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2023-12-31-accounts

Charity registration number 228167

WEST LOOE TOWN TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

WEST LOOE TOWN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C F Crabb **
Mr P Richardson * (Appointed 1 October 2023)
Mr J A Currah **
Mr K G Wilson **
Mr B D Porter **
Mr N D Pope *
Mr J R Dingle *
Clerk to the Trustees S Pengelly
Charity number 228167
Principal address West Looe Square
West Looe
Looe
Cornwall
PL13 2EU
Telephone 01503 263655
Email wltt@westlooetowntrust.co.uk
Independent examiner Prydis Accounts Limited
The Parade
Liskeard
Cornwall
PL14 6AF
Bankers LLoyds Bank PLC
The Parade
Liskeard
Cornwall
PL14 6AW
Surveyors: Jefferys
Duchy House
Liskeard
Cornwall
PL14 4AB
Solicitors Ashford's Solicitors LLP
Pincess Court
23 Princess St
Plymouth
Devon
PL1 2EX
Investment advisors Brewin Dolphin
Vantage Point
Woodwater Park
Exeter
Devon
EX2 5FD

WEST LOOE TOWN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Insurance broker

Howden Group 20 Middle Street Padstow Cornwall PL28 8AP

WEST LOOE TOWN TRUST

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 20

WEST LOOE TOWN TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The West Looe Town Trust is an unincorporated Charitable Trust, registered with the Charity Commission (number: 228167), that was founded in 1873. It is governed in accordance with its Scheme dated 8th September 1987 (amended 26th March 1993 and 1st December 2000).

The Trustees apply the surplus income of the Charity for the benefit of all the inhabitants in the area administered by the Looe Town Council in the County of Cornwall. The benefit can be for all or any of the following purposes.

  1. The relief of the aged, impotent, and poor.

  2. The relief of distress and sickness.

  3. The provision and support (with the object of improving the conditions of life in the interests of social welfare) of facilities for recreation or other leisure time occupation.

  4. The provision and support of educational facilities.

  5. Any other charitable purposes for the general benefit.

Objectives for the year

In furtherance of the above aims and objectives the Trust continued to assist organisations and individuals in the community of Looe with grant aid.

The Trustees continued to consider the potential redevelopment of its land at the Polean Industrial Estate. The Trustees have engaged with their professional advisers in preliminary negotiations with adjoining landowners regarding this scheme. It is hoped that this project will ultimately stimulate enterprise and employment opportunities in the Trust’s area of benefit.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

In all our work Trustees have regard to the Charity Commission's guidance on public benefit. Details are shown in the paragraphs below setting out how we have operated to achieve these requirements. Throughout the year people within our area of benefit, and further afield were kept informed about our activities via various digital, print media and in person activities.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

In furtherance of its aims and objectives, the Trust continued to assist organisations and individuals in the community of Looe with grant aid amounting to £42,716. The main recipients were as follows: Darby & Joan (costs towards social events), Keltique Choir, Looe Age Concern (costs towards trips for the elderly), Looe Sea Scouts, Looe Town Football Club, Looe Development Trust, West Looe Live (Music Festival) & West Looe May Fair.

Grants were also made to local individuals enabling them to pursue their goals in sport and the arts as well as assistance given to those suffering from illness, injury, or disability. The Trustees continued to support their further and higher education grants scheme by providing funding for local students (£34,237). Christmas vouchers (£50) were also sent to several elderly citizens in Looe.

The Trust also granted charitable rent subsidies to the following tenants amounting to £18,325, West Looe Playgroup, Looe Rowing Club, Looe Sea Scouts, Looe Rifle Club, Looe Social Club and Looe in Bloom.

Annual maintenance of various public amenity areas including “The West Looe Downs” amounted to £20,390. A further £54,727 was expended on maintenance, insurances, and professional and management fees of the Trust’s rental property.

Financial review

The Trust continued to receive a significant proportion of its income from dividends on investments made in previous years; these dividends amounted to £35,531 for the year. The income derived from rental housing, business premises, land, garages, and parking spaces, was £184,570 over the same period. Bank interest and other interest came to £14,313. The income indicated above was sufficient to support the key objectives of the charity throughout the year.

The financial landscape has been challenging over the past few years but 2023 saw the return of growth in the value of the Trust’s investments of £115,818. The Trust’s professional advisers provided advice and guidance throughout the year and continued with the medium risk balanced strategy that has been employed over many years.

A reserves sub-committee meeting of the Trustees held on the 19th of April 2005 adopted the following Reserves Policy: “The WLTT will retain enough funds, at all times, to meet any unidentified contingencies such as, legal claims against the Trust, uninsured losses, repair and maintenance of assets including roads”.

The Trust’s Unrestricted Funds as of the 31st of December 2023 were £1,706,631. After allowing for the future commitments set out below, the reserves were £295,631.

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

It is the Trustees stated intention to:

  1. If financially viable and after further discussions with the Charity Commission, proceed with the redevelopment of Trust land at Polean Industrial Estate, West Looe. (Designated funds set aside for this project £1,200,000).

  2. Rental Housing Maintenance Fund: The Trustees have undertaken to apply 10% of annual rental revenue from housing to a ‘Future Maintenance Fund’. (Designated funds for this purpose are £76,000).

  3. Downs Maintenance Repairs to land adjacent to Pen-Holm. (Designated funds for this purpose are £25,000).

  4. Ramp Site 3 renovation or rebuild costs. (Designated funds for this purpose are £60,000).

  5. Forest Education Camp (West Looe Playgroup/Looe Sea Scouts). (Designated Funds for this purpose are £50,000).

Structure, governance and management

The trust is an unincorporated Charitable Trust, registered with the Charity Commission (number: 228167), that was founded in 1873. It is governed in accordance with its Scheme dated 8th September 1987 (amended 26th March 1993 and 1st December 2000).

The trustees who served during the year and up to the date of signature of the financial statements were:

Key: Nominated Trustees: Co-opted Trustees:*

Mr C F Crabb ** Mr P Richardson * (Appointed 1 October 2023) Mr J A Currah ** Mr K G Wilson ** Mr B D Porter ** Mr N D Pope * Mr J R Dingle * Mr D Stevens (Resigned 25 July 2023)

The Charity is administered by seven Trustees. The Chairman is elected from one of their number. They meet on a monthly basis and are appointed as follows:

Three Trustees are nominated by the Looe Town Council, each to serve for a term of four years. They are appointed at a meeting convened and held in accordance with the normal practice of the Council.

Four Trustees are co-opted by the West Looe Town Trust, each to serve for a term of five years. They are appointed at a meeting of which not less than twenty-one days notice has been given. Co-opted Trustees may also be appointed not more than one month before the term of an existing Co-opted Trustee expires, with effect from the date of expiry but so that the latter shall not vote on the matter.

The Trustees shall be persons who through residence, occupation, employment, or otherwise, have special knowledge of the area of benefit.

All newly appointed Trustees are made aware of the governing document, the history and philosophical approach of the charity, administrative procedures and the responsibilities of a Trustee. All Trustees receive copies of the previous annual report and accounts and relevant Charity Commission publications. The Trustees also attend courses, seminars and presentations provided by their professional advisers.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Organisational Management

The Trustees are responsible for managing the Trust's investment and property portfolio in the best interests of the charity and to maximise the funds available for grant making in the scheme's area of benefit. The Trustees undertake regular assessments of all its activities in consultation with its professional advisers, and others, in order to mitigate any potential risks to Trust assets.

The Trustees consider applications for grant aid from organisations and individuals throughout the area of benefit. It is normal practice for persons to submit a written application to the Trust on behalf of an organisation or individual. The applicant is expected to provide details of the project requiring assistance, explaining how any grant would be used and what would be achieved.

Occasionally the Trustees themselves identify projects within the area of benefit that are worthy of consideration for grant aid and advise those concerned to make written application. All proposed grants are carefully considered and in some cases applicants are asked to make a presentation to the Trustees in order to ensure compliance with the objects of the Trust scheme as set out below.

In situations where funding is being sought from several sources the Trustees tend to make pledges, pending all funding being in place. The Trustees often seek feedback on the success of the grants given and the outcomes achieved.

The administration of the Charity is undertaken by one employee, 'The Clerk to the Trustees', upon the instructions of the Trustees. The Clerk is responsible for keeping minutes of all meetings, handling all the correspondence and accounting for all the income and expenditure of the Trust.

The trustees' report was approved by the Board of Trustees.

Mr C F Crabb ** Mr J A Currah **
Trustee Trustee
Chairman

29 July 2024

WEST LOOE TOWN TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the 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:

By order of the Board of Trustees

Mr C F Crabb ** Mr J A Currah Trustee Trustee** 29 July 2024

WEST LOOE TOWN TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WEST LOOE TOWN TRUST

I report to the trustees on my examination of the financial statements of West Looe Town Trust (the trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Gary Randall Chartered Accountant The Institute of Chartered Accountants In England and Wales

Prydis Accounts Limited

The Parade Liskeard Cornwall PL14 6AF

Dated: 27 August 2024

WEST LOOE TOWN TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income from:
Investments
2
199,746
34,668
Expenditure on:
Investment
management costs
3
2,860
8,051
Charitable activities
4
159,295
-
Total expenditure
162,155
8,051
Net gains/(losses) on
investments
9
17,214
99,892
Net movement in funds
54,805
126,509
Fund balances at 1 January
2023
1,651,826
5,954,727
Fund balances at 31
December 2023
1,706,631
6,081,236		 Total Unrestricted Endowment
funds
funds
2023
2022
2022
£
£
£
234,414
195,497
33,207
10,911
2,900
9,115
159,295
170,469
-
170,206
173,369
9,115
117,106
(59,950)
(96,997)
181,314
(37,822)
(72,905)
7,606,553
1,689,648
6,027,632
7,787,867
1,651,826
5,954,727		 Total
2022
£
228,704
12,015
170,469
182,484
(156,947)
(110,727)
7,717,280
7,606,553

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WEST LOOE TOWN TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
11
Heritage assets
12
Investment properties
13
Listed Invesments, cash and cash
equivalent investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
17
Income funds
Unrestricted funds		 2023
£
£
201,161
121,720
5,260,006
1,821,697
7,404,584
34,173
386,959
421,132
(37,849)
383,283
7,787,867
6,081,236
1,706,631
7,787,867		 2022
£
£
201,548
121,720
5,260,006
1,705,879
7,289,153
16,793
338,339
355,132
(37,732)
317,400
7,606,553
5,954,727
1,651,826
7,606,553		 2022
£
£
201,548
121,720
5,260,006
1,705,879
7,289,153
16,793
338,339
355,132
(37,732)
317,400
7,606,553
5,954,727
1,651,826
7,606,553
7,289,153
317,400
7,606,553
5,954,727
1,651,826
7,606,553

The notes on pages 9 to 20 form part of these financial statements.

The financial statements were approved by the Trustees on 29 July 2024

Mr C F Crabb ** Mr J A Currah Trustee Trustee Chairman**

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

West Looe Town Trust is a registered charity in England and Wales and is unincorporated. The address of the principal office is West Looe Square, West Looe, Cornwall, PL13 2EU.

The trust is a charity and a public benefit entity as defined by FRS102.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used.

These fall into two sub classes, restricted income funds or endowments funds.

The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income is stated after all discounts have been applied and excludes charges for income tax or VAT.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings No depreciation provided Fixtures and equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Heritage assets

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

All heritage assets are shown at fair value.

1.9 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment 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).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

No employee benefits are provided except as required by law.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Investments

Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Rental income
184,570
-
Income from listed
investments
7,139
28,392
Interest receivable
8,037
6,276
199,746
34,668		 Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Rental income
184,570
-
Income from listed
investments
7,139
28,392
Interest receivable
8,037
6,276
199,746
34,668		 Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Rental income
184,570
-
Income from listed
investments
7,139
28,392
Interest receivable
8,037
6,276
199,746
34,668		 Total
Unrestricted
Endowment
funds
funds
general
2023
2022
2022
£
£
£
184,570
184,517
-
35,531
7,439
25,955
14,313
3,541
7,252
234,414
195,497
33,207		 Total
Unrestricted
Endowment
funds
funds
general
2023
2022
2022
£
£
£
184,570
184,517
-
35,531
7,439
25,955
14,313
3,541
7,252
234,414
195,497
33,207		 Total
Unrestricted
Endowment
funds
funds
general
2023
2022
2022
£
£
£
184,570
184,517
-
35,531
7,439
25,955
14,313
3,541
7,252
234,414
195,497
33,207		 Total
2022
£
184,517
33,394
10,793
228,704
Investment management costs
Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Investment portfolio
management
2,860
8,051
2,860
8,051		 Total
Unrestricted
Endowment
funds
funds
general
2023
2022
2022
£
£
£
10,911
2,900
9,115
10,911
2,900
9,115		 Total
2022
£
12,015
12,015

3 Investment management costs

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities

Investment
rental
properties
Public
amenity
expenditure
2023
2023
£
£
Direct Charitable costs
Rates and
water
3,842
-
Light and
heat
3,277
2,663
Repairs and
maintenance
19,047
20,390
Insurance
9,600
-
Legal and
professional
fees
16,298
-
Rental
subsidies for
local interest
clubs
-
-
52,064
23,053
Other charitable expenditure in favour of
objectives*
Grant funding
of activities
(see note 5)
42,716
-
Share of
governance
costs (see
note 6)
41,462
-
136,242
23,053		 Total
2023
Investment
rental
properties
Public
amenity
expenditure
Rental
subsidies
for local
interest
groups
2022
2022
2022
£
£
£
£
3,842
4,891
-
-
5,940
2,131
2,686
-
39,437
26,085
10,411
-
9,600
8,268
-
-
16,298
9,617
-
-
-
-
-
18,325
75,117
50,992
13,097
18,325
42,716
47,534
-
-
41,462
40,521
-
-
159,295
139,047
13,097
18,325		 Total
2022
£
4,891
4,817
36,496
8,268
9,617
18,325
82,414
47,534
40,521
170,469

For the year ended 31 December 2023 they provided rent discounts of £18,325 (2022 £18,325).

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Grants payable

Investment Investment
rental rental
properties properties
2023 2022
£ £
Grants to institutions:
Looe Development Trust - Xmas Lights 500 501
Darby and Joan Club 600 600
Royal British Legion - Wreath 35 25
West Looe Playgroup - 3,686
West Looe Live 4,500 4,500
Keltique Singers 200 -
Looe Age Concern 600 500
St Nicholas Church - New Boiler - 1,000
Looe Bowling Club - New Pavillion - 5,167
South West Ambulance - Defibrillator - 2,548
West Looe May Fair 500 1,000
Cornish Luggars - 500
Other <£100 49 -
Looe Sea Scouts 242 -
Looe Town Football Club 1,253 -
Radio Looe - 835
8,479 20,862
Grants to individuals 34,237 26,672
42,716 47,534

Grants to individuals includes higher education grants which are capped at £500 per year for up to 4 years of higher or further educational activity and are paid on production of evidence of relevant expenditure incurred.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6
Governance costs
Governance
costs
2023
Governance
costs
2022
£
£
£
£
Staff costs
17,068
17,068
16,218
16,218
Depreciation
387
387
516
516
Audit fees
2,937
2,937
2,800
2,800
Accountancy
2,097
2,097
3,244
3,244
Utilities
2,321
2,321
1,598
1,598
Repairs and maintenance
1,094
1,094
2,364
2,364
Insurance
8,411
8,411
10,611
10,611
Stationary, phone and trustee meeting
expenses
6,961
6,961
3,005
3,005
Bank charges
186
186
165
165
41,462
41,462
40,521
40,521
Analysed between
Charitable activities
41,462
41,462
40,521
40,521
Where costs could not be wholly attributed on a specified activity or property, the support cost have been
apportioned based on an estimate of the administration time required for each charitable activity.
Governance costs includes payments to the examiners of £2,937 (2022 £2,800) for examination fees.
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
trust during the year.
No reimbursement has been made to any trustee for costs incurred in service of the trust.
8
Employees
The average monthly number of employees during the year was:
2023
2022
Number
Number
1
1
Employment costs
2023
2022
£
£
Wages and salaries
17,068
16,218		 2023
Governance
costs
£
£
17,068
16,218
387
516
2,937
2,800
2,097
3,244
2,321
1,598
1,094
2,364
8,411
10,611
6,961
3,005
186
165
41,462
40,521
41,462
40,521		 2022
£
16,218
516
2,800
3,244
1,598
2,364
10,611
3,005
165
40,521
40,521
2022
£
16,218

Where costs could not be wholly attributed on a specified activity or property, the support cost have been apportioned based on an estimate of the administration time required for each charitable activity.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

8 Employees

There were no employees whose annual remuneration was more than £60,000.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Gain/(loss) on sale of
listed investments
17,214
99,892
Gains/(losses) on
investment property
(including revaluations)
-
-
17,214
99,892		 Total
Unrestricted
Endowment
Total
funds
funds
general
2023
2022
2022
2022
£
£
£
£
117,106
(59,950)
(206,247)
(266,197)
-
-
109,250
109,250
117,106
(59,950)
(96,997)
(156,947)

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Tangible fixed assets

Freehold land
and buildings
Fixtures and
equipment
£
£
Cost
At 1 January 2023
200,000
14,436
At 31 December 2023
200,000
14,436
Depreciation and impairment
At 1 January 2023
-
12,888
Depreciation charged in the year
-
387
At 31 December 2023
-
13,275
Carrying amount
At 31 December 2023
200,000
1,161
At 31 December 2022
200,000
1,548		 Total
£
214,436
214,436
12,888
387
13,275
201,161
201,548

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Heritage assets

At 1 January 2023 and at 31 December 2023 £
121,720
Heritage Assets recognised at valuation - Preservation and Management
Maces

The West Looe Town Trust is the keeper of two Maces both of which are lodged for safe keeping with Lloyds Bank PLC. Both Maces have historic significance and are considered symbols of the culture and history of West Looe. They are occasionally withdrawn from the vaults for use in civic ceremonies. The Maces are periodically valued, the last valuation being carried out by in September 2023 by Heirlooms Silversmiths (a member of the RICS and The National Association of Jewellers). . Whilst the Trelawney mace was valued at £125,000 and the Seymour Mace was valued at £60,000 for insurance purposes, The Trustees do not believe that this increase in value represents the achievable open market value of the items, They have therefore chosen not to increase the asset values from previous period. The asset values are therefore £80,000 for the Trelawney Mace and £40,000 for the Seymour Mace. West Looe Seal

The West Looe Seal is a circular brass object depicting the symbol of West Looe ('The Archer'). The seal was last valued by Bonhams in September 2009 at £450. West Looe Ceramic Bowl

The West Looe Bowl is Chinese and is on display at the West Looe Town Trust office. Bonhams last valued the bowl at £1,000 in September 2009. West Looe Artefacts

The West Looe Town Trust also owns a Constable's Ceremonial Baton (circa 1840), a George IV Steel Punch and a Victorian ink stand (circa 1860). These items are on display at the Old Guildhall Museum,Higher Market Street, East Looe, and were valued by Bonhams in September 2009 at £120, £80 and £70 respectively.

There were no transactions involving heritage assets during the period or the previous four years.

13 Investment property

Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023 5,260,006

Investment property freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out in November 2021 by Jeffrey's Chartered Surveyors, who are not connected with the trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The valuation is reviewed every year by the Trustees and a full professional valuation is completed every 5 years, unless trustees become aware of any significant events which may affect the value in the interim.

The Trust is currently involved in a Commons Land Challenge Application over the ownership of the West Looe Downs Amenity Area. The result of this legal process could significantly affect the value of this investment asset. There was a full legal review of the case during June 2024 but the outcome of the case has not been ruled upon at the time of signing these accounts.

Other amendments to the values were considered necessary by the trustee's based on current local market conditions or works carried out to properties during the period.

Properties have been acquired by both gift and purchase over a period of 150 years. Unfortunately the required historic records are no longer available to accurately include the cost value of all property assets.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13 Investment property

(Continued)

14 Listed Investments (Unrestricted and Endowment)

Listed
Investments
Cash and
cash
equivalents
held for
investing
purposes
£
£
At 1 January 2023
1,646,696
59,183
Additions
278,597
11,707
Fair value movements
104,485
(44,927)
Disposals
(234,044)
-
At 31 December 2023
1,795,734
25,963
15
Debtors
2023
Amounts falling due within one year:
£
Other debtors
13,589
Prepayments and accrued income
20,584
34,173
16
Creditors: amounts falling due within one year
2023
£
Deferred income
32,887
Trade creditors
4,863
Other creditors
99
37,849		 Total
£
1,705,879
290,304
59,558
(234,044)
1,821,697
2022
£
16,793
-
16,793
2022
£
29,107
7,293
1,332
37,732

The Trust invoices car parking rentals in advance every 6 months, with invoices raised approx. 6 week before the start of the rental period. Deferred income therefore includes rentals invoiced and received prior to the year end but for a service period after 31 December 2023.

The trust has also started to receive rents for a communications mast located on one of its properties. rentals for this are also paid annually in advance, with an apportionment carried over in line with the lease agreement.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Funds may be spent at the Charity's discretion.

Designated Funds represent the value of the Trust's own administrative office and £1,411,000 earmarked for future development as explained in the Trustees Annual Report.

19 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2023
2023
£
£
Fund balances at 31
December 2023 are
represented by:
Tangible assets
201,161
-
Heritage assets
-
121,720
Investment properties
-
5,260,006
Listed investments
454,319
1,367,378
Current assets/(liabilities)
1,051,151
(667,868)
1,706,631
6,081,236		 Total
Unrestricted
funds
Endowment
funds
2023
2022
2022
£
£
£
201,161
201,548
-
121,720
-
121,720
5,260,006
-
5,260,006
1,821,697
429,768
1,276,111
383,283
1,020,510
(703,110)
7,787,867
1,651,826
5,954,727		 Total
2022
£
201,548
121,720
5,260,006
1,705,879
317,400
7,606,553

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).