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2020-12-31-accounts

Charity Registration No. 1186934

EAST LOOE TOWN TRUST CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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LEGAL AND ADMINISTRATIVE INFORMATION

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EAST LOOE TOWN TRUST ClO

LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION
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Trustees MriD JTanstey
MrP Gibson
MrABiehop
Mr B Gallpeau
Mr S Tanner
S Hawkins (Appointed 9 March 2021)
PStephenson
S Gill		 (Appointed 9 March 2021)
(Appointed 9 March 2021)
Mr F Warne
Charity number 1166934
Registered office EastLooeTown Trust
Guildhall
Fore Street
East Looe
Cornwall
PL13 1AA
Auditor PrydisAccounts Ltd
Senate Court
Southernhay Gardens
Exeter
Devon
EX1iNT

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EAST LOOE TOWN TRUST CIO

CONTENTS

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|||||| |---|---|---|---|---| |Page| |Trustees'|report|1-7| |Independent|auditor's|report|8-10| |Statement|of financial|activities|11| |Balance|sheet|12| |Notas|to the|financlal|statemsnts|43-25|

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EAST LOOE TOWN TRUST ClO | | | TRUSTEES' REPORT | FOR THE YEAR ENDED 31 DECEMBER 2020 oa

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared In accordance with the accounting pollcles set out In note 1 to the financlal statements and comply with the charity's governing document, the Charitles Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable ta charities preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)",

Objectives and activities The Objects of the CIO are for ths ‘Area of Benefit’ which is ‘the area covered by Loae Town Council’: |. To further or benefit the rasidents of the Area of Benefit, without distinctlon of sex, sexual orlentatlon, race or of political, religious or other opinions by association together the said residents and the local authorities, voluntary and other organisations in a common affort to advance education and to provide facilites, including the beach, seafront and Wooldown, In the interests of social welfare for recreation and leisure time occupation with the objective of Improving the conditions of life for the residents;

Ii. To advance the education of the public:

In the history and heritage of Looe and the ‘Area of Benefit’ by the provision of a museum,

By the provision of grants and services for children and young people aged under 26.

lil. To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment, including promoting blodiversity;

lv. The prevention or rellef of poverty and the relief of sickness by providing grants, Items and services to individuals in nead and / or charltles, or other organisations working to prevent ot refieve poverty and sickness in the 'Area of Benefit’;

v. The provision of facilities for the recreation or other lelsure time occupation of individuals who have need of such factitles by reason of thelr youth, age, Infirmity or disablament, financial hardship or social and economic circumstances or for the public at large In the interests of soclal welfare and with the object of improving the condition of life of the said Inhabitants;

V1. In furtherance of these objects but not otherwise, the trustees shall have the power to:

Establish or secure the establishment of a community centre and to agree or co-operate with any statutory authority in the malntenance and management of such a centre for activities promoted by the charity In furtherance of the above objects in the 'Area of Benefit’ by providing grants, Items and services to individuals in need to prevent or relieve poverty.

The trustees have paid due regard to guidance Issued by the Charity Commission In deciding what activities the charity should undertake. In all our work the Trueteas have ragard to the Charity Commlesion's guidance on public benefit,

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| EAST LOOE TOWN TRUST CIO TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 eee

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Activities

Governance and the challenge of Covid 19,

The final in-person Board meeting in the Guildhall fook place In March 2020, For the rest of 2020 meetings took place on their scheduled dates via Zoom conference calls. This presented many challenges for staff and trustees, but overall the hard work of the Trust Manager and trusteea during the previous year to develop our systems ensured that we malntalned a normal flow of Information, engagement and good decision-making. Progress was made on all of our current priority projects, with the unplanned challenges baing overcome as thay presented, and our priorities were routinely updated at the end of the year,

During the Initlat staff furlough peried the Board resoived to supplement the Government Furlough pay of our two furoughed staff, and make It up to 100% of normal pay. At the conclusion of the first furlough peried both staff members were recalled to full dutles within Covid-secure arrangements. These arrangements have taken a lot of time to devise and relied on goodwill from all. Covid security has a high cost In terms of productivity and difficulty In securing the services of third party providers. So, while progress was achieved it was not as much in many cases as could be hoped. We were In receipt of business continuation granta in respect of the Gulldhall and the museum,

The Trust Manager has borne the brunt of keeping up to the minute with shifting Covid regulations and advising the Board and Museum team leader. Prodigious effort was required by tha Museurn tear leader to produce the documentation required for the summer publle reopening, and maintaining the morale of the public facing volunteers,

Close liaison was also kept with Trust tenants’ Covid Issues, assisted in this by a small team of trustees who dealt with Covid issues as they arose and reporting to the Board, An early Board action was writing to alt tenants asking whether there were any novel ways the Trust could help thelr business viability during the crisis, and a number of them took advantage of easements and permissions outskie the terms of thelr leases. A partial deferment In rent was offered, and the Board resolved the circumstances where rant could be walved,

Achievements and performance Reviewby Property

The Trust's provision without charge of public open spaces became a critically important Issue during the onsat of the Covid 19 pandemic during most of 2020, The extent and nature of public enjoymant of the beach, seafront and Wooldown became the focus of much public and official attention during lockdowns and social distancing. The Trust worked closely with Looe Town Counell, police and others to provide a Covid secure environment. The Trust has no power or capacity Itself to enforce social distancing measures In our open public spaces, but overwhelmingly we found that people acted responsibly within the rules,

We were strongly aware that cur open spaces offer a positive benefit for the mental and physical health of residents. The Board recognised the dedication of all staff to ensure that they were kept open and In good shape for the public,

Specific developments Include the formation of Looe Sea Swimming Group which joins the Looe Salling and Rowing Clubs as regular beach users, We welcome them all and the activities they bring; supporting our charitable objects, Sadly Covid restrictions meant the cancellation of the public events that usually take place on the beach and seafront,

Town Beach and Bathing Water Quality

The Covid restrictions brought an end to Environment Agency water quality sampling during the 2020 bathing season, and natlonwide, beaches are retalning their previous classification for a further year. The Good Classification for our beach js of great health and economic consequence for our town. The regulatory standards and testing regime remain unabated, but there Is potential future risk {f Government and South Wast Water cut back on Investment in this area,

For this purpose the Trust has continued to support, as a stakeholder, the work to implement a fiood prevention scheme that will protect Looe from physical damage, and improve bathing water quality.

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EAST LOOE TOWN TRUST CIO TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 | aaa

Wooldown

A future priority project to update the conservation plan has been held over to 2021. We note the Input of i Kemow Ecology in support of our flower meadow and bee glades conservation project on the Wooldown, which matures and receives wide public support.

Sultdhall

Covid 19 slowed progress on the Guildhall clock tower repairs which will be rellant on providing access scaffolding. This together with the necessary works will be put out to tender, but the Board is concerned that It will be of considerable cost which will make a significant impact on our reserves when it Is commenced In 2021,

Also resolved for prograss in 2021 is the development of a mid-term strategy that will take account of the fact that the Looe Town Council Is no longer a Guildhall tenant and no longer requires the Council Chamber for meetings. The future use of the Gulldhall first floor and other property will be considered in the light of our identified over-treliance on commercial rented property for Trust Income.

OldGuildhallMuseum & Gaol

The museum is made viable by our volunteer museum guides and curatorlal team. A special regime of online booked group visits was developed, and the museum was open at every opportunity; at 4 low cost to encourage the widest take up, in accordance with our charitable objects. The Museum Is a participant ina significant augmented virtual reality project lead by the Cormwall Museum Partnership, and very active work was done by the team during 2020 to deliver improved displays for the 2021 season. Work continued to malntain thelr status as Looe’s accredited museum.

Car Parks The Trust dertves cruclal income from three car parks in East Looe. The annual parking permits are commensurate In cost with others In Looe, and kept under annual review, There ls a reasonable waiting list for gach car park.

Tea Room

The Trust provides free of charge a community Tea Room, on the ground floor of the Guildhall. It has tevel access from street level, is normally used six days a week as a community drop-in centre, and managed by a team of volunteers. The tea room club did not reopen after the firat lockdown, and is expected to reopen in June 2021, Over Christmas and New Year the room wae used to distribute free clothing.

Old Lifeboat Station & Watchtower

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The restoration of thia Grade II listed building was our first priority. Leading heritage architects LePage were contracted to advise us In public consultation work, but this was stalled prematurely by lockdown, and the Lattery Heritage Fund’s announcement that the fund was closed for the rest of the year, Further decay In the building was prevented by wet material from inside the buliding being stripped and removed. The project remains the first priority and funding work has begun agaln In 2021,

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EAST LOOE TOWN TRUST CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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Financial review

A completed priorty was the adoption of a system compliant with Charity Commission guidance; Intemal financial controls for charities (CC8),

We reviewed our raserves policy which stands unchanged In view of expected large maintenance expenditure and potential capital expenditure regarding the Gulldhall,

Income

We have worked cloaely with all of our tenants and other patrons to support them during the very difficult trading conditions In the year providing payment support where appropriate.

A small amount of ravenue was lost due to Covid 19 mostly resulting from the restriction on gatherings preventing weddings and other one off events such as Looe Live,

Despite these difficulties our income from rentals has Increased during the year. This Is the result of better use of the seafront car park area and fewer months of under occupation of our properties,

Our Income was also supported by the recalpt of grants from the local authority and government echames,

The Trust recelved an £8,800 contract payment from Comwall Council (£8,000 In 2019) for cleaning and waste disposal on the concrete sea defences on the seafront, which are owned by the council. Expenses .

Expenses

Some cost savings have been made as result of Covid 19, Some planned maintenance was delayed and property running costs ware reduced wherever possible (such as turning heating down) to protect Trust funds. There is an expectation that maintenance costs In the coming year may be higher as we work to ensure that all planned maintenance is carried out and all trust areas are well presented during the busy summer months of 2021.

Extra wages were Incurred for maintenance and cleaning support in summer 2020 as the lockdown ended and people were utilising the seafront and beach for outdoor meetings, We expect this to continue in 2021, along with a further rlse in visitor as more people holiday in the UK. Extra maintenance support will In Incurred during this period.

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identified significant expenditure

Following advice from our solicitors, the Trust is in negotiation with two tenants in order to update leases reflecting a change In the law. Negotiations have extanded into 2021 backed by expensive legal advice, We will use our best endeavours to avold the significant cost of litigation, but will act in compliance with the law and in the bast Interests of the Trust,

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EAST LOOE TOWN TRUST CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020 chideteeta

it Is the policy of the charity that there is a designated reserve which ghould be malntained at a tevel equivalent to slx months operating expenditure. A further designated reserve set at 10% of the book value of the properties is maintained In order to provide - protection against any uninsured repairs, losses and other property maintenance outside of the normal course of operations. The trustees consider that reserves of this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is glvan to ways In which additional funds may be ralged. This level of reserves has been maintained throughout the year.

The full details of these reserves can be found In Note 24 of[the][financial][statements:]

Closing reserve balances are as follows: General reserve - £2,914,158 Revaluation reserve - £279,358 Designated reserve - £398,559

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The trustees review the reserves policy at least annually, but may also update more regularly to monitor the impact of any major projects or planned future developments as required.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are In place to mitigate exposure to the major risks,

Structure, governance and management The charity ia a company limited by guarantee . The organisation has been incorporated as a Charitable Incorporated Organisation (CIO) and as such has no equity holdings. Therefore the Trustees of the ClO have no liability to contribute to Its assets and no persorial responsibilty for settling Its debt and liabliitles should the organisation be wound up.

Trustees do no benefit from thelr involvement In the organisatlon in any way. No remuneration or other rewards are conferred to Trustees for thelr services. The trustees who served during the year and up to the date of signature of the financial statements were: Mr LD J Tanaley Mr P Gibson Mr C L Watson (Retired 13 February 2020) MrA Bishop Miss C LLyden (Retired 10 June 2020) Mr B Galipeau Mr S Tanner S Hawkina (Appointed 9 March 2021) P Stephenson (Appointed 9 March 2021) $ Gill (Appointed 9 March 2021) Mr F Warne

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EAST LOOE TOWN TRUST CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trust has a detailed policy for the recruitment of Trustees which supports the governing document. The governing document requires between 4 and 10 Trustees who are appointed for a 4 year term by resolution at a trustees measting,

Trustees must be over 18, subject to a CRB check, returning a clear report and muat live within the Looe Town Council Area, ,

Recruitment is by way of public advertisamaent followed by written application and an Interview, before a proposed trustee is brought before a meeting for approval,

Following the retirement of two trustees In the period and as a result of the Covid 19 pandemic the Trustees made a decision to delay the appointment of new Trustees until the restrictions had been lifted and day to day life had returned to more ‘normal’ routines. This was In the best of interests of both the Trust and the potential Trustees in being able to Interview face to face and to ensure that the longer term requirements of the position could be explained.

All trustees are required to confirm annually by way of a register any potential conflicts of interest or related party relationships which may Influence their Judgement on any trust matter,

This register is reiterated at the start of every meeting, by confirmation of specific conflicts relating to items on the meeting agenda, Upon discussion of any item where a confilct exists the remaining Trustees consider the circumstances and adviee the trustee of thair level of their permitted involvement In the discussion, or ask the member to leave the meeting as raquired.

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! EAST LOOE TOWN TRUST ClO | | TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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Statement of trustees’ responsibilities The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The taw applicable to charities In England and Wales requires the trustees to prepare financlal statements for each financial year which give a true and fair view of the state of affairs of the charlty and of the incoming resources and application of resources of the charity for that year.

in preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitlas Act 2041, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.

Communication

The Trust continues to attach Importance to communicating our activities and the services we provide in our area of banefit. Our Facebook page increased its Followers with regular postings and active feedback. Web site, Bi-monthly reports In the Community News, occasional media releases, and monitoring TipAdvisor entries relating to Trust property allows us to engage with feedback from visitors fo ald Improvements. The Museum has {ts own Facebook page and web site.

The trustees’ wi, was approved by the Board ofTrustees.

Mr A Bishop TrustesDated: 26(8/202

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EAST LOOE TOWN TRUST CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EAST LOOE TOWN TRUST CIO

Opinion

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We have audited the financial statements of East Looe Town Trust CIO (the ‘charity’) for the year ended 34 December 2020 which comprise the statement of financlal activities, tha balance sheet and the notes to the financlal statements, including a summary of significant accounting policies. The finenclal reporting framework that has been appliled In thelr preparation Is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Repubifc of ireland (United Kingdom Generally Accepted Accounting Practice),

Basis for opinion

We conducted our audit In accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditor's responalbilities for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the ethical raquirsments that are relevant to our audit of the financial statements In the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out In note [X] to the financial statements, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide @ basis for our opinion.

Conclusions relating te going concern

Other Information

The trustees are responsible for the other Information. The other infarmation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financlal statements does not cover the other Information and we do not express any form of assurance conclusion thereon.

in connection with our audit of the financial statements, our responsibility Is to read the other Information and, In deing so, consider whether the other information !s materially Inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated, If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement In the financial statements or a material misstatement of the other Information, If, based on the work we have performed, we conclude that there Is a material misstatement of thls other Information, we are required to report that fact.

We have nothing to report In thls regard,

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EAST LOOE TOWN TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EAST LOOE TOWN TRUST CIO rrr

Matters on which we are required to report by exception

Responsibilities of trustees

As explained more fully In the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for auch internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsibie for assessing the charity's ability to continue as a going concarn, disclosing, es applicable, matters related to going concem and using the golng concern basis of accounting unless the trustees either intend to cease operations, ar have no reailstic alternative but to do so.

Auditor's raspons!bilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAs (UK) wil always detect a material misstatement when It exiate. Misatatements can arise from fraud or error and are conaidered material if, Individually or in the aggregate, they could reasonably be expactad ta influence tha economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http:/Avww.fre.org.uk/auditorsreaponsibilties. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements In accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice appilcable to charitles preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) In preference te the Accounting and Reporting by Charitles: Statement of Recommended Practice Issued on 1 April 2005 which Is referred to In the extant regulations but has now been withdrawn.

This haa been done In order for the financial statements to provide a true and falr view in accordance with current Generally Accepted Accounting Practice.

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EAST LOOE TOWN TRUST CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EAST LOOE TOWN TRUST CIO

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Use of our report

This report Is made solely to the charity's trustees, as a body, In accordance with part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyona other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Randall (Senior Statutory Auditor) for and on behalf of Prydis Accounts Ltd ‘Chartered Accountants Statutory Auditor

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Senate Court

Southernhay Gardens Exeter Devon EX1 INT

Prydis Accounts Ltd is eligible for appointment as auditor of the charity by vittue of its eligibility for appointment as auditor of a company under of section 1212 of the Companias Act 2008,

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EAST LOOE TOWN TRUST CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

eeCESS DET

Unrestricted Unrestricted Restricted Total Unrestricted Restricted Total
Notes funds
2020
£		 funds
2020
£		 2020
£		 "funda
2018
£		 funds
2019
£		 2019
£
Income and
endowments
from:
Donations and legacies
3		 470 3,774 4,244 &60 §,209 6,789
Charitable activities 4 263,892 6,833 269,725 217,685 - 217,686
Investments § 2,327 - 2,327 1,939 - 4,939
Otherincome 6 . - - 14,747 - 11,747
TotalIncome 266,689 9,807 276,286 231,931 6,209 237,140
Expenditure
on:
Charitable activities		 7 200,675 9,607 210,282 206,289 5,209 214,498
Net Income forthe year!
Netmovement infunds		 66,014 « 66,014 22,642 - 22,642
Fund balances at 1
January 2020		 3,526,061 - 3,528,061 3,503,419 ~ 3,603,419
Fund balances at 31
December2020		 3,692,076 - 3,692,075 3,626,061 - 3,526,061
———=——_————— ———_ — el ——— ——————_

The statement of financial activities Includes all gains and losses racognised in the year.

Allincome and expenditure derive from continuing activities.

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EAST LOOE TOWN TRUST CIO

BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 13 41,474 50,653
Heritage assets 14 1 1
Investment properties 15 3,063,500 3,063,500
3,104,975 3,114,154
Current aasoets
Stocks 17 530 383
Debtors
Investments		 18
19		 20,674
147,884		 17,182
147,694
Cash at bank and In hand 419,105 327,674
§87,803 492,833
Creditors: amounts falling duewithin
one year 21 (100,703) (79,812)
Net current assets 487,100 413,021
Total assets less current liabiltties 3,592,075 3,527,175
Creditors: amounts falling due after
more than one year 22 - (1,114)
Netassots 3,692,075 3,526,061
Income funds
FixedAssets 4,818 6,622
Grant Income (4,873) (5,777)
Cash 155 155
Unrestricted funds
Designated funde		 24 398,559 . 435,763
General unrestricted funds 2,914,168 2,810,940
Revaluation reserve 279,358 279,358
3,592,075 3,526,061
3,592,075 3,626,061
——= ————=S—=_—=—=

The fingnetal jetemens were approved by the Trustees on pty) seeennen Mr P Gibson Mr A Bishop Trustee Trustee

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accountlng policies

Charity information East Looe Town Trust is a Charitable Incorporated Organisation (1166934) that was registered In England and Wales on § May 2016 to take forward the work of the unlncorporated Charity number 234116,

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1.1 Accounting convention : The financial statements have been prepared In accordance with the charity's governing deaument, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of freland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions In the SORP for charitles applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flaws.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has Involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practica which Is referred to in the Regulationa but which has gince been withdrawn.

The financial statements are prepared In sterling, which |s the functional currency of the charity. Monetary amounts In these financlal statements are rounded to the nearest £.

The financial etatements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to Include Investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below,

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue In operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting In preparing the financlal statements.

1.3 Charitable funds Unrestricted funds are available for use at the discration of the trustees In furtherance of their charitable objectives.

Restricted funds are subject to specific conditlons by donors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

14 Income

Incame ig recognised when the charity ia legally entitled to It after any perfarmance conditions have been met, the amounts can be measured reliably, and it Is probable that income will be recelved.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount, Income tax racoverable In relation to donations received under Gift Aid or deeds of covenant Is recognised at the time of the donation.

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EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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1 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected, If the amount is not known, the legacy is treated as a contingent asset.

(Continued)

Gifts in kind for sale or distribution are Included in the accounts at the point of receipt and are Included at fair value unless there Is a practical reason why thls is not possible, or the costs of recognition of an item, outwelgh the benefit of Its Inclusion, This is a departure from tha recognition on sale policy previously operated by the charity. This change has been required following the adoption of the FRS102 SORP.

Donated services and faciiitles are only included in the Incoming resources (with an equivalent ammount In resources expended) where material and where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility recalved,

Grants and donations are only Included (n the SoFA when the charity has unconditional entitlement to the resources,

Where conditions exist, grants are shown as restricted and the appropriate costs are allocated against the Income, Where expenditure has not been made in full income is carried forward until expenditure conditions are met.

1.6 Expenditure Expenditure is recognised:

~ it ls probable that a settlement would be required;

Support costs are proportioned based on the usage for, or time spent on, indirect activities . Apportionments are made on a reasonable and consistent basis.

Governance cosis include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

Where the charity gives a grant with condltlons for ita payment being a specific laval of service or output ta be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the Specified service or output,

Granta payable without performance conditions are only recognised In the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the chartty.

Whilst the charity refles upon and |s very grateful for the huge amount of time and energy provided by it's volunteers, no adjustments are made to the accounting figures to take account of his contribution,

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EAST LOOE TOWN TRUST ClO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 ranC 4 Accounting policies {Continued) 1.6 Tanglble fixed assets Tangible fixed aasets are initially meagured at cost and subsequently measured at cost or valuation, net of depreciation and any Impairment losses.

Depreciation Is recognised so as to write off the cost or valuation of assets less their reeldual values over thelr useful Iives on the following bases.

Plant and equipment 20% reducing balance Fixtures and fittings 20% reducing balance Computers 33% reducing balance

The galn or joss arising on the disposa! of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognized In net income/(expenditure) for the year.

1.7. Investment properties Investment property, which is property held to earn rentals and/or for capital apprectation, Is initlalty recognised at cost, which Includes the purchase cost and any directly attributable expenditure, Subsequently It is measured at fair value at the reporting end date. The surplus or deficit on revaluation Is recognised in profit or jogs.

1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there Is any Indication that those assets have auffered an impairment loss. If any such indication exlats, the recoverable amount of the asset is estimated In order to determine the extent of the impairment loss (if any).

1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and these overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal! consideration are measured the lower of replacement cost and coat. Net realisable value {a the estimated selling price less all astinated costs of completion and costs tobe incurred in marketing, selling and distribution.

4.40 Cash and cash equivalents Cash and cash equivalents Include cash In hand, deposits held at call with banks, other short-term !iquid Investments with original maturities of three months or leas, and bank overdrafts. Bank overdrafts are shown within borrowings in current Jlabllities,

1.41 Financial Instruments The charity has elected to apply the provisions of Section 11 ‘Baelc Financia! Instruments’ and Section 12 ‘Other Financial Inatruments Issues’ of FRS 102 to ail of Its financlal Instruments. Financial Instruments are recognised In the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial asseta and llabilites are offset, with the net amounts presented In the financial statements, when thera is a legally enforceable right to eet off the recognised amounts and there is an intantion to settle on a net basis or to realise the asset and settle the ilabillty simultaneously.

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Basic financial assets

Basle financial assets, which include debtors and cash and bank balances, are Initially measured a transaction price Including transaction costs and ara subsequently camied at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future recelpts discounted at a market rate of interest. Financial assete classified as receivable within ons year are not amortised.

Basic financial labilities

Basic financial liabilities, Including creditors and bank loans are initlally recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt Inatrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabliltles classified as payable within one year are not amortised.,

Debt instruments are subsequently carried at amortised cost, using the affective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current llablities If payment Ie due within one year or less. If not, they are presented as non-current llabilities. Trade creditors are recognised Initially at transaction price and subsequently measured at amortised cost using the effective interest method,

Derecognition of financial abilities

Financial llabiities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled,

4.12 Employee benefits

The cost of any unused hollday entitlament is recognised in the period In which the employee's services are raceived,

Termination benefits are recognised Immediately as an expense when the charity is demonstrably commitied to terminate the employment of an employee or to provide termination benefits,

1.13 Leases

Leases are clasalfied as finance leases whenever the terms of the lease transfer substantially al! the risks and rawards of ownership to the lessees, All other leases are classified as operating leases,

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related llabillty Is Included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and Interest elements. The interest is charged to net iIncome/(expenditure) for the year so as to produce a constant periodic rate of Interest on the remalning balance of the liability.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policias, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and llabllities that are not readily apparent from other sources, The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actua! results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing bas!s. Revisions to accounting estimates are recognised in the period in which the estimate |g revised where the revision affects only that period, or tn the period of the revision and future periods where the revision affects both current and future periods.

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EAST LOOE TOWN TRUST ClO

:

NOTESTOTHE FINANCIALSTATEMENTS (CONTINUED) NOTESTOTHE FINANCIALSTATEMENTS (CONTINUED) NOTESTOTHE FINANCIALSTATEMENTS (CONTINUED)
FORTHE YEARENDED31 DECEMBER2020
IT
CSO DSc
3 Donatlons and legacles
Unrestricted
Restricted
Total Unrestricted
funds
funds
funds		 Restricted
funds		 Total
:
2020
2020
2020
2019
£
£
£
£		 2019
£		 2018
£
Donationsand gifts
Grants		 470
76
646
560
-
3,698
3,898
-		 544
4,666		 1,104
4,685
470
3,774
4,244
“660		 6,208 5,769

Conditional grants have been racelved tn the year. The amount above Includes the Incarne received } released after adjustment for expenditure In the period.

4 Charitable activities

Charitable activities
Chartable
Activities		 Charitable
Income-
restricted		 Total
2020		 §Charitable
Activities
, 2020
£		 2020
£		 E 2019
£
Rentofseafront properties
Cornwall Counell-Beachfrontcleaning contract
Carparks
Market houserants
Guildhall rentsand otherIncome
Concessions andmuseumadmissions&sales
OtherIncome		 41,194
8,600
71,688
26,821
71,874
§,037
38,673		 -
-
-
”
-
§,833		 41,191
8,600
71,698
26,821
71,874
§,037
44,508		 37,898
8,000
64,570
26,674
66,280
46,198
65
263,892 6,833 269,726 217,886
Analysis byfund
Unrestrictedfunds
Restrictedfunds		 263,892
-		 -
§,833		 263,892
6,833		 217,885
-
263,892 5,833 269,726 217,885

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

eee 5 Investments

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2020|2019| |£|£| |Interest|recelvable|2,327|1,939| |8|Other|Income| |Unrestricted|Unrestricted| |.|funds|funds| |2020|2019| |£|£| |Net gain on|disposal|of tangible|fixed|assets|-|11,747|

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

UO

:

Charitable activities
. Charitable Charitable
Activities Activities
2020 2019
£ £
Staffcosts 71,753 68,722
Depreciationand impalrment
Insurance
Utlities
Administrative expenses
Professional feas		 10,496
11,312
12,654
4,785
4,062		 12,707
6,767
14,783
3,807
13,048
Property repalrs
Museum- otheroperating costs
Beachcleaning andWoaldown		 : 24,429
3,404
4,879		 30,231
6,620
12,756
147,644 170,441
Grantfunding ofactivities (see nate9) 726 3,560
Share ofsupportcosts (see note 10)
Share ofgovernancecosts (see note 10)		 27,386
34,547		 27,407
13,010
.
210,282 214,498
Analysis by fund
Unrestreted funds		 , 200,675 209,289
Restricted funds 9,607 5,209
210,282 214,498

8 Charitable Activities

Charitable Activities As the owner of a number of prominent historic buildings Including a museum, a beach and other open spaces in the town of Looe, the charity facilitates the use of these assets for the benefit of the local community. This is achleved by granting leases for focal business and other services to use these spaces, alongside other ad hos activities for the generation of funds, to support the long term preservation of these assets. Costs above represent the direct expenditure required to protect, run and maintain the properties and work to issue and maintain the laases on the properties. Any costs associated with the day to day management of the charity, prepare trustees reports and llaise with the beard, as well as coats to comply with statutory regulations, are included under governance and support,

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

ee

9 Grants payabie
Charitable Charitable
Activities = Activities
2020 2019
£ £
Grants to Institutions:
Looe Darby and Joan Club - 500
LooeAge Concern - 250
Piymouth College ofArt “ 50
Royal British Legion -wreath - 26
EastLooe Town Council - Christmas tree . 150
Loos Rainbows° o. 50
E Thomas - Spscilalsed equipmentfunded - 2,000
Loos Marine Conservation Group - 200
Looe ShowJumping Team - 326
Other 726 :
725 3,550
It is the usual policy ofthe Trust to consider applications from, and make grants to, local organisations and
individuals based on applications recelved, which are In line with their charttable object. This is subject to
an annual budget.
Due to the Impact of the Covid 19 pandemic fewer applications were recelved as many events were
cancelled. Trustees also exercised appropriate caution during the period until any financial Impact of the
situation could be assessed, They hope to resume usual grant funding polloles in the nextfinancial year,
10 Support costs
Support Governance
costs
coats		 2020 Support
costs		 Governance
costs		 2019
£ £ £ £ £ £
Staffcosts 18,758 4,890 23,448 16,496 4,124 20,620
Guildhall utities 3,028 757 3,785 4,056 1,014 §,070
Insurance 5,177 1,289 6,466 3,806 952 4,768
Postage and stationery 402 1,820 2,022 3,138 1,089 4,227
Auditfees “ 3,300 3,300 - 300 300
Legal and professional - 22,892 22,892 - 5,532 5,532
27,365 34,548 $1,913 27,496 13,011 40,507
Analysed between
Charitableactivities 27,366 34,548 61,913 27,497 13,010 40,507

Governance costs Includes payments to the auditors of £3300 (2019- £300) for audit fees.

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Trustees

:

None of the trustees (or any persons connected with them) raceived any remuneration or benefits from the charity during the year,

12 Employees.

Numbor of employees

The average monthly number of employees during the year was:

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|||||| |---|---|---|---|---| |.|2020|2019| |Number|Number| |Chairtable|activities|4|4| |Govemance|{|1| |§|§| |Employment|costs|2020|2019| |£|£| |Wages|and|salaries|96,201|90,342|

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There were na employees whose annual remuneration was £60,000 or more.

13 Tangible fixed assets

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||||||||| |---|---|---|---|---|---|---|---| |Plantand|Fixtures|and|Computers|Total| |equipment|fittings| |£|£|£|f| |Cost|or valuation| |At|1|January 2020|122,688|150,536|6,307|279,630| |Additions|800|170|547|1,517| |Disposals|(200)|-|-|(200)| |At 31|December 2020|123,288|160,705|6,854|280,847| |Depreciation|and|Impairment| |Att|January|2020|90,513|132,247|6,117|228,877| |Depreciation|charged|In the|year|6,556|3,697|244|10,496| |At|31|December 2020|97,068|136,044|6,361|239,373| |Carrying|amount| |At|31|Dacember 2020|26,220|14,761|493|41,474| |At 31|December 2019|32,175|16,288|190|50,663| |—|————_|Saat|—=——|

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

13 Tanglble fixed assets

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14 Heritage assets

Museum : exhibitsartworksand £ At 1 January 2020 and at 31 December 2020 1 ==

Sines transferring to the ClO structure the charity has accounted for the objects in its museum collection, along with the town maces and other Individually Identified historical artefacts held, as non-operational heritage assets, In accordance with SORP Module 18 Accounting for Heritage Aasets. A heritage asset Is defined as a tangible or intangible asset with historical, artistic, scientific, technological, geophysical or cultuenvi r e,onmental qualities that is held and maintained principally for its contribution to knowledge and

These have been Included at a nominal value of £1, on the basis that valuation of such assets raises a number of issues. Such a valuation Is complicated in nature as, whilst each item has an intrinsic value at any given time, this value will fluctuate over even the short term and the Intringlc vajue of many of the artefacts is down to their local associations, Such Items would rarely be sold, and obtaining an expert valuation of these items would therefore be difficult. The collection has been brought together by the Charity through acquisition and donations over a period of over 100 years and includes a very diverse range of objects. It Is not therefore felt that such @ valuation would provide any meaningful information to the users of the accounts or represant a good use of the ClO's funds to obtain. Theof these museumassets hasIs cataloguedavaliable. it's entire collection using the MODES computer system and a full catalogue

Where any assets are disposed of for a material sum this will be treated as Income, included within the Statementdisclosure. of Financial Activity and separately identified In the notes as income, for completeness of

haveDuring thebeen perioddisposed endedof, 34 December 2020 no naw assets have been recelved, and no heritage articles

Aown smalimuseum.number of assets are on foan to other organisationa In order to further promote the work of our

16 Investment, property

2020 Fair value £ At 1 January 2020 and 31 December 2020 3,063,500

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15 Investment property

(Continued)

The ClO has taken a policy of securing a full market valuation of all properties avery 5 years with interim valuations being taken as part of the ongoing rent review process.

A full market valuation report was prepared by the ClO's new Independent valuer Kivells during February 2019, This valuation was utilised from the year ended 31 December 2018 and the trustees feel these values continue to represent the property values at 31 December 2020, Therefore no change is required in the value or the revaluation reserve at the currant year end. :

On transfer to the new CIO on 1 October 2016 the properties had a book value of £2,609,362. An Increase in this cost for the construction of the Guildhall restaurant of £80,914 occurred In the year ended 30 September 2017, Given the very long history of the previous trust, records do not allow for a full cost value of the agsets to be stated.

'

Investment property comprises [XXX]. The fair value of the investment property has been arrived at on the basis of a valuation carried out at [XXX] by [XXX] Chartered Surveyors, who are not connected with the charity. The valuation was made cn an open market value basis by reference to market evidence of transaction prices for similar properties.

18 Financial instruments 20206 2019
£ £
Carrying amountoffinanclal assets
Instruments measured atfairvaluethrough profit orloss 147,694 147,594
17 Stocks
2020 2019
£ £
Finishedgoods and goods for resale 530 383
ard =———
18 Debtors
2020 2019
Amounts failingdue within one year: - £ £
Tradedebtors
Prepayments andaccrued Income		 12,246
8,328		 12,956
4,227
20,674 17,182

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

)

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||||||| |---|---|---|---|---|---| |aman|ree| |12|«Current asset|investments| |2020|2019| |£|£| |Unlisted|investments|147,694|147,594| |20|=“ Finance|lease|commitments| |Future minimum|lease|payments|due|under finance|leases:| |,|2620£|2019£| |Within one year|3,084|7,053| |Within two and|five|years|-|1,114| |3,084|8,187| |21|Creditors: amounts|falllng due within one year| |2020|2049| |Notes|£|£| |Onbligations|under finance leases|.|20|3,064|7,053| |Other taxation and|social security|10,057|1,984| |Deferred|income|23|4,973|6,777| |Payments received on account|87,435|55,342| |Trade|creditors|2,645|92| |Other|creditors| |Acoruals|,|2,324|2,330| |and|deferred Income|10,305|7,234| |100,703|79,812| |22|Creditors: amounts|falling due|after more than|one year| |2020|2019|-| |Notes|£|£| |Obligations|under finance|leases|20|-|4,114| |The|Hire Purchase|agreements ars secured|on the|assets purchased,|.|

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oe SSSSSSSSSSSSSSSSSeeeeeeeeEeee

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EAST LOOE TOWN TRUST CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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23 = Deferred Income
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2020 2019
gE £
Arising from Grant Income daferred 4,973 5,777

This represents the remaining grant Income recelved which has been subject to expenditure conditions, which have not yet been fulfited. All deferred Income Is restricted In nature.

24 Designated funds

The income funds of the charity Inciude the following designated funds which have been set aside out of unrestricted funds by the trustees for spacifle purposes:

. Balanceat
1 January 2020		 Transfers Balance at
31 Dacamber 2020
z £ £
Operating reserve 129,413 (37,204) 92,209
Property reserve 308,360 “ 308,350
436,763 (37,204) 398,559

Annual transfer made based on 6 months of unrestricted costs excluding depreciation and discretionary grants.

;

2&6 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease
under non-cancellable operating leases, which fall due as follows:
;		 payments
2020 2019
€ £
Within oneyear 2,190 -
Between two andfiveyears 4,384 -
6,571 ' ”

26 Related party transactions

There were no disclosable related party transactions during the year (2019 - none),

No Trustee receives any remuneration and no expenses are pald to Trustees. Trustees do not cerry out any transactions on behalf of the Trust. A Christmas meal Is usually provided by the Trust in recognition of thelr services, although some Trustaes choose to reimburse the Trust for this expense. Due to the on going pandemic no such event was provided during 2020. ‘

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