Charfty registration number 1063329 (England and Wale5) Compary registration number 03255894 PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED LEGAL AND ADMINisfRATIVE INFORMATION Trustees Mr P G Baker (Treasurer) Mr R N Barrow Mrs M A Childs Mr S Duffy Mrs J Freeborn Ico-opted Vice-chair 7 Cktober 20241 Mr K N Hardcastle Isecretaryl Mr M Cotterell Mr A Brenan (Appointed 7 Cktober 20241 (Appointed 14 May 20241 (Appointed 14 May 20241 (Appointed 14 May 20241 (Appointed 14 May 20241 Mr G Bridge Mr N Harling (Chair 9 July 20241 Prof. M Jackson Charlty number IEn8land and Wales) 1063329 Company number 03255894 Registered offlce Patterdale Mountain Rescue Ogilvie House Patterdale Penrith Cumbria CAii OPJ Independent examlner David Andrew Liddle BAIHonsl. FCA 4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CAII 9GR Investrnent manager5 RBC Brewin Dolphin 12 Smithfield Street London ECIA 9LA
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED CONTENTS Trustees, report Independent examiner's report Statement of financial activities io Balance sheet li Notes to the financial statements 12-22
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accountlng policies set out in note I to the finantial statements and comply with the charity's governing document, the Companies Act 2LIJ6. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financlal Reportiri8 Standard applicable in the UK and Republic of Ireland IFRS 1021" ObJectSves and actlvltles Pollcle5 •nd Objectlves The prlnclpal objert of the company Is to promote and sustain Patterdale Mountain Rescue Team, a charitable rescue Service for all who suffer slckness, peril or any other adversity on any of the mountsins in Great Britain and partitularly on the mountains of Cumbrla In the vicinity of Patterdale, or while boatlng or bathin8 in the lakes, rivers and streams In the vlcSnity. Stroteglesfor ochievinq aim5 ond objectives All Team members need to be appropriately trabned, have the right equipment. and be fully tommitted to being on call at all times, to give practlcal and medical assistance to those in danger on the hills and lake. Team members train and meet regularlv to develop ond maintain their rescue and first-aidlmedical skills, and National Qualifications are gained where appropriate. New entrants undertake a forrnal probationary perSod. The Team will also liaise with other ScUe servlces, for example.. fSre, police, ambulance. lifeboat and other mountain rescue teams, at times of major incidents. All members actively promote and support fund-raisin8. education and community events. as public money is the only source of income. Thi5 also help5 to provide a posltive proflle in the local community and to the many tourlsts who vi51t the aa. Public benefit The trustees have pald due regard to guidance issued by the Charlty Commlsslon In deciding what actlvities the charlty should undertake. The Charity provides a vital emer8enry servSce to the general public to enable all to enjoy outdoor activities in the area.
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES. REPORT {INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Chairman's Report by Mr N Harlin l am privileged to have been voted in a5 Vice Chair, and later Chair, of Patterdale Mountain Rescue Association last summer and to carry on the good work laid down by previous dedicated Chairpersons. I would like to thank the previous chair of the Association. Chris Sanderson. for his wise counsel and the way he steered the Patterdale shÉp through some challenging and emotional times. The role is key to ensuring good Governance, support is delivered to the Team and the best interests of PMRT are looked after so the Team has the space, ener and time to focus on operational matters and save lives. (her the past 60 years, equipment, technology and expertise has develo enormously. It is key that we support these changes and the Team have access to new ideas to allow this to happen,. for the rescuers to be safe and MO efficient and for the casualty to be cared for more quitkly. with the latest treatments and diagn05es. We want the Team to have the latest, the lightest. the strongest and most effective equipment to make their job on the fe115 quicker and safer- and that in turn will benefit the casualty. We have invested in new clothin& new equipment and great training- all to make rescuing safer, drier and warmer and also to allow the risk encOUnted on the mountsin to be reduced. Subgroups within the Board of Trustees meet regularly to focus on key areas of Governance. The Investment Subcommittee have been looking at treasury management including appropriate and safe investment opportunities for our funds. A Risks Group review and revise the organisation's risk management including our ability to recognise. mitigate and retord risks effertively and use this knowledge in our training and approach to re%ues. It is vital to learn from experience and to both debrief, and review operational activities trj make Mountain Rescue a safer environment. Last year we purchased a new Rigid Inflatrble Boat IRIBI to allow us to reach the inaccessible areas across Ullswater and support other rescue organisations on the lake. We are very grateful to those who helped fund this boat, which allows these rescues to be safer and quicker. We are also very grateful to the Chris Lewis Trust Fund for its generous donation which will enable us to support members following any future accident. The funds will also support additional training at a gional level and introduce an annual I biennial lecture for the benefit of all involved in Mountain Rescue a5 well as supporting the acquisition of a new vehicle when required. I would like to thank the supporters. the fundraiser5. my fellow Trustees, the Team Member5 and oFficers for the tireless energy and time they give to Patterdale Mountain Rescue Team as volunteers. We are one of the few countries in the world that offer this service for fe. Our members give untold hours to the Team and to help others, often risking their own lives- these are the unsung heroes of the fells, who seek little gratitude and praise. who do this because they want to help others. and ensure they are safely escorted from the fells. We a grateful to the public for their generous support which allows us to continue our Vrk and we will continue to support our Team and give them the tools to rescue those who need help.
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tearn leader's Report by Mr M Cox A51 draw towards the end of my first year as Team Leader and embark on my fourth decade with Patterdale Mountain Rescue Team, I'm filled with pride and a huge sense of sponSibl11ty- The Team's 60th Anniversary celebrations We a poignant reminder of the dedication and unwavering commitment that Members past and present have shown. In my time with the Team I have served under four exceptional Team Leaders, each one driven to elevate our standards, techniques and equipment. My commitment is to build on this important legacy while propelling the team forward,. ensuring PMRT remains at the forefront of Mountsin Rescue in the UK. During 2024 we said goodbye to a number of long seThing and pivotsl team members: their skills. experience and camaraderie will be keenly missed but we wish them all well and hope that they will remain engaged in the Team's activities and remain part of the wider PMRT family. We also welcomed a number of new members into the fold with si¥ members continuing the journey through their probationary period and four being voted in as full Team Members. With a younger generation of members beginning to find their feet in the Team and embrace £ater roles and SponSibl11t1es. l am confident that the longevrty of Patterdale Mountain Rescue Team remains assured. The past year has certainly presented us with its challenges. 2024 brought a signifbcant surge in callouts.. a stark increase from 62 incidents in 2023 to a staggering 109. This increase represents not just numbers. but often al people in need, occasionally in vulnerable and dangerous situations. While we remain steadfast in our response to the traditional slips. trips. and injuries. a concerning trend has emerged.. a marked rise in avoidable incidents. These incidents, often stemming from poor planning. inadequate preparation, unrealistic goals or a lack of understanding about our role, have placed an unnecessary strain on our SOurceS and, more importantly. our members. The plight of many young wild campers. unprepad for the challenges of the fells. losing their way land occasionally eguipmentl in the dark or dverse weather, serves a5 a stark example of this growing problem. This tnd is not isolated to Patterdale; it's a shared concern across a number of Lake District Mountain Rescue Teams. Recognising the need for a proarttve approach. one that prioritises education and prevention, we are committed to significantly amplifying our educational efforts during the summer of 2025. 1 hope that we will be able to engage with visitors in a number of ways - in person at Open Days at the Base, through social media. in print and on television to disseminate crucial safety information. We will focus on creatin8 easily digestible content to empower indNiduals with the knowledge and skills necessary to navigate the fells in a safe and responsible manner. l anticipate 2025 being another busy year for PMRT. be that through rescue5, training or our other endeavours listed above. As such. I thank you for your continued support and hopefully, rf we should meet in 2025, it will be under benign or happy circumstance.
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIREcfoR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal review by Peter G Baker. Honorary Treasurer The Incoming Resources for the year ended 31st December 2024 We £839,259. Outgoing Resource5 amounted to £227,915. The surplus for the period was É654.456 which included an unrealised 8ain on investments of £43,112. The charity has free reserves of £923,20912023.' £794.8191. Going concern After making appropriate enquirie5, the Trustees have a reasonable expectatbon that the charitsble company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the goSng concern basis in preparing the flnanclal statements. Reserves pollcy Reason5 for the Assoclatlon's Rese The Associatlon has assessed that there are two prlnclpal reasons to hold reserve5 to meet perceived future needs: l. The nature of the Team's work is such that there is a rlsk that s18nificant funds could be needed at short notlce to replace Items/facilitie5 that are not capable of bein8 insured or to cater for major unforeseen demands. 2. The requlrement to malntain the Team's Base Iogilvie House), replace vehicles on a regular basis. meet leglslatlon, and make due allowance for depreciation have caused the Trustees to make provision for reserves to cover these reqvSrements If net income were to be InsufficSent for this purpose. The Assoclatlon's Re5er¥es l. The Association holds investments in the Cumberland Building Sxiety, Penrith Building Society, Barclays 8ank and a number of fixed term deposit accounts via Flagstone Group Limited. the income from which has been reinvested within these accounts. The Association also holds accounts with Fidelity International and Rathbones Asset Management. The intome from the formerls re-invested and from the latter paid into our Barclays CUrnt account. 2. The Associatlon's poliry 15 to maintain cash re5efves of at least two years, normal operatin8 Cost expenditure (currently approximately £105,000 pa i.e. £210,1. Holdin85 in excess of this serve the dual purpose of 8eneratln8 investment Income whilst a150 accumulatin8 to meet significant future capital needs such as the refurbishment of another vehicle and the construction of an extension to Ogilvie House to accommodate equipment and improve training facilitles. Annual depreciation of £S0.150 is shown in the accounts and allowance is made for the replacement costs of these a55ets in additlon to routine operating costs in arriving at the Reserves target. How the Assoclatlon malntslns the abo¥* Reserves Expenditure and fundraising decisions are based on ensuring that the long term as well as day-to-day quIrementS of the Team are addressed. Re8ular Trustees meetings. in parallel with sound day-to-day management of the As50eiation 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 Monltorfng and Revlew Pr¢xedure The Treasurer is responsible for the production of monthly management accounts, which are shared with the Trustees and budget holders. 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.
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES. REPORT (INCLUDING DIREcfoR'S REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy Investment Pollcy and Performance l. Reserves have been established in accordance with good financial govemance practice and the requirements of the Charities Commission, taking into account the ad¥Trce received from the Association's accountant5. The size of the reserve 15 reviewed annually by the Trustees. The Trustees consider whether the funds to be invested for the longer term under this policy should match, exceed. or be less than the reserve. The policy and its implementstion are reviewed annually, prior to the Annual General Meeting IAGMI. or more frequently if required. 2. Reserves provide for the long term needs of the Patterdale Mountain Restue Team, including provision for malor infrastructure and equipment projects, and potential shortfa115 of in-year Income meetln8 in-year expenditure requirements. 3. The Trustees believe that it is nece55ary for a proportion of the Reserves to be invested on a medlum to long term basis Imeanin8 a minimum of five to ten years and preferably considerably longer) to provide a return exceeding inflation. The Memorandum of Assoclation of PMRA provides authority for the Trustees to take such investment decisions on behalf of the Assoclation. The Trustees also art in accordance with the requirements of The Trustee Act 2000. 4. The Trustees have determined the following investment objettives.'_ 11 To preserve the value of the Association's investments in real terms. 21 To provide a weighted average rate of return greater than UK inflation as rneasud by the Consumer Price Index and to deliver this return within acceptable levels of risk and volatility. 5. At least 70% of the assets should be in investments that can be realised within three months in case of major unforeseen demands, over and above normal operating expendlture. 6. To dellver thls polScy, the Trustees determlned that the management of the funds invested as above should be entrusted to a professional investment management company, selected on the basis of a long track record of successful management of major sums of money. RBC Brewin Dolphin have been appointed by the Associatton to manage our funds with the aim of provlding a balanced return combining income and capital growth to protect the real valve of the funds. The Association manages two accounts.. unrestricted funds for financing capitsl expenditure and the lon8-term sustainability of the Rexue Team - $trIcted funds that are to be used to supportlfinance specified projects: new vehicle fund technical trainin8 and education fund benevolent fund 7. Monitorlng of R8C Brewln Dolphln 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 A550ciation including the Chair lor in the absence of the Chair, the Vice-chairl and the Treasurer lor in the absence of the TasUrer, the Secretary). 8. The Trustees have further determined that the funds selerted for investment should maintain a balanced portfolio across, as approprtate, a range of investment Classes including UK and overseas equities. government and high quallty commerclal bonds, property and cash, all subject to the advice of their professional investment manager. 9. Changes to this policy shall be subject to approval at a formal meeting of the Trustees.
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strurture. governance and management Constitution The company is registered as a tharitable 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 objert of the company 15 to promote and sustain Patterdale Mountain Rescue Team, a charitable ScUe seThice 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 Fn the lakes and rivers or staMS in the vicinity. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements We.. Mr P G Baker (Treasurer) MrR N 8arrow MrsA F Bell Mr M A Blakey Mrs M A Childs Mrmcox MrSDuf Mrs J Freebom (Co-opted Vice-chair 7 lTrtober 20241 Mr K N Hardcastle (Secretary) Dr A McAlea Ms P J Newport Col. IRetdl Christopher Sanderson OBE JP DL Mr M Cotterell Mr A Brenan IResigned 17 May 20241 (Resigned 14 May 20241 IReshgned 14 May 20241 IRe5i8ned 14 May 20241 IRe5igned 14 May 20241 (Resigned 14 May 20241 (Appointed 7 (ktober 2024} IAppointed 14 May 20241 IAppointed 14 May 20241 (Appointed 14 May 20241 (Appointed 14 May 20241 (Appointed 14 May 2024 and resigned 16 Mayl Mr G Bridge Mr N Harling (Elected Vice-chair 14 May 2024- Chair 9 July 20241 Prof. M Jackson Mrs Swilson Recruitment Jnd oppointment 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 reelection. A Chairman and Vice-chairman may. if willin& serve in their respective posts for a maximum of six consecutive years, subject to an annual review, recommendation by the Trustees to members attending the AGM. and election by those Members at each AGM.
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Policie5 Adopted for the Inductlon and Trainirg of Trustee5 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.. understand their role. - ensure delivery of the Association's purpose and use resources solely for that purpose. work effectively as individuals and as a team. making decisions collectively where necessary. exercise effective control, with clear processes. and with due care. skill and prudence. rnanage risks effectivelv. - engage expert external professional support where necessary. behave with integrity and ensure the Assotiation complies with relevant law and gUlatiOns. - and a open and accountsble, minuting meetings and reporting publicly. Declarations of Trustees, actuallpotential conflicts of Interest a recorded annually, and managed appropriatelv. Trustee5 are annually reminded of Charity Commission guidance on Trustees, duties and spOnsIbl11t1eS and the relevant Code and Principles of operation. Organisotionolstructure The Charity Trustees are all volunteers and are responsible for the general control and rnanagernent of the Charity. Quarterly meetings are held by the Tfustees, and also by Teèm members, to discuss finance, training and other relevant issues.
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other mutters Rlsk Management The Trustees of Patterdale Mountain Rescue A$latIOn a committed to maintaining a strong risk management culture and believe that sound risk management is integral to good governance of the As50eiation. effective management of the Rescue Team's operations and engagement with their beneficiaries and the wider public. To this end the Trustees have established a Risk Policy with the aim of ensuring every effort is made to manage risk appropriately. to enable the charity to respond to internal and external risks and to ensure the long-term sustsinability of Patterdale Mountain Rescue Team operatior*s. The Trustees maintain responsibility for overall risk management and delete SPOnsibl11ty for management of rlsks associated with rescue team activities to the Team Leader. The Trustees have reviewed the most material strategic risks which the charity faces and receive regular report5 from the Team Leader regarding any leVant issues of an operational nature. which may impact the risk profile of the charity. At each meeting of the Trustees, rrsks associated with the following business areas a considered and, where necessary. mitigation steps estsblished: -Financial management -Fundraising -Investment management -Expenditure control and funding qUests -Governance, Trustee skills and recruitment -External communication and reputation -Rescue Team operations The Rescue Team leadership similarly VIeW key operational risk areas and provide regular updates to Trustees, including: -Team member capacity, selertion and training -management of operational deployments -Equipment. including vehicles. communications and infomation systems -medical support Members Liability The members of the company guarantee to contribute an amount not exceeding f I to the assets of the Charity in the event of windingup. Public Benefft The Trustees of Patterdale Mountain Rescue A5ciatIon Limited believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public bellefit guidance published by the Charity Commission. The tru5tees' port was approved by the Board of Trustees. MrPGBa er Mr N Harling Chairrnan Honorary Treasurer Date:
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED 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 2024. Responslbilltles and basls of report As the trustees of the charlty land also its directors for the purwses of company lawl, you are responsible for the preparation of the financial statements in accordance with the QuireMents of the Companies Act 2(M)6. Having satisfied myself that the financial statements of the charity are not required to be audlted under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examlnatlon I have followed the Directions given by the Charity Commi55ion under 5ertbon 1451511bl of the Charities Act 2011. Independent examlner's st•tement Slnce the charity's gross income exceeded £250,OCrf), the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examination because l am a member of Institute of Charted Accountant5 in En8land and Wales. which is one of the listed bodies. I have completed my examlnatlon. I confirm that no matters have come to my attention In connectlon with the examlnatlon Ivin8 me cause to believe that in any material respect: accounting records were not kept in respect of the charlty as required by sertion 386 of the Companies Att 21XJ6. the financial statements do not accord with those record5. or the flnanclal statements do not comply with the accounting requirements of section 396 of the Companles Act 2006 other than any requirement that the financial statements glve a true and fair view, which Is not a matter considered as part of an Independent exarnination,. or the flnancial statements have not been prepared Sn accordance with the methods and principles of the Statement of Recommended Practlce for accounting and reporting by charities applicable to charities pparIng their financial statements in accordance with the Flnantial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters In connertion with the examlnatlon to which attention should be drawn In th15 report in order to enable a proper understanding of the financial ststements to be reathed. Oavld Andrew Llddle BA{Hons), FCA 4 Mason Court Gillan Way Penrith 40 8uslness Park Penrith Cumbria CAII 9GR pfli,J
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unlestricted funds 2024 Restrlrted fund5 2024 Totsl UnTestricted funds 2023 Restrlcted fvnds 2023 Total 2024 2023 Notes Incorne from: Donations and legacies Charitable attivities Investments 222,192 19.272 10.766 577.597 799,789 19,272 20.198 If,926 13.929 5,264 50,750 211,676 13,929 5,264 9,432 Totsl income 252.230 587.029 839.259 180.119 50.750 230.869 ExpendFture on: Raising funds Charitable activities 11.940 205,162 11.940 215.975 12,545 126.697 12,545 131,175 10,813 4,478 Total expenditure 217.102 10,813 227.915 139,242 4.478 143,720 Net gains on investments 12 43.112 43.112 49,578 49,578 Net income and movement in fund5 78,240 576,216 654.456 90.455 46,272 136.727 Reconcillation of funds: Fund balances at l January 2024 1.464.859 55,696 1,520.555 1.374.404 9.424 1,383,828 Fund balances at 31 December 2024 1,543.099 631,912 2.175,011 1.464.859 55.696 1,520,555 The statement of financial artivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investments 14 619,890 576.966 670,040 533,854 15 1.196.856 1,203,894 Current assets Stocks Debtors Cash at bank and In hand 16 4.850 18,993 337,474 17 23.591 955,253 982,904 14.7491 361,317 144,6561 Credltors: •mounts tallln8 due wlthln one year 18 Net current assets 978,155 316,661 Total assets less current Il•bSlltSes 2,175,011 1,520,555 The funds of the charlty Restricted Income funds Unrestrlcted funds 19 20 631.912 1.543,099 55,696 1,464,859 2,175,011 1,520,555 The company Is entltled to the exemption from the audlt requirnent contslned In sectlon 477 of the Companles Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying Wlth the requirements of the Companles Act 2(M)6 wlth respect to accounting records and the preparation of financlal statements. The members have not required the company to obtain an audit of its financial ststements for the year In questSon in accordance with section 476. These flnanclal statements have been ppared in accordance with the provlslons applicable to companies subject to the small companie5 regime. The financial statements were approved by the trustees on ... ..... Mr P G Baker ITreasurer) Trustee Mr N Harling Ichairman) Trnsteè Company giStratIon number 03255894 IEngland and Wale5) 11
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcSes Charity information Patterdale Mountain Rescue Association Limited is a private company limited by guarantee incorporated In England and Wales. The registered office is Patterdale Mountain Rescue. Ogilvie House. Patterdale. Penrith, Cumbria, CAII OPJ. 1.1 Accountln8 convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accotjnting and Reporting by CharFties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable bn the UK and Republic of Iland IFRS 1021" The charity is a Public 8enefit Entity as defined by FRS 102. The charity has taken athantsge of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been ppared uftder the historical cost convention. Imodified to include the revaluation of freehold properties and to include investment properties and certsin financial instruments at fair valuel. 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 charity has adequate resources to continue in operational existence fof 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 disCtion of the trustees in furtherance of their charitable objectives. Restrirted funds are subject to specific conditions by donors or grantors as to how they may be used. 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 capitsl must be maintsined by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any perforniance conditions have been met, the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. L¢nless performance conditions requi deferrnl of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the tirne of the donation. Legacies are recognised on receipt or otherwtsse if the charity 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 3 contingent asset. 12-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnuedl 1.5 EJ(pendlture Expenditure is recognised once there is a legal or construrtive obligation to transfer economic benefit to a third party. it is probable that a transfer of economlc 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 artivity are made up of the total of 1ct costs and shared costs. Including support cost5 involved in undertaking each activity. Dlrect costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and SL¢PPOrt costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Depreciation charges are allocated on the portion of the asset's use. Website 1.6 Tanglble flxed assets Tangible fixed assets are Inltially meaSUd at cost and subsequently measured at cost or valuation, net of depretiatlon and any impairment losses. 3 years Straight line DepreclatSon 15 recognlsed 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 bulldin8S Plant and machinery Fixtures and fittin8S Motor vehicles Property Straight line over 50 years, land Is not depreclated 20% reducing balance over 3 years straight line IO% and 20% reducing balance The gaSn or loss arising on the disP05al 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 Flxed asset In¥estments Flxed asset Investments are Initially measured at transaction price excluding transattion costs, and are subsequentlv measured at fair value at each reportlng date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of flxed assets At each reporting end date. the charity reviews the carrying amounts of its tangible and intangible assets to determlne whether there is any indlcation that those aets 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 lif any). IS Stocks stoc are stated at the lower of tost and estimated selling price less tosts to complete and sell. Cost comprises direct materials and, where applicable, dirert labouT costs and those overheads that have been incurred in brin8ing the stocks to their present location and condition. Items held for distributlon at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value Is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equlwJlents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments wlth original rnaturities of three months or less, and bank oNErdrafts. Bank overdrafts a shown within borrowir¢gs in current liabilities. 13-
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Account5ng policles Icontlnuedl 1.11 Flnan¢lal Instrurnents The charity has elected to apply the provisions of Section 11 'Baslc Flnanclal Instruments, ènd Settion 12 '0ther Flnancial Instruments Issues, of FRS 102 to all of its financial instruments. Flnancial Instruments are recognised in the charity's balance sheet when the charlty becomes party to the contractual provisions of the Instrument. Financlal assets and liabilities a 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. Boskflnonelol 055ets Basic financial assets, which include debtors and cash and bank balances, aTr initially measured at transattlon prSce Includlng tfansaction costs and are subsequently carrled at amortised cost usin8 the effertive interest method unless the arrangement constitutes a financing transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classifled as receivable wlthin one year are not amortlsed. Baslcflnonclol Ilabllltles Baslc financial liabilities. including creditors and bank loans are initially reco8nised at trnn5a¢tion prlce unless the arrangement constitutes a finanting transaction, where the debt instrument is measured at the present value of the future payments dlscounted at a market rate of interest. Financlal Ilabilitles classified as Vable within one year are not amortlsed. Debt instruments are subsequently carried at amortised c05t, U5in8 the effectlve Intet rate method. Trade creditors are obllgatlons to pay for goods or seThices that have been acquired In the ordlnary course of operatlons from suppllers. 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 InStlèlly at transactlon prlce and subsequently measured at amortlsed cost using the effective interest method. Oeretoqnltlon olfinanclol Ilobllltles Flnancial Ilabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng estlmates and judgements In the appllcatlon of the charity's accounting policies. the trustees are required to make lud8ements, estlmates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions a based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are retognised in the period in which the estimate is revised where the vision affects only that period, or in the period of the revision and future periods where the vIsion affeets LN)th current and future periods. 14-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestrirted funds Restrfrted funds 2024 Totsl Unrestricted funds 2023 Restrirted funds 2023 Total 2024 2024 2023 Donations and gifts Legacies Other 73.195 129,777 19.220 124 577,473 73.319 707.250 19,220 21,430 121.465 18,031 50.750 72,180 121,465 18.031 222,192 577,597 799,789 IflJ.926 50.750 211.676 Donations and gffts Donations HMRCGift Aid Collection Boxes Other 60,771 6.732 5.692 124 60.895 6.732 5.692 58.673 6.570 6.187 150,0001 750 59.423 6,570 6,187 50,000 73,195 124 73,319 21,430 50,750 72,180 Income from charitsble activltles Unrestricted funds 2024 Unrertricted funds 2023 Other Trading Activltle5 Sale of goods 19,272 13,929 Intome from investments Unrestricted funds 2024 Restrirted funds 2024 Total Unrestrirted funds 2023 Restricted fvnds 2023 Total 2024 2023 Income from listed investments Bank interest receivable 2,041 8.725 2,041 18,157 2.195 3,069 2,195 3.069 9.432 10,766 9.432 20.198 5,264 5,264 15-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unrestricted funds 2024 Unrestricted fvnds 2023 Fundraising and publicity Cost of other trading activities - Shop costs 6.763 4,799 Trading costs Cost of raising donations and legacies- Donations 5,177 7.746 Total costs 11,940 12,545 Expenditure on charitable artivities Support Costs Support Costs 2024 2023 Dlrect costs Depreciation and amortisation Provision of mountain rescue 50.150 156,745 40.620 83,020 206,895 123,640 Share of sUPPOrt and governance costs Isee note 8) Support 9.080 7,535 215.975 131.175 Analysls by fvnd Unrestricted funds Restricted funds 205.162 10.813 126.697 4,478 215,975 131,175 16-
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs •llocated to actlvitles 2024 2023 Communications and IT General Office Governance costs 1,102 4,848 3,130 1.076 4,064 2,395 9,080 7,535 Analysed between: Support Costs 9,080 7,535 Independent ex•rnln•tlon fees Fees payable to the charity's independent examiner and associates: 2024 2023 Independent examination of the financial statements of the charity 1,950 1,953 10 TrustetS None of the trustees lor any persons connected with them) received any remuneration or beneflts from the charlty durin8 the year. Employees The company doe5 not have any employees. The company has trustees but they dld not recelve any remuneratSon Sn the year.12023 £Nill 12 Galns and losses on Investments Unrestrlrted fvnds 2024 Unrestrlrted fvnds 2023 Gainslllossesl arising on: Revaluation of investments 43,112 49.578 17-
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 T#tIon The charity is exempt from taxation on its activities because all its income 15 applied for thariLible purposes. 14 T•nglble flxed assets Freehold knd and bulldln Plant and mathlnery Fixture5 and Motor b*hk At l January 2024 733.111 242.249 38.828 222,636 1,236,824 At 31 December 2024 733.111 242,249 38,828 222.636 1,236,824 Deprecl¥tlon •nd Srnp¥lrmefit At l January 2024 Depreclatlon charged in the year 250,660 13,212 112,862 26,649 38,828 164,434 10,289 566,784 50,150 At 31 December 2024 263,872 139,511 38.828 174,723 616,934 Carryln8 amount At 31 December 2024 469,239 102,738 47,913 619,890 At 31 Oecember 2023 482,451 129,387 58.202 670,040 15 Flxed •sset In¥tstmÈnts Llsted In¥estments Cost or valuatSon At l January 2024 & 310ecember 2024 533,854 Carrylng amourt At 31 December 2024 533,854 At 31 December 2023 533.854 All investments have been valued at fair value. these values have been provided by the fund managers themselves, Fidelity and Rathbones at the year end date. 16 Stocks 2024 2023 Finlshed goods 4.850 18-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Debtors 2024 2023 Amounts talling due within one year: Other debtors Prepayments and accrued incorne 17.511 6.080 16,271 2.722 23,591 18,993 18 Credltors: arnounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 2.529 2,220 1,366 43,290 4,749 44,656 19 Restrlrted funds The restricted funds of the charity comprise the unexpended balance5 of doftations and grants held on trust subject to specific conditions by donors as to how they m8y be used. At ljanuary 2024 Incoming resouTces Resources expended Transfers At 31 December 2024 Rescue vehicle renewal fund (Mobile 41 Team buildin8 fund Benevolent fund Vehicle fund Regional training and education fund 1.336 4,360 50.(M)O 11,3361 124 236.905 120.LKKI 13.7061 17.1071 778 279.798 121,336 1.336 230.) 230,000 55.696 587,029 110,8131 631.912 19-
PAThERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restrlrted funds Icontlnuedl Prevlous year: At l January 2023 Incomlng resources Resources expended Transfers At 31 Dtternr 2023 Fixed asset fund Rescue vehicle renewal fund Imobile 41 Crowdfunder vltal slgns monitor fund Chri5 Lewis support fund Team bulldin8 fund Chrls Lewls fund 816 18161 1.336 1,336 11,(J)91 12,1501 15031 2.150 4,113 750 4,360 50,CM)O 9.424 50,750 14.4781 55,696 Flxed asset restrlcted funds represents purchases of fixed assets from specific grants where restrlctlon5 apply. The vehlcle renewal fund represents a fund for the purchase of new fescue vehlcle Imoblle 41. The Crowdfunder vital signs monltor fund represents funds raised towards the purchase of a vltal s18ns monltor. The monltor was purchased in 2023 and 55 now being depreciated in line with the depreclatlon polScy set out by the Charity. The team buildlng funds represents grants received towards the purpose of team bulldln8 events for the volunteers. The Chris Lewls fund represents the donatlon received from the Chris Lewis Trust Fund. These funds wlll be used to provlde: A new rescue vehicle Regional trainin8 and education A benevolent fund 20 Vnrestrlcted 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 deslgnated fund5 which have been set aside out of unrestricted funds by the trustees for specific purpose5. At l January 2024 Incornin8 res(rceS ResourcesGalns and losse5 At 31 December expended 2024 General funds 1.464,859 252,230 1217.1021 43,112 1,543,099 -20-
PArrERDALE MOUNTAIN RESCUE ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unrestrirted funds {Continued} Previous year: At l January 2023 Incoming resources ResourcesGal and1055es At 31 December expended 2023 General funds 1.374.404 180.119 1139.2421 49,578 1.464.859 21 Analysis of net a55ets between funds Unrestrirted fvnds 2024 Restrirted funds Total 2024 2024 At 31 December 2024: Tangible assets Investments Current assetsllliabilitiesl 619.890 576.966 346.243 619,890 576.966 978,155 631.912 1.543,099 631,912 2.175.011 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Tangible assets Investments Current assetsllliabilitiesl 670,040 533.854 260,965 670,040 533,854 316,661 55,696 1,464,859 55.696 1,520,555 Related party transactions There were no related party transattions in the year. 21