COMPANY REGISTRATION NUMBER: 05711803 CHARITY REGISTRATION NUMBER: 1113807 Maryport Rescue Company Limited by Guarantee Unaudited Financial Statements 24 July 2024 SAINT& CO Chartered accountants Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 OQT
Maryport Rescue Company Limited by Guarantee Financial Statements Year ended 24 July 2024 Page Trustees, 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 financial position Notes to the financial statements
Maryport Rescue Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 24 July 2024 Thetrustees. who are alsothe directors forthe purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 24 July 2024. Reference and admlnlstratlve detalls Reglstered charlty name Maryport Rescue Charlty re8lstratlon number 1113807 Company re8lstratlon number 05711803 Prlnclpal offlce and reglstered offlce CIO Maryport Inshore Rescue 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 Mr O R Brannon Company secretary Mrs T Messenger Independent examlner Mr lan scott FCA, DChA Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 OQT
Maryport Rescue Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (corthl Year ended 24 July 2024 Structurep governance and mana8ement Governing document The charity was constituted on 16th February 2CM)6 as a company limited by guarantee. and 15 governed by the memorandum and articles of association of the same date. The company registered as a charity on 19th April 2(Kl6. In the event ofthe company being wound up members are required to contribute an amount not exceeding £10. On the 27th May 2022 the charitable company changed its name from Mary Inshore Rescue Boat to Maryport Rescue. the change of name was received by Companies House on 23rd September 2022. Methods adopted for the recruitment and appointment of new trustees Members of the trustee board are appointed through an open and transparent selection and interview process. Membership of the trustee board aims to reflect the diversity of the community within which it 15 located. No funders are currently represented on the board. Members of the trustee board are inducted and trained in a timely fashion and understand their responsibilities, in relation to Financial Conduct Authority. Charity Commission and Companies House. Objectives and actlvlties The charity's objett 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 charity 15 organised so that the trustees are able to meet only as required. Slgnificant artivities The trustees have continued to operatethe inshore patrol boat from Maryport, Cumbria. obtainingfunding from donations and grant providers to enable to provide this seiCe for the benefit of the local community in accordance with the objects of the charity. Publlc benefft The tru5tee5 have paid due regard to guidance issued by the Charity Commi55ion in deciding what attivities the charity should undertake. Achievements and performarbce As well as the regular callouts to emergencies, we have updated and renewed our continuing specialist training.
Maryport Rescue Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Ico•rtthuedl Year ended 24 July 2024 Flnanclal revlew The Statement of Financial Activities shows the net surplus for the year of £59.173 {2023.. deficit of £32,499). with the total funds totalling £540,41412023.. £481,241) at the reporting date. The total funds are made up of unrestricted funds standing at £464,568, of which £190,CKKI has been earmarked by the trustees for expenditure on fixed assets and restricted funds standing at £5.CMJ912023- £16.6731 Reserves pollcv The nature of our role means that we require a significant value of lifesavin8 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 in unrestricted funds, and excluding the designated new building project fund. Investment pollcy and oblertlves 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 perlods The charity is experted 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 bodles. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The tru5tee5' annual report was approved on 17 October 2024 and signed on behalf of the board of trustees by.. Mr M M Messenger Trustee
Maryport Rescue Company Limited by Guarantee Independent Examiner's Report to the Trustees of Maryport Rescue Year ended 24 July 2024 I report to the trustees on my examination of the financial statements of Maryport Rescue {'the charity'l for the year ended 24 July 2024. Responsibilities and basis of report A5 the trustees of the company land also its dirertors for the purposes of company lawl you are responsible for the preparation ofthe financial statements in accordance with the requirement50fthe Companie5Act 20061'the 26 Act'l. 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'5 accounts as carried out under Section 145 of the Charitie5 Act 2011 I'the 2011 Act'l. Irs carrying Out my examination I have followed the Oirections 8iven by the Charity Commission under section 145{5)Ibl of the 2011 Act. Independent examlner's Statement 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: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Art- or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirement5 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 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 IFRS 1021.
Maryport Rescue Company Limited by Guarantee Independent Examiner's Report to the Trustees of Maryport Rescue (contthuedj Year ended 24 July 2024 I have no concerns and have come across no othermatters in connection with the examination towhich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr lan Scott FCA. DChA Independent Examiner Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 OQT 17 October 2024
Maryport Rescue Company Limited by Guarantee Statement of Financial Activities (Including income and expenditure account) Year ended 24 July 2024 2024 Restricted funds 2023 Unrestricted funds Total funds Total funds Note Income and endowments Donations and legacies Other trading activities Investment income Other income 185.032 2.307 5.049 10.832 195.865 2.307 5.356 86.642 3.292 2.876 770 Total income 192,388 11.140 203.528 93.580 Expendlture Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable artivitie5 1,743 124,764 1,743 142,612 2,666 123,413 io.ii 17.848 Total expendlture 126.507 17.848 144.355 126.079 Net income/(expenditure) 65,881 16.7081 59.173 132,4991 Transfer5 between funds 4,956 14.9561 Net movement in funds 70,837 (11,6641 59,173 {32,4991 Reconclliation of funds Total funds brought forward 464.568 16,673 481,241 513,740 Total funds carrled forward 535.405 540,414 481,241 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 18 forni part of these financlal statements.
Maryport Rescue Company Limited by Guarantee Statement of Financial Position 24 July 2024 2024 2023 Note Flxed assets Tangible fixed assets 17 274,616 312,621 Current assets Stocks Debtors Cash at bank and in hand 18 19 2,356 46,942 223.801 2,725 11,753 155,808 273.099 170.286 Credltors: amounts fallln8 due wlthln one year 20 7.301 1,666 Net current assets 265.798 168,620 Total assets less current Ilabllttles 540.414 481,241 Net assets 540.414 481,241 Funds of the charlty Restricted funds Unrestrirted fund5 16.673 464,568 535,405 Tot•1 charlty funds 21 540,414 481,241 For the year ending 24 July 2024 the charity was entitled to exemption from audit under section 477 of the Companles Act 2(JJ6 relatin8 to small companies. Dlrertors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with settion 476.. The directors acknowledge their responsibilities for complying with the requirement5 of the Act with respect to accountln8 records and the preparation of financial statements. These financial statements have been prepared in accordance with the provision5 applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The n¢)tes on pales 9 to 18 torni part (rf these financial statements.
Maryport Rescue Company Limited by Guarantee Statement of Financial Position (cortthuedj 24 July 2024 These financial statements were approved by the board oftrustee5 and authorised for issue on 17 October 2024. and are signed on behalf of the board bv: Mr M M MessenEer Trustee Company registration number: 05711803 Charity registration number: 1113807 The notes on pages 9 to 18 fom) part of these financlal statements.
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statement5 Year ended 24 July 2024 General Information The charity is a public benefit entity and a private company lirnited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is CIO Maryport Inshore Rescue, Marine Road. Maryport. CA15 8AY. Cumbria. 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 IFRS 102) (Charities SORP IFRS 1021) and the Companies Art 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost ba515. 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 sterlin& 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 ree$ of estlmatlon uncertalnty The preparation of the financial statements require5 management to make judgement5. estimates and assumptions that affect the amount5 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 restriction5 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.
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements icorth¥uedi Year ended 24 July 2024 Accountlng pollcles (contln¥ed) Incomlng resources All incomin8 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 charitv and the amount can be reliably measured. The following specific policies are applied to particular cate8ories 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 15 recognised when receipt is probable and entitlement 15 established. income from donated goods is measured at the fair value of the 8oods 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 senrfices are recogni5ed 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 reco8nised with the delivery of the contracted service. Thi5 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 Expendlture is reco8ni5ed on an accruals ba515 as a liability is incurred. Expendlture 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 raisin8 funds includes the costs of all fundraising artivities. events, non-charitable tradin8 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. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at Cost less any accumulated depreciation and impairment1055es. Any tangible a55ets carried at revalued amount5 are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. -io-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements fcortthuedl Year ended 24 July 2024 A¢countln8 pollcles {¢ondnwdJ 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 Fixtures, fittings & equipment Boat, trailer & vehicles 2% straight line 15% reducing balance 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 exceed5 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. Financlal 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 transattion, 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 experted to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Limited by guarantee The Company is limited by guarantee and does not have a share capital. -li-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements (contlnuedl Year ended 24 July 2024 Donatlons and legacies Unrestricted Funds Restricted Funds Total Funds 2024 Donatlons Donations Maryport lottery 89,380 24.284 3,342 92.723 24.284 Legacles Legacies 68.099 68.099 Grants Grants receivable 3,269 7.490 10.759 185,032 10.832 195.865 Unrestricted Funds Restricted Funds Total Funds 2023 Donatlons Donations Maryport lottery 25.109 22.890 25,109 22,890 Legacles Legacies 7.037 7,037 Grants Grants receivable 31.606 31.606 55.036 31,606 86,642 Other trading activities Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Gift shop income 2.307 2.307 3.292 3,292 Investment income Unrestricted Funds Restricted Funds Total Funds 2024 Bank interest receivable 5.049 308 5.356 -12-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements Year ended 24 July 2024 Investment Income Icortthwdj Unrestricted Funds Restrirted Funds Total Funds 2023 Bank interest receivable 2.876 2.876 Other Income Unrestritted Funds Total Funds 2024 Unrestricted Funds Total Fund5 2023 Other income 770 770 Costs of other tradlng actlvltles Unrestricted Total Funds Funds 2024 Unrestrirted Funds Total Funds 2023 Gift shop 1.743 1.743 2,666 2.666 10. Expendfture on charltable artlvltles by fund type Unrestricted Funds Restricted Fund5 Total Funds ZOZ4 Rescue services Support costs 84.870 39.894 15.347 2,501 100,218 42,394 124.764 17,848 142,612 Unrestricted Funds Restricted Funds Total Funds 2023 Rescue serrfices Support costs 88,338 32,075 91,338 32,075 120.413 123,413 -13-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements IcontknJ Year ended 24 July 2024 11. Expenditure on ¢harltable artlvlties by activity type Activities undertaken direttly Support costs Total funds 2024 Total fund 2023 Charitable Activities Staff cost5 Volunteer training Purcha5e5 Rent Light and heat Repairs and maintenance Insurance Motor vehicle expenses Fuel expenses Safety equipment Telephone Other office cost5 General expenses VAT claimed on prior year costs Depreciation 10.767 10,767 27,212 955 3,192 3.411 23,469 13,923 10,932 3.624 2.462 3,207 8,570 7.134 114,372) 37.211 7.322 16.968 1,875 2,174 1,988 11,297 12,640 1,039 4,638 6,311 2.417 3.870 7,965 27.212 955 3.192 3,411 21.469 12.357 10.932 3.624 2.462 1,566 3.207 8.570 7.134 114.3721 35.579 1,632 41,055 l(NJ.218 41,479 141.697 121,559 Governance Accountancy fees Other le8al and professional fees 915 915 1,014 840 l(M),218 42.394 142,612 123,413 12. Net Incomel{expenditure) Net income/{expenditurel is stated after charginFJ{crediting)= 2024 2023 Depreciation of tangible fixed assets 37,211 41.055 -14-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements (contlnuedl Year ended 24 July 2024 13. Independent examlnation fees 2024 2023 Fees payable to the independent examiner for- Independent examination of the financial statements 863 822 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries 10,767 7.322 The average head count of ernployees during the year was 212023: 3). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 Administration and supervisory In addition to the above there were 33 full time equivalent unpaid volunteers.12023: 331. No employee received employee benefits of more than £60.OCiI durin8 the year12023= Nill. 15. Trustee remuneratlon and expenses Two trustees have been paid remuneration or received other benefits from employment with the charity 12023.. two). In the year ended 24 July 2024. total remuneration including national insurance contributions for Mrs T Messenger was £9,853.48 {2023= £4.635.54) and for Mr G Farish was £1.152.8712023'. 1,465.69}. 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 ofthe charity's Memorandum and Articles of Association. There were no expenses reimbursed to trustees during the year12023.' Nill. 16. Transfers between fund5 £4,990 was transferred from the restritted premise improvements fund to the unrestritted general fund as the amount was spent on the assigned purpose. -15-
Maryport Rescue Company Limited by Guarantee Notes to the Financial StaternentS (¢ontIR} Year ended 24 July 2024 17. Tan8lble flxed assets Fixtures, fittin85 & Boat, trailer & equipment vehicles Long leasehold property Total Cost At 25 July 2023 Additions Other movements 93,931 153,851 6,613 359.566 4.868 607.348 11.481 112,2751 112.2751 At 24 July 2024 81.656 160.464 364.434 606.554 Depreclation At 25July 2023 Charge for the year 3.716 1.632 81.076 11,907 209,935 23,672 294,727 37,211 At 24 July 2024 5,348 92,983 233,607 331,938 Carrying amount At 24 July 2024 76.308 67.481 130.827 274,616 At 24July 2023 90.215 72.775 149.631 312,621 18. Stocks 2024 2023 Gift shop stock 2,356 2,725 19. Debtors 2024 2023 Prepayments and accrued income Other debtors 12,263 34,679 11,753 46,942 11.753 20. Credltors: amounts falllng due wlthin one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes 6,256 863 182 1.666 7.301 1,666 -16-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements (cofttthuedi Year ended 24 July 2024 21. Analysls of Charltable funds Unrestrlrted funds At 2S July 2023 Income Expenditure Transfers At 24 July ZOZ4 General funds Designated new trainin8 centre build costs 274,568 192.388 1126.5071 4.956 345.405 190,C 190,000 464,568 192,388 1126,5071 4,956 535,405 At 25 July 2022 Income Expenditure Transfers At 24 July 2023 General funds Designated new training centre build costs 321,394 61,974 1123,0791 14,279 274,568 190,0 190,000 511,394 61,974 1123.0791 14,279 464,568 New tralnlng centre bulld costs - desl8nated This represents the amount earmarked by the trustees for future capital expenditure relating to a proposed new build. General- unrestrlrted This represents the residual funds not designated or restricted which will be used for the ongoin8 charitable activities. Restrlcted funds At 25 July 2023 Income Expenditure Transfer5 It 24 July 2024 Equipment SAR training grant5 Premise improvements Facility runnin8 Costs 16,673 3,650 4.990 2.5(M) 115,3481 34 {4,990) {2.51YJ) 16.673 11,140 117,8481 14.9561 5.009 At 25 July 2022 Income Expenditure Transfers At 24 July 2023 Equipment SAR training grants Premise improvements Facility running costs 14.279 17,327 114,2791 13.OlXII 16,673 2.346 31.606 13.CNXII 114.2791 16,673 -17-
Maryport Rescue Company Limited by Guarantee Notes to the Financial Statements Year ended 24 July 2024 21. Analysls of charltable funds (contlnwdj Equlpment fund - restrlcted This represents the funds received for the purpose of the purchase of equipment required to complete the charitable objettives of the charity. SAR tralnlng grants- restrlcted This represents the funds received for the purpose of the on going training of the charitie5 volunteers. Premlses Impro¥ements- restrlcted This represents the funds received for the purpose of capital expenditure of the premises used by the charity. Faclllty runnlng costs- restrlcted This represents the funds received for the purpose of covering the day to day costs of running the premises used by the charity. 22. Analysls of net assets belween funds Unrestricted Funds Restricted Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than l year 274,616 268,090 17,3011 274,616 273,099 17,3011 5,fX19 Net assets 535,405 5,009 540,414 Unrestrirted Funds Restrirted Funds Total Funds 2023 Tangible fixed assets Current assets 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 23. Related partles The charity spent £54912023= £1.7161 on printing 5epiices from Mike Taylor Printing, a business owned by trustee Mr M Taylor. -18-