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2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 03255894 CHARITY REGISTRATION NUMBER: 1063329

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 December 2022

SAINT AND CO

Chartered accountants 4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2022

PAGE
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 10
Statement of financial activities (including income and expenditure
account) 11
Statement of financial position 12
Notes to the financial statements 13
The following pages do not form part of the financial statements
Detailed statement of financial activities 27
Notes to the detailed statement of financial activities 29

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Patterdale Mountain Rescue Association Limited Patterdale Mountain Rescue Association Limited
Charity registration number 1063329
Company registration number 03255894
Principal office and registered Ogilvie House
office Patterdale
Penrith
Cumbria
CA11 0PJ
THE TRUSTEES
Mr K N Hardcastle
Mr P G Baker (Treasurer)
Mr R N Barrow (Appointed 26 April 2022)
Mrs A F Bell
Mr M A Blakey
Mrs M A Childs
Mr M Cox
Mrs J Freeborn (Vice-Chair)
Mr C B Lewis
Ms P J Newport
Col. (Retd) C Sanderson OBE JP DL (Chair)
Ms H Ash
Mrs G Mininch (Resigned 22 November 2022)
COMPANY SECRETARY Mr K N Hardcastle
INDEPENDENT EXAMINER David Andrew Liddle, BA(Hons), FCA
4 Mason Court
Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR

1

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Trust deed.

The company is constituted under a Trust deed dated 27 September 1996 and is a registered charity number 1063329.

The principal object of the company is to promote and sustain Patterdale Mountain Rescue Team, a charitable rescue service for all who suffer sickness, peril or any other adversity on any of the mountains in Great Britain and particularly on the mountains of Cumbria in the vicinity of Patterdale or while boating or bathing in the lakes and rivers or streams in the vicinity.

Method of Appointment or Election of Trustees

The Trustees are elected by the charity's members at the AGM. At each AGM one third of the Trustees shall retire from office by rotation, however, they shall be eligible for re-election.

A Chairman and Vice-Chairman may, if willing, serve in their respective posts for a maximum of six consecutive years, subject to a bi-annual review, recommendation by the Trustees to members attending the AGM, and election by those Members at each AGM.

2

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Policies Adopted for the Induction and Training of Trustees

New Trustees are asked to read a copy of the Charity's Articles of Association, advised on the policy, procedure and responsibilities of the Charity under the Charities Act, and briefed on their responsibilities as Trustees.

Measures are implemented to ensure that, in accordance with Charity Commission guidance, the Association's Trustees:

Organisational Structure and Decision Making

The Charity Trustees are all volunteers and are responsible for the general control and management of the Charity. Regular meetings are held by the Trustees, and also by Team members, to discuss finance, training and other relevant issues.

3

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.

The core management responsibility of the Trustees is effective risk management. In support of this, at each meeting of the Trustees, the following risk areas are reviewed and, where necessary, mitigation measures identified and managed:

The Team similarly reviews key risk areas, namely:

Members Liability

The members of the company guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Public Benefit

The Trustees of Patterdale Mountain Rescue Association Limited believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

OBJECTIVES AND ACTIVITIES

Policies and Objectives

The principal object of the company is to promote and sustain Patterdale Mountain Rescue Team, a charitable rescue service for all who suffer sickness, peril or any other adversity on any of the mountains in Great Britain and particularly on the mountains of Cumbria in the vicinity of Patterdale, or while boating or bathing in the lakes, rivers and streams in the vicinity.

4

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

OBJECTIVES AND ACTIVITIES (continued)

Strategies for Achieving Objectives

All Team members need to be appropriately trained, have the right equipment, and be fully committed to being on call at all times, to give practical and medical assistance to those in danger on the hills and lake. Team members train and meet regularly to develop and maintain their rescue and first-aid/medical skills, and National Qualifications are gained where appropriate. New entrants undertake a formal probationary period. The Team will also liaise with other rescue services, for example: fire, police, ambulance, lifeboat and other mountain rescue teams, at times of major incidents. All members actively promote and support fund-raising, education and community events, as public money is the only source of income. This also helps to provide a positive profile in the local community and to the many tourists who visit the area.

Main Activities Undertaken to Further the Charity's Purposes for Public Benefit

The Charity provides a vital emergency service to the general public to enable all to enjoy outdoor activities in the area.

Volunteers

All team operations, training, fund-raising and administration are undertaken on a voluntary basis.

ACHIEVEMENTS AND PERFORMANCE

Chairman's Report by Colonel (Retd) C Sanderson OBE JP DL

During the reporting year the only changes in the Trustee body were the appointment of Team member Neil Barrow who has already made his mark in his contribution to Trustee deliberations, and the resignation of Gillian Mininch. Gillian had served as a highly valued Trustee for nearly 23 years and will be much missed. Chris Lewis, Trustee and injured Team member, has also started to resume his Trustee duties as his path to recovery continues and we welcome his return.

The major financial commitment of the period was the commitment to purchase a replacement rescue boat, a 6.8 metre rigid inflatable boat (RIB), equipped with twin 115hp outboard engines and upgraded safety features. The vessel costs just under £80,000 funded by an appeal, and we anticipate delivery later this year.

We have continued to press hard for improvement to the insurance cover for Team members, Chris Lewis's accident having exposed the limitations of the current MREW policy in the event of a serious accident, and we have also contributed significantly to the development of MREW's Wellbeing policy, our own existing arrangements, delivered under the oversight of Team member Glenn Bridge, having so far proven effective.

The Fundraising Group has continued its work, raising funds and engaging with the local community, and we are fortunate to be supported by our strong cohort of Supporters.

2022 has been a volatile year for global investments and in the short term our investments suffered accordingly, but our level of cash reserves is healthy and our investment horizon is long, so this has not changed our long term investment strategy which is reviewed quarterly.

5

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Team Leader's Report by Mr M Rippon

Operationally, during 2022 the Team responded to 84 callouts. The vast majority were concluded successfully with many extremely grateful people. Sadly, there were three fatalities during the year. Although lower than the five which occurred during 2021, it is still a very unpleasant outcome. Tragically, one of these fatalities occurred on Ullswater and could have been prevented had some basic advice been followed.

The Team were busy behind the scenes reviewing training requirements and equipment. Our key aim in this is to ensure that all remains fit for purpose and meets expectations. In cases where our requirements are not met then we consider alternatives. These reviews allow us to continually adopt new equipment and develop best operational practice.

One such example would be enhancements made to the digital radio system which has been operational for five years. We have reviewed the locations of repeater stations and repositioned them to improve coverage and communications. This has reduced areas of poor communications. We have also introduced the "Zello phone App" which broadcasts the same transmissions on a phone, so providing two means of communicating and improving resilience in the system. This also enables members to operate remotely as the system is internet based.

As already highlighted, the major investment of the year has been the replacement of our current rescue RIB, known as Patrick Scotty, which is almost 15 years old. Although the new RIB has not yet been delivered, this has been a significant project and involved many hours of discussions with partner agencies to ensure the right specification was defined. We have also tried to "future proof" the new RIB to ensure it will be fit for purpose for the foreseeable future.

A key area of training during the year involved 21 Team members undertaking the MREW Casualty Care Assessment. This involved many hours of teaching, undertaking practical sessions, a practical assessment and it finally culminated in a written exam. It is a great achievement to have the vast majority of Team members qualified to MREW Casualty Care standard.

Team members continued to contribute and undertake roles in local, national and internal organisations. These organisations include the Lake District Search and Rescue Association (LDSAMRA), Mountain Rescue England and Wales (MREW), and the International Commission for Alpine Rescue (ICAR). At recent LDSAMRA/MREW meetings we continued to lobby strongly for increased levels of personal accident insurance for all those within the Mountain Rescue community. These considerations have been taken forward by MREW and are the subject of further discussions with our new insurance brokers. We have also progressed risk management issues which must be considered in all aspects of training and callouts. Last year the ICAR Conference was held in Montreux, Switzerland, and several Team members delivered lectures to an international audience on medical topics and search dog techniques. We in turn brought new ideas back from our European colleagues.

In early December, we welcomed Chris Lewis back after almost two years recovering from injuries sustained while on a callout. Chris is now looking forward to getting out and about, participating in Trustees meetings, and catching up with Team members again.

Finally, on behalf of the Team I would like to thank everyone who supports our voluntary work, both directly and indirectly. This support, be it financial or otherwise, is deeply appreciated, not only by us but the many we rescue. Without this generosity we would not be able to offer a first-class service, and I am extremely proud of what we have achieved and continue to deliver.

6

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

FINANCIAL REVIEW

Reasons for the Association's Reserves

The Association has assessed that there are two principal reasons to hold reserves to meet perceived future needs:

  1. The nature of the Team's work is such that there is a risk that significant funds could be needed at short notice to replace items/facilities that are not capable of being insured or to cater for major unforeseen demands.

  2. The requirement to maintain the Team's Base, replace vehicles on a regular basis, meet the requirements of Health and Safety legislation, and make due allowance for depreciation have caused the Trustees to make provision for reserves to cover these requirements if net income were to be insufficient for this purpose.

The Association's Reserves

  1. The Association holds investments in the Cumberland Building Society, Penrith Building Society and Barclays Bank, the small income from which has been accumulated within these accounts. The Association also holds accounts with Fidelity International and Rathbones Unit Trust Management. The income from the former is re-invested and from the latter paid into our Barclays Current account.

  2. The Association's policy is to maintain a reserve of at least two years' normal operating cost expenditure (currently approx £85,000 pa), plus £75,000 contingency (ie £245,000). Holdings in excess of this serve the dual purpose of generating investment income whilst also accumulating to meet significant future capital needs such as the possible construction/purchase of a boat-house on Ullswater, and secure garaging for a Team vehicle and associated equipment. Annual depreciation costs of £40,267 are shown in the accounts and allowance is made for these asset replacement costs in addition to routine operating costs in arriving at the Reserves target.

How the Association maintains the above Reserves

Expenditure and fundraising decisions are based on ensuring that the long term as well as day-today requirements of the Team are addressed. Regular Trustees meetings, in parallel with sound day to day management of the Association and the Team, and annual review of the long term imperatives of the organisation ensure that the Reserves are appropriate to the needs of the Association.

The Monitoring and Review Procedure

The Treasurer is responsible for the production of monthly management accounts, which are shared with the Chairman and Company Secretary. The Treasurer reports in detail to all Trustee meetings, and the Reserves policy is formally reviewed and monitored, reflecting any changing circumstances, on an annual basis.

7

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Investment Policy and Performance

  1. The Trustees of Patterdale Mountain Rescue Association (PMRA) have established an investment policy to guide the Association's investment of that proportion of the Association's financial resources set aside as a reserve. A reserve is established in accordance with good financial governance practice and the requirements of the Charities Commission, taking into account the advice received from the Association's accountants. The size of this reserve is reviewed annually by the Trustees. The Trustees will consider whether the funds to be invested for the longer term under this policy should match, exceed, or in exceptional circumstances be less than the reserve. The policy and its implementation will be reviewed annually, prior to the Annual General Meeting (AGM), or more frequently if required.

  2. The reserve is to provide for the long term needs of the Patterdale Mountain Rescue Team, including provision for major infrastructure and equipment projects, and potential shortfalls of in-year income to meet in-year expenditure requirements. The Trustees believe that it is necessary for the reserve funds to be invested on a medium to long term basis (meaning a minimum of three to five years and preferably considerably longer) to provide a return exceeding inflation. The Memorandum of Association of PMRA provides authority for the Trustees to take such investment decisions on behalf of the Association. The Trustees will also act in accordance with the requirements of The Trustee Act 2000.

3. The Trustees have determined the following investment objectives:-

1) To preserve the value of the Association's investments in real terms.

2) To provide a weighted average rate of return greater than UK inflation as measured by the Consumer Prices Index and to deliver this return within acceptable levels of risk and volatility.

3) To enable a proportion of the invested funds to be made available for use within a time period of no more than three months in case of major unforeseen demands for cash, over and above normal operating expenditure.

  1. To deliver this policy, the Trustees determined that the management of the funds invested as above should be entrusted to one/more professional investment management companies, selected on the basis of a long track record of successful management of major sums of money. Monitoring of the management company/companies is delegated by the Trustees to the Investment Sub-committee, with any recommendations for change to be formally approved by two of the officers of the Association including the Chair (or in the absence of the Chair, the Vice-Chair) and the Treasurer (or in the absence of the Treasurer, the Secretary.)

5. Changes to the policy shall be subject to approval at a formal meeting of the Trustees.

  1. The Trustees have further determined that the fund or funds selected for investment should maintain a balanced portfolio across, as appropriate, a range of investment classes including UK and overseas equities, government and high quality commercial bonds, property and cash, all subject to the advice of their professional investment manager/s.

8

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Col. (Retd) C Sanderson OBE JP DL Chairman

9

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Patterdale Mountain Rescue Association Limited (continued)

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of Patterdale Mountain Rescue Association Limited ('the charity') for the year ended 31 December 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

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

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

David Andrew Liddle, BA(Hons), FCA Independent Examiner

4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR

10

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2022

2022 2021
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 187,472 5,000 192,472 206,922
Other trading activities 6 13,403 – 13,403 13,734
Investment income 7 2,705 – 2,705 9,623
---------------------------------- ------------------------ ---------------------------------- ----------------------------------
Total income 203,580 5,000 208,580 230,279
================================== ======================== ================================== ==================================
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 8 5,574 – 5,574 6,059
Costs of other trading activities 9 3,925 – 3,925 6,890
Expenditure on charitable activities 10,11 104,457 2,372 106,829 159,229
Other expenditure 13 (545) – (545) (782)
---------------------------------- ------------------------ ---------------------------------- ----------------------------------
Total expenditure 113,411 2,372 115,783 171,396
================================== ======================== ================================== ==================================
Net (losses)/gains on investments 14 (106,002) – (106,002) 20,371
---------------------------------- ------------------------ ---------------------------------- ----------------------------------
Net (expenditure)/income (15,833) 2,628 (13,205) 79,254
================================== ======================== ================================== ==================================
Transfers between funds 14,700 (14,700) – –
---------------------------------- ----------------------------- ---------------------------------- ----------------------------------
Net movement in funds (1,133) (12,072) (13,205) 79,254
Reconciliation of funds
Total funds brought forward 1,375,537 21,496 1,397,033 1,317,779
-------------------------------------------- ----------------------------- -------------------------------------------- --------------------------------------------
Total funds carried forward 1,374,404 9,424 1,383,828 1,397,033
============================================ ============================= ============================================ ============================================

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

The notes on pages 13 to 25 form part of these financial statements.

11

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2022

2022 2021
Note £ £ £
FIXED ASSETS
Intangible assets 19 973 2,271
Tangible fixed assets 20 686,654 636,978
Investments 21 484,277 590,279
-------------------------------------------- --------------------------------------------
1,171,904 1,229,528
CURRENT ASSETS
Stocks 22 5,328 6,354
Debtors 23 26,281 44,881
Cash at bank and in hand 240,290 120,039
---------------------------------- ----------------------------------
271,899 171,274
CREDITORS: amounts falling due within one year 24 59,975 3,769
---------------------------------- ----------------------------------
NET CURRENT ASSETS 211,924 167,505
-------------------------------------------- --------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,383,828 1,397,033
-------------------------------------------- --------------------------------------------
NET ASSETS 1,383,828 1,397,033
============================================ ============================================
FUNDS OF THE CHARITY
Restricted funds 9,424 21,496
Unrestricted funds 1,374,404 1,375,537
-------------------------------------------- --------------------------------------------
Total charity funds 25 1,383,828 1,397,033
============================================ ============================================

For the year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Col. (Retd) C Sanderson OBE JP DL Chairman

The notes on pages 13 to 25 form part of these financial statements.

12

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Ogilvie House, Patterdale, Penrith, Cumbria, CA11 0PJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

13

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty (continued)

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

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

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

14

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. ACCOUNTING POLICIES (continued)

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website - 3 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

15

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. ACCOUNTING POLICIES (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

4. LIMITED BY GUARANTEE

The company is a company limited by guarantee and a not for profit organisation. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

5. DONATIONS AND LEGACIES

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
DONATIONS
Donations 109,718 – 109,718
HMRC Gift Aid 18,487 – 18,487
Collection Boxes 5,723 – 5,723
LEGACIES
Legacies 33,382 – 33,382
GRANTS
Grants receivable – 5,000 5,000

16

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

5. DONATIONS AND LEGACIES (continued)

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
OTHER DONATIONS AND LEGACIES
Supporters Club 20,162 – 20,162
---------------------------------- ------------------------ ----------------------------------
187,472 5,000 192,472
================================== ======================== ==================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
DONATIONS
Donations 27,116 61,439 88,555
HMRC Gift Aid 61,410 – 61,410
Collection Boxes 4,900 – 4,900
LEGACIES
Legacies – – –
GRANTS
Grants receivable 20,000 8,745 28,745
OTHER DONATIONS AND LEGACIES
Supporters Club 23,062 250 23,312
---------------------------------- ----------------------------- ----------------------------------
136,488 70,434 206,922
================================== ============================= ==================================
6. OTHER TRADING ACTIVITIES
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Fundraising events 2,485 – 2,485
Website and Event Sales 10,918 – 10,918
----------------------------- --------------- -----------------------------
13,403 – 13,403
============================= =============== =============================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fundraising events – – –
Website and Event Sales 9,632 4,102 13,734
------------------------ ------------------------ -----------------------------
9,632 4,102 13,734
======================== ======================== =============================

17

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

7. INVESTMENT INCOME

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Income from listed investments 2,036 2,036 8,493 8,493
Bank interest receivable 669 669 1,130 1,130
------------------------ ------------------------ ------------------------ ------------------------
2,705 2,705 9,623 9,623
======================== ======================== ======================== ========================
8. COSTS OF RAISING DONATIONS AND LEGACIES
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Costs of raising donations and legacies -
Donations 5,574 5,574 6,059 6,059
======================== ======================== ======================== ========================
9. COSTS OF OTHER TRADING ACTIVITIES
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Costs of other trading activities - Shop costs 3,925 – 3,925
======================== =============== ========================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Costs of other trading activities - Shop costs 5,100 1,790 6,890
======================== ======================== ========================
10. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Provision of mountain rescue 94,415 2,372 96,787
Support costs 10,042 – 10,042
---------------------------------- ------------------------ ----------------------------------
104,457 2,372 106,829
================================== ======================== ==================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Provision of mountain rescue 98,671 51,602 150,273
Support costs 8,956 – 8,956
---------------------------------- ----------------------------- ----------------------------------
107,627 51,602 159,229
================================== ============================= ==================================

18

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities
undertaken Total funds Total fund
directly Support costs 2022 2021
£ £ £ £
Provision of mountain rescue 96,787 6,953 103,740 156,396
Governance costs – 3,089 3,089 2,833
----------------------------- ----------------------------- ---------------------------------- ----------------------------------
96,787 10,042 106,829 159,229
============================= ============================= ================================== ==================================
12. ANALYSIS OF SUPPORT COSTS
Analysis of
support costs Total 2022 Total 2021
£ £ £
Communications and IT 2,118 2,118 2,454
General office 4,835 4,835 3,669
------------------------ ------------------------ ------------------------
6,953 6,953 6,123
======================== ======================== ========================
13. OTHER EXPENDITURE
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Loss on disposal of tangible fixed assets
held for charity's own use (545) (545) (782) (782)
=============== =============== =============== ===============
14. NET (LOSSES)/GAINS ON INVESTMENTS
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Gains/(losses) on listed investments (106,002) (106,002) 20,371 20,371
================================== ================================== ============================= =============================
15. NET (EXPENDITURE)/INCOME
Net (expenditure)/income is stated after charging/(crediting):
2022 2021
£ £
Amortisation of intangible assets 1,298 1,298
Depreciation of tangible fixed assets 40,267 27,911
Gains on disposal of tangible fixed assets (545) (782)
============================= =============================

19

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

16. INDEPENDENT EXAMINATION FEES

2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,860 2,833
======================== ========================

17. STAFF COSTS/TRUSTEE REMUNERATION AND EXPENSES

The company has no employees. The company has trustees but they did not receive any remuneration in the year (2021 - £Nil).

19. INTANGIBLE ASSETS

Website
£
Cost
At 1 January 2022 and 31 December 2022 3,893
========================
Amortisation
At 1 January 2022 1,622
Charge for the year 1,298
------------------------
At 31 December 2022 2,920
========================
Carrying amount
At 31 December 2022 973
========================
At 31 December 2021 2,271
========================

20

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

20. TANGIBLE FIXED ASSETS

Freehold Plant and Fixtures and Motor
property machinery fittings vehicles Total
£ £ £ £ £
Cost
At 1 January 2022 733,111 130,553 38,828 222,636 1,125,128
Additions – 90,398 – – 90,398
Disposals – (1,735) – – (1,735)
---------------------------------- ---------------------------------- ----------------------------- ---------------------------------- --------------------------------------------
At 31 December 2022 733,111 219,216 38,828 222,636 1,213,791
================================== ================================== ============================= ================================== ============================================
Depreciation
At 1 January 2022 224,236 90,375 37,411 136,128 488,150
Charge for the year 13,212 10,714 708 15,633 40,267
Disposals – (1,280) – – (1,280)
---------------------------------- ---------------------------------- ----------------------------- ---------------------------------- --------------------------------------------
At 31 December 2022 237,448 99,809 38,119 151,761 527,137
================================== ================================== ============================= ================================== ============================================
Carrying amount
At 31 December 2022 495,663 119,407 709 70,875 686,654
================================== ================================== ============================= ================================== ============================================
At 31 December 2021 508,875 40,178 1,417 86,508 636,978
================================== ================================== ============================= ================================== ============================================
INVESTMENTS
Listed
investments
£
Cost or valuation
At 1 January 2022 590,279
Additions –
Fair value movements (106,002)
----------------------------------
At 31 December 2022 484,277
==================================
Impairment
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022 484,277
==================================
At 31 December 2021 590,279
==================================

21. INVESTMENTS

All investments shown above are held at valuation.

Financial assets held at fair value

All investments have been valued at fair value, for the Fidelity and Rathbones funds this has been provided by the funds at the year end date.

21

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

22. STOCKS

2022 2021
£ £
Finished Goods 5,328 6,354
======================== ========================
23. DEBTORS
2022 2021
£ £
Prepayments and accrued income 1,181 1,105
Other debtors 25,100 43,776
----------------------------- -----------------------------
26,281 44,881
============================= =============================
24. CREDITORS: amounts falling due within one year
2022 2021
£ £
Trade creditors 663 1,522
Accruals and deferred income 59,312 2,247
----------------------------- ------------------------
59,975 3,769
============================= ========================

25. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Gains and At
At 1 Jan 2022 Income Expenditure Transfers losses 31 Dec 2022
£ £ £ £ £ £
General funds 1,375,537 203,580 (113,411) 14,700 (106,002) 1,374,404
============================================ ================================== ================================== ============================= ================================== ============================================
Gains and At
At 1 Jan 2021 Income Expenditure Transfers losses 31 Dec 2021
£ £ £ £ £ £
General funds 1,295,604 155,743 (118,004) 21,823 20,371 1,375,537
============================================ ================================== ================================== ============================= ============================= ============================================

22

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

25. ANALYSIS OF CHARITABLE FUNDS (continued)

Restricted funds

Restricted funds
Gains and At
At 1 Jan 2022 Income Expenditure Transfers losses 31 Dec 2022
£ £ £ £ £ £
Restricted Fund 21,496 5,000 (2,372) (14,700) – 9,424
============================= ======================== ======================== ============================= =============== =============================
Gains and At
At 1 Jan 2021 Income Expenditure Transfers losses 31 Dec 2021
£ £ £ £ £ £
Restricted Fund 22,175 74,536 (53,392) (21,823) – 21,496
============================= ============================= ============================= ============================= =============== =============================
Restricted Funds 2021
Fixed Assets fund
Rescue Boat fund
Rescue Vehicle fund
Torches fund
Crowdfunder Vital Signs Monitor fund
Titanium Stretcher fund
Red screes casualty - Chris Lewis fund		 Balance
bfwd
Income
Expenditure
Transfers
Balance
c/fwd
1,021
-
205
-
816
-
13,193
1,753
-
11,440
21,154
811
142
- 21,823
-
-
300
300
-
-
-
2,431
37
-
2,394
-
6,015
1,319
-
4,696
-
51,786
49,636
-
2,150
22,1750
74,536
53,392
- 21,823
21,496

23

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

25. ANALYSIS OF CHARITABLE FUNDS (continued)

Restricted Funds 2022
Fixed Assets fund
Rescue Vehicle renewal fund
Rescue Boat fund
Crowdfunder vital signs monitor fund
Titanium stretcher fund
Red screes casualty - Chris Lewis fund
Team building fund		 Balance
bfwd
Income
Expenditure
Transfers
Balance
c/fwd
816
816
1,336
1,336
11,440
- 11,440
-
2,394
1,385
1,009
4,696
-4696
-
2,150
2,150
5,000
987
100
4,113
21,496
5,000
2,372
- 14,700
9,424

Fixed asset restricted funds represents purchases of fixed assets from specific grants where restrictions apply.

The vehicle renewal fund represents a fund for the purchase of new rescue vehicle.

The rescue boat fund represents funds raised towards the purchase of an RIB. The acquisition of the boat has been fulfilled and has therefore been transferred to unrestricted funds.

The crowdfunder vital signs monitor fund represents funds raised towards the purchase of a vital signs monitor. The monitor has been purchased in the year and is now being depreciated in line with the depreciation policy set out by the Charity.

The titanium stretcher fund represents funds raised towards the purchase of a titanium stretcher.

The team building funds represents grants received towards the purpose of team building events for the volunteers.

24

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

26. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Intangible assets 973 – 973
Tangible fixed assets 685,645 1,009 686,654
Investments 484,277 – 484,277
Current assets 258,788 8,415 267,203
Creditors less than 1 year (59,975) – (59,975)
-------------------------------------------- ----------------------------- --------------------------------------------
Net assets 1,369,708 9,424 1,379,132
============================================ ============================= ============================================
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Intangible assets 2,271 – 2,271
Tangible fixed assets 629,116 7,862 636,978
Investments 590,279 – 590,279
Current assets 157,640 13,634 171,274
Creditors less than 1 year (3,769) – (3,769)
-------------------------------------------- ----------------------------- --------------------------------------------
Net assets 1,375,537 21,496 1,397,033
============================================ ============================= ============================================

27. RELATED PARTIES

The Charity has paid £2,880 to Viscom Studios Limited for design and artwork fees in the year. Jacquie Freeborn is a director of this company.

There were no other related party transactions in the year.

25

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Management Information

Year ended 31 December 2022

The following pages do not form part of the financial statements.

26

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Detailed Statement of Financial Activities

Year ended 31 December 2022

2022 2021
£ £
Income and endowments
Donations and legacies
Donations 109,718 88,555
HMRC Gift Aid 18,487 61,410
Collection Boxes 5,723 4,900
Legacies 33,382 –
Grants receivable 5,000 28,745
Supporters Club 20,162 23,312
---------------------------------- ----------------------------------
192,472 206,922
---------------------------------- ----------------------------------
Other trading activities
Fundraising events 2,485 –
Website and Event Sales 10,918 13,734
----------------------------- -----------------------------
13,403 13,734
----------------------------- -----------------------------
Investment income
Income from listed investments 2,036 8,493
Bank interest receivable 669 1,130
------------------------ ------------------------
2,705 9,623
------------------------ ------------------------
---------------------------------- ----------------------------------
Total income 208,580 230,279
================================== ==================================

27

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Detailed Statement of Financial Activities (continued)

Year ended 31 December 2022

2022 2021
£ £
Expenditure
Costs of raising donations and legacies
Annual report costs 4,231 3,794
Newsletters costs 1,343 2,265
---------------------------------- ----------------------------------
5,574 6,059
---------------------------------- ----------------------------------
Costs of other trading activities
Opening stock 6,354 –
Purchases 2,595 5,873
Closing stock 5,328 –
Fundraising expenses 304 1,017
------------------------ ------------------------
3,925 6,890
------------------------ ------------------------
Expenditure on charitable activities
Legal and professional fees 3,089 2,833
Telephone 1,959 2,204
Other office costs 4,835 3,669
Amortisation 1,298 1,298
Depreciation 40,267 27,911
Media costs 159 250
Provision of mountain rescue services 55,222 121,064
---------------------------------- ----------------------------------
106,829 159,229
---------------------------------- ----------------------------------
Other expenditure
Loss on disposal of tangible fixed assets held for charity's own use (545) (782)
--------------- ---------------
---------------------------------- ----------------------------------
Total expenditure 115,783 171,396
================================== ==================================
Net (losses)/gains on investments
Gains/(losses) on listed investments (106,002) 20,371
---------------------------------- ----------------------------------
----------------------------- -----------------------------
Net (expenditure)/income (13,205) 79,254
============================= =============================

28

Patterdale Mountain Rescue Association Limited

Company Limited by Guarantee

Notes to the Detailed Statement of Financial Activities

Year ended 31 December 2022

2022 2021
£ £
Costs of raising donations and legacies
Costs of raising donations and legacies - Donations
Annual report 4,231 3,794
Newsletters 1,343 2,265
------------------------ ------------------------
5,574 6,059
------------------------ ------------------------
------------------------ ------------------------
Costs of raising donations and legacies 5,574 6,059
======================== ========================
Costs of other trading activities
Costs of other trading activities - Shop costs
Opening stock 6,354 –
Purchases 2,595 5,873
Closing stock (5,328) –
Fundraising expenses 304 1,017
------------------------ ------------------------
3,925 6,890
------------------------ ------------------------
------------------------ ------------------------
Costs of other trading activities 3,925 6,890
======================== ========================
Expenditure on charitable activities
Provision of mountain rescue
Activities undertaken directly
Amortisation 1,298 1,298
Depreciation 40,267 27,911
Provision of mountain rescue 55,222 121,064
----------------------------- ----------------------------------
96,787 150,273
----------------------------- ----------------------------------
Support costs
Telephone 1,959 2,204
Other office costs 4,835 3,669
Media costs 159 250
------------------------ ------------------------
6,953 6,123
------------------------ ------------------------
Governance costs
Accountancy fees 2,609 2,833
Legal and other professional fees 480 –
------------------------ ------------------------
3,089 2,833
------------------------ ------------------------
---------------------------------- ----------------------------------
Expenditure on charitable activities 106,829 159,229
================================== ==================================

29