Charity registration number 1185605 Company reglstratlon number 10442298 (England and Wal&sl ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED CONTENTS Page Trustees. report Independent examiner's report Statement of financial activities Balance sheet 9-10 Notes lo the fin8ncial slalemenls
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024 The trustees present their annual report and financial statements for the year ended 31 October 2024. The financial statements have been prepared in accordan with the accoLJnting policies set OLJt in note 1 to the financial statements and comply with the charitls governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Oble¢tlves and a¢tlvltles Executive summary Atlantic Pacific International Rescue is a Non-Governmental Organisation INGOI with a simple purpose.. to redu global drowning. Atlantic Pacific's charitable objectives (Objects) are specifically restricted to the following.. to save lives at sea and on inland waters throughout the world for the public benefit including wilhoul limitation.. to promote safely and provide relief from disaster al sea and on inland waters., to provide technical expertise, training, equipment and the use of intellectual property lo Individuals, schools, colleges. associations and corporate bodies involved in the development andlor building of lifeboats or lifeboat slalions., to build lifeboats and place them in areas of need., to engage in community projects related to the development of lifeboat stations- to sel standards for marine rescue organisalions. About our organisation.. vision, mission, values Atlantic Pacific International Rescue is an NGO with a simple vision.. to redu global drowning. "In 2019, an estimated 236,000 people died from drowning, making drowning a major public health problem worldwide. In 2019, injuries accounted for almost 80/0 of total global mortality. Drowning is the 3rd leading cause of unintentional injury death accounting for TO/0 of all injury-relaled deaths" (Wortd Health Organisation) We have now rebranded. Historically, we used the moniker Atlantic Pacific. Lifeboats Where There Are None. Going forward, we will use the strapline Atlantic Pacific, Institute of Humanitarian Action IAPIHAI. We believe that this new lille represents our project in more holistic terms and prevents confusion. This rebrand now allows us the opportunity to promote the range of different projects that we do more accurately and highlights the fact that we are an organisation with education at the forefront of what we do. Within the portfolio of APIHA we offer a range of different programmes.. Search and Rescue ISARI al Sea, Boat Building, Casually Care, Psychological First Aid, Introduction lo Medicine, Ocean Revival, as well as our commercial courses such as RYA PBII and, soon lo be added, STCW. We are also looking al developing new courses such as Migration Studies, Humanitarian Logistics and Field Engineering. We are in the process of looking for a permanent home for the APIHA, allowing individuals lo spend extended periods of time working with us and in lum creating a larger population of aid providers. Our hope is that we may be able to locate the center of the project in a facility near lo our existing London station. We wll, however, use the identity of APIHA from now on. A full proposal for this project is in development and we are very pleased that we will officially launching the project al a conference funded by Lloyd's Register al the end of 2025. The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what adivilies the Charity should undertake.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 What we do: products and services: Products.. Our products include a series of training courses that lake place across our three siles.. London, South Wales IUWC Atlanlicl and Kamaishi (North East Japan). We have now developed routine programmes including.. APAC.. A partnership programme with UWC Atlantic in South Wales which includes working two 8ftemoons 8 week with 8 cohort of 34 students. The activities include Search & Rescue 8t Se8, B08t Building and Maintenance, Ocean Reviv81 and Casually Care. In London we continue to deliver our Casualty Care, SAR Fundamentals and RYA PB 11 course. We now have plans to add an STCW course and will explore other potential prodLJcts moving forward. Services: UWC Atlantic.. Ongoing programme preparing young people to work in the emerggn¢y servi¢es and lo provid& aid in the artras whtrrtr il is most needed. Consultsn¢y.' We arg increasingly receiving enquiries about how we might help other organisations wth specialist skills and training. We are now exploring the potential of establishing a more defined ¢onsultan¢y department, allowing us to respond more Su$$fullY to the growing demand from humanitarian organisations in the field. Atlantic Pacific Japan.. Our work in Japan Ntinues. Our summer camp programme will celebrate its 6th year in the summer of 2025. We have also begun lo work with more schools Ibolh local and inletnalionall lo develop more programmes and opportunities for young p8ople to get involved with humanitsrian and environmtrnlal projects. Sea and further afield.. Our sea-going programme continues through our work with UWC Atlantic, and we have re¢ently completed our 8th summer school programme where we trained a further 16 individuals Ilhis lips us over the 1,000 people trained mark). We are now looking al adding more professional ¢ourses to OLJr portfolio and a team has begun the process of preparing our London facility to be able to deliver STCW training. Boat Design and Building.. We have recognised that our ambition to build boats will need more significant reSoUrS than those we currently have. Even though this is central to the ambitions of the organisation, we realise that we will need to grow and appeal to more expert individuals to help us develop this project. Edu¢atlonal Outrea¢h.' Centr81 to our work is our edLJ¢ation81 outreach programme, which is now experiencing growth with many more enquiries and other educational inslilules keen lo work with us. Our partnership with UWC Atlantic has acted as a proof of concept and, with the introduction of new projects underAPIHA, we are now able to offer a wide range of ways for other organisations to work with us. We believe this will become central to the expansion of APIHA and we are investing significant time to ensure that we capitalise on these opportunities.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Achievements and performance During the year ended 31 October 2024, the charity Continued lo make progress in delivering it5 objectives of reducing glob81 drowning and expanding hum8nilari8n education. The organisalion rebranded lo Atlantlc Paclflc, Instltute of Humanltarlan Actlon IAPIHA}, better reflecting the breadth of its activities and providing a platforrn for future growth. Training programmes werg delivergd a¢ross threo ¢enlrgs in London, South Wales IUWC Atlanti¢l and Kamaishi, Japan, covering Search and Rescug, Casualty Care, Boat Building, 0¢gan Revival and RYA PBII. Preparations ¢ommen¢ed for the addition of STCW training in London. The APAC partnership with UWC Atlantic wntinued su¢¢essfLJlly, engaging 34 students each week in humanitarian and maritime skills training. In Japan, Ihe 6th summer camp programme was delivered, alongside expanded engagement with both local and international schools. The 8th summer school trained a further 16 participants, taking the total number of individuals trained since inception to over 1,000. Educational outreach and consultancy activity increased, with growing demand from schools and humanitarian organisations. Progress was made in developing long-lerm plans for a permanent home forAPIHA near London, lo support residential training and research. Looking ahead, the charity is preparing lo launch APIHA forrnally al a conference in 2025, supported by Lloyds Register. The Iruslees are confident that the charty is well placed to expand its impact and strengthen its contribution lo humanitarian action in the year ahead. Financial review The charity recorded an overall deficit for the year of £14,707 12023.. deficit £31,410) split between an unrestricted deficit of £13,707 12023.. surplus £76,91518nd 8 restricted deficit of £1,000 12023.. ddi¢it of £108,325). The reslricled deficit relates lo the liming difference betwesn expenditure of funds and recognition of income. Al the year trnd the reserves lotslled £153,172 12023.. £167,879) which consists of unreslricled restrrves of £153,17212023.' £166.8791 and restricted res&rv&s of £nil12023.' £1,000). The charity did not hold frtre reserves at the year end as thèse were a nggative balance of £28,67712023". Tho Charity did not hold free restrrves al the year end as these were a negative balance of £23,292). The Charity has a poliw of holding reserves to ¢over 3 months of expenses so that in the event of a la¢k of income the Charity can decide how to manage any ftjture operational commitments and if necessary, take measures to close the ¢harity. The ¢harity usually generates reserves by selling merchandise or generating Ljnrestricted donalions. Merchandise is usually sold via our courses and activities at UWC Allantic. Owing numerous factors in 2023124, AP continues to recover from the financial hit of the delay in opening our London training facility and Ihe lack of speed to promote and recruit to courses there. However as of July 2025, AP has built back its 3 month reserves after a successful first half of the 2024125 financial year.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Structure, governance and management The organisation is a Private UK Company Limited by Guarantee wilhoul Share C8pilal. 11 is named as AU8nli¢ P8¢ific Intern81ion81 Rescue Limited with Companies House in the UK, registered number 10442298, Incorporated on 24 Odober 2016. Allanlic Pacifi¢ International Res¢ue Limiltrd was register8d with the Charity Commission on 3 October 2019 with tho registered numbor of 1185605. The Charity is govgmgd by th8 Memoondum and Articles of Incorporation dated 24 October 2016. The Trustees are Directors of the MpanY and have been recruited by the Management. The Management board are responsible for the day to day delivery of the company and Charity and report directly to the Trustees. AP International currently has 5 Trustees. Christian Pegrum joined as a Director and Trustee on the 1 st March 2025.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Reference and administrative details Charity name Atlantic Pacific International Rescue Limited Charity number 1185605 Company nurnber 10442298 Trustees John Go¢ek Martin Mctigue Rupert Harrison Marie Lerycke- rosigned 1810312024 Saul Andrew Mendelssohn Christian Pegrum appointed 0110312025 Registèred offl¢g Hodnant Wesley Street Llantwil Major Wales CF61 1RA Independent examiners Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB London hèad offlca 1008 Dockside Road London E16 2QT Key Management Personnel and Charity representstives Kale Sedwell kale atlantic acific.or .uk Robin Jenkins Website: Facebook- Twitter- htt .-Iltw Instagram= htt ..Ilw.In
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Rup•rt Harrlson .Tn D*ed: 29Ill8j2..
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED I report to the Iruslees on my examination of the financial statements of Atlantic Pacific International Rescue Limited Ilhe charityl for the year ended 31 October 2024. Responsibilities and basis of report As the trustees of the charity land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Acti. Having satisfied myself that the financial slalements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Ad 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs statement sin the charity's gross income eXded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalemenls do not accord wth those records", or the financial slalemenls do not Comply with the a¢counling requirements of section 396 of the 2006 Act other than any requirement that the a¢¢ounls give a true and fair view whi¢h is not a matter ¢onsidered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. I have no concerns and have come across no other mallers in connection rith the examinats'on to which attention should be drawn in this report in order lo enable a proper understanding of the finanryal statements to be reached. Cralg Yearsley FCCA Azets Audit Services Ty Detw Lime Tree Court Cardiff Gate Business Park Cardiff South Glamorgan CF23 8AB United Kingdom Dated.. 30 Aug1 225
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds As r&stated 2023 Total As rostatèd 2023 2024 2024 2024 2023 Notes fr Donations and legacies Charitable activities Other trading a¢tivilies Investments 29,975 213,587 29,975 223,587 13,254 177,581 20,000 33,254 177,581 10,000 1,638 192 1,638 192 4,359 426 4,359 426 Total Income 245,392 10,000 255,392 195,620 20,000 215,620 Charitsble activities 259,099 11,000 270,099 118,705 128,325 247,030 Net expenditure for the yearl Nat mov8m8nt In funds 113,7071 {1,0001 114,7071 76,915 1108,3251 131,4101 Fund balances al 1 November 2023 166,879 1,000 167,879 89,964 109,325 199,289 Fund balances at 31 October 2024 153,172 153,172 166,879 1,aOO 167,879 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED BALANCE SHEET ASAT31 OCTOBER 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Stocks Debtors Cash 81 bank and in hand 12 181,849 190,171 13 14 1,593 2Q,725 1,443 2,209 33,726 23,761 35,935 Creditors.. amounts falling due within one year 122,2721 122,8361 Nel current assets 1,489 13,099 Total a$$ots l&$s eurront Ilabllltle$ 183,338 203,270 Creditor5-. amounts falling due after more than one year 16 130.1661 {35,3911 Net assets 153.172 167,879 Income funds R8Strict8d funds Unrestricted funds Designated funds Ggneral unrestricted funds 18 1,000 181,849 128,6771 190,171 123,2921 153,172 166,879 153,172 167,879
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED BALANCE SHEET (CONTINUED) ASAT31 OCTOBER 2024 ynpary is enbtled to the exefflpti ftr#n aLwJrt reqiirem•nt txntained in 477 ofthe Companie$A¢t 20, for the yew ended 31 l>l02024. Th• threths Twmsibilities frx comptjfjry requirements of ts Compgries Ac 2006 ilh respe(I to K¢cuKin9 recwjs and th• Weparati of finan(ial ststemwx> members have not Tw[¢d the c¢)mpany to obtain WMt ol ib ateMents for the year in questi These financaal statements haw beffi yepared in KCOrd ith the WOViSK>ns applicable lo cAxnpanies sJbJect to th0 Small (mpanie$ wme. Thefln 29 August 2025 Rup•rt HarTlson. Truste• Company Reglstratlon N(k 11)442298 10-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Charity information Atlantic Pacific International Rescue Limited is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Hodnant, Wesley Street, Llantwit Major, Wales, CF61 1 RA. 1.1 Accountlng convèntlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalerllenl of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going Concern The charity has a policy of holding reserves to cover 3 months of expenses so that in the event of a lack of income the charily can decide how to manage any fLJture operational commitments and if neSsary, take measLJres to close the charity. The charity Ljsually generates reserves by selling merchandise or generating unrestricted donations. Merchandise is usually sold via our courses and activities at UWC Atlants'c. Owing numerous factors in 2023124, AP continues lo recover from the financial hit of the delay in opening our London training facility and the lack of speed to promote and recruit to courses there. However as of July 2025, AP has built back its 3 month reserves after a successful first half of the 2024125 financial year. At the time of approving the financial statements, the trustees have a reasonable expectstion that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are availablg for use at the dis¢retion of the Irustges in furthgrance of their ¢haritsble objèctivès. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of Ihe designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the Charity is legally entitled lo il after any performan ¢ondilions have been mel, the amounts can be measured reliably, and il is probabl8 that income will be received. Cash donations are rècognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions qUIre deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies IContinued} Income from grants, whether 'capilal' grants or 'revenue' grants, is recognised when the charity has enlillemenl lo the funds, any performance conditions attached to the grants have been mel, il is probable that the income will be received and the amount can be measured reliably and is not deferred. Capital grants are released to the Slalemenl of Financial Activities in the year of receipt. Fixed assets relating lo capitsl grants are capilalised, and depreciation charged is offset against the grant income, in a reslricled fund. Summer school fees and other charitable activities income is recognised in the year in which the service is provided. Merchandisg sales are recognised at the date of sale. Investment income is included when receivable. No amounts are included in the financial statements for services donated by volunteers. Turnover is measured at the fair value Df the consideration received or receivable and represents amounts receivable for goods and setvices provided in the normal course of business, nel of discounts, VAT and other sales related taxes. During the year it was discovered that some training course income had been analysed as merchandise sales incorrectly. This has been adjusted for Ihe currenl and prior year. There was no change to the lotal income or the overall surplusldeficil reported. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party. it is probable that a transfer of economic benefits will be required in settlem8nt, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The Costs of each activity arts made up of the total of dir&t costs and shared $ts, including support costs involved in undertaking each activity. Dirtrcl Costs attributsbltr to a single activity are allocated diredy to that activity. Shared ¢osts which contribute to MO than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis Consistent with the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes all costs relating to the furtherance of the charitls objectives as stated in the trustees report and their associated support costs. Support costs have been allocated between governan costs and other support. Support costs included central functions and have been allocated to activity cost categories on a basis consistent ¥Mth the use of resources. Governance costs comprise all costs involving public accounlabilily of the charty and its compliance wlh regulation and good practice. 12-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies IContinued} 1.6 Tangible fixed assets Tangible fixed assets are initially measured al Cost and subsequently measured al Cost or valuation, net of depreciation and any impairment losses. Dèpreciation is r8cognis8d so as to write off thè cost or valuation of assets18SS thèir rasidual values ovar their useful lives on the following bases.. Boat & equipment Royal Docks project Computers Machinery & equipment 20 /0 straight line 50/0 slraighl line 330/¢ straight line 33 /0 straighl line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At e8¢h porting end dale, the Charity reviews the carrying amounts of ils tsngible assets to determine whether there is any indication that those assets have sUffed an impaimenl loss. If any such indi¢alion exists, the recoverable amount of the asset is estim8ted in order lo determine the exlenl of the impairment loss lif any). 1.8 Stocks stocks are slated al the lower of cost and estimated selling price less costs lo complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the eslimaled selling pri less all eslimaled costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-tem liquid investments w((h origin81 malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urrenl liabilities. 1.10 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instmmenls are re¢ognisod in the ¢harily's balanc$ sheet when the charity becomes party lo the contractual provisions of tho instrument. Financial assets and liabilities are offset, with thg ngt amounts presented in the finanryal ststements, when there is a legally enfOrable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 8asiG financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price inclLJding transaction costs and are SLJbsequently carried at amortised cost using the effective interest method unless the arrangement constitLJtes a financing transaction, where the transaction is measLJred at the present value of the future receipts discounted at a markel rate of interest. Financial assets classified as receivable within one year are not amortised. 13-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies IContinued} DereGognition of financial assets Financial assets are derewgnised only when the contractual rights to the cash flows from the asset expire or are settled. or when the ¢h8rity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership aro retsined but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities Basic financial liabilities, including Creditors and bank loans are ini118lly recognised 81 transaction price unless the arrangement ¢onstilutes a financing transaction, where the debt instrument is MeasUd at the psent value of the fLJture payments dis¢ounled al a market rate of interest. Finan¢ial liabilities Classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interesl rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benoflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the ernploymenl of an employee or to provide lerminalion benefits. 1.12 Taxatlon As a registered charity, Allanlic Pacific International Rescue Limited is entitled lo the exemption from taxation in respect of income and capital gains received with sections 478489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied lo its charitsble objects purposes only. Critical accounting estimates and judgements In tha application of thè charity's accounting polici8S, the trustèès are required lo makè judgèm&nls, gstimatés and assumptions about the carrying amount of assèts and liabilitias that arè not readily apparènt from othèr sources. The estimates and associated assumptions are based on historical experience and other factors that are eonsidered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accoLJnting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and futLJre periods where the revision affecis both current and future periods. 14-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Donations and legacies Unr8strictèd funds Unrèstricted Rèstrictèd funds funds Total As rostat8d 2023 As rostat•d 2023 2024 2023 Donations and gffts 29,975 13,254 20,000 33,254 Charitable activities A8 restated 2024 2023 Summer school fees Sundry income Service agreements and subsidies Charitable rental income Media Production 7,294 11,348 204,877 34,844 19,383 122,691 420 243 68 223,587 177,581 Analysis by fund Unreslricled funds Restricted funds 213,587 10,000 177,581 223,587 177,581 Other tradlng actlvltles Unrestri¢ted Unrestri¢ted funds funds As restated 2023 2024 Merchandise sales 1,638 4,359 15-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Investments Unrèstrictèd Unrostrict•d funds funds 2024 2023 Inter8St r8cèivable 192 426 Charltabla actlvltlès 2024 2023 Staff costs D8pr8ciation and impairm8nt Materials and Iwls Training Merchandise Travel and subsistence Advertising and production Printing, postage and ststionery Telephone and IT costs 71.290 18,824 19,242 70.251 13,183 20,762 4,271 3,774 88,415 4,684 1,419 5,793 616 106,250 9,973 3,879 3,751 F Il Insuran Bank charges Legal and professional Sundry expenses Site and hire costs Consultsn¢y ¢osls Rent Interest charges 3,071 609 3,487 1,277 9,386 2.000 9,600 934 4,367 352 2,477 719 4,490 7,426 8,605 990 264,189 241,978 Share of governance costs Isee note 81 5,910 5,052 270,099 247,030 Analy$l$ by fund Unrestricted funds Restricted funds 259,099 11,000 118,705 128,325 270,099 247,030 16-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs Support Governance costs ¢osts 2024Support costs Governance costs 2023 Independent examination fees 5,910 5,910 5,052 5,052 5,910 5,910 5,052 5,052 Analysed between Charitsble activities 5,910 5,910 5,052 5,052 Governance costs includes payments to the independent examiners of £3,30012023: £2,142) for independent examination fees and £2,610 for accountsncy services12023.. £2.91 C>1. TNstees Nonè of the trustees lor any persons ¢onne¢ted with theml received any remuneration or benefits from the charity during the current or prior year. 1 trustee was reimbursed for expenses during the current year totalling £1,660 12023.. no trustees were reimbursed for expenses during Ihe prior yearl. 10 Employees The average monthly number of employees during the year was.. 2024 NuMr 2023 Numbar Employment ¢o$ts 2024 2023 Wages and Salaries 71,290 70,251 Key management personnel The key management personnel of the charity were paid a gross salary of £37,47312023.' £37,528). There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from tsx on in¢ome and gains falling within section 505 of the Taxes Act 1988 or se¢lion 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo its charitable objects. 17-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 12 Tangible fixed assets Boat & Royal Docks equipment project Computsr8 Machlnery & equipment Total Cost At 1 November 2Q23 Additions 35,422 4,000 177,977 6,502 4,564 6,467 224,430 10.502 At 31 October 2024 39,422 184,479 4,564 6,467 234,932 D&pr8clatlon and Impalrm8nt At 1 November 2023 Depreciation charged in the year 25,299 6,707 2,966 9,142 3,083 820 2,911 2,155 34,259 18,824 At 31 October 2024 32,006 12,108 3,903 5,066 53,083 Carrylng amount At 31 October 2024 7,416 172,371 661 1,401 181,849 At 31 October 2023 10,123 175.011 1,481 3,556 190.171 13 Stocks 2024 2023 Finished goods and goods for resale 1,593 2,209 14 Dèbtors 2024 2023 Amounts falling due within one year- Trade debtors Other debtors 5,897 14,828 5,897 27,829 20,725 33,726 15 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans and overdrafts Other borrowings Other taxalion and social security Trade creditors Other creditors A¢cruals 17 5,011 4,500 6,048 6,000 651 370 4,697 5,070 7,927 4,834 22,272 22.836 18-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 16 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 17 30,166 35,391 17 Loans and overdrafts 2024 2023 Bank overdrafts Bank loans Other loans 1,103 40,336 8,000 35,177 4,500 39,677 47,439 Payable within one year Payable after one year 9,511 30,166 12,048 35,391 Bank loans relate lo a bounce back loan obtained from HSBC. The loan was awarded in November 2020 with the govemmenl covering the first 12 months of interest. No repayments are required by the charity during the first 12 months of the loan being issued. Interest is charged at 2.5°/o over a period of six years with no earfy repayment charges. The charity made loan repayrnenls from December 2021 to February 2022 and was subsequently awarded a repayment holiday for 6 months with interest only being due. The charity recommenced payments from September 2022 to OctoL)er 2022 and was then awarded another repayfflenl holiday. The charity has recomrllenced payments from May 2023. In November 2023, the charity was awarded a repayment holiday for 5 months with interest only being due Other loans carry a zero rale of interest and are being repaid al £500 per month. 19-
ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 18 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balanS of donations and grants held on trust for spècific purposes.. Movement in funds InGoming Re$our¢es Balance at resources expended 1 November 2023 Movement in funds InGoming ResoUe$ resources expended Balance a¢ 1 Novembpr 2022 Balance al 31 Octobpr 2024 Reardonsmit h Archilects The London Borough of Newham Lloyds Register 10,000 110,0001 10,000 110,0001 109,325 1109,3251 10,000 19,0001 1,000 11,0001 109,325 20,000 1128,3251 1,000 10,000 111,0001 Rgardonsmith Archit&ct$ Funding reiVed to cover training and intern costs. The London Borough of Newham Funding received to assist following the restrictions during Covid 19. Lloyds Register Funding was received for salaries to develop a psychological first aid manual. 19 Dasignatod funds The income funds of the charity indude the following dasignaled funds which have been set asidtr out of unrestricted funds by Ihtr Irusletrs for specifi¢ putPOS&S'. Balance at 1 November 2022 ReSoUe$ expended Transfers Balance at 1 November 2023 Resources expended Transfers Balance at 31 October 2024 Fixed asset fund 89,943 113,1841 113,412 190,171 118,8241 10,502 181,849 89,943 113,1841 113,412 190,171 118,8241 10,502 181,849 Fixed asset fund Represents the nel b(x)k value of the charity's fixed assets. 20-
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ATLANTIC PACIFIC INTERNATIONAL RESCUE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 21 Operating lease commitments At the reporting end dale the charity had outstsnding commitments for future minimum le8se payments under non-can¢ellable operating leases, which fall due as follows.. 2024 2023 Within one year Between two and five years 10,040 17,570 10,040 29,610 27,610 39,650 22 Related party transactions During the 2019 financial year Adantic Pacific Japan was registered as an Ippan Shadan Hojin in tspan of which three volunteers of the charity are directors along with two Japanese residents. During 2024, the charity received £11,102 for management of delivery in relation to work completed on the Japan projecl12023.' there were 2 transactions totalling £18,397 relating to flights and salaries in relation to work completed on Ihe Japan projecl.I During 2024, the charity received invoices from AP Japan lolalling £28,964, of which £17,543 related lo 2023 12023.. £nill. At the year end £6,602 was outstanding12D23'. £nil was outstanding at the year endl. Kale Sedwell is a director of the company Creative KEN. During 2024, the charity received 3 donations lotalling £650 from Creative KEN12023.. £3,500I. During 2024, the charity received an interest free loan of £1,000 from Creative KEN. This was fully repaid during the year and no amounts were outstsnding al the year end.12023.. £1,000). Previously, Isobel Jenkins, the mother of Key Management Personnel Robin Jenkins, provided a loan to Atlantic Pacific of £10.000. there was £4,500 oulslanding at the year end12023.. £8,500) 23 Prior Year Adjustment During the year it was discovered that some training wurse income had been analysed as merchandise sales in¢orrectly. This has been adjusted for the current and prior year. There was no change to the totsl income or the overall surplLJsldeficit reported. 22-