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)r￿a PL14 4AB Solldtorn shforyf5 Sclicitors LLP Pin￿SS Cwrt 23 Princess St plYn￿th 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 $tstements and CoM￿Y V￿th th& Trusfs govemirvJ th)cumanL the Chaiibe5 Act 2011 and 'A￿OUnting and Reports'ng by Charitses.. stste￿￿nt of Rel￿rne￿ded Practice appli1*￿ to tharities prepanng theiT accounts in a￿OrdanCe with th6 Finan0￿ Raporting Standard app1w*￿e in Ihe UK arKI RoPUtJic ol Ireland IFRS 1021. (effective 1 Janumry 20191- Obl•etiVo¥ and aclivltlos The Wèst Lo£￿ Town Trust is an Charitatle Trust. registered 7*rith the Chanty Commi&4ion (number. 2281671. that W&8 founded in 1873. It is governed in accordance with rts Stheme dated 8th Septsmber 1987 {amended 26th Marth 1993, 1st December 2000 and 14th ju￿ 20171. The Trustees apply the surplus irKryne of Ihe C￿lty lor ￿ berth ol am Ihe inhabilants in the area ajministgrgd by th8 Loog Town Cou￿￿1 in tho Cwnty of Ccfft*41. The t*ngfft ￿ te for all ￿ arry of the frJlu*ing purposès. 1. Tho rolief of the aged, impotent. aThJ poor. 2. The relief of distress and sickness. 3. The provision and support Iwth tho objec* of improving th• (xxK1ibons of lrfe in the into￿ts Of$￿al of lacilities for rec¥eats'on or other leksure tirne ocupatwjn. 4. The provision and support of ￿￿{￿tIC￿al 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 TgjevelopTr￿t of its land at thg Polean IndLLStrral Estato. Th& Trustees have ongaged with th&ir professional a￿l$erS in prdiminary negotiabon5 Vrith ailjoining landi)wner3 reg8Tding this schemo. This wuiect W￿1, rf gjCc*s￿, stimulate enierprisa and efflploymenl opportunbti.os in the Twst's area of t￿$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 d*idlng what activitses the Trust Should undertake. In all our Wofk Trusteès have regard to the ch￿lty 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 p￿pIe 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 recip￿nts were as folk)w5: D8rby & Joan Club. Lcx)e Lions Club, Lwe Age Con￿rn Group, L(M)e 8￿￿ing 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 sUb￿d* to Ihe follo*irKJ 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 pro￿rty was £78.430. This also included maInt￿aN￿ ofvari(yJs pu￿* ar￿nIty areas indudiro West Li*)e Downs. FSnanclal T￿l•W Thtr Trust conts'nued to rar￿ sign￿nt income dmdends on Invèstrnents made in PT8vlous years; thèse dividends amounted lo £35,530 for the yaar. The income deliv￿ from rentd housing. t￿SIneSS premisas, land, garages, ar¥J parking Spa￿$, was £228,120 over thè sam• per?tyJ. Bank interest and other interest c8me to £29.260. The ￿n￿)rne indKated above vrdS suffiryent lo supwi the key objethies of thè ch8rity thr￿ghOul the year. The finand￿ landscape has teen thallÈnging overthe pastfèw year5, but 2024 saw (xrtirKJed steady growth in the valuè of the Trust's investsnents of £165,221. The Tru5fs profess￿1 adwsers provided adv￿ and guidance throughout Ihe year and continued with the m￿lUrn risk balanced strategy that has been empkjyed over many The West Loue Tovm Trust MIH ￿taIn 6rKwh fijnds. a￿Y$. to meet any unid￿1]fi￿1 {￿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 Th￿th'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 I￿rrent 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 T￿￿t is expo￿, and are satisfied that syElems are In place to mIt￿ate 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 t*Jt 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 cOMp￿ted. *vJkl bocorne part of the pem￿nent End0¥￿ent 2. A￿￿Y 10% ol annual ￿nts1 rovenue from houwng to a 'Future Maintenance Fund.. IFunds for thi8 PLYPOS8 aro £83.0￿1. 3. Repair land adja￿￿1 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>Up￿o0e Soa ScoLrts. (Funds £15.IXJO). 6. Fund Outdoor Play Equiprn￿t 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 a￿￿janCe ￿1h ts Stheme date(1 8th Septemb8r 1987 jamgnded 26th Marth 1993, 1st DecemL*r 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 Pc*i¢r- MrNDPop8" Mr J R Dingle" {Apwwit8(126 Jung 20241 {Pppoint8(J 1 Octrt*r 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. e￿h to sewve tsa temi offuw years. Thoy are apwnted at a rneeb'ng eonvengj and hdd In a(zordance th8 r￿al of the C￿ncil. 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 tWenty￿one ￿tIce has been gr¥en. Co-opted Tnjstees May also be appointed not more than one month be1C￿e 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￿. ot￿patiOn. empbymenL or othemse. have 3peual kn￿edu￿ 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 res￿n￿bilitieS of a Trustee. AJI Trustees Yeceive copie5 of the previous annual report and ac￿Unts and rO￿vant 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 m￿9*e 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. Ap￿Icants mu81 detail the prtjiect. e¥pEain the grarfs use. and i￿liCate the extEcted OLrttt)me5. Occasion81ty the Trustees themselves identify prDjects wthin the a￿ of ber￿fft 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 sc*eme 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 Cl*k is responsitAè for kee￿ng rninutes of all r￿ts"n9￿. managing all rA)rrèsponden¢* and acD)unfjng for al t￿ Income and expenditLTh of the TntsL The Trust ' reF*Jrt 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 Ac￿Unting Practice). In r818tion lo the financial *atements COM￿789 the ststement offirwKaal actsviltss. the balance sha81 and Ih rolaled notes.. . Tha TrustO85 approve these fin#rKial 3tstementS 8fKI ojnfirm that they 8re re5F*Jnsible for them, indudlng selecting the appropriate accI￿nting 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 A￿l￿ntS Limitgd. all the Trusvs 8(xy)unting records and provided al the infcrntK)n r￿CeSSary for the wmpiwyon of th8 finanaal stateM￿ts. . 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¢A*n 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 F￿￿ncIal Reporting Standard applicable in Ihe UK and Repuljlic of lTrland (United lQngdom Genarally Accepted A￿O￿nting Practic61. In our opFnion. Ihe fiTranaal stateft￿ts.. give a trutr and fair VEW of the state of the chariws affai13 as at 31 D￿rnber 2024 aThJ of its incomiTrJ resources and application of resourres. forlhe year then ended.. have been proFety prepa￿1 In aoY)rdance with United lfjngth)m Gerwaty Accep￿ Accounting Practkt.. and have been prepared in ac1x￿￿Or¥￿ vrilh the Chaili￿sA(* 2011. Ba81¥ for opinlon We conducted wr audrt in a￿ordanCe wrth Int8mati)nal StAnd8rds on Aud￿n9 IUKI IISAS IUKI) and appIl￿ble law. Our responsibildies under those slandards are fijrther des¢yibed in the Atsditoffs ￿4￿nSIbIl￿.@S for the al￿1￿ 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 r9qulren￿ts. 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 co￿eM basis of accixjnting ift the preparation of the financ9￿ st8temènts is apprDpriate. Ba8ed on the ￿)rk we have perftr[T￿d. we have not KkntTfied any matèrial ￿n￿rtaint￿ relating to èvents or )nditions thaL indi￿d￿al￿ oi cdleGtively, may cast sKJnrfi¢xnt doubt on the Trust's ability lo continue 88 a going I￿nCeM for a pgriod of at least trlelve n￿nthS from vthen the finawal ststements are aUthOr￿ed for issuo. Our responsibl1rt￿ and the rgspcmsibllibes of the Trt￿tee5 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 inforMa￿n 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 st*ments does not covèrthe other inf0ma￿n and we do not express any form of assurance rA)ndusion th8reon. Our reSpOn￿bIlIty k8 to read the other infomiation and. in doing so. (xJr¢sider vthether the othèr infomialion is matsrialty inconsL5tent wrth the finanaal stat￿lents 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 w￿k we have F*rfomied, we ￿ndUde that there is a material misstatement ofthts other infwmthn. we 8re wulr￿1 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 ￿Nn￿n.. thè inf0M￿ts"￿ 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 inform￿1)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 T￿St￿. 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 ena￿e the preparation of finanual stalernents that are free frorn material mis5t8terypnL whethèr du8 to fra￿j 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 ar￿Unting 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)st. usirKJ the effective interest rate method. Trade ¢redrtor8 are obltgations to pay for g¢xds or semces tlwt have been acqUi￿d in the Ordin￿ course of 0￿rat￿nS from suppliers. An￿Unts paYa￿e a￿ dassffi￿d 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 Tr￿8 (￿1￿Ctual 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 r￿l¥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 •JLKatlC￿al 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 util￿e$ 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 a￿lbUt￿j 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 du￿ng the year. No roimbursernenl has been made to 8ny tnJ5tee for costs In￿rred in service of the tnJsL Emplo￿5 The avewe mnthty number ofempbyees duflrvj the year was.. 2024 Mumbèr 2023 Nurn￿r 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 EDdoWn￿nt funds Totsl Unrestricted Endrmment fvnds general 2023 Total general 2024 2024 2024 2023 21Y23 Re￿￿al￿)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 acts￿￿85 ￿￿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•procla￿on 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 D0￿mber 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 Septam￿r 2023 by HeirkK)ms $i￿erSmIth$ 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 Se￿oUr 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 Lc*Je TrJ•m Trust office. Bonhams last 4olue(J the bo￿ al £1.000 in SeptemL*r 2009. The West Looe Town Trust 8lso owns a Constsble's ceTenKJn￿￿l 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 T￿￿t. The valuation was made on an open rnaFket value basis by reference to market ewdènctr of transaction prices for similar prcyerties. The ValUat￿Tr is reylewed S¥￿ year by the TruslÈs¥ and a full PTofessK)nal valuation is COM￿Sted 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 ￿￿81￿9r￿j n￿Sary 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 at1￿￿tety 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 C￿ltIN$ 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 In￿ne therefc￿e indud85 rentals irwoiced and r9ceived prior to the ￿ar ènd but for a ser￿e pernd after 31 D￿nbor 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 LO￿AgreemenL 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 une4￿nded ba￿nceS of donations 8nd grants whid) are not subject to specrfsc condrbons by donors 8nd granlors as to they may be used. These indude deS￿nated fiJnds whth have be￿ sgt aside (xrt of Un￿trirted lunds by the trustees for specific purposes. Funds may ￿ spent at the Chaiivs discrgUon. Dosignated Funds represent Ihe value of1ho Trt￿lS 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 d*closable rethl paty transactio￿ during the ye8r12023- none). -23-