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← Hope Cove Life Boat

2023-12-31-accounts

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

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 2023

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

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 11

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Hope Cove Life Boat Hope Cove Life Boat
Legal and Administrative Information
Chairman Mr S Baguley
Director Mr S Baguley
Mrs G Beavis
Mr D E Clarke
Mr D Illingworth
Mr C M S Longbottom
Mr S Ramsden
Mr N D Rossiter
Mr P M Shires
Mr E C Stidston
Mr J T Yeoman
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

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Trustee Directors' Report for the Year Ended 31 December 2023

The trustee Directors present their report and the unaudited financial statements for the year ended 31 December 2023.

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 A Beavis D E Clarke S L Harvey (appointed 23 May 2024) D Illingworth C M S Longbottom S Ramsden (appointed 01 March 2022) N D Rossiter (appointed 21 April 2023) P M Shires (appointed 07 July 2022) E C Stidston (appointed 01 March 2022) J T Yeoman

All of the above directors were appointed on 1 December 2010, with the exception those stated otherwise.

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

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Trustee Directors' Report for the Year Ended 31 December 2023

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 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 continually reviewing existing policies and amending where necessary, with the intention to provide 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 £36,902 (2022: £18,789) 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 £1,591 (2022: £1,590).

The charity also usually holds various fundraising events in order to try and generate additional funds, which 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 £22,517 (2022: £22,847). Total costs were £9,179 (2022: £8,754).

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 £19,980 (2022: £16,042). Stock was purchased in the period of £11,743 (2022: £7,548).

Total direct charitable expenditure for the year was £24,692 (2022: £44,627).

When comparing costs for this year and the prior year, costs have remained, on the whole, consistent with the exception of repairs and maintenance, protective clothing and training.

In the prior year, there were a number of fairly large repairs carried out on the life boat which resulted in total costs of £15,063. In comparison to the current year, where only routine repairs were required totalling, £5,481.

Protective clothing costs in the period were £3,883 in comparison to £2,310, this is because during the period, the charity purchased a number of new dry suits for the crew.

Overall the charity incurred a net gain of £33,096 (2021: £690 deficit) for the year.

Reserves and Investment Policy

The total funds held at 31 December 2023 amounted to £209,799 (2022: £176,702). As at 31 December 2023 the charity held £177,705 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. 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.

Page 3

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Trustee Directors' Report for the Year Ended 31 December 2023

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:

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.

26-09-24

Approved by the Board on .................... and signed on its behalf by:

----- Start of picture text -----
...............................
----- End of picture text -----

............................... Mr S Baguley Chairman and chief executive

............................... Mr S Ramsden Director

Page 4

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Independent Examiner's Report to the Board of Trustee Directors on the Statutory Accounts of Hope Cove Life Boat for the Year Ended 31 December 2023

I report on the accounts of Hope Cove Life Boat for the year ended 31 December 2023 as set out on pages 6 to 11.

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 Accountant

Moore Scarrott Ltd Chartered Accountants Calyx House South Road Taunton Somerset TA1 3DU Date:.............................

Page 5

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 December 2023

Note
Incoming resources
Sales
Fundraising
Gift aid
Grants, donations and legacies
3
Investments
4
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
£
19,979
22,517
1,313
36,902
1,766
82,477
1,290
11,743
(1,875)
11,158
71,319
9,178
29,045
38,223
33,096
176,702
33,096
209,798		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
£
19,979
22,517
1,313
36,902
1,766
82,477
1,290
11,743
(1,875)
11,158
71,319
9,178
29,045
38,223
33,096
176,702
33,096
209,798		 2022
£
16,042
22,847
1,590
18,789
1,371
60,639
1,690
7,549
(1,290)
7,949
52,690
8,753
44,627
53,380
(690)
177,392
(690)
176,702

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 11 form an integral part of these financial statements. Page 6

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

(Registration number: 07456004) Balance Sheet as at 31 December 2023

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
13
Unrestricted funds
Total equity		 2023
£
26,570
1,875
3,998
177,705
183,578
(350)
183,228
209,798
209,798
209,798		 2022
£
28,484
1,290
6,674
140,554
148,518
(300)
148,218
176,702
176,702
176,702

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 2023 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.

26-09-24

Approved and authorised by the Board on .................... and signed on its behalf by:

......................................

Mr S Baguley Chairman and chief executive

......................................

Mr S Ramsden Director

The notes on pages 8 to 11 form an integral part of these financial statements. Page 7

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

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:

over their estimated useful lives, as follows:
Asset class Depreciation method and rate
Tenants improvement 10% 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.

Page 8

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Notes to the Financial Statements for the Year Ended 31 December 2023

3 Grants, Donations and Legacies

Unrestricted
funds
£
Donations and legacies
36,902
36,902
4
Investments
Unrestricted
funds
£
Bank interest receivable
1,766
1,766
5
Resources expended on direct charitable activities
Unrestricted
funds
£
Training
1,046
Rent
500
Insurance
7,864
Repairs and maintenance
5,482
Printing, postage and stationery
359
Pager hire
2,224
Sundry expenses
786
Protective clothing
3,883
Boat expenses
1,287
Accountancy fees
726
Bank charges
536
Depreciation of tenants Improvements
663
Depreciation of plant and machinery
822
Depreciation of motor vehicles
2,867
29,045		 Unrestricted
funds
£
36,902		 Restricted
funds
£
-
-
Restricted
funds
£
-
-
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total 31
December
2023
36,902
36,902
Total 31
December
2023
£
1,766
1,766
Total 31
December
2023
£
1,046
500
7,864
5,482
359
2,224
786
3,883
1,287
726
536
663
822
2,867
29,045		 Total 31
December
2022
18,789
36,902 18,789
Total 31
December
2022
£
1,371
1,371
Total 31
December
2022
£
3,935
500
8,162
15,065
247
1,613
696
2,310
1,901
673
166
663
4,873
3,823
44,627

6 Trustee Directors

None of the trustee directors' (or any persons connected with them) received any remuneration during the period ended 31 December 2023. 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 2023.

Page 9

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Notes to the Financial Statements for the Year Ended 31 December 2023

8
Tangible assets
Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
9
Stocks
Stock
10 Debtors
Other debtors
11 Creditors
Due within one year
Other creditors		 Tenants
improvements
£
6,632
-
6,632
663
663
1,326
5,306
5,969		 Motor
vehicles
£
46,002
-		 Plant and
machinery
£
120,337
2,438
122,775
109,290
822
110,112
12,663
11,047
2023
£
1,875
2023
£
3,998
3,998
2023
£
350		 Plant and
machinery
£
120,337
2,438
122,775
109,290
822
110,112
12,663
11,047
2023
£
1,875
2023
£
3,998
3,998
2023
£
350		 Total
£
172,971
2,438
175,409
144,487
4,352
148,839
26,570
28,484
2022
£
1,290
46,002 122,775
34,534
2,867		 109,290
822
37,401 110,112
8,601 12,663
11,468 11,047
2023
£
1,875
2023
£
3,998
3,998
2023
£
350
2022
£
6,674
6,674
2022
£
300

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 10

Docusign Envelope ID: 8A185C53-FF92-4517-8365-5D8C5AE7D829

Hope Cove Life Boat

Notes to the Financial Statements for the Year Ended 31 December 2023

13 Analysis of Net Assets Between Funds

13 Analysis of Net Assets Between Funds
Analysis of Net Assets Between Funds
Fixed assets
Net current assets		 Unrestricted
funds
£
26,570
183,228
209,798		 Restricted
funds
£
-
-
-		 Total 31
December
2023
£
26,570
183,228
209,798
14 Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net movement in funds
33,096
Movement in fixed assets
1,914
(Increase) / decrease in stock
(585)
(Increase) / decrease in debtors
2,676
Increase / (decrease) in creditors
50
37,151		 2022
£
(690)
(3,330)
400
(2,585)
-
(6,205)

Page 11