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 Se￿iCe 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 F￿naThte Lrfe8uJidi IOper*t*ns •A*M8ofl IC¢rwrtyS*(fetaryl [￿lur￿l 51w & Siu¥k 5vpwi Te• .j￿wrdSWPth￿o1} CK*5L4hl St 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 Cur￿ntlY 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