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← Langdale/ambleside Mountain Rescue Team

2024-12-31-accounts

Charity registration number 1080132 (England and Wales)

Company registration number 03939625

LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

D Barrington

O Benson

N Bowness R Brackenbury K Jones P Kirby G Lobb C Robinson Mr A Caple Mr P Bamforth

(Appointed 25 April 2024}

Secretary

Nicolas Short (appointed 1207/2023)

Senior management Phil Kirby Chair Nicholas Short Secretary Dave Barrington Treasurer Oliver Benson Team Leader Graham Lobb Equipment Officer Kingsley Jones Training Officer Neil Bowness Communications Officer Geoff Bowen President Peter Bell Vice President Charity number 1080132 Company number 03939625 Principal address Low Fold Base Lake Road Ambleside Cumbria LA22 ODN Registered office Low Fold Base Lake Road Ambleside Cumbria LA22 OON Auditor Saint & Co The Old Police Station Church Street Ambleside Cumbria LA22 OBT

LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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Achievements and performance

Significant activities and achievements against objectives

The Charity continued to carry out voluntary rescue operations and sell items of stock in furtherance of its charitable objects. Significant developments in the year were the continued upgrade of our team Land Rovers, which over the past 2 years have had a considerable cost. Fortunately most of the costs were covered by specific legacies. We continue to support and promote the Lake District-wide public safety campaign ‘Adventure Smart’.

Mountain rescue teams offer a unique service to injured or lost hillwalkers. It is not an understatement to say that in in some cases this can be lifesaving and in others improves the quality of health outcomes immensely.

The wider society benefits by having access to a resource of available, skilled personnel who are prepared to respond in conditions and environments that other rescue services would struggle in.

We attend every incident that we are tasked to in one form or another, therefore it's fair to say we are achieving our objective. It is very difficult to put a measure on our success other than saying we receive many letters and cards thanking the team (and in some cases a monetary donation) for helping those that have needed rescuing from the mountain, fells, moorlands, rivers, streams, and areas with difficult access. Many of these have required pre-hospital medical attention. The incidents attended by the team are consistently around 100 per year. The volunteer members respond 24 hours per day and 365 days each year in all weathers to ensure we repatriate the injured or lost person or persons with family or to hand the injured or ill casualty to medical professionals. We ensure all team members are adequately trained for the team members to achieve our objectives of assisting those in trouble whilst getting all back home safely to family.

During this year we had to delve into our cash reserves as our income fell below our projected income. We have though managed to provide the very best in the way of equipment.

For some years now, the team has had the opportunity to invest monies given to the team. Some years ago, the trustees decided that an investment sub-committee chaired by the treasurer would oversee these investments. Recommendations by this sub-committee would be put to the trustees during one of the regular trustee meetings; the trustees would then vote on the recommendations. We currently use 3 investment companies (Janus Henderson Investors, Charles Stanley & Co Ltd and Rathbones Group) for long term investments over a 10-year period, and annually we complete a risk assessment to ensure our investments are in line with what is acceptable risk. We have decided to engage a 3rd party independent financial advisor in 2025 to undertake a review of our investments (finance, cash and property) to ensure we the trustees are acting in the best interest of the charity.

In addition, we purchased a property in Ambleside some years ago and let that property with its monthly income going into our general business accounts held with Nat West Bank {for accountancy good practice we have the property valued biannually).

We internally review the performance of the investment companies every 6 months and normally have a review meeting with the investment companies annually. However, with Janus Henderson this has not been possible as the account holders; previous trustees have left our team.

As part of our remit to help people in need in the mountains we have agreed an interest free loan facility of up to £500,000 to our neighbouring team, Duddon and Furness Mountain Rescue Team {(DFMRT) to assist them in their building of a new base. Construction is due to start in April 2025. It is anticipated that DFMRT will have raised most, if not all the necessary funds required by the end of 2025, however this facility is available, should they encounter a shortfall.

Fundraising practices

During the current and prior year the charity did not carry out any significant fundraising activities beyond fundraising trading.

The charity did not engage anyone to carry out fundraising on its behalf during the year, and it did not receive any complaints regarding its fundraising.

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° LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

The company's net income for the year was £162,122 (2023: £238,317) including gains on listed investments and investment property of £124,182 (2023: £70,281).

We have ended 2024 in a satisfactory financial position despite the turbulent world we live in. The amount of monies received from legacies is down against the previous 2 years, however we recognised that these legacies reflect the work of the team not within this last 12 months, but over many years from our beginning in 1970.

We continue to provide monthly management accounts to the trustees, Committee, and team members. This is working well and continues to help in decision making and for general understanding of what and where we spend the monies donated to us.

The Charity depends upon donations from members of the public to meet its operating costs. Several legacies have supported our financial position, enabling the Trustees to consider the needs of its future beneficiaries, take a more strategic view of its finances, possibly support projects that benefit mountain rescue at a regional and national level, and diversify its investments accordingly.

The receipt of £126,718 in legacies has had a very significant impact on the sustainability of the team for years to come. We greatly appreciate the value of regular donations received from our patrons and supporters. These together with one-off donations has ensured the teams solvency for a few years ahead.

We have previously stated that we take the responsibility very seriously in managing the team's financial position. The investment sub-committee uses professional advice from time to time in assessing the performance of its fund managers. We review annually the investment property worth, and the costs associated with owning the property. We use an independent locat company to manage the property on the behalf of the trustees.

Our vehicle upgrade program is progressing well, with three vehicles completed so far and a fourth expected to be completed in April 2025. This just leaves one vehicle to be upgraded or replaced and a decision on that will be taken during this year. The upgrades include internal and external roll bars, emergency lighting and state of the art communications equipment. We have continued to ring fence £300,000 as a provision in 2024 accounts.

Our objective for our longer-term investments is to manage the value to effectively breakeven with an inflation growth.

In this uncertain world our main objective is to ensure the future of this team by good management, ensuring the rescue base can provide the training, equipment and garaging space for training and operations.

If we look forward into 2025 and beyond it seems the world is becoming less safe, and the economic outlook is also uncertain. The risks are monetary especially the investment portfolio, but the reserve funding strategy should mitigate any real impact on the team's ability to continue to function to the very high standards we set.

We do communicate with our investment partners and put forward our ideas where we would prefer the investment to be used especially in environmental and ethically managed businesses.

During the current and prior year the charity did not carry out any significant fundraising activities beyond fundraising trading. The charity did not engage anyone to carry out fundraising on its behalf during the year, and it did not receive any complaints regarding its fundraising.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. eee

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

On 31st December 2024 total reserves were £4,500,364 of which, £2,606,890 were designated, which leaves remaining unrestricted reserves on 31 December 2024 of £1,903,474. The reserves are greater than those required to be in line with the charity's reserve policy.

Included in reserves is £1,365,556 which can only be realised by disposing of tangible fixed assets of £865,556 and investment property of £500,000. This leaves the charity with free reserves of £3,134,808.

We have spent monies in 2024 on additional new rescue equipment whilst replacing equipment which has reached its end of life. These purchases together with refurbished vehicles have increased significantly our asset valuation.

Designated Operational Reserve

The designated Operational Reserve has been increased to £675,000, reflecting approximately three years’ running costs, to provide a safeguard against sustained loss of donations income and / or unforeseen major items of expenditure. The reserves policy is reviewed periodically in the context of the Charity’s current financial position and future needs.

Designated Medical Seminar Reserve

This is to underpin and secure the long-term future of the Mountain Rescue England and Wales (MREW) medical seminar series, All seminars will be open to attendance from mountain rescuers nationwide. The trustees maintained the reserve at £100,000, being the value of the bequest that originally underpinned the medical seminar program.

Other Designated Reserves

Other designated funds have been maintained to ensure that known future financial needs can be met, and to support strategic initiatives for the wider benefit of mountain rescue in Great Britain and primarily the Lake District in line with the Charity's objects.

The designated funds purposes, movements for the year and balances are detailed in the “Analysis of charitable funds" note to the accounts.

investment policy

The Trustees have a formally appointed fund management companies whose performance is overseen by Trustees in relation to agreed benchmarks. The Trustees' investment policy takes account of the Charity's short-, medium- and long-term financial needs and Trustees consider it to represent a reasonable attitude to risk. An investment subcommittee periodically reviews the terms of the Charity's investment policy and the relationship with its fund manager, with the help of external professional advisers as appropriate.

Plans for future periods

As an organisation we expect calls on our services to increase incrementally over time. Our funding stream can cover this for a considerable number of years. Recruitment of volunteers may be more of a problem although we expect this to be manageable for at least the next decade.

Our objective will remain constant and therefore we see no overall change in direction for future periods.

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: LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

Langdale Ambleside Mountain Rescue Team is a company limited by guarantee and does not have a share capital; each trustee's contribution not exceeding £1 on dissolution. It is governed by its Memorandum and Articles of Association dated 29 February 2000 (revised 26 March 2014 and 5 August 2020). The trustees are appointed by the full Team at the Annual General Meeting and serve a term of no more than three years before either seeking re-election or stepping down.

We the trustees take very seriously the management of the team. All decisions require a majority vote by the trustees. This is normally at our monthly committee / trustee's meeting by a show of hands or a show of hands using video conferencing or casting a vote via electronic media; the Chair has the casting vote in all events. The decision is recorded within our formal meeting minute. Minutes are approved by the trustees via e-mail distribution before distribution to the full and trainee membership. On occasions if a decision needs to be taken between meetings, we do accept a vote by e-mail or via electronic media, the decision is recorded by the secretary and where necessary communicated to the trustee's (committee members).

All team officers report on activities related to the function they undertake; this is by the issue of a written report presented to the trustees / committee members prior to the formal meeting. it is acceptable for a verbal report to be given during the trustee / committee meeting, but our preference is a written report. Contained within the reporting process are requests for a decision.

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 were:

D Barrington O Benson W Betts (Resigned 20 April 2025) N Bowness R Brackenbury A Evans {Resigned 21 March 2024) K Jones P Kirby G Lobb L Noble (Resigned 25 April 2624} C Robinson Mr A Caple Mr P Bamforth (Appointed 25 April 2024)

Recruitment and appointment of trustees New trustees are advised of their roles and responsibilities by the chair and made aware of charity commission guidance. The Charity arranged formal trustee training from an external source which will be provided to any new trustee in the future. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Other matters Risk management Major risks are reviewed by the Trustees and procedures have been established to manage those risks.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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Fixed asset ownership

We encountered the following issues relating to ownership of fixed assets which are also referenced within the Independent Auditor's Report.

The deeds for our property located at Lowfold, Lake Road, Ambleside, Cumbria, LA22 ODN cannot be located. They are most likely somewhere within the many years of correspondence stored within the property. Apart from looking through the many years of documents we have engaged a {ocal estate agent / solicitor to took at their archives to assist in the search of the Deeds. The land Registry does not show the full land footprint. Our aim during 2025 is to have our property accurately registered with Land Registry to that aim we have employed a 3rd party legal company with experience in land registry matters.

Janus Henderson Investments currently will not provide account access but do provide 6 monthly statements, so we know the investment fund valuation. However, changing the account holders’ details has proven problematic as the 3 account holders are no longer directly associated to the team. We have not pursued the change of account holders during this period but we will be doing so before the current financial period year-end.

Auditor

In accordance with the company's articles, a resolution proposing that Saint & Co be reappointed as auditor of the company will be put at a General Meeting.

The trusteef’Yeport was approved by the Board of Trustees.

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P Kirby Trustee ] a Date: Defers

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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The trustees, who are also the directors of Langdale/Ambleside Mountain Rescue Team for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

Qualified opinion

We have audited the financial statements of Langdale/Ambleside Mountain Rescue Team (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

Basis for qualified opinion

We were unable to confirm ownership of the freehold property as it has not been registered with HM Land Registry. The charity has occupied the property for a long period of time but the audit evidence availabie to us was limited due to the absence of the title deeds. Additionally, we were unable to confirm the ownership of one of the investment portfolios as this is not held in the charity's name or in the name of any current Trustees. Owing to the nature of the charity's records, we were unable to obtain sufficient appropriate audit evidence regarding the property and the investments by using other audit procedures.

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

Conclusions relating to going concern

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

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

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

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. !f, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described on the basis for qualified opinion section of our report, we are unable to satisfy ourselves concerning the ownership of the freehold property and the investments. We have concluded that where the other information refers to the freehold property or the investments it may be misstated for the same reason.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our audit report in the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

Arising solely from the limitation on the scope of our work relating to the title deeds for the property and the investment portfolio, referred to above:

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

Responsibilities of trustees

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

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

Auditor's responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

in response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the fess likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

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

Use of our report

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

Saint & Co

Chartered Accountants & Statutory Auditor

The Old Police Station Church Street Ambleside

Cumbria LA22Date: "ABLES...OBT

Saint & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Donations and legacies 4 249,678 368,674
Investments 5 70,790 63,428
Otherincome 6 1,587 136
Total income 322,055 432,238
Expenditure on:
Raisingfunds 7 22,081 35,434
Charitable activities 8 262,034 228,768
Total expenditure 284,115 264,202
Net gains on investments 13 124,182 70,281
Netincome and movement in funds 162,122 238,317
Reconciliation of funds:
Fund balances at 1January2024 4,338,242 4,099,925
Fundbalancesat31December2024 4,500,364 4,338,242

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

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 1S 865,556 844,418
Investment property 16 500,000 500,000
Investments 17 1,718,271 1,567,932
3,083,827 2,912,350
Current assets
Stocks 18 1,255 428
Debtors 19 120,130 99,769
Cash at bank and in hand 1,327,268 1,412,398
1,448,653 1,512,595
Creditors: amounts fallingdue withinoneyear 20 (32,116) (86,703)
Netcurrent assets 1,416,537 1,425,892
Total assets lesscurrent liabilities 4,500,364 4,338,242
Thefunds ofthecharity
Unrestricted funds 21 4,500,364 4,338,242
4,500,364 4,338,242

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial+ were approved bythe trustees on Blas...

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D Barrington
Trustee
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Company registration number 03939625 (England and Wales)

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cashflows from operating activities
Cash (absorbed by)/generated from operations 24 (45,498) 477,467
investing activities
Purchaseoftangible fixed assets (84,265) (122,746)
Purchaseofinvestments {320,003} (657,587)
Proceedsfrom disposal! of investments 344,862 105,724
Investment income received 70,790 63,428
Netcashgeneratedfrom/(used in) investing activities 11,384 (611,181)
Netcashgeneratedfrom financingactivities - -
Netdecrease in cashand cash equivalents (34,114) (133,714)
Cash and cash equivalents at beginning ofyear 1,433,231 1,566,945
Cashand cash equivalents atend ofyear 1,399,117 1,433,231
Relating to:
Cash at bank and in hand 1,327,268 1,412,398
Shortterm deposits included in current asset
investments 71,849 20,833

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, LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Langdale/Ambleside Mountain Rescue Team is a private company limited by guarantee incorporated in England and Wales. The registered office is Low Fold Base, Lake Road, Ambleside, Cumbria, LA22 ODN.

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” {“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {(FRS 102)" (effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the charity is legally entitied to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The following specific policies are applied to particular categories of income:

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

meee 1 Accounting policies (Continued)

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

1.6 Tangible fixed assets

Assets costing £1,000 or more are capitalised as tangible fixed assets, except items with a short renewal time (such as clothing and ropes) which are written off directly to the income and expenditure account, regardless of their cost. 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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings No depreciation Equipment 20% - 25% straight line Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No depreciation is charged on the tangible fixed asset freehold property because it is maintained in such a state of repair that its estimated residual value is not less than its cost.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

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: LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

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1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution 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.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition offinancial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are 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 recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

investment properties

The board believe that there had been no material change in the fair value of the investment property as at the reporting date.

Depreciation

The key policy that may have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year is depreciation.

3 Limited by guarantee

Langdale/Ambleside Mountain Rescue Team is a company limited by guarantee; each member's contribution not exceeding £1 on dissolution.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 122,960 145,455
Legacies 126,718 223,219
249,678 368,674
Donationsand gifts
Private giftaided 13,084 55,817
Private non gift aided 77,034 34,210
In memoriam 9,532 35,504
Schools, climbing &otherclubs/groups 4,727 9,977
Collection boxes 13,853 4,203
Gift aid tax recovered 4,730 5,744
122,960 145,455
Incomefrom investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 13,200 12,200
Incomefrom listed investments 38,803 39,839
Interest receivable 18,787 11,389
70,790 63,428

5 Income from investments

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Team efforts: annual reports&casualty care books 1,215 40
Team efforts: sales of merchandise 77 96
Room hire 295 -
1,587 136
Expenditure on raisingfunds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
LAMRT annual report & casualty care books 4,464 17,785
Merchandise purchases (adjusted for stock} 319 133
Education playing cards (adjusted for stock) - 387
4,783 18,305
investment propertycosts
Investmentproperty managementfees 1,584 1,566
Investment property repairs and renewals 2,398 4,232
Investment property other expenses 671 370
4,653 6,168
Investmentmanagement 12,645 10,961
Totalcosts 22,081 35,434

7 Expenditure on raising funds

The annual report (‘Yearbook’) is published as a fundraising item but it is also distributed free of charge to raise awareness of the Charity's activities. The casualty care books are distributed at cost to improve medical knowledge amongst search & rescue volunteers nationally. Included in the 2023 accounts, the education playing cards are a one-off initiative and part of the Charity's 50th anniversary celebrations; they are primarily intended as a fun means of raising safety awareness although packs are also being sold to raise funds.

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8 Expenditure on charitable activities

LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Provision of Provision of
Mountain Mountain
Rescue Rescue
2024 2023
£ £
Direct costs
Depreciation and impairment 63,127 53,978
Base rates, heat, light and power 3,572 12,950
Telephones 7,613 7,580
Motorvehicles fuel, repairs and insurance 10,569 8,076
Rescue equipment 44,888 10,699
Medical costs 14,023 12,866
Medical seminars 1 5,092
Communications 8,943 3,435
Insurance 5,219 4,780
Printing, postage, stationeryand public relations 6,086 9,295
Training 27,353 14,059
Base repairs and maintenance 22,020 32,984
Cleaning, food and sundries 13,691 12,791
Donationto mountain rescue team 10,056 20,000
Donation to other organisations 4,000 -
241,161 208,585
Share ofsupportandgovernance costs {see note 9)
Governance 20,873 20,183
262,034 228,768
Analysis byfund
Unrestricted funds 262,034 228,768
Support costs allocatedto activities
Provision of Total
Mountain
Rescue
2024 2023
£ £
Governance 20,873 20,183

9 Support costs allocated to activities

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9

Support costs allocated to activities

(Continued)

10

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Governance|costs comprise:|£|£| |Audit|fees|7,400|4,200| |Legal|and|professional|1,400|3,400| |Bookkeeping and|management|accounts|7,055|6,620| |Accountancy fees|5,018|4,400| |Governance|audit|-|1,563| |20,873|20,183| |Net|movement|in|funds|2024|2023| |£|£| |The|net|movement|in|funds|is|stated|after|charging/(crediting):| |Fees|payable|to the|charity's|auditor:| |-|for the|audit|of the|charity's|financial|statements|7,400|4,200| |-|for|other|financial|services|12,073|11,020| |Depreciation|of owned|tangible|fixed|assets|63,127|$3,978|

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11 Trustees

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

During the year ended 31 December 2024 mileage, phone, accommodation and subsistence expenses totalling £2,336 were paid to nine trustees (2023: £3,266 to six trustees). Additionally £2,037 was paid to seven trustees as an allowance for boots and trousers as part of the mountain rescue team (2023: £748 to four trustees).

12. Employees

The average monthly number of employees during the year was:

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|||| |---|---|---| |2024|2023| |Number|Number| |Total|-|-|

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There were no employees whose annual remuneration was more than £60,000.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

13 ~— Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/{losses) arising on: £ £
Unrealised gains/{losses} on investments 134,175 76,380
Realised gains/(losses}on investments (9,993) (6,099)
124,182 70,281

14s Taxation

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

15 ‘Tangible fixed assets

15 ‘Tangible fixed assets
Freehold land Equipment Motor vehicles Total
and buildings
£ £ £ £
Cost
At 1January 2024 681,890 396,070 364,823 1,442,783
Additions - 18,113 66,152 84,265
At31 December2024 681,890 414,183 430,975 1,527,048
Depreciation and impairment
At 1 January 2024 - 343,563 254,802 598,365
Depreciation charged in theyear - 19,810 43,317 63,127
At 31 December 2024 - 363,373 298,119 661,492
Carryingamount
At 31 December2024 681,890 50,810 132,856 865,556
At31 December2023 681,890 52,507 110,021 844,418
16 —Investment property
2024
£
Fair value
At1January2024and31December2024 500,000

The investment property was valued in August 2022 and again in May 2024 by Matthews Benjamin Ltd at a freehold market value in the region of £500,000. Its historic cost is £320,000.

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

17 ___—‘ Fixed asset investments

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|||||||| |---|---|---|---|---|---|---| |Listed|Cash|in|portfolio|Total| |investments| |£|£|£| |Cost|or valuation| |At|1 January|2024|1,547,099|20,833|1,567,932| |Additions|320,003|-|320,003| |Fair value|movements|134,175|-|134,175| |Change|in|cash|-|51,016|51,016| |Disposals|(354,855)|-|(354,855)| |At 31|December|2024|1,646,422|71,849|1,718,271| |Carrying amount| |At|31|December|2024|1,646,422|71,849|1,718,271| |At|31|December|2023|1,547,099|20,833|1,567,932| |2024|2023| |Investments|at|fair value|comprise:|£|£| |Janus|Henderson|Global|Sustainable|Fund|61,567|61,567| |Charles|Stanley|Portfolio|1,031,449|969,323| |Rathbones|Portfolio|553,406|516,209| |Cash|held|for|investment|71,849|20,833| |1,718,271|1,567,932|

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Fixed asset investments revalued

The historic costs of the assets held at a fair value at the balance sheet are as follows: Janus Henderson Global Sustainable Fund £10,980 (2023: £10,980), Charles Stanley portfolio £772,607 (2023: £819,455), Rathbones portfolio £504,925 (2023: £502,469).

18 Stocks

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|||||| |---|---|---|---|---| |2024|2023| |£|£| |Finished|goods and goods for|resale|1,255|428|

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

19 Debtors

2024 2023
Amounts fallingduewithinoneyear: £ £
Otherdebtors 62,481 42,633
Prepayments and accrued income 57,649 57,136
120,130 99,769

Other debtors included gift aid claimable of £5,333 (2023: £5,744) at the year end.

Included within prepayments and accrued income are amounts relating to legacies receivable totalling £42,655 (2023: £41,655). The amounts have been recognised as accrued income as the charity was entitled to the amounts by the year end and the trustees believe the amounts will be receivable in full.

20 = Creditors: amounts falling due within one year

Creditors: amountsamounts falling due within one yeardue within one yearwithin one yearone yearyear
2024 2023
£ £
Trade creditors 7,977 59,502
Other creditors 1,210 1,210
Accrualsand deferred income 22,929 25,991
32,116 86,703

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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21 ~=— Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1January Incoming Resources Transfers Gains andlossesAt31 Transfers Gains andlossesAt31 31December
2024 resources expended 2024
£ £ £ £ £ £
Property - Low
Fold Base 681,890 - - - - 681,890
investment
Property 500,000 - - - - 500,000
Medical Seminar
Reserve 100,000 - (1) 1 - 100,000
Operational
Reserve 450,000 - - 225,000 - 675,000
Vehicles Fund 300,000 - (66,152) 66,152 - 300,000
Base Renewals
Fund 50,000 - (10,981) 10,981 - 50,000
Projects Fund 180,000 - - (60,000) - 120,000
Legal &
Professional Fund 30,000 - - - - 30,000
Duddon and
Furness MRT
Base Fund 500,000 - - (350,000) - 150,000
General funds 1,546,352 322,055 (206,981) 107,866 124,182 1,893,474
4,338,242 322,055 (284,115) - 124,182 4,500,364

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 +~=— Unrestricted funds

{Continued}

Previousyear: At 1January Incoming Resources TransfersGainsand losses At31 TransfersGainsand losses At31 31December
2023 resources expended 2023
£ £ £ £ £ £
General funds 1,818,035 432,238 {165,498) (608,704) 70,281 1,546,352
Property - Low
Fold Base 681,890 - - - - 681,890
Investment
Property 500,000 - - - - 500,000
Medical Seminar
Reserve 100,000 - (5,092) 5,092 - 100,000
Operational
Reserve 450,000 - - - - 450,000
Vehicles Fund 300,000 - (68,591) 68,591 - 300,000
Base Renewals
Fund 50,000 - (25,021) 25,021 - 50,000
Projects Fund 150,000 - - 30,000 - 180,000
Legal &
Professional Fund 50,000 - - (20,000) - 30,000
Duddon and
Furness MRT
Base Fund - - - 500,000 - 500,000
4,099,925 432,238 (264,202) - 70,281 4,338,242

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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21 ~=Unrestricted funds

(Continued)

All the funds above, except the General Funds, are designated funds for the following purposes:

22 Contingent Assets

The charity was notified of entitlement to one new legacy prior to the year end (2023: one legacy prior to the year end). This is in addition to the legacies disclosed in note 19.

Since the charity has no knowledge of the value of its share of this estate at the reporting date, the amount receivable could not be reliably estimated at this time and so has not been recognised in the financial statements

23 ~—s&Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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LANGDALE/AMBLESIDE MOUNTAIN RESCUE TEAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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||||||||| |---|---|---|---|---|---|---|---| |24|~= Cash|(absorbed|by)/generated|from|operations|2024|2023| |£|£| |Surplus|for|the|year|162,122|238,317| |Adjustments|for:| |Investment|income|recognised|in|statement of financial|activities|(70,790)|(63,428)| |Loss on|disposal|of investments|9,993|6,099| |Fair value|gains|and|losses on|investments|(134,175)|{76,380}| |Depreciation|and|impairment|of tangible|fixed|assets|63,127|53,978| |Movements|in|working|capital:| |(Increase)/decrease|in|stocks|(827)|572| |(Increase)/decrease|in|debtors|(20,361)|244,582| |(Decrease)/increase|in|creditors|(54,587)|73,727| |Cash|(absorbed|by)/generated|from operations|(45,498)|477,467|

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2S __—s Analysis of changes in net funds

The charity had no material debt during the year.

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