SOUTHPORT OFFSHORE RESCUE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charily registration number 1146805 Company registration number 08011925 (England and Wales)
SOUTHPORT OFFSHORE RESCUE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees MT A S D'Arcy-Maslers Mrs N O Goldup MrA J Porter Mr K A Porter MT N D Porter Mr J Shawcrofl MT A W Topping Mrs K Wilson Mrs E Aliiiond Mr J J Felice Mr M D Parkes (Appointed 7 July 2023) Secretary Mrs E Almond Cliarlty iiuinber 1146805 Company nuinher 08011925 Reglstered office 7-9 Slalion Road Heskelh Bank Preston Laiicashire PR4 6SN Iiidepeiidejit examliier Cliaiiipioii TLL Limited 7-9 Slalion Road Heskelli Baiik Presloii Lancashire PR4 6SN
SOUTHPORT OFFSHORE RESCUE TRUST CONTENTS Page Trustees ieport Independenl examinerfs report Slatement of financial aclivilies Balance sheet Notes lo the financial slalements 9-17
SOUTHPORT OFFSHORE RESCUE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees presenl their annual report and financial statements for Ihe year ended 31 March 2024. The financial stalemenls have been prepared iii accordance wilh the accouiitiiig policies set out iii note 1 to the rii)aiicial slaleinei)Is and coinply wilh Ihe Charitable Coinpany's goveriiing document, the Companies Acl 2006 and "Accounting arid Reporting by Charities.. Statement ol Recommended Practi applicable to charilies preparing Ilieir accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 Januaiy 2019). Oblectives and activltles T17e objects of Ilie Cl)arity are slaled as follows, ii) the Goveriiiiig Docuiiieiil.. Aiiy charilal)le i)Liri)ose lor the public beiielil for the preservalion and saving ol life al sea and to eqLJlp, maintain and operate ali offsliore rescue service at Soulhport. To caTry out beach, mild and marshland searches and rescues al Soulhport and the Silrrounding area between the rivei's Mew%ey and Ribble and lo assist in improving the slaiidards of coaslliiie safely there. PiiblSc beiieflt The Trusl&es have considered Ihe Charity Commission guidance regarding public benefil and are salisfied Ihal the aclivilles of Ihe ChaTily, as descrlbed above, Ineel the necessary CTilefla. AcliSeveine•its and perfomiance Searcli aiid Rescue Servlce As in all pievious years. we Temaiiied fully available for all emergency call-ouls, with crew avallable for all eveiilualilies. The Board of Trlislee DirecloTS would like to take this opportunily lo thank our Search and Resciie crews for Iheir de.(licalion aiid commilinenl during 11)is period and in ensuriiig that Ilie setvice Temaiiied 011 24 hour eniergeiicy call- oiil Iliroughoiil Ihe year. We woiild also like lo extend Ihese thanks lo aur Charily Sliop staff, who liave kept the slioi) fully starred and stocked Ihroughout Iliis period, ensuiing Iliat the Inucli needed funds were brouglit iii lo mainlain our service delivery.
SOUTHPORT OFFSHORE RESCUE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 New Llfeboat station Project The start of 2023 marked Ihe first anniversary of our new Lifeboat Slalion. During Ihis lime and Ihroughoul the 20231 24 reporting period, our crews have become accustomed to Iheir new suiroundings ai)d have had the opportunily to adapt and arrange the building and ils contenls lo suit our needs. We have held a number of Open Days and held numerous talks lo interested organisalions. where we have been able lo showcase all OUT assels and Ihe new facilities all under one roof. Soulhport Offshore Rescue Trust have also had Ihe opportunity to host many of the olher emergency services personnel and equipment, during both training and emergency call-ouls. They have all beeii very complimei)lary in new facllilies Ihal we can now offer. A88ets Both our offshore and inshore lifeboals are regularly mainlained in order to ensure thal they are Teady for immediate call-oul at all limes. In January 2024. we replaced our Ihree ATV quads, which had come lo the end of Iheir operalional servlce life wilh us. They were very well maintained and were able lo command a very good Irade-in value agai1is1 Iheir replacenienls. The TTUSI decided to conlinue wilh Ihe same make and model (CaiiAm Oullaiider) as previous due lo their ability lo cope wilh our local lerraiii. The ATV quads continue Ihe SeiCe of providing an excelleiil search and rescue ISAR) capability for Ihe Trust. The quads have proven lo be Ihe workhorse of OUT organisalion, All Iliree quads are also equipped wilh an exlra seal. Tliis enables us lo Iransporl addilional personnel lo and from an incident when required. We are also able to trai)sport additional equipment if required, Ihroiigh the use of ali ATV Irailer allached lo one of the quads. The Trust currently have Iwo launch vehlcles In oui Ileet, a fully converted Calerplllar Challenger E95 and a modified New Holland TD5 Iraclor. The Trust also have a second Caleipillar Challenger E85. This vehicle was sent lo the Habbeke Shipyard in Holland during Oclober 2023 for conversion into a fully marinized launch vehlclo, The conversion continues and it is expecled to be returned and in seNice during the summer of 2024. Currenlly the existing Challenger is our primary launch vehicle. wilh the New Holland being ulilised for Inshore lifeboal launching duties. Following the inlroduclion of our UAS (Unmanned Aerial Syslem) assets (Orones) to our Search and Resciie service. They have been lasked lo many of our einergency call-ouls. This is especially so in Ihe searcli for Inissing casiialties wilhiii the dunes to the south of our operalioiial area bul also frequently to Ihe vast marshland area lo the north. All our UAS operations are carried out with the specific permission glven by Natural England lo fly wilhin Slles of Special Scientific Inlerest {SSSi). Also a major benefit of our UAS assels is lo fly above areas where people are iii daiiger of beiiig cul off by Ilie lide. They are able lo relay inlormalion lo our ground and walerborne assels directing them to Ihe safesl passage lo safety. The Trust currently have iwo qualified SAR UAS Pilots. with Ihree other Irainees CUTrenlly undergoing an in-house training schedule. piior lo being sent on a pilotage examination. We operate 2 slate of the art drones, bolh willi HD and thermal imaging cameras. The intenlion will be to soon add a third drone inlo our fleet, with Ihe intention of retiring our oldest assel after a period of Iraining. Emergency Call-outs Full details for Ihe reporting period are delailed in an appendix at Ihe back of the accounts.
SOUTHPORT OFFSHORE RESCUE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charlty Shop As in previous years, Ihe shop has continued to perform above expeclalions and continues to increase ils income levels to SLlPPOrt 11)e overall fundraisiiig activities of Ihe Trusl. The Trusl CUTrenlly has 4 leases al Ihe Charily Shop complex, 69c. 71 and 69b (Units 1 & 3) Everton Road. Soutliport Llfeboat Lottery The Lolteiy has proven lo be a very reliable source of income which allows the Trusl lo invest for Ihe future in new equipment and pren7ises. Our lollery canvassing company conlinue their normal door lo door aclivilies in signing up new members. However, due lo the lasliiig effects of Ihe cost of living crisis. there has been a reduclioii in existing members. Willi new nieinbers beiiig sigiied-LIP, the nLJmber of active players has coi)linued lo ren)aiii steady with oiily a sinall perceiilage diop iii active players aiid in lurn we liave only seen a small decrease iii the iiioiilhly income provided. Donatlons and Bequests Tl)e i)Iiinber of fui?draisii)g activities boll) by ourselves arid by our supporters, local organisalions, clLibs aiid socielies reluriied duriiig this reporting year has seeii a niarked ii)crea5e iii donations received. As Inenlioned previously, the talks and Open Days al our Lifeboal Slalion has proved to be a very successfLII iiicon)e generalDr. UnfottLiiialely, oiir collection lins, conlinues to struggle with very lillle collected in Ihese in all Ihe various shops and piiblic hoiises iii oiir area. We have benefilled from a number of significant legacies which have been bequeall)ed lo Ihe Trusl. Most nam81y Ilie Margaret Rol)ertsoi) Charilable Trust. wl)icl) was foriiied shorily afler Mrs Robeilsoii's dealli iii April 2020 10 lielp siipport Iliree named cl)arilies. of which we were named as one. This Irust will provide upon application, funds for specific projects on a year lo year basis for al least Ihe iiexl five lo leii years. Tlie Trusl l)ave now received Iliree aniiiial doi)alions, which liave been Lised lo lielp with Ihe Lifeboat Slalioii filling-oul arid also Ilie launcli vehicle purchase and conversion. During Ihis reporting peiiod, we were also bequeathed a sizeable legacy from Ihe estate of the late Mrs Maureen Lound.
SOUTHPORT OFFSHORE RESCUE TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review The Trustees aim lo maintain a level of reseeS that would enable Ihe Charily lo coiitinue and be financially viable for a period of Iwelve months. il income streams were to diminish; This equales lo approximately £150.000. Due lo the drive lo raise funds for Ihe building of a new boalhouse. cash and inveslment holdings al Ihe year end are well in excess of the above amounl. Much of these reseTves will be spent in Ihe medium term however, and most of the balance is designaled as fixed assels where monies have already been spent . The Trustees will monitor this project closely lo ensure sufficient reseNes are Telained upon complelion. Investment pollcy and objectlves The Tiustees are responsible for Ihe inveslmenl of any surplus funds of the Charity. As such funds may be required for immediale use or use in the near fulure, Ihe Truslees continue to review various Interesl beariiig, inslanl access aiid term deposit accounts in which to place such monies. Rlsk management The Irustees have assessed the malor risks lo which the Charitable Company is exposed. and are satisfied Ihal systems are in place lo miligale exposure lo Ihe major risks. Structure, goveriiance and management The charity is conlrolled by ils Memorandum and Artlcles of Associalion and conslilules a limited company, Ilinit6d by guaraiitee, a5 defined by the Companies Acl 2006. The Iruslees, who are also the direclors for the purpose of company law, and who served during tl)e year and up lo the dale of signature of Ihe financial slalemenls were.. MrA S D'Arcy-Masters Mrs N D Goldup Mr P M Heskelh Mr A J Porter Mr K A Porter Mr N D Porter Mr J Shawcroft MrA W Topping Mrs K Wilson Mrs E Almond Mr J J Felice Mr M D Parkes (Resigned 7 July 2023) (Appointed 7 July 2023) The Trustees IOT Ihe year in queslion are delailed in Ihe accompanying documents. New Truslees can be appoinled by a resolution of the exisling Trustees. Inductlon and training of new trustees Traii)iiig and induction is provided verbally by existing Truslees. The Iruslees report was approved by the Board of Trustees. Mr A S D'Arc Trustee st Dale:
SOUTHPORT OFFSHORE RESCUE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHPORT OFFSHORE RESCUE TRUST report lo Ihe Iruslees on my examination of the financial statements of Soulhport Offshore Rescue TTUSI (the Charitable Company) for Ihe year ended 31 Maich 2024. Responslbilltles and basls of report As Ihe Iruslees of Ilie ChaTilable Compaiiy {and also ils directors for Ihe purposes of coinpany law) you are resi)oiisible for Ilie preparation of the financial slalemenls in accordaiice wilh the requirements of the Companies ALI 2006 (Ihe 2006 Act). Having salisfied mysell Ihal the financial slalemenls of Ihe Charitable Compaiiy are nol required lo be audited uiider Part 16 of the 2006 Act ai)d are eligible for iiidependeiil examiiialion, I reporl iii respect of my exainiiialion of Ilie Cliarilable Coiiii)aiiy's finaiicial slaleinenls carried oul under section 145 0( Ihe Clialilies Act 2011 (Ilie 2011 Act). In carrying out my exaniinalion I have followed all Ihe applicable Directions given by Ihe Charity Coininission under section 145(5)(b) of Ihe 2011 Act. Iiidepeiident exainliieV8 Statement Siii(:e 11)e Cliarilable Cotni)aiiy's gross income exceeded £250.000 your exaffliner must be a member of a body lisled 111 Section 145 01 Ilie 2011 Acl. I confirm Ihal l am qualified lo undertake Ihe examinalion because l am a i))en)ber ol ICAEW, which is 01)e of Ilie lisled bodies. I have coinpleted my exainiiialion. I confirm Ihat no mallers have come to my allenlion in connection wllli the exaiminalion giving me cause lo believe that iii any malerial respect.. accouiiliiig records were not kepl in respecl of Ilie Chaiilable Company as requlred by section 386 of Ihe 2006 Act., or the financial slaleinenls do not accord wilh those records: or the fii)aiicial slaleiiiei)Is do i)ol con)ply willi Ihe accouiiling requireinenls of seclioii 396 of Ilie 2006 Acl ollier Ihaii aiiy reqiiireinenl Ihal Ilie accounls give a Ifue and lair view wliich is not a maller coiisideied as parl of an independenl exaiiiinalioii: or Ihe fiiiailcial slalemenls have not been prepared in accordance willi Ihe Inelhods and principles of Ihe Slcileinenl of Recoinniended Praclice for accounting and reporting by charilies aiiplicable to cl)arilies prpi)ariiig their accoLiiils ir) accofdaiice with Ihe Finaiicial Reporiing Slaiidard applicable iii Ihe UK ai Repliblic of Irelaiid (FRS 102>. I have. no concerns and have come across no other mallers in coniieclion will) Ilie examiiialion lo wlilcli alleiilion should be drawi) in Ihis ieporl in order to enable a proper underslandiiig of Ihe fiiiaiicial slaleiiienls lo be reaclied. Cl)aiMploii TLL LI1lted P Buck FCA,DChA 7-9 Slalioii Road Heskelh Bank Presloii Lancashire PR4 6SN
SOUTHPORT OFFSHORE RESCUE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financlal year Unrestricted Deslgnated funds funds general 2024 Total Total 2024 2024 2023 Notes Iiicome and endowmei)ts from: Doiialions and legacies Other trading activities Iiivesln)eiils Other income 279,632 310,514 11,328 279,632 310,514 11.328 96,092 289,620 866 7,500 Total Income 601,474 601,474 394,078 endlture on: Raising funds 32.623 32.623 33,105 Offshore rescue 89,681 118,471 208,152 137,898 Other 13 225 Total expendlture 122,304 118,471 240,775 171,228 Net Incoinlng resources before transferJ 479,170 (118,471) 360,699 222,850 Gross transfers between funds (217,569) 217,569 Net Incoine for the yearl Net movement In funds 261,601 99,098 360,699 222,850 Fund balances at 1 April 2023 771.804 2,687.229 3,459.033 3,236,183 Fund balances at 31 March 2024 1.033,405 2,786,327 3,819,732 3,459,033 The slalemenl of financial activities includes all gains and losses recognised in the year. The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive (rom corblilluing aclivilies. The slalement of financial aclivities also cornplies wilh the requirements for an income and expendilure account under the Companies Act 2006.
SOUTHPORT OFFSHORE RESCUE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prlor financlal year Unrestricted Deslgiiated fuiids fuiids geiieral 2023 Total 2023 2023 Notes Income aiid eiidowiiieiits from: Donalioiis aiid legacies Ollier trading aclivilies Iiiveslinenls Ollier income 96,092 289,620 866 7,500 96,092 289,620 866 7,500 Total Income 394,078 394,078 eii(Ilture oi): Raising funds 33,105 33,105 Offshore rescue 137,898 137.898 Olher 13 225 225 Total expendlture 171.228 171.228 Net Incomlng resources before Iransfers 222,850 222,850 Gross Iransfers belween funds <1.548) 1.548 Net iii¢oiMe for tlie yoarl Net moveineiit in fuiids 221.302 1,548 222,850 Fiind balances al 1 April 2022 550.502 2,685.681 3,236,183 Fuiid balaiices at 31 Marcli 2023 771,804 2,687,229 3,459,033
SOUTHPORT OFFSHORE RESCUE TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed asse18 Tangible assets 15 2,536,327 2.437,229 Current assets Stocks Deblors Cash at bank and in hand 16 17 886 19,961 1,264,524 883 24,875 998,648 1.285.371 1,024,406 Creditors: amounls falling due wltliln one year 18 (1,966) (2,602) Net current assets 1,283,405 1,021,804 Total assets less current Ilabllltles 3,819,732 3,459,033 Net assets excludlng penslon liablllty 3,819,732 3.459.033 The funds of the Charltable Company Unreslricled funds - general Unrestricted funds - designated 1,033,405 2.786,327 771,804 2,687,229 19 3,819,732 3,459,033 The coinpany is enlilled lo Ihe exemplion fiom the audit requiremenl contained In section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge thelr responsibilities for complying wilh the requirements of Ihe Companles Act 2006 wilh respect to accounting records and the preparalion of financial slalements. The members have not required Ihe company lo obtain an audit of its financial statements for Ihe year in queslion in accordance with section 476. Tliese fiiiancial slalemenls have been prepared in accordan wilh the provisions applicable to companies sublecl to Ihe small coinpanies regime. The financial statements were approved by the ITUStees on . MrA J Porier Trustee Company regislralion number 08011925 (England and Wales)
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accoiintlng policies Charlty Iiiforiiiatloii Soulliporl Ollsliore Rescue Tiusl is a private company limiled by guarantee incorporated in England and Wales. The registered office is 7-9 Station Road, Heskelh Bank. Preston. Laiicashire, PR4 6SN. 1.1 Accoiiiitiiig convojition Tlie fii)ai)cial slatemeiils have been prepared in accordance with the Charitable Conip217y's [governiiig docuinenll, tlie Companies Acl 2006. FRS 102 "The Financial Reporting Stai)dard applicable in Ilie UK and Republic of Ireland" {"FRS 102.1 aiid the Cliarilies SORP "Accounting aiid Reporting by Charities.. Slalemenl of Recomineiided Practice applicable lo cliaTilies prepaiiiig Iheir accounls li) accordance with Ihe Finaiici81 Reportiiig Slaiidard applicable iii Ihe UK ar)d Republic of Ifelaiid (FRS 102)" {e(feclive 1 Jaiiuary 20191. The Charitable Company is a Public Benefit Enlily as defined by FRS 102. The Charilable Company has taken advaiitage ol Ihe provisions in the SORP for charities nol lo prepare a Slalemenl of Cash Flows. The fiiiancial slatemenls are prepared in sterling, which is Ihe funclional currency of the Charilable Company. Moiielary aniou171s iii these linaiicial s121eineiils are rouiided lo the iiearesl £. Tl)e finai)cial slaleiiienls have been Prepared under Ihe hislorical cost convention . The Principal accoliiiling policies adopied are sel oul below. 1.2 Gollig coiicerii Al Ilie liine of approving the financial slateinenls, 11)e Irustees have a reasonable expeclalioii Ihal the Charitable Coinpany has adeqiiale resources lo continue in opewalional exisleiice for Ilie foreseeable luliiie. ThLlS the IrL151ees conliniie lo adopt the going concern basis of accounliiig iii PTepariiig Ihe liiiancial slalemeiils. 1.3 Charitable fundg UiifesliiLled fiiiids are available for use al the discrelion of Ihe Iruslee5 in furtheraiice of their charilable objectives. Reslricled funds are subject lo specific conditions by donors or graiiloTS as lo how Ihey may be used. Tho purposes aiid uses of Ilie Teslricled fiiiids are Sel oiil in Ihe notes lo Ihe financial slalemenls. 1.4 Incoine Inconie is recognised when the Chaiitable Coinpany is legally enlilled lo il after any performaiice condilions have been mel, Ilie amoiiiils can be nieasured reliably, and it is probable that iiicome will be received. Cash doi)alions are recogi)ised oli receipt. Other donations are recognised once the Charitable Company has been iiolified of the donation, unless perfoTmance conditions require deferral of the aniounl. Incoine lax recoverable in felalion lo donalions received under Gift Aid or deeds of covenant is recognised al the lime of the donalion. Legacies are recognised on receipt or olheNiise il the Charitable Company has been nolified of ali iinpeiidii)g dislribulioii. the ainounl is kiiown. and receipt is expected. If the amounl is not kllown, Ihe legacy is Irealed as a coiilingenl asset.
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Icontinuedl 1.5 Expenditure Expendilure is recognised once Ihere is a legal or conslruclive obligation lo transfer economic benefit to a third party. il is probable Ihal a transfer of economic benefits will be required in selllement, and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each aclivily are made up of the lolal of direct costs aiid shared costs. including support costs involved in undertaking each aclivily. Direct cosls alliibulable to a single aclivily are allocaled directly lo that aclivity. Shared cosls which conliibule lo more than one aclivity and support costs which are i)ol allributable lo a single activity are apportioned belweeii those aclivilies on a basis consistent wilh the use of resources. Cenlral slaff cosls are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the assel's use. 1.6 Tanglble flxed assets Depreciation is recognised so as lo wrile off Iha cost OT valuation of assels less their residual values over Ihelf useful lives on the following bases: Leasehold improvements Life boats Flxlures and fitlings Boalhouse contents Vehicles 20 10% 10% 10% 10% The gain or loss arising on the disposal of an asset is determined as Ihe difference belween the sale proceeds and Ihe carrying value of the asset. and is recognised in Ihe slalemenl of financial activities, 1.7 stock8 Stocks are valued at the lower of cost and nel realisable value. after making due allowancg for obsolete and slow moving items. Net realisable value is the estimated selling price less all eslimated costs ol completion and cosls to be incurred in markeling, selling and dislribulion. 1.8 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposits held al call with banks. other short-term liquid inveslments with original malurilies of three monlhs or less, and bank overdrafts. Bank overdrafls are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments Tlie Charitable Coinpany has elected lo apply the provisions of Section 11 'Basic Financial Inslrumeiits, and Seclion 12 '01her Financial Inslruments Issues. of FRS 102 to all of ils financial instrurnents. Financial inslruments are recognised in the Charitable Company's balance sheel when the Charilable Company becomes party lo the contractual provisions of Ihe inslrumenl. Financial assets and liabilities are offsel. with the nel amounts presented in Ihe financial statements, when there is a legally enforceable right to set off the recognised amounls and there is an intention lo seltle on a net basis or lo realise Ihe assel and setlle the liabiliiy simullaneously. 10-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountiiig pollcles (Contiiiued) Baslc finaijclal assets Basic fiiiaiicial assets. which include debtors and cash and bank balances. are initially measured al transaction price including Iiansaclioii costs and are subsequei)Ily carried al amortised cosl using the effective inlei'esl melhod unless Ilie arrangemei)I conslilules a financing Iransaclion, where Ihe Iransaclioii Is measured al Ihe present valiie of the fuluie receipts discounled at a maiket rate ol interest. Financial assets classified as receivable within oiie year ale nol 2niortised. Basic finaiicial liabililies Basir liiiancial liabilities. including creditors and bank loans are initially recogiiised al transaction price uiiless the arraiigeinenl conslilL)les a finaiicing Iransaclion, where the debl inslrumenl is Ineasured al the preseiil value of Ihe future payfflenls discoiinled al a markel late of interest. Financial liabilities classified as payable wilhiii one year are nol ainorlised. Debl inslrumeiils are subseqiienlly carried al amortised cost. using the effective interest rale Inelhod. Trade creditors are obligations lo pay for goods or services Ihal have been acquired in the oTdin3ry course of operalions from suppliers. Amounls payable are classified as current liabilities if payinenl is due will)in oiie year or less. If not, they are presei)led as noii-cuireiil liabilities. Trade crediloT5 are recognlsed initially al Iraiisaclioii price and subsequently Ineasured at amortised c051 using Ilie effeclive iiileresl niell)od. Derecogiillioii of liiiancial Ilabililies Fiiic111cial liabilities are derecognised when Ihe Charitable Company's conlraclual obligations expire or are discliaryed or caiicelled. CiltScal accoiintlng estlmates and ludgeinenls In Ihe appllcalion of Ihe Charitable Company's accouiiliiig policies, the IrLislees are required lo make judgeiiienls. esliinales and assuinplions aboul the caiiying ainounl of assels and liabililies11)al are nol readily apparent froin olher sources. Tlie eslimales and associated assuinplions are based on liislorical experieiice and ollier factors Iliat are considered lo be relevant. Actual resulls may differ from these esliinales. The eslimales and underlying assumptions are Teviewed on an ongoing basis. Revisions lo accouiiling eslimales are recogiiised in the period in wliicli Ilie estimate is revised wlieie Ilie revision affects 01)ly 11)al period, or in the period of the revisioii aiid future periods where Ihe revisioii affects both cuirei71 and lulure periods. Donatloiis and legacles Unrestricted Uiirestrlcted fuiids funds geiieral geiieral 2024 2023 Doiialions and gilts Legacies receivable 41,513 238,119 76,092 20,000 279,632 96,092 11
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from olher trading activittes Unrestrlcted Unrestricted funds funds 2024 2023 Shop iiicome Spoiisorships and social lotleries 248,108 62,406 228,107 61,Jf13 Other trading aclivilies 310,514 289,620 Income from Investments Unrestrlcted Unrestricted funds funds 2024 2023 Income from unlisted inveslments Interesl receivable 36 11,292 36 830 11.328 866 Other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 Nel gain on disposal of tangible fixed assets 7,500 Expenditure on ralslng funds Unrestrlcled Unrestrlcted funds fuiids 2024 2023 Tradlng costs Operaling charity shops 32,623 33,105 12-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expeiiditure oli charitable actlvltles Offsliore rescu Offshore rescu 2024 2023 Direct COSts Deprecialion and impairment Rates and water Insiirance Li(Jlit and lieal Telephoiie and pagers Poslagp. and slalionery Sundries Repairs and eqiiipmenl Fiiel Traiiiing 118,471 6,179 19,602 5,032 5.239 696 4,693 32,085 1,454 5,405 55,925 1,340 16,994 3,762 5,973 422 4,092 34.674 4,276 2,988 198,856 130,446 Sharo of support and goveri)aiice costs (see iiote 9) Goveriiance 9,296 7,452 208,152 137,898 Aiialysl8 hy fiind Unre.slricled lui)ds - general Unreslricled funds - designated 89,681 118,471 137,898 208,152 137,898 Siipport Costs Siipport Governaiice coyts costs 2024Support costs Governance cosls 2023 Accountancy fees Legal arid professional 1,260 8,036 1,260 8.036 1,200 6,252 1,200 6,252 9,296 9.296 7.452 7,452 Analysed between Cliaiilable aclivilies 9,296 9,296 7,452 7.452 13-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net movement in funds 2024 2023 The nel movement in funds is staled afler chaTgingl(crediting)- Fees payable for the independent examinalion of Ihe charily's financial slalemenls Deprecialion of owned tangible fixed assets Lossl(profil) on disposal of tangible lixed assels Loss on disposal of intangible assets 1.260 118.471 1,200 (7,500) 225 11 Trustees None of the Irustees (01 any persons connected wilh them) received any remuneration or benefils from Ihe ChaTilable Company during Ihe year. There were no employees whose annual remuneralion was more than £60.000. 13 Other Total Unrestrlcted funds general 2023 2024 Net loss on disposal of intangible fixed assets 225 225 14 Taxatlon The charlty Is exempt from taxation on its aclivilies because all ils Income is applied for charitable purposes. 14-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets Leasèhold Improveiiieiits Llle boals Flxlures aiid Boathouse coiitenls Velilclos Total Cost Al 1 April 2023 Additions 2.214,686 303.077 174.534 16,566 77,532 7.860 353.595 35,175 2,965.456 217,569 At 31 March 2024 2,214,686 477,611 16,566 85.392 388,770 3,183,025 Dcproclation and Imi)airineiit Al 1 April 2023 Deprecialion charged in Ihe year 246.114 12.965 62,157 206,991 528,227 44,000 34,152 657 2,365 37.297 118,471 Al 31 March 2024 44,000 280.266 13,622 64,522 244.288 646,698 CarryliiJ( aiiioiiiit Al 31 Marcli 2024 2,170,686 197.345 2.944 20.870 144,482 2,536,327 At 31 March 2023 2,214,686 56,963 3,601 15.375 146,604 2.437,229 16 Slocks 2024 2023 Raw inalerials aiid consumables 886 883 17 Del)tors 2024 2023 Ainounts fallliig due wlthin one year: 011)er debloTS 19,961 24,875 18 Creditors: amoiints falling due withln one year 2024 2023 Trade credilors Accruals and deferred income 456 1,510 1,152 1,450 1.966 2,602 15-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds - deslgnated These are unreslricled funds which are material lo the Charilable Companvs activilies. At 1 Aprll 2023 Resources expended Transfers At 31 March 2024 Designated - exislin9 fixed assels Designated - equipmenl 2.437,229 250.000 (118,471) 217,569 2.536,327 250,000 2,687,229 (118,471) 217,569 2,786.327 Prevlous year: At 1 Aprll 2022 Re50urce8 exp8nded Transfèrs At 31 March 2023 2.685,681 1,548 2,687,229 20 Unrestrlcted funds The unreslricled funds of the charily comprise the unexpended balances of donalions and grants which are not siibject lo specific condilions by donors and granlors as to how Ihey may be used. These ii)cliide designaled funds which have been sel aside out of unreslricled funds by the Iruslees for specific purposes. At 1 Aprll 2023 li)coming resouYce8 Resources expei)ded Transfers At 31 March 2024 Unreslricted 771,804 601.474 (122,304) (217,569) 1,033,405 Prevlous year: At 1 Aprll 2022 Incomlng Resources resources expei?ded Transfers At 31 March 2023 General funds 550,502 394.078 (171,228) (1,548) 771,804 550,502 394,078 (171.228) (1,548) 771,804 16-
SOUTHPORT OFFSHORE RESCUE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds (Continued} Trai)sfers between funds and fund balances Tl7e Irai)sfer from Ihe general fund recognises Ihe movement in designated balances noted below. The fixed assels designaled fund represents monies already spenl on fixed assets and equipment whicli are shown on the balance sheel bul don't rellecl liquid resources. The equipment replacement designaled fund Tepresents the nece5siIy lo upgrade and replace equipment and vehicles to keep up wilh required slandards and codes of conduct 21 Aiialysls of i)et assets betwèeii fuiids Unrestrlcted Unre8trlctod funds fuiids geiioral deslgiiated 2024 2024 Total 2024 At 31 March 2024: Triiigible assets Cuirent asselsl{liabililies) 2,536,327 250,000 2,536,327 1,283,405 1,033,405 1,033,405 2,786.327 3,819,732 Unrestrlcted Unrestrlcted luiids fuiids gei)e¥al desig11ated 2023 2023 Total 2023 At 31 March 2023: Taiigible assets Cuirenl asselsllliabililies) 2,437,229 250,000 2,437,229 1,021,804 771,804 771,804 2,687,229 3.4Jf9,033 22 Related party transacllons There were no disclosable related party Iransaclions during Ihe year (2023 - none). 17-