Compary regi8trotion numb8r. 04654247 Charlty re9i6tratton number: 1103599 LymeArts Community Trust Limited (A company limited by guarantee) Annual Report and FInala1 Stgtemnts for the y ETr*l 31 D•cember 2023 WESTCOTTS
LymlS Community Trust Llmltod Contents Referertce and Admlnislratfve Detsils Strategk Report 2to3 Tee$. Report 4t05 Indendent Ex8minerfs Report statsment of Flnandal AcU¥ltloS Balance Sheet St8ternenl of Cash Flo Ncte8 to the Financial Statements 10t021
LymeArts Community Trust Llmlted Reference and Admlnlstratlve Detalls Chaimian J Pound Trus*g9$ D Harraway Irasignad 31 March 20241 M Thomas J Poun(I lappolnl8d 17 February 2023) S Knight$ lappoinled 17 February 2023) K Gigg lappolnted 2 May 20231 S Rai lappoinled 31 Juty 2023) T Morton {appoinled 31 July 2023} hA Hamer lappolnled 31 July 20231 N Cleog {resignèd 2 May 20231 D Lawfance (resigned 31 July 2023} P Edmonds {re8igned 31 Juty 20231 J Murphy (resigned 2 May 2023) T Blech (resigned 2 May 2023) che Flett lappoSnl8d 22 April 20241 Charty Registration NuMr 1103599 company Registration Numb•r 04654247 R•gl$tered Offlce Timberty South Street Axminster Devon EX13 SAD Indep¢nd•nt Examln•r Westcotts (SWI LLP Timberly South Streat Axminsler Devon EX13 SAD Pag9 1
LymeArts Community Trust Llmlted Strategic Report for the Yoar Endad 31 Docember 2023 The ttustees, v4ho are directors for the puiposes of company law, present their strategic rewrt for the year ended 31 December 2023. in compliance $414C of the Comp8nies Act 20[. Achlevem8nt8 and rfOrManc0 During 2023 The Marine consolid81Èd rts 5tsble posilion in preparation for growth the following year. The focus reMaId on profftabk progr8mmlng, communlly reach through events and non-profiiable oulreaoh pmjeots. 2023 saw the complètion of the fitsl academic year of the Mariné Youth Thèatrè school. Throughout the first ye8r, places remained ovef5ubscribed with a waiting ItSt. The fiist major production took place with the students perfomiing Ann1& the Musical. This was a resounding success with the Ilckets belng purchaserj much morg widgly than frfends and farn1 of the sttjdgnts. The Marine also produced it's first in hwse production of Glengarry Glenros8. This show was producgd and fvnded all in hous8 an(J Tan for 2 nighls. 11 was Ilrst schedule lo run in May but had to be pushed back to October due lo urrforeseen circumstan¢es. the aid of grant fvnding the Marine rounded off thè hugely su¢c8ssful community outreach programme called Senior Creatives. Thi$ progfamme was aimed towards senior citizens and ea¢h month they would come together lo sing and dance on altemative months. The Tea Dancgs wer8 very popular and saw peopl& coming froTh far and wide to enjoy the sessions. Grant funding is being sought lo continue this project. Th8 Crim8 F8stival, Lym& Crime was held al the theatre for the sacond consecutive year. celebraliTr9 the best of crime and thriller ficiion.Thts fe81ured leading crime authors such as Erin Kelly, Kale Moose and many more well renowned authors. The summer saw a th115chedule of events many of which were sellouts which include Lisa O'N8ill, The Darkside of Pink Floyd, Beth Nlelson Chapman and An Evening Without Kate Bush. Oijtflnrw theatre rÈmainfid prjpiilar again thi8 wjmmer wilh prrKliirlinns nf IhA Ilgty DiirJ(lino All 18klno pla on the Squar8. The MarSne ¢onlSnu8 il's offering of free events to the public - Sea Shanty Son9s by the Shanty singers is still hug¥ly popular and has proved lo be much loved by the local comrnunity and vi$itors alike. This free event is hosted monthly, and we have also continued th our k)ng running free Sunday Sessions event which creates a space whereby anyone Can lake cenlfe stage and entertain with their musical tslenl whatever that maybe. . Al the end T)f September. The Three Degreès w8re fealur8d at Thè Marin8 on their UK tour. The year was rounded off wllh the first New Yearfs Eve event. This was a hugely popular and successful event with th8 local cornmunity. Pagg 2
LymeNrts Communlty Trust Llmlted Slrategic Report for the Year Ended 31 December 2023 Financial r•vi•w The Charity received total income of £520.937 during the period Iperixi to 31 December 2022.. £477,288), of which £4T9.505 was unrestricted (period lo 31 Dgcember 2022.. £463,288). Expenditure totalled £508.568 (period lo 31 Decèmber 2022.. £436,109), of which was £18,072 was restricled Iperio(I 10 31 December 2022: £14.817I. As at 31 December 2023, the charity had unrestn.cled Teseryes of £493,757 131 Dember 2022.. £504,748) and restricted reserves of £157,782 131 December 2022- £134,422). Furlher details can be found in the Stslement ol Flnancial Activities. Policy on r•s8rvo8 In order to ensure the theatre Coukt continue lo operate in the evenl of the ¢ircumstanc8 oul of thg charitys control. the charity continues to worl( towards building up its unrestricted Current assets. Plan5 for future perltxls Alms and key objectlves for future perlods To Install DCP projector to 8nabl8 neY released film5 to b8 alred. • To roplace the stage curtains and chairs in the auditorium • To expand Ihe youth theat with Ihe introduct4.on ol new classes To r8organise and extend the bar to facilitate a secondary space suétablo for smaller Bvenls. A collaboration with other theatres in Dorsel. slarting with a project with The Mowlem Theatre in Swanage. Th& strategic report was approved by the trustees of the charlty on 8nd slgned on ils Chair n and trustee Page 3
LymeArts Community Trust Llmlted Trustees. Report The trusle8s. who are directors for the purposes of company law, present the annual report together with the fjn8nci81 slalemenls of th8 charitable compariy for the ar en(led 31 December 2023. ObJe¢tlves and acovltles ObJe¢ts and aims The Charitys objects are to advance education in and to foster and promote Ihe maintenan, improvement and development of the performlng arts, and lo encourage knowledge, understandlng and appreciation thereof among the inhabitants of th8 Lyme Regis and surrovnding Isislrict without distinction of sex. sexual orienlation, race, 8ge or polWtxI, r8llgious or other option5. The Tfustees have regard to the commission's public benefit guldance. All of the charbtable 8Ctivities are undertaken to further our charitable purpose for the public benefiL Public benefit The trustees conflrffl that they have cownplled with the requlremenls of section 17 of the Charities Act 2011 lo have due regard lo the public benefil guidanc8 published by the Chsrily Commission for England and Wales. Stru¢ture, gov•manc• and managom•nt Naturo of gov•ming docum•nt LymeArts Community Trust Limited 15 0 company Ilmilgd by guarantee governed by ils Memorandum and Articles of Association. It is a regisl8r8d with the Charity Commission. Recrultment and appolntment of trustees Trustees are elected annually al the Annual General Meetr"ng. The Èxisting trustees have the KM)wèr to COknOPt additional ITU51ees lo the board during the year until the foNowng Annual General Meeting, where Ih&y may be rg-alected by Ih8 members. In 8ccord3nG9 With IhB articlgs of association, ong third of lh8 trustees retire from lh6 oifice at Ihe Annual General Meeting and are eligible for the ro-èleclon. Indudlon and training of tru5tse5 New trustees undergo an orientation on their legal oblioations under charity and comp8ny18W, the conlenl of the Articles of Assoclatw)n, the committee and declslon-making process, the buslness plan and recent financial perforrnan of the charity. During the inducbon they meet the employees and other trustees. The Iruslees are encouraged to attend appropriate Bxlernal tralnlng events where thesé will faciti'late the undertaking of their role. There y¥ere s&veral changes to the Board of Trustees during the financial year., curronl board continues to have a wide range of skill s•ts. Page 4
LymeArts Comrnunity Trust Llmited Trustees. Report Statement of trustè•$' r*$pon$lb51iti&s The trustees (who are also the directors of LymeArts Community Trust Limited fof Ihfr purposes of company lawl ar8 responsible for preparing the trustees, report and the finan¢ial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). includlng FRS 102 'The Financial Reporling Standard applicabb In the UK and Republlc of Ireland". Company law requlres the trustees lo preparè Iln8n¢lal slatemgnls for each fin2nclal year. Under company law the trustees musl not approve the financial statements unless they are Satisfied that they giva a twe and lair view of the slate of affairs of Ihg charitable rnpanY and of the incomlng resources and application of resourcès, in¢lLJding its Incomè and expenditure, of the ch8rttsble company for that period. In preparing ihese financial statements, the tNstees ar8 requlred lo.. select suitable accounting policies and appty them consistently., observe the Fnethods and principles in th& Ch8rities SORP., makejudgemenls and èstimates that are reasonablo and prudent- stsle whether applicable accounting standards, comprising FRS 102 have been folkiwed, subject to any material departures disclosed and explained in the financial stslemenls; and prepa the financial statements on the going cOnM ba$ unless it is inapproprbate to psuMe that the ch8rrtable company wll continue in business. Th6 tru$tg9s are spOnsible for keeping proper accounting records that can disclose with reasonable accuracy at any tITne the financial posib'on of th8 charitable company 8rHJ enable thgm to ensure that the financial slatemenls comply with the Companies 2006. They are also responsible for saf8guar(ling the assets of the charitable company and hence for tsking reasonable steps for the prtrvenlion and d81ection of fraud and olh9r Srregularflies. The tru512es are responsible for the mainlènance and int8grily of the corporate and financial information includèd on the chantable cornpanls website. Legislation goveming the preparati and dissemination of flnancial statements may drffer from legislation in otherjurisdiclions. The dnnual report was approved by tha trustee$ of th8 charity on bÉha and signed on its Chai n 8nd trustee Pagg 5
LymeArts Community Trust Limited Independent Examlnerfs Report to the trustees of LymeArts Communlty Trust Limited (Ihe Compan) I rgport to the charity trustees on my examin8tion of the accounts of the Company for the endgd 31 December 2023. Responslbilitios and bas1$ of rnport As tht charity's truslees of the Company land also its directors for the purposes of company law) you are respDnsiblè for Ihè preparation of the accounts in accordance wlh the requirements of the Companses Act 20061'the 2006 Act'l. Having satisfied myself that the accoun15 of the Cownpany are not required lo be audited under Part 16 of the 2006 Acl and aw 8ligitrAe for indewndent examination, I rèport in respect of my examination of your ¢harily'$ a¢counts as rrIed out under section 145 of Ihe Charlles Act 2011 {Ih8 2011 Act'i. In cang out my exarnination I have followed the Directions given by the Charity Commission und8r seclSon 145I511bl of thg 2011 Act. Indopend•nt examlngfs $tstgm•nt Slnce thg Companls gross income exceeded £2SO,000 your examiner musl be a member of a b¢)dy listed in section 145 of the 2011 Act. I confirm that l am qualffied lo undertaka the examinatson because l am a momber of ICAEW which is one of the Ilsled bodies. I have completed my examinallon. I nfIrM that no matters have corne lo rny attention in connection wilh the examination giving me causo to beli¥vg: 1. aclounting records were not k$pt in respect of Lym&Arts Community Trust Limited as required by section 386 of th8 2006 Act. or 2. the aGcounts do not aco?rd with those records,- or 3. the accounis do not comply with the accounting fequirements of section of the 2006 Act other than any requirement that the accounts 9ive a 'true and fair which is not a matter onsidèred as part of an ind8p8ndent examination.. or 4. the accounts have not been prepared in accordance wtth the methods and prlnciples of the Statement of Recornmended Practice for ac¢ounting and repoffjry by Chariti lappllcable lo charities preparing thelr accounts in accordance witti the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other maltern in connection with 1he exaMin8tion to which attenlbon should be dmwn in Ihls report in or(ler to enable a proper understanding of the accounts to be reached. Mr T Stuckey FCCA ( For and on behalf of Westcotts (SWI LLP Timbedy South Street Axmin8tsr Devon EX13 SAO Pag& 6
LymeArts Community Trust Llmlted Statement of Financlal Actlvlties for the Year Ended 31 December 2023 {Includlng Income and Expendlture Account and Statament of Total Recognised Gains and Losses) Unrestrfthd funds Rgstrlctgd fvnds Total 2023 Total 2022 N4)ts Incr•m• and Endowm•nty from: Oonations and le98cies charitab activities Other tr&Jing activlties Investment income 41.772 273.426 160,530 3,777 41,432 83,204 273,426 160,530 3,777 91.743 199,854 184,822 869 Total ilicome 479.505 41,432 520,937 477.288 ExndItUr• on: Raising funds Charitab5e activities 151,2E11 {439,2351 151,261 1457.307) 157.2841 {378,825 18.072 Totsl expenditure 490,4961 18,072 5D8,568 436.109 Net (expenditureyinwme Net movement in funds 110,991 23,360 12.369 41,179 110,9911 23.360 12.369 41,179 Reconclllation of funds Total funds brought fomard Total funds c8rrr8d fovward 18 504.748 134,422 639,17D 597,991 493.757 157,782 651,539 639,170 All of the charitys actlvilies derivè from continuing operalk>ns during the above tsvo perN)ds. The funds bakdOWn for 2022 is shown in nolg 18. The nolos on pages 10 to 21 form an integral part of these financlal statements. P8g8 7
LymeArts Communlty Trust Limited (Reglstration number: 04654247) Balanc8 Shoot as at 31 Dècember 2023 2023 2022 Fix¢d a$s•ts Tangitle assets Investments 13 14 408,254 416.892 408,256 416.894 Curront assets Stocks Debtors Cash at bank and in hand 15 16 800 26,108 259,254 286,162 1,500 20.607 239,619 2e1,726 Crgdltors- Amounts falllng du• wlthln on• year 17 42,8791 N•t Current assets 243.283 222,276 Net a¥sets 651,539 639,170 Funds ol thè charlty: Restricted rn¢omè funds Rastricted funds 157,782 134,422 Unrestrictsd Income funds Unrestricted funds 493,757 504,748 Tol41 funds 18 651,539 639,170 For th& financial year 8nding 31 Dècember 2023 the chority was entitled to èxemplion from audit under section 477 of the Companle$ Act 20 ro18ting to small companies. Dlr¢ctors' responsibllitlas.. The members have not required the charity lo obtain an audit of ils accounts for the year in queslion in accordar5ce th Section 476; and The directors acknowledge their responsibilities for complwng wlth Ihe requirements of the Act with res1 to accounting records and the preparation of accounls. The financl81 slatements on pages 7 10 21 were approved by the trustees. and authorised for issue on and signed on their behalf b. und an and trustee The notes on pages 10 to 21 fom an integral part of these financial statements. Pag6 8
LymeArts Communlty Trust Llmlted Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Not Cash flows from operating actlvltles Net cash income 12,369 41,179 Adjustments to cash flow8 from nonrfash Items Depreciation Investment Income 16,636 13,77TI 25.228 16,401 S6,711 Working capltal adjustments Decreasellincreas81 in stocks Increase in debtors Increaselldecreasg) in creditOT8 Nat cash Ilows from op8ratiNJ aclivtties Cash flows from Invèstlng actl¥iti•8 Inlerest receivable and similar incom8 PurGhase of tangible flx8d assets Nel cash flows from investing activities Net increase in cash and cash equlvalents Cash and cash equivalents at 1 Janu8ry Cash and cash equiva18nls al 31 Decembgr 1S 16 17 700 {5,5011 3,429 (1,2001 112,6631 12,047 23,856 30.801 3.777 17,9981 869 124.4671 23,598 13 14,2211 19,635 7,203 239.619 232.416 259.254 239,619 All of ¢88h flows 8re derived from conlnuin9 operations duTlng the aljove Iwo periryjs. The note8 on pages 10 10 21 fom an integral part of these financial ststements. Page 9
LymeArts Community Trust Llmlted Notes to the Financlal Statements for the Year Ended 31 December 2023 1 Charlty status Th¢ charity is limited by guarantae. incorporated in Englan(J & Wales. and consequenlly d085 not have share capital. Each of the Iruslee8 is liable ttr contribute an amount not 8xceèding £1 towards the assats of the charity In the event of liquidation. The addws of its regislered office is.. Timberly South Street Axminster Devon EX13 SAD 2 Accounting pollclos Summary ot significant accountlng poll¢l•$ and kèy accounting èstlmat•s The principal accounting poli8$ appl in the preparai'on of these financial stsl8ments are set out below. These pollcles have begn conslstanlly appll8d lo all the ye8rs prosgnled, unless otheTwIsg stsled. statement of compllance The financial statements have been prepared in accordance vAth Accountin9 and Reporting by chare$.. Statement of Recommended Practice {appli¢ablè lo ¢harities preparing their accounts in accordance with Ihe Flnanclal Reporting Standard applicabl6 in th8 UK and Republlc of Ireland IFRS 10211 (issued in Octobar 20191- (Charltles SORP IFRS 102)). the Flnancial Reporting Standard applicabk in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation LyrneArts Community Trust Limitèd meets the definition of a public benefft entity under FRS 102. Assets and Ilablllttes are Inrtlally rgcognlsed at hlstorical cost or transaction value unless oth8rwls8 stsled In the r8levant accounliF)9 lleY nolas. Golng concern The trustees conslder that there ar8 no material uncertalnlles about thfj ¢haril¥s ability to continue as a going concern nor any significant areas of uncertainty that affect the Carrng value of assets held by thg chanty. Page 10
LymeArts Community Trust Llmlted Notes to Ihe Financlal Statements for the Year Ended 31 December 2023 Judgèm•nts and key sources Df •stlmatlon uncertainty The prep8ralion of the linan¢ial stslemenls requires management to makojudgemon15, estimates and assumptions that affect the amounts Teported. These esllmales and judgements are conunually reviewed and are based on experience and other factors, indudlng expectations of future events that are believed lo be reasonable under the circumstances. AaUntIng eslimales and assumw'ons are made (y)n¢eming the future and. by their nature, wll rarely equal the reL91ed actual outcome. Income and endowrnents AJI incorna is recognisod once the charity h8S 8nfftlemgnt lo the incomè, it is probable thal the Incomg will recelved and the amount Df the incom8 re¢e5vable can bo measured reliably. Donatlons and bgaci•s Donations are r8¢ognised when the charity has beèn notified in writing of both the amount and settlement dale. In the avant that a donallon is sublect to condlllons that requira a level of performance by thg tharity before the charity is èntiugd lo the funds, the income is deferred and not recognised unlll ellher th058 condltions are fully met, or the fumlment of those conditlons is wholly within the control of the charity and it is probable that thosa condition$ wlll be mfill in the reportlng period. Grants rncolvable Grants are recognised when the charity has an enb'llernent to the fijnds and any conditions linked tr) the grants have beèn met. Where pèrformance conditions are attaehed to the grant and are yet lo be mel, the income is recognised as a liabilty and induded on the balan sheet as deferred incom8 10 be releasod. Investm8nt Income Dividends a cOgnIs¥ll once the dlvidend has been declared and notl¢all0Th has been rerA*ivert of thè diviLlend due. Expondlture l expenditurè ts recognlsed once there Is a legal or constructlve obligatlon lo that expendituré, it 19 probable settlement Is required and the amount can be measured reliably. AJI costs are allocaled lo the applicable expenditure heading that aggregate similar cosb lo that category. Where cosls cannol be directly attribulgd lo parbcular headings Ihoy have been allocated on a basis wnslslent with the use of reSoUrs. wtth central staff Gosls allocaled on the basis of lime spent. and depreciation charges allocated on th& porti(M) of the asset's use. Other support Costs are 811ocatg(I b88ed on the 5preBd of stsff ¢)JSts. Raislng fundg Thaso arg costs incurr8d in attracting voluntsry Inwme, th8 management of inv8sknwnts and those incurred in trading activities Ihal raise funds. Charltable actlvl¢l•s charitab expenditure comprises those costs incurred by the charity in tha delivery of its aCtivie$ and services tor its benefici8ries. 11 includes both Costs that can be allocated direclty lo such activities and thosè costs of an indir8ct nature necessary lo support tham. Page 11
LymeArts Community Trust Limited Notes to the Financial Statemonts for the Year Ended 31 December 2023 Support costs Support Costs include central ftjnctlons aTrJ have been allocated to activity ¢osl categories on a basis consistent with the use of resources. f¢N example, allocating property costs by floor areas, or per capita, staff costs by the tirne spent and other casls by their usage. Gov•rnm•nt grants GDvernm•nt grants are recognised based on the accwal mcKl81 aThJ are measured at the falr value of the asset recEived or receNable. Grants are classified as relaling either to revenue or to assets. Grants lating to revenue are re¢ognlsed In income over the period in which the relat cosls are recognised. Grants relating to assets are recognised ovar the expected useful life of the asset. Where part of a grant relating to an assèt is dèlerr8d, it is ré¢ognised as deferred income. Taxalion The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of Ihe Finance Act 2010 and thefore it meets the definition of a charitable company for UK corporation lax purposes. Acco1ngIy, th8 charity is potentially exempt from taxallon in rèspecl of income or capital galns rec8ived within categories covered by Chapter 3 Part 11 ol the Corpor81ion Tax Acl 2010 or Section 256 of the Taxation of Charggable Gains Act 1992, lo the exlenl that such income gains are applied ex¢lusively lo ¢h8ritsble putpose& Tangiblè fixed assets Indlvidual fixed assets costing £liJ).00 or morè arè initialty rerded al cost, 1888 any 8ub8equent c¢uwnulaled depreciation and subsequent 8ccumulat8d impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on gible fixed assets so as lo write off the cost or valuation, less any esb'mat¢d residual valuè, over Ihair expected useful ewnomic life as fdlows: Asset class Property improvements Offic8 equipmenl Dopr¢Glatlon method and rats 5% 51raight line 25% Straight lin There is no charge for depreualion in respect of the freehold property, as the residual value b5 expected to ba at least equal to thg cost. Fix•d asset investments Fixed asset investments, other than programrne r818t8d investments. S included al m8rket valu8 at the balance sheet date. Realised gains and lossgs on investments are calculated as the differen botween saltss proceeds an(J their market value al the start of the year. or their subsequent cost. and arg charged or credited to Ihe Statement ol Financial Activilies in the period ol disposal. Unrealised galns 8nd losses represent the movement sn market values durfng the year 8nd are credited or charged to the Ststement of Flnanclal Acllvillos ba$gd on the market vabJ8 at the year end. Page 12
Lymokn Community Trust Limited Notes lo the Financlal Statements for the Year Ended 31 December 2023 Stock Stock is valued al the lower of Cost and estimated selling pricè less costs to complete and sell. aft&r due regard for obsolete and slow moving 51ocks. Cost is dotsrmined using the first-in, first-out (FIFO). Cash and cash equlvalents Cash and cash equival&nts ¢omprSse cash on hand and call dewsils, and other short-term highly Ilquld Investmenlg that are readlly convertlble to a known amount of cash and are subject to an InsignifinE risk of change in value. Fund structure Unrestricted income funds are general funds that are availabl8 for use at the trustees dlscrolion in furtherance of the objectives of the Bharity. Rèslricled income lunds arg thosg donated for Ltse a particular area or for spec4fic purpos8S, thg use of which is restricted lo that 8rea or purpose. Financlal In$trumont$ Classifieatlon Financial assets and financial liabiltties are recognised when the chariiy bacomes a party to the contractual provisions of the Instrument. Financial liAbililies and equity inslwments ar¢ c18ssified according to the substance of the contractual arrangements enl8red into. An equity instrument is any contract that evidences a residual interest In the assets of the charity after deducllng all of its liabilits. Recognltlon and measurement All financial assets and liabilities are inthally measurèd at transaction price (including trans8Ction costs), except for those financial assets dassified as al fair value through profit or loss. which are Ii)Ili&illy rTl885ured at falr value Iwhich is normally the tr8nsacts.on price oxduding transaction coslsl. Lrnles5 Ihe arrangement constttules a financing Iransaclion. If An rran0$mNI conslilules a financing transaction. the financial asset or financial liability is measured at the present value of the future payments discounted al a martoet rate ol interost for a slmilar debt instrument. Fin4nGial assets and Ilabililies are only off8èt in the statement of financial position when. and only when th8r8 exists a18gally enforc8able right to sel off the re¢ognised amounts and th& charity intsnds ellhèr to settle on a net basis, or to realisB the asset ond settle the liability simultsneously. Financial assets are ecOgnIsed when and only when al the contractual rights to the cash flows from Ihe financial asset expira or are settled, bl the tharity transfers to another party subslanlially all of the risks and WardS of tswnership of the financial asset. or cl the charity, despite having retained some, bul nol all. significant risks and rewards of ownership, has transferred control of the asset lo another paity. Financial liabilrties ara derecognised only when the obli98tion specified in the contract is discharged, cancelled or explres. Page 13
LymeArts Community Trust Limited Notes lo the Flnanclal Statemgnts for the Year Ended 31 December 2023 Investm•nls Investments in nonaconvertible preference sha$ and non-puttable ordln8ry or preference shares Iwhere shares are publidy traded or thelr falr value is reliably measurable) are measured al falr Wdlue through profrt or IDSS. whe fair valuè cannot be measured reliabty, investments are measured at cost less impairnenl. Investments in subsidiaries and associgles are measured at cc>sl less impairment. For Invèstments In subsidiaries acffjuired for consideration induding the issu8 of shares qualifying for merger relief, cost s MeaSred by reference to ihe nominal value of Ihe shares issued plu5 fair walue of other on$id9ralion. Any premlum Ss ignorod. 3 In¢omo from donatlons and l•gacl•s Unr05trf¢t¥d funds General Total 2023 funds DonatiorTrs ar1998¢10$.' )peaLs and donations Friends membership Grants, including capital grants-, Dorset Counc41 Lyme Regis Town Council Backstage Trust Garfield Weston 2,681 5,841 7,032 9.713 5.841 11,250 22,000 9.400 20.650 22,(X)O 15.000 10.000 15.000 10,000 41,772 41,432 83,204 Unre8trict•d funds General Restricted funds Total 2022 Donations and legacies., AppeaL8 and donations Friends rnembership Grants. including capital grants,. UK Government gfdnts Dorset Council Arts Council Lyme Regis Town Coulldl Nallonal Lottery 8,5 3.632 6.905 3,632 2,867 11,250 31.289 22.000 2,667 13,750 32,789 22,000 10,000 2,$00 1,500 10,000 77,743 14.000 91,743 Page 14
LymeArts Communlty Trust Limited Notes to the Flnancial Statoments for the Year Ended 31 December 2023 4 Incom& from charitable actlviti•s Unr•slrl¢led funds Gen9ral Totsl 2023 Tolal 2022 Theatre hire Thgatre events Youth Ihe8tre income 10,489 242,121 20,816 273,426 10,489 242.121 20,816 20.861 169,577 9.416 273,426 199.854 S Incom• from othor tr4dlng a¢tlvltles Unrestricl•d lunds General Total fund$ Total 2022 Bar and coffe6 sales Weddings Sponsorshlp Brochure advertirj 133,200 21,170 2,000 4,160 133,200 21.170 2.000 4,160 130.476 49,436 2.000 2.910 160,530 160,530 184,822 6 Investment Income Unrestrlded funds Ggnor81 Totsl 2023 Total 2022 Bank interest f8c8ivable 3,777 3,777 869 7 Expenditur• on raising fund$ al Costs of tradlng actlvtties Unr8$trlcted lund$ G•n•ral Total 2023 Total 2022 Costs of goods sold 51,261 51,261 51,261 51,261 57.284 57,284 Page 15
LymeArts Community Trust Llmlted Notss to the Flnanclal Statements for the Year Ended 31 December 2023 8 Expgndlture on charltabl¢ actlvltles Activity undertakn dir•cty Support costs 2023 2022 DI¢t costs 435,299 22,008 457.307 378,825 9 Analysis of $upporl costs Unrestrfcted fund$ Gèn•ral Total 2023 Tolal 2022 Adverbsing Accountsncy fees Bank charges 15,417 3.512 3,079 15.417 3,512 3,079 14,360 2,727 2,303 22,008 22,008 19.390 10 Not Incomlngloutgolng rosourc•s Net incomlng r8sour¢es for the year Indude.. 2023 2022 Daprecialion of langibb assols 16,636 16,401 11 Tru$to05 remun•ratlon and •xpons No truslees, nor any persons conneetsd wth them, have recefive¢J 8ry r8muner8tlon from the charfty during the year. No trustees have re¢8lved any mimbursed expenses from tho tarlty during Ihe year. Page 16
LymeArts Community Trust Llmited Notes lo thg Financial Statements for the Year Ended 31 December 2023 12 Staff costs The aggregate payrol costs wern as follows= 2023 2022 Staff costs durlng the year were,. Wage5 and salades Soci81 security costs 158,745 7,502 157.129 1.846 166,247 158.975 The monthly average number of persons Ilncluding senior management I leadershlp team) employ8d by Ihe charity during th& year expressed as full time equivalents was a$ follows.. 2023 No 2022 No Average headcount of employ9es No empk)yee recerved emoluments of more than £60.000 durlng the ar. 13 Tanglble fixed ass&ts Land and buildings Furnlturg & Property equipm8nt improv•m•nt$ Total Cost At 1 January 2023 Additions 250,000 82.993 2.762 203,238 5.236 536,231 7.998 At 31 December 2023 250.000 85,755 208.474 544,229 Deprnciatlon Al 1 January 2023 Charge for the year Al 31 December 2023 69.884 6,212 49,455 10.424 119.339 16.636 76.096 59,879 135.975 Net b¢)ok valu• At 31 December 2023 250,000 9,659 148,595 408,254 At 31 Decembor 2022 250,000 13.109 153,783 416,892 Pag8 17
LymeArts Communlty Trust Limited Notes to the Flnancial Statements for the Year Ended 31 D•comber 2023 14 Fixed assot investments 2023 2022 Shares in group undertakings and parti(4paling intsrests Shar•$ in group und•rtaklngs and partlelpatlng Intw•sls Subsidlary undgrtaking¥ Totsl Cost Al 1 January 2023 Al 31 Docember 2023 Not book valu• At 310ocember 2023 Al 310mber 2022 15 stock 2023 2022 stocks 800 1,500 16 Debtors 2023 2022 Trade deblors Prgpayments other d8blors 25.804 304 19,077 261 1,269 26,108 20,607 17 Crodltors: am¢unts falllng duè wlthln ono year 2023 2022 Trade credttors Other creditOf8 AccrLtals 38.365 1,355 3,159 42,879 36,558 2,892 39.450 Page 18
LymeArts Communlty Trust Llmlted Notes to the Flnancial Statements for the Year Ended 31 December 2023 18 Funds Balan at 1 January 2023 Balance at 31 December 2023 Incomlng rg$our¢o5 Resources •xp•nd•d Unre8trfctsd fund$ G•noral General Funds 504,748 479,505 1490.496} 493.757 Rastrlrtgd funds Property improvements Senior5 Cultural The Cinema Project The DJ crse Play in a day 128,500 5,922 117,389 3,961 32,032 4,400 11,961) 32.032 4,400 5.000 15.0001 134.422 41,432 18.072) 157,782 Tolal funds 639.170 508,568 651.539 Balance at 1 January 2022 Balance at 31 De¢•mbèr 2022 Incomlng resources Rosoureas expended Unre$trlcted funds Gener81 General Funds 462,752 463.288 {421,292} 504,748 Reslrtet•d lund$ Property Improvements Seniors Cultural 135,239 4,000 10,000 14,000 {10,739) 4.0781 128,500 5,922 134.422 135,239 14,8171 Total fund8 597,991 477,288 436,109 639,170 Page 19
LyrneArts Community Trust Limlted Notss to the Financial Statements for the Year Ended 31 December 2023 Pro rov ments: These re5tricled funds are sp8cifically for Ihe purpose of thè e2Pital propety improvements to Ihe Marine The8lre. Lyme Regis. the restricted expendlture on the reserve repres&nts Ihe liftlng depreciation in relation to the restrictitsn on the capitsl axpanditura meeting spe¢lfic designalion of g¥an15 received. Senior5 Cultural.. The purpose of this grant 6$ Ir> facililalg a me8tup which involves an actlvity to combat IDnelines5 and isolation in our elderfy Communities. 11 takes pkice rnonthly and lakos the form of a Tea Dan¢e and on Sltemale months a group led singing Session. The séssions are filmed and a film has been produced OV8r the lime that it has been running. The CinemiPLOL The Charity stsrted a bid to bring back cin8ma lo LyYn8 Regis, the funds r8isÈd will k spent on capital expeftdlre for this purpose. Th¢ DJ Cour$e'. The restsicied funds are lo be spent on enhancing thè skills of Y¢ng a8piring or hobby DJS 80 they can ba thè support acl on DJ nights held at the Marine Theatre, wh8r8 professional DJS perform. The funds ar8 to b8 spent on the purchas8 of DJ eguipmenl and running of the course. Pla In The monies received ale lo be sponl on the delivery of a course to children pupil premium. The children devl88d a play and performed 8t the end of Ihe day lo Iheir parents. The grant received cater8d lor a healthy meal aThJ sn4cks and the wurse was delivered by N¥0 Marine Theatre professonal. tÈath&r and director. Page 20
Lymekn Community Trust L5mited Notes to the Financlal Statements for the Year Ended 31 December 2023 19 Analy81ts of not assèts b•tw••n funds Total funds at31 Doeember 2023 Unrostrlcted nds General Restrlet¢d funds Tang fixed assets Fixed asset investments Current assets Current liatilities 293,503 114,751 408.254 243,131 42.879 43,031 286,162 42,879) 651,539 Total net assets 493.757 157,782 Totsl funds 4131 December 2022 unltrIcted funds G•naral Restrf¢t•d funds TanglNe rtxod assets Fixed ass8t Investm8nts Current assets Current liablllties 288.392 128.500 .416,892 255.804 39.450 5,922 261.726 139,450) 639,170 Totsl ngt a888t6 504,748 134.422 20 Relat•d party transactlon¥ There were reFated p8rty transact5ons Sn the year. P•Je 21