## **ANNUAL REPORT & FINANCIAL STATEMENTS 2025**
**Sidmouth Lifeboat is a company limited by guarantee Company registration No. 5218116 Registered Charity No. 1105914 We are an independent rescue service and a HM Coastguard Declared Rescue Facility**
## **SIDMOUTH LIFEBOAT THE ESPLANADE SIDMOUTH DEVON EX10 8BE**
**WWW.SIDMOUTHLIFEBOAT.ORG.UK**
All photos provided by Kyle Baker Photography
**Registered number: 05218116 Charity number: 1105914**
## **SIDMOUTH LIFEBOAT**
**(A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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 - 10|
|**Trustees' responsibilities statement**|11|
|**Independent auditors' report on the financial statements**|12 - 15|
|**Statement of financial activities**|16|
|**Balance sheet**|17 - 18|
|**Statement of cash flows**|19|
|**Notes to the financial statements**|20 - 42|
## **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 2025**
|**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**
**Personnel**
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 2025**
The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 January 2025 to 31 December 2025. 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**
At the end of 2025 we had 53 volunteers: 25 in the operations team, 21 in the support team, three trustees who are involved in the operations / support team and four are solely trustees.
We welcomed one new support team member in 2025. We said goodbye to nine volunteers in the year, with a collective 48 years’ service.
Page 2
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Objectives and activities (continued)**
## **c. 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. 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 Sidmouth Watersports Hub in July with a record 38 members attending. Chris Young, Richard Hedger and Naomi Cook retired in rotation and were reappointed for another term. Phil Shepperd remained Chair and there are currently 7 Board Members.
## **Achievements and performance**
## **a. Main achievements of the Charitable Company**
## **Operations report 2025**
2025 proved to be a demanding and varied year for Sidmouth Lifeboat, with the crew responding to a broad spectrum of incidents across the coastline. The year was made even more challenging by significant operational disruption: the boathouse underwent major renovation works, requiring the crew to operate out of temporary portacabins for over a year and for 3 months the Arctic launch vehicle was away for a full refit. Despite these constraints, the professionalism and adaptability of the team ensured that response capability remained consistently strong.
Call-outs throughout the year reflected the full range of coastal emergencies—missing persons, kayakers and paddleboarders in difficulty, shoreline casualties, and the occasional vessel requiring assistance. As ever, shouts occurred at all hours and in all conditions, underlining the importance of maintaining a broad and rigorous training programme.
One of the most significant incidents of the year was the major overnight search at Branscombe in April, where the crew joined multiple Coastguard teams and helicopter support in locating a high risk missing person. The casualty was found in critical condition, and the coordinated response demonstrated the value of multi agency working in time sensitive situations.
The summer months brought a predictable rise in incidents involving kayakers, paddleboarders, and small craft. Many of these were resolved before the lifeboat arrived on scene, but the rapid response capability of the crew remained essential. July alone saw several such call-outs, including an inflatable kayak with an adult and child drifting off Branscombe and a concern for a paddleboarder off Sidmouth that turned out to be a kayaker safely making progress.
Coastal injuries and extractions also featured prominently. In August, the crew assisted with a complex extraction at Ladram Bay after a casualty suffered a dislocated knee on the coastal path, working alongside HART and other emergency teams. Earlier in the summer, two people stranded on rocks near Beer Head required helicopter extraction, highlighting the increasing frequency and complexity of shoreline incidents.
Although vessel-related shouts remain a smaller part of our operational profile, 2025 included several notable examples. In August, the crew assisted a trawler off Sidmouth whose steering gear had been obstructed by a large log, and later that month a nighttime rescue of two people in a dinghy resulted in a safe tow back to shore.
As in previous years, a number of call-outs were false alarms with good intent, public vigilance that, while not always resulting in a rescue, remains an important part of coastal safety. These included reports of missing swimmers and concerns for small craft that ultimately proved safe.
Page 3
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Achievements and performance (continued)**
Multi-agency searches were a recurring theme, particularly during the busy summer season. Extensive shoreline sweeps between Budleigh and Chiselbury Bay, and a large-scale response at Big Picket in September, demonstrated the integrated nature of modern coastal emergency operations.
As we look ahead to 2026, the completion of the new boathouse and the return of the fully refurbished Arctic will significantly enhance our operational capability. With improved facilities and a renewed launch vehicle, the crew will be better equipped than ever to respond swiftly and safely to those in need along our coastline.
Ian Fletcher _Trustee for Operations and Helm_
## **Support Team report 2025**
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, its callouts and water safety as well as perusing the shop. They have fun meeting people and have the satisfaction of giving something back to the local community. We currently have 22 members of the Support Team who volunteer for either a regular morning or afternoon shift. Others join the Reserve Team who fill in for volunteers who are unable to do their regular shift. We also have a team of volunteers whose job is to count and bank the takings from the shop and donations to the lifeboat. Two team members regularly collect donation boxes from local businesses across Sidmouth and the surrounding areas. We have recently welcomed a new member of the counting team as well as appointing a volunteer whose job it is to order shop stock and replenish the stock in the shop. Organisation of the volunteer rota has also been handed over to one of the Support Team. Two new members have also joined the Support Team as volunteers in the shop. We always need volunteers and if you would like to find out more please contact me at the Boathouse for more information.
Refurbishing the Boathouse and the shop area has created a stimulating and more receptive environment. The development of a wider viewing platform enables visitors the opportunity to observe the Lifeboat in more detail. A new interactive video screen enables the public and our younger visitors the opportunity to explore how the Lifeboat and Crew operate during a shout, how they launch the Lifeboat and return to the Boathouse. It creates a more accessible way to explore the operational side of the Lifeboat. We have also installed a new donation station where members of the public can donate when the shop is closed.
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. Sid the mannequin stands outside in all weathers, with his partner Alma collecting donations for Sidmouth Independent Lifeboat. This year we opened for the Christmas late night shopping event in Sidmouth which proved very popular for those last minute Christmas cards.
All the Support Team get together for what is turning out to be an annual cream tea afternoon, thanks to the Barbara Gates Volunteer Appreciation Fund. It is a good chance for the organisation to say thank you to the volunteers for their efforts during the year and update the Team. As the Support Team members work on their own in the Boathouse it is a good opportunity to have a catch up and meet new Support Team members.
Chris Young _Support Team Leader_
Page 4
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Achievements and performance (continued)**
## **Lifeguard Service report 2025**
The lifeguard unit returned to the beach shortly before the start of the season in May. There was no need for any major improvement or maintenance to the unit this year. We were fortunate that EDDC were installing the new beach walkway on the day we craned the unit in to place so we were able to get them to extend this to form a walkway and platform in front of the unit which proved invaluable during the season.
We employed 9 lifeguards this year – 6 returning from last year and 3 new recruits. This proved to be a very successful mix of experience and fresh ideas, and the team worked exceptionally well together this year. Additionally, we were joined by a current RNLI senior lifeguard for a few shifts in August which was a great success, allowing both organisations to learn from each other. All received the appropriate lifeguard training and accreditations, and they all attended a 3 day care of the casualty first aid course.
The beach lifeguard service started on 24th May for a week (half term) then every weekend until 12th July when we went full time until 7th September. Once again, we had enough guards available to provide extra patrols along the beach to Port Royal and Jacobs Ladder. This year saw the introduction of a senior lifeguard role, taking on some of the administration and service responsibility. In addition to lifeguarding duties, the lifeguards carried out safety talks at all our local schools, Feedback has been great, and this activity has now become an established part of our service and a major contribution to beach safety at Sidmouth.
It was an exceptionally busy year, and the guards dealt with a staggering 91 incidents – 30 more than last year. They aided 120 people – a 30 % increase. There was an even split between land and sea-based events but nearly two thirds of incidents (62) required first aid treatment. Mostly this was just cuts, bruises and a few weaver stings but there were several occasions where guards cared for casualties with more serious injuries and gave pain relief or oxygen until the ambulance service arrived. Of note was a weekend in June with multiple incidents on the same day - the most serious involving a near drowning where the guards did an excellent job of recovering the casualty from the shoreline and handing over to the ambulance service and then treating several local teenagers who had sustained cuts and grazes helping with the rescue.
Following the end of season the unit and board bin were craned off the beach on 9th September, and both are now in storage at Hollybrook Nursery until next year (thanks again to Richard King for allowing us to use this area free of charge).
Total expenditure this year was £61,000 bringing the total cost of the lifeguard service since we started in 2021 to £254,000. Looking forward to next year we hope to welcome back several of this year’s team and continue to recruit as required. There are no plans for major expenditure – just the usual costs of wear and tear.
Finally, I would like to thank all the lifeguards who formed such a great team this summer. The excellent service they provided has been appreciated by the public with many emails and messages received praising their efforts. They are a credit to our organisation.
Andrew Dean
_Trustee and Lifeguard Project Ma_ nager
Page 5
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Achievements and performance (continued)**
## **Financial review**
Incoming resources for 2025 totalled £638,174 (2024: £279,908), with expenditure in total was £297,366 (2024: £323,776).
Our income breakdown during 2025 was 78% legacies, 11% donations, 7% Investment interest, 4% gift aid and trading. We recognise an income of £499,098 from legacies; £27,049 was paid in the 2025 accounting period, £472,049 has been pledged but not yet received.
Our expenditure breakdown during 2025 was 10% in relation to fundraising costs, 35% for direct costs and 55% for support costs.
As of 31st December 2025, total net assets amounted to £3,711,024 (2024: £3,250,785), represented by restricted and unrestricted funds.
Page 6
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **a. Reserves policy**
In 2025 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 £184,291. 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 £137,176 per year. By contrast, legacies can be highly variable.
With typical running costs of around £185,000, we are reliant on receiving more than £48,000 in legacies to break even. Ideally, we would hope to receive more than £75,000 in legacies each year.
Therefore, in determining our reserves policy we consider the scenario in which we receive no legacies; £75,000, plus 8% inflation, per year for the next 5 years. This would give us a required reserve of £440,000. Our free reserves at year end 2025 are £1,247,873. 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 (PTEF)**
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.
In 2025 the fund has been used to cover the refurbishment of the Arctic, which takes place every 6 years. The boat was taken off service and transported to Ribcraft in Yeovil. The Arctic was stripped down, deck repainted, metal work replaced, new electrics and any other works required to keep to boat going until the next refit.
The terms also allow funds to be used for the reconstruction of the Lifeboat station itself and during 2025 the short-term holdings of the PTEF have been used to partly fund the construction of the extension and renovations of the station. This used the last of the restricted short-term holdings. There are long-term holdings that remain with Rathbones Investments, to be drawn upon in the 2030s.
The Truesdale Equipment Fund balance as of 31 December 2025 was £465,527.
## **Barbara Gates Volunteer Appreciation Fund (BGVAF)**
This money was bequeathed to Sidmouth Lifeboat volunteers to be used as a social fund. The fund this year has been used for AGM drinks, Christmas party and an afternoon cream tea. This fund is held in an interest generating account to ensure we can maximise the value. In 2025 we also added to this fund the membership fees from the previous year.
The Barbara Gates Volunteer Appreciation Fund balance as of 31 December 2025 was £6,704.
Page 7
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **c. Material investments policy**
Our existing investment portfolio, held and managed by Rathbones Investment Management Limited, formerly Investec, valued on 31 December 2025 at £1,196,691 which includes fixed assets and cash investments (2024: £2,391,677).
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. Due to the value of investments, the Trustees approved the use of Rathbones to fund the extension of the lifeboat station and the new launch vehicle.
Our Rathbones investment choices focus on the UN Sustainability Development Goals and those companies that report a reduced carbon footprint..
## **d. Principal risks and uncertainties**
Sidmouth Lifeboat hold a Risk Management Policy and a Risk Register to enable us to review potential risks in a number of areas.
**Governance risk** : The Trustees consider the organisational structure, effectiveness of the Board and the decision-making process. Our main risk here is maintaining an effective Board to run the charity. We hold regular Trustee Board Meetings, put in place procedures for standing aside on certain decisions and our Conflict of Interest register is reviewed annually. We also review recruitment and training processes to ensure our Trustees have a good understanding of relevant matters, and a number of them have active roles within the organisation. All Trustees have undergone NCVO’s Roles and Duties of Trustees e-learning course, and those in direct contact with overseeing volunteers have undergone NCVO’s Good Practice in Volunteering Management training.
**External risk:** The Trustees consider public perception and adverse publicity, demographic changes, economic or local political environment and government policy. Public perception of Sidmouth Lifeboat is excellent, but does have the potential to pose a significant risk. We have a Media and PR Policy which is reviewed regularly. We also have an experienced Media Officer who has worked hard to promote our charity effectively and who maintains a positive presence. Above all we seek to be seen to be doing an important job in a professional manner.
**Regulatory and compliance risk:** The Trustees consider the risk of failing to comply with legislation or reporting, which might result in both reputational damage and financial damage. As a growing charity we now undertake annual statutory audits through an external accountancy firm. These audit findings have helped further develop our robust existing financial reporting and monitoring.
**Financial risk:** The Trustees consider how we manage our money; the risks of handling, investing, and using our finances inappropriately. We maintain a Reserve Policy and through regular reporting monitor our budget. By continuing our public presence we are ensuring contact with our supporters and continued donations. We also maintain regular contact with our Investment Managers to ensure our investments are working for us.
Page 8
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **e. 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 Rathbones in accordance with reserves and investment policies reviewed annually by the Trustees.
We continue to use Flagstone for 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. The build and manufacture of our new launch vehicle have made full use of our short-term holdings and a portion of our Rathbone funds.
## **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.
Our property lease is due to expire in 2027, and the Company Secretary has been working with Michelmore Solicitors to ensure our new lease is in line with our current renovations and extensions and fit for purpose for the next 28 years.
## **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. Ian Fletcher, Andrew Dean and Phil Shepperd 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. Sidmouth Lifeboat employed 11 Lifeguards on a seasonal contract to cover the lifeguard service.
Page 9
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Plans for future periods**
A year of big change lies ahead for the Operations team at Sidmouth Lifeboat. As described above, we have now taken possession of our refitted building, which is a huge improvement, allowing us the space and facilities to thoroughly refresh the way our shore-based training is planned and rolled out. It also provides a better working space for the tasks which our volunteer Operations Committee undertake almost continuously in support of operations, such as maintenance planning, regulatory compliance, procurement, updates to operational procedures and risk assessments. So, a year of getting our behind-the-scenes ducks in an even better, easier to keep on top of, row lies ahead.
The most significant planned event for 2026 will be delivery of our new launch system, consisting of a new MB4H "bendy" tractor unit and a new bespoke trailer, all built and supplied by Clayton Engineering, a RNLI subsidiary. Our tractor drivers are heading up to Wales in February for the first training day, with several more planned ahead of and around the time of delivery, which is set to be April or May of this year.
This represents a big improvement in terms of the equipment we use to launch and recover the lifeboat in terms of resilience and therefore safety, but the fundamental challenges of that launch and recovery process over a steep shingle beach and straight into the sea, in up to near gale conditions, remain the same. So, an intense year of in house practice and training, after the formal training has been completed, lies ahead as we develop our understanding of the capabilities (and more importantly limitations) of the new kit.
## **Disclosure of information to auditors**
Each of the persons who are 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 charity's 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 information and to establish that the charity's 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 of the members of the board of Trustees on _________________________________________________ and signed on their behalf by: `07/05/2026`
**P Shepperd** Chair of Trustees
Page 10
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures 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 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 _________________________________________________ and signed on its behalf by:
```
07/05/2026
```
**P Shepperd** Chair of Trustees
Page 11
## **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 2025 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 charitable company's affairs as at 31 December 2025 and of its 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.
## **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 12
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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 13
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
Page 14
## **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.
## **Laura Waycott FCA (Senior statutory auditor)**
for and on behalf of Griffin Courtenay House Pynes Hill Exeter EX2 5AZ Date: 11/5/26
Griffin are eligible to act as auditors in terms of section 1212 of the Companies 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 2025**
|**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 (expenditure)/income**
Transfers between funds
16
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**6,723**
**6,723**
**2,594**
**19,088**
**21,682**
**(14,959)**
**(15,746)**
**(30,705)**
**28,314**
**(2,391)**
**474,620**
**(2,391)**
**472,229**|**Unrestricted**
**funds**
**2025**
**£**
**577,260**
**19,290**
**34,901**
**631,451**
**26,147**
**249,537**
**275,684**
**355,767**
**15,746**
**371,513**
**91,117**
**462,630**
**2,776,165**
**462,630**
**3,238,795**|**Total**
**funds**
**2025**
**£**
**577,260**
**19,290**
**41,624**
**638,174**
**28,741**
**268,625**
**297,366**
**340,808**
**-**
**340,808**
**119,431**
**460,239**
**3,250,785**
**460,239**
**3,711,024**|_Total_
_funds_
_2024_
_£_
_169,587_
_36,263_
_74,058_
_279,908_
_45,793_
_277,983_
_323,776_
_(43,868)_
_-_
_(43,868)_
_57,330_
_13,462_
_3,237,323_
_13,462_
_3,250,785_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 20 to 42 form part of these financial statements.
Page 16
## **SIDMOUTH LIFEBOAT (A company limited by guarantee) REGISTERED NUMBER: 05218116**
## **BALANCE SHEET AS AT 31 DECEMBER 2025**
|**Note**
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Stocks
13
Debtors
14
Investments
Cash at bank and in hand
**Current liabilities**
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**|**7,223**
**498,639**
**90,933**
**190,395**
**787,190**
**(47,284)**
**268,183**
**2,970,612**|**2025**
**£**
**1,774,427**
**1,196,691**
**2,971,118**
**739,906**
**3,711,024**
**3,711,024**
**3,711,024**
**472,229**
**3,238,795**
**3,711,024**|_8,435_
_52,302_
_-_
_448,212_
_508,949_
_(60,121)_
_1,426,019_
_1,350,146_|_2024_
_£_
_410,280_
_2,391,677_|
|---|---|---|---|---|
|||||_2,801,957_
_448,828_|
|||||_3,250,785_|
|||||_3,250,785_|
||||||
|||||_3,250,785_|
|||||_474,620_
_2,776,165_|
||||||
|||||_3,250,785_|
Page 17
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025**
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 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:
```
07/05/2026
```
```
07/05/2026
```
**P Shepperd N Cook** Chair of Trustees Treasurer
The notes on pages 20 to 42 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 2025**
|**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
Proceeds from sale 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 20 to 42 form part of these financial statements|**2025**
**£**
**(113,518)**
**6,450**
**(1,394,816)**
**1,335,000**
**(53,366)**
**-**
**(166,884)**
**448,212**
**281,328**|_2024_
_£_
_149,381_
_31,316_
_(290,860)_
_-_
**(259,544)**
**-**
**(110,163)**
_558,375_
_448,212_|
|---|---|---|
Page 19
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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.
## **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 20
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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 21
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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 Operating leases**
Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.
## **1.14 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.
Page 22
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. Accounting policies (continued)**
## **1.15 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.
## **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 Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Depreciation is estimated over the useful economic life of an asset in order to write off the value of this asset in line with life.
Critical areas of judgment:
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 receiving the income. Management considers the information in the will and correspondence from solicitors to make these judgements.
The company obtains use of fixed assets as a lessee. The classification of such leases as operating or finance lease requires the group to determine, based on an evaluation of the terms and conditions of the lease arrangements, whether it retains or acquires the signficant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.
Page 23
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **3. Income from donations and legacies**
|Donations
Legacies
Gift aid reclaimed
Donations
Legacies
Gift aid reclaimed|**Unrestricted**
**funds**
**2025**
**£**
72,071
499,098
6,091
577,260
_Unrestricted_
_funds_
_2024_
_£_
_109,679_
_53,012_
_6,896_
_169,587_|**Total**
**funds**
**2025**
**£**
**72,071**
**499,098**
**6,091**
**577,260**
_Total_
_funds_
_2024_
_£_
_109,679_
_53,012_
_6,896_
_169,587_|
|---|---|---|
Page 24
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **4. Income from other trading activities**
**Income from non charitable trading activities**
|Trading income
Trading income|**Unrestricted**
**funds**
**2025**
**£**
19,290
_Unrestricted_
_funds_
_2024_
_£_
_36,263_|**Total**
**funds**
**2025**
**£**
**19,290**
_Total_
_funds_
_2024_
_£_
_36,263_|
|---|---|---|
Page 25
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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
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**
**2025**
**£**
583
522
124
325
1,096
1,766
173
2,134
6,723
_Restricted_
_funds_
_2024_
_£_
_1,176_
_1,079_
_768_
_782_
_456_
_1,265_
_619_
_9,181_
_15,326_|**Unrestricted**
**funds**
**2025**
**£**
7,338
8,215
664
2,330
9,452
2,449
-
4,453
34,901
_Unrestricted_
_funds_
_2024_
_£_
_11,828_
_16,779_
_4,896_
_8,493_
_8,287_
_2,620_
_727_
_5,102_
_58,732_|**Total**
**funds**
**2025**
**£**
**7,921**
**8,737**
**788**
**2,655**
**10,548**
**4,215**
**173**
**6,587**
**41,624**
_Total_
_funds_
_2024_
_£_
_13,004_
_17,858_
_5,664_
_9,275_
_8,743_
_3,885_
_1,346_
_14,283_
_74,058_|
|---|---|---|---|
Page 26
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **6. Expenditure on raising funds**
## **Fundraising trading expenses**
|Costs of generating donations and legacies
Costs of trading activities
Investment management fees|**Restricted**
**funds**
**2025**
**£**
-
-
2,594
2,594|**Unrestricted**
**funds**
**2025**
**£**
1,627
12,659
11,861
26,147|**Total**
**funds**
**2025**
**£**
**1,627**
**12,659**
**14,455**|
|---|---|---|---|
||||**28,741**|
## **Fundraising trading expenses (continued)**
|Costs of generating donations and legacies
Costs of trading activities
Investment management fees|_Restricted_
_funds_
_2024_
_£_
_-_
_-_
_2,080_
_2,080_|_Unrestricted_
_funds_
_2024_
_£_
_1,464_
_25,741_
_16,508_
_43,713_|_Total_
_funds_
_2024_
_£_
_1,464_
_25,741_
_18,588_|
|---|---|---|---|
||||_45,793_|
Page 27
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **7. Analysis of expenditure by activities**
|Charitable activities
Charitable activities|**Activities**
**undertaken**
**directly**
**2025**
**£**
106,135
_Activities_
_undertaken_
_directly_
_2024_
_£_
_102,343_|**Support**
**costs**
**2025**
**£**
162,490
_Support_
_costs_
_2024_
_£_
_175,640_|**Total**
**funds**
**2025**
**£**
**268,625**|
|---|---|---|---|
||||_Total_
_funds_
_2024_
_£_
_277,983_|
Page 28
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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
Equipment repairs
Fuel|**Activities**
**2025**
**£**
70,002
18,030
12,510
5,593
106,135
_Activities_
_2024_
_£_
_58,132_
_23,383_
_16,176_
_4,652_
_102,343_|**Total**
**funds**
**2025**
**£**
**70,002**
**18,030**
**12,510**
**5,593**|
|---|---|---|
|||**106,135**|
|||_Total_
_funds_
_2024_
_£_
_58,132_
_23,383_
_16,176_
_4,652_|
|||_102,343_|
Page 29
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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
Bank and investment fees
Other costs
Statutory fees
(Profit)/loss on disposal on fixed assets
Legal expenses
Governance costs|**Activities**
**2025**
**£**
37,787
57,466
6,095
726
6,356
6,200
18,534
579
4,674
174
9,999
5,730
8,170
162,490|**Total**
**funds**
**2025**
**£**
**37,787**
**57,466**
**6,095**
**726**
**6,356**
**6,200**
**18,534**
**579**
**4,674**
**174**
**9,999**
**5,730**
**8,170**|
|---|---|---|
|||**162,490**|
Page 30
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|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)/loss on disposal on fixed assets
Legal expenses
Governance costs|_Activities_
_2024_
_£_
_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_
_175,640_|_Total_
_funds_
_2024_
_£_
_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_|
|---|---|---|
|||_175,640_|
Page 31
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **8. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £8,362 ( _2024_ - _£8,040_ ).
## **9. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2025**
**£**
**106,409**
**-**
**1,380**
**107,789**|_2024_
_£_
_90,571_
_515_
_907_|
|---|---|---|
||||
|||_91,993_|
The average number of persons employed by the Charitable Company during the year was as follows:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|Average number of employees|**6**|_5_|
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 £37,312 (2024: £33,015).
## **10. Trustees' remuneration and expenses**
During the year, N Cook was paid for work undertaken as Company Secretary/Treasurer. Due to her position as Trustee a formal application to the Charity Commission was submitted and granted. Gross pay received was £36,407 (2024: £32,235) and employer pension contributions were £905 (2024: £780).
During the year ended 31 December 2025, expenses totalling _£_ 422 were reimbursed or paid directly to 2 Trustees _(2024 - £NIL)._
Page 32
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **11. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2025
Additions
Disposals
At 31 December 2025
**Depreciation**
At 1 January 2025
Charge for the year
On disposals
At 31 December 2025
**Net book value**
At 31 December 2025
_At 31 December 2024_|**Long-term**
**leasehold**
**property**
**£**
**412,316**
**1,000,284**
**(88,403)**
**1,324,197**
**130,610**
**9,995**
**(79,672)**
**60,933**
**1,263,264**
_281,706_|**Other**
**equipment**
**including**
**plant and**
**machinery**
**£**
**768,404**
**422,083**
**(2,539)**
**1,187,948**
**639,975**
**42,216**
**(1,388)**
**680,803**
**507,145**
_128,429_|**Computer**
**equipment**
**£**
**3,457**
**9,138**
**(628)**
**11,967**
**3,312**
**5,255**
**(618)**
**7,949**
**4,018**
_145_|**Total**
**£**
**1,184,177**
**1,431,505**
**(91,570)**
**2,524,112**
**773,897**
**57,466**
**(81,678)**
**749,685**
**1,774,427**
_410,280_|
|---|---|---|---|---|
Page 33
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **12. Fixed asset investments**
|**Cost or valuation**
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025
**Net book value**
At 31 December 2025
_At 31 December 2024_|**Investments**
**£**
**2,391,677**
**1,281,604**
**(2,596,021)**
**119,431**
**1,196,691**
**1,196,691**
_2,391,677_|
|---|---|
Investments at market value comprised:
|Investment|Value (£)|
|---|---|
|Liquidity||
|Cash|10,252|
|United Kingdom|210,837|
|High Quality Investment Grade|37,844|
|Fixed Income Active Managed|158,322|
|Equity||
|Fixed Income Active Managed|109,760|
|United Kingdom|107,638|
|North American Investments|267,066|
|European Investments|84,577|
|Japenese Investments|17,386|
|Asia Pacific Investments|22,626|
|Emerging Market Investments|17,487|
|Global|55,322|
|Private Equity|7,560|
|Diversifiers||
|Commodities (non-cyclical)|48,653|
|Actively Managed Strategies|41,371|
|Total|1,196,691|
Page 34
## **SIDMOUTH LIFEBOAT**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **13. Stocks**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|Shop stock|**7,223**|_8,435_|
## **14. Debtors**
|**Due within one year**
Hydrocarbon tax recoverable
Other debtors
Prepayments and accrued income|**2025**
**£**
**837**
**15,863**
**481,939**
**498,639**|_2024_
_£_
_720_
_10,833_
_40,749_|
|---|---|---|
||||
|||_52,302_|
## **15. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2025**
**£**
**2,392**
**699**
**44,193**
**47,284**|_2024_
_£_
_31,646_
_-_
_28,475_|
|---|---|---|
||||
|||_60,121_|
Page 35
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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
MB4H
Trailer
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
The Barbara
Gates Fund
The Peter
Truesdale Fund
**Total of funds**|**Balance at 1**
**January**
**2025**
**£**
**50,000**
**39,496**
**837,000**
**499,523**
**-**
**1,426,019**
**1,350,146**
**2,776,165**
**6,798**
**467,822**
**474,620**
**3,250,785**|**Income**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**631,451**
**631,451**
**234**
**6,489**
**6,723**
**638,174**|**Expenditure**
**£**
**-**
**-**
**-**
**(300)**
**-**
**(300)**
**(275,384)**
**(275,684)**
**(329)**
**(21,353)**
**(21,682)**
**(297,366)**|**Transfers**
**in/out**
**£**
**(50,000)**
**-**
**(828,617)**
**(378,919)**
**100,000**
**(1,157,536)**
**1,173,282**
**15,746**
**-**
**(15,746)**
**(15,746)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**91,117**
**91,117**
**-**
**28,314**
**28,314**
**119,431**|**Balance at**
**31**
**December**
**2025**
**£**
**-**
**39,496**
**8,383**
**120,304**
**100,000**|
|---|---|---|---|---|---|---|
|||||||**268,183**|
|||||||**2,970,612**|
|||||||**3,238,795**|
|||||||**6,703**
**465,526**|
|||||||**472,229**|
|||||||**3,711,024**|
Page 36
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **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.
## **MB4H fund**
Unrestricted funds designated for a new boat deployment vehicle.
## **Trailer**
Unrestricted funds designated for the construction of a new boat trailor.
## **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 and provision for its half-life refit and the new lifeboat station. 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. The transfers out represent the expenditure on the new bulding funded by the Peter Truesdale Fund.
Page 37
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **16. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Boat half life refit
fund
New tractor build
fund
New building
fund
MB4H
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
The Barbara
Gates Fund
The Peter
Truesdale Fund
**Total of funds**|_Balance at_
_1 January_
_2024_
_£_
_50,000_
_40,000_
_120,000_
_-_
_210,000_
_2,433,760_
_2,643,760_
_6,862_
_586,701_
_593,563_
_3,237,323_|_Income_
_£_
_-_
_-_
_-_
_-_
_-_
_264,582_
_264,582_
_-_
_15,326_
_15,326_
_279,908_|_Expenditure_
_£_
_-_
_(504)_
_-_
_-_
_(504)_
_(174,785)_
_(175,289)_
_(982)_
_(147,505)_
_(148,487)_
_(323,776)_|_Transfers_
_in/out_
_£_
_-_
_-_
_717,000_
_499,523_
_1,216,523_
_(1,217,441)_
_(918)_
_918_
_-_
_918_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_44,030_
_44,030_
_-_
_13,300_
_13,300_
_57,330_|_Balance at_
_31_
_December_
_2024_
_£_
_50,000_
_39,496_
_837,000_
_499,523_|
|---|---|---|---|---|---|---|
|||||||_1,426,019_|
|||||||_1,350,146_|
|||||||_2,776,165_|
|||||||_6,798_
_467,822_|
|||||||_474,620_|
|||||||_3,250,785_|
Page 38
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **17. Summary of funds**
## **Summary of funds - current year**
|Designated
funds
General funds
Restricted funds|**Balance at 1**
**January**
**2025**
**£**
**1,426,019**
**1,350,146**
**474,620**
**3,250,785**|**Income**
**£**
**-**
**631,451**
**6,723**
**638,174**
_Income_
_£_
_-_
_264,582_
_15,326_
_279,908_|**Expenditure**
**£**
**(300)**
**(275,384)**
**(21,682)**
**(297,366)**
_Expenditure_
_£_
_(504)_
_(174,785)_
_(148,487)_
_(323,776)_|**Transfers**
**in/out**
**£**
**(1,157,536)**
**1,173,282**
**(15,746)**
**-**
_Transfers_
_in/out_
_£_
_1,216,523_
_(1,217,441)_
_918_
_-_|**Gains/**
**(Losses)**
**£**
**-**
**91,117**
**28,314**
**119,431**
_Gains/_
_(Losses)_
_£_
_-_
_44,030_
_13,300_
_57,330_|**Balance at**
**31**
**December**
**2025**
**£**
**268,183**
**2,970,612**
**472,229**|
|---|---|---|---|---|---|---|
|||||||**3,711,024**|
|||||||_Balance at_
_31_
_December_
_2024_
_£_
_1,426,019_
_1,350,146_
_474,620_|
|**Summary of funds - prior year**|||||||
|Designated
funds
General funds
Restricted funds|_Balance at_
_1 January_
_2024_
_£_
_210,000_
_2,433,760_
_593,563_
_3,237,323_||||||
|||||||_3,250,785_|
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
51,688
1,722,739
303,549
893,142
116,992
670,198
-
(47,284)
472,229
3,238,795|**Total**
**funds**
**2025**
**£**
**1,774,427**
**1,196,691**
**787,190**
**(47,284)**|
|---|---|---|
|||**3,711,024**|
Page 39
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2024_
_£_
_181,812_
_271,837_
_20,971_
_-_
_474,620_|_Unrestricted_
_funds_
_2024_
_£_
_228,468_
_2,119,840_
_487,978_
_(60,121)_
_2,776,165_|_Total_
_funds_
_2024_
_£_
_410,280_
_2,391,677_
_508,949_
_(60,121)_
_3,250,785_|
|---|---|---|---|
## **19. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Profit)/loss on sale of fixed assets
Management fees
**Net cash provided by/(used in) operating activities**|**2025**
**£**
**340,808**
**57,466**
**(41,624)**
**1,212**
**(446,337)**
**(49,497)**
**9,999**
**14,455**
**(113,518)**|_2024_
_£_
_(43,868)_
_50,702_
_(74,058)_
_3,058_
_162,695_
_28,904_
_3,360_
_18,588_
_149,381_|
|---|---|---|
Page 40
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **20. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**2025**
**£**
**281,328**
**281,328**|_2024_
_£_
_448,212_|
|---|---|---|
||||
|||_448,212_|
## **21. Analysis of changes in net debt**
|Cash at bank and in hand
Liquid investments|**At 1**
**January**
**2025**
**£**
**448,212**
**-**
**448,212**|**Cash flows**
**£**
**(166,884)**
**-**
**(166,884)**|**Other non-**
**cash**
**changes**
**£**
**(90,933)**
**90,933**
**-**|**At 31**
**December**
**2025**
**£**
**190,395**
**90,933**|
|---|---|---|---|---|
|||||**281,328**|
## **22. Capital commitments**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|**Contracted for but not provided in these financial statements**|||
|Acquisition of tangible fixed assets|**105,289**|_918,211_|
## **23. 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 £1,380 (2023 - £907) and £7 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
Page 41
**(A company limited by guarantee)**
## **SIDMOUTH LIFEBOAT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **24. Operating lease commitments**
At 31 December 2025 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|**2025**
**£**
**921**
**-**
**921**|_2024_
_£_
_583_
_175_|
|---|---|---|
||||
|||_758_|
## **25. Related party transactions**
R Hedger, trustee, is a director at Michelmores LLP. During the year ended 31 December 2025 Sidmouth Lifeboat paid Michelmores LLP £13,738 (2024: £16,482) in legal fees related to the new build contract. At the Balance Sheet date a balance of £Nil was owed (2024: £Nil).
Page 42