## **ANNUAL REPORT & FINANCIAL STATEMENTS 2020** **Sidmouth Lifeboat is a company limited by guarantee Company registration No. 5218116 Registered Charity No. 1105914 We are an independent rescue service and a HM Coastguard Declared Rescue Facility** Sidmouth Lifeboat Contents Ref¢r¢n¢¢ and Administrative Details Trnstees, Report Statement of Trustees. Responsibilities 6t07 Independent Examinevs Reporf Statement of Financial Activities BalpÉnce Sheet Ioto I I Notes w the Financial Statements 12 to23 Sidmouth Lif¢boat Reference and Administrative Details Chairma Mr P Shepperd Trustte$ Mr P Shepperd Mr T GritTitlis Mrs N Cook Mrs C Youn(F Mr l Fletcher Mr A Dean Mr R Hedger The Lifeboat Sration The Esplanade Sidmouth tkvon EXIO 8BE Principal Office The charity is incorporaied in England and Wales. Oi?18116 Company Registration Number Charity Registration Number 105914 Solicitors Michelmores clo Michelmores LLP Harston Church Streei Sidmollth Devo EX108LT Independent Examiner Easterbrook Eaton Limited Cossnopolitsn House Old Fore Street Sidmouth Devon EXIO 8LS Page I Trustees report The Trustees, who are directors for the purposes of company law, present the annual report together wlth the financial statements of the charitable company for the year ended 31 December 2020. Sidmouth Lifeboat is an independent lifeboat service, a company limited by guarantee (number 52181161, and a registered charity (Charity Number 11059141. The charity is governed by its Memorandum and Articles of Association dated 12th August 2004. Objectives and activities Objects The objects of the Company are "the preservation of life and the improvement in the standard of inshore sea and coastline safety in the area agreed with Her Majesty's Coastguard by Sidmouth Lifeboat as a declared rescue facility" The primary duty of the Company is to provide, maintain and man a fully functional inshore rescue service in accordance with all rules and regulations of the Maritime and Coastguard Agency. Public benefit By virtue of our declared object stated above, Sidmouth Lifeboat satisfies the Public Benefit Requirement, with clear aims which include the advancement of health or the saving of lives, with all members of the public included in the delivery of our service, whether we assist them in person, their animals or their property, as in the case of abandoned boats. The trustees confirm that they have complied with the requirements of section 4 of the Charities Art 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Risk Management The Trustees of Sidmouth Lifeboat are responsible for the management and control of the charity. Our aim is to ensure that we make every effort to identify and manage the risks we face appropriately, and minimise any adverse effects, whether internal or external. The nature of rescue service activities and external influences expose our organisation to differing areas and levels of risk. The Directors regularly examine the principal areas of the Charity's operations and consider the major risks found in each area, following Charity Commission Guidelines ICC261. Sidmouth Lifeboat has an established review system which under normal conditions should allow the risks to be mitigated to an acceptable level in its day-to-day operations, including insurance cover where appropriate. A Governance item is included on the Agenda for each Trustees Meeting, to ensure continued appraisal of our systems, operational, financial and managerial. During 2020 we started a full review of all our policies to highlight those that need revlewing and those we do not have at present. These findings will form the basis of a policy review schedule in 2021. Page 2 Operations during 2020 We operate two inshore rescue boats and a rescue ski, maintain the Lifeboat Station and all associated equipment. The area covered is from the River Aye to the River Otter and up to 20 miles out to sea. The Ilfeboat can be, and has been, called well out of the area by the Coastguard on extensive multi-unit searches. Sidmouth Lifeboat operates closely with H.M. Coastguard, the RNLI - at sea and on a divisional level air/sea rescue helicopters and all other emergency services. The service is maintained 24 hours day, 365 days a year. Average time from callout to the boat being in the water is around ten minutes, a record of which the crew is very proud. Throughout the year we recruit and train volunteer crew and support staff, raise funds to support this effort, and carry out maintenance, administrative and fundraising activitles. The impact of Covid-19 on Sidmouth Lifeboat has been significant. Whilst we have proudly maintained our 2417 response, we have had to adapt our policies and procedures to ensure our Crew remain safe, our top priority. During the 1st Lockdown in March 2020 all in-person training and routine maintenance ceased for the period. We also undertook a review of our'lifesaving procedures to minimise the risk of crew members contracting Covid-19 from a casualty. The procedures following a page have also been reviewed to ensure appropriate social distancing is maintained wherever possible and hygiene procedures adhered to. Skill fade during the crisis has been a concern and although the crew took advantage of online group training, this was only required during periods of full lockdown. At other times, the crew continued with physical face-to-face training, albeit we restricted numbers present to the minimum required to operate and ensured full Covid-safe procedures were followed. As with crew training, ensuring the boat, launch tractor and rig and associated equipment is regularly serviced is essential. Winter conditions and the maritime environment mean we still need to continue to maintain our maintenance routine, and again this has been achieved in a Covid-safe way. Despite, or perhaps because of, Covid-19, Sidmouth Lifeboat has seen a higher number of callouts than normal with the most concentrated being during the easing of the lockdown period. We attended 14 5hout5 during the summer months, with most responses related to assisting kayakers or paddleboarders in difficulty. One particular incident saw the Lifeboat save the lives of 2 casualties clinging onto a fishing buoy after their kayak had capsized several hundred metres from the shore. This IS the first full year of operation of our new boat 'Peter and Barbara Truesdale, which has performed well in all conditions. We did have some initial snags after a Shakedown period and she returned to Portsmouth at the end of September 2020 for those to be addressed. The crew have been very pleased with her performance and the enhanced equipment onboard. From 1st January to 31st December 2020, Sidmouth Lifeboat was called out a total of 21 times. Page 3 Our Dedicated Volunteers We have 52 volunteers as of the end of 2020. We have had 4 new support team and I co-opted Trustee join us during the year. We also said goodbye to I crew member and 3 support team and a sad farewell to 2 support team members who died during the year. On the Operations team we have 12 qualified sea-going crew, 2 trainees and 2 occasional crew Icrew that are away but book on when they are home,) We also have Launch Authorities, tractor drivers and dedicated shore crew. Several senior crew carry out other duties including Health and Safety, Maintenance, Equipment, Wellbeing, Media and Training. All crew are volunteers who provide their Skills, time, and energy without pay, and we are dependent on some local companies allowing their staff to respond to emergencies, or self-employed people who interrupt their working day when necessary. There are 20 Support Team members who fulfil roles in running the shop, stock management, counting the takings and overseeing collection boxes. Our shop is open every day from 10am - 4pm in winter, except Christmas Day, and 10am - 5pm in summer. In almost all weathers they open the boathouse to provide an invaluable information service to the public, and often receive appreciative feedback. These dedicated people welcome visitors into the boathouse, explain our organisation, encouraging donation5 and purchèses from our shop. Unfortunately, this year the boathouse has only been open 6 Months of the year. When the shop reopened in the Summer, to protect the Support Team we closed off the boathouse and put a table with screen at the main door. Visitors were still able to make purchases and talk to our Support Team. Our Support Team raised £12,000 this year through shop purchases and £12,500 in collection buckets. The Board of fru5tees The Director5 of the Company are also the Charity Trustees. None of the Directors hold any share capital in the Company as it is a company limited by guarantee and therefore no share capital has been issued. Details of all trustees are shown on page l of this report. On the Board are representatives from the Operations and Support teams- other Trustees all have relevant backgrounds and experience. The AGM was unfortunately cancelled as it was planned for the week after lockdown started. Chris Young and Naomi Cook retired in rotation and were reappointed for another term. Richard Hedger was Co-opted onto the Board in December 2020. Phil Shepperd remains Chair. During 2020 the Board met more regularly online for informal discussions on how the organisation may be affected during the pandemic. Employees 2020 saw the handover of responsibility from Kitrina Bishop to Naomi Cook. Naomi started the year as Company Administrator and in March officially became Company Secretary, whilst Kitrina continued as Treasurer. In September Kitrina made the decision to step away from the Lifeboat altogether for a time and handed over the Treasurer role to N30mi. Naomi continues to be part time. Kitrina Bishop held the position of Company Secretary and Treasurer for over 6 years. In that time the organisation's administrative and financial responsibilities grew significantly. She implemented a number of financial measures, including improved usage of ou r online banking system and more robust financial procedure5 to ensure more substantial financial controls. Kitrina also significantly updated the governance of the organisation, including the introduction of Safer Recruitment of our volunteers and supporting the development of Safeguarding procedures. She had a150 been heavily involved in the planning of the much- anticipated Lifeguard Service. We thank Kitrina for her commitment and wish her well with her well- deserved free time. Page 5 Financial review 2020 has been an unpredictable year for us. Our shop has been closed for 6 months, affectin8 our sales but also our footfall donations stream of income. Incoming resources for the year totalled £130,091 Ipage 9,. 2019- £313,668) which included £34,357 from legacies. Total net assets amounted to £2,365,077 Ipage 10,. 2019.. £2,346,728) as of 31st December 2020, represented by restricted and unrestricted funds. Expenditure in total was £184,974 Ipage 9,. 2019: 229,6661. Restrlcted Funds Our restricted fund is the TrLsesdale legacy, details of which are shown separately in the accounts lon page 221. The balance in the Truesdale Equipment Fund remains sufficient to cover half-life refit of the new boat, and the work on the replacement tractor in accordance with the terms of the Truesdale legacy. The Truesdale Legacy available funds balance as of 31 Decem ber 2020 was £178,280. Reserve5 ond Investments As stated above, the total resources of the Company as of 31st December 2020 stood at E2,365,07712019'. £2,346,728). This comprises fixed tangible assets as well as financial assets which can be accessed and used such as investments and cash in our bank accounts. Operational costs are variously met by general donations and other fund-raising activities, but if these diminish, income from the Investec and other funds become an important contribution. Our existing investment portfolio, held and managed by Investec Wealth & Investment, is now a very considerable unspecified Reserves Fund, valued on 31 December 2020 at £1,579,423, this includes fixed asset and cash investments12019.' £1,520,8971. We are very conscious of this asset, and continue to develop plans to manage it, to benefit the public and meet the aims of the charity, in the immediate and longer-term future. To ensure the sustainability of the organisation. we still believe it is prudent to maintain substantial Reserve5 to cover the running costs over future years, in case our income should be severely reduced, and our financial plans continue to reflect this attitude, Investment manugement und objectives In compliance with best practice laid down by the Charity Commission, the capital reserves are invested on behalf of the Company by Investec Wealth and Investment Ltd in accordance with reserves and investment policies set up, reviewed, and overseen by an investment committee of the Trustees. Independent advice should be taken from suitable, qualified personnel prior to investing the Compan¢s funds. OUT Independènt Financial Adviser, John Gentry of Thomas & Gentry IFA supported the Investment Committee in establishing some other shorter-term investment holdings (fixed term and notice accounts, and a structured deposit fund) which we can call upon if necessary, without disturbing the main Investec holdings. Page 6 Future plans Delivery of the emergency service is still our main objective, and we are totally dependent upon the volunteers who make up our 'workforce'. We continue to seek and train new recruits for our Crew and Support Team and hold regular training sessions so that our existing crew and equipment are always ready to respond in emergencies. Llfeguard 5er¥lce During 2020 further planning of the lifeguard service has been going on behind the scenes and the contrart negotiated with East Devon District Council. 2021 is expected to see the long-awaited lifeguard service finally up and running - I found a copy of our 2008 Annual Report which highlighted the need for this service, so it has been a long time comingl With restrictions easing we expect to see Sidmouth beach very busy this year as staycations will be more popular. ProcLsrement and recruitment have started. The serv5ce will cover Clifton Beach over the 6-week holiday period with a visible lifeguard base and flags marking the safe swim zone. Lifeguards will cover from 10am-5pm everyday offering advice and respondin8 to anyone in need of asslstance on the beach. Launch Tractor Our new Valtra tractor is with our tractor engineer Paul Bgwler, and over the last year the cab has been removed, stripped down, and painted. The full marinised rebuild will take approximately 1500 hours, with completion by end of 2022. Redevelopment of Port Royal East Devon District Council are working on plans to improve the Port Royal area. Part of these plans include an access ramp to Port Royal Beach, which wou5d be of great bènefit to us launchin8 and recovering as currently we travel to the West end of Sidmouth Beach. We are continuing our engagement with EDDC on this matter. The annual report was approved by the trustees of the charity on 27 April 2021 and signed on its behalf by: Naomi Cook Trustee and Company Secretarynreasurer Page 7 Sidmouth Lifeboat Indeptndent Examin¢r's Report to the trustees of Sidmouth Lifeboat I repon on the accounts of the ¢haritJ' for the year ended i l De¢t￿ber 20?0 ￿hICh are set out on pages g to ?3. Respective respott$ibiliti¢s of trustees and examiner The trustees {who are &lso the dir¢ciors of the company for the purposes of compan). lai*"l are responsible for the preparaiion of the accounts. The trvstees consider that an alldit is not required for this Year und¢r section 144121 ol Ihe Charities Aci 2011 (the ?0 I l Act) and that an independent examination is needed. Having satisfied myself that the charir> is not subject to audit under company law and is eligible for independent examination, it is my respot)sibility to.. examine the accounts under seciion 14) of the 201 l Act: to follow the procedur¢s laid down in the general Dir¢ctions given by the Charity Commission under seciion 1451il{bl of th¢ 2011 Act,. and to state whether particular matters have come to mj attention. Basis of independent examiAtr'$ report My examination was caFried out in accordance with the general Directions given by the Charity CoTnmission. An eyaniination includes a review of the accounting records kept by Ihe charity and a comparison of the accoun[5 presenied wilh those record5. li also includes consideration of any unusual iiems or disclosures in the account5, and seeking explanations froRi you as trustees concernin¥ any such matters. The procedures undenakcn do not provide all the evidence thai would be iequiFed in an audit and consequently no opinion is given as to whether the accounts present a 'tru¢ and fair Yi¢w' and th¢ report is limited to those matters set out in the statetnent beloiv. Independent e¥atlliner's statement lii connection M'iih my ¢xaminaiion. no tnatter has come to my attention-. (I I which gives me reasonable cause to believe that in any material respect the requirements.. to keep accountino records in accordance with section 386 01 the Companies Act 2006,. and to prepare aecounts which actord with the accountin￿ ￿Cords, conTrply with the accounting iequirem¢llt5 of section 396 of the Companies Aci 2006 and with the meihods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met: or {21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ea5t¢rbrook Eaton Limited Chartered Accountants Cosmopolitan House Old Fore Street Sidmouth Devon EXIO 8LS ?7 April 2021 Page 8 Sidmouth Lifeboat Statement of Financial ActiTrities for the Year Ended 31 December 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gain5 and Losses) Unrestricted funds Restrr¢ted fund5 Total 2020 Total 2019 Gejieral Note Income and Endowmellts from.. Donations and leuaci Other trading activities Inve5tmeni income 90,368 90,368 l?,)71 ? j0.070 j4,4? j 34.79) ?7,15? j,86? Tota1 Income lJO,091 l ii,9ii j19,?90 Expettditure on: Raisinv funds Charitable actiN'iti¢s {15,9?61 (1 ?4,4901 (15.9?61 1169,0481 (J6.6391 1193,0?71 (44,ii8) Total Expendirure Gatn￿lo55eS on investment assets (140.4161 (44,5581 (184,974} {??9.666) 69,370 69,370 16i,301 Other recognised gaiDs and losses Net ￿0Vement in fvnds 59,04) (40,696) 2 j4.9? j Reconciliation of funds Total funds brought forward L,99) 13) J54.593 ?.J46,7?8 ?.091.803 Total funds carried forward 17 ?,Oil,180 i l i,897 ?,j6i,077 ?, j46,7?8 All of the charity's activities derive from continuintr operation5 durin(T the above two periods. The funds breakdown for 2019 is shown in note 17. Page 9 Sidmouth Lifeboat (Registration number: Oi218116) Balance Sheet as at 31 December 2020 2020 2019 Note Fi¥td assets Tangible a5seis InvestnTr¢nlS ?18.?81 ,5i4.61i 281,16) I,jj? ?79 13 1,77? 896 1,63J,444 Current assets Stocks Debtors Cash at bank and in hand 14 11,304 28.997 677.190 569.ii4 600.J07 717,819 Creditor5: Amounts falling due wlthin one year 16 {8,1?61 {4,i4i) Net Current assets 59? 181 713 ?84 Net Assets 2,36i,077 2.346,7?8 Funds of the tharity: Restri¢ied funds Unrestricted And Designated income fund5 (note 17) Total funds J lJ,897 2,0)1.180 3i4,i9i 1,991 135 17 ?,J65,077 2,346,7?8 For the financial y'ear ending 31 December 20?0 ihe ehariry was enlitl¢d ￿ exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The Membe￿ have not required the charitr to obtain an audit of its accounts for ihe >'ur in question in accordance with section 476; and The dire¢tor5 acknowledtre their responsibilities for complying with the reguirefftents of the Act with respect to accounting records and the preparation of accounts. These accounrs have be¢n prepared in accordance with the provisions applicable to companies subject to the small companies regime. Page 10 Sidmouth Lifeboat (Registration number: 0>218 E16) Balance Sheet #s at 31 December 2020 The financial siateinents on pa¥es 9 to ?3 were approped by th¢ trLlStees, and authoris¢d for issue on ?7 April 20? l and siuned on their beh&ll b>.. Mr P Shepperd Chaimian and Trusiee CLco6L Mrs N Cook Trustee Sidmouth Lifeboat Notes to the Financial Statements for tbe Year Ended 31 December 2020 I Charity status The charity is limited b) ouaranree. incorporated in EnLTland and Wales. and consequently does not have share capital. Each of the members is liable tts contribuie an amount not exceeding £ l O iowards Ihe assets of the harity in the event of liquidaiion. The address of irs regisieied office is.. Th¢ Lifeboat Sration The Esplanade SidFnouih Devon EXIO 8BE These Iinancial statements were authorised for issue by Ihe trustees on ?7 April ?0? l. 2 Accounting poltCle5 Sum]nary of significant accot]nting policies and ke). aceountin are recotsnised when the charity has been noiified in writino of both the ainouni and settlement date. In the eveni that a donaiion is subject to Conditions Ihat require a level of perfortnance by the charity before Ihe charli! is enl&tled to the funds, the income is deterred and not recognised until either those conditions are full mei, or Ihe ￿ltilment of those conditions is 1whol1￿ within the control of Ihe charity and it is probable rhar these conditions ¥Yill be fulfilled in the reportin period. LecTaC￿ gifts are recooJised on a case by case basis following the grant of probate when the adminisrratoriexecutor for Ihe esEaie has comniuni¢ated in wriiing both the amount and settlement date. In the event that the oift is in the fo￿ of an asset oiher ihan caih or a financial absei trnded on a reco¢ynised stock exchantse. iecotrniiion is subject to the value of the gift btinu reliably measurable with a d¢gre¢ of F¢asonable accuracy and Ihe tille to the asset having been iransferred tts ihe tharily. Expendilure All expenditure is recognised once there is a legal or constructive oblioation to Ihai expenditure, it is probable settl¢inent is iequired and the amouni can be measured reliably. All ¢05ts are allocaied 10 Ihe applicable e.Kpenditure headin thai aotsregate simtlar costs to that caieoory. Where costs cannot b¢ directl￿ attributed io particular headings tliey have been allocated on a basEs consistent with the use of resources, with central staff costs allocaied Oll the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ruisingfuiids These are Costs incurred in atfdciino voluntary income. the tn2nairement of investments and those incurred in tradino aciiyities th81 raise funds. CharKlable oclivilies Charitable expenditure comprises Ih05e costs incurred bj ihe charity. in the delivery of it5 activities and services for its benefiLiaries. It include5 both costs that can be allocated diTeci1￿ to such activitlC5 and those costs of an indirect nature n¢cessatJ to support them. Govtrnanf e cost$ These include the costs attributsble to tlie charity's compliance with constitutional and statutory requirements, includints audit. strategic manaiyetneni and Irustees s tneelin¢75 and reimbursed expenses. Taiation The charity is considered to pa5S the le5t5 Set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meeis the definiEion of a chai'itable cotnpart￿ for UK corporation tax purposes. Accordingly. Ihe chariry is potentially e.%empt from taxation respect of income or capital gains r¢cei&ed wtthin caie(Tories ¢overed b>. Chapier 3 Part I l of the Coryoration Ta.x Act )010 or Section ?)6 of Ihe Taxation of Charyeable Gains Aci 199? to Ihe exienl that such income or gains are applied e.xclusivelv to chaiiiable purposes. Tangible fixed a55ets Individual fixed asseis are initiallj. recorded ai cost, less any subsequent accu[nula￿d depreciaiion and siibseqiient accumulated itnpaimient losses. Dtpretiation and amorti5ation Depreciaiion is provided on tantsible fixed assct5 $0 as to write off the cost or valuation. less anJ estimated residual value, over tlieir expected useful econornic life as lollows.. Page 13 Sidmouth Lifeboat Note5 to the Financial Statements for the Year Ended 3l De¢¢mber 2020 Asset class Computer equipment Equipment Leasehold building Depreciation method and rate iOQ.D Reducing balance basis ? joo ReduciDq balance basig Equal instalments over the period of the lease Filed asset investments Fixed assei investtnents, other than progratnme related investrnents, are included at market value at the b8lan¢e gheet date. Realised gains and losses on investinents are calculated as the difference betsieen sa5es proceeds and their market value al the start ol the year, or their subsequent cost, and are charoed or credited to rhe Srarement of Financial AciiviEies in Ihe period of disposal. Unrealised vains and losses represent the moveinent in market values durino the year and are credited or charqed lo the Siaiemeni of Financial Acti￿ltIeS based on the niaikel value at the Jear end. Stock Stock is valued at the lower of cost and esiiinaied sellinLTr price less costs to compl¢te and sell. after due refTard for obsoleie and slow movino siocks. Cosi is detemined using the firsi-in. first-out IFIFOI. Trade debtors l-rade debtots are amounts due from customers for merchandise sold or services perfornied in the ordinary ourse of business. Trade debtors ar¢ reco.tsnised initially at Ihe transaction price. They are subsequentlv measured at amortised cosi the ellective intert5t method, less provision for impairnent. A provision for Ihe impainnent of trtde debtors is established }￿hen rhere is objective evidence that the chariN will noi be able to collect all amounrs due accordints ro the origin&l tertns of the receivables. Cash and cash equivalents Cash and cash equivalenis comprise cash on hand and call deposiis, and oiher short.tem] hiuhlj liquid investments that ar¢ readil) conkemible to a kno1￿ amount of cash and are subjeci 10 an insianifioant risk of change in value. Page 14 Sidmouth Lifeboat Notes to the FiDan¢i#l Statements for the Year Ended 31 Deeember 2020 Forelgn eychange Transactions in foreitsn currencies are recorded at the rare of e*chantse at tlie dare of the transaction. ￿lD￿etar). assets and liabilitie5 denominated in foreion currencies at ihe balance sheel dale are reporred ai the rates of exchantTe prevailino at rhai date. The results of overseas operations are trnnslat¢d at the average rat¢s of ¢x¢hange during the period and their balaTrce Sheets ai the rates ruling at th¢ balance shect date. Exchange ditTercnces arising on Iranslation of the openino net assets and results of ovtr5eas opeTalions are reported in other comprehensive ￿nCoMe and accurnulated in equiiy (aiiributed lo non-controlling interests as appropriatel. Oiher exchange differences are recognised in the Statement of Financial Activities in the period in w.hich they arise except for.. l ) ex¢hantse differences on transactions entered into to hedge certain foreign currency risks (see above); ?) e.Kchange differences arising on gains or losses on non-monetary items which are recoonised in other comprehensive income. and 31 in the case of the consolidated financial statements, exchanoe differences on monetary items receivable from or pavable to a foreign operaiion for which settlement is neiiher planned nor likels io occur (therefore fomiing part of the net Investment in the foreign operation). which are re¢ognised in other comprehensive income and reported under equit).. Fund structure Unrestricted income fijnds are (reneral funds that are available for use at the trustees's discretion in ￿rthtrance of the objectives of the charitj. Restricted income funds are those donated for use in a particular area or for specifi¢ purposes, the use of which is restricied w Ehai area or puryose. Financial inslruJnent$ Clll5.¥ifzcatio Financial ttssets and financial liabilities are recoonised when the charity becomes a parry to the contractual provisions of Ihe instrument. Financial liabiliiies and equitj instruments are classified according to the substance of the contractual arranvemtnts entered into. An equity instrumenr is any contract Ihat evidences a residual interesi in the assets of the charity after deducting all of its liabilities. Paue li Sidmouth Lifeboat Notes to the Financial Statements for the Year Ended 31 December 2020 RecognElion aiidm¥usiiremeAI All financial asseis and liabilities are initiallj measured at transaction price (including transaciion COSlsl. e.Kcepi for Éhos¢ tinancial assets clasSiti¢d as at fair value throu￿ profil or loss. which are lniiiall￿ measured at lair value {which is nomiall J the trar15a¢tion price excluding transaction cosisl, unless the a￿an￿ement constiiutes a rinancin transaction. 11- an arran(Tement constitutes a financing iransaciion, the financial asset or financial liability is iiieasured at ihe present value of the tuture pa>Tnents discounted at a market rate of interest for a similar debt instrutn¢nt. Finan¢i81 assets and liabilities are only oftsei in the 5tatetnent ot. financia5 position when, and only ￿hen Ihere exists a leJo Ily enforceable ritsht to set off the recowised amounts and the charity intends eiiher to settle on a net basis. Trr to realise the assei and settle the liabiliry simulianeousl!.. Financial assets are derecovnised wh¢n and only when al th¢ contractual rights to the cash flows from the financial asset expire vr are settled, bl the charity tran5fe15 lo another party substantially all of the risks and rewardb of o%vnership of the financial asset. or cl the charity, despiie havin2 r¢rained some. but not all, siunificant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabiliiies are derec0￿ts ised only when the obligation specif￿ed in the contract is discharged, cancelled or expires. Investinenls in non-conveftible preference shares and non-puttable ordinary or PTefer¢nce shares (where shares are publicly traded or their f&ir value is r¢liablv measurable) are measured at fair value through profit or loss. Where fair value cannot be tneasured reliably, investments are measured at cost less impaiment. F4ir value mensmrenient The best evidence of fair value 15 a quoted price for an identical asset in an active market. W'hen quoted prices 3r¢ unavailable. Ihe price of a recent transaction foi an identical asset provides evidence of fair value as lon(T as thert has not been a sigmificant chanue in economic circumstances or a sigDificani lapse of time since the transaction took place. If rhe markei is not active and rectftt transaciionb of an idenrical asset on their own are not a oood estimate of fair value, the fair value is estimated by usints a Traluaiion technique. 3 Ineome from donations gnd legacies Unrestrieted funds Total 2020 TotAI 2019 Genero1 Donations and legacie5; Donations Leoacies Gift aid reclaimed 66,457 178,686 4,9?7 i4,ii7 3,079 34,3)7 3,079 2iO,070 ParFe 16 Sidmouth Lifeboat Notes to the Finan¢ial Statements for the Year Ended 31 December 2020 Don&tions over £100 Sh¢ila Adams 500 Wesietn Power B¢nevolent Societ). Julie Whalle 1.000 Ashford Folk Dancers 100 400 Mrs M J Asion 600 Caroline &. Terry Wynne 1.700 James Baker Estat 11.083 Derek Balsden 200 Collection Boxes 687 Margaret Blagden 100 Other Donations under £100 13.158 Brewin Dolphin Ltd ?iO Boat House Donations individual donors over £1 00 excluding 11,566 lan CartWTitsht i?0 Richard Dav iOO Mrs Susan Dewings Jean Edwards 3?8 100 Irene Eldridae 100 Graham Wesley Elphick Ttrpj. Fitchett B Gates lio 100 iOO Philip Gibson Mike Gibson 100 iio Friends of Sidmouih Lifeboat Lynda Goad Frances Hayman Jennifer Hine 100 B Black 100 C Seward 180 lio E Firth i?0 Robert Alexander Horsle 100 E Oiven 240 Colin H￿gheS Hilary Russell Jones S.E Keedwell 100 GDaw ?40 150 J Ive 180 100 J Stroud ?69 Rouer Lentle 18) K Walsh JOO Audrey Martin Sally Morris Michael O'Brien 100 S Potter 144 133 P Atkinson 400 200 P Walsh Rotary Club - Swimathon oan Shaw ?,7iO S Smith i?0 M Priichard The Sunrise (Sidmouihl Chari(able TNst ?,000 Mrs M J Trilsbach lio Total £ j2,93? Pitye 17 Sidmouth Lifeboat Notes to tbe Financial Statements for the Year Ended 31 Decen)ber 2020 4 Ineome from tsther trading activities Unrestricted (unds Total 2020 Total 2019 Getheral Tradinu income.. Sales of goods and services 34,47 j j4,4?3 S Investment income Unrestrieted funds Resirleted rllnds Total 2020 Total 2019 General Other invesment income 27,15? 31,014 34,79) 6 EKpendtture on raising funds 2020 2019 Cosis of generdiin(T donaiions and legacies Costs of IradiDu activities 6,110 9.816 10,?50 26,389 l j,9?6 36.639 7 Eipenditure on charitable activiÉi Unrestricted funds Restrleted funds Total 2020 Total 2019 General Boat and creiy equipmeni Premises costs 46,i15 17,82) 1?.6?1 17,8?) Bank chat¥e5 Depreciation Govemance and support cosis (note 81 44.5)8 65,4?1 j9,7?7 84.040 37,170 44,)58 169,048 19i,O?7 Paoe 18 Sidmouth Lifeboat Notes to the Financial Statements for the Year Ended 31 December 2020 8 Allalysis of gofvernance and support costs Governance ¢osts Unrestriettd funds Total 2020 TotAI 2019 Ceneral Accounianc), and ekaminatiofi fees Accountancy fecs Independent Examin¢T'S retnuneration Wages 3,0)) 1.500 i),167 i,Oii I,iOO i),167 3,1?0 I,iOO 39.7?? 9 Trustee$ remuneration and expettSe5 Durinow the year the charit> made the followino transactions with trustees.. Mrs li Cook Mrs N Cook received remunerat￿0￿ of £21 ?4512019." £ l i,9241 during the year. Mrs N Cook w?s emplo Jed as a part-time compan). administrator on 6th June 2018 to support th¢ company secrerary. A fornal applicaiion lo the ¢hariN commission to allow her to continue as a trustee submitted and granted. Mrs N Cook was appointed company secretary on 18th March 2020. Mrs N Cook was appointed company treasurer in September 20?0. 10 Indep¢ndent examiner's remuneratio 2020 2019 Other fees to examiner5 Examination-related assurance services 1,500 1.5(K> PaLTe 19 Sidmouth Lifeboat Notes to the Fingncial Statements for the Year Ended 31 December 2020 I l Taxatio The chariN is a reLViStered charitj. and is therefore exenpi frotn t&xaiion. 12 Tangible fixed asset5 Land and bulldlng$ Furniture and tquipmeTrt Total Cost At l January ?O?O Additions 14i,670 819.960 96i,630 2,)08 At 31 December 20?0 14i.670 8??,468 968,138 Depreciatio At l January ?O?O Chai(Te for Ihe year 591,496 57,887 684,4J6 65,4?1 7.ii4 At 31 Decetnber 2020 100,474 649,383 749,8)7 Net book value Ai 31 December 20?0 45,196 17i,08i ?18 ?81 At 31 December 2019 2?8.464 ?81.194 Included wiihin Ihe net book value of land and buildings above is £Nil ()019 - £Nill in Te5pect of freehold land and buildintrs and £45,196 (2019- £52,730) in respect of leaseholds. 13 Fixed asset investments 2020 2019 Oiher investments 1,5i4,615 1,35? ?79 Page ?0 Sidmouth Lifeboat Notes to the Financial Statements for the Year Ended 31 December 2020 Other ittwestments Investments Total Cost At l January 2070 Additions Disposals 1,352,?79 , J j? ?79 344,815 344,815 12?7 7481 1??7.?481 Ai i l December 20?0 Charue for year Ai 31 Dec¢Fnber 20)0 1.469,846 184,7691 1.469,846 184,7691 (84.769) 184,769) Market value At 31 Decetnber 20?0 I,ii4.615 1.534,615 At 31 Decenber 2019 I,))? ?79 . J j?,279 14 Stoek 2020 2019 Stocks I I,i04 IS Debtors 2020 2019 Hvdrocarbon t&x recoverable VAT recoverable Other debtors 464 1,30? 17,880 9,815 8.8?4 19,449 16 Creditors: a￿OUnt5 falling due Ivithin one year 2020 2019 Other creditors Accrua15 i.483 2,804 8,1?6 4.i4i Paoe?I Sidmouth Lifeboat Notes to the Financial Statements for the Year Ended 31 D¢¢ember 2020 17 Fund5 Balance at 31 December 2020 Balance at I Janllary 2020 Otli¢r Resources recognised expended gain51(1055es1 lTrcoming resource5 Uthrestricted funds General 1,99? 13) 130,091 (140.4161 69,i70 2.Oil,180 Restri¢¢¢d funds 35J,i93 3,862 144.ii$) i l i,897 Total funds 2,346,7?8 lii,9ii 184,974} 69.370 ? 36i,077 Balance at 31 December 2019 Balanee at I January 2019 Other Resources recognise expended g2insl(losses) Incoming resourees Urtr¢stri¢ted funds General 1,666.?31 J li.668 (153,0651 165,iOI 1.99? 135 RtSÈri¢ted funds 4? j. j7? 5.6?? 176,6011 354.593 Total funds ?,091,803 319.?90 (??9.6661 16i.301 ?,346,P8 The specitic purp05e5 for which the funds are to be applied are as follows.. The restri¢t¢d fund r¢lates to the Peter Truesdale Legacy. The restrictions are for the funds to be used to purchase a replaLement lifeboat, provision for the half-life refil of the replacement lifeboat and the purchase of any other essential equipment for ihe efficient running, laun¢hin£ and recovery of said lifeboat. Pa(Te ?? Sidmouth Lifeboat Notes to the Financial Statements for the Year Ended 31 December 2020 18 AD&lysi5 of net assets between lund$ Unrestricted funds Total funds 31 December 20?0 Restrieted funds General Tangible fi.xed asset5 Fi.¥ed asset investtnents Currenl assets Current liabiliiies 84.609 I,i54,61 i 420.08? (8.1?61 133.67? 218,?81 l.ii4.615 600,J07 18,1?61 180,?? j Total net assets 2,Oil.180 31 i,897 ?.j6i,077 Unrestricted funds Total funds 01 31 December 2019 Restricted runds General Tangible fixed assets Fixed asset investments Curr¢ni assets Current liabiliries 10?,93 j l.jj? 279 541,466 14.5431 178.230 281,165 1.35? )79 717,8!9 176,363 Total net assets 1.99? ljj i54,593 ? j46,7?8 19 Analysi5 of net futtds At31 Deeember 2020 At l January 2020 Finaneing cash nows Cash ai bank and in hand 677.190 1107,6361 i69.i54 Nei debt 677,190 (107,6361 i69,ii4 A131 December 2019 At l January 2019 Financing cash flows Cagh at bank and hand 687,797 (10,6071 677,190 et debt 677,190 ## **SIDMOUTH LIFEBOAT THE ESPLANADE SIDMOUTH DEVON EX10 8BE** **WWW.SIDMOUTHLIFEBOAT.ORG.UK** All photos provided by Kyle Baker Photography