SIDMOUTH LIFEBOAT AN INDEPENDENT CHARITY ANNUAL REPORT & FINANCIAL STATEMENTS 2024 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
Reglstered number: 05218116 Charity number: 1105914 SIDMOUTH LIFEBOAT (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 &LGriffin
SIDMOUTH LIFEBOAT (A company limited by guarantee) CONTENTS Page Reference and admlnlstrativ8 details of the Charitable Companyi its Trustees and advisers Trustees, report Trustees. responsibilities statement Independent auditors. report on the financial statements Statement of financial activities 2-10 11 12-15 16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-40
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 2024 Trustees P Shepperd, Chair K Bishop R Hedger N Cook A Dean l Fletcher C Young Company reglstered number 05218116 Charlty reglstered number 1105914 Reglstered offlce Sidmouth Lifeboat The Lifeboat Station The Esplanade Sidmouth EX10 8BE Company secretary N Cook Key Management Personel N Cook (Treasurer) Independent audltors Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ Sollcltors Michelmores clo Michelrnores LLP Harston Church Street Sidmouth Devon EX10 8LT Page 1
SIDMOUTH UFEBOAT IA company limited by guarantee TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial statements of the Charitable Company for the 1 January 2024 to 31 December 2024. 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 (SORPI applicable to charities preparing their accounts in accordance wrth 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 11059141. The charity is governed by its Memorandum and Articles of Association dated 12th August 2004. Objectives and actlvltles a. Policies and objectlves 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 in8hore 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 24tT 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 servi. Due to the increase in visitors and sea-based sports in the area the lifeguards operate a daily seNice during May half term holiday, weekends only during the summer tem, 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 Lrfeboat 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 Ihe delivery of our service, whether we assist them in person, their animals or their property, as in the case of abandoned boats. The trustees confimi 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 Ihe Charty Commission for England and Wales. b. Volunteers At the end of 2024 we had 55 volunteers.. 30 in the operations team, 21 in the support team, 3 trustees who ar8 involved in the operations I support team and 4 are solely trustees. We welcomed 3 operational volunteers and 2 support team members. We said goodbye to 8 volunteers in the year, with a collective 28 years, service. Page 2
SIDMOUTH LIFEBOAT (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance a. Main achievements of the Charitable Company Operations report 2024 2024 was a lrttle less busy than normal in tems of callwouts, with the crew paged 17 times throughout the year. The shouts were as varied as ever, ranging from a few minutes to several hours, occurring at night and day, in calm and rough conditions, demonstrating why our training regime needs lo be as diverse as the shouts we attend. One of the more notable shouts was the crew attendance to administer first aid and pain relief to a casualty who had suffered a broken ankle on the secluded beach of Sandy Cove. A smooth and professional recovery of the casualty back to Sidmouth meant that they were able to be handed over to a family member who could take them to the IoGal A&E. Sidmouth Lifeboat doesn't often conduct tows of slricken vessels, but when it does, they can be long-winded affairs. The tow that was conducted on a cold winter afternoon in November was no exception. Sidmouth Lifeboat was tasked to assist wrth a broken down PWC (personal watercraft) that had earlier put out a Pan-Pan call (urgent assisted required but not imminently in danger). On arrival at Crab Ledgejust to the west of Ladram, the crew were able to assist the two casualties who were cold but otherwise well. and, due to remote location, the weather and their ability to get assistance ashore, it was decided to tow the vessel back to Teignmouth harbour. Due to our location, our equipment, and our ability to respond at short notice, the crew are also occasionally called to assist shore-based incidents. In 2024 we supported 2 such incident5, providing vital first response until other emergency units could attend. 2024 saw 2 boat-crew retire from active duty. With the nature of the role and the commitment required to maintain skills, recruiting new volunteers and then training them to the required standard is necessarily a thorough process. However, we are in a good position with 2 recently trained crew now able to attend shouts and with a further volunteer soon to have a sea-going trial. We were also delighted to be able to award 14 members of our operations team the Kings Coronation Medal, a fitting recognition of the time, dedication and selfless commitment they have given to our Gharity and the wider Gommunity. There is much for the operations team to look forward to in 2025, not least a new, purposely designed building that will make it easier for the crew to put on their protective clothing and equipment and facilitate a quicker and smoother launch. We also awart with great excitement the new launch vehicle which will replace our much-loved Mary Taylor. All in all, 2024 has marked the end of an era and we look forward to 2025. lan Fletcher Trustge for Operntions and Helm Page 3
SIDMOUTH LIFEBOAT (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perforrnance Icontinued) Support Team report 2024 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, callout5 and water safety as w811 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 rts work. We currently have 24 members of the Support Team who volunteer for either a regular morning or afternoon slot, others join the ReseNe Team who fill in for volunteers who are unable to cover their regLtlar 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. 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. We welcomed back the Mannequin Man on the August Bank Holiday weekend= Sid became real, surprising many of the visitor8 by standing in for our popular charty Lifeboat mannequin. All the Support Team get together for what is turning out to be an annual cream tea afternoon, thanks to the Barbara Gates Volunleer Appreciation Fund. It is a good chance for the organisation to say thank you for Iheir efforts over the summer season and update the leam on the next 12 months. As the Support Team work on their own in the boathouse it is a good opportunity to have a catch up and meet the new Support Team members. Chris Young Support Team Lgader Page 4
SIDMOUTH LIFEBOAT (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AchFevements and performance (continued) Lifeguard Service report 2024 We employed 8 lrfeguards this year - 4 returning from last year and 4 new recruits. We deliberately recruited more people this year as il is likely that some of our experienced guards will move on in the next couple of seasons and we would like to maintain continuity. All received the appropriale lifeguard training and accreditations and they all attended a 3 day care of the casualty first aid course. In addition to lifeguarding duties, the team carried on with the sea safety talks at all our local schools that were so successful last year. Feedback has been positive, and this activity has now become an established part of our service with schools requesting and expecting return visits each year to remind young people of sea safety. The beach lifeguard seNice started on 25th May for a week (half tenn) then every weekend until 13th July when we went full time until 8th September. With more guards available we were able to provide extra palrols along the beach to Port Royal and Jacobs Ladder. Over the course of the season we recorded some 63 incidents and provided assistance to nearly 80 people - very small increase on last year. There was a fairly even split between land and sea-based events. but more than half of all incidents (38) required first aid treatment. Mostly these were cuts and bruises but there were several occasions where guards cared for casualties with more serious injuries and gave pain relief until the ambulance service arrived. Total expenditure this year was £55,300 bringing the total cost of the lrfeguard SeiCe since we started in 2021 to £192,000. Looking forward to next year we hope to welcome back several of this year's team and continue to recruit as required. Our current contract with East Devon District Council will be reviewed, and due to the success of the last 4 years we will endeavour to continue our service agreement. Andrew Dean Trustee - Lifeguard Proj8ct Manager Page 5
SIDMOUTH UFEBOAT (A company Ilmlted by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinued) Llfeb)at.OrgDnl¥•tSonBI •lNctw• Supwrt Toam ISu5Wrt T••m le•dei I AdftiiniStraik)n FnaThte Lrfe8uJidi IOpertns •AM8ofl IC¢rwrtyS(fetaryl [lurl 51w & Siu¥k 5vpwi Te• .jwrdSWPtho1} CK5L4hl St<retarl L4•1 In¥thtrrrfn¢ 11K0 L•wKh & Rffo T••m Aotb OwatlDn5 IAembws i• Prthect Ilsystw h•ral mInIStltl HSE EDDCll•l¥on Eq4pm*nE PublkRtlaiior4 Flnanclal revlew Incoming resources for 2024 totalled £279,908 (2023.. £326,361), with expenditure totalling £323,776 (2023.. £270,004}. This generated an in year deficit of £43,868 {2023'. £56,357 surplus). We received £53,012 from legacies (2023.. £127,135). Total nel assets amounled to £3,250,785 (2023.. £3,237,323) as of 31 st December 2024, represented by £474,620 {2023'. £593,563) of restricted and by £2,776,165 {2023.' £2,643.760) of unrestricted funds. Our income breakdown during 2024 was 19 /0 legacies, 430/0 donations, 26 % Investment interest, 1 OQ/o trading, 20/0 HMRC VAT reclaims and gift aid. On expenditura breakdown during 2024 was 89 % lifeboat op8rations and lifeguard service, including opgrational compliance. 310/0 covered fundraising, administration and costs relating to the premises. Page 6
SIDMOUTH LIFEBOAT (A company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 a. R8serv03 policy In 2024 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 reseNes can be monitored each year and Trustees can make well informe future financial decisions. An expenditure profile has been calculated over the last 5 years, from th8 time of the new boal 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 ceIVing 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 detemiining 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 reseNe of £288,000. Our free reserves at year end 2024 are £2,547,897 This will be reviewed annually with data from the approved Annual Financial Accounts. b. Restrlcted Funds We hold restricted funds: The Pet8r Truesdale Eoulpment fund IPTEF) This has been held since 2017, and was added to following the death of Barbara Gates, Peter's sister. This fund originally paid for the current Arctic. 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 fund terms allowed funds lo be used for the reconstruction of the Lifeboat station itself and during 2024 the short-lerm holdings of the PTEF have been used to fund the conslruction of the extension and renovations of the station. There are funds that remain with Rathbones Investments in the long-term, to be drawn upon beyond 10 years. The Truesdale Equipment Fund balance as of 31 December 2024 was £467,822. Barbara Gates Volunteer Appreciatlon Fund (BGVAF> This money was bequeathed to Sidmoulh Lifeboat volunteers to be used as a social fund. The fund thls year has been used for a skittle evening, Christmas paty and an afternoon cream tea. This fund is held in an interest generating account to ensure we can maximise the value. In 2024 we also added to this fund with the membership fees and donations given on the disposal of smaller assets removed during the renovations. The Barbara Gates Volunteer Appreciation Fund balance as of 31 December was £6,798. Page 7
SIDMOUTH UFEBOAT (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 c. Material Investments poIIcy The total resources compris8 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 our investments become an important contribution. Our exisling investment portfolio, held and managed by Rathbones Investment Management Limrted, formerly Investe¢, is a very considerable unspecified Reserves Fund, valued on 31 December 2024 at £2,391,677 which includes fixed assèts and cash investments {2023'. £2,310,193). Our Rathbones investment choices focus on the UN Sustsinability Development Goals and those companies that report a reduced carbon footprint. d. Investment management and objectlvos In compliance with best practice laid down by Ihe Charity Commission, the capital reserves are invested on behalf of the Company by Rathbones in accordance with reserves and investment policies reviewed annually by the Trustees. With the increase in short term holdings, the Trustees approved opening a Flagstone savings platform account. Flagstone has access to multiple fixed and regular saving accounts that can be managed all in one place, with no need for a new application for each new account. All but one of our short-term savings accounts have now been closed and Flagstone is being used to manage our short-term savings. This has aided our cash flow during the building renovations. Structure, governance and management Constitutlon Sidmouth Lifeboat is registered as a charitable company limited by guarantee and was set up by a Tru$t deed. b. Methods of appolntment or electlon of Trustees The management of the Charitsble Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. c. Governanc The Truslees of Sidmouth Lifebo8t are responsible for the management and control of the charity, and we strive to practice good governance throughout our organisation. Following last yearfs financial audit the financial process has been updated, including the purGhasing policy. There have also been a number of processes that have been drawn up to better document the flow of work in relation to financial actions. Our property lease is also due to expire, and the Company Secretary has been working with Michelmore Solicitors to ensure our new lease is in lin8 Wlth our current renovations and extensions and fit for purpose for the next 28 years. Page 8
SIDMOUTH LIFEBOAT (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management (continued) d. The Board of Trustees The Directors ofthe Company are also the Charity Trustees. None of the Directors hold any share capital in the Company as il 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. lan Fletcher, Andrew Dean and Phil Shepperd retired in rotation and were reappointed for another lerm. Phil Shepperd remained Chair and there are CurntlY 7 Board Members. e. Employees Naomi Cook continues in her position as Company Secretary and Treasurer and works part time. Eleven Lifeguards were employed on a seasonal Contract to cover the lrfeguard 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 2417. We will continue training new and existing crew members to meet this challenge, with around 60 training sessions planned for 2025. 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 Iractor and enjoy our shop every day except Christmas Day. There are 2 major projects that will be the focus of 2025. Building Refit and Extension Skinner Construction won the contract after a robust tender process, and began work on the extension and renovation works in October 2024. Overseeing the project is Studio 4 Architects, working alongside McNaughts Quantity Surveyor, Ingleton Wood M&E Engineers and structureHaus Structural Engineers. The build includes an extension on Ihe eastern side of the station which will become a new Sea Rider garage, greatly improving launch time and will provide a casualty treatment area. Above the new garage will be an improved training and operations area and much needed improvements will be made to our existing crew changing and kit room. The anticipated completion is Autumn 2025. Launch vehicle Build of our new tractor has taken longer than we had hoped, and ff( has now become an unviable option in terms of future operability of the seNi¢e. In the summer Clayton Engineering brought down an MB4H for the Operations Team to trial. The MB4H is a purpose-built launch vehicle, features include articulated Ibendyl body, sealed engine compartment with hydraulic drive to all wheels, 360 driver seat, joystick control, unlimited lifespan with refit every 15 years. They are in production over the next few years, and we have placed an order for the first one off the line. This will be due to arrive in Autumn 2025. Page 9
SIDMOUTH LIFEBOAT IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of information to auditors Each of the persons who a Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitls auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and lo establish that the charitys auditors are aware of that information. 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 the members the board of and signed on their behalf by.. Trustees on P Shepperd Chair of Trustees Page 10
SIDMOUTH LIFEBOAT (A company limited by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who are also Ihe directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢el. 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 ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suilable accounting policies and then apply them ¢on51Stently,' observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material clepartures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. 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 Chafilable Company and enable them lo ensure that the financial slatemenls 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 and signed on its behalf by.. Trustees on P Shepperd Chair of Trustees Pa9e11
SIDMOUTH LIFEBOAT (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT Opinlon We have audited the financial statements of Sidmouth Lifeboat (the 'charitable company,) for the year ended 31 December 2024 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.. give a true and fair view of the state of the charltable company's affairs as at 31 December 2024 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Bas1$ for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK} {ISAs (UK)) and applicable law. Our responsibiliti8S Ltnder those standards are further described in the Auditors, responsibilities for the audit of the financial ststements 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 relatlng to golng concern In auditing the financial statements, we have ¢on¢luded 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 lo events or conditions that, individually or ¢olle¢tively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve 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 12
SIDMOUTH LIFEBOAT (A company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED Other informatlon 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 stalements does not cover the other information and, except lo the exienl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilily is to read the other infomiation 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 malerially misstated. If we identify such material inconsistencies or apparent material misslatements, 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 whlch we are rnqulred to report by exceptlon We have nothing to report in respecl of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respecl with the financial statements., or sufficient accounting records have nol been kept., or the financial Statements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we require for our audit. Rosponslbllltles 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 Ihe financial statemenls 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 fr88 from material misstatement, whether due to fraud or error. In preparing the firsancial statements, the Truslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo 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 realistlc 81ternative but to do so. Page 13
SIDMOUTH LIFEBOAT (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED) Auditors. responslbllltS08 for the audlt of the financSal statements We have been appointed as audilor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detecl 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 decision8 of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non<ompliance 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 Ihe 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 ref18Cted 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.fr¢.or .uklauditorsr onsibilitie Auditors, report. This description fomis part of our Page 14
SIDMOUTrI UFEBOAT IA company Ilmited by guardntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIDMOUTH LIFEBOAT (CONTINUED) Use of our report This report 18 made solety to the charitable companrfs trustees, as a body. in accordance vrfth Part 4 of the Charities (Accounts and Reports) Regulations 2W8. Our audit work has been undertaken so that we might stale to the charitable companls trustees those matt8rs we are required to state to them in an Auditors, report and for no other purpo*. To the fullest extent pemiitted by law, we do not accept or assume r6sponsibllity to anyone other than the charitable company and its members. as a body, for our audit work, for thi$ report, or for the opinions we have fomied. Laura Waycott FCA (Senior statutory audltor) for and on behalf of Griffin Courtenay House Pynes Hlll Exeter EX2 5AZ Date: 71?12f Griffin are eligible to act as auditors in term8 of section 1212 of the Companles Act 2006. Page 15
SIDMOUTH LIFEBOAT (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 RestrScted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Other trading activities Investments 169.587 36,263 58,732 169,587 36,263 74,058 213,977 39, 105 73,279 15,326 Total income 15,326 264,582 279,908 326, 361 Expenditure on: Raising funds Charitable activities 2,080 146,407 43,713 131,576 45,793 277,983 42,618 227,386 Total expenditure 148,487 175,289 323,776 270,004 Net (expenditure)lincome Transfers between funds (133,1611 918 89,293 1918) 143,868) 56,357 16 Net movement Sn funds befote other recognised gainsl{losses) {132,243) 88,375 143,868} 56,357 Other recognlsed gainsl(losses): Gains on revaluation of fixed assets 13,300 44,030 57,330 104,452 Net movement in funds {118,943) 132,405 13,462 160, 809 ReconcSllation of funds: Total funds brought forward Net movement in funds 593,563 1118,943) 2,643,760 132,405 3,237,323 13,462 3,076,514 160,809 Total funds carried forward 474,620 2,776,165 3,250,785 3,237, 323 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 20 to 40 form part of these financial statements. Pag8 16
SIDMOUTH LIFEBOAT (A company limited by guarantee) REGISTERED NUMBER: 05218116 BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 410,280 2,391,677 153. 767 2,310, 193 12 2,801,957 2,463, 960 Current assets Stocks Debtors Cash at bank and in hand 13 14 ,435 52,302 448,212 11,493 214,997 558,375 508,949 784, 865 Creditors.. amounts falling due within one year 15 (60,121) (11,502) Net current assets 448,828 773, 363 Total assets less current liabilities 3,250,785 3,237,323 Net assets excluding penslon asset 3,250,785 3.237,323 Total net assets 3,250,785 3,237, 323 Charity funds Restricted funds Unrestricted funds 16 474,620 593,563 Designated funds General funds 16 16 1,426,019 1,350,146 210,000 2, 433, 760 Total unrestricted funds 16 2,776,165 2, 643, 760 Total funds 3,250,785 3, 237,323 Pag8 17
SIDMOUTH LIFEBOAT (A company Ilmited by guarantee BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 144 of the Charities Act 2011. The Truste8s acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to 8ntitl88 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: P Shepperd Chair of Trustees N Cook Treasurer The notes on pages 20 to 40 form part of these financial statements. Page 18
SIDMOUTH LIFEBOAT {A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activitles Net cash used in operating activities 149,381 123,375 Cash flows from investlng activities Dividends, interests and rents from investments Purchase of tangible fixed assets Purchase of investments 31,316 1290,860 67,922 (54, 571) (125, 343) Net cash used In investing activities (259,5441 {111,992) 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 (110,163) 558,375 11,383 546, 992 Cash and cash equivalents at the end of the year 448,212 558, 375 The notes on pages 20 to 40 form part of these financial statements Page 19
SIDMOUTH LIFEBOAT IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles 1.1 Basis of preparation of financial statements The financial statemenls have been prepared in accordance with the Charities SORP (FRS 1021 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. 1.2 Going concern The Trustees confinn that, having considered their expectations and intentions for the next Iwefve months, and the availability ofworking 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 reliabty. 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 ha5 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 Ihe 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 8 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 thal aclivity. Shared costs which contribute to more than one activity and support cosls which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central stsff 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 cosls of all fundraising activities events and non- charitable trading. Page 20
SIDMOUTH LIFEBOAT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.4 Expenditure Icontlnued} Expenditure on charitable activities is incurred on directly undertaking the activities which further th& Charitable Company's objectives, as well as any associated support Costs. 1.5 Interest receivable Interest on funds held on deposit is included when re¢eivabSe and the amount can be measured reliably by the Charitable Company,. this is normally upon notrfication 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 ¢05ting £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 cosl less accumulated depreciation and any accumulated impairment losses. All costs incurred lo 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 propety other equipment Computer equipment Straight line basis over the length of the lease 25 % reducing balance 50°/0 reducing balance Gains and losses on disposals are detemiined 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 'Gainsl{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 21
SIDMOUTH LIFEBOAT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {contlnued) 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 Llabilltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a resutt 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. Provision5 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, Ihe 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 Flnancial 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 contribulion 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 Trustee5 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 22
SIDMOUTH LIFEBOAT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estlmates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other faclors, 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 as5umplions will, by definition, seldom equal the r8lated actual results. Critical areas of judgment.. Legacy Income r8cognitlon 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 fecognise at the point they are informed they will be receiving the income. Manag8ment considers the information in the will and correspondence from solicitors to make these judgements. Income from donatlons and legacles Restrlcted Unrestricted funds funds 2024 2024 Totsl funds 2024 Donations Legacies Gift aid reclaimed 109,679 53,012 6,896 109,679 53,012 6,898 169,587 169,687 Reslrictgd Unrestricted funds funds 2023 2023 Total funds 2023 Donations Legacies Gift aid reclaimed 81,424 109, 805 5,418 81,424 127, 135 5,418 17,330 17,330 196,647 213,977 Page 23
SIDMOUTH LIFEBOAT (A Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other tradlng activttles Income from non charitable trading activities Unrestrlcted funds 2024 Total funds 2024 Trading income 36,263 36,263 Unrestricted funds 2023 Total funds 2023 Trading income 39, 105 39, 105 Investment Income Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Overseas Dividends Overseas Interest Real Estate Investment UK Dividends UK Interest UK Unit Trust Dividends UK Unit Trust Interest Other Bank Interest Income 1,176 1,079 768 782 456 11,828 16,779 4,896 8,493 8.287 2,620 727 5,102 13,004 17,858 5,664 9,275 8,743 3,885 1,346 14.283 1,265 619 9,181 15,326 58,732 74,058 Page 24
SIDMOUTH LIFEBOAT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income (continued} Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Overseas Dividends Overseas Interest Real Estate Investment UK Dividends UK Interest UK Unit Trust Dividends UK Unit Trust Interest Other Bank Interest Income 913 9, 325 10,341 5,819 8, 148 5,364 868 4, 132 18,572 10,238 11,191 6, 922 8, 822 5,387 872 850 1, 103 674 23 1,542 5,601 5,674 24,173 10,710 62, 569 73,279 Expenditure on ralsing funds Fundralslng tradlng expenses Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Costs of generating donations and legacies Costs of trading activities Investment management fees 1,464 25,741 18,508 1,464 25,741 18,588 2,080 2,080 43,713 45,793 Page 25
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on ralslng funds (contlnued) Fundralslng trading expenses (contlnued) Restricled UnrBStnctgd funds funds 2023 2023 Tolal funds 2023 Costs of generating donations and legacies Costs of trading activities Investment management fees 2,817 22,130 15.687 2,817 22, 130 17,671 1,990 1,990 40, 628 42, 618 Analysls of expondlture by actlvltles A¢tlvlties undertaken directly 2024 Support costs 2024 Total funds 2024 Charitable activities 102,343 175,640 277,983 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Charitable activities 85,215 142. 171 227, 386 Page 26
SIDMOUTH LIFEBOAT (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of direct ¢¢)sts Total funds 2024 Activities 2024 Staff costs Boat and crew equipment Equipment repairs Fuel 58,132 23,383 16,176 4,652 58,132 23,383 16,176 4,652 102,343 102,343 Total funds 2023 Activities 2023 Staff costs Boat and crew equipment Equipment repairs Fuel 36,385 32,845 10,539 5,446 36,385 32,845 10,539 5,446 85,215 85,215 Page 27
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysls of support costs Total funds 2024 Activities 2024 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)Iloss on disposal on fixed assets Legal expenses Governance costs 33,861 50,702 10,523 17,129 4,240 5,193 18,496 1,989 2,002 3,719 199 3,360 14,677 9,550 33,861 50,702 10,523 17,129 4.240 6,193 18,496 1,989 2,002 3,719 199 3,360 14,677 9,550 175,640 175,640 Page 28
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure by activities (continued Analysls of support costs (conllnuedl Total funds 2023 Activities 2023 Staff costs Depreciation Other staff costs Premises cost Rent and rates Office costs Insurance Accountancy fees Bank and investment fees Other costs Statutory fees (Profit)Aoss on disposal on fixed assets Governance costs 32,269 52,687 10.064 13,909 2, 992 3,579 14,817 957 1,342 3,678 745 (2, 644) 7, 776 32, 269 52, 687 10,064 13,909 2, 992 3,579 74,817 957 1,342 3,678 745 (2, 644) 7, 776 142, 171 142, 171 Page 29
SIDMOUTH LIFEBOAT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Auditors, remuneration The auditors, remuneration amounts to an auditor fee of £8,040 (2023- £7, 740). Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 90,571 515 907 67,965 689 91,993 68, 654 The average number of persons employed by the Charitable Company during the year was as follows.. 2024 No. 2023 Average number of employees No employee received remuneration amounting to more than £60,000 in either year. The total employee benefits. including employers pension cost5, of the key management personnel of the charity were £33.015 (2023 - £29,908). 10. Trustees, remuneration and expenses During the year, N Cook was paid for work undertaken as Company secretary reasurer. Due to her position as Trustee a formal application to the Charity Commission was submitted and granted. Gross pay re¢eived was £32,235 {2023'. £29,219) and employer pension Contributions were £780 {2023.' £689). During the year ended 31 DeGember 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 30
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tangible fixed assets Other equipment including plant and machinery Long-term leasehold property Computer equipment Total Cost or valuation At 1 January 2024 Additions Disposals 145,670 266,646 749,777 43,929 (25,302) 3,457 898,904 310,575 {25,3021 At 31 December 2024 412,316 768.404 3,457 1,184,177 Depreciation At 1 January 2024 Charge for the year On disposals 123,076 7,534 618,895 43,022 (21,942) 3,166 146 745,137 50,702 {21,942) At 31 December 2024 130,610 639,975 3,312 773,897 Net book value At 31 December 2024 281,706 128,429 145 410,280 At 31 December 2023 22, 594 130, 882 291 153,767 Page 31
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Fixed asset investments Investments Cost or valuation At 1 January 2024 Additions Disposals Revaluations 2,310,193 906,442 {834,804) 9,846 At 31 December 2024 2,391,677 Net book value At 31 December 2024 2,391,677 At 31 December 2023 2,3tO,193 Investments at market value comprised.. Investment Value l£} UK Fixed Income 479,935 Overseas Fixed Income 177,713 UK Equities 201,157 European Equilies 196.832 North American Equitigs 411,412 Japanese Equities 30.468 Far East & Australasian Equities 40,065 Overseas Equitl8S 116,340 Emerging Economies 49.680 Commercial Prope 67.031 Alternatives 118,072 Olhor AlternatlV95 75,219 Cash 427.753 Total 2,391,677 13. Stocks 2024 2023 Shop stock 8,435 11,493 Page 32
SIDMOUTH LIFEBOAT IA company limited by guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Debtors 2024 2023 Due within one year Trade debtors Hydrocartlon tax recoverable other debtors Prepayments and accrued income 276 1,017 21,909 191, 795 720 10,833 40,749 52,302 214,997 15. Creditors: Amounts falling du8 Wlthin one year 2024 2023 Trade creditors Accruals and deferred income 31,646 28,475 3,307 8,195 60,121 11,502 Page 33
SIDMOUTH LIFEBOAT IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds Statement of funds - current year Balance at 31 Galnsl December (Losses) 2024 Balance at 1 January 2024 Transfer8 Inlout Income Expendlture Unrestrlcted funds Designated funds Boat half life refit fund New tractor build fund New buildin9 fund MB4H 50,000 50,000 40,000 (504 39,496 120,000 717,000 499,523 837,000 499,523 210,000 (5041 1,216,523 1,426,019 General funds General Funds 2,433,760 264,582 (174,7851 (1,217,441) 44,030 1,350,146 Total Unrestrlcted funds 2,643,760 264,582 1175,289 (918) 44,030 2,776,165 Restrlcted funds The Barbara Gates Fund The Peter Truesdale Fund 6,862 (982) 918 6,798 586,701 15,326 1147,505 13,300 467,822 593,563 15,326 (148,487) 918 13,300 474,620 Total of funds 3,237,323 279,908 (323,7761 57,330 3,250,785 Page 34
SIDMOUTH LIFEBOAT (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds (continued) The specifie purposes for which the funds are to be applied are as follows.. Deslgnated Funds Boat half life refit fund Restricled funds designated for the half life refit of the boat due to happen in 2028. New tractor build fund Unrestflcted funds designated for the new tractor build. New bulldlng fund Unrestricted funds designated for the planned new building works. MB4H fund Unrestricted funds designated for a new boal deployment vehicle. Restrlcted Funds The Barbara Gates Fund A fund to provide food and drink for staff and volunteers on duly 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 replacemenl lifeboat and provision for its half-life refit. This fund can then cover the purchase of any other essential equipment for the efficient running, launching and recovery of said lifeboat, including reconstruction of the lifeboat station. Page 35
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds {contlnued) Statement of funds - prior year Balance al 31 December 2023 Balancg at l January 2023 Transfers in/out Gains/ (Losses) Income Expenditure Unrestricted funds Designated funds Boat half life refit fund New tractor build fund New building fund 50,000 40, 000 40, 000 120,000 120,000 210.000 210,000 General funds General Funds 2,440,671 298,321 (246, 806) (160,000) 101,574 2, 433, 760 Total Unrestricted funds 2,440,671 298,321 (246, 806) 50,000 101.574 2. 643, 760 Restricted funds The Barbara Gates Fund The Peter Truesdale Fund 8,857 (1, 995) 6, 862 626,986 28,040 (21,203) (50, OOOJ 2,878 586, 701 635, 843 28,040 (23, 198) (, 000) 2,878 593,563 Total of funds 3,076,514 326, 361 (270,004) 104,452 3. 237, 323 Page 36
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Summary of funds Summary of funds - current year Balance at 31 Gainsl December {Lossesl 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 210,000 2,433,760 1504) 1,216,523 (174,785) (1,217,441) 1,426,019 1,350,146 264,582 44,030 593,563 15,326 (148,4871 918 13,300 474,620 3,237,323 279,908 (323,776) 57,330 3,250,785 Summary of funds - prlor year Balance al 31 December 2023 Balance at 7 January 2023 Transfers in/out Gains/ (Losses) Income Expenditure Designated funds General funds Restricted funds 210.000 (160,OOOJ 210,000 2,433, 760 2,440,671 298, 321 (246,806) 101,574 635, 843 28, 040 (23. 198) (50, 000) 2,878 593,563 3,076,514 326,361 (270, 004) 104,452 3, 237,323 Page 37
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Analysis of net assats between funds Analysis of net assets between funds - current perlod Re$trl¢ted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 181,812 271,837 20,971 228,468 2,119,840 487,978 (60,121) 410,280 2,391,677 508,949 (60,1211 Total 474,620 2,776,165 3,250,785 Analys18 of net assets between funds - prlor perlod R&stncted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assels Fixed asset investments Current assets Creditors due within one year 73,399 258, 603 261,561 80,368 2,051, 590 523,304 (11,502) 153, 767 2,310,193 784, 865 (11,502) Total 593, 563 2, 643, 760 3,237. 323 Page 38
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Reconciliation of net movement in funds to net cash flow from operating actlvlties 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) {43,868) 56,357 Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in stocks Decrease in debtors Increase in Creditors (Profit)Iloss on sale of fixed assets Mangement fees 50,702 174,058 3,058 162,695 28,904 3,360 18,688 52, 687 (73,279) 2,813 63,587 6,183 (2, 644) 17,677 Net cash provlded by operating activities 149,381 123,375 20. Analysts of cash and cash equivalents 2024 2023 Cash in hand 448,212 558,375 Total cash and cash equivalents 448,212 558, 375 21. Analysis of changes In net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 558,375 1110,163) 448,212 558,375 (110,163) 448,212 Page 39
SIDMOUTH LIFEBOAT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Capltal commitments 2024 2023 Contracted for but not provided In these financial statements Acquisition of tangible fixed assets 918,211 23. Penslon commltments The Charity operate8 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 lo the fund and amounted to £907 (2023 - £6891 and £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors. 24. Operatlng lease commltm•nts At 31 December 2024 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 583 176 583 350 758 933 25. Related party tran8actlons R Hedger, trustee, is a director al Michelmores LLP. During the year ended 31 March 2025 Sidmouth Lifeboat paid Michelmores LLP £16,482 (2023.. £Nil) in legal fees related to the new build contract. At the Balance Sheet date a balance of £Nil was owed12023'. £Nil}. Page 40
SIDMOUTH LIFEBOAT THE ESPLANADE SIDMOUTH DEVON EXIO 8BE WWW.SIDMOUTHLIFEBOAT.ORG.UK Ilf F.uUktLD Ir'js SURF RESCUE All photos provided by Kyle Baker Photography