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 T￿nancial 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 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 r￿SkS 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 Janua￿2024 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 othe￿ise 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