## **Keswick Mountain Rescue Team**
**Report of the Trustees**
**and Financial Statements for the year ended**
**31 October 2020**
## **Keswick Mountain Rescue Team**
## **Index to the Financial Statements for the year ended 31 October 2020**
||Page||
|---|---|---|
|Charity Information|1||
|Trustees' Report|2||
|Independent Examiner's Report|5||
|Statement of Financial Activities|6||
|Statement of Financial Activities Comparative|7||
|Balance Sheet|8||
|Notes to the Financial Statements|9|- 14|
## **Keswick Mountain Rescue Team**
## **Charity Information for the year ended 31 October 2020**
**Trustees** Gordon Barker Christopher Higgins Fiona Boyle John Hunston Thomas Blakely - resigned 13 February 2020 Paul White Peter Little - appointed 13 February 2020 **Principal and** KMRT Headquarters **Registered Office** Lakeside Cark Park Keswick Cumbria CA12 5DJ **Charity Number** 1165345 **Independent Examiner** Faye Armstrong FCA Dodd & Co Ltd 15 Rosehill Carlisle **Investment Advisors** Brewin Dolphin Securities Ltd 34 Lisbon Street Leeds LS1 4LX
Page 1
## **Keswick Mountain Rescue Team**
## **Report of the Trustees for the year ended**
## **31 October 2020**
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014
## **Governing Document**
The charity is a Charitable Incorporated Organisations (CIO) and is governed by a Constitution.
## **Recruitment and Appointment of Trustees**
The only body with the power (within the terms of the Constitution) to appoint a Trustee is the membership of the Charity. The Charity Trustees are appointed at each Annual General Meeting, and hold office until the following Annual General Meeting. The Trustees must be members of the Charity and are made up of a Chairperson, Secretary, Treasurer, Team Leader and two others elected from the general membership. There is no bar on a Trustee standing for office for successive terms. Candidates for positions conferring trusteeship must be nominated in writing to the Secretary not less than 21 days prior to the Annual General Meeting, and notified to the membership not less than 14 days prior thereto. Voting is conducted by a secret ballot.
## **Structure**
The running of the Charity is overseen by the Trustees, but all members are involved in decision making processes. Individual members are appointed to take specific responsibility for a number of areas in the operation of the team. These include managing the equipment, the vehicles and the base building, and also the annual training programme for team members. The Charity has a selection process which allows anyone living in the area interested in joining to apply for membership. They are then assessed over a number of months before being taken on as probationary members if they are assessed as having the necessary skill set. After a year as a probationer, full membership is granted, subject to the approval of all current members.
## **Objects**
The main objects of the Charity (as set out in the Constitution) are "to be for the public benefit, to relieve suffering and distress arising thereon, among persons and animals endangered by accident or natural hazards anywhere and particularly on the mountains of Cumbria in the vicinity of Keswick".
## **Activities**
The Charity meets its objectives by having a team of suitably trained and qualified members available to go on call outs to incidents.
## **Achievements and Performance**
This has been a strange year, with Covid 19 affecting the team as it has affected so much of the rest of society. Some of our members decided to temporarily remove themselves from team activities as they were either vulnerable themselves, or living with someone who needed protecting. We stopped training during the first part of the lockdown that started in March to help keep ourselves safe. PPE was issued in the form of face masks, and gloves which we already used were made compulsory around casualties. We initiated other protective measures such as thorough cleaning of equipment after use on a rescue, hand sanitising on entering base and at other times during rescues and making enquiries of casualties as to their Covid 19 status.
Rescues dropped off to a very low level during the initial lockdown, bouncing back to an alarming extent once that came to an end as people visited the Lake District in lieu of overseas holidays.
We have started work on our base extension, which is designed to give additional resilience in the case of a major incident such as flooding by providing a Silver Command centre, together with more space for training and garaging. Much of the work has had little effect on the day to day operation of the team and we hope to avoid major disruption as the build progresses.
Page 2
## **Keswick Mountain Rescue Team**
## **Report of the Trustees, contd. for the year ended 31 October 2020**
## **Achievements and Performance (cont)**
The stretcher box at Sty Head will be replaced shortly with a lined aluminium structure. The old wooden box was sadly rotting away and the new one should provide a more resilient solution, in line with that at Mickledore, also now aluminium.
Finally, the team has commissioned the design and build of a new stretcher specifically for our needs, and 10 of these were ordered in July and delivered in January 2021. These will replace our existing four stretchers, with the remainder available for training and replacements.
## **Financial Review**
During the year the team had total income of £213,467 (2019 - £235,038) and expenditure of £139,782 (2019 - £164,942) resulting in net income for the charity of £73,685 (2019 - £70,096) before revaluation of investments. In addition to income and expenditure, there were unrealised losses in the the investments by £56,803 (2019 - gain £66,813). The closing reserves at 31 October 2020 were £2,165,920 (2019 - £2,149,038). This is made up of £9,484 of restricted reserves, £1,896,714 of designated funds and £259,722 of unrestricted reserves, which is also the free reserves.
## **Investment Policy**
The Charity provides a vital emergency service that requires certainty of funding. The Charity Trustees have, historically, adopted a risk-averse approach to investment. The strategy is to safeguard sufficient liquid funds to cover short term operational needs in building society accounts, making use of higher yielding limited access accounts where appropriate. In this way the capital is secure and the interest income is maximised.
Complementing this operational liquidity, the Trustees have agreed a medium to long-term investment strategy based on a balanced portfolio of bonds and equities, managed by a team of Investment Advisors who specialise in lower-risk investments for charities. These funds provide capital growth and income. All income is re-invested while it is not required for liquid reserves.
## **General Reserves**
The policy on general reserves is led by the view that the Trustees must have regard to both the short and long term needs of the Charity. It is regularly reviewed to ensure it effectively meets the Charity's objectives. The Charity has endeavoured to secure a regular income via collection boxes, mobile phone and on-line donations as well as covenanted and gift aid donations.
The Trustees will maintain the general income reserve to ensure that the provision of the Charity's primary objectives will not be hampered by an imbalance between income and expenditure, based on the Charity's past experience of fund raising and operational cost management.
## **Restricted Reserves**
Where the charity receives funds for a specific purpose these funds are indentified as restricted funds. Any expenditure in relation to the income is allocated to the fund. Where the fund is for the purchase of a fixed asset, the depreciation of that asset is charged to the restricted fund in line with the depreciation policy.
## **Designated Reserves**
In order to manage the reserves as effectively as possible, the Charity has established a number of designated reserves where funds are 'ring fenced' for a specific aspect of the running of the charity. The Fixed Asset Reserve shows the amount of reserves tied up in fixed assets and, hence, helps to clarify the true level of general reserves.
The Trustees Reserve is a set aside to cover circumstances leading to a signficant drop in income, such as loss of reputation or goodwill. It is set at three times the level of the previous year's expenditure, as this is seen as the maximum it would take to restore such a loss.
The Building Reserve is a set aside to cover the costs of building the planned extension to the base. The Vehicle Replacement Reserve is an amount set aside for future replacement of vehicles.
Page 3
## **Keswick Mountain Rescue Team**
## **Report of the Trustees, contd. for the year ended 31 October 2020**
## **Safety and Risk Management**
The Trustees actively review the major risks which the Charity faces on a regular basis. They believe that maintaining reserves at current levels, combined with an annual review of insurance policies and the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the significant risks.
## **Grant Making**
The Charity does not make grants to individuals or other organisations. However it remains the Charity's policy to make available to other rescue teams training in specialist areas, such as swift water rescue and advanced rope rescue techniques, that other teams may not have obtained, and without any charge to them. The policy in this regard is to facilitate the spread of modern or evolving techniques, to encourage closer co-operation between teams, and to utilise the Charity's funds to the benefit of mountain rescue generally.
## **Public Benefit Guidance**
The Trustees confirm that they have complied with the duties in section 4 of the Charities Act 2006 to have due regard to the guidance published by the Charity Commission, including public benefit guidance.
## **Trustees Responsibilities in relation to the Financial Statements**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Acccounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures being disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and, hence, taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 11 February 2021 and signed on their behalf by
Gordon Barker Chairman
Page 4
## **Keswick Mountain Rescue Team**
## **Independent Examiners Report for the year ended 31 October 2020**
I report on the accounts for the Trust for the year ended 31 October 2020 which are set out on pages 6 - 13.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's 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 examiners report is needed.
## It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiners report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with these 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, I do not express an audit opinion on the view given by the accounts.
## **Independent examiners' statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements to:
- keep accounting records in accordance with s130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
- have not been met;
## or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Faye Armstrong FCA Dodd & Co Ltd Fifteen Rosehill Carlisle CA1 2RW
Page 5
## **Keswick Mountain Rescue Team**
## **Statement of Financial Activities**
|**Statement of Financial Activities**|||||||
|---|---|---|---|---|---|---|
|**for the year ended**|||||||
|**31 October 2020**||**31**|**October 2020**|||**31 October 2019**|
||**Notes**|Restricted|Unrestricted|Designated|Total|Total|
|||||Funds|||
|||£|£|£|£|£|
|**INCOME**|||||||
|Donations and legacies|2|-|176,436|-|176,436|146,192|
|Investment income|3|-|35,662|-|35,662|45,316|
|Other income|4|-|1,369|-|1,369|43,530|
|**Total income**||-|213,467|-|213,467|235,038|
|**Expenditure**|||||||
|**Costs of raising funds**|5|-|7,174|-|7,174|13,216|
|**Charitable activities**|6|5,337|127,271|-|132,608|151,726|
|**Total expenditure**||5,337|134,445|-|139,782|164,942|
|**Net income / (expenditure) before**|**transfe**|(5,337)|79,022|-|73,685|70,096|
|**and investments**|||||||
|**Net gains /(losses) on investments**||-|(56,803)|-|(56,803)|66,813|
|**Net income / (expenditure)**||(5,337)|22,219|-|16,882|136,909|
|Transfers between funds||-|(22,809)|22,809|-|-|
|Total funds brought forward||14,821|260,312|1,873,905|2,149,038|2,012,129|
|**Total funds carried forward**|15|9,484|259,722|1,896,714|2,165,920|2,149,038|
The notes form part of these financial statements
Page 6
## **Keswick Mountain Rescue Team**
## **Statement of Financial Activities - Comparative for the year ended 31 October 2019**
## **31 October 2019**
|Restricted|Restricted|Unrestricted|Designated|Total|
|---|---|---|---|---|
||||Funds||
||£|£|£|£|
|**INCOME**|||||
|Donations and legacies|-|146,192|-|146,192|
|Investment income|-|45,316|-|45,316|
|Other income|-|30|43,500|43,530|
|**Total income**|-|191,538|43,500|235,038|
|**Expenditure**|||||
|**Costs of raising funds**|-|13,216|-|13,216|
|**Charitable activities**|6,999|144,727|-|151,726|
|**Total expenditure**|6,999|157,943|-|164,942|
|**Net income / (expenditure) before**|(6,999)|33,595|43,500|70,096|
|**and investments**|||||
|**Net gains /(losses) on investments**|-|66,813|-|66,813|
|**Net income / (expenditure)**|(6,999)|100,408|43,500|136,909|
|Transfers between funds|-|(49,262)|49,262|-|
|Total funds brought forward|21,820|209,166|1,781,143|2,012,129|
|**Total funds carried forward**|14,821|260,312|1,873,905|2,149,038|
The notes form part of these financial statements
Page 7
## **Keswick Mountain Rescue Team**
## **Balance Sheet as at 31 October 2020**
|**Notes**
**31 October 2020**
£
£
**Fixed Assets**
Tangible fixed assets
9
534,058
Investments
11
1,011,117
1,545,175
**Current Assets**
Stock
1,480
Debtors
12
50,610
Cash at bank and in hand
736,853
788,943
**Creditors: amounts falling due within one year**
Creditors and accruals
13
168,198
**Net Current Assets**
620,745
**Total Assets less Current Liabilities**
2,165,920
**NET ASSETS**
2,165,920
**Funds**
Restricted funds
14
9,484
Designated funds
14
1,896,714
Unrestricted funds
259,722
15
2,165,920|**31 October 2019**
£
£
241,220
1,295,584
1,536,804
1,480
37,192
582,925
621,597
9,363
612,234
2,149,038
2,149,038
14,821
1,873,905
260,312
2,149,038|**31 October 2019**
£
£
241,220
1,295,584
1,536,804
1,480
37,192
582,925
621,597
9,363
612,234
2,149,038
2,149,038
14,821
1,873,905
260,312
2,149,038|
|---|---|---|
|||1,536,804
612,234|
||621,597
9,363||
||||
|||2,149,038|
|||2,149,038|
|||14,821
1,873,905
260,312|
|||2,149,038|
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
Approved by the Trustees on 11th February 2021 and signed on their behalf by:
Gordon Barker Trustee
John Hunston Trustee
Page 8
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
## **1 Accounting Policies**
## **Statement of compliance**
The accounts have been prepared in accordance with the Charities Act 2011, and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Basis of preparation**
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Cash flow Statement**
The charity opted to adopt Bulletin 1 for the SORP and therefore did not include a cash flow statement in these financial statements
## **Going concern**
These financial statements have been prepared on a going concern basis. The Trustees are confident that the charity remains a going concern despite the impact nationally of COVID 19. The charity has a very high level of reserves and continues to receive a good level of donations. There have been some changes in proceedures for rescues, but these have not impacted significantly on the costs of the team.
## **Fund accounting policy**
Restricted funds are those donated for use in a particular area or for a specific purpose, the use of which is restricted to that area or purpose. Designated funds are those set aside by the trustees out of general funds for a specific purpose. Further details of each fund are in Note 13.
## **Income**
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administer/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity. Investment income is recognised on a receivable basis.
## **Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds include investment management fees. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Tangible fixed assets and depreciation**
Individual fixed assets costing £500 or more are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Equipment 15% - 25% straight line basis Motor vehicles 25% reducing balance Long leasehold buildings Over 50 years
Page 9
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
## **1 Accounting Policies (continued)**
## **Investments**
Fixed asset investments are included at market value at the date of the balance sheet. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the end of the year.
## **Trade Creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Stock**
Stock is valued 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. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.’
||||31 October|2020|||
|---|---|---|---|---|---|---|
|||Restricted|Unrestricted|Designated|Total|31 October 2019|
|||£|£|£|£|£|
|**2**|**Donations and legacies (incl Grants)**||||||
||Legacies|-|60,891|-|60,891|17,708|
||Donations including gift aid|-|110,593|-|110,593|107,002|
||Collection Boxes|-|4,952|-|4,952|21,482|
|||-|176,436|-|176,436|146,192|
|**3**|**Investment income**||||||
||Listed investments|-|29,916|-|29,916|40,766|
||Bank interest received|-|5,746|-|5,746|4,550|
|||-|35,662|-|35,662|45,316|
|**4**|**Other income**||||||
||Miscellaneous sales|-|220|-|220|30|
||Insurance proceeds|-|1,149|-|1,149|43,500|
|||-|1,369|-|1,369|43,530|
|**5**|**Costs of raising funds**||||||
||Investment management fees|-|6,699|-|6,699|8,851|
||Other fundraising costs|-|475|-|475|4,365|
|||-|7,174|-|7,174|13,216|
Page 10
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
|**6**
**Charitable activities**
Medical supplies
Equipment, clothing & supplies
Courses, training & travel
Rent, rates and water
Light, heat and power
Insurance
Premises repairs and cleaning
Equipment hire
Telephone and communications
Computer expenses
Printing, stationery and postage
Motor fuel and repairs
Promotional expenses
Sundry expenses
Independent examiners fee
Bank charges
Depreciation freehold
Depreciation equipment
Depreciation motor vehicles
Loss on write off of vehicle
**6a**
**Governance Costs**
Independent examiners fee|31 October 2020
Restricted UnrestrictedDesignated
Total
31 October 2019
£
£
£
£
£
-
10,603
-
10,603
9,747
-
26,127
-
26,127
32,285
-
5,722
-
5,722
25,529
-
2,600
-
2,600
1,007
-
2,695
-
2,695
1,996
-
4,785
-
4,785
5,345
-
4,535
-
4,535
3,988
-
-
-
-
(966)
-
13,654
-
13,654
11,903
-
-
-
-
1,489
-
489
-
489
498
-
5,781
-
5,781
7,199
-
2,692
-
2,692
2,705
-
1,062
-
1,062
1,173
-
875
-
875
875
-
264
-
264
254
-
4,497
-
4,497
4,497
2,000
20,938
-
22,938
20,088
3,337
19,952
23,289
11,730
-
-
-
10,384
5,337
127,271
-
132,608
151,726
-
875
-
875
875
-
875
-
875
875|31 October 2020
Restricted UnrestrictedDesignated
Total
31 October 2019
£
£
£
£
£
-
10,603
-
10,603
9,747
-
26,127
-
26,127
32,285
-
5,722
-
5,722
25,529
-
2,600
-
2,600
1,007
-
2,695
-
2,695
1,996
-
4,785
-
4,785
5,345
-
4,535
-
4,535
3,988
-
-
-
-
(966)
-
13,654
-
13,654
11,903
-
-
-
-
1,489
-
489
-
489
498
-
5,781
-
5,781
7,199
-
2,692
-
2,692
2,705
-
1,062
-
1,062
1,173
-
875
-
875
875
-
264
-
264
254
-
4,497
-
4,497
4,497
2,000
20,938
-
22,938
20,088
3,337
19,952
23,289
11,730
-
-
-
10,384
5,337
127,271
-
132,608
151,726
-
875
-
875
875
-
875
-
875
875|
|---|---|---|
|||151,726|
|||875|
|||875|
## **7 Trustee Remuneration and Expenses**
No trustees received any remuneration during the year.
Travelling expenses totalling £70 were paid to one of the trustees to reimburse them for expenses incurred in the course of their duties.
## **8 Net income / (expenditure)**
Net income / (expenditure) is stated after charging:
|Depreciation of tangible fixed assets
Independent examiner's fee|2020
£
50,724
875|2019
£
36,315
875|
|---|---|---|
Page 11
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
## **9 Tangible Fixed Assets**
|**COST**
At
1 November 2019
Additions
Disposals
At
31 October 2020
**DEPRECIATION**
At
1 November 2019
Charge for year
Eliminated on disposals
At
31 October 2020
**NET BOOK VALUE**
**At**
**31 October 2020**
**At**
**31 October 2019**|Freehold land
and buildings
£
261,023
262,430
-
523,453
102,621
4,497
-
107,118
416,335
158,402|Motor
vehicles
£
200,700
57,966
0
258,666
165,511
23,289
0
188,800
69,866
35,189|Equipment
£
168,107
23,166
-
191,273
120,478
22,938
-
143,416
47,857
47,629|Total
£
629,830
343,562
0|
|---|---|---|---|---|
|||||973,392|
|||||388,610
50,724
0|
|||||439,334|
||||||
|||||534,058|
||||||
|||||241,220|
## **10 Financial Commitments**
The full value of the building contract for the completion of the Base Extension is £977,192. Of this £204,364 is certified as at 31st October 2020 and included in Land and Property Additions. There is a further £772,828 of committed expenditure in order to complete the extension.
## **11 Investments held as fixed assets**
|**Market Value**
At
1 November 2019
Additions
Disposals
Revaluation
At
31 October 2020|1,295,584
144,698
(372,362)
(56,803)|
|---|---|
||1,011,117|
|**Debtors**|31 October 2020|31 October 2019|
|---|---|---|
||£|£|
|Prepayments and accrued income|4,524|3,261|
|VAT reclaimable|43,955|4,198|
|Gift aid due|2,131|2,895|
|Payments on account|-|26,838|
||50,610|37,192|
## **12 Debtors**
## **13 Creditors: amounts falling due within one year**
||31 October 2020|31 October 2019|
|---|---|---|
||£|£|
|Trade creditors|156,980|8,363|
|Accruals|11,218|1,000|
||168,198|9,363|
Page 12
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
## **14 Funds**
|**Funds**||||||
|---|---|---|---|---|---|
||At|Incoming|Outgoing||At|
||1 November 2019|Resources|Resources|Transfers 31 October 2020||
||£|£|£|£|£|
|**Restricted**||||||
|Grant Funded Assets|14,821|-|(5,337)|-|9,484|
||14,821|-|(5,337)|-|9,484|
|**Designated**||||||
|Trustees Reserve|469,185|-|-|4,644|473,829|
|Fixed Asset Reserve|241,220|-|-|292,838|534,058|
|Building Fund Reserve|1,000,000|-|-|(227,173)|772,827|
|Vehicle Replacement Reserve|163,500|-|-|(47,500)|116,000|
||1,873,905|-|-|22,809|1,896,714|
## **Funds Year ended 31st October 2019**
||At|Incoming|Outgoing||At|
|---|---|---|---|---|---|
||1 November 2018|Resources|Resources|Transfers 31 October 2019||
||£|£|£|£|£|
|**Restricted**||||||
|Grant Funded Assets|21,820|-|(6,999)|-|14,821|
||21,820|-|(6,999)|-|14,821|
|**Designated**||||||
|-|-|-|-|-|0|
|Trustees Reserve|423,711|-|-|45,474|469,185|
|Fixed Asset Reserve|237,432|-|-|3,788|241,220|
|Building Fund Reserve|1,000,000|-|-|-|1,000,000|
|Vehicle Replacement Reserve|120,000|43,500|-|-|163,500|
||1,781,143|43,500|-|49,262|1,873,905|
## **Restricted Funds**
When grants are awarded to the team for the purchase of fixed assets these funds are allocated to a restricted fund and the depreciation of the asset allocated to that fund in accordance with the depreciation policy.
## **Designated Funds**
The Trustees Reserve is a set aside to cover circumstances leading to a significant drop in income, such as loss of reputation or goodwill. It is set at three times the level of the previous year's expenditure, as this is seen as the maximum time it would take to restore such a loss.
The Fixed Asset Reserve shows the amount of reserves tied up in fixed assets and, hence, helps to clarify the true level of General Reserves.
The Building Reserve is a set aside to cover the costs of building the planned extension to the base. The Vehicle Replacement Reserve is an amount set aside for future replacement of vehicles. The transfer from General Reserves into the Trustees reserve is to agree the Trustees Reserve to three times the previous year's expenditure, in line with the policy for this reserve. The transfer into the Fixed Asset Reserve is to agree this reserve to the net book value of the fixed assets at the year end. The transfer from the Building Fund is to reduce the value to the balance due on the building extension contract. The transfer from the Vehicle Replacement Reserve is to reflect the purchase of a vehicle during the year and leave an amount sufficient to purchase two replacement vehicles.
Page 13
## **Keswick Mountain Rescue Team**
## **Notes to the Financial Statements for the year ended 31 October 2020**
|**15**
**Net Assets by fund**
Restricted Unrestricted
Designated
£
£
£
Tangible fixed assets
-
-
534,058
Investments
-
238,290
772,827
Current assets
9,484
189,630
589,829
Creditors: amounts falling due
-
(168,198)
-
within one year
**Total net assets**
9,484
259,722
1,896,714
**Net Assets by fund - Year Ended 31 October 2019**
Restricted Unrestricted
Designated
£
£
£
Tangible fixed assets
-
-
241,220
Investments
-
26,399
1,269,185
Current assets
14,821
243,276
363,500
Creditors: amounts falling due
-
(9,363)
-
within one year
**Total net assets**
14,821
260,312
1,873,905|Total
£
534,058
1,011,117
788,943
(168,198)|
|---|---|
||2,165,920|
||Total
£
241,220
1,295,584
621,597
(9,363)|
||2,149,038|
Page 14