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← Sidmouth Lifeboat

2023-12-31-accounts

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ANNUAL REPORT & FINANCIAL STATEMENTS 2023

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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

Registered number: 05218116 Charity number:1105914

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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SIDMOUTH LIFEBOAT (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charitable Company, its Trustees and 1
advisers
Trustees' report 2 - 9
Trustees' responsibilities statement 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 37

SIDMOUTH LIFEBOAT (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees P Shepperd, Chair
K Bishop
R Hedger
N Cook
A Dean
I Fletcher
C Young
Company registered
number
05218116
Charity registered
number
1105914
Registered office
Sidmouth Lifeboat
The Lifeboat Station
The Esplanade
Sidmouth
EX10 8BE
Company secretary
N Cook
Key Management
Personel
N Cook (Treasurer)
Independent auditors
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ
Solicitors
Michelmores
c/o Michelmores LLP
Harston
Church Street
Sidmouth
Devon
EX10 8LT

Page 1

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Sidmouth Lifeboat is an independent lifeboat service, a company limited by guarantee (number 05218116), and a registered charity (Charity Number 1105914). The charity is governed by its Memorandum and Articles of Association dated 12th August 2004.

Objectives and activities

a. Policies and objectives

The objectives 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 HM Coastguard by Sidmouth Lifeboat as a declared rescue facility”.

The primary duty of the Company is to provide, maintain and operate a fully functional inshore rescue service in accordance with all rules and regulations of the Maritime and Coastguard Agency.

In line with our objectives and duty Sidmouth Lifeboat operate a 24/7 emergency lifeboat service, crewed by volunteers, and supported by tractor drivers and shore-based volunteers. They respond to HM coastguard via pager system. Sidmouth Lifeboat also run a seasonal beach lifeguard service. Due to the increase in visitors and sea-based sports in the area the lifeguards operate a daily service during May half term holiday, weekends only during the summer term, then resume a daily service during the summer holidays. Alongside the lifeguard service Sidmouth Lifeboat volunteers and staff promote our organisation’s work and beach safety within schools and the local community.

By virtue of our declared objectives 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 Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

b. Volunteers

We had 58 volunteers as of the end of 2023. 30 volunteers serve on the Operations Team, 24 serve as Support Team and we have 7 Trustees.

During 2023 were joined by 5 new Support Team members, 3 new and 2 returning crew to the Operations Team. We also said goodbye to 1 Support Team member after 7 years’ service.

Page 2

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

a. Main achievements of the Charitable Company

Operations report 2023

2023 was a fairly average year in terms of callouts for Sidmouth Lifeboat, with 18 in total. Although most years we have a range of situations that our crew have responded to, 2023 certainly seemed a year of variety. There were a few requests from the Coastguard to assist the police with searches for missing people and, as unfortunately is normally the case, they tend to be in the hours of darkness making the searches challenging.

The nature of Sidmouth’s location in Lyme Bay means that our coastline has limited passing traffic such as yachts and motor cruisers. However, in 2023 we were called out to assist 2 yachting incidents which is relatively unusual. The first involved responding to a person over-board but fortunately a passing vessel was able to assist just before our Lifeboat was on scene. The second incident involved our smaller Lifeboat, Sid 2, responding to a yacht aground on the rock islands. Taking the decision to re-float the yacht with a tow, Sid 2 transited to Otterton Ledge before handing the yacht over to Exmouth’s Lifeboat who took it into their marina.

Our coastline is heavily used by dog walkers and 2023 saw us attend 2 callouts in February involving dogs. The first was attended again by Sid 2, where its shallow draft meant the helm could get close into shore to rescue the dog. The second was more serious where a dog had gone over the cliff and was severely injured. This time we were able to use our inflatable sled, a new addition to our kit carried on the Lifeboat, to enable a crew member to assist the dog and their owner getting off the rocks and onto the Lifeboat. After some emergency surgery, the dog made a good recovery.

Two other noteworthy shouts included a casualty extraction from Salcombe beach where the individual had a suspected broken leg; and the rescue of a swamped kayaker 200 meters off Beer Head where, had our Lifeboat not responded swiftly, could have had a much more serious outcome.

Our crew numbers have remained stable over the last year with 16 sea-going crew, 5 trainees and 2 dedicated tractor drivers, although 1 has recently retired. We also have 4 shore crew some of whom are trained as Duty Launch Authorities.

Ian Fletcher Trustee for Operations and Helm

Support Team report 2023

Sidmouth Independent Lifeboat’s Support Team is a motivated and enthusiastic group of people who create a warm and friendly environment, welcoming our visitors into the boathouse to see the Lifeboat, find out about its history, callouts and water safety as well as peruse the shop. They have fun meeting people and have the satisfaction of giving something back to the local community.

Our volunteers come from all walks of life and vary in age. They are a committed group and see themselves as champions of the work done by Sidmouth Independent Lifeboat and are happy to help our visitors learn more about the organisation and its work.

We currently have 24 members of the Support Team who volunteer for either a regular morning or afternoon slot, others join the Reserve Team who fill in for volunteers who are unable to cover their regular shift. We also have a team of volunteers whose job it is to count and bank the shop takings and donations to the lifeboat. Two team members regularly collect donation boxes from shops and businesses across Sidmouth and beyond.

Page 3

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

The shop is open seven days a week all year round. It sells a variety of souvenirs and gifts. Christmas cards are one of our best sellers. The team enjoy chatting to visitors and sharing stories and holiday memories as well as welcoming many dogs of all sizes and breeds.

Famous in Sidmouth, Sid the mannequin stands outside in all weathers, with his partner Alma collecting donations for Sidmouth Independent Lifeboat. Last year over the August Bank Holiday weekend, Sid became real and Mannequin Man surprised many of the visitors by standing in for our popular charity Lifeboat mannequin.

We join with the Lifeboat Crew as one team for social events which bonds us together and develops a real team ethos. Recent social events included a Curry Night and a Devon Cream Tea.

Chris Young Support Team Leader

Lifeguard Service report 2023

The beach lifeguard service commenced on 27th May for a week (half term) then operated every weekend until 14th July when we went full time until 10th September. We employed 1 lifeguard manager and 6 lifeguards this year – 5 returning from last year - and one new recruit. All received the appropriate lifeguard training and accreditations, and they all attended a 3-day care of the casualty first aid course. 4 guards went through reassessments in September so they will be ready to go for the start of next season.

The lifeguard unit this year had several improvements. The new roof platform has been a resounding success - not only providing improved visibility of the beach but making it easier for the guards to chat to people on the promenade. The brackets for the solar panels have improved their efficiency - although the weather was so bad at one point in July that we could not charge the batteries! The board bin has also been an improvement as it has given us more space inside the unit and kept it far cleaner and drier as the wet and sandy boards are no longer stored there.

In addition to lifeguard services, the lifeguards gave beach safety talks at many of our local schools. Over 1,000 students attended these, and with new beach safety leaflets, we provided safety advice to many more. We received positive feedback from the schools and students, and I’m sure we will be back next year. Of particular note was a visit to the lifeguard unit by Sidmouth Primary where we procured a beach wheelchair (thanks to Exmouth Council) so one of their students could access the beach with her classmates.

Over the course of the season we recorded 57 incidents and provided assistance to more than 70 people. There was a fairly even split between land and sea-based events; more than half of all incidents required first aid treatment. There were 7 occasions where guards cared for casualties with more serious injuries until the ambulance service arrived, often for several hours.

My thanks to all our lifeguards for their hard work and professionalism – they are an asset to the organisation.

Andrew Dean Trustee - Lifeguard Project Manager

Page 4

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

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Financial review

Incoming resources for 2023 totalled £326,361 (2022: £829,175), with expenditure totalling £270,004 (2022: £265,369). This generated an in year surplus of £56,357 (2022: £563,816). We received £127,135 from legacies (2022: £672,319). Total net assets amounted to £3,237,323 (2022: £3,076,514) as of 31st December 2023, represented by £593,563 (2022: £635,843) of restricted and by £2,643,760 (2022: £2,440,671) of unrestricted funds.

Our income breakdown during 2023 was 43% legacies, 23% donations, 21% Investment interest, 11% trading, 2% HMRC VAT reclaims and gift aid.

On expenditure breakdown during 2023 was 68% lifeboat operations and lifeguard service, including operational compliance. 32% covered fundraising, administration and costs relating to the premises.

Page 5

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

a. Reserves policy

In 2023 Trustees spent time focusing on their Reserves Policy. By monitoring our income every month, and budget against expenditure every quarter, Trustees can ensure the finances are well managed throughout the year. Using the annual reports, the reserves can be monitored each year and Trustees can make well informed future financial decisions.

An expenditure profile has been calculated over the last 5 years, from the time of the new boat purchase and the commencement of the lifeguard service. The average expenditure is around £150,000. When looking at our income profiles over the preceding 10 years, Trustees can see that income from donations and trading are reliable sources at an average of £118,000 per year. By contrast, legacies can be highly variable.

With typical running costs of around £150,000, we are reliant on receiving more than £30,000 in legacies to break even. Ideally, we would hope to receive more than £50,000 in legacies each year.

Therefore, in determining our reserves policy we consider the scenario in which we receive no legacies; £50,000, plus 7% inflation, per year for the next 5 years. This would give us a required reserve of £288,000. Our free reserves at Year End 2023 are £2,643,760. This will be reviewed annually with data from the approved Annual Financial Accounts.

b. Restricted Funds

We hold two restricted funds, the Peter Truesdale Equipment Fund and the Barbara Gates Volunteer Appreciation Fund.

The Peter Truesdale Equipment fund (PTEF) has been held since 2017 and was used to purchase our current lifeboat. The restriction terms also include the half life refit and the purchase of essential equipment used for the efficient running, launching and recovery of this lifeboat. The restricted funds can also be used for reconstruction of the Lifeboat station itself. This restricted fund has transformed our organisation, and we will always be grateful to the Late Captain Surgeon Peter Truesdale for this legacy. In 2022, Peter Truesdale’s sister, Barbara Gates sadly passed away and left a portion of her estate to the PTEF. This fund is invested in several accounts to generate interest and some of this legacy has been invested into a long-term fund in the view for it to be drawn upon beyond 10 years.

The Truesdale Equipment Fund balance as of 31 December 2023 was £586,701

The second restricted fund is the Barbara Gates Volunteer Appreciation Fund (BGVAF). This money was bequeathed to Sidmouth Lifeboat volunteers to be used as a social fund. All the volunteers are grateful to be thought of in this way. The fund this year has been used for a skittle evening, curry night and an afternoon cream tea. This fund is held in an interest generating account to ensure we can maximise the value.

The Barbara Gate Volunteer Appreciation Fund balance as of 31 December was £6,862.

Page 6

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

c. Material investments policy

As stated above, the total resources of the Company as of 31st December 2023 stood at £3,237,323 (2022: £3,076,514). 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 Investec and other funds become an important contribution.

Our existing investment portfolio, held and managed by Investec Wealth & Investment, is a very considerable unspecified Reserves Fund, valued on 31 December 2023 at £2,310,193, this includes fixed asset and cash investments (2022: £2,092,712).

Our Investec investment choices focus on the UN Sustainability Development Goals and those companies that report a reduced carbon footprint

d. Investment management and 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 reviewed annually by the Trustees. We have maintained 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.

Structure, governance and management

a. Constitution

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

b. Methods of appointment or election of Trustees

The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Governance

The Trustees of Sidmouth Lifeboat are responsible for the management and control of the charity, and we strive to practice good governance throughout our organisation.

Following a review of our recruitment procedures a new Volunteer Policy was approved by Trustees. This policy covers recruitment and retention of volunteers.

The Trustees understand the expenditure involved in the redevelopment of the boathouse over the next couple of years. This year’s focus was on reviewing the medium-term financial plan and a new Reserve Policy has been finalised.

Also reviewed were the PR & Media Policy, Safeguarding Policy, Data Protection Policy and Information Asset Register and the Employee Grievance and Disciplinary procedure.

Page 7

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. The Board of Trustees

The Directors 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 1 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 held at the Blue Ball in Sidford in April. Chris Young, Richard Hedger and Kitrina Bishop retired in rotation and were reappointed for another term.

Phil Shepperd remained Chair and there are currently 7 Board Members.

e. Employees

Naomi Cook continues in her position as Company Secretary and Treasurer and works part time.

7 Lifeguards were employed on a seasonal contract to cover the lifeguard service.

Plans for future periods

Delivery of the emergency service is as ever our main objective, and our most pressing operational challenge is maintaining sufficient numbers of on-call lifeboat crew and launch tractor drivers 24/7. We will continue training new and existing crew members to meet this challenge, with around 60 training sessions planned for 2024. Volunteer numbers have improved in terms of keeping our station open to visitors all year round, and weather permitting we will welcome the public to view our lifeboat and tractor and enjoy our shop every day except Christmas Day.

Lifeguard service

After another successful season in 2023 the service will continue to go from strength to strength, including recruitment and taking part in high quality surf lifesaving and first aid training courses. We look forward to continuing with another very successful and welcome service provision in 2024.

Launch Tractor

Build of our new tractor has taken longer than we had hoped, but we anticipate delivery in spring 2024, and look forward to seeing this tractor on service. We are also having very positive discussions with RNLI and Clayton Engineering around a launch tractor solution beyond the new tractor and well into the future.

Redevelopment of Port Royal

We will continue to engage with East Devon District Council on plans to construct an access ramp to Port Royal Beach as part of the Beach Management Plan, which would be of great benefit to us launching and recovering.

Building Refit and Extension

Plans include an extension on the eastern side of the station which will become a new Sea Rider garage, with improved training and operations space above, with much needed improvements to our existing crew changing and kit room at the same time.

Plans are picking up pace, with pre-planning application submitted to EDDC in December 2023 (with a very positive response), and full planning due to be submitted in March 2024. Various appointments - e.g. Quantity Surveyor, Ecological Surveyor, Drainage Surveyor are planned for the early part of 2024. We anticipate build to start in Autumn 2024.

Page 8

SIDMOUTH LIFEBOAT (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Griffin, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: 05/01/2024

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P Shepperd Chair of Trustees

Page 9

SIDMOUTH LIFEBOAT (A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees (who are also the directors of the Charitable Company for the purposes 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company 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 Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on _______ 05/01/2024 and signed on its behalf by:

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P Shepperd Chair of Trustees

Page 10

SIDMOUTH LIFEBOAT (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT

Opinion

We have audited the financial statements of Sidmouth Lifeboat (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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 the financial statements:

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 charitable company'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.

Page 11

SIDMOUTH LIFEBOAT (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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. If, 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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.

Page 12

SIDMOUTH LIFEBOAT (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 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 Auditors' 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 audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as an ongoing consideration of fraud and irregularities during the whole audit process.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters

Sidmouth Lifeboat did not require an audit in the previous year. Therefore, the comparative figures are unaudited. Sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period’s financial statements has been obtained.

Page 13

SIDMOUTH LIFEBOAT (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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Laura Waycott FCA (Senior statutory auditor)

for and on behalf of Griffin Courtenay House Pynes Hill Exeter EX2 5AZ

Date: 27/6/24

Griffin are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

SIDMOUTH LIFEBOAT (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income
Transfers between funds
16
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
asset investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
17,330
-
10,710
28,040
1,990
21,208
23,198
4,842
(50,000)
(45,158)
2,878
(42,280)
635,843
(42,280)
593,563		 Unrestricted
funds
2023
£
196,647
39,105
62,569
298,321
40,628
206,178
246,806
51,515
50,000
101,515
101,574
203,089
2,440,671
203,089
2,643,760		 Total
funds
2023
£
213,977
39,105
73,279
326,361
42,618
227,386
270,004
56,357
-
56,357
104,452
160,809
3,076,514
160,809
3,237,323		 As restated
Total
funds
2022
£
745,599
37,061
46,515
829,175
43,158
222,201
265,359
563,816
-
563,816
(255,496)
308,320
2,768,194
308,320
3,076,514

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 37 form part of these financial statements.

Page 15

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
Designated funds
16
General funds
16
Total unrestricted funds
16
Total funds		 11,493
214,997
558,375
784,865
(11,502)
210,000
2,433,760		 2023
£
153,767
2,310,193
2,463,960
773,363
3,237,323
3,237,323
3,237,323
593,563
2,643,760
3,237,323		 14,306
278,584
546,992
839,882
(5,319)
-
2,440,671		 As restated
2022
£
149,239
2,092,712
2,241,951
834,563
3,076,514
3,076,514
3,076,514
635,843
2,440,671
3,076,514

Page 16

SIDMOUTH LIFEBOAT (A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

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

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

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 05/01/2024

==> picture [140 x 35] intentionally omitted <==

==> picture [140 x 35] intentionally omitted <==

P Shepperd N Cook Chair of Trustees Treasurer

The notes on pages 19 to 37 form part of these financial statements.

Page 17

SIDMOUTH LIFEBOAT (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 19 to 37 form part of these financial statements		 2023
£
123,375
67,922
(54,571)
(125,343)
(111,992)
-
11,383
546,992
558,375		 As restated
2022
£
309,644
39,817
(12,328)
(310,000)
(282,511)
-
27,133
519,859
546,992

Page 18

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

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

Sidmouth Lifeboat meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Charitable Company's functional and presentational currency is GBP.

1.2 Going concern

The Trustees confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.

1.3 Income

All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitable Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable Company, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Page 19

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on either a striaght line or a reducing balance basis.

Depreciation is provided on the following bases:

Long-term leasehold property - Straight line basis over the length of the lease
Other equipment - 25% reducing balance
Computer equipment - 50% reducing balance

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 20

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.12 Financial instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Pensions

The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Critical areas of judgment:

Legacy income recognition

The Charitable Company has to make a judgement on when legacy income should be recognised. They also have to make a judgement on how much to recognise at the point they are informed they will be receving the income. Management considers the information in the will and correspondance from solicitors to make these judgements.

3. Income from donations and legacies

Donations
Legacies
Gift aid reclaimed
Donations
Legacies
Gift aid reclaimed		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
81,424
17,330
109,805
-
5,418
17,330
196,647
Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
66,815
363,099
309,220
-
6,465
363,099
382,500		 Total
funds
2023
£
81,424
127,135
5,418
213,977
Total
funds
2022
£
66,815
672,319
6,465
745,599

Page 22

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2023
£
Trading income
39,105
Unrestricted
funds
2022
£
Trading income
37,061		 Total
funds
2023
£
39,105
Total
funds
2022
£
37,061

5. Investment income

Overseas Dividends
Overseas Interest
Real Estate Investment
UK Dividends
UK Interest
UK Unit Trust Dividends
UK Unit Trust Interest
Other Bank Interest Income		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
913
9,325
850
10,341
1,103
5,819
674
8,148
23
5,364
4
868
1,542
4,132
5,601
18,572
10,710
62,569		 Total
funds
2023
£
10,238
11,191
6,922
8,822
5,387
872
5,674
24,173
73,279

Page 23

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income (continued)

Restricted Unrestricted Total
funds funds funds
2022 2022 2022
£ £ £
Investment income 5,125 41,390 46,515

6. Expenditure on raising funds

Fundraising trading expenses

Costs of generating donations and legacies
Costs of trading activities
Investment management fees		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
2,817
-
22,130
1,990
15,681
1,990
40,628		 Total
funds
2023
£
2,817
22,130
17,671
42,618

Page 24

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

Costs of generating donations and legacies
Costs of trading activities
Investment management fees		 Restricted
funds
2022
£
-
-
849
849		 Unrestricted
funds
2022
£
8,074
21,270
12,965
42,309		 Total
funds
2022
£
8,074
21,270
13,814
43,158

7. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Activities
undertaken
directly
2023
£
85,215
Activities
undertaken
directly
2022
£
126,625		 Support
costs
2023
£
142,171
Support
costs
2022
£
95,576		 Total
funds
2023
£
227,386
Total
funds
2022
£
222,201

Page 25

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Boat and crew equipment
Equipment repairs
Fuel
Staff costs
Boat and crew equipment		 Activities
2023
£
36,385
32,845
10,539
5,446
85,215
Activities
2022
£
43,880
82,745
126,625		 Total
funds
2023
£
36,385
32,845
10,539
5,446
85,215
Total
funds
2022
£
43,880
82,745
126,625

Page 26

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Other staff costs
Premises costs
Rent and rates
Office costs
Insurance
Accountancy fees
Bank and investment fees
Other costs
Statutory fees
(Profit)/loss on disposal on fixed assets
Governance costs
Staff costs
Depreciation
Premises cost
Accountancy fees
Bank and investment fees
Governance costs		 Activities
2023
£
32,269
52,687
10,064
13,909
2,992
3,579
14,817
957
1,342
3,678
745
(2,644)
7,776
142,171
Activities
2022
£
27,357
48,465
13,660
3,058
1,536
1,500
95,576		 Total
funds
2023
£
32,269
52,687
10,064
13,909
2,992
3,579
14,817
957
1,342
3,678
745
(2,644)
7,776
142,171
Total
funds
2022
£
27,357
48,465
13,660
3,058
1,536
1,500
95,576

Page 27

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £7,740 ( 2022 - £1,500 ).

9. Staff costs

2023 2022
£ £
Wages and salaries 67,965 70,622
Contribution to defined contribution pension schemes 689 615
68,654 71,237
The average number of persons employed by the Charitable Company during the year was as follows:
2023 2022
No. No.
Average number of employees 4 4

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits, including employers pension costs, of the key management personnel of the charity were £29,908 (2022 - £27,356).

10. Trustees' remuneration and expenses

During the year, N Cook was paid for work undetaken as Company Secretary/Treasurer. Due to her position as Trustee a formal application to the Charity Commission was submitted and granted. Gross pay recevied was £29,219 (2022: £26,741) and employer pension contributions were £689 (2022: £615).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 28

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Long-term
leasehold
property
£
145,670
-
-
145,670
115,542
7,534
-
123,076
22,594
30,128		 Fixtures and
fittings
£
739,608
64,571
(54,402)
749,777
621,083
44,858
(47,046)
618,895
130,882
118,525		 Computer
equipment
£
3,457
-
-
3,457
2,871
295
-
3,166
291
586		 Total
£
888,735
64,571
(54,402)
898,904
739,496
52,687
(47,046)
745,137
153,767
149,239

Page 29

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Fixed asset investments

Cost or valuation
As restated at 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
As restated at 31 December 2022		 Investments
£
2,092,714
1,027,566
(897,626)
87,539
2,310,193
2,310,193
2,092,714

Investments at market value comprised:

==> picture [264 x 225] intentionally omitted <==

13. Stocks

Shop stock

2023 2022
£ £
11,493 14,306

Page 30

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Debtors

Due within one year
Trade debtors
Hydrocarbon tax recoverable
Other debtors
Prepayments and accrued income		 2023
£
276
1,017
21,909
191,795
214,997		 2022
£
-
930
24,211
253,443
278,584

15. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
3,307
-
8,195
11,502		 2022
£
-
839
4,480
5,319

Page 31

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Boat half life refit
fund
New tractor build
fund
New building
fund
General funds
General Funds
Total
Unrestricted
funds
Restricted
funds
The Barbara
Gates Fund
The Peter
Truesdale Fund
Total of funds		 Balance at 1
January
2023
£
-
-
-
-
2,440,671
2,440,671
8,857
626,986
635,843
3,076,514		 Income
£
-
-
-
-
298,321
298,321
-
28,040
28,040
326,361		 Expenditure
£
-
-
-
-
(246,806)
(246,806)
(1,995)
(21,203)
(23,198)
(270,004)		 Transfers
in/out
£
50,000
40,000
120,000
210,000
(160,000)
50,000
-
(50,000)
(50,000)
-		 Gains/
(Losses)
£
-
-
-
-
101,574
101,574
-
2,878
2,878
104,452		 Balance at
31
December
2023
£
50,000
40,000
120,000
210,000
2,433,760
2,643,760
6,862
586,701
593,563
3,237,323

Page 32

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Designated Funds

Boat half life refit fund

Restricted funds designated for the half life refit of the boat due to happen in 2028.

New tractor build fund

Unrestricted funds designated for the new tractor build.

New building fund

Unrestricted funds designated for the planned new building works.

Restricted Funds

The Barbara Gates Fund

A fund to provide food and drink for staff and volunteers on duty and for their annual reception.

The Peter Truesdale Fund

The restricted fund relates to the Peter Truesdale Legacy. The restrictions are for the funds to be used to purchase a replacement lifeboat, provision for the half-life refit of the replacement lifeboat and the purchase of any other essential equipment for the efficient running, launching and recovery of said lifeboat.

Page 33

SIDMOUTH LIFEBOAT

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds (continued)

Statemtent of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Barbara Gates Fund
Truesdale Fund
Total of funds		 Balance at
1 January
2022
£
2,458,627
-
309,567
309,567
2,768,194		 Income
£
460,951
10,000
358,224
368,224
829,175		 Expenditure
£
(234,907)
(1,143)
(29,309)
(30,452)
(265,359)		 Gains/
(Losses)
£
(244,000)
-
(11,496)
(11,496)
(255,496)		 Balance at
31
December
2022
£
2,440,671
8,857
626,986
635,843
3,076,514

17. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
January
2023
£
-
2,440,671
635,843
3,076,514		 Income
£
-
298,321
28,040
326,361		 Expenditure
£
-
(246,806)
(23,198)
(270,004)		 Transfers
in/out
£
210,000
(160,000)
(50,000)
-		 Gains/
(Losses)
£
-
101,574
2,878
104,452		 Balance at
31
December
2023
£
210,000
2,433,760
593,563
3,237,323

Page 34

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Summary of funds (continued)

Summary of funds - prior year

Balance at
Balance at 31
1 January Gains/
December
2022 Income Expenditure (Losses)
2022
£ £ £ £
£
General funds 2,458,627 460,951 (234,907) (244,000)
2,440,671
Restricted funds 309,567 368,224 (30,452) (11,496)
635,843
2,768,194 829,175 (265,359) (255,496)
3,076,514
Analysis of net assets between funds
Analysis of net assets between funds - current year
Restricted Unrestricted
Total
funds funds
funds
2023 2023
2023
£ £
£
Tangible fixed assets 73,399 80,368
153,767
Fixed asset investments 258,603 2,051,590
2,310,193
Current assets 261,561 523,304
784,865
Creditors due within one year - (11,502)
(11,502)
Total 593,563 2,643,760
3,237,323
Analysis of net assets between funds - prior year
As restated As restated
Restricted Unrestricted
As restated
funds funds
Total funds
2022 2022
2022
£ £
£
Tangible fixed assets 85,380 63,859
149,239
Fixed asset investments 239,902 1,852,810
2,092,712
Current assets 310,561 529,321
839,882
Creditors due within one year - (5,319)
(5,319)
Total 635,843 2,440,671
3,076,514

18. Analysis of net assets between funds

Page 35

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
56,357
Adjustments for:
Depreciation charges
52,687
Dividends, interests and rents from investments
(73,279)
Decrease/(increase) in stocks
2,813
Decrease/(increase) in debtors
63,587
Increase/(decrease) in creditors
6,183
(Profit)/loss on sale of fixed assets
(2,644)
Mangement fees
17,671
Net cash provided by operating activities
123,375
20.
Analysis of cash and cash equivalents
2023
£
Cash in hand
558,375
Total cash and cash equivalents
558,375
21.
Analysis of changes in net debt
At 1
January
2023
Cash flows
£
£
Cash at bank and in hand
546,992
11,383
546,992
11,383		 2022
£
563,816
47,632
(46,515)
(4,102)
(255,207)
(10,627)
833
13,814
309,644
2022
£
546,992
546,992
At 31
December
2023
£
558,375
558,375

Page 36

SIDMOUTH LIFEBOAT (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £689 (2022 - £615) and £Nil (2022- £Nil) were payable to the fund at the balance sheet date and are included in creditors.

23. Operating lease commitments

At 31 December 2023 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
583
350
933		 2022
£
583
525
1,108

During the year ended 31 December 2023 £875 (2022: £875) was spent on operating lease payments.

24. Related party transactions

The Charitable Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charitable Company at 31 December 2023.

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SIDMOUTH LIFEBOAT THE ESPLANADE SIDMOUTH DEVON EX10 8BE

WWW.SIDMOUTHLIFEBOAT.ORG.UK

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All photos provided by Kyle Baker Photography