Company registrallon number. 04654247 Charity registratlon number. 1103599 LymeArts Community Trust Limited (A rnPanY Ilmited by guaTantee) Annual Report and Flnandal Statements for the Year Ended 31 December 2024 WESTCOTTS HAnTERIED aC¢QUMTAIIT•
LymeArts Communlty Trust Limited Contents Referen and Administrative Details Trustees. Report 2to5 Independent Examiner's Report Statement of Financial Activities Balance Sheet 8lo9 Slatement of Cash Flows 10 Notes lo the Financial Stslem8nts 11to22
LymeArts Community Trust Llmlted Reference and Admlnlstrative Details Chaimian C Flett Trusteos D Harraway (resigned 31 March 2024) M Thomas (resigned 27 January 2025) J Pound {resigned 18 November 2024) S Knights K Gigg (resigned 18 November 2024) S Rai (resigned 25 July 2025) T Morton M Hamer C Flett (appointed 22 April 2024) A Colefflan (appointed 27 January 2025) C Gill {appointed 27 January 2025) D T Balcomb8 (appointed 27 January 2025) M Boser (appointed 27 January 2025) Charlty Regl3tratlon Number 1103599 Company Reglstratlon Number 04654247 Registered Office Timberly South Street Axminster Devon EX13 SAD Independent Examiner Westcotts (SW) LLP Timberly South Str88t Axminster Devon EX13 SAD Page I
LymeArts Communlty Trust Limited Trustees. Report The tnjstees, who are directors for the purposes of company law, present the annual report together with the financial stalements of th@ charitable company for the year ended 31 Decemb8r 2024. ObJe¢tlves and actlvltles Objects and aims The Ch8rity'S objects are to advance education in and to foster and promote the maintenance. improvement and development of the performing arts, and to encourage knowledge, understanding and appreciation thereof among the inhabitants of the Lyme Regis and surrounding district without distinclion of sex, sexual arientation. race, age or political, religious or other options. The Trustees have regard to the commission's public benefit guidance. All of the charitable activities are undertaken to further our charitable purpose for the public benefit. Public benèffit The trustees confimi that Ihey have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance publlshed by the Charity Commission for England and Wales. Achi•vemonts and rfOrManCe Having positioned itself for growth the previous year with the introduction of new Programmer and Communications Coordinator roles, in 2024 the Marine succeeded by increasing ticket sales on the previous year by approximat81y 90Yo. The Ginema project's fundraising efforts were completed. securing Ihe final grant for provision of a new DCP projeclor, stage curtains, auditorium chairs. and an upgraded surround sound system. In January. new curtains were instslled, followed by the DCP projector in Mar¢h. The arrlval of new chairs in August was a mi1gSton8, though delays in tha sound syst8m pushed th8 cin8ma's official launch to early 2025. During 2024 th8 Marin8 continued to offer a programme of diverse events for all age demographics. keeping focused on the principle that th&re is something on offer for everyone. Page 2
LymeArts Communlty Trust Llmited Trustees. Report The year began with the introduction of DJ events as part of the regular programmed events. The first event - Roni Size was hugely popular with younger audionces and similar successful events continued throughout the year. The programming ¢ontalned a wide and dlverse varlety of events including talks, comedy. theatre. National Theatre Live screenings, music of all genres and playing host to private hire events including weddings. In February. the Theatre welcomed membws of the cornmunity in a special Valentines event to read their favourite poem5 and sonnets. 11 was a community event presenting a lovely mix of professional actors and community members united in celebrating their love of sonnets. Throughout the year, the Marine welcomed many nationally acclaimed artists induding Sitnon Amiitage. Milton Jones. Ed ByTne, Jake Lambert. Mike Wozniak and Gail Porter to name a few. The Marine hosted a successful three-week Summer Season of Plays by Gilroy Theatre, reviving repertory theatre in Lyme Regis. The plays included ihe popular Gaslight, Taking Steps and Dial "M" for Murder. Such was the positive response to the plays. the Gilroy Theatre returned in December with well•received performances of A Christmas Carol the production included the support of our very own Marine Youth Theatre. which has continued to thrive in its, second academic year. The ever-popular bi-annual Community Play took place this year with an extensive cast also including children from the Marine Youth Theatre School. This year's play was a take on the Shakespearian comedy called A Midsummer Lym8's Dream, a modem-day blasl through Shakespeare's most enchanting cornedy, interwoven with nuggets of Lylre's history. The magical chami of both thg play and th8 town knitted together to produce another unmissable Mmunity event. The Marine contlnues its offering of free events to the public - Sea Shanty Songs by the Shanty singers is stlll hugely popular and has proved to be much loved by the local communlty and visitors alike. This free event is hosted rnonthly, and we have also conllnued with our long running fre@ Sunday Sessions event whlch creates a space whereby anyone can tske c6nlre stage an(J entertain with their musical talent what8V8r that maybe. These sessions are alongside other regular events such as the Play R8adlng Group, which welcomes all ages and backgrounds to read scripts which are shared in advance. Following the success of the inaugural event in 2023, the tradition continued with another successful New Years Eve celebration, wlth 8 lo¢al band successfully closing the 2024 programme. Finan¢ial revlew The Charity received lotal income of £934.950 during the period (2023 - £520,937). of which £760.498 was unrestricted (2023 £479,505). Expenditure totalled £796,144 (2023 £508,568) of which was £33.462 was reslricted (2023 £18,072). As at 31 December 2024, tho Charity had unrestriced reserves of £491,573 (2023 £493,757> and restricted reserves of £298,772 12023 £157,782). Futher detsils can be found in the Ststement of Financial Activities. Pollcy on resgryes In order to ensure the theatre could continue to operale in the event of the circumstance out of the charitys control, the charity continues to work towards building up its unr8Stricted current assets. Pag8 3
LymeArts Community Trust Limited Trustees. Report Plans for future periods Alms and key objectlvos for future periods To successfully launch the much-awaited return of cinema to Lyme Regis at the Marine Theatre To complete fund raising and works of a backstage toilet, providing much needed facilities for artists including the Marine Youth Theatre. To begin fundraising for a building project which will posltion the Marine for future growth and sustainability. Continue the growth and diversification of the Programme exploring opportunities to further increase support for our local communlty. A collaboration with other theatres in Dorset, starting with a project with The Mowlern Theatre in Swanage. Structure? governanc• and manag•ment Nature of governlng document LymeArts Community Trust Limited is a company limited by guarantge governed by ils Memorandum and Articles of Association. It is a registered with the Charity Commission. Recruilment and appointment of trustees Trustees are elected annually at the Annual General Meeting. The existing trustees have the power to co-opt additional trustees to the board during the year until the following Annual General Meeting, where Ihey may be re-elected by the members. In accordance with the articles of assoclation, one third of the trustees retire from the office at the Annual General Meeting and are eliglble for the r&election. Induction and Irainlng of trustees New trustees undergo an orientation on their legal obligations under charity and Gompany law, the content of the Articles of Association, the committee and decislon-making process, the business plan and recent financial performanc8 of Ihe charily. During the induction they meet the employees and other trustees, The trustees are encouraged to attend appropriate extemal training events where these will facilllate th8 und8rtaking of their role. There were several changes to the Board of Truslees during the financial year,. Ihe current board continues to have a wde range of skill sels. Page 4
LymeArts Community Trust Limited Trustees. Report Statement of trustees. responsibilities The trustees (who are also the direclors of LymeAIts Community Trust Limited for the purposes of company law) are responsible for preparing the truslees, report and the financial ststements in accor(Sance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Stsndard apFlicable in the UK and Republic of Ireland.. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financlal ststements unless Ihey are satisfied that they glve a true and fair view of the state of affairs of tho charllable company and of the incoming resDurces and application of resources. including its income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to-. select suitable accounting policies and appty them consistently. observe the methods and principles in Ihe Charities SORP. make judgements and estlmat8s that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures di10$ed and explained in the financial statement5', and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responslble for keeping proper acmuntlng records that Can dlsdose wlth reasonabl8 accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements Comply with the Companles Act 2006. They are also r8sponsible for safeguarding the assets of the charftable company and h8nce for L3king r&asonab18 Steps for the prevention and dete¢tion of fraud and other irregularities. The trustees are responsible for the maintenanc8 and integrity of the ccffporate and financial information included on the charitable companvs website. Legislation governing Ihe preparation and dlssemination of financial statements may dlffer from legislatlon in other jurisdictions. Small companles provision statement This report has been prepared in accordance with the small companies reglme under the Companies Act 2006. The annual report was approved by the trustees of the charity on behalf by- and signed on its C Flett Chairman and trustee Page 5
LymeArts Communlty Trust Llmlted Independent Examiner's Report to the trustees of LymeArts Community Trust Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year endèd 31 December 2024. Responslbilities and basis of reporl As the charlty's trustees of the Company (and also its directors for the purposes of cornpany law) you are responsible for the preparation of the accounts in accordance with th8 requirements of the Companies Ad 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as Caled out under section 145 of the Charilles Act 2011 {'the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under sectlon 14515)(b) of the 2011 Act. Independent examiner's statement Since Ihe Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of th8 2011 Act. l Gonfirm that l am qualified to undertake the examination because l am a member of ICAEW which is one of the listed bodies. I have completed my examination, I confimi that no matters have come to my attention in connection with the examinalion giving me cause to believe: 1. accounting records were not kept in respect of LyrneArts Communlty Trust Limited as required by section 38fj of the 2006 Act: or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act othei than any requirement that Ihe accounts give a 'true and fair view which is not a Matter ¢onsidered as part of an ind8pendenl èxaminatlon" or 4. the accounts have not been prepared in accordance with the methods and principles of the ststem8nt of Recommended Practice for accounting and reporting by charilles [appllcable to charities preparing their accourrts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. Mr T Stuckey FCCA For and on behalf of Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Page 6
LymeArts Communlty Trust Limited Statement of Financial Actlvities for the Year Ended 31 December 2024 {Includlng Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrictod funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activitles Investment income 55.572 448,384 256,099 6.343 136.520 32,032 192,092 480,416 256,099 6,343 83,204 273,426 160.530 3.777 Total income 766.398 168.552 934,950 520,937 Expenditure on: Raising funds Charttable activities {112,533) 650.149) (112,533) (683,6111 (51.261) 1457,307 133,462 Totsl expendilure Net income 1762.682 33,462 1796,144) 508,568) 3.716 135,090 138.806 12.369 Net movement in funds Reconciliation of funds Total funds brought forward Total fijnds carried forward 18 3.716 135,090 138,806 12,369 493,757 157,782 651,539 639,170 497.473 292,872 790,345 651.539 All of the charity's activities derive from continuing op8ratrons durfng th8 above periods. The funds bre8kdown for 2023 is shown in not8 18. The notes on pag85 11 to 22 form an integral part of these financial statements. Page 7
LymeArts Community Trust Llmlted (Reglstration number: 04654247) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 485,219 408.254 485,221 408.256 Current assets Stocks Debtors Cash at bank and in hand 15 16 800 34,856 321,515 357,171 800 26.108 259.254 286,162 Creditors: Amounts falllng due within one year 17 152,047 42,879) Net current assets 305,124 243.283 Net assets 79Q,345 651,539 Funds of the charlty.. Restricted Income funds Restricted funds 292,872 157,782 Unrestricted income funds Unrestricted funds 497,473 493,757 Total funds 18 790,345 651,539 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under sectlon 477 of the Companies Act 2006 relating to small companies. Dlrectors, responsibilities: The members have nol required the charity to obtain an audit of ils accounts for the year In question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accountlng r8cords and the preparation of accounls. These financial ststements have be8n prepared in accordance with Ihe special provisions relatlng to companies subject lo the small companies regime within Part 15 of the Cornpanies Act 2006. The notes on pages 11 to 22 form an integral part of these financial 5t8t8ments. Page 8
LymeArts Communlty Trust Llmltod (Reglstratlon number: 0465424n Balanc8 Shoet as at 31 Docember 2024 The financial statements on pages 7 to 22 were apwoved by the trustees, and authorised for issue on and si9ned on their behalf by.. C Flett Chaiman and truste& The notes on pages 1110 22 fom an integral part of the88 finandal statements, Page 9
LymeArts Communlty Trust Llmlted Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operatlng acttvltles Net cash income 138,808 12,369 Adjustments to cash flows from non-cash items Depreciation Investment income 34,929 6,343 16.636 (3.777) 25,228 167,392 Working capital adjustrnents Decrease in stocks Increase in debtors Increase in creditors 15 16 17 700 (5.501) 3.429 (8,748) 9,168 Net cash flows from operating activities 167,812 23.856 Cash flows from investing activities Interest receivable and simllar Income Purchasè of tangible fixed assets 6,343 111,894 3.777 (7,998) 13 Net cash flows from investing aclivities Net increase in cash and cash equivalents 105,551 (4.2211 62,261 19,635 Cash and cash equivalents at 1 January 259,254 239,619 Cash and cash equivalents at 31 December 321,515 259.254 All of the cash flows are derived from continuing operations during the above two P8riods. The notes on pages 11 to 22 form an integral part of these financlal statem8nts. Page 10
LymeArts Community Trust Llmlted Notes to the Financlal Statements for the Year Ended 31 December 2024 1 Charlty status Thè charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital, Each of the trustees is liab18 to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its r8gistered office is: Timberly South Street Axminster Devon EX13 SAD 2 Accounllng policiés Summary of significant aecounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policles have been consistently applied to all the years presented, unless oth8rwlse stated. ststement of compllan¢e The financial statements have been pr8pared in accordance wth Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordanc8 wlth the Flnancial R8POrtlng Standard applicable in the UK and Republlc of Ireland (FRS 1021) (issued in October 20191- (Charities SORP (FRS 102)}, the Financl81 R8POrting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companles Act 2006. Basls of preparatlon LymeArts Community Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabillti88 8re Inltlally recognised at hlstorical cost or transactlon value unless otherwise ststed In the r81èvant a¢oJunting pollcy notes. Golng concern The trustees conslder that there arè no material uncertaintles aboul the charltvs ability to contlnue as a going concem nor any slgnific8nt 8reas of uncertainty that affect the Carng value of assets held by the charity. Page11
LymeArts Community Trust Llmlted Notes to the Financial Statements for the Year Ended 31 December 2024 Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptlons that affect the amounts reF)Orted. These estimates and judgements are continually reviewed and are based on experience and other factots, Includlng expeclations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the fvture and, by their nature. will rarely equal the related actual outcome. Income and endowments AJI income is recognised once the charity has entitlement to the income, it is probable that the income will b8 received and the amount of the income recelvable can be measured reliably. Donatlons and legacie8 Donations are recognlsed when the charity has been notified In writing of both the amount and settlement date. In the event that a donatlon Is subject to conditions that r8quire a level of performance by Ihe charity before the charity is entitled to the funds, the income is deferred and not recognlsed unlll elther those condltlons are fully met, or the fulfllment of those condltlons Is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting periThJ. Grants receivable Grants are recognised when th8 charity has an entillement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet lo be mefi, the incom& is CogniSed as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends a r8cognis8d once the dividend has been dedared and notificalion has been received of the dlvidend due. Expenditure All expenditure is recognised once there is a legal or constwctive obligation lo that expenditure, it is probable settlement is required and the amount can be measured reliably, All cost5 are allocated lo the applicable expenditure heading Ihat aggregate similar cosls lo that category. Where cosls Cannot be dire¢lly attributed lo partlcular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocatsd on the portion of the asset's use. Other support Costs are allocated based on the spr8£d of staff costs. Ralslng funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charltable actlvlties Charitable expenditure comprises those costs incurred by the Gharity in the delivery of its activities and services for Sls beneficiarles. It includes both costs triat Can be allocat8d directly to such activities and those costs of an indirect nature necessary to support them. Page 12
LymeArts Community Trust Llmlted Notes to the Financial Statements for the Year Ended 31 December 2024 Support costs Support costs include central functlons and have been allotsted to activity cost categories on a basis conslstent with the use of resources, for example. allocating property costs by floor areas, or per capila, staff costs by the time spent and other costs by thelr usage. Taxation The charlty Is considered to pass the tssts set out In Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity 15 Potentially exempt from taxation in respect of inGome or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charttable purpose& Tan9ible fixed assets Individual fixed assets costing £100.00 or more are inilially recorded at cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so a5 to write off the cost or valuation, less any estimated residual value. over th8ir expecled useful economic lrfe as fdlows: Asset class Property improvements Office equipment Depreciation method and rate 50h straight line 250h slraight line There is no charge for depreciation in respect of the freehold property, as th8 resldual value is expected to be at least equal to the Gost. Fixed asset invtments Fixed asset investments, other than programme related investments. are Included at market value at the balance sheet date. Realised galns and losses on investrnents are calculaled as the difference between sales proceeds and their market value at the start of the year. or their subsequenl cosl, and are charged or credited to th8 Statement of Financial Activities in th8 p8ri0d of disposal. Unreali5ed gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. stock Stock is valued at the lower of cost and estimated selling price less costs lo complete and sell, after due regard for obsolete and slow moving stocks. Cost is detennined using the first4n. first-out (FIFO). Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 13
LymeArts Community Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the oblectlve5 of the charlty. Restricted in¢om8 funds ar8 those donat8d for use in a particular area or for specific purposes, th8 use of which is restricted to that area or purpose. Flnanclal Instruments Classlflcation Financial assets and financial Ilablllliès are recognised when the charity becomes a party to the contractual provisions of the Instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equily inslrument is any contract that evidences a residual interesl in the assets of the charity after deducting all of its liabilities. Recognltion and measurement AJI financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets dassified as at fair value through profit or loss, which are initially measured at falr value (which is normally the Irans8Ction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement conslitutes a financing transaction, the financial asset or financial liabilty is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabllitles are only offsel in the statement of financial posilion when. and only when there exists a legally enforceab18 right to set off the recognised amounts and the charity intends either to settle on 8 net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognlsed wh8n and only when a) the contractual rights to the cash flows from the financial ass8t 8xpire or are settled. bl the charity transfers to anoth8r party substanlially all of the risks and rewards of ownership of the financlal asset, or c) the charity, de5Plte havlng retained some, but not all, significant rlsks and rewards of ownershlp, has transferred control of Ihe asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. cancelled or expires. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares {where shares are publicly traded or Iheir fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured religbly, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cosl less impairment. For investments in subsidiaries acquired for consideration induding the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideratlon. Any premium Is ignored. Pa9e 14
LymeArts Community Trust Limited Notes to the Financial Statements for the Year Endod 31 December 2024 3 Income from donations and le9acie5 Unrestrlcted funds General Restri¢ted funds Total 2024 Donations and legacies,, Appeals and donations Friends membership Grants, induding capital grants. Dorset Council Arts Council Lyme Regis Town Council Lyme Regis Town Council Foyle Foundation 4.569 9,003 4.569 9.003 20,000 62,070 29,450 25,000 82.070 29,450 25.000 22.000 20,000 22.000 20,000 55,572 136,520 192,092 Unre5trlGted funds General Restrf¢ted funds Total 2023 Donations and legacies; Appeals and donation5 Appeals and donations Frlends membershlp Grants. including capital grants; Dorset Council Lyme Regis Town Council Backstage Trust Garfield Weston 7,032 7,032 2.681 5.841 2,681 5,841 11,250 22,000 9,400 20.650 22.000 15.000 10.000 15,000 10,000 41,772 41,432 83,204 4 Income from charitable activities Unrestricted funds General R06trictod funds Total 2024 Total 2023 Theatre hire Theatre events Youth theatre income 229 426.529 21,626 229 458,561 21,626 480,416 10,489 242,121 20,816 273,426 32,032 448,384 32,032 Page 15
LymeArts Communlty Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 S Income from other trading acllvities Unrestricted funds General Total funds Total 2023 Bar and coffee sales Weddings Sponsorshlp Brochure advertising 214,975 36,169 214,975 36,169 133,200 21,170 2.000 4,160 4.955 4,955 256,099 256,099 160.530 6 Investment income Unrestrlcted funds General Total 2024 Total 2023 Bank interest receivable 6,343 6,343 3,777 7 Expendlture on ralsing funds a) Costs of tradlng actlvltles Unrestrlded funds General Total 2024 Total 2023 Costs of goods sold 112.533 112,533 51.281 112,533 112,533 51.261 8 Expondituro on charltable activit108 Activty underlaken directly Support costs 2024 2023 Direct costs 652.114 31,497 683,611 457,307 Page 16
LymeArts Community Trust Llmlted Notes to the Flnanclal Statements for the Year Ended 31 December 2024 9 Analysis of 5UPPOrt costs Unrèstrlcted funds General Total 2024 Total 2023 Advertising Accountsncy fees Bank charges 23,573 3,647 4,277 23,573 3,647 4,277 31,497 15.417 3.512 3.079 31,497 22.008 10 Net incomingloutgoing resources Net incoming resources for the year include: 2024 2023 DepclaI10n of tangible assets 34,929 16.636 11 Trustees remunoratlon and eXnSeS During the year the charity made the following transactions with trustees: T Morton Mrs T Morton recelved £1,000 as a director for the Community Play. This was discussed and agreed by all the Trustees. C Glll Mr C Gill recelved £200 for the Community Play musical directorship. This was befor8 he b8came a Trustee. Page 17
LymeArts Community Trust Llmlted Notes to the Financial Statements for the Year Ended 31 December 2024 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs 186,174 17,011 158,745 7.502 203,185 166,247 The monlhly average number of persons {Includlng senlor management I leadershlp team) employed by the charty durlng the year was as follows: 2024 No 2023 No Average headcount of employees No employee received emoluments of more than £60,000 during the year. 13 Tanglble Ilxed assets Land and bulldlngs Furnlture & Property equlpment improvements Total Cost At 1 January 2024 AddiLions 250,000 85,755 63,493 208,474 48,401 544,229 111,894 At 31 December 2024 250,000 149.248 256,875 656,123 Depreciatlon At 1 January 2024 Charge for the year 76,096 22,085 59,879 12,844 135,975 34,929 Al 31 Dember 2024 98.181 72.723 170,904 Net book valuo At 31 December 2024 250,000 51,067 184,152 485,219 Al 31 December 2023 250,000 9,659 148,595 408,254 Page 18
LymeArts Community Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 14 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests Shares In group undertakingg and participating interests Subsidiary undortaklngs Total Cost At 1 January 2024 At 31 December 2024 Not book valua At 31 December 2024 Al 31 Oecember 2023 15 Stock 2024 2023 Stocks 800 16 Debtors 2024 2023 Trade debtors Prepayments 34,548 308 25,804 304 34,856 26,108 17 Creditors: amount8 falllng due within one year 2024 2023 Trade Creditors Other creditors Accruals 48,375 276 3,396 52,047 38,365 1.355 3.159 42,879 Page 19
LymeArts Community Trust Limlted Notes to the Financial Statoments for the Year Ended 31 December 2024 18 Funds Balance at 1 January 2024 Balance at Resources 31 December expended 2024 Incomlng resources Unrestrlcted funds General General Funds 493,757 766,398 {762,682) 497,473 Restrlded funds Property improvements Seniors Cultural The Cln8ma Project The DJ Course Youth Technical Course Comrnunity Projects Disadvantaged Youth Workshop 11T,389 3,961 32,032 4,400 (28,417) 88.972 23,761 129,064 19,400 6,320 24,405 19,8DO 97,032 15,000 6,320 29,450 (5,045) 950 950 157,782 168,552 33,462 292,872 Total funds 651,539 934,950 {796,144) 790.345 Balance at 1 January 2023 Balance at 31 Decèmber 2023 Incomlng resources Resources expended Unrestricted funds General General Funds 504,748 479,505 (490,496) 493,757 Restricted funds Property improvements Seniors Cultural The Clnema Project The DJ Course Play in a day 128,500 5,922 (11 111) (1,961) 117,389 3,961 32.032 4.400 32,032 4,400 5.000 5,000 134,422 41,432 (18,072) 157,782 Tolal funds 639.170 520,937 1508,568 651,539 Page 20
LymeArts Communlty Trust Limlted Notes to the Flnancial Statements for the Year Ended 31 December 2024 ProLertulmprovement5: These restricted funds are specifically for Ihe purpose of th8 capital property improvements to the Marine Theatre, Lyme Regis. the restrlcted expenditure on the reserve represents the lifting depreciation in relation to the restriction on the Capitsl expenditure rneeting speciffic designation of grants received. Senlors Cultural., The purpose of this grant is to facilitate a meetup which involves an activity to combat lon81in&ss and isolation in our elderly communities. It takes place monthly and lakes the form of a Tea Dan and on altemate month5 a group led singing session. The sessions are filmed and a film has bgen produced over Ihe time Ihat it has been running. Clnema Project: The Charity started a bid to bring back cinema to Lyme Regis. the funds raised will be spent on capital expendilure for this purpose. ILe DJ Course: The restricted funds are to be spent on enhancing the skills of young aspiring or hobby DJS so they can b8 the support act on DJ nights held at the Marine The8tre, where professlonal DJS perfonn. The funds are to be spent on the purchase of DJ equipment and runnlng of th8 course. Inada The monies received are to be spent on the delivery of a course to children on pupil premium. The thlldren devised a play and performed at the end of the day lo their parents. The grant received catered for a healthy meal and snacks and the cours8 was deliv8r8d by Marine Theatre professional. teacher and director. Pag8 21
LymeArts Communlty Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 19 Analysls of net assets betwaen funds Total funds at31 Docemb•r 2024 Unrestrlcted funds General Restrlctad funds Tangible fjxed assets Flxed asset investments Current assets Current liabilitias 290,937 194,282 485,219 252,681 52,047 104,49Q 357,171 (52,047) Totsl net assets 491,573 298,772 790.345 Total funds at31 December 2023 Unrestricted funds General Restrlcted funds Tangible fixed assets Fixed asset investments Current assets CUrnt liabilities 293,503 114,751 408,254 243,131 42,879 43,031 286,162 (42,879) 651,539 Total n8t assets 493,757 157,782 20 Related party transactions Transactions wlth the Trustees are detslled in note 11. Page 22