Charfty roglstraU¢)n numbar 228167 WEST LOOE TOWN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WEST LOOE TOWN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste•$ MrCFCrabb~ Mr P Rthard5(" Mr J A CurTah- Mr K G Wilson - MrBDPorter- MrNDPwE" MrJRDTrng" (Apwnted 26 June 20241 IApFxJinted 1 Octobgr 20241 Chrk to the Trust• S POTh Charlty number 228167 Prln¢Spal addr•ss W85t L(M)e SquarB Wgsl L(M)e PL13 2EU T•lephon• Emall 01503 263655 Audltor Prydish£counls Limi The Parade Liskeard Corrhvall PL14 6AF Bank¢rn LLoyds Bank PLC Ltskeard Comwall PL14 6AW Sumyofs: 21 Dean Street skeard Q)ra PL14 4AB Solldtorn shforyf5 Sclicitors LLP PinSS Cwrt 23 Princess St plYnth Devon PLI 2EX Investmont adwiso Brewin Phin Vantage Point W(XKhvaler Park Exeter Devon EX2 5FD
WEST LOOE TOWN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Insurnn¢e broker Howden Group 20 Mmjdle Street Padstthv Comwall PL28 8AP
WEST LOOE TOWN TRUST CONTENTS Pag• Trusteel report statemènt of Tru8le8s' respcffisibiifaes Independent audiW8 rewl Statsment of finanaAI adTvibes BalBnce 3heet Notes to Iha finanlaal 3tatements 10-23
WEST LOOE TOWN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees presenttheir annLAI raN)rt aThJ finan statanwts forthe year end8d 31 Dgcwbèr 2024. The financial 5ts1gments have been prepared in aw)rdance vrtth the w)unting set out in note 1 to thè rinand81 $tstements and CoMY Vth th& Trusfs govemirvJ th)cumanL the Chaiibe5 Act 2011 and 'AOUnting and Reports'ng by Charitses.. ststent of Relrneded Practice appli1 to tharities prepanng theiT accounts in aOrdanCe with th6 Finan0 Raporting Standard app1we in Ihe UK arKI RoPUtJic ol Ireland IFRS 1021. (effective 1 Janumry 20191- Obl•etiVo¥ and aclivltlos The Wèst Lo£ Town Trust is an Charitatle Trust. registered 7rith the Chanty Commi&4ion (number. 2281671. that W&8 founded in 1873. It is governed in accordance with rts Stheme dated 8th Septsmber 1987 {amended 26th Marth 1993, 1st December 2000 and 14th ju 20171. The Trustees apply the surplus irKryne of Ihe Clty lor berth ol am Ihe inhabilants in the area ajministgrgd by th8 Loog Town Cou1 in tho Cwnty of Ccfft41. The tngfft te for all arry of the frJluing purposès. 1. Tho rolief of the aged, impotent. aThJ poor. 2. The relief of distress and sickness. 3. The provision and support Iwth tho objec of improving th• (xxK1ibons of lrfe in the intots Of$al of lacilities for rec¥eats'on or other leksure tirne ocupatwjn. 4. The provision and support of {tICal faalthès. S. Any oth&r chadtsblg purpK)3e5 forthe gon0 Objgrtivos for th• year In fvrtheran of the at¥)ve alm$ 8rKI objectives the Tntst (xffjtinu•Y to a5SiSt cryanisations and indivlduals in the comrnunity of Loog vhth grant aid. The Trustees continued to consider the fvtial TgjevelopTrt of its land at thg Polean IndLLStrral Estato. Th& Trustees have ongaged with th&ir professional al$erS in prdiminary negotiabon5 Vrith ailjoining landi)wner3 reg8Tding this schemo. This wuiect W1, rf gjCcs, stimulate enierprisa and efflploymenl opportunbti.os in the Twst's area of t$fiL West Lt)o Th)vms.' The Tnjstees wer¢ advised that CcrfrArdll CcuK71 Cc¥nmons Registration Authority haj confirmed, as from 1st November 2024, that the West Lo)e Dovms w88 registered Comftx3n LarKI, in accordan the Commons Act 2006. Thg Trustees have paid due regard to guidwK% Ued ty the Chaiity commiss In didlng what activitses the Trust Should undertake. In all our Wofk Trusteès have regard to the chlty Commission's gumlanct on public benefit DetaLs are shown in the paragraphs below 3etbng out how we have operated to achieve these requirements. Throughout the year ppIe within our area of benefil. and further afidd were kept inf(mMI 8bJut our activthes Ma various digital, print media and in Fernon activibes.
WEST LOOE TOWN TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢hlevements and p•rformance In furtherance of its aims and objectives. th8 Tnjst c¥)ntinued to assi organisabons and Trndividuals in the community of Looè wth grant aid arTh)unling to £55,879. The main recipnts were as folk)w5: D8rby & Joan Club. Lcx)e Lions Club, Lwe Age Conrn Group, L(M)e 8ing Club. Loo8 Tennis Club. LO[ Development Trus( West Lo)9 Live {Mu8ic FestNal}. Looe Braathers, Lc#)e in Bkjom, RO Biitish Legion ILI)xl, & Sh8i18'8 of Dan(ing. The Trust awarded gr8nl$ to IcKal indwiduals for swts. arts. aThJ aKling ttw with illness. hWry. or disabllty. The Trust also madg an ayrard lo a local vtslunteer to enable him to support the Crnll 81(MxI Bikes. Thè Tru51e8S tinued to supwt their knther aNI hifv &Jucation grants s by tyovK1ir¥J fvnding thal 8bJdents 1£42,6501. Th& Trust also grantad (aritable rent sUbd to Ihe folloirKJ tenants amcyJnJng to £26.812. Wesl Looe Playgroup. Ro¥t¥d Club. Looe Sea S(xKJts. Looe Rrne Club. L(th So(aJ aub and Looè in Bloom. The total CA)St of maintenance. insurances, professional and mana9emenl of tho Trust's rental prorty was £78.430. This also included maIntaN ofvari(yJs pu arnIty areas indudiro West Li)e Downs. FSnanclal Tl•W Thtr Trust conts'nued to rar signnt income dmdends on Invèstrnents made in PT8vlous years; thèse dividends amounted lo £35,530 for the yaar. The income deliv from rentd housing. tSIneSS premisas, land, garages, ar¥J parking Spa$, was £228,120 over thè sam• per?tyJ. Bank interest and other interest c8me to £29.260. The n)rne indKated above vrdS suffiryent lo supwi the key objethies of thè ch8rity thrghOul the year. The finand landscape has teen thallÈnging overthe pastfèw year5, but 2024 saw (xrtirKJed steady growth in the valuè of the Trust's investsnents of £165,221. The Tru5fs profess1 adwsers provided adv and guidance throughout Ihe year and continued with the mlUrn risk balanced strategy that has been empkjyed over many The West Loue Tovm Trust MIH taIn 6rKwh fijnds. aY$. to meet any unid1]fi1 {linge(leS suth as. legal dalm$ against the Trust. uninsured bsses. repair al rnaintenance of assgts irK4uding Toads. The Trust's Unrestricted Funds as of 31st of December 2024 were £1.107.457. tt is the poll¢y of the Trust that unrestri(aed funds whth have not been designatsd for a 5pecift usg slvjuld be maintained at a18vel equN318nt to tween and SIK Thth'S eXFe1drtu. The Trustees consider that reseTVa$ Bl this level will ensuro that in the event of a signtficant drop funding. they wll be abbe to (x)ntinue the Trusfs Irrent activths whil8 (x)nsideration is gN8n to ways in whth addth.onal fvnd5 may rwsad. Thi5 level of r8seN8S has b88n maintsingd throughwt thg year. The Tru31ees have assessed tr risks to the Tt is expo, and are satisfied that syElems are In place to mItate exposuro to the rnaior rtsks. Plan$ for future porlods It Is thg Trustees ststed intenl)n to: 1. Consider the construction of rnodem industrial units, fcf renlal. on Trust knd at Pdean, West LrKk. The Trustees wrr8ntJy anticipats the cost * £1.2rn tJt foresee the need to wnsuli the Chartty Cornmission shou additK)nal lunds need lo be drawn from the Pernmnent En¢J¢wunent to carry out the project. The value of the proposed development. vthen cOMpted. vJkl bocorne part of the pemnent End0¥ent 2. AY 10% ol annual nts1 rovenue from houwng to a 'Future Maintenance Fund.. IFunds for thi8 PLYPOS8 aro £83.01. 3. Repair land adja1 to Pen•Hdm. The DowTrs. West Loog. {Funds £25,OW}. 4. Ranovatel Rebuild Ramp Sit• 8uildirvJs. (Funds £60.0001- 5. Fund a Forest Education Camp (West LO FYaygrt>Upo0e Soa ScoLrts. (Funds £15.IXJO). 6. Fund Outdoor Play Equiprnt for Lc#Je Primary Schcd. (Funds £14,000).
WEST LOOE TOWN TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 StructUT•y govomanc• and m•nagem•nt Th8 Trust IS 8n unincorporated Chantrable TrLESt, registered vrith the Charity CommissKJn (number 228167), that was foundèd in 1873. 11 Is governed in ajanCe 1h ts Stheme date(1 8th Septemb8r 1987 jamgnded 26th Marth 1993, 1st DecemLr 2000 and 14th Juty 20171. The Trustses who during thè year and up to the date of &gnature oftha financial stat&7wnts were: Key.. Nominated Trustees:. Cw)ted Truslees'.- MrCFCrabb~ Mr P Richardson . MrJACuThah- MrK G Wilson- Mr B D Pci¢r- MrNDPop8" Mr J R Dingle" {Apwwit8(126 Jung 20241 {Pppoint8(J 1 Octrtr 20241 The Charfty 1$ &lrninlster8d by seven Trustèès. The Chwmwn 15 dectod frw om of thgir number. They meet on a monthly basis and are appointed as fc41ows: Trust88s are nominated by the Lc)e To•m Cwicil. eh to sewve tsa temi offuw years. Thoy are apwnted at a rneeb'ng eonvengj and hdd In a(zordance th8 ral of the Cncil. Four Trustee5 are o>opW by the West Le Town Trust. eath to serye for a temi of fve years. appointed at a meeting of whleh not less than tWentyone tIce has been gr¥en. Co-opted Tnjstees May also be appointed not more than one month be1Ce the tem of an existing Cwpted Trustee expires, trffect from the dale of expiry bul so that the Jatter sham vcrte thè matter. The Trustees shall be persons %tho thnjugh residen. otpatiOn. empbymenL or othemse. have 3peual knedu of the area of b9nefft. I n9wty appolnted Tntslees are made aware of the wvemiTrJ dwmgnL ihe history and phik)sophi(31 approach of the charity. administraiwe proc6durgs aThJ thè resnbilitieS of a Trustee. AJI Trustees Yeceive copie5 of the previous annual report and acUnts and rOvant Charity Commission publiralions. The Tnjstees akn attend cours&s. seminars and presentalions provided by their prtsfe55 advi58r¥.
WEST LOOE TOWN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 0ry8nlsatlonal M•nagem•nt The Trustees aTr responsible lor managlr¥J the TNsf5 investment and propety portfolio in the best interests of the charrty to maximise the fund5 availab for grant maknng in scheme's area of beneffiL The Trustees undertake regular assessments tsf 811 its activrbes in Consultat wilh its wofessk)nal advisers. and olhers, lo m9e any potential risks to Trust &%%ets. The Trustees consider appllcauons for grant aid from organisation$ arvj indmduals throughout Ihe area of benefit.11 1$ nomial pracbce for KsOn3 to submit a wrrtten applicati to the Tnjst on Walf of an organisation or Individual. ApIcants mu81 detail the prtjiect. e¥pEain the grarfs use. and iliCate the extEcted OLrttt)me5. Occasion81ty the Trustees themselves identify prDjects wthin the a of berfft that are worlhy of cijnslderation frK grant 3id and advL8e those concerned to make written applwalion. I prcyosed grants are car8fv1ty ¢onsidgred, and. in some inslon¢xs, applicants are ask8d to mako a pres8ntstion to the Tmstee8 to ensur& compliance th the obiocts of tho Trust sceme as Set (vjt bdow. In sl¢u81ions where fijnding is SW from several s(wI the Tnjstees tend k) make F4edg83 pending all othgr funding being In place. The Trustees often seek feedbac on thè success of the grants gwen and the outcomgs athieved. One employee, The Clark to the Trustees. undertakes the adminÉ5tration of the Charity. UkM)n the ithctions of the Tnjstees. The Clk is responsitAè for keeng rninutes of all rts"n9. managing all rA)rrèsponden¢ and acD)unfjng for al t Income and expenditLTh of the TntsL The Trust ' reFJrt wa5 approved by Ihe Board of T[tees. Mr C F Crdbb". Trustee Chalrnian rJACurrydh~ Trustee R.?[. /g0.x<........
WEST LOOE TOWN TRUST STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are rospon$ible for preparing th$ Trustees. R8FMyI 8nd th8 fmanual ststements in accorrlarhce with applicable Faw and United Kingdom Aeixwnling Stsndards (United lQngdom Generdty Accepted AcUnting Practice). In r818tion lo the financial atements COM789 the ststement offirwKaal actsviltss. the balance sha81 and Ih rolaled notes.. . Tha TrustO85 approve these fin#rKial 3tstementS 8fKI ojnfirm that they 8re re5FJnsible for them, indudlng selecting the appropriate accInting polKies, app.g ihem consistenuy 8nd making, on a re&nable and prudent basis, thejudgments undety'ng them. They have been prepwred on the going o)nc4m basis on the grounds Ihat the Trust will ¢(Inbnue in opèrab"on. The Trustees confirm Ihat they have made avaiLable to PrydKs AlntS Limitgd. all the Trusvs 8(xy)unting records and provided al the infcrntK)n rCeSSary for the wmpiwyon of th8 finanaal stateMts. . The Trust89s Confi that to Iho iwt of their knowledge and behef. tho accounting recths reflect all transaction3 of the Trust forth& yearended 31 Decemtrw 2024. y order of th8 Board of Trustees MrCFCrabb- Trustee rJACuffah- Trus
WEST LOOE TOWN TRUST INDEPENDENT AUDtroR'S REPORT TO THE TRUSTEES OF WEST LOOE TOWN TRUST Oplnlon We have audited the finaniial stat8ments of W&st LC T¢An Trust lthe 'Trust'l for the ygar ended 31 December 2024 whi¢%h compri88 thè stalement of financ# adivities. the balar sheet and notes to the finanaal statements, induding 5ignfficanl accounts'ng pdiixes. The financial rewjrting framework that has been apF4ied in their weparation 18 appli£zbla law and United Kingdom Aco)untiThJ Stsndarfs, indLNJtr¥J Financial Retth'ng Standard 102 The FncIal Reporting Standard applicable in Ihe UK and Repuljlic of lTrland (United lQngdom Genarally Accepted AOnting Practic61. In our opFnion. Ihe fiTranaal stateftts.. give a trutr and fair VEW of the state of the chariws affai13 as at 31 Drnber 2024 aThJ of its incomiTrJ resources and application of resourres. forlhe year then ended.. have been proFety prepa1 In aoY)rdance with United lfjngth)m Gerwaty Accep Accounting Practkt.. and have been prepared in ac1xOr¥ vrilh the ChailisA( 2011. Ba81¥ for opinlon We conducted wr audrt in aordanCe wrth Int8mati)nal StAnd8rds on Audn9 IUKI IISAS IUKI) and appIlble law. Our responsibildies under those slandards are fijrther des¢yibed in the Atsditoffs 4nSIbIl.@S for the al1 ol Iho financial ststem8nts secbon of our report. We are indtrpendent of the Trust in aoxsrdance th the ethical requiremants that rslevant to our audit of the finan statements In the UK. induding tho FRC'S Ethiogl Standard, and have fulfilled our other ethical wponstb4"lrfies in act0{dan these r9qulrents. We bdigV8 that tha audrt 8wdence wts have oblained 13 yjffiiient and approwiate lo mide a basis fcr ¢)ur oplnion. Concluslon$ relatlng to going conc•rn In 8uditiThJ the financial statements, we have conduded Ihat the Trustees, use of the wng coeM basis of accixjnting ift the preparation of the financ9 st8temènts is apprDpriate. Ba8ed on the )rk we have perftr[Td. we have not KkntTfied any matèrial nrtaint relating to èvents or )nditions thaL indidal oi cdleGtively, may cast sKJnrfi¢xnt doubt on the Trust's ability lo continue 88 a going InCeM for a pgriod of at least trlelve nnthS from vthen the finawal ststements are aUthOred for issuo. Our responsibl1rt and the rgspcmsibllibes of the Trttee5 With Tgspe¢ to going (x)rKem are das¢rib8d in Iho r8l&vant sections of this report oth•r inforniatlon The other infonllatic mpriseS the inforMan in tho amual other than the finarrial statements and our audrtorf5 report Ihereon. The Trustees are reSwnSi for the other information iThtain811 within the annual r&poTL Our opinion on the ffin8nc4al stments does not covèrthe other inf0man and we do not express any form of assurance rA)ndusion th8reon. Our reSpOnbIlIty k8 to read the other infomiation and. in doing so. (xJr¢sider vthether the othèr infomialion is matsrialty inconsL5tent wrth the finanaal statlents or our knowlÈdge obtained in the course of tho audit, otherwise appears to t materiauy mi&%tabJ. Ifwe identify su( materwl inconsiSten¢ie5 or apparent material misstatements, we are required to deterniine whelher this gives rise to a materHI misstatement in the finanaal statements thernSe. If. based on the wk we have F*rfomied, we ndUde that there is a material misstatement ofthts other infwmthn. we 8re wulr1 to re[ that facL We have nothlng to rerk)rt in thi% regard. Matters on whi¢h w• arn Tequlr•d to r•port by except We hav8 nothing lo rerth in respecl of the fojlowng matters Sn retation to tho Chaiiiw (Aceounts and Reportsl Regulations 2008 requires us to report to you rf. in our Nnn.. thè inf0Mts" given in the ffinaniial ststements is inconsAStent in any matwial respect with the Trustg88' rep)rt,' or sijfficient ar£c1jnti records have not been kept. or the frnanaal ststements are not in aywBement wrth lh8 a(tountirvJ re(xxds' ( we have not raceN8d all the inform1)n and explanatM)ns wo WUiTe for our aud
WEST LOOE TOWN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEST LOOE TOWN TRUST R•spon$ibilities of Trusts•s As explain8d more fully in tho statgrnent of TSt. respcThibiifoes. the Tnth are respon8ible for the preparation of the finanual statements and for being satisfied that Ihey gNe a true and fair view. and for such intemal ¢ontroi a5 the Trustees determine is nws8ry to enae the preparation of finanual stalernents that are free frorn material mis5t8terypnL whethèr du8 to fraj or error. In preFsaring the finano818tstements, th8 Trustees are responsible for 85se&8irvJ the TnJsVs 8blity lo continue as a wirvJ concem. disd¢)sirwJ. as applicable. matters related to going ¢i)ncem and using the going camcem bask8 of arUnting unkn the Trustees ether intsnd to ceasg operations. or have no realistic dtsmatNe tyjt lo do so. Auditorfs r8sponslbiltties for th• audli of thg Ilnanclal stst•rnnts We have been app)inte<J as 3udttor under Stion 144 of the Charthes A& 2011 and report in a9rdance with the Act and relevant regulati(S made or han9 thereunder. Our i)bje¢bves are to obtain reasonable assLwanc8 abolrt wthether the finan(#al statements as a WIK) are free from m8lerial misstatement, whether due to fraud or erry. and to issue an audrtorfs report that includes our opinion. R88sonable assuran is a high ve1 ol a&sUran but is Th)t a gu8r8ntee thal an audlt corlducted in aeeordance with ISAS IUKI will 8thys detect a Mater misststemenl vhth it exists. Misstatemènts can arise from fraud or error and are (x)nsider&J rnaten rf. individualty or in the aggregate. tPw oyjld reasonably be expected lo influence the econom1¢ derys)ns of users lak8n on the bas of these financ¥al statements. Tho extent to whith Jr Proure are Capab of deteclirwJ iwlanb"es. Indlir fraLwJ. is dola1 below. A fuflh8r d&sMpli of cyjr respcmsibilths availabla on the Financial ReKMJrtirKJ Council's wabslto at.. https'.11 www.fre.org.uklauditorsre5F¥JnslblliUes. Thi5 (lpti7 fm part of our auditorfs reFyL Oth•1 mattorn YoJr attèntion 18 dravm to the fad that Ihe tharity has pr8pared financial Stat&nlS in acurdanc& with"Accounting and Reporting by Charities.. Statwnent of Recommndwj Practice applicab to tharities preparing their accounts in ac(xxd8nce with the Finanu81 Rem)rtiThJ StarKJard apl1(able in the UK 8rHJ Republic of Irelgnd IFRS 1021. las Bmendedl in preferenc8 to the Aoxunbng and ReportirvJ by Chanb"gs.. Stement ol RocTrmmtsnded Pract¢ issued on 1 Apfil 2005 which is referred lo in the ext8nt regulations but has now been wthdravm. This has Ln done in oryler for the financial s1at4nnts Io PfOVkl8 a tr(te 8nd far VI in a(wdance wth wrrent G¥neraItyAcCeptedAQUnt1ng Pracbce. Us8 of our rnport This report is m8dtr scAely to the chaftils trustees. as a t¥xly, in acs)rdance wtth Part 4 of the Charititrs IAco)unts and R8pxirts) Regulations 2008. atMJ(I work has b8en undertaken so that we mb3ht state to tho chaty's trustoes those m8tter5 we are requir to state lo Ihem in 8n auditor's rep)rt and for no other purpose. To the fijllest extent PO d by Law, we tru s as a trxxly. o not atxepl or assume IpsponblIty to anyone other than th3rity and thg (tharity'8 ur audit work. for this report. orforth8 opin5 we have formed. oy Z02( Chartered Accountants Statutory Audltor Th• Parndo Llskèard Comwall PL14 6AF Prydis Accounts Limited is eligible apFoinfrrnRt as aLJitor ofthe Tr¢ by Nirbje of its elryibilty for appointment as auditor of a company under section 1212 of the Cc4npanies Ad 2LX]6.
WEST LOOE TOWN TRUST STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrieted ETrdowm•nl funds funds 2024 2024 Total Unr•strlct•d Enont funds fund$ 2023 2023 Total 2024 21123 Investsnents 252.183 40.727 2.910 199,746 234,414 Investment management ¢x)8ts 1.4 9,216 10,616 8.051 10.911 Chable aCtiVeS 218.740 218.740 159,295 159,295 Other 285 Totsl •xpendlturn 2*).425 9216 229.641 162.155 8,051 170.206 Net gain51{Ioss8sI on nvestments 10 97,640 67,581 165.221 17.214 99,8W2 117.106 Net Incoming resourc•s befor• transfers 129.398 99.0¥2 228.49) 54,805 126.509 181,314 Gross transfèrs bets funds 1728.5721 728.572 Net mov•m•nt in fvnds 1599.1741 827.664 228.4& 54.805 126,509 181,314 Fund balanc85 at 1 January 2024 1.706,631 6.081236 7,787.867 1,651.826 5.954.727 7.606,553 Fund balanco5 at 31 D•e•mber 2024 1.107.4S7 6.9M.gXI 8.016.357 1.706,631 8.081.236 7.787,867 The Btaterrh8nt of finanual aclr4rbes dUdeS al gains afKI losses reccsni8gd in the y8ar. Th8 ststernenl of finandal a¢bvI1 inthdes all gaIr kffj5es recognisl In the year. Al hYxJm& and expenditure deEive from continuing activibes.
WEST LOOE TOWN TRUST BALANCE SHEET ASA T 31 DECEMBER 2024 2023 Flxod assots T8ngible ass8ts Heritagè assets Investsnent properties Listed Invasments, cash and cash equivalgnl Investments 12 13 14 207.492 121.720 5.333.470 201.161 121,720 5.260,006 15 1.945.599 1.821,697 7.608.281 7,404,584 Currènt asmts Dobtors Cash at bank and in hand 16 34.173 386.959 420.107 458.4CW) 421.132 Crpdilorn: amounts falling du• wllhln ong year 17 {48.324) 137,849} Net ¢rrent assets 408.076 383,283 Total ass•ts less oJrr•nt Ilablll 8.016.357 7.787,867 Caphal funds Endowment lunds- general Income funds Unrostrthd fvnds 18 6.906,9 6,081.236 1,107.457 1,706,631 8.016,357 7.787,867 Tha financi temants were aFvov8d by the TNS TJU 2025 MrCFCrabb~ Trusts¢ Chalrni•n Mr J A Currah-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AGcountlng policies Charity InfonnatFon West Looe Town Tnjst Is a regi8tèr&J ch81ity in EngLand and Wal8$ and is unincorwKated. The addr8ss of the prinupal offi¢x is Wast L(Ke Square. West LcTh, CTh811, PL13 2EU. The trust is a tharity and a puiqic benefft tity as d8fingJ by FRS102. 1.1 Accounting conv¥nlion The financial stalemènts ha tttn prepared in acc(xdanc• Trusfs governing document, the Chariti8s Act 2011. FRS 102 Tr Financial Reporting Stsndard applicab in tha UK and Republic of Ireland" I"FRS 102.) and the Charitw SORP 'A(xa)unting and Reportirvj by Charrbes.. Statement of Recommended Practice applicable to th8ribes preparing their )unts In accordance with the Financial Reporting Stsndard applicable in the UK and Reputlic of Ireland IFRS 1021. leffectNe 1 January 20191. Trust is a PU1C Benefft Entity as defined by FRS 102. The Trust has taken thntsge of the F¥OViSK)n5 in the SORP for tharib¢s not lo prepare a Staloment of Cash Fbws. Th$ ffinanaal statements have depart8d from thg ch1 IAccwTts and ReF¥)rts) RewlatiorKs 2008 only to the exlent requited to Pd$ a and fair view. This departure has involved followng the Stslemonl ol R9MM0ded PrArbce lor ¢harib"es app.g FRS 102 rnther than Ihe version of the Statement of Recomm¥nded PrJciice reforred to in the RwJulathJn$ but has sin¢e been thdraWn. The finanaal ststements are pPa in sterfirwj. is the fun¢knwl (yJrTency of Ihe TrusL Monelary am¢yJnts Sn these financial statettts are rdj to the nearest £. Th8 financial slalernenis have baen pr8pared under the hi$toricd u)st convention. ImLMJffied to Ilude tho revaluati( of freehold pr(yerties and to indude investmgnt properl* and rtain fin8nrAal instnJnerts at fajr V8luel. The principal a¢)Unting tKIl&S adopted are set (xjt beknv. 1.2 Golng ¢onc•rn Al the time of appwMng the anOIS1atnts. the Trustegs have 8 reasonab ex[tion that the Trust has 8dequate rgsources to conliftue in oKwation81 existen for the foresegable ftrture. Thu8 the TnAslee$ continue to adopt the going concern ba&s of accnting in preparing the financial statements. 1.3 charitab funds Unrestricted funds are available for use at the dis¢¥etion of the Trustees in fijrtherance of thr charrtabLg o¥eciwes. Designatèd fijnds are uwastricted funds tr8rnwrk by thtr trustees for particular fLrture proiecl or JmnwtsnenL Restrteted funds are subjectto spe()fic Co11110r by dorrS orgrantors as to htrw tw mpy be used. Those fall Into tw sub das5es. rèstrict Inm& funds ty 8ndowm fiJnds. The purwses and uses oftho restri¢bJ fijnds are set out in the notes to Ihe finanoal slalements. Endovrtnent funds are sut4ect to iThdibons by dor that the Cap1 must be maintained by thè Trust. 10-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollcl•s {Continuod) 1A Incom• Income is rocognisod when the Trust is18galty ontiued to it after any perf0mnCe conditions have been m&t, the anUnts can b8 mg8sured relab. and it is Probable that inc£Jmg 11 be received. Income 18 8tated after all discounts h8ve been appld and eXduQ charges for incomtr tax (K VAT. Cash donatiffis are reoTnised on receipi (Xherdonations are roLxYJntsed once ihe Trust has been notified of tho don8tion. unle55 perforniance )nd[bOn3 require deferrèl of Ihe arrounl. ItKome tax r8COV9rabl& in rel8lion to donations TeNed under Grftfvid i¥ de&ts of c•)ven8nt 18 reunij at the b.rne of the donatn. Legacies are reca)gni8ed on lpt otherwise rf the Trust has been nobfied of an impending distribution, the ¥mounl is known. and r8ceipt is expe1. If tha aTh)unt is not kn. the IaY is treated as a ¢xntingent a85el. Income from donatad gwJ$ is measured at the falr v8tue of Ihe gjods unths Ihls is impractical to measure rdiably. in whith Iwe the value is derived frnm the cost to th& donor or the estimated resab value. Donated facilitias and seryices are rec4)gni%ed in thtr arnts when reL*iVa(l rfthe Val can be reliably measured. No amounts 8r8 IndUd for the o)ntributK)n of general voluntè8ts. Incom8 f traCts for the suppty of sorw is recoJnised with the delivery ofthe c£Jnlr&ted semca. Thi8 is classified as unrestricted hjnds unbss there is a contractual requirement lor It to bè spent on a paelar purpose and retumed rf unyn( in which case it may r8gartsJ as restric. 1.5 ExpendibJr• Expen¢Jilure is recognlsed onc4 there is a legal or cfjnstrv¢th ObratiOn to transfèr ec4)nomic benèfft to third party, it is probablè that a transfer of ecorN)m benefits wll be requirgd in ¥etdemert and thg amount of the ot4igats.on e4n bs maSu1 l8y. Expènditure is classthed by 8CtNty. The costs of eath activty are made up of tha total of dIrt c¥Jsts and shared costs. indudiThJ support costs invc4ved in undertxking each actNity. Dired costs 8ttfibutatde to a singl8 3ctivity are allocated diracuy to that actiwty. Sharèd costs Wh 0)ntritte to rTKxe than one athty aTh 3UPPOrt cnsts vthi(th ar& not attn"butaNe to a Sing athty aTe apportw)ned beWn those aCtits$ on a basis nsistent wlh the use of resources. Central staff costs are albrxted on the ba&5 of timg 5penL aThJ depreciatwJn tharges are alted on the Kl ofthe a5sef$ uso. 1.0 Tanglblo flxgd as80ts Tangible fix8(l &wts are inlbany meagJwl at rnst and SLtbsequenty measured at or valuation, nel of deprèciation and any impairment losses. Depwi8Uon 18 recognis&Y so as tr) write off Ihe cost walualion of assets thr residual values over Ihelr usefvl lives on the followng basgs: Freehold la1 ond bulkliNJs Fixtures and equipment 25% r8during balanco The gain or toss arising on thg (JisFQ5al of an assèt b determined as the dlff8reThx betssEen the sal8 prDceeds and the eatyng vAlue of the asse( and is rÈtrn15ed in the statèmènt of financial activaS. 1.7 Invèstmont WOPgrt199 Invostrnent property, whKh is prcyty held to eam rentaks andlor for capital appt¢C4ation. is initialty rÉu)gnised at cost, which indL&des the PUTchas8 cost aTrJ 8ny dire(aly attn"butable expondilure. Subsequenty ti is measured at fair value at the rEportirrfJ eThJ datè. The surplus or d8ficit on revaluation is rawgnised in profft or loss. 1.8 Herttsy as#•ts 11
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polieiès Icontlnuedl I herftsgt 865ets are Sh at faIrva. 1.9 Impairnient of fIX ass•ts At each reporting end dale, the Trust r$ewS the carying amunts of its tsngible assets to d81emiine whether there Is any indicalhm that those assets have suffered an impairment loss. If any Su( indicalKJn exi8ts, the reo)ver8ble amount of Ihe asset 1$ eslimated in order to detwmire the ext1 ofthe impairnt h)ss {rfany). 1.10 Cash and cash equivalents Cash and (sh equNaknts indude cash in hand, deposits hekl at cal with banks. other ShOrt-t liquid investrnents Mth oiiginal maturities of three rrKJnths or1è&8, and bank overdrafts. Bank overdrafts are shown thin tX)frowings in current Ikabilths. 1.11 Flnanelal Instruments The Trust has elected to apply the prowsK)ns of Sedion 11 'Basic Finanal Inslwments, and Section 12 'Other Finand81 Instruments Issues. of FRS 102 to all of its financiat instruments. Fln8nfyal instruments are reccyJnised in the Trusts bnce sheet when Trust beojmes paty to th& contracbjal pToviskns of th8 instwmenL Finandal 8ss&ts and liabditse8 are offsèL wth Ihe net awKJnis prese in Ihe ffinanoal statements. there is a bgally enforceable right to sel off the recognised anY)unts and there is an intention to setue on a nel basis or to reIS8 the asset and s8tUg the143lity mrtan)Uty. 8asi¢ financlal •ss•ts Basic finanaal assets. K¥Aude debtOTS and Iwh and bank balar, are inilialty measured at transacth)n price including trdnsaction costs and are sub5equenUy Carri at arnortised cost using the effective InteSt method unless the arrangement constitutes a finanong transacbon. where the transathon 18 rrEasur8d at the present value of thè fvture 41piS discounied 81 a markel rate of Inte5t Finanaal assgts dassfvd as fBceNabte wthin one yw are not amorbsed. 8asi¢ ffnanclal Ilablll Basic financAal liabilities, Indud1 creditors and bank loarss are initialty rBwgnised at transaction pri unless the arrangement cA)nstilutes a financing trdnsaction. •hE th8 debt instrument is m&asurgd al the presènt value of th& IIFture Foyments di80nted at a martel rate of intgfBsL Financial liabikns dasSffj as payab wlthin one year are not arnortised. Debt instruments arg subsequenuy canigj at o>)st. usirKJ the effective interest rate method. Trade ¢redrtor8 are obltgations to pay for g¢xds or semces tlwt have been acqUid in the Ordin course of 0ratnS from suppliers. AnUnts paYae a dassffid 85 rajrrent Ik4bilth"8s rf payrnenl is due within one year or less. If noL th8y arp presented as nOn-rrent Ikibilities. Trado dTt0rS are recxjgnised initially at transaction pn¢e and ¥ubwuenty measured at arrKJrtised cost using the effectiv& intargst method. Dereco9nltlon of finanelalliabiliuos Fin8ncial liabilities are derecognised tha Tr8 (1Ctual oblybons eypire OT are distharged or t4ncelled. 1.12 Employee bonfrfits No ¥mployee benelSts are ax(wt as required by Lgw. 12-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unrestrlctèd Endown*nt funds funds general 2024 Totsl Unrestrhctgd Endowment fvnds fijnds general 2023 Total 2024 2024 20Z3 2023 Rgntal Income Income from list&J investments Intarest rl¥able 228.120 228.120 184.570 184,570 29.950 10,777 35.530 29.260 7.139 8.037 28.392 6.276 35,531 14.313 18,483 252.183 40.727 292.910 199.746 234.414 Costs of Ilaislng Funds Total nds g•n•ral 2024 general 2023 2024 2024 2023 2023 Other lundr8Wng costs 1.400 9.216 10.616 8.051 10.911 1.400 9.216 10.616 8.051 10,911 13-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 CharStsblg actl¥ltle¥ Publi amènity expendiiure 2024 Total 2024 Publlc am•ntty •xp•nditure 2023 Total 2023 2024 2023 Rates aTrd water LvJht and h&8t Rèpairs 8nd malntenance Insurance Legal and professional fees Rental sub5Klie8 for locab interest clubs. 5,942 803 26.494 12.074 22.266 5.942 3.842 3.2TI 19,047 9,600 16298 3,842 3,277 21.710 29.990 16,298 28.579 27,585 22.266 15.511 20,39) 26.812 26.812 94,391 17.596 111.987 52,064 23.053 75,117 Grant funding of athrt (see note 51 Share of g0veMan (see note 61 55.879 55.879 42,716 42.716 50.874 Xi.874 41.462 41,462 201,144 17.V 218,740 136,242 23.053 159.295 ' For the ygar 8ndad 31 D8c8mbor 2024 the (*arity pThided rent discounts of£26.812. 14-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payablo Grnnts 2024 Grants 2023 Grants to institut$. Looe DevdopmentTrust- Xmas LvJhts Darby and Joan Club ROY British Legion- Wreath West Looe Lfive KelNqu& Looe Age Conc8m Looe Devdop¥nent Trust other <£100 Looe Sea S¢xuts Lk)ns Club of Li Radio Lwe Lc)e in 81oom Lc)e Bowling Club LGW Lawn Tennis Club Lcx)a Exgreisg Group Comwall Blo()3 Bikes Sheila's schrKJl of danung 500 600 35 4.500 200 500 49 242 835 2,654 2CO 299 13,229 8.479 Grants to SThJiwdu31¥ 42,650 34.237 55.879 42.716 Grants to indiwduab includes hNJhor lucatTh grants whK ar8 capwj at £600 per year for up to 4 years of hkJher orfijrtlw •JLKatlCal actNty oThJ 8rp Pa on W(*JUctic of evthrK• of relevant exwditure inryjrred. 15-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Govwn•nco 2024SuptxMt lknmance costs 2023 Staff costs Dèprgd8U 17.893 4.248 17.893 4.248 17. 17.068 387 387 Audit fees Aco)untanGy utile$ R8pairs and maintena Insuran( Offic8 and me¥tlng costs Bank chanJes 5.4(Kl 3.3C(I 1,574 2.937 2.097 2,321 2,937 2,097 2,321 1.574 2,013 8,845 7.381 220 2.013 1.094 8.411 6,961 186 8.411 6.961 7.381 50.874 50.874 41,462 41.462 Charitable actNiti&s 50.874 50,874 41.462 41.462 Where (x)sts ¢ould not be wholty albUtj on a speufied acmy or property. the supm cgjst have been apportioned based on an estimat& ofts admini5tratson time for eath charitable actNtty. Govemance costs IndL*Jes p8yments to the exAminèrs of£5.4CKJ12023- £2.9371 tr examination fees. Trujtees None of th8 TnJst8ès {or w pe(S connected vth them) recewl any remuneration or benefits fiorn the Tnjst dung the year. No roimbursernenl has been made to 8ny tnJ5tee for costs Inrred in service of the tnJsL Emplo5 The avewe mnthty number ofempbyees duflrvj the year was.. 2024 Mumbèr 2023 Nurnr Employm•nt costs 2024 2023 wa aNI salar 17.893 17,068 16-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Olhèr Unre4tricted fund5 Total 2024 2023 Net10s5 on disposal of langitrAe fixed assets 285 285 10 Net galnsllloss•s) on Invoskn•nts UnreBtrlct8d EDdoWnnt funds Totsl Unrestricted Endrmment fvnds general 2023 Total general 2024 2024 2024 2023 21Y23 Real)n of investments Gainl{knssl on sale of listed invesknents Gainslllossesl on investment propety Ilnduding revaluation5) 103.787 118.868) 84,899 16.127) 12.985 17214 99.892 117,1C6 73.464 73.464 97.640 67.581 165221 17,214 99.892 117.106 11 Taxatlon The charity is exempt from t8X8tion its acts85 U88 al its income is appl for tharitab PUTFX)ses. 17-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanglbh fix•d aBsets Frtehold nd Flxiurns nd bulldlThJ¥ •qulpm•nt Total Cost At 1 January 2024 Additions Dlsposal$ 2.( 14.436 10.864 12.8461 214,436 10,864 12,8481 At 31 December 2024 21JO,000 22.452 222.452 D•proclaon and Impalmwnt At 1 January 2024 DeproCb8tion charged in the year Eliminated in rospgrt of di8pNMals 13,275 4,248 {2.563} 13,275 4,248 12.5631 At 31 December 2024 14. 14.960 Carrylng amount At 31 D0mber 2024 200.000 7,492 207,492 Al 31 Decembor 2023 1.161 201,161 18-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 H•rltag• wets At 1 January 2024 and at 31 D8¢omb•r 2024 121,720 Heritage Ass•ts re¢ognlsed atvaluatlon. Presemkn and Mwwgemont The West Liw Town Trust is Ihe keeper of tsKJ Maces L¥>th of whith are lodg8d for safe keeping wrth Uoyds Bank PLC. Both Maces have historic signTrlcarKe and are nSIdered symlxjts of the culbjre and hisw of Wèst Looe. They are occasionally withdravm from the vaults for use in civic wemonies. The Maces ar periodically valued, the last vduation beiro carr by in Septamr 2023 by HeirkK)ms $ierSmIth$ la member of thè RICS and The National A&8oo"8tion of Jewdlersl. . Whilst the Trdawmey mace was valuga at £325,OCQ and the SeyTrrt)ur Mac8 vrds valued at £60,(XX) for insurance PUryK)$8s, The Trustees do not believe that this In¢rease in value r8pTesents the achi&vable open mathet walu8 of the items, They have therefore thosen not to increasè the asset values from premous period. The asset vdues are therefcr& £80,000 for the Trdawney Mace and £40.000 lor SeoUr Ma. The West Looe Sèal is a fArcaJlaT brass objthx dewcttng symm of West Looe fTh• Artherf). Tr seal was last valued by Bonhams in Seplember 2009 at £450. The West Looe Bowl is chin and is display al West LcJe TrJ•m Trust office. Bonhams last 4olue(J the bo al £1.000 in SeptemLr 2009. The West Looe Town Trust 8lso owns a Constsble's ceTenKJnl Baton larca 18401. a George SV Stgel Punch arid a Irtct0ri8n ink stand (circa 1860). These items are on dispky al the Old Guildhall Museum.Highgr Nlarkel Stre*. East L(Th. and were valued by Bonhams in September 21KJ9 at £120, £80 and £70 respeth'vety. Th were no tTawctions InvoMng heriw awts durry the pervjl or the previous al8. 14 Investm•nt proiwty 2024 Fair value At 1 January 2024 Nel g8ln8 or losses through fair value adjusbnents 5.260.006 73,464 At 31 Decemb¥r 2024 5,333.470 19-
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R?R THE YEAR ENDED 31 DECEMBER 2024 14 Inve¥tment prop•rty (Continued) Investment propety fr8ehold larKI and buildings. The fair value of the investment wopety has been arrived al on the basis of a valualion carried out in November 2024 by Jèffr8l5 charte Surveyors, who are not conneciÉd wtth the Tt. The valuation was made on an open rnaFket value basis by reference to market ewdènctr of transaction prices for similar prcyerties. The ValUatTr is reylewed S¥ year by the TruslÈs¥ and a full PTofessK)nal valuation is COMSted every 5 years. unless trustses b8c4)rrt aware of any sKJnykant everts vthhich may affect the value in thè interim. West Low Dowr.. The Trustees ath3ed that Comwall Coun(il ComrbN)rts Registration Authcty ha(J confirThed. as from 1st Novembtrr 2024. that the West L(xJe Drmns was regLstgred ComrTh)n Land, in acwrdance with tha Cummons Act 20tIs Othor amendmgnts to Ihe vabjes 819rj nSary by the bu8tee's based on curngnt kAI markèt condthons or work8 ¢xrri&J (MJt to prwrbes during the perK. Properbes have been acquirod by both grft and wrdw over a peric*J of 150 yearn. Unfortunatdy Ihe quired hisloric records arn no k)rvJer available to at1tety indude the ojst value of all property 8ss8ts. 15 Llst•d Investsnonts (Unrestricted and EndowThnt Cash and tash •qulv#l•nts hgld ft>r investlng purposes Total At 1 January 2024 Additions Fair value movements Disposals 1.795,733 73.697 487,437 (435.6221 25.964 4.099 {5.7091 1,821,697 77,796 481,728 {435.622} AI 31 DKembor 2024 1.¥21.245 24.354 1.945.599 16 Dobtor5 2024 2023 Amounts falling duo ¥rtithin year. Othar déblors Propayments and acc¥ued inojme 10,097 26,196 13,589 20,584 36.293 34.173
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Crndltors: amounts falllng du• ¥Athln ¢)no y•ar 2024 2023 Deferred income Trade u8dit Other CltIN$ 39.474 8.754 32,887 48,324 37,849 The Tnjst invoSces (sr p8rknng rentaL8 in advan(* every 6 cff 12 months, with invoKes raised approx. 6 week before thg slart of th8 rental rI. Delèrrpd Inne therefce indud85 rentals irwoiced and r9ceived prior to the ar ènd but for a sere pernd after 31 Dnbor 2ff24. The Tnjst receive rents from 8 communicabons mast knxted on the tkwm8. Rentals are paid annuaty in advance. with an apwb"onrnent carried over in line wth th8 LOAgreemenL 21
Q• 3
WEST LOOE TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Deslgnat•d funds The Un$tricI0 fvnds of the charity comprsse the une4nded banceS of donations 8nd grants whid) are not subject to specrfsc condrbons by donors 8nd granlors as to they may be used. These indude deSnated fiJnds whth have be sgt aside (xrt of Untrirted lunds by the trustees for specific purposes. Funds may spent at the Chaiivs discrgUon. Dosignated Funds represent Ihe value of1ho TrtlS adminbstrative offi( and £1,107,457 eamwked for fubjre development as explained in the Trustee5Annual ReporL 20 Anatysls of ngt assots betwe•n fvnds Unrestricted Endowm•nt funds 2024 Total unrestri EThJovmient funds fiJnd8 2023 2023 Total 2024 2024 2023 Fund balancw at 31 December 2024 a represented by.. Tangible assets Heritsge assets Invastment proportte8 Programme rdatsd 0$58ts Current ass8ts1{liabilities) 207.492 207.4¥2 121,720 121.720 5.333.470 5.333.470 201,161 201,161 121,720 121,720 5.260.006 5.260.006 491.889 1.453.710 1,945,599 408.076 408,076 454.319 1.367.376 1,051.151 1667.868) 1.821.697 383.283 1,107.457 6.908.SYKI 8.016.357 1.7rA,631 6.081.238 7,787,867 21 Relat party transactlons Thgm worn no dclosable rethl paty transactio during the ye8r12023- none). -23-