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2025-12-31-accounts

Charity registration number 228167

WEST LOOE TOWN TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

WEST LOOE TOWN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C F Crabb
Mr J A Currah
Mr K G Wilson
Mr B D Porter
Mr P Richardson
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 wltt2@westlooetowntrust.co.uk
Auditor Prydis Accounts Limited
The Parade
Liskeard
Cornwall
PL14 6AF
Bankers LLoyds Bank PLC
Lloyds Bank PLC
PO Box 1000
BX2 1LB
Surveyors: Jefferys
21 Dean Street
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 auditor's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 23

WEST LOOE TOWN TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report and financial statements for the year ended 31 December 2025.

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 8[th] September 1987 (amended 26[th] March 1993, 1[st] December 2000 and 14th July 2017).

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. This project will, if successful, stimulate enterprise and employment opportunities in the Trust’s area of benefit.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 £49,467. The main recipients were as follows: East Looe Town Trust, Darby & Joan Club, Looe Lions Club, Looe Age Concern Group, Looe Lawn Tennis Club, Looe Development Trust, Royal British Legion (Looe), West Looe May Fayre, Looe Luggers & West Looe Live.

The Trust awarded grants to local individuals for sports, arts, and aiding those with illness, injury, or disability. The Trustees continued to support their further and higher education grants scheme by providing funding for local students [£65,296].

The Trust also granted charitable rent subsidies to the following tenants amounting to £26,848, West Looe Playgroup, Looe Rowing Club, Looe Sea Scouts, Looe Rifle Club, Looe Social Club and Looe in Bloom.

Property 2025 Rent Insurance Paid Amount Subsidy
£ £ £ £ £
Playgroup 8,022 7,017 1,004 2,147 5,875
Rifle Club 3,895 3,895 own 500 3,395
Social Club 16,750 16,750 own 12,000 4,750
Scouts 8,918 8,500 418 468 8,450
Rowing Club 2,407 2,250 157 - 2,407
Looe in Bloom 1,310 1,250 60 - 1,310
Hannafore Flat No 1 - - 661 330 331
Hannafore Flat No 2 - - 661 330 331
TOTALS 26,848

The total cost of maintenance, insurances, professional and management fees of the Trust’s rental property was £132,610. This also included maintenance of various public amenity areas including West Looe Downs.

Financial review

The Trust continued to receive significant income from dividends on investments made in previous years; these dividends amounted to £32,295 for the year. The income derived from rental housing, business premises, land, garages, and parking spaces, was £231,575 over the same period. Bank interest and insurance premiums recovered from tenants came to £25,979. 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 2025 saw continued steady growth in the value of the Trust’s investments of £196,336. 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.

The West Looe Town Trust will retain enough funds, always, 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 31[st] of December 2025 were £1,054,113.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for future periods

It is the Trustees stated intention to:

This project is critically dependant upon the procurement of a small parcel of land from Stark Building Materials (UK) Ltd, the current leaseholder of adjoining land owned by Cornwall Council. Discussions are ongoing.

The Trustees wish to acknowledge the following potential risks:

Looe Social Club; a rent holiday (£4,000) is expected to be repaid by the tenant in 2026.

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, 1st December 2000 and 14th July 2017).

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

Mr C F Crabb Mr J A Currah Mr K G Wilson Mr B D Porter Mr P Richardson Mr N D Pope Mr J R Dingle

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.

WEST LOOE TOWN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Organisational Management

The Trustees are responsible for managing the Trust’s investment and property portfolio in the best interests of the charity 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, 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. Applicants must detail the project, explain the grant's use, and indicate the expected outcomes.

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 instances, applicants are asked to make a presentation to the Trustees to ensure compliance with the objects of the Trust scheme as set out below.

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

One employee, The Clerk to the Trustees, undertakes the administration of the Charity, upon the instructions of the Trustees. The Clerk is responsible for keeping minutes of all meetings, managing all 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

30 June 2026

WEST LOOE TOWN TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025

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).

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 30 June 2026

WEST LOOE TOWN TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WEST LOOE TOWN TRUST

Opinion

We have audited the financial statements of West Looe Town Trust (the ‘Trust’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

WEST LOOE TOWN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEST LOOE TOWN TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) 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.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Prydis Accounts Limited 7 July 2026 Chartered Accountants Statutory Auditor The Parade Liskeard Cornwall PL14 6AF

Prydis Accounts Limited is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WEST LOOE TOWN TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Endowment
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
2
100
-
Investments
3
255,043
34,806
Other income
4
18,302
-
Total income and
endowments
273,445
34,806
Expenditure on:
Investment
management costs
5
3,248
9,588
Charitable activities
6
341,988
-
Other
11
-
-
Total expenditure
345,236
9,588
Net gains/(losses) on
investments
12
18,447
177,889
Gross transfers between
funds
-
-
Net movement in funds
(53,344)
203,107
Fund balances at 1 January
2025
1,107,457
6,908,900
Fund balances at 31
December 2025
1,054,113
7,112,007		 Total Unrestricted Endowment
funds
funds
2025
2024
2024
£
£
£
100
-
-
289,849
252,183
40,727
18,302
-
-
308,251
252,183
40,727
12,836
1,400
9,216
341,988
218,740
-
-
285
-
354,824
220,425
9,216
196,336
97,640
67,581
-
(728,572)
728,572
149,763
(599,174)
827,664
8,016,357
1,706,631
6,081,236
8,166,120
1,107,457
6,908,900		 Total
2024
£
-
292,910
-
292,910
10,616
218,740
285
229,641
165,221
-
228,490
7,787,867
8,016,357

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 2025

Notes
Fixed assets
Tangible assets
14
Heritage assets
15
Investment properties
16
Listed Invesments, cash and cash
equivalent investments
17
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
20
Income funds
Unrestricted funds		 2025
£
£
206,274
121,720
5,381,625
2,261,841
7,971,460
41,712
252,090
293,802
(99,142)
194,660
8,166,120
7,112,007
1,054,113
8,166,120		 2024
£
£
207,492
121,720
5,333,470
1,945,599
7,608,281
36,293
420,107
456,400
(48,324)
408,076
8,016,357
6,908,900
1,107,457
8,016,357		 2024
£
£
207,492
121,720
5,333,470
1,945,599
7,608,281
36,293
420,107
456,400
(48,324)
408,076
8,016,357
6,908,900
1,107,457
8,016,357
7,608,281
408,076
8,016,357
6,908,900
1,107,457
8,016,357

The financial statements were approved by the Trustees on 30 June 2026

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 2025

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 2025

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.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.8 Heritage assets

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 2025

2 Donations and legacies

Unrestricted Total
funds
2025 2024
£ £
Legacies receivable 100 -

3 Investments

Unrestricted Endowment
funds
funds
general
2025
2025
£
£
Rental income
231,575
-
Income from listed
investments
5,646
26,649
Interest receivable
17,822
8,157
255,043
34,806		 Total
Unrestricted
Endowment
funds
funds
general
2025
2024
2024
£
£
£
231,575
228,120
-
32,295
5,580
29,950
25,979
18,483
10,777
289,849
252,183
40,727		 Total
2024
£
228,120
35,530
29,260
292,910

4 Other income

Unrestricted
funds
2025
£
Net gain on disposal of tangible fixed assets
4,990
Insurance claim proceeds
13,312
18,302		 Total
2024
£
-
-
-

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

5 Costs of Raising Funds

Unrestricted Endowment
funds
funds
general
2025
2025
£
£
Other fundraising costs
3,248
9,588
3,248
9,588
Charitable activities
Public
amenity
expenditure
2025
2025
£
£
Rates and water
14,024
-
Light and heat
225
1,794
Repairs and maintenance
43,239
49,657
Insurance
14,332
-
Legal and professional fees
16,488
8,894
Rental subsidies for local
interest clubs *
26,848
-
115,156
60,345
Grant funding of activities
(see note 7)
114,763
-
Share of governance costs
(see note 8)
51,724
-
281,643
60,345		 Total
Unrestricted
Endowment
funds
funds
general
2025
2024
2024
£
£
£
12,836
1,400
9,216
12,836
1,400
9,216
Total
2025
Public
amenity
expenditure
2024
2024
£
£
£
14,024
5,942
-
2,019
803
2,085
92,896
26,494
15,511
14,332
12,074
-
25,382
22,266
-
26,848
26,812
-
175,501
94,391
17,596
114,763
55,879
-
51,724
50,874
-
341,988
201,144
17,596		 Total
2024
£
10,616
10,616
Total
2024
£
5,942
2,888
42,005
12,074
22,266
26,812
111,987
55,879
50,874
218,740

6 Charitable activities

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

7 Grants payable

Grants to institutions:
Looe Development Trust - Xmas Lights
Darby and Joan Club
Royal British Legion - Wreath
West Looe Live
East Looe Town Trust
Looe Age Concern
Looe Development Trust - Festival of Words
Looe Primary Shcool
Lions Club of Looe
Looe in Bloom
Looe Luggers
Looe Bowling Club
Looe May Fayre
Looe Lawn Tennis Club
Looe Exercise Group
Cornwall Blood Bikes
Sheila's School of Dancing
Pledges
Bond Dance Company
Grants to individuals		 Grants
2025
£
500
600
50
6,800
3,000
600
200
14,750
500
-
1,565
-
900
2,592
-
-
-
17,244
166
49,467
65,296
114,763		 Grants
2024
£
500
600
30
5,000
-
600
500
-
1,000
2,654
-
1,000
-
446
400
200
299
-
-
13,229
42,650
55,879

Grants to individuals includes higher education grants which are capped at £600 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 2025

8 Support costs

Support
costs
Governance
costs
£
£
Staff costs
-
18,921
Depreciation
-
1,940
Audit fees
-
5,400
Accountancy
-
3,300
Legal and professional
-
714
Utilities
-
1,869
Repairs and
maintenance
-
1,319
Insurance
-
11,716
Office and meeting costs
-
6,250
Bank charges
-
295
-
51,724
Analysed between
Charitable activities
-
51,724		 2025Support costs Governance
costs
£
£
£
18,921
-
17,893
1,940
-
4,248
5,400
-
5,400
3,300
-
3,300
714
-
-
1,869
-
1,574
1,319
-
2,013
11,716
-
8,845
6,250
-
7,381
295
-
220
51,724
-
50,874
51,724
-
50,874		 2024
£
17,893
4,248
5,400
3,300
-
1,574
2,013
8,845
7,381
220
50,874
50,874

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 auditors of £5,400 (2024- £5,400) for audit fees.

9 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.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
1 1
Employment costs 2025 2024
£ £
Wages and salaries 18,921 17,893

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 2025

11 Other

Net loss on disposal of tangible fixed assets
Net gains/(losses) on investments
Unrestricted Endowment
funds
funds
general
2025
2025
£
£
Revaluation of
investments
18,281
47,268
Gain/(loss) on sale of
listed investments
166
82,466
Gains/(losses) on
investment property
(including revaluations)
-
48,155
18,447
177,889		 Total
£
2025
-
Total
Unrestricted
Endowment
funds
funds
general
2025
2024
2024
£
£
£
65,549
103,767
(18,868)
82,632
(6,127)
12,985
48,155
-
73,464
196,336
97,640
67,581		 Total
£
2024
285
Total
2024
£
84,899
6,858
73,464
165,221

12 Net gains/(losses) on investments

13 Taxation

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

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14
Tangible fixed assets
Freehold land
and buildings
Fixtures and
equipment
£
£
Cost
At 1 January 2025
200,000
22,452
Additions
-
722
At 31 December 2025
200,000
23,174
Depreciation and impairment
At 1 January 2025
-
14,960
Depreciation charged in the year
-
1,940
At 31 December 2025
-
16,900
Carrying amount
At 31 December 2025
200,000
6,274
At 31 December 2024
200,000
7,492		 Total
£
222,452
722
223,174
14,960
1,940
16,900
206,274
207,492

15 Heritage assets

£
At 1 January 2025 and at 31 December 2025 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.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Investment property

Fair value
At 1 January 2025
Net gains or losses through fair value adjustments
At 31 December 2025		 2025
£
5,333,470
48,155
5,381,625

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 January 2026 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.

West Looe Downs: The Trustees were advised that Cornwall Council Commons Registration Authority had confirmed, as from 1st November 2024, that the West Looe Downs was registered Common Land, in accordance with the Commons Act 2006

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.

17 Listed Investments (Unrestricted and Endowment)

Listed
Investments
Cash and
cash
equivalents
held for
investing
purposes
£
£
At 1 January 2025
1,921,246
24,353
Additions
387,950
80,050
Fair value movements
64,398
299
Disposals
(216,455)
-
At 31 December 2025
2,157,139
104,702		 Total
£
1,945,599
468,000
64,697
(216,455)
2,261,841

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

18 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Deferred income
Trade creditors
Other creditors		 2025
£
14,785
26,927
41,712
2025
£
36,317
17,137
45,688
99,142		 2024
£
10,097
26,196
36,293
2024
£
39,474
8,754
96
48,324

19 Creditors: amounts falling due within one year

The Trust invoices car parking rentals in advance every 6 or 12 months, with invoices raised approx. 6 weeks 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 2025.

The Trust receive rents from a communications mast located on the Downs. Rentals are 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 2025

20 Endowment funds

Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 January 2024
£
6,081,236
6,081,236		 Incoming
resources
£
40,727
40,727		 Movement in funds
Resources
expended
Transfers
£
£
(9,216)
728,572
(9,216)
728,572		 Gains and
losses
Balance at
1 January 2025
£
£
67,581
6,908,900
67,581
6,908,900		 Incoming
resources
£
34,806
34,806		 Movement in funds
Resources
expended
Transfers
£
£
(9,588)
-
(9,588)
-		 Gains and
losses
Balance at
31 December
2025
£
£
177,889
7,112,007
177,889
7,112,007		 Gains and
losses
Balance at
31 December
2025
£
£
177,889
7,112,007
177,889
7,112,007
7,112,007

The permanent Endowment Fund represents the value of the assets endowed to the charity in 1873 and later years. Endowment Funds may not be distributed without the Charity Commissions approval. The transfer of £728,572 in the prior year represents the reversal of historical transfers made between the endowment funds and unrestricted funds that were not supported by corresponding movements in net assets.

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

21 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 £1,051,895 earmarked for future development as explained in the Trustees Annual Report.

22 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2025
2025
£
£
Fund balances at 31
December 2025 are
represented by:
Tangible assets
206,274
-
Heritage assets
-
121,720
Investment properties
-
5,381,625
Programme related
assets
653,179
1,608,662
Current assets/(liabilities)
194,660
-
1,054,113
7,112,007		 Total
Unrestricted
funds
Endowment
funds
2025
2024
2024
£
£
£
206,274
207,492
-
121,720
-
121,720
5,381,625
-
5,333,470
2,261,841
491,889
1,453,710
194,660
408,076
-
8,166,120
1,107,457
6,908,900		 Total
2024
£
207,492
121,720
5,333,470
1,945,599
408,076
8,016,357

WEST LOOE TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

23 Related party transactions

Transactions with related parties

During the year, the charity entered into the following related party transactions in the ordinary course of its activities:

Trustee-related contractor payments

Payments totalling £8,343 were made for contractor services provided by close family members of the Trustee Colin Crabb, comprising £3,653 to Ben Crabb and £4,690 to John Crabb. The services were provided on an arm's length basis and no amounts were outstanding at the year end.

In addition, a student grant donation totalling £500 was made to Bryony Crabb, daughter-in-law of Colin Crabb. The donations were unrestricted in nature and no balances remained outstanding at the year end.

Route2Events related grants

Grants totalling £6,800 were awarded to organisations connected with Route2Events, and entity controlled by Mark Wilson, son of Trustee Keith Wilson. Having regard to the substance of the arrangements, these transactions have been treated as related party transactions.

The grants were made in furtherance of the charity's charitable objectives and on terms no more favourable than would have been available to an unconnected party. No balances were outstanding at the year end.

Donations to close family member of Trustee

A student grant donation totalling £600 was made to Nicole Porter, daughter-in-law of Trustee Brian Porter. The donations were unrestricted and made in the normal course of the charity's charitable activities. No amounts were outstanding at the year end.