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## **Keswick Mountain Rescue Team** 

## **Report of the Trustees, contd. for the year ended 31 October 2024** 

## **Achievements and Performance** 

The year has been very busy for the team, with 146 callouts in the calendar year. Of these,17 were fatalities, which placed a heavy toll on the team’s mental resilience. Whilst both these figures may represent a statistical blip, it is also possible that more people are viewing social media posts that encourage risky behaviours. 

Some members of the team attended training in Switzerland in December 2023 and Glencoe in May 2024, both of which were very much appreciated. However, a feature of the Glencoe trip was assisting the local mountain rescue team in recovering the bodies of a father and son. 

The team continues to have a very healthy flow of new members joining it, replacing those who retire each year. The mix of youthful enthusiasm and more mature experience serves the team well. All of this year’s intake of probationers are proving themselves to be more than capable both on the hill and off it, as they have taken on roles behind the scenes that give us strength in depth in the running of the team. These include helping with IT developments, training, base management and organising a South African barbeque known as a Braai! 

Speaking of which, the social events which help to thank team members and their families for their commitment to the team have increased in number following the introduction of the ‘Buy me a Coffee’ scheme, which allows supporters of the team to contribute to our social fund, which is kept separate from the main team funds. These events help us to become a cohesive unit both on and off the hill. 

## **Financial Review** 

During the year the team had total income of £640,286 (2023 - £319,670) and expenditure of £277,961 (2023 - £263,200) resulting in net income for the charity of £362,325 (2023 - £56,470) before revaluation of investments. In addition to income and expenditure, there were unrealised gains on the the investments by £ 121,360 (2023 - loss £1,634). The closing reserves at 31 October 2024 were £3,379,267 (2023 - £ 2,895,582). This is made up of £12,392 of restricted reserves, £2,432,137 of designated funds and £ 934,738 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 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. 

Page 3 



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## **Keswick Mountain Rescue Team** 

## **Report of the Trustees, contd. for the year ended 31 October 2024** 

## **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 06 February  2025 and signed on their behalf by 

James Lamb Chairman 

Page 5 



## **Keswick Mountain Rescue Team** 

## **Independent Auditors Report for the year ended 31 October 2024** 

## **Opinion** 

We have audited the financial statements of Keswick Mountain Rescue Team for the year ended 31 October 2024 which comprise the primary statements such as the Statement of Financial Activities including Income and Expenditure Account and Statement of Total Recognised Gains and Losses, the Balance Sheet and the related notes.. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: 

• give a true and fair view of the state of the charity’s affairs as at 31 October 2024 and of its incoming resources and application of resources for the year then ended; 

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor’s responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Page 6 



## **Keswick Mountain Rescue Team** 

**Independent Examiners Report for the year ended 31 October 2024** 

## **Other information (cont)** 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Other matters** 

The prior period financial statements are unaudited. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept, or returns adequate for our audit 

- have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 7 



## **Keswick Mountain Rescue Team** 

## **Independent Examiners Report for the year ended 31 October 2024** 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

## We have; 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; 

- Obtained an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; 

- Identified the laws and regulations that have significance in the context of the entity; 

- Obtained an understanding of the entity’s risk assessment process, including the risk of fraud; 

- Assessed and evaluated the susceptibility of the entity’s financial statements to material misstatement, through error and fraud; 

- Implemented procedures to enable the identification and testing of unusual or unexpected journal entries; 

- Evaluated the assumptions and judgements used by management within significant accounting estimates and assessed if these indicate evidence of management bias; 

- Tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the company’s normal course of business; 

- Reviewed the financial statements and tested the disclosure against the supporting documentation; 

- Communicated relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these. 

Page 8 



## **Keswick Mountain Rescue Team** 

## **Independent Examiners Report** 

**for the year ended 31 October 2024** 

## **Auditor’s responsibilities for the audit of the financial statements (cont)** 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

## **Use of our report** 

This report is made solely to the charity’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

Dodd & Co Audit Limited, Statutory Auditor Date 

_FIFTEEN Rosehill, Montgomery Way, Rosehill Estate, Carlisle, Cumbria CA1 2RW Dodd & Co Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._ 


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## **Keswick Mountain Rescue Team** 

## **Balance Sheet as at 31 October 2024** 

|**Notes**<br>**31 October 2024**<br>£<br>£<br>**Fixed Assets**<br>Tangible fixed assets<br>9<br>1,502,537<br>Investments<br>10<br>955,730<br>2,458,267<br>**Current Assets**<br>Stock<br>1,480<br>Debtors<br>11<br>14,657<br>Cash at bank and in hand<br>931,711<br>947,848<br>**Creditors: amounts falling due within one year**<br>Creditors and accruals<br>12<br>26,848<br>**Net Current Assets**<br>921,000<br>**Total Assets less Current Liabilities**<br>3,379,267<br>**NET ASSETS**<br>3,379,267<br>**Funds**<br>Restricted funds<br>13<br>12,392<br>Designated funds<br>13<br>2,432,137<br>Unrestricted funds<br>934,738<br>14<br>3,379,267|**31 October 2023**<br>£<br>£<br>1,541,606<br>824,624<br>2,366,230<br>1,480<br>20,802<br>518,727<br>541,009<br>11,657<br>529,352<br>2,895,582<br>2,895,582<br>8,720<br>2,344,735<br>542,127<br>2,895,582|
|---|---|



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 06 February 2025  and signed on their behalf by: 

James Lamb Trustee 

John Hunston Trustee 

Page 12 



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