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 pro￿dureS 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 W￿￿1 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 D￿ember 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