Registration number: 07456004 Charity registration number: 1140126
Hope Cove Life Boat
(A company limited by guarantee)
Trustee Directors' Report and Unaudited Financial Statements
for the Year Ended 31 December 2021
Hope Cove Life Boat
Contents
| Legal and Administrative Information | 1 |
|---|---|
| Trustee Directors' Report | 2 to 4 |
| Independent Examiners' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
Hope Cove Life Boat
Legal and Administrative Information
| Chairman | Mr S Baguley |
|---|---|
| Directors | Mr S Baguley |
| Mrs G Beavis | |
| Mr I L Bowden | |
| Mr D E Clarke | |
| Mr D Illingworth | |
| Mr C M S Longbottom | |
| Mr J T Yeoman | |
| Mr Eric Clinton Stidston Mr Eric Clinton Stidston | |
| Mr Stephen Ramsden | |
| Mr Philip Matthew Shires | |
| Charity number | 1140126 |
| Registered office | Calyx House |
| South Road | |
| Taunton | |
| Somerset | |
| TA1 3DU | |
| Accountants & | Moore Scarrott Ltd |
| Independent | Chartered Accountants |
| examiners | Calyx House |
| South Road | |
| Taunton | |
| Somerset | |
| TA1 3DU |
Page 1
Trustee Directors' Report for the Year Ended 31 December 2021
Hope Cove Life Boat
The Directors present their report and the financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum of Association, applicable by law, and the requirements of 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 (FRS102), (effective 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and the Companies Act 2006.
Principal activity
The principal activity of the company is the provision of lifeboat services.
Objectives of the charity
The charity is a company limited by guarantee, and its objectives are set out in the Memorandum of Association, its governing document.
The charity's objective is to save and protect the lives of the general public, by the provision of a lifeboat.
The charity is managed by its trustee directors, who are the directors under company law. The trustee directors are formally elected at general meetings as and when an individual puts themselves forward for election. They are supported by the necessary administration staff. The trustee directors are responsible for recruitment, appointment, induction and training of new trustee directors. The lifeboat is manned by volunteers who are not paid. The charity is responsible for training those volunteers.
Trustee Directors
The trustee directors who served during the year were:
S Baguley G Beavis I Bowden D Clarke D Hassall (resigned 12 August 2021) D Illingworth C M S Longbottom I Pedrick (resigned 16 November 2021) P Pedrick (resigned 1 April 2022) T Rendle (resigned 1 June 2022) R Staff (resigned 1 April 2022) C Stidston-Nott (resigned 14 October 2021) R Whitting (resigned 12 October 2021) J T Yeoman S Ramsden P M Shires E C Stidston
All of the above directors were appointed on 1 December 2010, with the exception of S Ramsden and E C Stidston, appointed 1 March 2022 and P M Shires, appointed 7 July 2022.
None of the trustee directors has any beneficial interest in the company. All are members of the company and guarantee to contribute £1 each in the event of it winding up.
Page 2
Trustee Directors' Report for the Year Ended 31 December 2021
Hope Cove Life Boat
Risk factors
The trustee directors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these risks. The Standard Operating Procedures were updated in the prior year, and are being constantly reviewed to ensure the safety of crew and members of the public.
The trustee directors have reviewed the Governance Code to ensure the charity is run in accordance with the code. In addition, the charity is continuing to review a number of existing policies, which is intended to provide further clarity to those involved with the charity.
Review of Activities and Financial Review
During this financial year, the lifeboat was called out a number of times, all involving members of the public.
In order to maintain the lifeboat, the charity relies on the continued financial support of donations. During the year unrestricted donations of £15,019 (2020 : £21,852) were received. The Trustee Directors are very grateful for all donations to the cause.
No restricted donations were received. Estimated gift aid reclaimable on donations is £1,520 (2020 : £2,342).
The charity also usually holds various fundraising events in order to try and generate additional funds, although these have been hampered by the Coronavirus pandemic. During the year the events held included quiz nights, coffee mornings and the annual Golf Day. In addition, the charity runs a lottery scheme - the 50/50 Club.
Total funds raised from these sources was £20,007 (2020: £22,200). Total costs were £8,457 (2020 : £9,528).
The charity also sells items such as cards, clothing, tide timetables and wristbands in order to raise additional funds. Income for the period from this activity was £22,962 (2020 : £1,338). Stock was purchased in the period of £10,872 (2020 : £447). The income generated from this activitiy was severly hampered in the year ended 31 December 2020 by the Coronavirus pandemic and therefore with the easing of the restrictions, it has seen large increase in the level of income received.
Total direct charitable expenditure for the year was £31,272 (2020: £36,778).
When comparing costs for this year and the prior year, costs have remained largely consistent with the exception of protective clothing and depreciation.
Protective clothing - In the year ended 31 December 2020, the charity purchased boots, helmets, visors and diving undersuits which totaled to £2,114. In the current year only helmets have been purchased to the value £850.
Plant and machinery depreciation - This has reduced from the prior year due to a number of items becoming fully depreciated in December 2020, such as the Engines, which had annual depreciation charge of approximately £3,920.
Overall the charity incurred a net surplus of £8,941 (2020: £9,934) for the year.
Page 3
Trustee Directors' Report for the Year Ended 31 December 2021
Hope Cove Life Boat
Reserves and Investment Policy
The total funds held at 31 December 2021 amounted to £177,392 (2020: £168,451). As at 31 December 2021 the charity held £146,759 in its bank accounts. Its main source of income is from donations made by the general public, holding fundraising events, as well as selling branded clothing. However, it is difficult to predict how many donations will be received on an annual basis, particularly in view of the recovery from the pandemic. The trustee directors therefore consider it necessary to hold funds amounting to approximately one to two years’ worth of income in order to continue to meet the charities objectives for at least one year, giving the trustee directors sufficient time to seek alternative methods of funding. The trustee directors review this policy annually.
The trustee directors also consider it necessary to hold reserves in order to maintain and replace the lifeboat regularly. The current estimated cost of a replacement boat is £140,000, and the current boat is likely to need replacing within the next few years. Repairs are carried out on a regular basis to ensure the boat remains seaworthy and complies with the Rescue Boat Code. The current premises are rented from the Crown Estate on an ongoing agreement.
Statement of Trustee Directors' Responsibilities
The trustee Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustee Directors to prepare financial statements for each financial year. Under that law the trustee Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustee Directors 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 Company and of the surplus or deficit of the Company for that period. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue to operate.
The trustee Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on 29 September 2022 and signed on its behalf by:
Mr S Baguley Chairman
Page 4
Independent Examiner's Report to the Board of Trustee Directors on the Statutory Accounts of Hope Cove Life Boatfor the Year Ended 31 December 2021
I report on the accounts of Hope Cove Life Boat for the year ended 31 December 2021 as set out on pages 6 to 12.
Respective Responsibilities of Trustee Directors and Examiner
The Trustees (who are the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. the Charity's gross income did not exceed £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants for England and Wales (ICAEW).
It is my responsibility to:-
• Examine the accounts under section 145 of the Act;
• Follow procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and
• State whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
• Which gives me reasonable cause to believe that, in any material respect, the requirements;
1) to keep accounting records in accordance with section 386 of the Companies Act 2006; and 2) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
• to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Duncan Nicholas FCA Chartered Accountan t
Moore Scarrott Ltd Chartered Accountants Calyx House South Road Taunton Somerset TA1 3DU
30 September 2022
Page 5
Hope Cove Life Boat
Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 December 2021
| Note Incoming resources Sales Fundraising Gift aid Grants, donations and legacies 3 Investments 4 Profit on disposal of tangible fixed assets Total incoming resources Cost of sales Opening stock Purchases Closing stock Total cost of sales Gross surplus Resources expended Fundraising expenses Direct charitable expenditure 5 Total resources expended Net incoming /(outgoing) resources Funds movement Total funds brought forward Net incoming /(outgoing) resources Total funds carried forward |
Unrestricted funds £ 22,962 20,007 1,519 15,019 535 - 60,042 2,190 10,872 (1,690) 11,372 48,670 8,457 31,272 39,729 8,941 168,451 8,941 177,392 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - |
2021 £ 22,962 20,007 1,519 15,019 535 - 60,042 2,190 10,872 (1,690) 11,372 48,670 8,457 31,272 39,729 8,941 168,451 8,941 177,392 |
2020 £ 1,338 22,200 2,342 21,852 480 8,979 |
|---|---|---|---|---|
| 57,191 | ||||
| 2,694 447 (2,190) |
||||
| 951 | ||||
| 56,240 | ||||
| 9,528 36,778 |
||||
| 46,306 | ||||
| 9,934 | ||||
| 158,517 9,934 |
||||
| 168,451 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
All incoming resources and reserves expended derive from continuing activities.
The notes on pages 8 to 12 form an integral part of these financial statements. Page 6
Hope Cove Life Boat
(Registration number: 07456004) Balance Sheet as at 31 December 2021
| Note Fixed assets Tangible assets 8 Current assets Stocks 9 Debtors and prepayments 10 Cash at bank and in hand Creditors: Amounts falling due within one year 11 Net current assets Net assets Income funds Unrestricted funds Total equity |
2021 £ 25,154 1,690 4,089 146,759 152,538 (300) 152,238 177,392 177,392 177,392 |
2020 £ 33,957 2,190 8,050 126,874 |
|---|---|---|
| 137,114 (2,620) |
||
| 134,494 | ||
| 168,451 | ||
| 168,451 | ||
| 168,451 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
The trustee directors acknowledge their responsibilities for:
Ensuring that the company keeps accounting records which comply with section 386 of the Act and,
Preparing accounts which give a true and fair view of the state of affairs of the company at 31 December 2021 and of its profit for the year then ended, in accordance with sections 394 and 395, and otherwise comply with the requirements of the Act relating to accounts, so far as applicable to the company.
Approved and authorised by the Board on 29 September 2022 and signed on its behalf by:
Mr S Baguley
Chairman
The notes on pages 8 to 12 form an integral part of these financial statements. Page 7
Hope Cove Life Boat
Notes to the Financial Statements for the Year Ended 31 December 2021
1 General information
The company is a company limited by guarantee incorporated in England & Wales.
The address of its registered office is: Calyx House South Road Taunton Somerset TA1 3DU
2 Accounting policies
Basis of preparation and statement of compliance
The financial statements have been prepared in accordance with 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 (FRS102), (effective 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and the Companies Act 2006.
Hope Cove Life Boat meets the definition of a Public Benefit Entity under FRS102. Assets and Liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The trustee directors consider that there are no material uncertainties about the charity's ability to continue as a going concern. The main area of risk to the charity is the amount of donations it receives. The trustee directors were concerned that the Coronavirus pandemic would have a significant impact on the level of donations received. However, the results of 2020 and 2021 have remained resolute with income totalling £60,042 for 2021 and £57,191 for 2020. The trustee directors see no reason why this should not continue in 2022.
Incoming resources
Incoming resources are recognised in the accounts on an accruals basis, during the period in which they are due, and therefore match any related expenditure.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subject to restrictions on their expenditure by the donor.
Resources expended
Resources expended are recognised on the accruals basis, to match the period in which the expenditure was incurred. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure.
Fundraising expenses comprise expenditure incurred in respect of fundraising events. Costs incurred directly relating to the charitable company's objectives are included within direct charitable expenditure.
Page 8
Hope Cove Life Boat
Notes to the Financial Statements for the Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class Depreciation method and rate Land and buildings 2% straight line Motor vehicles 25% reducing balance Plant and machinery 20% straight line
Stocks
Stocks are stated at the lower of cost and net realisable value. after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
3 Grants, Donations and Legacies
| Donations and legacies | Unrestricted funds £ 15,019 15,019 |
Restricted funds £ - - |
Total 31 December 2021 15,019 15,019 |
Total 31 December 2020 21,852 |
|---|---|---|---|---|
| 21,852 |
4 Investments
| 4 Investments |
||||
|---|---|---|---|---|
| Bank interest receivable Other interest receivable |
Unrestricted funds £ 527 8 535 |
Restricted funds £ - - - |
Total 31 December 2021 £ 527 8 535 |
Total 31 December 2020 £ 476 4 |
| 480 |
Page 9
Hope Cove Life Boat
Notes to the Financial Statements for the Year Ended 31 December 2021
5 Resources expended on direct charitable activities
| Training Rent Insurance Repairs and maintenance Printing, postage and stationery Pager hire Sundry expenses Protective clothing Boat expenses Accountancy fees Legal and professional fees Bank charges Depreciation of plant and machinery Depreciation of motor vehicles |
Unrestricted funds £ 2,305 500 7,563 3,726 157 1,696 820 850 1,685 613 2,520 34 3,706 5,097 31,272 |
Restricted funds £ - - - - - - - - - - - - - - - |
Total 31 December 2021 £ 2,305 500 7,563 3,726 157 1,696 820 850 1,685 613 2,520 34 3,706 5,097 31,272 |
Total 31 December 2020 £ 2,400 500 8,483 4,917 331 1,546 612 2,114 754 613 - - 7,712 6,796 |
|---|---|---|---|---|
| 36,778 |
6 Trustee Directors
None of the trustee directors' (or any persons connected with them) received any remuneration during the period ended 31 December 2021. No other transactions with related parties were undertaken such are required to be disclosed under the Companies Act 2006.
7 Employees
There were no employees during the period ended 31 December 2021.
Page 10
Hope Cove Life Boat
Notes to the Financial Statements for the Year Ended 31 December 2021
| 8 Tangible assets Cost or valuation At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 9 Stocks Stock 10 Debtors Other debtors 11 Creditors Due within one year Other creditors |
Land and buildings £ 6,632 6,632 - - - 6,632 6,632 |
Motor vehicles £ 46,002 |
Plant and machinery £ 107,649 |
Total £ 160,283 160,283 126,326 8,803 135,129 25,154 33,957 2020 £ 2,190 |
||
|---|---|---|---|---|---|---|
| 46,002 | 107,649 | |||||
| 25,615 5,097 |
100,711 3,706 |
|||||
| 30,712 | 104,417 | |||||
| 15,290 | 3,232 | |||||
| 20,387 | 6,938 | |||||
| 2021 £ 1,690 2021 £ 4,089 4,089 2021 £ 300 |
||||||
| 2020 £ 8,050 |
||||||
| 8,050 | ||||||
| 2020 £ 2,620 |
12 Company Status
The company is a private limited company, limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. The company is controlled by the trustee directors.
Page 11
Hope Cove Life Boat
Notes to the Financial Statements for the Year Ended 31 December 2021
13 Analysis of Net Assets Between Funds
| 13 Analysis of Net Assets Between Funds | |
|---|---|
| Analysis of Net Assets Between Funds Unrestricted funds £ Restricted funds £ Fixed assets 25,154 - Net current assets 152,238 - 177,392 - 14 Reconciliation of net movement in funds to net cash flow from operating activities 2021 £ Net movement in funds 8,941 Movement in fixed assets 8,803 (Increase) / decrease in stock 500 (Increase) / decrease in debtors 3,961 Increase / (decrease) in creditors (2,320) 19,885 |
Total 31 December 2021 £ 25,154 152,238 |
| 177,392 | |
| 2020 £ 9,934 21,911 504 (1,659) 740 31,430 |
Page 12