Charity registration number 1166934 EAST LOOE TOWN TRUST CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
EAST LOOE TOWN TRUST CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA Bishop Mr P Gibson Mr B Galipeau Mr S Gill Iresigned 11 February 2025) Mr R Lewi5 Mr C Rose (resigned 12 June 2024) Mr S Tanner Mr F Warne Charity Number 1166934 Registered Office East Looe Town Trust The Guildhall Fore Street East Looe Cornwall PL13 1A4 Auditor Westcolls ISWI LLP Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT
EAST LOOE TOWN TRUST CIO CONTENTS Page Trustees Report 4-8 Independent auditor's report 9-12 statement of financial activities 13 Balance Sheet Notes to the Tnancial Statements 15-29
EAST LOOE TOWN TRUST CIO TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial slalements for the year ended 31 December 2024. The fii)2ncial statements have been prepared in accordanee with the accounting policies sel out in note 1 to the financial slalemenls and comply with the charity s governing document, the Charities Act 2011 and "Accounting and Reporting by Charilies_' Statement of F<ecommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the Uk and Republic or Ireland {FRS 1021 leffeclive 1 January 20191°. Ob'ectiVES and activities Objectives The Objects of Ihe CIO are for the 'Area of Benefiv which is 'the area covere¢J by Looe Town Council,, and are shown in delail elsewhere in this register entry. They are summarised as.. management and maintenance of public access land and buildings on behalf of the people ol Looe., mainlaining and supporting the volunteer run museum., supporting pensioners, disabled persons, children and young people etc in Looe by the provision of facilities, equipment andlor grants according to available resources" Activities The Trust's income is from commercial leases. and licences, such as parking permits. The Trust has continued lo support tenanls by sharing posts on social rfjedia to boost awareness of their businesses and what they have to offer. As in previous years. the Trust Covoperales with other town organisalions to provide a service lo the town and lo help with future planning. Public benefrt In all our work Trustees have reg8rd lo the Charity Commission's guidance on public benefit. Details are shown in the paragraphs below, and throughout the year people within our area of benefit, and furlher afield were kept informed about our activitie5 via our web page and social media the latter being helpful in gauging Ihe nature aT)d level ol public engagements with particular subjects. Vve also updated the public via articles in the Looe Community News, and our two public notice boards. ACHIEVEMENT AND PERFORMANCE Review by Properly The Trust's charitable objects emphasise Ihe importance of our provision of open public space5 for the heallh and wellbeing of all. The Trust is committed lo providing the beach, seafront and Wooldown areas for public use without charge to the public. East Looe beach is a recognised economic driver for Looe and SE Cornwall's economy, and a significanl PfOPOrtion of Trust costs go lo the specialist equipment and staff lime that goes inlo maintaining it. We are pleased Ihal it is widely complimenled for ils condition. Our beach is the designated bathing water for Looe and has retained ils Good classification for 2025. Beeen 1 sl May and 30th September our staff continued to post on the beach daily bathing water pollution risk forecasts I'prf'l. All information is provided by Ihe Environment Agency lo keep the PLtblic informed of the water quality.
EAST LOOE TOWN TRUST CIO TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Beach and Seafront. Authorised beach safely signage for beach users is maintained in good condition to reduce the iisk of conllicling aclivilies in and on the water. There are events held on our larnd particularly the beach and the Trust is pleased to support these organised events. The staff pul considerable effort into liaising with organisers before and during events without charge. There is a formalised booking system so that the Trust can ensure that any event has the relevant risk assessments and public liability insurances in place and a150 to make sure Ihat double-booking of even15 does not happen. In 2024 we were pleased lo be able lo offer the beach and seafront lo support events organised by many organisations, including Looe Rowing Club, Looe Sailing Club. Looe Boat Owners Association. Looe Lions, United Beach Mis5i0ns, Purple Gecko running events as well as several band and choir perlormances. The Trust also give permission for the RNLI lo train on our beach - not only the Looe lifeboat and Iractois bul also training for lifeguards who will work on olher beaches around Ihe area. Old Lifeboat Station & Watchtower The Trust's number one priority wa5 to secure funding for the restoralion of these Grade 11 listed buildings which were in danger of falling into permanent decay and disuse. Our vision for the project is lo preserve community heritage, repurpose the building and stimulate the regeneration of Ihe surrounding Church End character area. Folkjwing a lol of work in by staff and truslees. we were successful in being awarded a £289.872 granl from the Cornwall and Isles of Scilly Good Growth fund. Work on the buildings was started in 2024 with a complelion date of Spring 2025, Despite the grant funding, a si9nificanl amount of money was spent by the Trust on the renovation works. The buildings needed major work as well as photo- voltai¢ slates being installed on the tractor shed I workshop roof. This ground-breaking technology leads the way in buildings in conservation areas able lo use slates instead of solar panels. Old Guildhall Museum & Gaol The Grade Il. listed Old Guildhall Museum & Gaol was once again open lo the public between Easter and October. The museum is run by a group of knowledgeable volunteers who do a lol of work in the background as well as being the friendly faces that greel visitors. Admission charges have been kept low with no charge lor children to try and encourage people to visit and appreciate the arlelacts, not least the amazing building that is the museum. Another part of the Good Growth Funding was to pay for an on-line history of the Old Lrfeboal Station and Ihe people involved in the building and the operation of the rescues. A volunteer on-line curator has been recruited and will continue to add to the information on the website. Guildhall The TV series "Beyond Paradise" has continued to use the Guildhall for filming and is now often recognised as the Police Slalioii from 'Shiplon Abbot The Guildhall Chambef is available lo hire and is sometimes hired by Ceremonies by Amanda for weddings and vow renewal ceremonies. The building is expensive lo maintain and there are further works to be done over the next few years. including re- pointing and the roof will need atlention. With our first-floor offices moving lo the Walchlower in 2025, we are monitoring progress wilh the Looe Neighbourhood Development plan regarding town Genlre regeneration and the use of first Iloor spaces.
EAST LOOE TOWN TRUST CIO TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Guildhall Tea Room We continue provide, free of charge, a communily tea room. The volunteer teams can be found there six days a week and il is open lo everyone on an informal basis. There is a small charge lo cover the cosl of lea and biscuits. The Tea Room is available to hire in allemoons and evenings. Wooldown The Wooldown is more than 16 acres of former farm land which is maintained without charge to the public as open access recreational space. 11 is within the Looe Conservation Area, and has been purposely maintained in the form of cltff-top fields and hedgerDWS'. though Ihis does inclease costs. Kernow Ecology continue lo give invaluable advice and assistance to our staff in managing the area. The Good Growth Fund grant for the Old Lifeboat Stalion also funded a heritage walk which Starts al the Railway Station up lo the Wooldown and then down inlo town to our museum and the Old Lifeboat Station. The wartime Observation post is on the Wooldown and unforlunalely has been vandalised several limes over the past few years. The cost of oleaning up graffiti is costly in terms of the equipment needed and staff time. The beacon on the Wooldown was lil in 2024 for the 80th D-Day and was lit again in 2025 for the 80th VE Day. Car Parks The Trusl owns three car parks in Looe, al the Seafront. Shutta and Market Square. All carparks are for permit-holders only which are paid for in two annual instalments. The regime is reviewed annually lo ensure that il sufficienlly tske account of our costs, though we seek to keep increases to the minimum necessary. There gre short wailing lists for all our carpaTks. Charitable Giving Applications for financial grants are welcome from local organisations. In 2024 the Trust provided financial granls lo Looe Primary School, Looe Derby & Joan Club and Looe Age Concern as well as continuing to support defibri1121ors in Ihe town. We also offer in-kind support by thing5 such as free use of meeting rooms and trust land. Management of Priorities The Trust formally reviews and resets ils managemenl priorities annually and throughout the year as part of Ihe budget setting round. It is an essential process to ensure a strategic approach and also to avoid overstrelch.
EAST LOOE TOWN TRUST CIO TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Review We confirm.. a) that the system for financial controls complies with current Charity Commission guidance and the reqLiired checks were compleled. b) Any Comments within Ihe previous audit letter have been addressed. cl Truslees have completed the annual register of interests. StruGlure. governance and management The Trust is supported in delivering its objectives by our siaff headed by Jane Day our Trust manager. The organisation has been incorporated as a Charitable Incorporated Organisalion {CIOI and as such has no equity shares in issue. Therefore, the Trustees of the CIO have no liabilily to conlribule to ils assets and no personal responsibility for settling ils debt and liabilities should the organisation be wound up. Truslee do not benefit from their involvement in the organisalion in any way. No renumeralion or other rewards are conferred lo Trustees for their services. The Trust's governing document shows that there is a minimum of 4 Iruslees who are appointed for a 4 year period, which is renewable. Trustee recruitment is by way of public advertisement, wrillen application and interview. Applicanls will reside in the area of benefil or adjoining parishes, and be over 18 years of age. Recruitment and board membership will be fully compliant with the Equalities Act. Before appointment land Ihereafler annually) Iruslees are required lo make declarations of interests and that they are not disqualilied by law from being a trustee. The trustees who served during the year and up lo Ihe dale of si9nature ol the financial slalements were.. MrA Bishop Mi P Gibson Mr B Galipeau Mr S Gill {resigned 11 February 20251 Mr R Lewis Mr C Rose Iresigned 12 June 20241 Mr S Tanner Mr F Warne All trustees are required lo confirm annually by way of a register any potenlial confli¢ls of interest or related paty relationships which may influence their judgement on any trust maller. The register is reiterated al the slarl of every meeliri9. by confirmation ol specific conflicts relating to items on the meeting agenda. Upon discussion of any item where a confliGI exisls the remaining Trustee< consider the circumstances and advise the trustee of their level of their pemitted involvement in the discussion. or ask the member to leave the meeting as required.
EAST LOOE TOWN TRUST CIO TRUSTEES, REPORT ICONTINUED} Statement of Trustees, responsibilities The Trustees are responsible for preparing Ihe Trustees, Report and the financial statements in accordance with applicable law and United Kingdotn Accounling Standards {Uniled Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales require5 the Trustees to prepare financial slalements for each financial year which give 8 true and fair view of the stale of affairs of the charity and of the incoming resources of the charity for that year. In preparing these financial slatemenls, the Iiustees are required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP- Make judgements and estimates that are reasonable and prudent., state where applicable accounting standards h2ve been followed, subject to any material departures disclosed and explained in the financial $18lements', and Prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume Ihat the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charily and enable them lo ensure khal the financial statements comply with Ihe Charities Act 2011. the Charity (Accounts and Reports> Regulations 2008 and the provisions ol the trust deed. They are also responsible for safegu8rding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. In relation to the financial statements which comprise the statement of financial activities, the balance sheet and the related notes.. The Trustees approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and Making, on a reasonable and prudent basis. the judgements undeflying them. They have been prepared on the going concern basis on the grounds that the charity will continue in operation. The Trustees confirm that they have made available lo Westcotls all the charity s accounting records and provided all the information necessary for the compilation of the financial statements. The Trustees confirm that lo the best of their knowledge and belief. the accounting records reflect all transactions of the charity for the year ended 31 December 2024. The Trustees, report wa5 approved by the Board of Truslees. Mr A Bishop Trustee Dated August 2025 Mr B Galipeau Trustee Dated August 2025
EAST LOOE TOWN TRUST CIO INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Auditorfs Report to thè Members of East Looe Town Trust Opinlon We have audiled the financial statements of East Looe Town Trusl {Ihe 'chariVI for the year ended 31 December 2024, wliich comprise the Slalement of Financial Aclivilies. Balance Sheet, Cash Flow Statement, and Notes to the Financi81 Statements, including a summary of significant accounting policies. The financial reporling fr8mework that has been applied in their preparation is United Kingdom Accountino Standards, Comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting PractiGe). In our opinion the financial statements.. give a true and fair view of the state of the charily's affairs as al 31 Docember 2024 and of ils incoming resources and application of resources. including its income and expenditure, for the year then ended-, have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Acl 2011. Basis for opinion We conducted our audit in accordance with Internalional Standards on Auditing IUKI IISAS {UKI} and applicable law. Ou¥ responsibilities under those standards are further described in the auditor responsibilities for the audit of the fiftan¢ial slalemenls section of our report. We are independent of the charity in accordance with the ethical requiremenls Ihat are relevant to our audit of Ihe financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditlng the financial slatemenls. we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubl on the charity's ability to continue as a going concem for a period of al least twelve month5 from when the original financial statements were aulhorised for Issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Iruslees are responsible lor the other information. The other information comprises the information included in the annual report. other than the financial statements and our auditor s report Ihereon. Our opinion on the financial slalemenls does not cover the other information and. except lo the extent otherwise explicitly slated in Our report, we do not express any form of assurance conclusion Ihereon.
EAST LOOE TOWN TRUST CIO INDEPENDENT AUDITOR'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 In connection wilh our audit of the financial slatemenls, our responsibility is lo read the other informalion and. in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether (here is a material misslatemenl in the financial slalemenls or 8 material misstatement of Ihe other information. If, based on the work we have performed, we conclude that there is a materi81 misslatemenl of Ihis other information. we are required to report that fact. We have nothing to reporl in this regard. Matters on whi¢h we are rgquired to report by exception In the light of our knowledge and understanding ol the charity and its environment obtained in the course of Ihe audit. we have not identified material misslalemenls in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities IAccounls and Report) Regulalions 2008 requires us lo report to YDU if, in our opinion.. 8dequale accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement wilh the accounting records and returns,. or certain disclosures of trustees remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Slalement of Irugtees, responsibilities, the trustees are responsible for Ihe preparation of the financial slalemenls and for being satisfied Ihat they give a true 8nd fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial stal8menls that ale free from material rnisslalement, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for asse.ssing the charity's ability lo Continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going Concern basis of accounting unless the trustees either intend lo liquidale the charity or to cease operations, or have no realislic alternative bul lo do so. Auditor R¢$ponsibilities for the audit of the financial $talements Our objective5 are to obtain reasonable assurance about whelher the financial statements as a whole are free from material misslalemenl, whether due lo Iraud or erior, and lo issue an auditor's report Ihgl includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected lo influence the economi decisions of users taken on the basis of Ihese financial slalemenls. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line wilh our responsibilities. outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below: io
EAST LOOE TOWN TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 We identified areas or laws and regulations that could reasonably be expected lo have a material effect on the rinancial statements from our general commercial and sector experience and through discussion with the trustees and other management and from inspeclion of the charity's regulatory correspondence. We communicated identified laws and regulations Ihroughoul our team, and remained alert lo any indications of non-compliance throughout the audit. The charity is subject lo18ws and reoulations that govern the preparation of the financial statements. including financial reporting legislation, and other charily legislalion. The charity is also subject to many other laws and regulations where the consequences of non-compliance could have a material impact on Ihe amounts or disclosures within the financial slatemenls. including employment, anli-bribery. anli-money laundering and certain aspects of charity legislation. Owing lo the inherent limitalitsns of an audit, there is an unavoidable risk that we may nol have detected some material misstatements in the financial slatemenls, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of inteinal controls. We are not responsible for prevenling non-compliance and cannol be expected lo detect non-compliance with 811 laws and regulations. As part of an audit in accordance wrth ISAS {UK). we exercise professional judgement and maintain professional scepticism throughout the audit. We also". Idenlify and assess the rSkS of material misslalement of the financial slalements, whether due lo fraud or error, design and perlorm audit procedures responsive lo Ih05e risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting 3 material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control. Obtain an Ltnderslanding of internal conlrol relevant to the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the harily's internal control. li
EAST LOOE TOWN TRUST CIO INDEPENDENT AUDITOR'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure5 made by the trustees. Conclude on the appropriateness of the Iruslees use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report lo the related disclosures in the financial slatemenls or, if such disclosures are inadequate, lo modily our opinion. Our ¢onclusions are based on the audit evidence obtained up to the dale of Our auditor's report. How8ver, future events or conditions may ¢ause the charily to cease lo continue as a going concern. Evaluate the overall presentation, structure and ¢onlent of the financial statements, including th8 disclosures, and whelher the financial statements represent the undeTlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity lo express an opinion on the linancial slalemenls. We are responsible for Ihe direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion. We communicate with Ih05e charged wilh governance regarding, among other matters. the planned scope and tirning of tho audit and significant audit findings, including any signrfi¢anl deficiencies In interna5 control that we identify during our audit. Use of our report This report 15 made solely to the charity trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of Ihal Acl. Our aL¢dit work has been undertaken so that we might stale lo the Iruslees those mallers we are required lo state lo Iwslees in an auditors. report and for no other purpose. To the fvllest extent permitted by law. we do not accept or assume responsibilty lo anyone other than the charity and its Irustees as a body, for our audit work, for this report, or for the opinions we have formed. Westcolls ISW) LLP Chartered Accountants & Slalutory Audilors Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Dale... .AugUSt 2025 12
EAST LOOE TOWN TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Restated Total ' Unreslricled funds 2023 Reslaled Tolal Unreslrici ed funds 2024 Reslricled funds 2024 Restricled funds 2023 2024 2023 Notes I Income from: Donations and le acies Charitable activities Bank interest 155 289,872 290.027 | 269,367 589 2.358 2.947 269.367 262.719 262.719 9,315 9,315 7,291 7.291 Total income 278.837 289.872 568.709 270.599 2.358 272,957 Ex enditure on: Charitable activities 258,245 16,857 275,102 245,440 1,293 246.733 Net income I {expenditure) before investment -gains I Ilossesl 20,592 273,015 293.607 25,159 1.065 26,224 | Nel gainsl{lossesl on inveslment ro erties 11 1143,565} (31,0001 1174,565} 426.500 426,500 Net incomel(expendi ture) for the year l Net movement In funds {122.973) 242,015 119,042 451,659 1,065 452,724 Fund balances at J Janua2024 23 3 935,870 1,065 3 936.935 3.484.211 3,484,211 Fund balances as al 31 December 2024 23 3.812,897 243,080 4.055,977 3.935,870 1.065 3,936,935 The ststement of fi'nancial activities includes all gains and10sses recognised in the year. All income and expenditure derive from continuing aclivilies. As sel oul in Note 27 the prior year's unrestricted funds have been restated due lo an error in the prior year s Nel gainsl{losses) on investment properties. 13
EAST LOOE TOWN TRUST CIO BALANCE SHEET AS AT 31 DECEMBER 2024 Restated 2023 Reslaled 2023 Notes 2024 2024 Flxed assets Tan ible assets Heritage Assets Investment Pro 77,684 39,621 1 14 erties 3,496,000 3,490.000 3.573,685 3,529,622 Current assgts stocks Deblors Inveslrnenls Cash al bank and in hand 244 279,232 769 17,535 60 518,238 117 321,135 600,611 536.602 Creditors: amounts falling due withln one ear 18 1114.1581 (129.289) Net current assets Credltors: amounts falling due after more than one ear 486.453 14.1611 407,313 19 Total asset$ lèss liabilities 4,055,977 3,936,935 Restricted funds Unrestrict*d funds Fixed asset funds Herits9e funds Investment Properties Funds {including revaluation reserve ot £531,293 and £705,858 ated funds General reserves.. Free reserves 23 243,080 1,065 77,684 39,621 3,496.000 3.490,000 200,000 39,212 493,540 187.2921 3,812,897 4,055,977 3,935,870 3,936,935 These financial statements were approved by Ihe Truslees on Augusl 2025 MrA Bishop Mr B GAlipeau Trustee Trustee 14
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 l. Accounting Policies Charity Information East Looe Town Trust is a Charitable Incorporated Organisalion (11669341 that was registered in England and Wales on 5 May 2016 to take forward the work of the unincorporaled Charity number 234116. Accounting convention The financial slalemenls have been prepared in accordance with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021 (Effective 1 January 20191 The charity is a Public Benefil Enttiy as defined by FRS 102. The charity has taken advantage of Ihe provisions in the SORP lor charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial slalements have departed from the Charities (Accounts and Reports) Regulalions 2008 only to the extend required to provide a True and Fair view. This departure has involved following the Slalement ol Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred lo in the regulations but which has since been withdrawn. The financial slalements are prepared in sterling. which is the functional currency of the charily. Monelary amounts in these financial statements are rounded lo Ihe nearest £. The financial slalements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties at fair value. The principal accounting policies adopted are set out below. Going concern At the lime of approving the financial statements. the trustees have a reasonable expectation that the charity has adeqLJate resources lo continue in operational existence for the foreseeable future. Thus. the trustees continue to adopt the going concern basis of accounling in preparing the financial stalemenls. Charitable funds Unrestricted funds are available for use al Ihe discretion of the trustees in furtherance of their charitable objectives. Restricled fund5 are subjeGI lo specific conditions by donors or grantors as to how they may be used. The purposes arld uses of the reslricled funds are sel out in the notes to the financial slalemenls. Endowment funds are subject to specific condilions by donors that the capital must be maintained by the charity. Is
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Income Income is recognised when Ilie charity is legallj entitled to it after any performance conditions hove been met. the amounts can be measured Teliably and il is probable that the income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance condilions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or otheise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expecled. 11 the amount is nol known, the legacy Is treated as a contingenl asset. Gifls 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 rea50n why this is not possible. or the costs of recognition of an ilem, outweigh the benefit of its inclusion. This is a departure from the recognition of sale policy previously operaled by the charity. This change has been required following the adoption of the FRS 102 SORP. Donated services and facilities are only included in the incoming resources Iwith an equivalent amount in resources expended) where material and where the benefit lo the charity is reasonably quanlifi8ble, tneasurable and material. The value place on Ihose resources is the estimated value to the charity of the seNice or facility received. Revenue grants 8nd donations are only included in the SOFA when the charity has unconditional enlillemenl to Ihe recourses. 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. 16
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Expendlture Expenditure is recognised: once there is a legal or constructive obligation ¢ommilling the charity lo pay out resour¢es', It is probable that selllenienl would be required the amount of the obligation can be measured reliably. Expenditure is cla55ed by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support cosls involved in undertaking each activity. Direct costs attributable lo 3 single activily are allocated directly lo that activity. Shared costs which contribute lo more Ihan one activity and support costs which are not allribulable to a single aclivily are apportioned between Ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent and depreciation charges are allocated on the portion of the asset's use. Support cosls are proportioned based on the usage for, or lime spenl on. indirect activities. Apportionments are made on a reasonable and consislenl basis. Governance costs include costs of the preparation and examination of slalutory accounts, the costs of Truslee meetings and cost of any legal advice lo trustees on governance or constitutional matlers. Where the charity gives a grant with Conditions for its payment being a specific level of service or output trj be provided. such giants are only recognised in the SOFA once the recipient of Ihe grant has provided the specified service or oulpul. Grants payable without performance conditions are only recognised in the accounts when a commitrnenl has been made and there are no conditions lo be mel relating to the grant which remain in the control of the charity. Whilst the charity relies upon and is very grateful for the huge amount of time and energy provided by its volunteers, no adjustrrients are made to the accounting figures to lake account of this contribution. Tangible flxed assèts Tangible lixed assels are inilially measured al cost and subseqtsently measure at Cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off Ihe ¢osl or valuation of assets less Iheir residual values over Iheir useful lives on the following basis= Freehold Property Plant and equipment Fixtures and fittings Computers 50 ye8rs 200/0 reducing balance 20010 reducing balance 33.lo reducing balance The gain or105s arising on the disp0531 of an asset is delermined as the differonce between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 17
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Investment properties Investment property. which is property held to eam rentals andlor for capi1818ppreciation, is initially recognised al cost, which includes the purchase cost and any directly allributable expenditure. Subsequently il is measured al fair value 81 the reporting end date. The surplus or deficit on revaluation is rÈcognised in the statement of financial activitie5. Impairment of f ixed assets At each reporting end dale. the Charity reviews the carrying amounts of ils tangible asset5 to determine whether theie is any indication th21 those assels have suffered an impairmenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any)- Stocks stocks are stated al the lower of cost and estimated selling price less costs to Sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their present location and condition. Ilems held for distribution al no or nominal consideration are measured al the lower of replacement cost. Net realisable value is the eslirnaled selling price less all eslimated costs of completion and cosls lo be incurred in marketing, selling and dislribulion. 1.10 Cash and cash equivalgnt5 Cash and cash equivalents include cash in hand, deposits held at call with banks, other shorl-lerm liquid investments with original maturities of three months or less. 1.11 Financial instruments The Charity has elected lo apply the provisions ol Section 11 "Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues" of FRS 102 to all of its financial instruments. Financial Instruments are recognised in Ihe charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Finan¢i21 assets and liabilities are offset, with the net amounts presented in the financial slalemenls, when there is a lègally enforceable right lo sel off ihe recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, 8re initially measured at transadion price including Iransaclional costs and are subsequenlly carrie<J al amortised c051 using the effective inlerest melhod unless the arrangement con51itules a financing transaction, where the transaction is measure al Ihe present value of the future receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are nol amortised. Basic financial liabilities Baaic financial liabilities. including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debl insliument is measured at the present value of Ihe future paymenls discounted al a market rate of interest. Financial liabililies classified as payable wilhin one year are not amortised. Trade creditors are obligations to pay for goods or service.s that have been acquired in the ordinary course of oper•lion5 from suppliers. Amounts payable are classified as current liabilities if paymenl is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni&ed initially at transaction price and subsequently measure at amortised cost using the effective interest melht)d. 18
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Derecognltion of flnancial liabilitles Financial liabilities are derecognised when the charity's conlraclual oblig81ions expire Of are discharged or cancelled_ Employee Benefits The cost ol any unused holiday entillement is re¢ognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charily is demonstrably commilted to terminale the employment of an employee or to provide termination benefils. 19
EAST LOOE TOWN TRUSTCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Donations and legacies Unreslricled Funds Restricted i Funds Total Unrestricted Funds Re5tri¢led Funds Total 2024 2024 2024 2023 2023 2023 Shared Prosperity Fund Grant Donations and ifls Other 9r3nls received 289,872 | 289.872 155 155 589 670 1,688 1.259 1,688 2.947 | 289,872 290.027 589 Charltable activities Charitable Activities 2024 Cha¥ilable Activilies 2023 Renl of seafront pro rties Beaehfronl Cleanin contract Car parks Market House Renls Guildhall rents and other income Conce55ions and museum admissions and sales Other income Profil on sale of lant and machine 46,415 10,874 1 72,938 28,845 1 74,909 11.139 20.513 44,678 9,576 81,536 29,728 1 74,8001 10.881 1 11.520 269.367 262.719 Bank interest Unrestricted funds l Unreslficted funds 2024 | 2023 9.315 Inlerest receivable 7,291 20
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Charitable Activities Charitable Activities 2024 Charitable Activities 2023 Staff Costs i Depreciation and impairment I Insurance 88,688 10.0351 19,310 15,359 4.979 37,096 14,468 1.034 22,554 213,523 1,825 42,514 17,240 87.846 10.166 | 22,793 | 11.452 | 18,221 33.431 320 | 7,831 | 199,250 1 1,725 30,300 15,458 i Adminislralive Expenses i Professional Fees Pro rt Repairs Museum- other o ratin costs Beach Cleanin and Wooldown Grant fundin of activities Isee note 7 I Share of support costs see note 8 I Share of vernance Costs see note 81 275,102 1 246.733 is b fund j Unrestricted funds ryReslricled funds 258.245 16,857 275,102 1 245.440 1.293 i 246,733 6 Charitable A¢tivlties As the owner of 8 number of prominent historic buildings including The Guildh811, The Old Guildhall Museum and Gaol, Ihe main East Looe beach and other open spaces in the town of Looe, the charity facililales the use of these assets for the benefit of the local community. This is achieved by granting leases foi local businesses and other services to use these spaces, alongside other ad hoc activities for the generation of funds, lo support eh long lerm preservation of these assets. Costs above represent the direcl expenditure required lo protect, run and maintain the properties and work lo issue and maintain the leases on the properties. Any costs associated with the day.lo-day management of the charily. prepare Trustees reports and liaise with the board, as well as costs lo comply with stalulory regulalions, are included under governance and support. 21
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 Grants Payable Granls lo inslilulions Charitable Activities 2024 Charitable Activities 2023 Looe Lions Looe Darby & Joan Club Looe Aae Concern Royal British Le ion Ivvreath I Looe Towr) Football Club Looe Social Prescribing Kelti ue Choir Looe Community Meals Propct 200 300 300 25 250 250 25 500 | 500 200 1,000 1,725 11 is the ustsal policy of the Trust to consider applications from, and make grants lo, local organisalions and individuals based on applications received, which are in line with their charitable objects. This is subject to an annual budget sel after consider5 of the Trusl's net income or expense for the year before investments revaluation gains or losses. Support Costs Support Costs Governance Costs 2024 Support Costs Governance Costs 2023 Staff Costs Guildhall Utilities Insurance Postage & Stationer Audit fees Le al & Professional Other Analysed bettNeen Charil8ble Activities 30,617 9.446 1,966 5.103 2.266 492 119 7.630 668 962 35,720 5,080 658 1,752 2,053 25,402 3.289 2,631 7,038 309 2,458 2.362 3.230 2,685 668 1 962 2,685 42,514 30,300 15.458 45.758 Governance costs include payments lo the audilors of £7.63012023.' £3,230). Trustees None of the Irustoes lor any persons connected with them) received any remuneration or benefits from the charity during the year. The Trusl provides an annual honorarium lo the museum curator of £1,000 per year out of mLtseum funds generated.
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 10 Employees The average monlhly number of employees during the year was- 2024 2023 Number Number Charitable Activities Governance [Employment Costs ages and Salaries 2024 2023 | 123,344 113.248 There were no employees whose annual remuneration was more than £60.000. 11 Net gainslllosses) on investment property Restated 2023 2024 Revaluation of freehold and investmenl.Ero erties {see also Note 21 .1174.565J. 426,500 12 Taxation The charity is exempl from laxalion on its activilies because all its income is applied for charilable purposes. 23
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 13 Tangible flxed assets Freehold Propert Planl and ui.ment Fixtures and Computers Total Cost or valuatlon At 1 Januar 2024 Transfer from investment OFerties Additions Disposals At 31 December 2024 146,898 152,643 8,438 307,979 35,000 35.000 15,000 10.900 150.998 10,900 347.079 35.000 1 152,643 Depreciation and irment At 1 Janua i Dis sals Depreciation charged in the ar At 31 December 2024 2024 114,931 9,634 9,140 146.226 7,201 1 268,358 19,634 10,671 1,283 246 114,437 147,509 7,449 269,395 Carr In amount Al 1 Januar 2024 31,967 6,417 1,237 1 39,621 31 December 2024 35,000 36,561 5,134 989 77,684 At the year end, the Trustees reclassified the Tractor Shed as a tangible asset as opposed to an investment property as the Tractor Shed is used to store the Trust's maintenance equipment. This building is recorded at valuation. Isee note 15.1 No depreciation was due in year as properly was only reclassified al the year end. 14 Heritage assets Museum exhibits and artworks As at 1 January 2024 and 31 December 2024 The charity accounts for the objects in its museum collection, along with the town Maces and other individually idenlified historical artefacls held, as non-operalional heritage assets, in accordance with SORP Module 18 Accounting for Heritage Assels. A heritage asset is defined as a tangible or intangible asset with historical. artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution lo knowledge and culture. These have been included at a nominal value of £1. on the basis that valuatron of such assets raises a number of issues. Such a valuatr.on 15 complicated in nature as. whi15t each item ha5 a n intrinsic value at any Biven time, this value will fluctuate over even the short term and the intrinsic value of many of the artefacts is down to their local associations. Such items would rarely be sold, and obtainin8 an expert valuarion of these items would therefore be difficult. 24
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 The collection has been brought together by the Charity through acquisition and donations over a period of over 100 years and includes a very diveise range of objects. It is not therefore fell Ihal a valuation would provide any meaningful information to the users of the accounts or represent a good use of the CIO s funds lo obtain. The museum has catalogLied its entire collection using the MODES cotnputer syslem and a full catalogue of these assets is available. 15 Investment Property Fair Value Restated 2023 2024 LA5 al l JanuaL2024 Addilions in.year Net_gains or losses throUh fair value adiustmenls Transfer lo Freehold Pro | As at 31 December 2024 On transfer lo the new CIO on 1 October 2016 the properties had a book value of £2.609.362 and subsequent additions have been made since then including the development of the Guildhall restaurant and in 2024 refurbishment ol Ihe Old Life Boat Station and Watchtower. Given Ihe very long history of the previous Irusl. records do not allow for a full cost value of the assels lo be staled. The CIO has taken a policy of securing a full markel valuation of all properties every 5 years wilh interim valuations bein9 taken 8s part of the ongoing rent review process. A full market valuation report was last undertaken by Ihe CIO'S independent valuer Miller Commercial, in May 2024. During the preparation of the 2024 annual report. the Trustees idenlrfied an error 01 £200,000 in the valuation report used in the 2023 accounts which has been corrected by restalement of the 2023 accounts (See Note 271. The Trvslees do not believe that there will have been any significanl changes in the value of the itkveslment properties during the interim period other than for the Old Life Boat Stalion and the Watchlower. These two properties have been revalued to reflect a proportion of the new value advised by Miller once refurbishment work was complete based on proportion of building work completed al year end. 3,490,0001 215,565 i £174,5651. 135,000 3,496,000 3,063,500 426,500 3,490,000 It 15 believed that there will be a further increase in property values next year. given Ihe completion of the refurbishment works on the Old Lifeboat Station and Vvatchlower. The Trust has reclassified the Tractor Shed lo Freehold Propety al valuation. This property is used exclusively used for Trusl operational activities. In a departure from UK GAAP the Trust currently utilises space upstairs in the Guildhall as the Trust's Office, but do not apportion the value of the property between investment properly and fixed asset. This reflects the Trust's flexible approach lo their occupation. The area of the Guildhall utilised as an office is also let out as a parl of Ihe wider property when opportunilies altow. The space utilised for governance activities is small and the Trust is currently preparing lo relocate its office to Ihe newly refurbished Watchlower during 2025. As the Watchtower refurbishment will become a full time Trust office. this properly will be reclassified as a fbxed asset in the 2025 acrounts. 25
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 16 Stocks 2024 2023 Museum finished goods held for sale 244 769 17 Debtors Amounts falling due within one yeai 2024 1 2023 Trade debtors PrepMentS and accrued income Accrued Shared Prosperity Fund Grant 31.273 4.879 243,080 279.232 8.096 9,439 17,535 18. Creditors: amounts falling due within one year 2024 2023 | PAYE and VAT l Deferred orant income INole 20 I Payments received on account l Trade credilors Other creditors Accruals and deferred income Buildin retention 2,281 1,920 1 61,644 1,214 744 42,194 4,161 114,158 23,395 2,556 65,815 20,794 2,351 14,378 129,289 19 Creditors.. amounts falling due after more than year 2024 2023 1 Buildin retenlion 4,161 26
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 20 Deferred income Deferred income is included with creditors: amounts lalling due within one year 2024 2023 VAt 1 Janua _ Movements in the year Al 31 December 2,556 16361 2.556 1 This comprises ihe remaining grant income received which was svbject lo expenditure conditions, which have nol yet been fulfilled. All deferred income is reslricted in nature. 21 Revaluation reserve At 31 December 2023 ResLgtemenl Note 27 At 1 Januar 2023 Increase in valuation of ro rca ilalised buildin costs Revalualion loss in ear Note 11 At 31 December 2024 905,858 200,000 705,858 erties due lo refurbishment in ear 41,000 215,565 174.5651 531.293 The revaluation Ios5 in Ihe year is attributable lo the Heritage Deficit reflecling Ihe fact that listed buildings refurbishment costs are not fully reflected in the valuation of the building meaning that the building costs have increased more than Iheir valuation given rise lo a reduction in the revaluation reserve. 27
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 22 Designated funds Balance al 1 January 2023 Transfers Balance at 1 January 2024 Transfers Balance at 31 December 2024 Operating reserve PTer1 reserve 119.111 306,350 425.461 5.429 62,650 68.079 124.540 369.000 493.540 149,5401 244,000 1293,5401 75.000 125.000 200.000 In the current year Ihe Trustees have revisited their reserve policy ieflecting new guidance from the Charily Commission and the expenditure of significant monies on the refurbishment of the Old Life Boat Station and Walchlower in the year. The Trustees have specified the fixed assets. heritage assets and investment properties as being assels not readity available to spend on the Trust charitable objectives. The Trust can't sell the Heritage Properlies because they are core to the objective¢ of the Trus1 and il utilises the rental income of the other Investment Properties to fund operational expenses. The operating reserve is designed to enable the Trust to keep paying operational costs in the event of a significant loss of revenue from tenants for a short peTiod of lime. The propety reserve is designated lo pay for Ihe maintenance and refurbishment of the Herilage properties managed by the Trust. The property reserve is al the lower end of the intended range of reserves following the signrficant expendilure in the currenl year. The Trustees will revisit the level of property reserve once Ihe balance of the Shared Prosperity Fund Grant for the Old Life Boat Slalion reftjrbishmenl projecl 01 £243,080 is received next year and final costs for project are expended. 23 Analysis of net assets between funds Reslaied Restated Unrestricted funds 2024 Reslricled Funds 2024 Total Unreslricled 2024 funds 2023 Reslricled Funds 2023 Total 2023 Fund balances at 31 December are re resented b Ible assels Herila e assets Inveslment roperties Currenl assets I liabililie5J. Liabilities falling due aller 1 y_ear 77,684 77.684 37.221 2,400 39.621 3.496,000 3.496,000 3.490.000 3.490.000 243.373 243.080 486.453 408.648 11.335} 407.313 {4.161 } 14,161} 3,812.897 243.0801 4,055.977 3.935.870 1.065 3.936,935 In the current the reslricled fund comprises a debtor of £243.080. In the comparative period, the reslricled funds of£1.065 comprised cash. There was brought forward of £2,400 in fixed assels, cash £1,221 and granl income of £13,621). 28
EAST LOOE TOWN TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024 24 Operating lease commitments At the year-end the TTUSt had outstanding commilments for future minimum payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one eai Belween two and five xears Total 676 676 1,352 676 | 1.352 2.028 25 Related Party Transactions There were two disclosable related party transactions during the year12023- none}. No Trustee receives any remuneration and no expenses are paid to Twstees. TTU51ees are not routinely permitted lo carry out any Iransaclions on behalf of the Trust or seek reimbursemenl of such expenditure. During the year the Trust reimbursed Tanner Trading, a company ¢onlrolled by Mr S Tanner, for the cosl of the hire of a Portable Lighting Tower for use on the D-Day Wooldown @vent for the Tru51 in the amount of £352. No balance was outstandin9 al the vear end. Mr Tanner was able lo hire the equipment at a lower cosl than the Trust by virtue of his company's account wilh the equipment hire company and was only reimbursed the c05t he paid which benefitted the Trust. Mr Tanner and Mr Gibson are also Trustees of Looe Lions which beneliled from a donation of £200 in the year and was approved by remainin9 Truslees. An annual Christmas meal is provided by the Trusl for the benefit of the Trustees and staff. Allendance at Ihis e.venl is voluntary and some Irustees choose to reimburse the cost ol their meal. A separale me81 was provided to museum volunteers in recognition ol their efforts in slaffing the museum and providing Iheir time lo assist with the winter maintenance programme. 26 Non.audit services provided by auditor In common wilh many businesses of our size and nature we use our auditor to assist with ad hoc accounling support advising on year-end accounts where necessary. Appropriate safeguards are maintained by ourselves and by our auditors. to ensure that this arrangement is within all relevant legislation. 27 Prior year restaternent In the preparation of this year's financial statements an error was detected in the valualion report used to value Ihe investment properties which resulled in the investment properlies being over valued by £200.000. A prior year restalemenl has been made to correcl this error which has had the following impact on the financial slatemenls Investment property gains I Ilossesl reduced from gain of £626.500 to £426.5QO Investment properties reduced from £3.690,000 to £3,490,000 Tolal reserves and vnreslricted funds reduced by £200,000 from £4,136,935 to £3,936.935 and from £4,135,870 to £3.934,870 respectively. The Tnjslees also revisiled the analysis of unreslricled funds in the current year and reanalysed the comparative funds analysis to align with the ¢urrent year's presentation. 29