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||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|
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|RegisteredcharitynameWest LooeTown Trust|RegisteredcharitynameWest LooeTown Trust|
|---|---|
|Charity registratlon numtrer22SlO7||
|Principaloffice|WestLooeSquare|
||WestLooe|
||Comwall|
||PL,L32EU|
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|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|||216,665
21,6,665|
|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|
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||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|
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|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|
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|Portfoliomanagemont|Unrestricted BndowmentTotalFunds
FundsFunds
f,E
2,426
7,927
2020
+
10,346|
|---|---|
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|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|
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|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|||
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|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|
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||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|
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|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|
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|DEBTORS|||
|---|---|---|
||2021
f|2020
T|
|Prepaynentsand accruedincome|19,778||
|Other debtors|22rL27|22,86;|
||41,905|22,863|
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||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|
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|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!|
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|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|
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|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|
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|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|
##
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|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|
##
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||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|||
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|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|