Registration number.. 07456004 Charity registration number.. 1140126 Hope Cove Life Boat IA company limlled by guaranleel Trustee Dire¢lors' Report and Unaudited Financial Statements tor thè Year Ended 31 December 2024
Hope Cove Life Boat Contents Legal and Adminislralive Information Trustee Directors, Report 2to4 Independent Examiners, Report Statemeni of Financial Activities Balance Sheet Notes lo the Financial Slaiemenls 810 11
Hope Cove Life Boat Legal and Administrative Information Chalrman Mr S Baguley Dlrector Mr S 8aguley Mrs G Beavis Mr D E Clarke Mr D Illingworih Mr C M S Longbollom Mr S Ramsden Mr N D Rossiter Mr P M Shires Mr E C Slidslon Mr J T Yeoman Ms S L Harvey Charlty numbèr 1140126 Reglslered otllce Calyx House South Road Taunton Somerset TAI 3DU A¢¢ountsnls & Independenl examlners Moore S¢arroll Ltd Chartered Accountants Calyx House South Road Taunton Somersel TA1 3DU Page 1
Hope Cove Life Boat Trustee Directors, Report for the Year Ended 31 December 2024 The trustee Directors present their report and the unaudited financial statements lor the year ended 31 December 2024, The financial slalemonls have been prepared in accordance with the accounting policies sol out in note I lo the accounts and comply with the charity's Memorandum ol Association, applicable by law. and the requirements ol Accounting and Reporting by Charities, Statement ol Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021. lellective 1 January 20191 (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Charities Act 2011 and the Companies Act 2006. Prlnclpal actlvlty The principal actlvily ol the company is the provision of lifeboat servlces. Oble¢llv88 01 the charlty The chaiSly is a company limlled by guarantee. and its objectives are s8t out In the Memorandum ot Associalion. ils governing document. The Chantls objective is to save and protect the lives ol the general public, by Ihe provision ol a lifeboat. The charity is managed by its Iruslee directors, who are the directors under company law. The trustee directors are formally elected al general meetings as and when an individual puls themselves lotward lor election, They are supported by the necessary administration slafl. The Iruslee directors are responsible lor recruilmenl, appoinlmenl. induction and training ol new trustee directors. The lileboal is manned by volunteers who arè not paid. The charity is responsible lor training those volunteers. Tru$te8 Dlrectors The Iruslee direclors who served during the year were.. S Baguley G A Beavis D E Clarke S L Harvey lappoinled 23 May 20241 D Illingworth C M S Longbottom S Rarnsden (appointed 01 March 20221 N D Rossiler lappoinled 21 April 20231 P M Shires lappoinled 07 July 20221 E C Slidslon (appointed 01 Maroh 20221 J T Yeoman All of the above dlrectors were appointod on 1 December 2010, with the exception those slated otherwise. None ol the Iruslee directors has any beneficial inleresl in the company. All are members ol the ¢ompany and guarantee to contribute £1 each in the event ol il winding up. Page 2
Hope Cove Life Boat Trustee Direclors, Report for the Year Ended 31 December 2024 Risk factors The trustee directors have assessed the major risks to which Ihe charity is extKJsed, and are satisfied that systems are in place lo mitigate exposure to Ihese risks. The Standard Operating produreS are being constantly reviewed lo ensure the safely ol crew and members of the public. The trustee directors have reviewed the Governance Code lo ensure the charity is run in accordance with the code. In addition, the charity is continually reviewing exi51ing policies and amending where necessary, with the intention lo provide clarity to those involved with the charity. Review of Actlvitles and Flnanclal Review In order to maintain the lileboal, the charity rolies on the continued financial support of donations, During the year unreslricled donations of £38,86212023'. £36,902> were received. The Trustee Directors are very graleful lor all donations lo the cause. No reslricled donations were received. Estimated gift aid reclaimable on donations is £95912023- £1,3131. The charity also usually holds varlous lundralsing evenls in order lo try and generate additional funds, which have been hampered by thè Coronaviru5 pandemic. During the year the events held included quiz nlghts, cotlee mornings and the annual Goll Day. In addition, the charity runs a lollery scheme . the 50150 Club. Total funds raised from these sources was £21,86012023'. £22,517). Total costs were £10,40512023.' £9,178). The charity also sells items such as cards, clothing, lide limelables and wristbands in order lo raise additional funds. Income for the period from this a¢livily was £28,78912023'. £19,979). Stock was purchased in the period 01 £14,77812023'. £11,743). Total dlrècl charitable expenditure tor ihe year was £38,64312023'. £29,045). When comparing costs lor this year and the prior year, costs have remained, on the whole, ¢onsi$lenl, with the ¢XCePlion ol protective clothing, repairs and maintenance and sundry expenses. Protective clothing costs in the period were £1,240 in comparison lo £3,883, this 18 because during the last period, the charity purchased a number ol new dry suits tor the crew. Repairs and maintenance have increased in the period. as a result of increased spending on maintenance to the lileboal as well as renewal ol equlpment onboard the liteboat. Sundry expenses are higher than the prior period due lo increased expenditure on the renewal of safely equipment, such as first aid kits, oxygen cylinders and new flares. Overall the charity incurred a nel gain 01 £30,49612023: £33,096) lor the year. Resorves and Investment Polley The lolal funds held al 31 December 2024 amounted lo £240,29412023.' £209,798>. As al 31 December 2024 the charity held £207,449 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, il is difficult lo predict how many donations will be received on an annual basis. The truslee directors therefore consider il neGessary to hold fund5 amounting to approximately one to INO years. worth of income in order to continue to meet the charities objectives lor al leasl one year, giving the trustee directors sufficienl lime lo seek allernative methods ol funding. The trustee directors review this policy annually. Page 3
Hope Cove Life Boat Trustee Direciors, Report for the Year Ended 31 December 2024 The Iruslee directors also consider it necessary lo hold reserves in order lo maintain and replace the lileboal regularly, The current estimated cost ol a replacement boat is £140,000, and the current boat is likely to need replacing within the next lew years. Repairs are carried out on a regular basis to ensure the boat remains seaworthy and complies with the Flescue Boat Code. The current premises are rented from the Crown Eslale on an ongoing agreement. Statement of Trustee Directors. Responsibilities The truslee Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements In accordance with applicable law and regulations. Company law requires the truslee Directors lo prepare financial sialements lor each financial year. Under that law Ihe trustee Directors have elected lo prepare the tinancial slatemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Iruslee Directors musl not approve the linan¢ial statements unless they are satisfied that they give a Irue and lair view ol the stale ol affairs ol the Company and of thè surplus or delicil ol the Company lor that period. In preparing these financial stalemenls, the Directors are required lo.. select suilable accounting policies and apply them consistently., make judgernenls and accounting estimate5 that are reasonable and prud8nt', prepare the financial statements on the golng concern basis unless It Is Inappropriate lo presume that the Company W1 continue to operale. The Iruslee Directors arè responsible for keeping ad8quale accounting records that dlsclose wllh reasonable accuracy al any time the financial position of the company and enable them lo ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets ol the company and hence lor taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Srnall companiès provlsion stalement This reporl has been prepared in accordance wilh the special provisions relating to companies Subje to the small companies regiFre within Part 15 01 the Companles Act 2006. Approved by the Board on and slgned on ils behalf by.. Chairm n and l executiv Mr S Ramsden Director Page 4
Independeni Examiner's Report to the Board of Trustee Direclors on the Statutory Accounts of Hope Cove Life Boal for the Year Ended 31 December 2024 I report on the accounts ol Hope Cove Life Boat lor the year ended 31 December 2024 as set out on pages 6 to Respeclive Responslbilltles ol Truste8 Dlrector8 and Examlner The Trustees (who are the directors ol the company for the purposes of company lawl are responsible for the preparation ol the accounts. The Trustees consider that an audit is not required lor this year under section 144121 ol the Charities Acl 2011 Ithe 2011 Acll and that an independenl examinabon is needed. l am qualified to undertake the examination by being a qualified memtEr ol the Inslilule ol Chartered AcGountants for England and Wales IICAEWI. It is my responsibility lo:_ Examine the accounts under section 145 01 the Act- Follow procedures laid down in the General Directions given by the Charrty Commission under section 1451511bl of the Act; and Slate whether particular mallers have come lo my attention. Bas18 of Independent Examlner's Report My examination was carried OLrt 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 ol the accounls presented with those records. It also includes consideration ol any unusual items or discbsures 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 lo whether the accounts present a 'lrue and lair, view and the report is limited to Ihose mallers set out in Iho stalemenl below. Independent Examlner's Statement In connection with my examination, no matter has come lo my aiiention.. Which gives me reasonable cause to believe that, in any material respe¢t, the requirements; 11 to keep accounting records in accordance with section 386 01 the Companies Act 2006., and 2110 prepare accounts which accord with the accounting records, comply with the accounting requiremonls ol section 396 01 the Companies Act 2006 and with the methods and principles ol the Slalemenl ol Recommended Practice.. Accounting and Reporting by Charities have not been met., or lo which, in my opinion, attention should be drawn In order to enable a proper understanding of the accounts lo be reached. Duncan Nlcholas FCA Chartered Accountant Moore Scarroll Lid Chartered Accounlanls Calyx House, South Road Taunton Somerset TA1 3DU Date.. 29 Page 5
Hope Cove Life Boat Slatement of Financial Activilies including Income and Expenditure Account for the Year Ended 31 December 2024 Unrestricted funds Restricted funds 2024 2023 Note Incomlng rosour¢es Sales Fundraising Gill aid Grants, donations and legacies Investments Total Incomlng re80urc8s 28.789 21.860 959 38,862 28,789 21.860 959 38,862 3.744 19,979 22,517 1,313 36,902 1 ,766 Cosl ol sales Opening stock Purchases Closing stock Total cost of sales 1,875 14,778 1,983 1,875 14.778 1.983 1,290 11,743 1,875 Gross surplu8 Resources expended Fundraising expenses Direct charilable expenditure Total resources expended 10,405 38.643 10.405 38.643 9,178 29,045 Nel Incomlng l(outgolng) rèsources Fund$ mov8m8nt Total funds brought forward Nel incoming Iloutgoingi resources Total funds corrled forward 209,798 30,496 240 294 209,798 30.496 240 294 176,702 33,096 The slalemenl ol financial activities also complies with the requirements for an income and expenditure ac¢ount under the Companies Act 2006. All incoming resources and reserves expended derive from continuing aciivilies. The notes on pages 9 to 12 form an integral part of these financial statements. Page 6
Hope Cove Life Boat (Regisiration number: 07456004) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible assets 26,623 26,570 Current assets Stocks Debtors anfj prepayments Cash al bank and in hand 1,983 4,739 207,449 214.171 15001 1,875 3,998 177,705 183,578 13501 10 Creditors.. Amounts falling due within one year Nel current assets 213,671 183,228 Net assets 240,294 209,798 Income funds Unrestricted funds Total equlty 240,294 240,294 209,798 209,798 The notes on pages 9 10 12 form an inlegral part of these financial stalernenls. Page 7
Hope Cove Life Boat (Registration number: 07456004) Balance Sheet as at 31 Decernber 2024 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 IFRS1021 leffeclive 1 January 20191. For the financial year ending 31 December 2024 the company was entitled lo exemption from audit under section 477 01 the Companies Act 2006 relating lo small companies. The members have not required the company to oblain an audll of ils accounls lor the year In queslion in accordance with section 476., and The Iruslee 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 lair view of the slale ol affairs of the company al 31 Deoember 2021 and ol its profil lor the year then ended, in accordance with sections 394 and 395, and otherwise comply with the requirements of the Act relating to accounts, so lar as applicable lo the company. Approved and aulhorised by the 8oard on . and signed on its b8hall by: agu Chairman and c f exècutiv8 Mr S Ramsden Director The notes on pages 9 10 12 form an integral part ol these financial statements. Page 8
Hope Cove Life Boat Notes to the Financial siatemenls for the Year Ended 31 December 2024 1 General inforrnalion The company is a company limited by guarantee incorporated in England & Wales (Registered Number 074560041. The address ol ils registered office is.. Calyx House South Road Taunton Somerset TA13DU 2 Accounling pollcles Basis of preparation and statement of compliance The linanGial slalemenls have been prepared in a¢Gordance with Accounting and Reporting by Charities, Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ot Ireland IFRS1021, (effective 1 January 20191 IChaTlties SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republlc ol Ireland IFRS1021, Ihe Charities Act 2011 and the Companies Act 2006. Hope Cove Life Boat meets the definition of a Public Benolil Entity under FRS102. Assets and Liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy noielsl. The Iruslee direclors conslder that there are no material uncerlainlles aboul the charlly's ablllty to continue as a going concern. Incomlng resource8 Incoming resources are recognised in the accounts on an accruals basis, durlng the period in which they are due, and therefore match any related expenditure. Unrestricted funds are available lor use al the discretion ol the Iruslees in furtherance ol the general objectives ol the charity. Restricted tunds are subject to restrictions on their expendlture by the donor, Rosources exp8nded 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 ommilting the Charity to the expenditure. Fundraising expenses comprise expenditure incurred in respe¢l of fundraising events. Costs incurred directly relating lo the charilable company's objectives are included within ijirect charitable expendilure. TangSble assets Tangible assets are slated in the stalemenl of financial position at cost, lèss any subsequent a¢¢umulaled depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is charged so as lo write ON the cost of assets. other than land and properties under construction over their eslimaled useful lives, as follows: Asset class Tenants improvement Motor vehicles Plant and machinery Depreciation method and rate 10 /• slraight line 25 /0 reducing balance 200/0 Straight line Page 9
Hope Cove Life Boat Notes lo the Financial siatements for the Year Ended 31 December 2024 2 Accounting policies (continued) Stocks Stocks are staled al the lower ol cost and net realisable value. aller due regard lor obsolete and slow-moving stocks. Nel realisable value is based on selling price less anticipale¢J costs lo completion and selling Costs. 3 Grants. Donatlons and L8gaclo$ Unrestf Icted funds Restrlcted funds 2024 2023 Donations and legacies 38,862 38,862 38,862 38,862 36,902 36,902 4 Investments Unrestricted lunds Restricted funds 2024 2023 Bank interest receivable 3,744 3,744 3,744 1.766 5 Resources expended on dlroct charltablé acllvltl89 Unrestrlcted funds RoStrlct8d funds 2024 2023 Training Rent Insurance Repairs and mainlenan¢e Printing, postage and stationery Pager hire Sundry expenses Protective clothing Boat expenses Accounlancy lees Bank charges Depreciatlon ol tenants Improvernenls Depreciation ol planl and machinery Depreciation ol motor vehicles 4,215 500 9,198 7,037 653 1,528 4,927 1,240 1,521 840 4.215 500 9,198 7,037 653 1,528 4,927 1,240 1,521 840 288 663 3,883 2,150 38,643 1 ,046 500 7,864 5,482 359 2,224 786 3,883 1,287 726 536 663 822 2,867 29,045 663 3.883 2.150 38,643 Page 10
Hope Cove Life Boat Notes to the Financial Statements for the Year Ended 31 December 2024 6 Trusteè Dlrectors None ol the trustee directors, lor any persons connected with them) received any remuneration du¥ing the period ended 31 December 2024. No other transactions with related parties were undertaken such are required lo be disclosed under Ihe Companies Act 2006. 7 Employees There were no employees during the perlod ènded 31 December 202412023- Nill. 8 Tanglbl8 assets Tenanls Improvements Motor vehlcles Plant and ma¢hlnery Total Cost or valuation Al 1 January 2024 Additions At 31 December 2024 6,632 46,002 122,774 175,408 6,750 182,158 6,632 46,002 129,524 Oepreclatlon At 1 January 2024 Charge for the year AI 31 Dember 2024 1,326 663 37,401 2,150 39,551 110,112 3,883 113,995 148,839 6,696 155,535 Carrylng amount Al 31 December 2024 6,451 26,623 Al 31 December 2023 5,306 8,601 12,663 9 Stocks 2024 2023 Stock 1,983 1,875 10 Deblors 2024 2023 Other debtors 4,739 3,998 11 Creditors 2024 2023 Due wllhln on8 year Other creditors 500 350 Page11
Hope Cove Life Boat Notes 10 the Financial Statements for the Year Ended 31 December 2024 12 Company Status The company is a private limited company, limited by guarantee and consequently does not have share capilal. Each ol the members is liable to contribute an amount nol exceeding £1 towards the assets ol the company in the event of liquidation. The company is controlled by the trustee directors. 13 Analysis of Net Assets 8elw88n Funds Current Year Unrestricted funds Restricted funds 2024 Fixed Assets Net Current Assets 26,623 213,671 240 294 26,623 213.671 240 294 Prior Year Unrestrlcted funds Re8trl¢ted funds 2023 Fixed Assets Net Current Ass81s 26.570 183,228 209,798 26.570 183,228 209,798 14 Reconclllatlon of net movement in tunds to net cash flow Irom operating actlvitles 2024 2023 Nel movement in funds Movement in fixed assèts Ilncreasel I decrease In stock Ilncreasel I decrease in debtors Increase I Idecreasel in creditors 30,495 1531 11081 17411 150 33,096 1,914 15851 2,676 50 Page 12