| PAGE | |||
|---|---|---|---|
| Trustees' | annual report | ||
| Independent examiner's report to the trustees |
|||
| Statement | offinancial | activities | |
| Statement | offinancial | position | 10 |
| Notes to | the financial | statements | |
| The following pages do not form part ofthe financial statements |
|||
| Detailed | statement of | financial activities | 25 |
| Notes to | the detailed statement offinancial activities | 27 |
| YEAR E | NDE | D 31DECE | MBER 2022 | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Unrestricted | Endowment | ||||||
| funds | funds | Total funds | Total funds | ||||
| Note | E | ||||||
| Income and endowments | |||||||
| Investment income |
4 | 195,497 | 33,207 | 228,704 | 223,045 | ||
| Total income | 195,497 | 33,207 | 228,704 | 223,045 | |||
| Expenditure | |||||||
| Expenditure on raising funds: |
|||||||
| Investment management |
costs | 5 | 2,900 | 9,115 | 12,015 | 12,277 | |
| Expenditure on charitable |
activities | 6 | 170,469 | 170,469 | 211,149 | ||
| Other expenditure | 9 | 215 | |||||
| Total expenditure | 173,369 | 9,115 | 182,484 | 223,641 | |||
| Net (losses)/gains on investments |
10 | (59,950) | (96,997) | (156J47) | 338,426 | ||
| Net (expenditure)/income | and net | ||||||
| movement in funds |
(37,822) | (72,905) | (110,727) | 337,830 | |||
| Reconciliation offunds |
|||||||
| Total funds brought forward |
1,689,648 | 6,027,632 | 7,717480 | 7,379,450 | |||
| Total funds carried forward | 1,651,826 | 5,954,727 | 7,606,553 | 7,717,280 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | f. | |||
| FIXEDASSETS | ||||
| Tangible fixed assets | 15 | 201,548 | 200,717 | |
| Heritage assets | 16 | 121,720 | 121,720 | |
| Investments | 17 | 6,965,885 | 7,142,431 | |
| 7489,153 | 7,464,868 | |||
| CURRENT ASSETS | ||||
| Debtors | 18 | 16,793 | 41,905 | |
| Cash at bank and in hand | 338/39 | 246,777 | ||
| 355,132 | 288,682 | |||
| CREDITORS: Amounts | falling due within | |||
| one year | 19 | 37,732 | 36,270 | |
| NET CURRENT ASSETS | 317,400 | 252,412 | ||
| TOTAL ASSETSLESS | CURRENT LIABILITIES | 7,606,553 | 7,717,280 | |
| NET ASSETS | 7,606,553 | 7,717480 | ||
| FUNDS OF THE CHARITY | ||||
| Endowment funds |
5J54,727 | 6,328,222 | ||
| Unrestricted funds |
1,651,826 | 1,389,058 | ||
| Total charity funds | 21 | 7,606/53 | 7,717,280 |
| INVESTMENT INCO | ME | |||
|---|---|---|---|---|
| Unrestricted | Endowment | I'otal Funds | ||
| Funds | Funds | 2022 | ||
| f. | ||||
| Income &om investment | properties | 184,517 | 184,517 | |
| Income from listed investments | 7,439 | 25,955 | 33494 | |
| Bank interest receivable | 1,212 | 1412 | ||
| Other interest receivable | 2,329 | 7,252 | 9481 | |
| 195,497 | 33407 | 228,704 | ||
| Unrestricted | Endowment | Total Funds | ||
| Funds | Funds | 2021 | ||
| f | ||||
| Income &om investment | properties | 179,854 | 179,854 | |
| Income &om listed investments | 6,407 | 28,651 | 35,058 | |
| Bank interest receivable | 515 | 515 | ||
| Other interest receivable | 2,475 | 5,143 | 7,618 | |
| 189,251 | 33,794 | 223,045 |
| INVEST | MENT MANAGEMENT | COSTS | |||
|---|---|---|---|---|---|
| Unrestricted | Endowment | I'otal | Funds | ||
| Funds | Funds | 2022 | |||
| Portfolio | management | 2,900 | 9,115 | 12,015 |
| Unrestricted | Endowment | Total Funds | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||||||
| Portfolio management | 2,827 | 9,450 | 12,277 | ||||||
| 6. | EXPENDITURE ON CHARITABLE | ACTIVITIES BYFUND TYPE | |||||||
| Unrestricted | I'otal Funds | Unrestricted | Total Funds | ||||||
| Funds | 2022 | Funds | 2021 | ||||||
| Investment | rental properties | 50,993 | 50J93 | 56,516 | 56,516 | ||||
| Public amenity | expenditure | 13,096 | 13,096 | 18,875 | 18,875 | ||||
| Rental subsidies | for | local | interest | ||||||
| groups | 18,325 | 18425 | 24,325 | 24,325 | |||||
| Grants to institutions | and | ||||||||
| individuals | 47,534 | 47,534 | 46,307 | 46,307 | |||||
| Support costs | 40,521 | 40,521 | 65,126 | 65,126 | |||||
| 170,469 | 170,469 | 211,149 | 211,149 | ||||||
| 7. | ANALYSIS OF SUPPORT COSTS | ||||||||
| Investment | |||||||||
| rental | |||||||||
| properly | Public | ||||||||
| expenses | Amenity | Grants | Total 2022 | Total 2021 | |||||
| f. | |||||||||
| Governance | costs | 20,261 | 10,130 | 10,130 | 40,521 | 65,126 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| GRANTS TO INSTITUTIONS | ||||||||
| Looe Development | Trust —Xmas Lights | 501 | 500 | |||||
| StNicholas Church |
- Clock repair/ | cleaning | 60 | |||||
| Darby and Joan | 600 | 600 | ||||||
| Royal British Legion - Wreath | 25 | 25 | ||||||
| Looe Development | Trust - Looe Community | Meals | 1,000 | |||||
| West Looe Playgroup | 3,686 | |||||||
| West Looe Live | 4,500 | |||||||
| Radio Looe | 835 | |||||||
| Looe Age Concern | 500 | 600 | ||||||
| Looe In Bloom | 4,820 | |||||||
| StNicholas Church |
—New Boiler | 1,000 | ||||||
| Looe Bowling Club | —New Pavilion | 5,167 | ||||||
| South West Ambulance -Defib |
2,548 | |||||||
| West Looe May Fair | 1,000 | |||||||
| Cornish Luggars | 500 | |||||||
| 20,862 | 7,605 | |||||||
| GRANTS TO INDIVIDUALS | ||||||||
| Higher education grants |
23,627 | 35,880 | ||||||
| Xmas vouchers | 75 | 100 | ||||||
| Support for resident | due to illness | 470 | 477 | |||||
| Royal Ballet School | 2,000 | 2,245 | ||||||
| Olympics Trip |
500 | |||||||
| 26,672 | 38,702 | |||||||
| Total grants | 47434 | 46,307 | ||||||
| 9. | OTHER EXPENDITURE | |||||||
| Unrestricted | I'otal | Funds | Unrestricted | Total Funds | ||||
| Funds | 2022 | Funds | 2021 | |||||
| Loss on disposal of | tangible fixed | |||||||
| assets held for charity's own use |
215 | 215 |
| Unrestricted | Endowment | I'otal Funds | I'otal Funds | |||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2022 | ||||||
| f | ||||||||
| Gains/(losses) | on investment | property | 109,250 | 109450 | ||||
| Gains/(losses) | on listed | investments | (59,950) | (206,247) | (266,197) | |||
| (59,950) | (96,997) | (156,947) | ||||||
| Unrestricted | Endowment | Total Funds | ||||||
| Funds | Funds | 2021 | ||||||
| Gains/(losses) | on investment | property | 127,336 | 127,336 | ||||
| Gains/(losses) | on listed | investments | 62,180 | 148,910 | 211,090 | |||
| 62,180 | 276,246 | 338,426 | ||||||
| 11. | NET (EXPENDITURE)/INCOME | |||||||
| Net (expenditure)/income | is | stated after charging/(crediting): | ||||||
| 2022 | 2021 | |||||||
| f, | ||||||||
| Depreciation offungible fixed assets Loss on disposal oftangible fixed assets |
516 | 239 215 |
||||||
| 12. | INDEPENDENT EXAMINATION FEES | |||||||
| 2022 | 2021 | |||||||
| Fees payable | to the independent examiner for: |
|||||||
| Independent | examination | of | the financial | statements | 2,800 | 2,640 | ||
| Other financial services | 2,800 | 2,640 | ||||||
| 5,600 | 5280 |
| No trustee expenses have been incurred. TANGIBLE FIXEDASSETS |
|||
|---|---|---|---|
| Freehold | |||
| property | Equipment | Total | |
| Cost | |||
| At 1 January 2022 | 200,000 | 13,089 | 213,089 |
| Additions | 1,347 | 1447 | |
| At 31December 2022 | 200,000 | 14,436 | 214,436 |
| Depreciation | |||
| At 1 January 2022 | 12,372 | 12@72 | |
| Charge for the year | 516 | 516 | |
| At 31December 2022 | 12,888 | 12,888 | |
| Carrying amount |
|||
| At 31December 2022 | 200,000 | 1,548 | 201,548 |
| At 31December 2021 | 200,000 | 717 | 200,717 |
| HERITAGE ASSETS | |||
| Heritage | |||
| asset 1 | |||
| Cost or valuation | |||
| At 1January 2022 and 31December 2022 | 121,720 | ||
| Accumulated depreciation |
|||
| At 1January 2022 and 31December 2022 | |||
| Carrying amount |
|||
| At 31December 2022 | 121,720 | ||
| At 31December 2021 | 121,720 |
| YEAR INVESTMENTS |
ENDED 31DECE | MBER2022 | ||
|---|---|---|---|---|
| Cash or cash | Listed | Investment | ||
| equivalents | investments | properties | Total | |
| f. | ||||
| Cost or valuation | ||||
| At 1 January 2022 | 84,630 | 1,907,045 | 5,150,756 | 7,142,431 |
| Additions | 37,229 | 236,989 | 274418 | |
| Disposals | (62,676) | (145,581) | (208457) | |
| Fair value movements | (351,757) | 109,250 | (242,507) | |
| At 31December 2022 | 59,183 | 1,646,696 | 5260,006 | 6,965,885 |
| Impairment | ||||
| At 1January 2022 and | ||||
| 31December 2022 | ||||
| Carrying amount |
||||
| At 31December 2022 | 59,183 | 1,646,696 | 5,260,006 | 6,965,885 |
| At 31December 2021 | 84,630 | 1,907,045 | 5,150,756 | 7,142,431 |
| November 20 DEBTORS |
21. | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Prepayments | and accrued income | 19,778 | |
| Other debtors | 16,793 | 22,127 | |
| 16,793 | 41,905 |
| CREDITORS: Amounts falling due within on |
e year | |
|---|---|---|
| 2022 | 2021 | |
| f. | ||
| Trade creditors | 7493 | 7,830 |
| Accruals and deferred income | 29,107 | 28,440 |
| Other creditors | 1@32 | |
| 37732 | 36,270 | |
| DEFERRED INCOME | ||
| 2022 | 2021 | |
| f. | ||
| At 1 January 2022 | 28,440 | 18,967 |
| Amount released to income |
(28,440) | (18,967) |
| Amount deferred in year |
29,107 | 28,440 |
| At31December 2022 | 29,107 | 28,440 |
| At | At | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 | January | 20 | Gains and 31Decembe | |||||
| 22 | Income | Expenditure | losses | r 2022 | ||||
| f. | ||||||||
| General | funds | 1,689,648 | 195,497 | (173,369) | (59,950) | 1,651,826 | ||
| At | At | |||||||
| 1 | January | 20 | Gains and 31Decembe | |||||
| 21 | Income | Expenditure | losses | r2021 | ||||
| g | ||||||||
| General | funds | 1,351,818 | 189,251 | (214,191) | 62,180 | 1,389,058 |
| Endowment | funds | ||||||
|---|---|---|---|---|---|---|---|
| At | At | ||||||
| 1 | January 20 | Gains and 31 | Decembe | ||||
| 22 | Income | Expenditure | losses | r2022 | |||
| K | |||||||
| Permanent | |||||||
| Endowment | Fund | 6,027,632 | 33207 | (9,115) | (96,997) | 5,954,727 | |
| At | At | ||||||
| I | January 20 | Gains and 31 | Decembe | ||||
| 21 | Income | Expenditure | losses | r 2021 | |||
| f. | f. | ||||||
| Permanent | |||||||
| Endowment | Fund | 6,027,632 | 33,794 | (9,450) | 276246 | 6,328,222 |
| ANALYSIS OF N | ET ASSETSBET | WEEN FUNDS | |||
|---|---|---|---|---|---|
| Unrestricted | Endowment | I'otal Funds | |||
| Funds | Funds | 2022 | |||
| Tangible fixed assets | 201,548 | 201,548 | |||
| Heritage assets | 121,720 | 121,720 | |||
| Investments | 370,585 | 6,536,117 | 6806,702 | ||
| Current assets | 1,079,693 | 1,079,693 | |||
| Creditors less than | 1 year | (703,110) | (703,110) | ||
| Net assets | 1,651,826 | 5,954,727 | 7,606053 | ||
| Unrestricted | Endowment | Total Funds | |||
| Funds | Funds | 2021 | |||
| 6 | |||||
| Tangible fixed assets | 200,717 | 200,717 | |||
| Heritage assets | 121,720 | 121,720 | |||
| Investments | 465,035 | 6,592,766 | 7,057,801 | ||
| Current assets | 723,306 | 723,306 | |||
| Creditors less than | 1year | (386,264) | (386,264) | ||
| Net assets | 1,389,058 | 6,328,222 | 7,717480 |
| YEAR ENDED 31DECEMB | ER2022 | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Income and endowments | ||||||
| Investment income |
||||||
| Income trom investment | properties | 184,517 | 179,854 | |||
| Income I'rom listed investments | 33494 | 35,058 | ||||
| Bank interest receivable | 1412 | 515 | ||||
| Other interest receivable | 9,581 | 7,618 | ||||
| 228,704 | 223,045 | |||||
| Total income | 228,704 | 223,045 | ||||
| Expenditure | ||||||
| Investment management |
costs | |||||
| Portfolio management | 12,015 | 12,277 | ||||
| Expenditure on charitable |
activities | |||||
| Wages and salaries | 16418 | 44,109 | ||||
| Rates and water | 5459 | 6,447 | ||||
| Light and heat | 6,048 | 2,028 | ||||
| Repairs and maintenance | 38,859 | 60,705 | ||||
| Insurance | 18,879 | 15,105 | ||||
| Legal and professional | fees | 15,687 | 8,431 | |||
| Telephone | 1,182 | 1,296 | ||||
| Other office costs | 1,797 | 1,852 | ||||
| Depreciation | 516 | 239 | ||||
| Other interest payable | and | similar charges | 165 | 305 | ||
| Grants to institutions | 20,862 | 7,605 | ||||
| Grants to individuals | 26,672 | 38,702 | ||||
| Rental subsidies for local |
interest groups | 18425 | 24,325 | |||
| 170,469 | 211,149 | |||||
| Other expenditure | ||||||
| Loss on disposal oftangible | fixed assets held for charity's | own use | 215 | |||
| Total expenditure | 182,484 | 223,641 |
| Y | EAR ENDED 31DECE | MBER 2022 | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| I, | |||||
| Net (losses)/gains | on investments | ||||
| Gains/(losses) | on | investment | property | 109450 | 127,336 |
| Gains/(losses) | on | listed investments | 266,197 | 211,090 | |
| 156,947 | 338,426 | ||||
| Net (expenditure)/income | 110,727 | 337,830 |
| 2022 | 2021 | ||
|---|---|---|---|
| Expenditure on charitable activities |
|||
| Investment rental properties |
|||
| ActivMes undertaken directly |
|||
| Rental property expenditure -rates &water |
4,892 | 6,275 | |
| Rental property expenditure -light &heat |
2,131 | 177 | |
| Rental property expenditure -repairs &maintenance |
26,085 | 42,028 | |
| Rental property expenditure -insurance |
846$ | 5,578 | |
| Rental property expenditure -legal and professional |
fees | 9,617 | 2,458 |
| 50,993 | 56,516 | ||
| Public amenity expenditure |
|||
| ActivMes undertaken directly |
|||
| Public amenities - light &heat | 2,686 | 1,020 | |
| Public amenities - repairs &maintenance | 10,410 | 17,855 | |
| 13,096 | 18,875 | ||
| Rental subsidies for local interest groups | |||
| Activities undertaken directly |
|||
| Rental subsidies for local interest clubs |
18425 | 24,325 | |
| Grants to institutions and individuals |
|||
| Grant funding activities |
|||
| Grants to institutions | 20,862 | 7,605 | |
| Grants to individuals | 26,672 | 38,702 | |
| 47034 | 46,307 | ||
| Governance costs |
|||
| Governance costs - wages/salaries |
16418 | 44,109 | |
| Governance costs - rates &water |
367 | 172 | |
| Governance costs - light &heat |
1431 | 831 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Brought forward | 17,816 | 45,112 | ||||
| Governance | costs | -repairs &maintenance | 2464 | 822 | ||
| Governance | costs | - insurance | 10,611 | 9,527 | ||
| Governance | costs | - accountancy | fees | 6,044 | 5,829 | |
| Governance | costs | -costs oftrustees' | meetings | 26 | 144 | |
| Governance | costs | -telephone | 1,182 | 1,296 | ||
| Governance | costs | - stationery, postage and general expenses |
1,797 | 1,852 | ||
| Governance | costs | -depreciation | 516 | 239 | ||
| Governance | costs | -bank charges | 165 | 305 | ||
| 40421 | 65,126 | |||||
| Expenditure | on | charitable activities |
170,469 | 211,149 |