe Lwy. The charlty wa8 Incorwatod on 3181 Oclober 2001. and tho r618vw meM(nnrn and ArOd88 of As8oclfidon of tho iwlty arn referred to on pops 310 4 01 th• rep On 4th December 2024 M was resofved al tha TNsf8 AGM that the fflaxlmum number of TrleaS allowed under Arflcle 14.1 of the Trusf8 Artlcl88 be rai8od from 88ven (7) lo nlne (9). was a by Companles Hou88 on 19th 2024 and the Chaflty C4)mmls81on on 10th DoGomber 2024. Approval from tho Charfty Commts8lon wa8 wht to 8llghty whjen thg ol ben6fi1 kn paragraph 3 01 th• Tru8t'8 memorandum by amendlThJ tho wtyd "o7nttguou8" to "surroundlng.. Th1• was approved under 8198(2)(a) on 5th March 2025. It was accep1 by Cwanlej Hou88 on rJwé Aprll 2025, followlng tho pa8slng of a rwc4utlon on 911 I>rf1. R•vl•w of actfvlilm and futur• d•v•lgpm•nts Th• Flnandal Stat6m•nts lor Iho year •Trd 31sl March W25. ¢¢¥nprts• th• Slalement ol Flnanclal A¢lfvitl, Balane• Shwl and related note8, aro 881 out on pages 11 to 21. A summary of the Ilnanclal rn8u118 and tho work of tho chadty arn Sel oul b81(hY. Tru•t publkatlms (SLwpothg ObJe¢l 2 01 tho Tntyl as d•l•l•d above) The Trust publbhe8 "Loo• Conununlty N•wJ." Thli onlin• wbllcatkn (pap8rfMs Slnce lh• COVID pandamlc) covéra thè parfsh•s of Lo, Pdynl and Dulo• and atso contalng Loo8 T(r*n N6w8. The Trust eWed wholhor to resume prOnOng a hard Copyi bui declded that for a numb6r of reason8. Includlng costs. dlstrlbullon and value money.11 w)uld remaln onllne only. Looo Ccrfnmunlty Ne h d•81on•d and prepared ty vdunlew8. L008 Dov•lopment TN8t has undartak•n th• folTrMng prnJocl6 kn tho IMI y•¥ kn 8uppNi of Its obJ8th88 In faclitallon. lund holdlng and provtylm for. Mllpool Centro Enlewwlse Hous• Moor to Sea ProJocL Indudlng Smugglws Way We kn OfThls Place f88tival Looe Deffl)rllator Appeal The e•l8d Swls Faclffity (Skaieboard Path) at Loo8 (Plamkng Plwe) Tho L(X Chtstrnas Ughts and Fe8Uvals Fosllval of Words May Fayrn
LOO EVELOPMEKr RT OF THE TRUS CONTINUED Mlllpool C•ntr• (Supporflng ObJe¢ts 1 & 3 of Itk9 Trust as delallod above) The Centre Is a quallty commwilty sp3ce lor 811 ag• groups 01 th8 Mmmunlty and ha8 be8n opon slnce 10 June 2013. The Centre undertook preservalk and relurt)Ishmenl of the extenslve exlethy woodwork dwln9 thg r•portlng perlod. The dwllenge remalns to m8k• the Centre sell-SU$talnlng whllsl de15veTlng Its core benellts to tho communlty. It conlhNMs Io 8eGwe a good range of l¢Jcal dubs and actMlle8. The Centre Is well known as a venue lo hold locol even18; tt Is also by Colall Coundl and the local educatlon and health aullwrftles. Th• C•ntr• achlM a sallsf8ctory Income. INA11 doos nol Cover Its ovetheads, whlch are subsldlsed by Ihfr Trusl, from Enlerprtse How rental Income. whl¢h gfven Iho Increase In undorfylng Infiatlon and costs slrKe 2021 Is no longer meellng Iho dellclL The1Sft Is rK du* major refurblshmenl at considerable cosL Casual space lor office use Is £13 per hour. The IntrOdU1¢n of ovenlnp (post 6wn), daylbme and we8k•nd car parklng charges at tho htghesl band by Comwall Coundl In May 2024. desp5ts Iho Tntsl and mosl locals. owdtons, ha8 adversety Impacted Mlllpool Centre. Two groups had to dose. EnteTrrlse House (Supportlng Obloci 1 of tho Tr1 as dalalod above) Entwprls• H86 Is (Avned by the Tntsl on a 99Wear lease arKI w88 lomi8ty wn 8$ the Looe Enlerprfse Centre unlll May 2013. Slnc• Ihen, the propèrty has been lel on loases to a numberof local buthes888 and Is used to genernte Income lo support tho Mlllpool Centr•. The tonants sln¢• July 2019 hav8 been a dog gmomlng parlour.: New local propety manageTS were appDlnled In 2024 by the freoholder. whlch has seen good communlc8llM and clarNlcakn on all matlers. An appeal on tho Arcade's sharad Ilghtlng electricity blll has boon mado by Ihem lo the ombudsnwn. slnce Loot Tthvn Coul3 tenants at No 2 Ignored all blls and requests kn rnad Ihe non410ts1 rneter. for over 2 Ye5. MoorTo Sga ProJo¢l (SuppoTlkng Objects 2. 3 & 4 of Ihe Tntsl 88 datslod abov•) Thls hethage project Ilnlshed C 31 March 2024. Fmm h came the Smugglers Way ProJ•¢t Thls was a spln off prw from the Moor lo Sea Projec( fundgd by the Good Growth Fund. Thè project undortook feaslblllty woth and 81gnposlhw ol local trall8 and foolpats wllhln tho East Looe Valley, kn(Avn as the 'Smugglorn W8y'. Tho projecl gamered good support from the parfshes and coundls conU0us to the Looo V811oy ralway Ilne, wllh tho f0MtIon of a legacy body called Tr Looo Valey P8rlnernhlp'. Additional fundlng made avallabh Irm the Good Growlh Fund In October, whlth enabled further marking of the Smu99lerfs Way rout•. All outyuts arKI expendliurn were compl8led by th8 31 Oe¢ember 2024 d8adlln8.
LOOE DEVELOP T OF THE TRUSTEES co W• Arn of Thls Plac• (Supporflng ObJe¢l8 1 & 4 of the Trust a6 delalled abo) Tha Looo Valley Parfn8rnhlp. declded kn181• 2tr24 to hold a month4ong celebTaiion of what's on In Ihe Looe to L18keard area for Aprll 2025. Thls was funded by a granl from th? L006 Developmenl Tw8L Thh Ye8lfval' was to be slmSlar lo the su¢$ AutUJMal 'Llskeard Unlocked, fostlv81. In this introductory year most events, already Ing Undertake were promoled a¥ 11 as Ihe commlsslonlng of fve unSqu• events, Includlng envlronmental film nlghts, Illers. bannerd and a web and actlve soclal medla page. Great 6UPPOrt w38 glven by L18k8ard Town Counc51 and Vl611 Llskeard, wlthoui WIrn Ihe fe8kn1 cOd nol have gon ahead. Inlual foedb8¢k haj boon po8ftlve. D•fibrfllator• {Supportlng Objects 1 & 2 01 the Trust 88 detalled above) The TnMI •xnllnues 88 Ihg fund hold8r for the Looe Defibrfllalors fund. Th• fvfry•ar equlpmenl replacement be due In &yearn. Th• Wh••led 8port• F•¢lllty (Skatsboard hrk) al Loo• (Plannlng) (Supporflng Objecl 3 01 the Tnrnl aB dolalled abov•) It has long beon tho ambltlon of th• Tru811o wovld• a 8katopork In Looo for Ihe youth oflhe local area. The prOvon of a skatepark wa8 SUPPOTled In th8 Looe Local Developmenl 8tralegy In 2022 and Is con8181ently the number ono 88k from Looe'8 youth. The vIrkIng group con818ts of the Tru8( Loo8 T¢)wn Councll and IM Boundl•88 Tru8L An arna In Iho Mlllpool car park was Identllbed and Looe T¢)wn Cwncll have negotlated loase wllh Comwall Counc4 (who wlll as of 2024 onty18a8e to them). The lease condlllons for full rn knstatoffl•ni afo onerou8. Th• don w88 ¢onwletod by contro¢tor Mavorl¢k and youth wllhln Looo. A nolse survey was undertaken, nexl 8leps agreed. and an expgdlled pr+annIng applScatlon w88 8ubmittod by the TN8( but Comwal codI Plannlng mlssed all deadllne8 by &month8. causkng the thcl to be delayed knlo the n fin•nd#l •r1 As a prtorlty prolo¢1 for the knn. thè Trusi vAll contlnu? kn commlt 81gnlficant Ilm•, r•80uw and offort to brlng It to th• ¢on8trucUon pha80 beloro handSn9 OVW to p8rtner8 10 undertake Ihe managemenL Th• Loo• Chrfslmas Llghts and Fost18 {SupporUng ObJo¢13 of th& Trust 88 dotsied abov•) Tho Tnmt conthiued 88 lh8 fund holder for the Chrl8inM8 Ilghts and fe8tSvals. Th880 are held durfng th December and January fe8tlve 8ea8on. The New Yearf8 Eve Ilrework8 dl8play and lh8 Festlve Ilghts are now both undor now managemenL The ngms and 18811vals offer attractlon lo th• Town lor locals and seasonal vlsltorn year on year. Feslfve Ilghls aro a well510b18hed evenl supported by mary local organlsaloons and adds to the amblance and enjoymenl of Looe by both I1¥ and vlsltors alSke. There are In8uffldent fund8 to UrerfakO the maknienance. weplacemenls. In8lallalkn and powwlng of tho ¢uffenl Ilphls. whlch Cannot meet leglslatlve ch8ng88. Volunlary SUPWI Injm Loo8 H8Tbour Commtsslonera 81aff and u80 of thelr access platforni has bo•n wllhdrawn on advlce from Ihelr Irrern. However. funthng for the Ilghts for 2025 and omyards Is b8lng pend by the Twst. along wllh an optlon lo contractoul al a total cost of £34.000 for >years Illumlnatlons, exdudlnp tho Snslallalfon ofnewwlrlng strong polnts and comp118nl electrlclty 8upplles. Th8 Trust has appro8th8d numeroug lundlng bodles IMA all wlll not fund 'exlstlng acw. Th15 Is unfimd&d and cuffently unaffordablo unless ngw funder8, Includlnp Comme131. can bo found. Allhough tho Twst Is11th• Yund holdorf for Ihls acllvltyll wlll doubl1885 rKelve a(fvers8 publlclty Bhould the I11ng Mt happen.
LOOE DEVELOPMENT TRUST Loo• Vall•y Cycl• Trnlls {SupportlrvJ Objoct 1. 2. 3 & 4 01 tho TN81 as d•laled abov•) The Trust Is leadlng the developmonl of locel cycle tralls, to Ilnk Intothe natlonal ngtWOTk, locrn8to economk development and prosperlty. The C¢)mwall CNncl feaslblllty contractors have falled to achleve thg goa for Ihe roule plannln9. Apart from the Snmmlorfs Way. whh Is related to thls project there has been no other acovlty dwlng thls reportlThJ pethd. F•8tlval of Word• (supp Objects 1 & 4 of tho TnMI as detallod above) Th• Tnt provldod publk118blllty IMwanc•. banklng, guldarK• end grnnled nll cost UBe of Iho Mlllpool Centre for INS now free lttefary festlval In Loog. held In the Auffln, run by voluntoers. 11 w88 a greal success con818Ung ofthsly8, a booklalr al authorlalks and walks, vthlth •ngag•d raad•rn and wrlta of all ages. backgrounds and levols of expwknnco In a broad rnnge of hualIty actNitle8, •ncournging partldpauon, Involvement and reakn the 4x)mnwnty. kfjng In partnershlp wlth local communlty group8. not%rkS and venu. May Fayv• (Sypportlng ObJ•cl• 1 & 4 of tho Tnmt 88 d8tallod above) The Trnst conlknued to provlde publk Ilabfflty Insuran and guldance lo thls lon8tandlng communfty event In West Looe. A new gft)up of volunt6or8 wa8 lomi•d lor lh• 2025. Th• evonl w88 o great 8ucGeu. G•n•rnl Th Twst thmugh pgrllclpallon of hs TfUSte08 conthu081o be Involvod Ina vath ol actMtl81, propramme8 and fundlng stream8 to the benefft of the arna. Th•ao Inckthtr. Loo• T•am- Wothkng on tho Ton'8 pro18•d bu8ln•M M•. W• arn th• only non•Loo• Tovm Councll membor on th18 group. 86rau80 01 th• TNsf8 pafU¢lpokn •dthtknnal County fundln9 for the dévelopment Wofk was Mcw•d. Cwrnllon me•Ung8- The Tni eatabl1th and malnlaln• ctroperauon meetlng8 wlth t heads of East Looe Town TNSI, We8t Looe T(Mn Tru81, Looe Hartxwr Comml881oner8 and Looe Town Cwncll. Th88e 'lnfomMI' meellng8 enablo underntandlng aThl ccowrauon the Town, lumllln9 our Owodkn ofwofklNd ether. Looe Communlty Players - Th Tnrt uslry tho Mlllpool Centro, 08318ts ond Ik19 the funds for tho aMu81 Loo6 pantomlme on a profit-8harlng bo816. Thls powlar event succeBsfulty Involve8 Iho uso of many of th• danc• group8 tho1 th• C•ntr•. In addltlon to IhM• •cbth th• TnMI has boen Involved over the Ihe T¢Yn Cnl and CorNall CO¢11. Th? Tru8t (>)nllnued to Mek out fvrther opporknll*s to hKxease Incom• and expand whal we do In the communlty. Tho Trusi hAs also provlded I1p arnl 48818tarK• lo rnwry loGg1 wllh help In lkndlng fundlng lor young people and varfou8 projocts.
LOOE DEVELO MENT USTEES RUST CONTINUED FimiRE DEVELOPMEKfs AND COMMrrAIEMTS Other projects hava b•M consldered by Looo Devthpmenl Tntsl INS reportln9 perlod: some have not galned supw¢ othern have been gfven asslstsnc• and for othgrn thelr feasSblllty was lo bè further inve5tigaied. The Tnt's PTifKxpal monetsry concem is thal of the comrnerdal suslalnabllty development of MHlpool Centre follwlng the unjuslified 6x Infiation Incre858 in parklng costs in the Mlllpool Car park. and the longer tem) letung of Enlerprlse House to provlde Tnmt Incomo. Olhor Incom8 streams arn also r¢OW requlred. The of Ihe Fostive Ughls Is offrenlty unaffordabh. wllhoul commerclal (sponSohP) funds. Durfng the year the Mlllpool Manager h88 relalned volunleor slaff havo mada considarabla efforts to make the Mlllpool Centre attracth lo users lthln th¢ communlty. It18 to Ihe Managerfs and volunteers. credlt thal Iho Centre contlrwes lo wovld6 supwt lo meoung th6 obloctfvos of the Trusl. The Mlllpool Canlie 1$ an aCSIt@ and bespd(g d•8lgn located rnxt to th• t(r4m librnry and Town Coundl officos. It offws great opportunlty lo engage and meet thg needs of the wr PDpulatlon. The Tru818es arrfl Offlcef8 have revlewod tho Tnmt's Immodlale. n(kn} ond lontrtemi susl8ln&bS1ty arKI comml¢m8nls. The TNSI Treasur•r has provldod sound fr•sh guldanc• lo lh• Trust durlro thSs rnportlrrfd perlod: ho has also brght usèlul cofflmwdal 8klls lo the TrusL 8TATEMENT OF BENEFIT The TN8t ha8 contlnued to me8t118 commllm6nts for the COMM has worked In collaboratlon wtth other local organtsath)ns to addfe88 poverty In the en8ulng energy based economlc crlsls. exacerbaled by the Contlnulng war kn Ukralno. Durlffd Ihe reportlng year the TN8t r6celv8d Income Irom central I local govemmenl lo dellvw 8ervlce8. Mlnor local Town Coundl grAnt8 have been recelved foT proleGls kn th18 Ilnanclal year. The Tnmt has a pollcy of not paylng Its volunleer staff, apart fram199ltlmate expenses when Incuryed. Tho Tru81 has one emthee. the MIllp(l Centre Manager. The TfU8t ha8 an orvJolng revlew 01118 opornllng procodum, buslnfj88 plan and financlal control8. e Dwelopmant Tntyl conllnuad lo provlde benofiL In accordan vAlh Its obJéclSvos, durfng th6 2024r25 reportin9 year. Tho Tfusiees. Its Officers. efflployees and voluntaeT3 hAve wovlded 8 subslanbal langible Improvoment io the l¢)cal communlty of Looo and Its conUguou8 P8rl8heB. whh the provlslon ol conllnuiNJ 8ervlces to the wlder communlty through the Mlllpool Centro. However, tho trust h83 plan$ kn overcome these challengas wllh v8rk)us optkn bn9 explored and somo arn already In pl•ce. Thls report was approved by t Tru8t•u On 8 August 2025. Juslin G Sweckley (ChaThan of the TnMIg08)
e10 OE DEVELOPME RT OFTHE TREASURER Flnanclal revlew Looe Devebpmenl Tntst generaled a dellcll In the year wlmarfly because of Increased Mlllpool Centre malnlenance costs bul It remakns In a financlalty solld pDsStion wilh net assets of £69.163. Its prfnclpal financlal challenge Is lo gerwate more nel Income so that over lime the Trust Is able lo n)aknlaln Ihls valuablo assel for the benefit of the ¢ommunlty and lerW Its lease In th8 longer lem). R•s•rv•s pollcy The Trustee¥ consld8r thal the free reserves lo enable tho Trusl lo conllnue In operatlon comprlse the cash held by the Trust exdudlng the reslrlcted and deslgnated Income funds of £66,169 plus Income generated on Its renlal propety al Enlerprfse H$8. The reseTves are ld lo providè lor any operatlng dellclts al the Mlllpool Centro. lo meet malntenance c¥)sls of th¢ Millpool C•ntro and in due cour88 to exlend the lease of the Mlllpool Centre. The Trustees rese poIIGy Is an expense reserve of approxlmolely one yearfs kncome of £40.000 8nd a malntenance reserves I 18&8e renewal of £50.000 so ai presenl time the Irusl Is below Ils largeled level of reseNes of £90,000 and vlll look lo bulw Its r•s•TV•S ov•1 Ilmo to r4uired level. The Trusl Investment polScy Is to hold surplus reseTW In bank deposS1 a¢counts. Golng Conc•m Based on the level of cash and free re8eThe8 the Tru8tee8 conslder Ihat they have adequate re8our¢es lo contlnue as a golng concern for al least the next 12 months of operallon.
LOOE DEVELOPME TRUST INDEPENDENT EXA RT We report on the accounts of Iha Charfly for the year ended 31st March 2025. which are set out on pages 12 to 21. Respectlve rnsponslbllltles of lrn$ttts and examln•r The charlty's trustees are responslbl8 for the preparallon of the accounts. The charity's Irustees conslder Ihat an audll Is not requlred for Ihls year (under secllon 43(2) of the Charflies Act 1993 (the 1993 Act)) and Ihat an Independent examlnatlon Is needed. 11 Is our responslblllty lo examlne th6 accounts (under sectlon 43(3Ma) of the 1993 Acl), to follow the procedures lald down in the General Directions given by the Charity Commissioners (under seclion 43(7)(b) of the 1993 Act), and to slale whether partlcular rnatt8rs have come to our attenllon. Basls of Independent examlnerfs report Our examlnatlon was carried out in accordance wlth General Dlrecllons given by the Charfty Commission. An examination indude5 a revlew of Ihe aOUntIng records kept by charity and a comparlson of the accounts presented wllh those records. It also Includes nskleration of any unusual sterns or dlsclosures in Ihe accounts, and seeking explanations from the trustees concemlng any such matlers. The procedures undertaken do not provide all the evidence that would be requlred In an aud51. and consequentty no oplnlon Is glven as to whether the accounts present a 1rue and fairf vlew and tho report 55 limited lo Ihose matters set oul in the slaiement below. Independent examlnèrfs stat•ment In connecllon wlth our ex8mlnatlon, no matter has come to our attentlon. whlch gives us reasonabl8 cause to believe that in. any malerial respect, the r8quir8ments lo keep accounting records In accordance wlth sectlon 41 of Ihe 1993 Act. and to prepare accounts whlch accord with the accounting records and comply with Ihe accountlng requlrements of the 1993 Act have not been meL or to whlch, In our oplnlon, attentlon should b8 dfi*Yn In order to enable a proper und8rstandlng of the accounts lo be reached. Date: August 2025 Oakl8y8 Ac¢ountsnts
ooe Deve STATEMENT OF FINANCIAL ACTIVITIES THE YEAR EN 31 2024 Unrestri(led Restricted Funds Funds Tolal Total otes INCOMING RESOURCES Mlllpool Centre Enten$8 House LDT Events LDT Donatlons recetved LDT MembershSp fees LDT Admlnlstrallon recelpts Bank Interest recelved 25,991 9.7 120 355 16 300 1.043 25,991 9,067 120 27.017 8.213 1.796 16 3,006 1.295 16 1,043 36.892 36.892 41.343 Projeds Moor to Sea Defibrillato Wheeled Sports FacMIty Youth Aclfvltles Looe Communlty Players Looe Festlval of Words Looe Business Forum 850 1,639 45,648 1.821 208 1,639 199 1.100 1.663 3,736 1,100 1,663 3,736 2.240 Festfvals Chrfstmas Ughts FirewoTks 16.444 8295 16,444 8,295 2.631 2,508 35,826 35,826 $5,056 T¢)tal Ineomlng resourcos 36.892 35,826 72,718 96,399 Total resources expendod (next page) (45.600) (19.204) (64,804) (124,226) NEf MOVEMENT IN FUNDS (8.708) 16.622 7,914 (27.827) Funds balance brought foNard 152.871 49.547 202.418 230,245 Funds balance carrled forward 144.163 66,169 210,332 202,418
LO T TRUST STATEMENT OF FINANCIAL ACTivmES CONTINUED OR THE YEAR ENDED 31ST 2025 2024 Unrestrlcted Restrlcted Funds Funds Total Tolal RESOURCES EXPENDED Mlllpool Centre Ente1•50 House LDT Fund8 OonaUon8 mad8 42,533 1.488 334 42,533 1,488 35,039 1.792 Admlnlstratlve expenses Professlonal fees 13 1,065 1.245 1,245 45,600 45,600 8,507 37,910 69,299 153 Projects Moor to Sea Defibrfllalors Whe6led Sports Faclllty Looe Communlty Pl8yer8 Youlh Actlvllle8 Looe Communlty Meal8 Looe Festival of Words Looe Business Forurn 8.507 1,020 1,842 548 1,020 1.842 548 1,900 601 3.194 1.891 3,194 1.891 Festlvals Chrfstrnas Ughts FIreK15 476 1.726 476 1,726 3.060 11.303 19.204 19,204 86.316 Total r•8ourc•s •xp•nded 45,600 19.204 64.804 124,226
Pa e14 LOOE DEVELOPMENT UST CE SHEET AS AT 31ST MARC BA 26 Notes £ 2025 £ 2024 FIXED ASSETS: Investment property Tangible assets 10 11 75,000 450,558 75,000 463,295 CURRENT ASSETS: Bar Stock Debtors and accrued income Cash at bank and in hand 12 2,828 130,681 18,002 122.173 134,349 140,963 CREDITORS: Amounts falllng due within one year 13 (1.175) (16,640) NEf CURRENT ASSErs 133,174 124,323 NET ASSETS 658,732 662,618 RESERVES: Reslricted income funds Unrestricted incom8 funds D8sl9naled fund General fund 15 66,169 49,547 15 75,000 15 69.163 75,000 77.871 144,163 448,400 152,871 460,200 Deferred capttal grant 14 658,732 662,618 These accounts have been prepared In accordance wllh lh8 spedal provlsions relatlng to small companies within Part 15 of the Companles Act 2006 and with the Financial Reportin9 Standard for Smaller Enllties (effectlve 2015). For the financlal year ended 31 st March 2025 the company was entitled to exemption from audlt under 5ectlon 477 Companies Acl 2006; and no notice has been deposited under section 476. The directors acknowledge thelr responslbllltles for ensuring that the company keeps accounting records whlch comply wlth section 386 and for preparing accounts whlch gNe 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 finandal year in accordance with the requirements of sections 394 and 395 and which otheiSe comply with the requirements of the Companles Acl 2006 relating to accounts, so far as appllcable to the company. Slgned on behalf of the Board of Trustees: Date: 8 August 2025 Mr. R. Lewis, Trustee Mr. J. Spreckley, Trustee
e15 LOOE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES (a) Basls of Accountlng: The accounts have been prepared under the historlcal cost convention as modified by the revaluation of properties and In accordan with the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS 102) effective 1st January 2019. The company has avalled itself of Paragraph 3(3) of schedule 4 of the Companles Act and adapted the Companies Act forniats to refiect the special nature of the company's (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 liabilty in pect of the guarantee is limited to £1 per member. (c) Fund accountlng: General funds are unrestricted funds that have been set aside by the trustees in fvrtherance of the general objectives of the charity. a1 which have not been designated for other purposes. Designated funds comprise unrestritsd funds that have been sel aslde by the trustees for particular purposes. The aim and use of each designated fund Is set out in th8 notes to the financial statements. Restricted funds are fvnds whlch are to be used in accordance wilh specific restrictlons Imposed by donors, or which have been raised by the charity for particular purposes. The cost of raislng and administering such funds are charged against the Sprri¢ fund. The aim and use of each restricted fund is set out in the notes to the financial stslements. Investment Income and gains are allocat to the approwlate fund. (d) Incomlng resources: All Incomlng resources are induded in the SOFA when the ¢harlty1s legally entiued to the income and the amount can be quantified with reasonable accuracy. For legacies. entiuement is Ihe earfier of the charity being notifRd of an *npendlng distribution. or the legacy being received. Gifts in kind are accounted for at a reasonable tIrnate of their value to th8 charity and the amount actually realised.
Pa e16 LOOE DEVELOPMENT TRUST TO THE FINANCIAL STATEMEKrs CONTIN ED (o) Resourcos oxpondod: Expendltur8 Is reco9nlsed when a Ilablllty Is Incurred. Expendlture has been classlfied under headlngs that aggrega18 all costs related to the category. Where costs cannot be dlrectly attributed to particular headings they have been allocated to actMll8s on a basls conslstent wllh Ihe use of the resources. Dlrecl costs of generallng funds 8re those Incurred dlrectty In c8rrylng out th8 Income generatlng actfvllles of thè charity. and do not Indude Ihe costs of dlssernlnating Inf0MlI0n In support of th8 charftable adlvltles. Support C08ts are tha8e Incurred dlreclly In support ol expendhure on the objecls of the charity. Managemenl and 8dmlnlstration costs are Ihose Incurred In connectlon wllh admlnlstrallon of tho charlty and complSance wllh conslltutlonal and stalulory requlrernenls. (fj Taxallon: Tho charftls actMll88 are exempt from Value Added Tax. Irrecoverable VAT Is not separately analysed and Is charged agalnsl lh8 category of resources expended for whlch 11 was Incurred. (g) Operallng l•a80S: Tho charlty classlfies the lease of equlpmenl as operatlng leases, Illle lo the equlpment remalns wllh Iho lessor 8nd leaslng costs are charged on a 8tr8lght41ne b8sls over the lemi of th818ase. (h) Tanglblè fix a880ts: Tanglble fixed 8888ts co8tlng more than £500 arn Ca10$ed and Included at C05L Indudlng any Incldental expenses of acqulsltlon. Depredatlon Is provlded at the followlng annual rates In order to vthle off each asset over Its estimated useful lrfe. Leasehold bulldlng Flthre8, fittlngs and equlpmont Over Ilfe of18a88 33.33% on Gost O) Donat•d as8•ts: Those 8re c8pll8llsed at reasonable value on receSpts and dapredaied over Iholr useful economlc Ilves.
LOOE DeveLOPMeNT TRUST E FINANCIAL STATEMENTS OTE CONTI UED U) Investment Propety. Inveslment property is slated at Its esllmated market Va at th8 balance sheel date. SOFA indudes the n?1 galns and losses arising on re•valuations arKI dlsposals throughout the year. TRUSTEE'S EXPENSES: Trustees recelved remuMrallon durlng the current (r year. RELATED PARTY TRANSACTIONS: Ther8 were no transactions undertaken by. or on beho11 of. Ihe charity in which a trustee. officer or connected person had a materlal Interest. MILLPOOL CEiifRE: 2025 Hire of hall wKome Bar Sales 24,208 1,783 25,731 1.286 25.991 27,017 Expondlture: Stsff costs & volunteer expenses Depreciation Deferred grant Income Propety malntenance Cost of bar sales Utililies Insurance Cleanlng Admlnlstratlve expenses Subscriptions Valuation fees Llcenc8S 101h Annlversary Celebral Publldty and meellngs Ground rent Photocopler 20.316 12,737 (11.800) 9,371 619 6,537 2.878 640 85 206 19,367 11,837 (11,800) 4,241 858 4,926 2,105 1,213 227 452 420 699 214 63 195 142.533) (35.039) 116.542) (8,022) LDT ADMINISTRATIVE EXPENSES: 2025 other 13 13
Pa OTES TO THE FINANCIAL STATEMENTS CONTINUED ENTERPRISE HOUSE: 2025 Renlal Income Recharged managlng agency fees 8.000 1,067 8.213 Expèndlture: Property malntenance & premlses costs 420 Managlng agency fees 1,067 Ground rent (1,488) {1) 7.579 8.212 DONATIONS MADE: 2024 BalCan Pre Sthool Royal Britlsh Legion Looe Boat Owners RNLI Poppy Looe Llons 1,657 149 105 60 45 334 1.792 FESTIVALS: 025 2024 Chllsknas Ilgms: Transfer from Looe Communlty FONM Looe Town Council West Looe Town Trust Interest 10,278 5,500 500 166 1.000 131 16,444 2,631 Ughtlng equipment and Inslallallon Cherry plcker Admlnlstrallve expenses Insurance 176 2,410 300 300 300 (476> (3.060) 15.968 (429)
00 NUED INDEPENDEKf EXAMINER'S REMUNERATION: Th6 accountanl and Indep8ndenl exami5 remuneration was £850 (2024 £825). 10. INVESTMENT PROPERTY Total Valuatlon: At 1st Aprfl 2024 and at 31d March 2025 75.000 The 1888ehold propety 8t Ent8rpr18e Hou88 was purchased In January 2002 and was orfglnalty used to provlde computer trainlng for the Looe communlty. It Is rttorded al the valuallon determlned In Ihe accounts for th8 year ended 31 March 2014. The temi of Ihe 18888 is 999 years from May 1999 and Is held on a on ground rent of £1 per annum and Is currently sublet al £8,000 per annum lo provlde rental Income for the Trusl. The Te8$ conslder that the current valuatlon Is 8UPPOrted by the renlal Income generaled. 11. HXED ASSEfs: TANGIBLE ASSETS Leasehold Flxturns. Ilttlngs Prop•rty & •qulpmonl T¢)lal COST: At 181 Aprfl 2024 Addltlon6 593,132 59,866 652.998 At 318t Marth 2025 593.132 59,866 652,998 DEPRECIATION: 1st Aprll 2024 Depredatlon 129.837 12.737 59.866 189.703 12.737 At 31st March 2025 142.574 59.866 202,440 NEf BOOK VALUES: At 1st Aprfl 2024 463.295 463.295 Al 31st March 2025 450,558 450,558 The Leasehold Propety Is The Mlllpool Centre wh5ch was compleled In 2013 and Is held on a 50-year lease at £50 por annum from Looo T(y•m Councll.
MeKr TrUST NOTES TO THE FINANCIAL STATE ENT UE 12. DEBTORS: 24 Deblors I pr8payrrts Moor To Sea I Smugglers Way debtors Glft ald recelvable 1.973 1.135 16,552 315 2.828 18,002 In the comparative perbd. debtors Increased by due to tkn of Easter ho15day In current year and comprlse fmal 10% grant fr(xn Iwo funders and granl from 8noth8r fund for Moor To Sea I Smugglers Way Proje8. 13. CREDrroRS: Amounts falllng due wlthln one year Trnde credllors Moor To Sea I Smugglers Way ac(xuals Olher ac(Yuals 2025 202 139 15,301 1,200 1,175 1.175 16,640 In the ¢(xnparalive perfod, accxuals Increased by dug to tlmlrvJ of Easter hollday In current year and payment of Moor To Sea I Smugglers Way project costs incurnl before year end after the year end. 14. DEFERRED CAPITAL GRAKr: Tolal At 1st Aprfl 2024 460.200 Release to inwne in year (11.800) At 31st March 2025 The deferred capital grant provld8d to construct the Mltlpool Centre Is belng amortlsed to the Income stalement over the 50-y8ar lease period as Cornpanies Act does not pemill the offset of capital granls agalnst Ihe cost of construction.
LOOE DEV NTTRUS STOTHE CIAL STATEME CONTINU 15. RECONCIUATION OF MOVEMENT IN FUNDS: Openlng Incomlng Resources Cl¢)sing balance resources expended Transfers balance Restrlcted Fund$ Moor to Sea 8,916 Defibrlllators 23,291 Wheeled Sports Fadllty 8.206 L008 Communlty Player8 2,452 Youth Events 1,318 Coastal Team Tea Dance Looe Bu8lnes8 Forum Looo Fesllval of Words 850 (8,507) 1.639 1,259 24.930 7.385 2.273 1,870 11.020) 11,842) (548) (226) 312 312 1,900 3.736 11,891) (3.194) 542 ChrEslmas Ughts FtrBwork8 4,179 16,444 8.295 (476) (1,726) 226 20.373 7.216 49,547 35.826 (19,204) 68.169 Doslgnatod Funds Enterpr186 House LDT General Fund 75.000 77,871 9.067 (1,488) (7.519) 27.825 {44.112) 7,579 75,000 69.163 152,871 36.892 (45,600) 144,163 R•8lrfct•d Funds 49.547 D•slgnal•d Fund• 152.871 35.826 (19.204) 36.892 (45,800) 66,169 144.163 202.418 72.718 (64.804) 210.332 In the currenl year thè Tnjst 8ceept6d cash balances prevlougly held by the Looe Communlty Fowm for Festhials as the Looe ConNnuW Fonun activiues were merged vthh those of the Looe Development Trust. In the year the resklual balance on the Coastal Team fund whlth was the balance of a grant less exp8ndlture lo help attraci tourfsts lo vlslt Looe was iedesi9naled to the Ughts Fund whlch has effectlvety the same wrpose. During the year the organosalion behlnd the Max Evans project detennll)ed thal the often- delayed project could no longer proce8d because Max was now beyorKI age Ilmlts for the events. A parual refund was recefved net of athnln15tratlve costs. After dlscusslDn wlth donors. some were repald thelr donallon and others declded to let the Trust utllSs8 thelr funds on other Youth related projects.