Charity reglstration number: 1031263 BARB Annual Report and Financial Statements for the Year Ended 31 October 2024 WESTCOTTS CHARTERFD ACCOUNTANT$ & BU$INeS5 f4DVISERS BARB Contents (continued) Reference and Administrative Details 2to4 Trustee, Report Statement of Trustee, Responsibilitles Independent Audltors, Report 6t09 Statement of Financial Activities 10 11 Balance Sheet 12 Cash Fbw Ststement Notes to the Financlal Statements 13to22 BARB Reference and Administrative Details Mr Roger Flower President Chaiman Mr Mark Newman Wice Chalrman Mr Craig Dunbar Secretsry Mrs Loma Brewer Treasurer Mr Graham Hallsworth Trustees Mr Mike Lowe, Operations manager, reslgned 6th October 2025 Mr Adrian Cunningham, Deputy Operations Manager Mr Mlchael Young Mr Davld Kemp Mr Colin Hewetson Mr Andy Brewer Charity Registration Number 1031263 Princlpal Office Mariné Rescue Centre The Esplanade Burnham on Sea Somerset TA8 1BB Westcotts (SW) LLP Chartered Accountants 47 Boutport Street Barnstaple Somerset EX311SQ Lloyds Bank PIC Cornhlll Bridgwater Somerset Independent Examiner Bankers Page 1 BARB Trustee. Report The trustee present the annual report together with the financial statements of the charity for the year ended 31 October 2024. Aims and objectives Saving lives BARB'S crew uses its hovercrafts, inshore rescue boats and other equipment to help and rescue people in difficulty across Somerset. During major emergencies, such as flooding. our assets may also be called Into use to assist anywhere across the UK. Educating public BARB delivers many talks each year to lo&ql groups and organisatlons to pro-actively give a positive beach safety message. This aims to reduce the number of people getting into difficulty. Increasing awareness of beach safety BARB welcomes visits of groups of schoolchildren and other groups through the year to help promote responsible use of our local beaches, without causing unnecessary concern. The Trustees confirm that they have complled with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and WaSes. Summary of main activities Financial review During the year the charity received a legacy of £1,530,000 12024 £562,500). The year Saw a decrease in donations and gift which totalled £35.760 (2024 £40,457). Investment income in the year increased to £36,962. Total income amounted to £1,608,222 compared to £609,748 in the previous year After the deduction of expenditure for the year which totslled £111,927 (2024 £83,607). there was surplus for the year of £1,496,295, compared to £526,141. As a result of the surplus. the unrestricted reserves of the charty amount to £2.382,567 (2024 £836,272) Pollcy on reserves The Charity is heavily dependent on sources of voluntary income, as well as the Income generated by ivs investments. The level of reserves has been deemed necessary to enable the charlty to meet its objectives in the next twenty four months and to provide for the eventual replacement of Ihe hovefcrafts, and any expenditure on assets as deemed necessary by the trustees. A busy year for our volunteers During 2024. BARB'S volunteer5 attended over 20 callaouts. The ¢all-outs ranged from missing person searches to mud rescues. Our volunteers gave 2,000+ hours of their time during 2024, showing their dedI￿tiOn and commitment to BARB'S work in helping and rescuing people. Activitles planned to achieve alms The trustees have decided to Invest the legacy funds for the future security of the charity. With the guldance of a financial professional Ihe aim is to generate enough income to cover the annual running costs of the charity. Funds wsll also be allocated to a longer-term modernisation of BARB'5 seafront ststion Page 2 BARB Trustee. Report (continued) Risks Risks are regularly reviewed during the BARB management commtttee's monthly meetings. These are discussed and mitigating actions are considered. One of the risks around fundraising was mitlgated during the year wth a kind legacy donatlon towards the charitvs life-saving work and purchases. Trustees and officers Where new trustees are appointed they are given a formal induction to the work of the charfty and provided wth any infomiation they need lo fulfil their roles. which includes information about the role of trustees and charity law. New trustees are nominated by members of the board of trustees, and when appointed are appointed where they have the necessary skills to contribute to the charity's management and development. The board of trustees meetings not less than four times a year and tNstees are elected for 1 year at the AGM. Mr Craig Dunbar Mr Roger Flower Mr Mark Newman Trustee: Chairman: Chief Executive Offioer: Secretsry: Mrs Loma Brewer Govemor: Mr Graham Hallsworth Mr Mike Lowe. Operations manager, resigned 6th October 2025 Mr Adrian Cunningham, Deputy Operations Manager Mr Mlchael Young Mr David Kemp Mr Colin Hewetson Other Officers: Mr Andy Brewer Senior Management l Leadership Mr Andy Brewer Team: Mr Tony Winterburn Mr Clive Weal Reserves The charity is dependent on sources of voluntary income, however this reliance has been significantly reduced thanks to a large legacy. Thi5 has been invested with expert financial advice to secure the charity's future.The level of reserves has been deemed necessary to enable the charity to meet its objectlves in the next ￿entY four months and to provide for ongoing modernisation and replacement of our equipment. Page 3 BARB Trustee. Report (contlnuad) Iilio/i The annual raport W86 approved by Ihe truslee of the Charity on ...... by. . and $5gned on Its b&h81r ithr Mark Newman Chalman Page 4 BARB ststement of Trustee. Responsibilities The trustee are responsible for preparing the trustee, report and the financial statements in accordance with the United Kingdom AGcounting Standards (United Kingdom Generally Accepted Accounting Pra¢tice} and applicable law and regulations. The law appllcable to charities requires the trustee to prepare financial statements for each flnancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustee are responsible for keeping proper accountlng records that disclose wlth reasonable accuracy at any time the financial posltion of the Gharity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charlties (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustee are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5 BARB Independent Audltor's Report to the Members of BARB Opinion We have audited the financial ststements of BARB {the 'charity') for the year ended 31 October 2024, which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charlty's affairs as at 31 October 2024 and of its incoming resources and application of resources, including its income and expendEture. for the year then ended; have been properly prepared in accordance with United Kingdom Generally A￿epted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those Standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical reqU1￿MentS Ihal are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremi2nts. 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 trustee 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 uncertalnties relating to events or conditions that. individually or collectively, may cast signifi¢ant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorfsed for Issue. Our responsibilities and the responsiblllties of the trustee with respect to going concem are described in the relevant sections of this report. other matters In the previous a¢￿untIng period, the Trustees of the charity took advantage of audit exemption under s144 of the Charities Act 2011. Therefore the prior perlod flnancial statements were not subject to audit. Other information The trustee are responsible for the other information. The other informatlon comprise5 the Information included In the annual report. other than the financial ststements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿iSe explicitly stated in our report, we do not express any form of assurance Conclusion thereon. Page 6 BARB Independent Auditor's Report to the Members of BARB (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained In the audit or otheMise appears to be materially misstated. If we identify such material inconsistencles or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the charity and its envlronment obtained In the course of Ihe audit, we have not identified material misstatements In the Trustee, Report. We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requlres us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustee remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustee As explained more fully in the Statement of Trustee, Responsibillties (set out on page 5), the Irustee 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 trustee 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 trustee are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of aGcounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Auditor Responsibilities for the audit of the financial statements 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 auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) wi15 always detect a material misstatement when it exists. Misststements can arise from fraud or e￿or and are considered material if, individually or in the aggregate, they ￿Uld reasonably be expected to Influen￿ 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: We identified areas of laws and regulations that could reasonably be expected to have a materlal effect on the financial statements from our general commercial and sector experience and through discussion with the trustees and other management and from inspection of the charitvs regulatory correspondence. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. Page 7 BARB Independent Audltor's Report to the Members of BARB (continued) The Charity is sublect to laws and regulations that govem the preparation of the financial statements, including financial reporting legislation, and other Gharity legislation. The charity is also subject to many other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or dlsclosure5 Within the financial statements, including employment, anti-bribery, antl-money laundering and certain aspects of charity legislation. Owing to the inherent limitations of an audit, there is an unavoidable rlsk that we may not have detected some material misslatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentalions. or the override of Intemal controls. We are not responsible for preventing non-compllance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also. Identify and assess the risks of material misslatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficlent and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overfide of intemal control. Obtain an understsnding of intemal control relevant to the audit in order to design audit procedures that are approprlate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluale the appropriateness of accounting policies used and the reasonableness of accounting eslimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a materlal uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention In our auditorfs report to the related disclosures in the financtal statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to contlnue as a going concem. Evaluate the overall presentstion, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. A further description of our responsibilities is available on the Financtal Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity trustee, as a body. In accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustee those matters we are required to state to trustee in an auditors, 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 tharity and its trustee a5 a body. for our audlt work, for this report, or for the opinions we have formed. Page 8 BARB Independent Auditor's Report to the Members of BARB (continued) Westcotts (SW) LLP. statutory Auditors 47 Boutport Street Barnstaple Somerset EX31 1SQ Page 9 BARB Statement of Financial Activlties for the Year Ended 31 October 2024 Unrestricted Totsl funds 2024 Total 2023 Note Income and Endowments from: Donations and legacies Investment income Other income 1,565,760 36,962 5,500 1,565,760 36,962 5,500 602,956 2,142 4,650 Total income 1,608,222 1,608 222 609.748 Expenditure on: Raising funds Charitable activities (2,849) 109.078 (2,849) 109,078 (4,982) (78.625 Total expendlture Net income 111,927 111,927 (83,607 526,141 1,496,295 1,496,295 Net movement in funds 1,496,295 1.496,295 526,141 Reconciliation of funds Total funds brought forward Total funds carried forward 836.272 836,272 2,332,567 310,131 20 2,332,567 836.272 All of the charity's activities derive from continuing operatlons during the above Iwo periods. The notes on pages 13 to 22 form an integral part of these financlal statements. Page 10 BARB (Registration number: 1031263) Balance Sheèt as at 31 October 2024 2024 2023 Note Fixed assets Tanglble assets Investmenls 13 14 489.432 352.531 126.474 841,963 126,474 Current assets Stocks D8btors Cash at bank and In hand 15 16 17 102 18,398 1,493.972 1,512.472 2,354,435 660 7,073 703,68J 711,418 Total Assets 837,892 Current Llabllities Credltor8 and aecruals 18 21.868 1,620 Total a88ets less cuffent Ilabllltlg5 2,332,567 836,272 Funds of tho charlty: Total funds 20 2,332,567 836.272 The finandal stakments on pages l O to 22 were approved by the trustee, and authorised for issue on and signed on tlieir behalf by. Mr Mark Newman Chaljrnan The noies on pag6s 13 to 22 form an Integral part of these finandal Statements. Page 11 BARB Cash Flow Statement for the Year Ended 31 October 2024 2024 2023 Nots Cash flows from operatlng activitles Net cash Income Adjustments to Gash flows from non