K•swlck Mounlaln Rescuè Te•m Report of Thwtees and Flnanclal Ststemonts fortho year ended 31 O¢tober 2023 Keswick ACCOUNTANTS Koswick Mountain A•scue Team Indèx to the Flnanclal siaiemenis for the year ended 31 October 2023 Pago Charity Inlormalion TTuslees' Rewrt Indep8￿18￿1 Examinefs Rep)rt Slal&ment of Financial AGtivities Slalement of Financial Aclrviknes Comparative Balance Sheet Notos to iho Financial Stalemerrts Keswick Mountain Aescu• Team Charlty Infomiatlon lor the ytsr èndéd 31 October 20YJ Trt￿$ Jame5 Lamb Chrisloph8r Higgins Fiona Boyte John Hunslon Paul While Pe18r Utue Princiyl and Rtylst•rad Offlce KMRT H8adquarters Lake&de Cark Park KeS￿￿k Cumbria CA12 5DJ Charlty Number 1165345 Indgwdont Examinor Faye Armstrong FCA Dodd & Co Ltd 15 RosehLY Cadisle knveBtment thlvl8ors Br8wn Dolphin Securities Ltd 4th Floor. 10 Wellington Pla¢e LS14AN Page J Keswi¢k Mountain 118scuo Ttsm Réport ol the Trustegs lor the year ended 31 O¢tober 2023 The aceLsunts (financial statements} have been piepared in attordance Imth the Slate￿nI ol Recommended Pract[￿". Accounting and ReFKJrtlng by Chartties preparing their accounts in acrxjrdance with the F￿anci￿ Reporting Standard akyl￿atile in Ihg UK and Repubh"c of IrelaThJ IFRS 102) and the Financial ReFQrting Standard applicab￿ in the United Kingdom and RepubliG ol Ireland IFRS 1021 and the Chath"es Act 2011 a￿1 UK Generally Accepted Practice as it awAies from I January 2019. Governlng Document The charity is a Charitsble Incorwrated (Trganisations ICIOI arKI is wvgm8d by a Constilulion. Recrultment and Appolntment ol Trustees The only bady the power Iwithin the tefm5 01 Ihe ConslilL6tion} to appo¥il a T￿l￿e0 Is the membership ot the Charity. The Charity Truslees we appointed al each Annual General Meeting, and hold office until thè loltowing Annual Gen*ral M8•1ing. Tho Truste8s musl be members of the Charity and are made up of a Chatrparson. Secretary. Tfeastjrer. Team Leader al￿ hvo others E￿cted from the general m8nl)ership. There is no bar on a Twsiee standing lor oftke lor successive terms. Candidates lor positi¢)ns conferring trust¢eship musl bè nominated in Writing to Ihe Secretary nol less than 21 days p￿r to the Annual General ￿eting. and notrfied to Ihg m8rthrshp rM)t L8ss than 14 days prlor thereto. Volino is conducted by a sec￿1 balloL Structur¢ The running of the Cthwity is cwers8en by thg Twslees, but all members arg involved in deusion making processes. lndlwd(￿ Membe￿ are appointed to take specAfic responsibility for a number of areas in the operaiion ol Ihe leam. These include managing the equipmonl, the vehicles and the base building. and also th¢ annual training kyogramme lor team members. The Gharily has a selection process allows anyone tiving in the area interested in joining lo apply loi membership. They arg then assessed ov8r a numb8T ol months ￿01# being taken on as prrtjationary m8mbèis rf they are assessed as having the fw£ssary skill seL After a ytar as a probat￿ner. lull mertwship is granted, subject lo the approval ot all tU￿ent ment>ers. The main obiects of th8 Charity {as sat out in C￿n$t￿tilt1on} are lo be for the ptjblc b8nefit. to reliove suffering and distre55 arising Ihereon, amng persons and animais er￿angered by accident or natuial hazaNls anywhere and particularty on the mountains ol Cumbria in the vlcinty ol Ke8wick'. Aetlvttles The Charity meets ils ofy'eotives by having a tsam of suitably Irained aNI qu￿11￿ menl)ers aV￿lable to ty) on call OLrts lo inudents. Achlevement$ and Pgrformanc• The team has attended 104 reswes in the ealendaryear. which represents a reduction on the previous two years- 124 lasi year and 126 in 2021 ~ arKI back lo a mole normal total from before the parKlemi¢. Howevor. al Iho end ol thg summer wg Wgfe heading for a much higher total, and a very quiet autumn and earty winter have given us a bit ol ￿lI￿eserVed rest. Four of these rescues were fatalities. unlortunately. The team has enjoyed some earty wrynter trainiThJ in SwrtZ8rland, whlle ea￿ler in the y8ar they had another winter training th'p lo Nor*rdy. In May visited Skye agaln to gain experience of some inv￿$s1¥e rod(I This year has seen Ihe ￿￿rement of Matcolm hffiner. who has been wlh the team Ity 53 years. He has served as Chairman and in more recent times been in charge of looking aft8r our co1*t￿n boxe K•swld( Moyntsin RM¢uo Toam Report ol the Trust￿. ¢onld. trtite y•4r ondad 31 oC￿ber 2tr23 Flnonclal R•vlow th8 year the tttam had total irthm& o12319,670121Y22- £711.4491 and •xp￿dI￿re ot £263,20012022 - g220.9891 resultirlg in net i￿rne lor the charlly 01 £56.47012W- £490,460) tetore revalualion ol investsnerrts. In addthon to incom8 and gxpen(¢iture, t￿rfr w8re utV8alised losse$ ¢)n the Ihe investmonts by £1,634120& - loss £150,393). The closlng roservgs * 31 2023 ￿Ere £2.895.$8212022- £2,840,748). This is made up of £8.720 01 restn'cted fosgrvos. £2.344,735 01 designated fvnds and £542.127 of unrestricled r¢$erves. which L8 also the free reseNes. Invegfmert Pollcy The Charity provides a vital emergery setvlce that requires certwnty of funding. The Chaity Twsiees have, h*toricatly, adopted a rtsk-avor88 8PFyoach to inve5tm8nl. The strat8gy Is io safeguard suifiuent Imaukl lurhgs to ¢over slK)rt term operational needs in iwiWing society aixx)unts. making use of highor yiokling liry¥18d at£8ss a¢o)unts whoro aWfOFxiatg. In th1$ way thè c•ial b 8euJre and the Intoresl hvjmo Is maxlm16&J. CoMF4eJn8T￿IQg thSs op8r4bnal fiquidity, the Trustees have agroed a m8dlum to kjng-lem investment strategy based on a Wanced portfoh'o ol boThJs aThJ eqLrritw, managed by a team ol Irwestment Advisors byho speci￿ls8 In loww-risk Investsnents forcharfbes. Th85e funds provth ¢akyral grovih and Income. All income is re-invested while it is not required Iw liqkjid règerve& The F#)licy on oèn9r81 resgryes is fed ty tho vi8wih8t tho Trnsts98 mu8t have regard to bolh the $hort and long lem7 ne8tls ol lh$ Chaiity. It 18 reguLirly T8VIW8d to 8nsurè It èff8¢1ivdy meets tho ChthlY$ objecfves. The Charity h*s end8avouf8d to sgcurg a r8gular i¥￿)￿e via ￿lleCtIOn ljoxes. mobilè phone and on4ine donati￿ as wo11 as gift a4d d￿*10￿. Thg Trustees ￿11 mainta'n the general income reservè to ¢nwre that the plov1￿0￿ ol the Charttys plmary obi8cliv8s ￿11 not be han¥)èred ty an imbalance t¢fr￿en Income and expenditUTe, bas&J on the Charitys pa31 experience of fund raslng and opetatK*nal cost marHgernent. Wherelhe ch*rty receives fvnds for a specillc purpose t￿$0 fund8 are inden￿lied as rostrlcted lund& Any o￿nditur6 in rèlation lo the ifjcome Is dk)cated to the lund. Where the lurKJ Is lor the purchasa of a flxgd asEet, Ihe dgpreciatton of Ihal asset Is ¢harged to th6 Testri¢#ed fund in lir* with the depTeciat•Jn pjlicy. Oeslgnat8d Reser In order to manag8 th8 r8S8N8s as èffecUv8ly as F¢SslbJe, thg Charity has 85tat41sh￿ a nUM￿r of designated ieserves where funds aTe'Jlno lence(r lor a 8pe)hc aspe¢r ol the wnniThJ ol the charliy. s8rv8 shows the amunt of Teservos up In fix￿1 assets and, herth. h8lps to darlly thè tru818vel ol 99neral reserves. The Trustees Ro is a set a8ide lo cover circurnstances le8￿r￿J lo a signlicant drop in ir￿me, such as loss of reputation or goooWII. 11 Ss nom)dly set ai Ihree ttmes thè level of thè years eXpendi￿re, as Ihis is seen as the maximum it wjuld take to rost￿ sych a loss. is an amount set asKl& foTlulure ra￿￿£m￿nt ol vehth. Pap3 Keswl¢k Mountsln Rescue Team Report ol the Trusteos, conld. lor the year ended 31 O¢lol>er 2023 Safety and Rl8k Managem*tt Tre Tru￿8e$ activety feview the maNY rtsks ￿1¢h the Charity laces on a regukr basis. Thoy belwe that maintaining resarves at ¢urrent18vels, combined an annual review ol insurance policies and the conlr(ts over key financial systems, will provide SUff￿ent resources in the event of adverse cOndit￿n8. The Trustees have examined other operational and business risks faced by the Chartly and ¢onlimi Ihat they have estabtished syslems to mitigate Ihe significant rlsk* Grant Maklng The ChaTtty does not make grants to indNiduals or otherorganisatlons. HO￿*ver tt remains the Charilvs Frf)licy to fflake available to other rescue teams training in specialist areas, such as swift VRter rexue and aoknKed rope rescue techniques, Ihal other loams may not have obtaine(i, and Vltthout any charge to them. The pollcy in thls regard is to lacililale the spread of modem or evolviTh3 techniwè$, to enwjrage cbser Coryoperaiion beM8en teams, and to utilise tho Chantys funds lo Ihe benefitol mountaln rèscue generally. Publlc Boneflt Guldance The Twslees ¢onlirm that Ihey have complied with the dulles in se¢iion 4 01 the Charilles Act 2006 to have regard lo th8 gubjance wbltshed by the Chwity Commission, induding public benelit guidance. Trngtees Hèsponslbllllles In relatlon to the Flnan¢lal Stalement$ Thè Tnjstees ale responsible lor preparing the Trtjstees. Report and the financial stalements in aceordarte wlh applicable law and United Kingdown AcGcounting Standards (United KIn￿10M General￿ Accepted A￿Ullting Practice). The law appllcable to charities In England and Wales requlres the trustees lo prepare financial statements lor each financial yèar wh￿h give a trué and f&r view ol the state ol affairs ol ihe charity and ol the inctsme resources arKI application ot resources of Ihe ¢harily lor th￿ period. In preparirwJ these financial statements. the trustees are requiT8d lo=. - seleLX SUFtable a¢¢oun1ir￿ p)lides and than appty them consislentty,. - obs¢N8 th¢ mèthods and prin¢iples in the Chariti8s SORP,. - make judgemènts and èstimates that are Tra50nable ar￿ prudent" - state whether applicable a¢¢x)unting starKlaids have been lollowed. sublect to any material departures beirHJ disclosed and explained in the financial slalemenls: and - prepare the financtal Stalemerns on a going concern basis unless il is inappropriate io pR$ume thai the ¢harity wll continue in ￿SIness. The Imstee$ are Tesp)nS￿le for keeping proper ac¢ounting rrfoTd$ that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that Ihe financ￿1 slatemenls comF4y with the Charilies 2011. They are r8$ponsibl¢ for safeguardtng tho assets of the ¢harity and, hen¢e. taktNJ ￿aSonable steps for ihe prevenlion and dei¢cb'on ol fraud and other irreguLqrilies. Approved by the Twstees on 08 February 2024 and Signed on their behalf by James Lamb Chairman Pagc 4 Ka8wick Mountaln RK¢uo Team Indèpendent Examlners Report lor the year ondad 31 October 2tr23 I report on ihe accounts for the Trust tor the yeai erkI￿ 31 Cttober 2023 which are $81 out on pages 6 - 14. The charity's gros$ income exceeded £250,000 aThJ l am qualtlied to undertake the examination by beN?g a qualrfi8d memberol the Inslltule of Chartered Accountants in England and Wal6s. Regpectlve r8spon8lbililies of trust￿ and ex8mlner The charitls trustees are responsible for the preparation of the al￿oUnts. Tha ¢haritls trustees consider that an audit is not rwuired for this year, under secthin 144121 of the Chafiiies Act 2011 Ilhe 2011 AGtI, and thal an indeFeThJent examine￿ repK)rt is n88ded. It is my reswnsiknlity to: - examine the accounts under secti(m 145 of th9 2011 Act. - to folk)w the procedures laKJ down in the General Directions gwen by the Charity Commission under section 145151{b) of the 2011 kt- arKJ - to stale whether part￿Ular matters have c¥Jrne kn my attention. Bas1$ of l￿dont èx2mlner8 report My examination was carTied out in accordance with the General Directions given by the Charity Commissioners. An 8xamination includ&s a rgmew ol aeLounling recor(Is kgpt by the charity and a comparison ol the accounts presented wtih these records. It also includes corisideration ol any unusual items or disclosures iTb the accounts, and seeking explanations trorn you as Iruste8s concerning any ￿Ch matters. The prccedures undertaken do not provide all the evidencè thai would bè required in an aiMltt and, consequently, I do nol express an audit opinion on the view given by the accounts. Indoptrndont 8xamlner8' slatemenl In conne¢tion wilh my examination, no matter has Lvne to my attenti￿. 111 which gives me reasonable cause lo believe that. in any material respe¢l. Ihe requirements - keep accounliw r￿rdS In accordance wilh $130 01 the 2011 Act. and - to prepar& accounts which accord wlth the awunltng records and lo comF4y Tmth the accounting requirements of the 2011 Act have not bèèn mgt; (21 to which. in my opinion. attention shcrtAd be dravm in order to enabb a proper und•rslanding of thè 2¢rA)unts to be reached. Faye Annstrong FCA Dodd & Co Lld Rosehill Carlisle CA12RW 2110612024 Pao8 5 K•5wlck PADuntaln Flwacu• T•am stst•Theht of Finoh¢ial Aeii¥ibeg fw th• >wr•nd•d 31 2V23 31 OctolJeT 2ty23 Notes R8slrb¢tgd Unr8slrlct8d DesI￿ated Funds 31 Octob•t 2022 Totsl Tot Donations and lega¢ies Investrnent income Other Incomè 292.693 26,977 292,693 26,977 889.366 22.083 Total Incorne 319,670 319.670 711,449 Expendiiure Cost$ ol ral$lng fund8 Charhaljk a￿1vIlle$ 5.894 252.794 5094 257,306 6,244 214.745 4.512 Total •xwndHur• 4,512 258.688 263,200 N8t Incom• I l•xp•ndlNra} b•forn trArok <45121 and In¥e8tments 60,982 56.470 4￿J.4f1} N•1 galns IIIOBSOS) on Inv8slm•nts 11.6341 11,6341 1150,3931 Nel i1￿0￿e I (expenditure) 14,5121 54.836 340.067 Transfers bBtrfftn lunds {69,857) 69.857 Totsl fuTrJs brough1 loTh%wd 13,232 552.636 2,274,878 2,840,746 2,500.679 Totsl ￿nd$ ¢Jrrfed folward 15 &720 542.127 2.344,725 2,895,582 2.840.746 The notes lotTn part of th&s• stalemet)ts Pag8 6 Ko8wick Mounlaln Team Ststement of FlTr8nclal Actlvltleg- Comparatlve lor the year ondod 31 October 2022 31 O¢tobor 2022 Restricted Unrestricted Designated Funds INCOPIE Donations and legacies Investment income Othor income 689,366 .083 689.386 22.083 Totsl Income 711,449 711.449 Expgndllurn Costs of fal¥lng funda Charit8ble activilles 6.244 209,119 6.244 214,745 5.626 Totsl expendllwe 5,626 215.363 220.989 14ot In¢omg1 (exp8ndllure) betor• ond hweslments 15.6261 496.086 490.460 galns 1(losses) on Investmen {150,3931 1150,393} Net income l {expendllure} (5,6261 345,693 340.067 Transfers be￿oe￿ funds (396,5911 396.591 T￿81 funds brought forward 18,858 603,534 1.878.Z87 2.500,679 Totsl lunds ￿Trfed lorwwd 13.232 552,636 2,274.878 2,840.746 The nolos form part of these IN}anc￿l stat8ments Page 7 Kèswick Mountaln Rèscu8 Team Balance Sheet asat 31 October 20rd Not08 31 Oclobor 2023 31 October 2022 Flxed As80ts Tangibte fixed assets Investments 1,541.606 824,624 1,495,749 831.803 10 2,366.230 2,327,552 CuTrent A88et$ 1,480 20.802 518,727 1,480 45,652 501.884 Deblois Cash at bank and in harKJ 11 541,IX19 549.016 Credhors". amounts lalling due wllhln on• yoar Creditors and accruals 12 11,657 35,822 Net Current 529.352 513.194 Total A99ets1999 CutTOrf Ll•blllll88 2,895,582 2,840.746 2,895,582 2,840,746 Funds R•Stri￿Od funds Designated fvnds Unreslrbcted funds 13 13 8,720 2,344,735 542,127 13,232 2.274.878 552,&36 14 2,895,582 2.840.746 The linarrial statgmonts have b￿n prepared in acci)rdance wilh the Financiat Reporknng Standard apF4icable the UK and RePu￿1C ol lieland IFRS 1021 roved by the Trust$•$ ￿ 08 February 2024 and signed on their behall by: James Lamb Twslee John Hunslon Trusle8 Page 8 KMwl¢k Alwiit•ln B•*c¥eTeBm Ilol•Bto thD AMn¢lAI Stsiemtnts Iw fv y*r•nd•d 3t OGtobor2023 l Pollci88 Slai•m8nt ol ¢ompllan Thg accounts hdve beFn w0pared In accordgncg th the Charlues 2011, and Ihe P£cwntirwJ ar￿ RewrtiTrJ ty Chartb'es.. Stalemenl ol Fle(xpmM8n￿y PractKè ISORPI aFq>lipAt4e to tharlbtrs prqmriry I 8w)rdaThx the Fkn8nra￿ 8tsJKta￿ awlrat48 in Ihe IM and Repu￿￿ of IreJaThl IFRS t￿2) lett￿￿¥¢ I January 20191. B¥$l$olprnporatlo Th8charity meets the definiticffl ota PU￿1¢ beneffi enlty un(ler FRS 101 A&8ets and NatA￿leS ar6 iiwtialy reeograyed 8th#10￿￿1 ¢osi tsr transaC*c￿ Val￿ Unle￿ slaw r•￿v8Tht ac¢c4Jnllffj pjky r￿ts5. Golngconcwn Th85efhJ8ndal stat8mÈnls havg t*on y•par8d on a golw cwc8m basi9. fundAocountlng polley R8strieknY ￿n￿5 aro Ihtrsè donatsd lor v8e in a parbcularar&a orfora spwfic pur￿se. the use Df i8 r8glrtotod Io Ilwt areaar wrpose. Oa$ignaled lurth setvside by the trustees outolyon4rdfunds tora 6p£￿1 pu￿Se. FurtherilelaiL* of each are Nol8 14. Inco DDnatrons are rwnlsed *hen the Gharity has fiolif*d in Wrili￿ of both Ihe amouni 8nd settkmenl dats. In lh8 •veni that a th)nalion is SUb￿tIO that requirè a lev8lof Fxrtomiarte by the Charity before the Charity 15 antrued to thè lunds. the In￿me ts defeired not rwnK%8d untd esther those condifrons are fvlty mel, or lh¢ fuhllmeTrtol Ih058 condmlons Ls *tholty KIlh￿ (Knlrol ol the ￿arity and K Is WObab￿ Ihatthe88 ¢￿￿10n$ wll bg fuknued ￿ Ihe reFoTllrvd wy)d. L¢gacy gffts aw acaso by case foNo*lng tt)&grant ol prob&te when administ•rlèx8cutor for the estat¢ has Con￿UnICaIed in w￿l11n0 bDlh the amount and seldemwt date. In the ￿ent Ihat the olff is In Ihe fo￿ ol an &8S8t other than ¢a8h or a fir￿n¢￿ asset traded on a recognised siock •x¢hange. F•cog￿tIon is sub￿tr> Iho Valueol th? grft ￿}ng rdiabty m8&8urfjd vdth a d8gree of reasonable ar£¥tacy afid th8 Ilde to th& as$81 having lJ00n tra[￿[￿￿￿ to Ihe Chanty. Investrnenl In¢am& 1$ r¥￿gnIs¢d on a recefvabk Exp•ndltu ab￿rt￿ arfr r8ccgnl*J thare 1$ a IW or ceT 202( F*5wrces Resouice8 Tran81er8 31 Octcthr 2021 Grant FUl￿d Assètj 18058 {5,6261 13.232 13 Deslgnoied Trustees ReseN 473.829 478.829 Fixed Asset ReseNg 1,218,&33 276,916 1.495,749 8uildiThJ Fund Res8N 69.625 169,6251 Vehlcb RathceTn8nt Res¢Tve 116,(￿0 116,000 1,B78.287 207.291 2.085,578 Re￿r￿ted Funds When grants are awarded to ts ièam for th8 wrchase d fiwj assets these bjnds are alocated lo a restr￿e￿ ILJThJ the deweciatM)n ol the asset alkxated to ihat furKI in accordance ￿ th& dapr¢ciation Pa￿ 13 K•swlck Mounlaln R08cuo Team Notes to the Financlal Statemenls for the year end8d 31 October 2023 Dosignated Funds The Truslees ReseNe is a set asth to cover ¢ircumslan¢8s Eeathng to a signifionl drop in w)come, stjch as h)ss of r￿￿tatIon or goO(fv￿lI. It is set ai three times the level ol the pwious yearfs expendliure, as this is seen as the maximum t¢me il would take to restore such a kJSS. The Fixed A8S8t Reserve shows the amt)unt of ￿serveS Dod up in lixed assets ar*Y, hence, helps to clarify Ihg true lev81 ol Gen8fdl Reserves. The Building Rese￿8 18 a set as%le lo cover the cost8 01 buikling the planned extensK)n to the The Vehicle R*cement ReseNe is an 8m¢JJnt set aside for future ￿￿Cernent ol vehicles. The Ifansler from General Reserves into the Twstees reserve is to agree the Trustee8 Reserve to Ihr80 times Ihe prwous yearfs exp&ndilure. in line wilh Ihg polky tor this reserve. The Iransler into Ihe Fixed Assel Reserve is lo agree this r8serve lo Ehe nel book value ol the fixed &ss8ts ai thè year ￿d. Tha tran$ler from tho Building Fund is to r￿uc8 the valije lo the balance due on the buihjing gxtension CC￿raCt. The transfer Irom the veh￿18 Replacemanl ResetNe is lo reflect the purchase of a vehlcle during the y8ar afKI lea* an amount suff￿lent to Purchase replacement veh￿les. 14 Not A688ts by lund Restricied Unrestiicted Oe8ignated Total Taryibb lixed assets Inveslments Current assets Creditors: amounts falllng du& within one year 1,541,606 663,129 140,O¢XI 1,541,806 824.624 541,009 111.657) 161,495 392.289 111.65n 8,720 Total nel assets 8.720 542.127 2,344,735 2,895,582 Net AsS￿S by fund . Year Ended 31 October 2072 Restricted Unr8stri￿8d D¥swat8d Total Tang￿le fixed as$els Invegtments Gurfent assets Creditors.. amounts lallng dug within one year 1,495,749 663,129 116,000 1,495,749 831.803 549,016 135,822) 168,674 419.784 135.8221 13,232 Totsl ngt as8ets 13,232 552.636 2,274,878 2.840,746 Page14