**COMPANY REGISTRATION NUMBER: 05711803 CHARITY REGISTRATION NUMBER: 1113807**
## **Maryport Inshore Rescue Boat Company Limited by Guarantee Unaudited Financial Statements**
## **24 July 2022**
## **SAINT & CO**
Chartered accountants Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 0QT
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Financial Statements**
**Year ended 24 July 2022**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**4**|
|Statement of financial activities (including income and expenditure||
|account)|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**9**|
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)**
## **Year ended 24 July 2022**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 24 July 2022.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|**Registered charity name**|Maryport Inshore Rescue Boat|
|---|---|
|**Charity registration number**|1113807|
|**Company registration number**|05711803|
|**Principal office and registered**|C/O Maryport Inshore Rescue|
|**office**|Marine Road|
||Maryport|
||CA15 8AY|
||Cumbria|
|**The trustees**||
||Mr G Farish|
||Mr M Gibson|
||Mr G Hampson|
||Mr M M Messenger|
||Mr J M Norman|
||Mrs T Messenger|
||Mr M Taylor|
|**Company secretary**|Mrs T Messenger|
|**Independent examiner**|Mr William Moore BA, FCA|
||Unit 7B Lakeland Business Park|
||Cockermouth|
||Cumbria|
||CA13 0QT|
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity was constituted on 16th February 2006 as a company limited by guarantee, and is governed by the memorandum and articles of association of the same date. The company registered as a charity on 19th April 2006.
**- 1 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 24 July 2022**
## **OBJECTIVES AND ACTIVITIES**
The charity's object and its principal activity is the preservation and saving of life at sea or on the foreshore by the acquisition, fitting out, maintenance and operation of a patrol boat, operating from Maryport in the county of Cumbria and such other means as may from time to time be determined subject to the prior written consent of the charity commissioners for England and Wales. We are an independent lifeboat, flood, swift water search and rescue service. We work with all other emergency services and are called out to assist them. The trustees have had regard to the Charity Commissioners guidance on public benefit.
The charity is organised so that the trustees are able to meet only as required.
## **Significant activities**
The trustees have continued to operate the inshore patrol boat from Maryport, Cumbria, obtaining funding from donations and grant providers to enable to provide this service for the benefit of the local community in accordance with the objects of the charity.
## **ACHIEVEMENTS AND PERFORMANCE**
As well as the regular callouts to emergencies, we have updated and renewed our continuing specialist training.
## **FINANCIAL REVIEW**
The Statement of Financial Activities shows the net surplus for the year, before expenditure on equipment, of £219,660, and unrestricted reserves stand at £506,539, of which £190,000 has been earmarked by the trustees for expenditure on fixed assets. The large surplus for the year owes a lot to the £335,000 legacy received.
## **Reserves policy**
The nature of our role means that we require a significant value of lifesaving equipment and assets. Our reserves need to be sufficient to cover this and to allow an amount to cover ongoing running costs should funding suddenly cease.
We have met this target this year having designated a significant part of the generous legacy to the new building project, which is due to start in 2022-2023.
## **Investment policy and objectives**
Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees have considered the appropriate policy for investing funds and have found that due to the need to have funds accessible to meet current commitments, surplus funds are placed in an instant access deposit account.
## **PLANS FOR FUTURE PERIODS**
The charity is expected to continue to operate the inshore patrol boat. Plans are underway to develop and in-house training facility that can be used to train Maryport Lifeboat personnel and also individuals and groups from external bodies.
**- 2 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
**Year ended 24 July 2022**
## **SMALL COMPANY PROVISIONS**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 21 August 2022 and signed on behalf of the board of trustees by:
Mr M M Messenger Trustee
**- 3 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of Maryport Inshore Rescue Boat**
## **Year ended 24 July 2022**
I report to the trustees on my examination of the financial statements of Maryport Inshore Rescue Boat ('the charity') for the year ended 24 July 2022.
## **Responsibilities and basis of report**
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
**- 4 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of Maryport Inshore Rescue Boat** _**(continued)**_
## **Year ended 24 July 2022**
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr William Moore BA, FCA Independent Examiner
Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 0QT
……………………………….. 2022
**- 5 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Statement of Financial Activities (including income and expenditure account)**
## **Year ended 24 July 2022**
||||**2022**||2021|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**5**|380,300|–|380,300|205,127|
|Investment income|**6**|452|–|452|100|
|Other income|**7**|–|–|–|8,867|
|||`──────────`|`────`|`──────────`|`──────────`|
|**Total income**||380,752|–|380,752|214,094|
|||`══════════`|`════`|`══════════`|`══════════`|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Costs of other trading activities|**8**|(484)|–|(484)|732|
|Expenditure on charitable activities|**9,10**|151,656|9,070|160,726|82,558|
|||`──────────`|`───────`|`──────────`|`──────────`|
|**Total expenditure**||151,172|9,070|160,242|83,290|
|||`══════════`|`═══════`|`══════════`|`══════════`|
|||`──────────`|`───────`|`──────────`|`──────────`|
|**Net income**||229,580|(9,070)|220,510|130,804|
|||`══════════`|`═══════`|`══════════`|`══════════`|
|Transfers between funds||67,351|(67,351)|–|–|
|||`──────────`|`────────`|`──────────`|`──────────`|
|**Net movement in funds**||296,931|(76,421)|220,510|130,804|
|**Reconciliation of funds**||||||
|Total funds brought forward||214,463|78,767|293,230|162,426|
|||`──────────`|`────────`|`──────────`|`──────────`|
|**Total funds carried forward**||511,394|2,346|513,740|293,230|
|||`══════════`|`════════`|`══════════`|`══════════`|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 9 to 17 form part of these financial statements.**
**- 6 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Statement of Financial Position**
## **24 July 2022**
|||**2022**||2021||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**Fixed assets**||||||
|Tangible fixed assets|**15**||273,273||177,966|
|**Current assets**||||||
|Stocks|**16**|850||–||
|Debtors|**17**|420||–||
|Cash at bank and in hand||241,129||115,764||
|||`──────────`||`──────────`||
|||242,399||115,764||
|**Creditors: amounts falling due within one**||||||
|**year**|**18**|1,932||500||
|||`──────────`||`──────────`||
|**Net current assets**|||240,467||115,264|
||||`──────────`||`──────────`|
|**Total assets less current liabilities**|||513,740||293,230|
||||`──────────`||`──────────`|
|**Net assets**|||513,740||293,230|
||||`══════════`||`══════════`|
|**Funds of the charity**||||||
|Restricted funds|||2,346||78,767|
|Unrestricted funds|||511,394||214,463|
||||`──────────`||`──────────`|
|**Total charity funds**|**19**||513,740||293,230|
||||`══════════`||`══════════`|
For the year ending 24 July 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page.
**The notes on pages 9 to 17 form part of these financial statements.**
**- 7 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Statement of Financial Position** _**(continued)**_
## **24 July 2022**
These financial statements were approved by the board of trustees and authorised for issue on ……………………. 2022, and are signed on behalf of the board by:
Mr M M Messenger Trustee
Company registration number: 05711803 Charity registration number: 1113807
**The notes on pages 9 to 17 form part of these financial statements.**
**- 8 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
**Year ended 24 July 2022**
## **1. General information**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is C/O Maryport Inshore Rescue, Marine Road, Maryport, CA15 8AY, Cumbria.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
**- 9 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
**- 10 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **3. Accounting policies** _**(continued)**_
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|Long leasehold property|-|2% straight line|
|---|---|---|
|Fixtures, fittings & equipment|-|15% reducing balance|
|Boat, trailer & vehicles|-|15% reducing balance|
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
## **Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
## **4. Limited by guarantee**
The Company is limited by guarantee and does not have a share capital.
**- 11 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **5. Donations and legacies**
||||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|---|
||||Funds|Funds|**2022**|
||||£|£|**£**|
||**Donations**|||||
||Donations||16,067|–|16,067|
||Maryport lottery||24,910|–|24,910|
||**Legacies**|||||
||Legacies||335,000|–|335,000|
||**Grants**|||||
||Grants receivable||4,323|–|4,323|
||||`──────────`|`────`|`──────────`|
||||380,300|–|380,300|
||||`══════════`|`════`|`══════════`|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
||**Donations**|||||
||Donations||29,286|–|29,286|
||Maryport lottery||–|–|–|
||**Legacies**|||||
||Legacies||–|–|–|
||**Grants**|||||
||Grants receivable||108,951|66,890|175,841|
||||`──────────`|`────────`|`──────────`|
||||138,237|66,890|205,127|
||||`══════════`|`════════`|`══════════`|
|**6.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Bank interest receivable|452|452|100|100|
|||`════`|`════`|`════`|`════`|
|**7.**|**Other income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Other income|–|–|8,867|8,867|
|||`════`|`════`|`═══════`|`═══════`|
**- 12 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **8. Costs of other trading activities**
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Gift shop|(484)|(484)|732|732|
|||`════`|`════`|`════`|`════`|
|**9.**|**Expenditure on charitable activities by fund type**|||||
||||Unrestricted|Restricted|**Total Funds**|
||||Funds|Funds|**2022**|
||||£|£|**£**|
||Rescue boat||151,656|9,070|160,726|
||||`══════════`|`═══════`|`══════════`|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
||Rescue boat||71,209|11,349|82,558|
||||`════════`|`════════`|`════════`|
|**10.**|**Expenditure on charitable activities by activity type**|||||
||||Activities|||
||||undertaken|**Total funds**|Total fund|
||||directly|**2022**|2021|
||||£|**£**|£|
||Rescue boat||160,726|160,726|82,558|
||||`══════════`|`══════════`|`════════`|
|**11.**|**Net income**|||||
||Net income is stated after charging/(crediting):|||||
|||||**2022**|2021|
|||||**£**|£|
||Depreciation of tangible fixed assets|||34,165|30,457|
|||||`════════`|`════════`|
|**12.**|**Independent examination fees**|||||
|||||**2022**|2021|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||780|500|
|||||`════`|`════`|
|**13.**|**Staff costs**|||||
The average head count of employees during the year was 3 (2021: Nil).
**- 13 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **13. Staff costs** _**(continued)**_
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
## **14. Trustee remuneration and expenses**
Two trustees have been paid remuneration or received other benefits from employment with the charity (2021: none). In the year ended 24 July 2022, total remuneration including national insurance contributions for Mrs T Messenger was £2,857 and for Mr G Farish was £998. The remuneration was paid to the trustees in respect of their work done as employees of the charity, not for services provided to the charity in their capacity as trustee. Such remuneration is permitted under clause 5 of the charity's Memorandum and Articles of Association.
There were no expenses reimbursed to trustees during the year (2021: nil).
## **15. Tangible fixed assets**
||||Fixtures,|||
|---|---|---|---|---|---|
|||Long leasehold|fittings &|Boat, trailer &||
|||property|equipment|vehicles|**Total**|
|||£|£|£|**£**|
||**Cost**|||||
||At 25 July 2021|–|109,163|288,610|397,773|
||Additions|91,923|25,549|12,000|129,472|
|||`────────`|`──────────`|
`──────────`|`──────────`|
||**At 24 July 2022**|91,923|134,712|300,610|527,245|
|||`════════`|`══════════`|
`══════════`|`══════════`|
||**Depreciation**|||||
||At 25 July 2021|–|56,919|162,888|219,807|
||Charge for the year|1,838|11,668|20,659|34,165|
|||`────────`|`──────────`|
`──────────`|`──────────`|
||**At 24 July 2022**|1,838|68,587|183,547|253,972|
|||`════════`|`══════════`|
`══════════`|`══════════`|
||**Carrying amount**|||||
||**At 24 July 2022**|90,085|66,125|117,063|273,273|
|||`════════`|`══════════`|
`══════════`|`══════════`|
||At 24 July 2021|–|52,244|125,722|177,966|
|||`════════`|`══════════`|
`══════════`|`══════════`|
|**16.**|**Stocks**|||||
|||||**2022**|2021|
|||||**£**|£|
||Gift shop stock|||850|–|
|||||`════`|`════`|
|**17.**|**Debtors**|||||
|||||**2022**|2021|
|||||**£**|£|
||Prepayments and accrued income|||420|–|
|||||`════`|`════`|
**- 14 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **18. Creditors: amounts falling due within one year**
||**2022**|2021|
|---|---|---|
||**£**|£|
|Accruals and deferred income|1,892|500|
|Social security and other taxes|40|–|
||`───────`|`────`|
||1,932|500|
||`═══════`|`════`|
## **19. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||||||**At 24 July**|
||At 25 July 2021|Income|Expenditure|Transfers|**2022**|
||£|£|£|£|£|
|General funds|134,302|380,752|(151,172)|(42,488)|321,394|
|Designated fixed assets|80,161|–|–|109,839|190,000|
||`──────────`|`──────────`|`──────────`|`──────────`|`──────────`|
||214,463|380,752|(151,172)|67,351|511,394|
||`══════════`|`══════════`|`══════════`|`══════════`|`══════════`|
||||||At 24 July|
||At 25 July 2020|Income|Expenditure|Transfers|2021|
||£|£|£|£|£|
|General funds|63,887|147,204|(71,941)|(4,848)|134,302|
|Designated fixed assets|80,161|–|–|–|80,161|
||`──────────`|`──────────`|`────────`|`───────`|`──────────`|
||144,048|147,204|(71,941)|(4,848)|214,463|
||`══════════`|`══════════`|`════════`|`═══════`|`══════════`|
The designated fixed asset fund is the amount earmarked by the trustees for future capital expenditure.
**- 15 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **19. Analysis of charitable funds** _**(continued)**_
## **Restricted funds**
|**Restricted funds**||||||
|---|---|---|---|---|---|
||||||**At 24 July**|
||At 25 July 2021|Income|Expenditure|Transfers|**2022**|
||£|£|£|£|£|
|Equipment|3,544|–|(3,544)|–|–|
|Crew training|–|–|–|–|–|
|Department of transport|8,333|–|(5,526)|(461)|2,346|
|Mezzanine floor|66,890|–|–|(66,890)|–|
||`────────`|`────`|`───────`|`────────`|`───────`|
||78,767|–|(9,070)|(67,351)|2,346|
||`════════`|`════`|`═══════`|`════════`|`═══════`|
||||||At 24 July|
||At 25 July 2020|Income|Expenditure|Transfers|2021|
||£|£|£|£|£|
|Equipment|3,544|–|–|–|3,544|
|Crew training|–|–|(4,848)|4,848|–|
|Department of transport|14,834|–|(6,501)|–|8,333|
|Mezzanine floor|–|66,890|–|–|66,890|
||`────────`|`────────`|`────────`|`───────`|`────────`|
||18,378|66,890|(11,349)|4,848|78,767|
||`════════`|`════════`|`════════`|`═══════`|`════════`|
The transfer from the restricted mezzanine fund to general funds relates to capital expenditure made from the fund during the year. Because the funds have now been spent on their assigned purpose, the amount has been transferred to general funds as the restriction has been satisfied on spending.
## **20. Analysis of net assets between funds**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2022**|
||£|£|**£**|
|Tangible fixed assets|270,927|2,346|273,273|
|Current assets|242,399|–|242,399|
|Creditors less than 1 year|(1,932)|–|(1,932)|
||`──────────`|`───────`|`──────────`|
|**Net assets**|511,394|2,346|513,740|
||`══════════`|`═══════`|`══════════`|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2021|
||£|£|£|
|Tangible fixed assets|99,258|78,708|177,966|
|Current assets|115,705|59|115,764|
|Creditors less than 1 year|(500)|–|(500)|
||`──────────`|`────────`|`──────────`|
|**Net assets**|214,463|78,767|293,230|
||`══════════`|`════════`|`══════════`|
**- 16 -**
## **Maryport Inshore Rescue Boat**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 24 July 2022**
## **21. Contingencies**
At the year end the charity was entitled to further legacy income from the same estate as the income received in this accounting period. Because the amount is dependent on the sale of assets in the estate, the amount could not be reliably measured and so is not recognised in income this year.
## **22. Related parties**
The charity spent £681 (2021: nil) on printing services from Mike Taylor Printing, a business owned by trustee Mr M Taylor.
**- 17 -**