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2021-12-31-accounts

PAGE
Trusteesrannualreport I
Independent examiner,sreport tothe trustees I
Statementof financial activities 9
Statementof flnancialposition 10
Notes to thefinancialstatements 11
Thefollowingpagesdonotformpartofthefinancialstatements
Detailedstatementoffinancial activities 25
Notes to thedetailedstatementoffinancial activities 27

RegisteredcharitynameWest LooeTown Trust RegisteredcharitynameWest LooeTown Trust
Charity registratlon numtrer22SlO7
Principaloffice WestLooeSquare
WestLooe
Comwall
PL,L32EU

YEAR ENDED3TDECEMBER2021. ENDED3TDECEMBER2021. ENDED3TDECEMBER2021.
2021
'Unrestricted Endowment		 2020
Note funds

f		 fundsTotalfunds
gf		 Total
frurds
t
Income andendowrnents
Investmentincome
Totalincome		 4 !??,2:1!33 te4223,04s
tgg,25133,794
223,045
Expenditure
Expendituroonraisingfirnds:
Investment managementcosts
Bxpendituleoncharitable activities
Otherexpenditure		 5
6
9		 2,827
2II,l49
215		 9,450 12027710,346
2t1,149188,676
2ts
Totalexpenditure 214,191 _9,450 223,64tt98,962
Netgains on investments 10 62,780 276,246 338,426 482,451
Netincomeand net movementin
funds 37,240 300,590 337,830500,154
Reconcillationoffunds
Totalfundsblought forward 1 ,35 t,B1B 6,027,632 7,379,450 6,979,296
Totalfunds carriedfol,ward 1,3g9,05g 6,32g,222 71717;2g0 7,379,450

Note 2021.
f		 2020
f
FIXEDASSETS
Tangiblefixedassets
Heritageassets
Investments		 15
l6
17		 200,717
t21,720
fl9LfI		 200,52r
121,720
6,803,566
7,464,969 7,125,907
CURRENTASSETS
Debtors 18 41,905 22,963
Cash atbankandinhand 246,777 255,834
288,682 278,697
CREDITORS:AmountsfalLingduewithin
oneyear 19 36,270 25,054
NDT CURRENTASSETS 252,412253,643
TOTAI,ASSETSLESSCURR,ENT
LIABILITIES 7,7L7,290 7,379,450
NETASSETS J!!280, '1,379,450
FIJNDSOF'THE CHAR.ITY
Endowmentflrnds 6,329,222 6,027,632
Unrestrictedfunds 1,399,059 1,351,919
Total charityfunds 2l 7,717,280 7,379,450

impairmentsare alsoreviewed forpossiblerev
TI{VESTMENT INCOME
4.
ersal aieachreportingdate.
lncome frominvestmentproperties
Income from listedinvestments
Bankinterest receivable
Otherinterest receivable		 UnrestrictedEndownentTotalF''unds
2021
f,
tr79,854
35,058
515
7,618
FundsFunds
f.
f,
1.79,954
6,40729,651
515
2,475
5,143
WT
33,794
223,045
Unrestrioted
Endowment
TotalFunds
Ftmds
+
Funds
f
2020
lncomefrominvestment properties
Income from listedinvesffnents
Bankinterest receivable
Other interest receivable		 180,019
6,729
1,676
2,477
20,654
5,1l0
180,019
27,383
1,676
7,597
190,901
25,764216,665
5.INVESTMENTM.dNAGEIVIENTCOSTS
Portfoliomanagement UnrestrictedEndowmentTotalFunds
Funds Funds
Z0Zl
f,ff
2,827
9,450
L2,277

Portfoliomanagemont Unrestricted BndowmentTotalFunds
FundsFunds
f,E
2,426
7,927
2020
+
10,346

EXPENDITUREONCHARITA BLE ACTIVITIESBYFUNDTYPE BLE ACTIVITIESBYFUNDTYPE BLE ACTIVITIESBYFUNDTYPE BLE ACTIVITIESBYFUNDTYPE
UnrostrictedTotalFundsUnrestrictecl'IotalFunds
Funds 2021Funds
0sf
2020
Investment rentalproperties
Publicamenityexpendiflre		 56,516
18,875		 56,516
19,975		 56,996
13,949		 56,996
11Rd^O
Rentalsubsidiesforlocal interest
gfoups 24,325 24,325 24,875 24,975
Grants to institr"rtionsand
individuals
Supporlcosts		 467n7
65,126		 46,307
65,126		 56,298
36,597		 56,299
36,598
211,149 zLL,l49 188,615 198,616

ANALYSISON'SU PPORTCOSTS
Investment
rental
property Public
Governancecosts expenses
32,562		 Amenity
+
16,282		 GrantsTotal2lllToIal2020
fff,
16,282 65,12673,196

ANALYSISOF GRANTS
202I 2020
s +
GRANTSTOINSTITUTIONS
LooeTown FC-Mower/Clubhouse
LooeDevelopment Trust- Festivelights		 500 2,250
500
StNioholas Church - Clock repair/ cleaning 60 700
DarbyandJoan 600 600
RoyalBritishLegion-Wreath z5 25
LooeDevelopment Trust-LooeCommunityMeals
Division.YouthMusicBand
RadioLooe		 1,000 1,501
1,522
LooeAgeConcern 600
LooelnBloom
RustyBucket-HavenYouthproject
Looe Sailing Club -Minordinghy		 4082n 3,000
1,000
5,264
Riverside Church-Organrepair 500
7,605 1.6,862
GRANTSTOINDIVIDUALS
Highereducation grants 35,890 31,761
Xmasvouchers 100 1,25
Tenant donations 100
Supportforresident dueto illness 471
Donationforspecialistbedding 4,645
RoyalBalletSchool 2r24; 1'tss
Flowers 50
38,702 39,436
Totalgrants 46,307 56,298

OTHEREXPEI\DITURE
UnrestrictedTotal
Funds
ff		 Funds
2021		 UnrestrictedI'otalFunds
Funds
f
2020
+'
Loss on disposaloftangiblefixed
assetsheldforoharity'sownuse 2t5 2t5

10 .NET GAINSONINVESTMENTS
Gains/(losses) oninvestment property
Gains/(losses) onlistedinvestments		 Umestrictod
Funds
f.
62,190		 EndowmentTotal Funds
Funcls
202L
fg
127,336127,336
148,9102Ll,0g0
62,1,80 276,246339,426
Unrostricted Endowment TotalFunds
Funcls Funds 2020
{' f +
Gains/(losses) on investmentpropflty
Gains/(lossos) onlistedinvestments		 15,065 360,053
107,333		 360,053
ltt?oR
^aHtJ
t v
15,065 467,396 482,451
11. NET INCOME
Net income isstatedafter charging/(crediting):
2021
f		 2020
{
Depreciation of tangiblefixedassets 239 174
Loss on disposaloftangiblefixedassets 2r5
L2, INDEPENDET{TEXAMINATIONFEES
202't 2020
t
Feespayablotothe independentexaminer for:
Independentexamination ofthefinanoialstatements 2,640 2,520
Otherfinancialservices 20640 2,520
5,280 5,040

Fleehold
Cost propertyEquipment
f.
f,		 Total
f
At1lanuary2021
Adclitions		 200,00016,760
ofl		 2t6,760
651
Disposals (4,322)
At31December 2027 200,000l3,0gg 213,099
Deprec:iation
AtiJanuary202l 16,239 L6,239
Chargeforthe year 239 239
Disposals
At31December 2021		 11199)
12,372		 __(4406)
12,372
Carryingamount
At31December 2027 200,000 7l'7 200,717
At31December202Q 200,000 s21 200,521
16.IIERITAGEASSDTS
I{eritage
assetL
f
Costorvaluation
A,t1January2021and31December2021 121,720
Accumulated depreciation
AtLJanuary202Land31December2021
Carryingamount
At31December 2021 IzL,720
At31Decembar2020 121,720

YEAR
INVESTMENTS		 ENDED31DECEMBER2021
Cashorcash
Listed		 Investment
equivalentsinvestments
ff,		 properties
f.		 Total
f
Costorvaluation
AIIlanuary2021
Additions
Disposals
Fairvalue movements		 30,0381,738,958
56,156441,870
(1,564)(379,202)
105,479		 5,034,570
1,350
114,836		 6,8030566
499,376
(380,766)
220,255
At3I"December202'L 84,6301,907,0455150,756 7,142,431
Impairment
At1January2021nnd
31December 202L
Carryingamount
At31December 2021 84,6301,907,0455J50,756 7,142,431
At31 December2020 30,03g
1,738,958		 _1,.0:!,sJ0, j{03{g

DEBTORS
2021
f		 2020
T
Prepaynentsand accruedincome 19,778
Other debtors 22rL27 22,86;
41,905 22,863

202L
f		 2020
I
Tradecreditors 7,830 6,087
Accnralsand deferredincome 28,440 18,967
36,270 25,054
20,DEFERREDINCOME
2021 2020
AtLlanuary 2021 f,
lg,g67		 f
17,493
Amountreleased toincome (18,967) (17,483)
Amountdeferreclinyear 28,440 rg,g67
At31December 2021 28,440 18,967

Gsneral funds I At
lamary20
2I
Lf,
1,3 51,g IB		 Income
Igg,25l		 Expenditure
sw		 At
Gainsand31Decembe
losses
12021
Is
62,18qLl8g.,js8
At At
I January20
20		 lnoome Expenditure Gains and 31 Decembe
lossesr2020
+ f ++
General firnds 1,336,993 190,901 (191,041) _11465_1ry1,81!

ANALYSISOFCH
Endowment funds		 R ITABLEFUND Sftltuttnned)
At At
1 Ja:ruary 20
2l
[flf		 IncomeExpenditure Gainsand31Decembe
losses
12021
fs
Permanent
EndowmentFund 6,027,632 33,'794(9,450) 276,2466329,222
AI At
I January 20 Gains and 31 Decembe
20 IncomeExpenditurelossesr2020
f.f.fI
Permanent
EndowmentFund 5,542,403 25,',764(7,92L) 467,3866,027,632

ANAtr,YSIS OFNETASSEI]SBET WEENF'UI{DS
Unrestricted
Funcls
f		 EndowmentTotalf,'unds
Funds
2021
If
Tangiblefixedassets
Heritageassets		 200,717 200,7L7
12I,72012L,720
Investments 465,035 6,592,7667,057,901
Currentassets 723,306 723,306
Creditorslessthan1year (386,264)(386,264|
Netassets 1,389,05g 6,329,222 llrr280
Unrsstricted Endowment TotalFunds
Funds Funds 2020
+ f {r
Tangiblefixedassets 200,520 200,520
Heritageassets 12r,720 r21,720
Investments 405,477 6,631,669 7,037,145
Currentassets 145,821 745,821
Creditorslessthan1year (492,177) (492,177)
Netassets 1,351,81B j?6!,?! 7,613,029

DETAILEDSTATEMENTOFF'INANCIALAC
YEARENDED31DECEMBER2O2l		 TIVITIES
2021
ff		 2020
Income andendowments
trnvestment income
Incomefrominvestmentproperties
hrcomefromlistedinvestments
Bank interestreceivable
Other interestteceivable		 179,854180,019
35,05827,383
515
1,676
7,618
7,587
223,045 21,6,665
Totalincome rc!5 216,665
Expendlture
fnvestmen,t menagementcosts
Portfoliomanagement 12,277 10,346
Expenditureoncharitable activities
Wages andsalaries 440109 19,582
Rates andwater 6,447 7,902
Lightandheat 2,029 2,844
Repairs and maintenance 60,705 40,507
Insuranoe 15,105 15,081
Legalandprofessionalfees 9,437 10,620
Telephone 1,296 1,730
Otherofficecosts 1,952 1,837
Depreciation 239 t74
Other interest payable andsimilarcharges 305 4)1
Grants toinstihrtions 7,605 1.6,862
Grants toindividuals 3EJ02 39,436
Property managementfees 6,839
Rental subsidiesfor localinterest groups 24,325 )4R"I|
ztl,t49 188,616
Otherexpenditure
Loss on disposalof tangiblefixedassetsheldforoharity'sownuse 215
Totalexpenditure 223,647 1.98,962

YEAR ENDED3lDECE MBER2021
2021
gf		 2020
Netgainsoninvestments
Gains/(losses) oninvestment property
Gainsi(losses) onlistedinvestments		 127,336
211,090		 360,053
I22,3gg
338,426 482,451
Netincome 337,830 500,154

2027f 2020
Expenditureoncharitableactivities
Investmentrentalproperties
Activitiesundeytaken directly
Rentalproperty expenditure-rates&water 6,275 7,649
Rentnlproperly expenditure- light&heat 777 9s3
Rentalpropertyexpendifire- repairs&rnaintenance 42,028 27,290
Rentalproperty expenditure- insurance 5,579 6,442
Rentalpropertyexpencliture -legalandprofessionalfees 2,458 7,800
Rentalproperty exponditure- otherofficeoosts n/l
Rentalpropertyexpendiflre-propertymanagementfees 6,939
56,516 56,996
Public amenify expenditure
Activitiesundertakendirectly
Publicamenities -light&heat 1,020 r,061
Publicamenities - repairs&maintenance 17,855 12,488
Publicamenities -legalandprofessionalfees 300
18,875 13,g4g
Rentalsubsidiesforlocal interestgroups
Activitieswndertakendirectly
Rental subsidiesfor local interestclubs 24,325 24,875
Grantstoinstitutionsandindividuats
Grantfundingsctivities
Grantsto institutions 7,605 16,862
Grantsto individuals 38,702 39,436
46,307 56,299
Governancecosts

Govennnce
Govemance
Govemance
Governance
Governance
Governance
Governance
Governance
Governance
Governance
Govemance		 costs - wages/salaries
costs-rates&water
costs -light &heat
costs- repairs&maintenance
costs- insurance
costs-accountancyfees
costs - costsoftrustees,meotinss
costs - telephone
costs-stationery, postageandgeneralexpenses
costs- depreciation
costs-bankcharges		 202L
2020
f,f
44,109!9,592
r72
t54
E31
830
822
729
9,527
9,639
5,829
2,520
144
"t,296
1,730
1,852
1,913
239
174
305
42t		 202L
2020
f,f
44,109!9,592
r72
t54
E31
830
822
729
9,527
9,639
5,829
2,520
144
"t,296
1,730
1,852
1,913
239
174
305
42t
65,\26 36,598
Expenditure oncharitable activities ?rr_,!4e 188,616