COMPANY REGISTRATION NUMBER: 057118D3 CHARITY REGISTRATION NUMBER: 1113807 Maryport Rescue Company Llmlted by Guarantee Unaudited Financial Statements 24 July 2023 SAINT& CO Chartered accountants Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 OQT Maryport Rescue Company Limited by Guarantee Flnancial Statements Year ended 24July 2023 Page Trustee5' annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of flnancial position Notes to the financial statements Maryport Rescue Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 24 July 2023 The trustees, who are also the directols for the purposes of company law, present their report and the unaudited financlal statements of the charliy for the year ended 24 july 2023. Reference and admlnlstrafjve detalls Reglstered charlty name Maryport Rescue Charlty reglsrra￿0n number 1113807 Company re81Stradon number 05711803 Prlnclpal office and re8lstered offlca CIO Maryport Inshore Rescue Marlne Road Maryport CA15 8AY Cumbrla The trustees Mr G Farlsh Mr M Glbson Mr G Hamp50n Mr M M Messenger Mrl M Norman Mrs T Me55en8er Mr M Taylor MrDR Brannon (Appolnted 2 May 20231 Company secretary Mr5 T Messenger Independeni examlner Mr Wllllam Mtsore BA, FCA Unit 7B Lakeland Busine55 Park Cockermciuth Cumbrla CA13 OQT Structure. governance and management Governln8 document The charSty was consDtuted on 16th February 2006 as a company Ilmited by 8uarantee, and Is governed by the rnernorandum and articles of a55ociation of the same date. The company re81Stered a5 a charity on 19th April 2006. Maryport Rescue Company Limited by Guarantee Trustee5' Annual Report Ilncorporating the Director's Report) (continuedl Year ended 24July 2023 Objecilves and actlvlttes Thè charity's object and Its prlncipal activity is the preservation and saving of life at Sea or on the foreshore bv the acquisition, litbng out, malntenance and operarfon of a pairol boat, operafjng from Maryport In the county of Curnbria and such other mean5 as may from time to time be determined subject to thè prior wrltten consent of the charity commissioners for England and Wales. We are an independent lifeboat, flood, swlft waEer search and rescue service. We work with all other emergency services and are called out to assist them. The trustee5 have had regard to the Charity Commlssloners guldance on publlc benefit. The charity is orBanised so that the trustees are able to meet only as requlred. Slgnlllcant actlvlde5 The irustees have contlnued to operate the Inshore patrol boat from Maryport, CumbrSa, obtalnlng funding from donatittns and grant providers to enable to provlde this servlce for the beneflt of the local community In accordance with the objects of the charlty. Achlevements and performance As well as the regular callouts to emer8encles, we have updated and renewed our conYnuln8 speclallst trainln8. F5nanclal revlew The Statement of Flnanclal AcdvStte5 show5 the net deflclt for the year of £32,499, and unrestrlcted reserves stand at £464.468, of whlch £190,000 ha5 been earmarked by the trustees for expendlturè on lixed assets. Reseryes pollcy 7he nature of our role means that we requlre a slgnlflcant value of Ilfesaving equlpment and assets. Our reserves need to be suffi'cient to cover thi5 and to allow an amount to cover ongoing runnlng costs should fundlng suddenly cease. Wè have met thls target thls year In unrestricted funds, and exeludin8 the deslgnated new bulldlng project fund. Investment policy and objective5 Under the memorandum and articles of assoclation the charlty has the power to make any investment whlch the trustee5 see fit. The trustees have considered the appropriate policy for investing furid5 and have found that due to the need to have funds accessible to meet current commltment5, surplus funds are placed In an insiant access deposlt acc¢&unt. Plans for future period5 The charity is expected to continue to operate the inshore patrol boat. Plan5 are underway to develop and In- hoLtse tralnlng faclllty that can be used to traln Maryport Llfeboat personnel and a150 Indlvldua15 and groups from external bodies. Maryport Rescue Company Llmlted by Guarantee Trustee5' Annual Report (Incorporating the Director's Report} Icondnuedl Year ended 24July 2023 Small company provisions This rèport has been prepared In accordan¢e wlth the provlsions applicable to companles en￿tled to the Small companles exemplon. The tru5tee5' annual report was approved on 28 September 2023 and slgned on behalf of the board of trustees bv: Mr M M Messenger Trustee Maryport Rescue Company Limited by Guarantee Independent Examlner's Report to the Trustees of Maryport Rescue Year ended 24 July 2023 I report to the tru5teÈ5 on my examination of the financial statements of Maryport Rescue I'the rharlty'l for the year ended 24 July 2023. Rèsponsibilldes and basls of report As the trustÉÈs of the company land also its directors for the purposes of company lawl you are responsible for the PTeparation of thelinanclal statements In accordance wlth the requiTements of the Companies Act 20061.the 2￿6 Act'l. Havln8 Sa￿sfied myself that the accounts of the company are nol required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report In respect of my examlnarfon of the charity's account5 a5 carried out under sectson 145 of the Charities Act 2011 I'the 2011 Act'l. In carrylng out my examlnation I have followed the Dlrethon5 glven by the Charlty Commission under section 14515llbl of the 2011 Act. Indep&ndent examlner's statement I have completed my examlnallon. I conflrm that no matters have come to my attention In connectton wlth the examination glving me cause to believe-. accounting records were not kept In respect of the charlty as requlred by secdon 386 of the 2006 Art; or the financlal statement5 do not accord wlth those records,. or the financlal statements do not comply wlth the accoundng requlrement5 of Sec￿0￿ 396 of the 2c￿6 Act other than any requirement that the accounts 8lve a 'true and falr. vlew whlch Is not a matter consldered as part of an Independent examlnatton,. or the flnanclal siatements have not been prepared in accordance wlth the methods and prlnclples of the Statement of Recommended Pra¢Trce for accounfjng and reporttng by charities applicable to charifjes preparlng their accounts in a¢coTdance with the Financlal Repotting Standard applicable Sn the UK and Republic of Ireland IFRS 1021. Maryport Rescue Company Limited by Guarantee Independent Examiner's Report to the Trustee5 of Maryport Rescue f¢on¢fnu¢dJ Year ended 24 July 2023 I have no concern5 and have Comè across no other matters In connection with the examination to which attention Should be drawn In thls reptsrt In order to enable a proper understandlng of ihe accounts to be reached. Mr Wi1118m Moore 6A, FCA Independent Examlner UnSt 7B Lakeland Business Park Cockermouth Cumbrla CA13 OQT 28 September 2023 Maryport Rescue Company Limited by Guarantee Statement of Financial Activities (including income and expenditure accountl Year ended 24 July 2023 2023 Restricted funds 2022 Unrestricted funds Total fund5 Total funds Nots Income and endowrnent5 Oonation5 and legacies Other trading activitie5 Investment Income Other income 55,036 3,292 2,876 770 31,606 86,642 3,292 2,876 770 380,300 452 Total Income 61,974 31,606 93,580 380,752 Expendlturè Expendlture on ralslng funds.. Cgst5 of Dthér tradlng at￿vItIeS Expendlture on charltable acttvlties 2,666 120,413 2,666 123,413 14841 160,726 io,ii 3,000 Total oxpendlture 123,079 3,000 126,079 160,242 Net lexpendlturelllncome 161,1051 28,606 132,4991 220,510 Translers between funds 14,279 114,2791 Net movement In funds 146,8261 14,327 132,4991 220,510 Reconclllatlon of funds Total fund5 brought forward 511,394 2,346 513,740 293,230 TDtal funds carrled forward 464,568 16,673 481,241 513,740 The statement of flnanclal athvI￿es Includes all galns and losse5 recogn15ed in the year. All income and expenditure derive from continuing activities. The notes on pa8e5 9 to 17 form part of these linanclal statements. Maryport Rescue Company Llmited by Guarantee statement of Financial Position 24 July 2023 2023 2022 Note Flxed assets Tangible fixed assets 16 312,621 273,273 Currènt assets Stocks Debtors Cash at bank and in hand 17 18 2,725 11,753 155,808 850 420 241,129 170,286 242,399 CredltOT5: amounts falllng due wlthln one year 19 1,666 1,932 Nat current assets 168,620 240,467 Total assets less current Ilablllfjes 481,241 S13,740 Net assèts 481,241 S13,740 Funds of the charlty Restricted fund5 Vnrestrlcted funds 16,673 464,568 2,346 511,394 Total charlty funds 20 481,241 513,740 For the year endlng 24 July 2023 the charlty was entltled tc exemptlon from audlt under sectlon 477 of the Companiès Act 2006 rela￿n8 to small companles. Dlrectors, responslbili￿e$= The members have not required the Company to obta1n an audSt of It5 hnandal statements for the year In que5don In accordance with section 476; The diredor5 acknowledge their responsibilities for complying with the requlrements of the Act wlth respect to accountlng records and the preparation of financial statements. These linancial statements have been prepared In accordance wlth the prov151ons appllcable to cofflpanie5 subject to the small companle5' regime. The statement of financial position continues on the following page. The notes ort pazes 9 to 17 form part of theselinancial statements. Maryport Rescue Cornpany Limited by Guarantee Statement of Financial Posltlon IcDnllnyedJ 24 July 2023 These financial 5tatÈrnents were approved by the board of trustees and authorised for Issue on 28 September 2023, and are signed on behalf of ihe board by.. Mr M M MÈssenger Trustee Company registration number.. 05711803 Charlty reglstratton number.. 1113807 The note5 an pa¥e5 9 to 17 form part of these financlal statements. Maryport Rescue Company Llmlted by Guarantee Notes to the Financial Statements Year ended 24 July 2023 Genefal informailon The charity Is a publlc benefit enfjty and a prlvate company Ilmlted by guarantee, registered in England and Wales and a registered charity in England and WHle5. The addres5 of the registered office is CIO Maryport Inshore Rescue, Marine Road, Maryport, CAIS 8AY, Cumbria. Statement of compllance These fi'nancial 5tatement5 have been preparèd In compliance with FRS 102, 'The Financial Repordng Standard applicable in the UK and the Republic of Ireland,, the Staternent of Recommended Practice applicable to charities preparing their account5 In accordance wlth the Flllanclal Reporting Standard appllcable In the UK and Republlc of Ireland IFRS 1021 (Charitie5 SORP IFRS 10211 and the Companles Act 2006. Accountlng pollcle5 Basls of preparatlon The flnanclal statements have been prepared on the hlstorlcal cost basls, as modlfled by the revaluatlon of certaln flnanclal assets and Ilabllltles and Investment properttes measured at fair value through Income or expenditure. The flnanclal 5tatement5 are prepared in sterlln8, whlch is the functlonal currency of the entlty. Goln8 concern There are no materlal uncertalnties abtrut the ¢harlty's ablllty to conttnue. Judgèments and key sources of e5￿ma￿On uncertalntv The preparation of the flnancial statements requlres management to make judgements, esdmates and assumptions that affect the amounts reported. These esttmates and jud8ement5 are continually reviewed and are based on experience and other f6¢tors, Including expectations of future event5 that are believed to be reasonable under the circvmstance5. Fund accoundng Unrestricted funds are available for use at the dlscretton of the tru5tee5 to further any of the charlty's purpose5. Deslgnated funds are unrestricted fund5 earmarked by the trustèes for p3￿cUlar future project or temmitment. Restricted funds are subjected to restrlctions on their expendlture deCla￿d by the donor or ihrough the terms of an appeal, and fall Into one of two sub-classes: restrlcted income funds or endowment funds. Maryport Rescue Company Limited by Guarantee Notes to the Flnanclal Statements f¢onttn¥e4J Year ended 24 July 2023 Accountlng pollcles Icort?ouedJ Incomlng resources All Incoming resources are SnclLtded in the statement of financial activitie5 when entitlement has passed to the charity,. it Is prob3blè that thè economic benèfits associated with the transaction will flow to the charity and the amount can be reliably measured. The followlng speclfic poll¢les are applied to particular categorles of Income.. Intome from donations or grants 15 recogni5ed when there is evidence of enfjilement to the glft, recelpt Is probable and Its amount can be measured rellablv. le8acy Incomels recognlsed whEn recelpt is probable and entitlement Is established. Income from donated 8oods15 measured at the falr value of the goods unless thls Ss Impractical to measure rellablyi In which case the value is derived from the cost to the dDnor or the estlmated resale value. Donated facllltses and servlces are recogn15ed In the accounts when received if the value can be reliably measured, No amL)unt5 are Included for the Contribu￿On of general volunteers. income from contracts for the supply of servlces Is recogn15ed wlth the dellvery of the contracted servlce. Thls Is classified as unrestricted fund5 unless there15 1 contractual requlrement for It to be spent on a parttcular purpose and returned if unspent, in whbth ease it may be regarded as restrlcted. Re50ur¢es expended Expenditure 15 recogni5ed on an accruals ba515 a5 a liability Is Incurred. Expenditure Include5 any VAT whith cannot be fully recovered, and Is cla55Ifled under headln8s of the statement of flnanclal actfvlties to which It relate5: expendlture on raislng funds Includes thè cost5 of all fundralsing ac￿VIties, events, non-charltable tradlng aCtiVi￿e$, and the sale of donated goods, expendlture on charltable acfjvittes Includes all cosis Incurred by a charity in undertakln8 acttV5￿eS that further its charitable airns for the benelit of it5 benethciariÈs, inclLJdlng those support cost5 and costs relatSn8 to the 8overnance of the charlty appordoned to charitable aciAviOes. other expenditure Includes all expendlture that is nelther related to ralsing funds for the charity nor part of it5 expenditure on charitablè activities. All costs are allocated to expenditure categorie5 reflecting the use of the resource. Dlrect costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the aCttv1￿e5 thèy tontribute to on a reasonable, justifi'able and consistent bas15. Tangible assets Tanelble assets are initially recorded at C05t, and 5ub5equently stated at cost less any aecumulated depreciation and impairment losse5. Any tan8ible a5set5 carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulateil impaiTment lossès. io Maryport Rescue Company Llmlted by Guarantee Notes to the Financial Statements l£onllnuedl Year ended 24 July 2023 AccountlnE pollcles {contlRuedJ Depreclation DeprecSation15 calculated so as to wrlte off the c05t or valuadon of an a552t, les5 Its re51dual value, over the useful economic life of that asset as follow5.. Long leasehold property Fixtures, htting5 & equlprnent Boat, trailer & vehicles 2% stralght Ilne 15% rÈducin8 bal8ncÈ 15Yo reducin8 balance Impalrment of Nxed assets A revlew for Indlcators of impalrment Is carried out at gach reporring date, with the recoverable amount belng estimated where such Indlcators exist. Where the carrylng value exceeds the recoverable amount, the asset Is Impalred accordingly. Prlor impairment5 are also reviewed for possible reversal at each repordng date. Stocks 5tock5 are rneasured at the lower of cost and esdmated 5ellSng prlce less costs to complete and sell. Cost Include5 all costs of purchase, costs of converslon and other Costs Incurred in brSngin8 the stock to Its present location and condltion. Flnanclal Instruments Aflnanclal asset or a financlal Ilablllty Is ieco8nlsed only when the ent5ty becomes a partyto the contractual provislons of the Instrument. Baslc flnanclal Instruments are InI￿allY recognlsed at the amount recelvable or paable includln8 any related transaction Eo515, unless thtr airangèment constitutes a linancing transaction, where it 15 recognised at the present value cf the future payments dlscounled at a market rate of Interest for a slmilor debt Instrument. Current assets and current liabilities are subsequently measured at the cash or other conslderadon expected to be pald or recelved and not dlscounted. Debt Instruments are svbsequently measured at amortfsed cost. Limited by guarantee The Company 15 limited by guarantee and doe5 not have a share capital. li Maryport Rescue Company Llmlted by Guarantee Notes to the Financial Statements {conrfnuedJ Year ended Z4 July 2023 Donations and le8acies Llnrestclcted F¢Ands Restricted Total Funds Funds 2023 Donations Donation5 Maryport lottery 25,ID9 22,890 25,109 22,890 Legacies Le8acie5 7,037 7,037 Grants Grants recelvable 31,606 31,606 55,036 31,606 86,642 Llnre5trltted Funds RestrScted Fund5 Total Funds 2022 Donatlons Donations Maryport lottery 16,067 24,910 16,067 24,910 Legacle5 Legacles 335,000 335,000 Grants Grants recelvable 4,323 4,323 380,300 380,300 Other tradlnB actlvltles Unrestricted Tolal Funds Unrestrlcted Funds 2023 Funds Total Funds 2022 Gift shop income 3,292 3,292 Investment Income Unrestrlcted Total Fund5 Funds 2023 Unrestricted Funds Total Funds 2022 Bank Interest recelvable 2,876 2,87S 452 452 12 Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements {ronllnued) Year ended 24 July 2023 Other Income Unrestricted Fund5 Total Funds 2023 Unrestricted Funds Total Funds 2022 Other income 770 770 Costs of other tradlng activities Unre5tTlCted Total Funds Unrestrlcted Fund5 2023 Funds Totsl Funds 2022 Glft Shop 2,666 2,666 14841 14841 10. Expendlture on ¢harbtable athvltles by fund type Unrestrlcted Funds Restrlcted Funds Total Funds 2023 Rescue boat 120,413 3,000 123,413 Unrestrlcted Funds Re5trlcted Fund5 Total Funds 2022 Rescue boat 151,656 9,070 160.726 11. Empendlture on charltable actlvltbe5 by acdvlty type ACtivI￿e$ undertaken dlTectly Total funds 2023 Total fund 2022 Rescue boat 123,413 123,413 160,726 12. Net lexpenditure}lin¢ome Met lexpenditurellintome is stated after chargIn￿(credI￿ngl. 2023 2022 Depreciation cf tangible flxed assets 41,055 34,165 13 Maryport Rescue Company Llmlted by Guarantee Note5 to the Flnancial Statements (CDnllnued} Year ended 24 July 2023 13. Indèpendent examlnodon fees 2023 2022 Fees payablè to the independent examiner for- Independent examlnatton of the financlal statements 822 780 14. Staff Costs The total staff costs and ernployee benefits for the reporting period are analysed as follow5.. 2023 2022 Wages and salarie5 Soclal securlty cost5 7,322 5.330 36 7,322 5,366 The average head count of employees durln8 the year wa5 312022.. 31. No employee recelved employee benefits of more than £60,OQO durln8 the year12022.' Nill. 15. Trustee remuneratlon and expenses Two trustees have been paid remuneration or recelved other benelits from employment with the charlty 12022.. two). In the year ended 24 July 2023, total remuneratlon Includin8 national insurance contrlbutions for Mrs T Me55enger was £4,635.54 and for Mr G Farlsh was £1,46S.69. The remuneratton was pald to the trustee5 In respect of thelrwork done 35 employee5 of the charity, not for serv1￿$ provided io the charity In their capaclty as trustee. Suth remuneration Is permitted under ¢lau5e S of the charlty'5 Memorandum and Article5 uf A5soclation. There were no expenses relmbursed to trLtstees durln8 the year12022.' nlll. 14 Maryport Rescue Company Limited by Guarantee Notes to the Flnanclal Statements (conlln(xEdJ Year ended Z4 July 2023 16. Tangible fixed assets Fixtures, fithngs & Boat, trailer & equipment vehicle5 Long leasehold property Total Cost At 25 July 2022 Addition5 Disp05als 91,923 Z,008 134,712 21.140 12,OC¢II 3￿,610 S8,956 527,245 82,104 12,0011 At 24 July 2023 93,931 153,851 359,566 607,348 DePre¢la￿On At 25 July 2022 Charge for the year Disposals 1,838 1,878 68,587 12,789 13001 183,547 26,388 253,972 41,055 13001 At 24 July 2023 3,716 81,076 209,935 294,727 CarrylnK amount At 24 July 2023 90,215 72,775 149,631 312,621 At 24 July 2022 90,085 66,125 117,063 273,273 17. Stocks 2023 2022 Glft shop stock 2,725 850 18. Debtors 2023 2022 Prepayments and accrued Income 11.753 420 19. Credltors.. amounts fallln8 due wSthln one year 2023 2022 Accruals and deferred income Social security and other taxes 1.666 1,892 40 1,666 1,932 Is Maryport Rescue Company Limlted by Guarantee Notes to the Flnanclal Statements Iconllnuedl Year ended 24 July 2023 20. Analysls of charitable funds Unre5trlcted funds At 25 July 2022 At Transfers 24 July 2023 Income Expenditure General funds Des1gnated fixed assets 321,394 190,000 61,974 1123,0791 14,279 274,568 190,000 511,394 61,974 1123,0791 14,279 464,568 At 25 July 2021 At 24 july 2022 Income Expendlture Transfers General funds Deslgnated fixed assets 134,302 80.161 380,752 1151,1721 142,4881 109,839 321,394 190,000 214,463 380,752 1151,1721 67,351 Sll,394 The deslgnated flxed asset fund Is the amount earmarked by the trustees for future capltal expendlture. Rertrlcted funds At 25 July 2022 At Transfers 24 July 2023 Income Expendlture Equipment Trabnlng 8rants Mezzanine floor 14,279 17,327 114,2791 2,346 13,0001 16,673 2,346 31,606 13,0001 114,2791 16,673 At 25 July 2021 At 24 July 2022 Income Expendlture Transfers Equipment Training grants Mezzanine floor 3,544 8,333 66,890 13,5441 15,5261 14611 166,8901 167,3511 2,346 78,767 19.0701 2,346 16 Maryport Rescue Company Limited by Guarantee Note5 to the Financial Statements feonUn¢t84tJ Year ended 24 July ZOZ3 21. Analysls of net assets between funds Unrestricted Funds Restrlcted Funds Total Funds 2023 Tanglble fixed assets Currenl a55et5 Creditors less than l year 312,621 153,613 11,6661 312,621 170.286 11,6661 16,673 Net assets 464.568 16,673 481,241 Unrestricted Funds Restricted Funds Total Funds 2022 Tangible fixed assets Current a5set5 Creditors les5 than l year 270,927 242.399 11.9321 2,346 273,273 242,399 11,9321 Net assets 511,394 2,346 513,740 22. Relat•d pardes The charlty spent £1,71612022.' £6811 on prlnt(n8 servlces from Mlke Taylor PrSntrn& a bus1ness owned bv trustee Mr M Taylor. 17