## **Annual Report and Accounts 2023** _The newly built Wells Lifeboat, Duke of Edinburgh (Civil Service No. 53)_ The Lifeboat Fund is a fundraising charity which exists solely to support the Royal National Lifeboat Institution’s work to save lives at sea. The Fund was established in 1866 and, since then, has provided the RNLI with 54 boats and significant extra assistance. 1 ## **Annual Report and Accounts 2023** ## **Chairs report for 2023** Welcome to our Annual Report and Accounts and my first as Chair of the Lifeboat Fund. We are happy to share these records for 2023, as we continue our long-term support for the RNLI. I want to thank everyone who has fundraised for the Lifeboat Fund in the past year. All of you have directly helped the RNLI to save lives. Charles Dibdin and colleagues founded the Charity in 1866, and we as civil and public servants and as the RNLI’s oldest partner have an extremely proud record. As we celebrate the RNLI’s 200[th] Anniversary this year, we can be proud of this heritage and of our support to the RNLI, helping them to save more lives at sea. Our volunteers have overcome many difficulties in the past few years and still succeeded in collecting tens of thousands of pounds for the Lifeboat Fund. This is an amazing accomplishment and shows their devotion and loyalty. In 2023 we maintained our support for Blackpool, Stonehaven, Tower and Whitby Lifeboat stations, particularly because of their links to staff from various government departments. We’ve also brought new trustees into the charity over the past twelve months, and we are preparing to relaunch our web space as we advance our fundraising and marketing campaigns, aligning them with the 200th Anniversary of the RNLI. **Simon Case CVO** 2 ## **Annual Report and Accounts 2023** |**Chairs report for 2023**......................................................................................................2| |---| |**Trustees’ Report for 2023**................................................................................................4| |**Our Purpose**......................................................................................................................4| |**Our Lifeboats**....................................................................................................................5| |**Recent history of our Lifeboats**......................................................................................6| |**2023 Launches and rescues**...........................................................................................9| |**Trustees, the Council and Responsibilities**................................................................10| |**2023 Financial Summary**...............................................................................................13| |**Analysis of Donations and Legacies Received**..........................................................13| |**Use of Funds**...................................................................................................................13| |**Risk Management**...........................................................................................................14| |**Remuneration To Charity Trustees**..............................................................................14| |**Relationship with Other Charities**................................................................................14| |**Independent Examiner’s Report**...................................................................................15| |**Independent Examiner’s Report**...................................................................................16| |**Statement of Financial Activities for year ended 31 December 2023**.......................17| |**Balance Sheet as at 31 December 2023**.......................................................................18| |**Notes to the Accounts**...................................................................................................19| |**1.**
**Accounting Policies**................................................................................................19| |**1.1.**
**Basis of preparation of accounts**......................................................................19| |**1.2.**
**Fund accounting**.................................................................................................19| |**1.3.**
**Income**..................................................................................................................19| |**1.4.**
**Expenditure**..........................................................................................................20| |**1.5.**
**Value Added Tax**.................................................................................................20| |**1.6.**
**Interest receivable**...............................................................................................20| |**1.7.**
**Going concern**.....................................................................................................21| |**1.8.**
**Cash at bank and in hand**...................................................................................21| |**1.9.**
**Liabilities and provisions**...................................................................................21| |**1.10.**
**Financial instruments**......................................................................................21| |1.11.
**Taxation**............................................................................................................21| |**1.12.**
**Critical accounting estimates and areas of judgement**...............................22| |**1.13.**
**General information**.........................................................................................22| |**How to Contact Us**.........................................................................................................30| |**Registered Address**.......................................................................................................30| |**Independent Examiner**...................................................................................................30| 3 ## **Annual Report and Accounts 2023** ## **Trustees’ Report for 2023** This is the Trustees’ Report and Financial Statements of the Communications and Public Service Lifeboat Fund (the charity) for the year ended 31 December 2023. The Trustees confirm that the Report and Financial Statements comply with current statutory requirements, the requirements of the charity’s governing document 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 (FRS 102) (effective 1 January 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). In preparing the financial statements, the Trustees have considered the Charity Commission’s guidance on ‘public benefit’ and all pertinent guidance from the Office of the Scottish Charity Regulator. ## **Our Purpose** The Lifeboat Fund has one sole purpose. That purpose inspired the charity’s creation and the vision underpinning all that it does. Since 1866, the charity has existed to support the vital work of the Royal National Lifeboat Institution (RNLI), saving lives and rescuing people at sea, on our rivers and from floods. Each year we agree with the RNLI the priorities it wants us to support through our appeal. These will always concern important aspects of its work that need our help. For many years, The Lifeboat Fund focused its efforts on purchasing new lifeboats. More recently, the RNLI has asked us to help with other priorities. Its lifeboats were lasting longer, and ongoing maintenance had reduced the need for new boats. When new boats are required, including the state-of-the-art Shannon class lifeboat, the RNLI has developed its own inhouse facility at Poole to build and maintain all-weather lifeboats. We primarily use our position as the Civil Service’s oldest charity to launch our appeal for contributions to staff of the Civil Service. We also seek to promote the appeal to current and former employees of the Civil Service, Civil Service Pensioners Alliance, Public Sector, British Telecom (BT), Royal Mail, and other friends of the charity. Supporters are encouraged to fundraise. While retired civil servants and Royal Mail pensioners subscribe mainly through pension payroll, BT staff prefer the use of payroll giving. 4 ## **Annual Report and Accounts 2023** ## **Our Digital Presence** Our website has been operating for almost 8 years and is undergoing more and more updates. We are currently developing this site under a new platform, and we look forward to relaunch in the second half of 2024. ## **Gift Aid** Gift Aid increases the value of donations and means The Fund can benefit even more, at no extra cost to the donor. The charity is extremely grateful to supporters who add Gift Aid to their donations and to fundraisers who make our forms available at their events. UK taxpayers can add Gift Aid whenever they donate, and the charity can reclaim the basic rate of tax on their gift – that is a massive 25p for every £1 they give. Higher rate taxpayers can claim additional tax benefits for donations they make to charity, which they can keep or pass on to any charitable organisation. They should simply indicate how much they have donated when completing their tax self-assessment form. The charity asks supporters to fill out a Gift Aid form, downloadable from The Fund’s website. ## **Our Lifeboats** We are delighted by the achievements of the lifeboats we have purchased for the RNLI. During 2023, The Fund’s lifeboats were launched 271 times, saving an incredible 9 lives aiding 231 people. 5 ## **Annual Report and Accounts 2023** ## **Recent history of our Lifeboats** ## **Years Launches Lives Saved People Aided** |**2023**|**271**|**9**|**231**| |---|---|---|---| |2022|231|0|233| |2021|258|13|455| |2020|282|7|351| |2019|215|5|254| |2018|221|4|254| |2017|191|2|208| |2016|194|9|174| |2015|224|19|244| |2014|255|8|367| |2013|264|9|277| |2012|252|6|281| |2011|215|5|141| 6 ## **Annual Report and Accounts 2023** ## **There are currently six Lifeboat Fund lifeboats in the RNLI active fleet:** Mr Eric Sharpe, Cromer Photo: RNLI/Neil Longdin Duke of Edinburgh, Wells-Next-The-Sea Photo: RNLI/Leanne McColm Charles Dibdin, New Brighton Photo: RNLI ## Sgt. Bob Martin, Poole Photo: RNLI ## Mudeford Servant, Mudeford Photo: RNLI/Chris Harris Hunstanton Flyer, Hunstanton Photo: RNLI/Nigel Millard 7 ## **Annual Report and Accounts 2023** The relief fleet includes our 3 RNLBs: ## **Windsor Runner** ## **Fraser Flyer** **Stranraer Saviour, converted to a boarding boat, Exmouth** 8 ## **Annual Report and Accounts 2023** ## **2023 Launches and rescues** |**Name**|**Base**|**Type**|**Launches**|**Lives Saved**|**People Aided**| |---|---|---|---|---|---| |Windsor
Runner (Civil
Service 42)|Relief Fleet|Trent|10|0|6| |Fraser Flyer
(Civil Service
No 43)|Relief Fleet|Severn|15|0|19| |Hunstanton
Flyer (Civil
Service No 45)|Hunstanton|Hovercraf|8|0|2| |Mudeford
Servant (Civil
Service No 48)|Mudeford|B Class|80|0|64| |Sgt. Bob
Martn (Civil
Service 50)|Poole|Atlantc 85|92|2|73| |Charles Dibdin
(Civil Service
No 51)|New Brighton|Atlantc 85|59|4|54| |David
Roulston (Civil
Service No 52)||D Class|2|1|2| |Duke of
Edinburgh|Wells-Next-The-Sea|Shannon Class|2|0|6| |Mr Eric Sharpe
(Civil Service
No 54)|Cromer|D Class|5|2|5| |**TOTALS**|||**273**|**9**|**231**| 9 ## **Annual Report and Accounts 2023** Three other lifeboats provided by The Fund and no longer in active service can be seen in a unique RNLI museum in Kent. These boats are: - Edward Bridges (at Torbay until 1994) - St Cybi (at Holyhead until 1980) - North Foreland (at Margate until 1978). They are on display in the “Lifeboat!” Gallery at the Historic Dockyard, Chatham, Kent. This is a wonderful day out should any of our supporters wish to visit. The Lifeboat Fund is steeped in history alongside the RNLI, supplying 54 boats and millions of pounds in support since its inception in 1866. **----- Start of picture text -----**
The Lord Southborough launched in 1920
**----- End of picture text -----**
From the very first Civil Service Lifeboat launched in 1866 to the newly built Duke of Edinburgh, this amazing legacy continues to thrive because of the support provided by current and former Civil servants, BT and Royal Mail employees throughout the United Kingdom. ## **Trustees, the Council and Responsibilities** The Communications and Public Service Lifeboat Fund – known as The Lifeboat Fund – consists of a Council with a Constitution as its governing document. The Council appoints members of the Executive Committee who serve as The Lifeboat Fund’s Trustees in addition to being members of the Council themselves. When inducting Trustees, these new members are required to familiarise themselves with “The Essential Trustee: What you need to know”, a Charity Commission publication which aims to provide Trustees with a full awareness of their responsibilities and duties. Members must also read and understand the guidance produced by the Office of the Scottish Charity Regulator, as The Fund is a charity registered in Scotland. 10 ## **Annual Report and Accounts 2023** The Trustees who served on the Executive Committee during the year ended 31 December 2023 are: ## **Name** ## **Period in Post if not for Whole Year** Simon Case CVO (Chair) Appointed May 2023 Frances Kilner MBE (Deputy Chair) Marie-Clare (Honorary Treasurer) Christopher Lamb BEM (Honorary Secretary) Angela Saunders Jon Davies Corin Robertson Scott McPherson Resigning June 2024 Mike Robinson Mike Lawler James Dunstan Appointed May 2023 Toni Court Appointed May 2023 Andy Headworth Appointed May 2023 Matthew Briggs Appointed May 2023 Jonathan Smith Appointed May 2023 ## **Members of the Council – Lead Fundraisers** The Council of The Lifeboat Fund can comprise representatives from organisations and departments of the Civil Service along with the Trustees and Officers. They act on a voluntary basis, representing The Fund in their respective organisations. ## **Trustees’ Responsibilities** The Trustees administer and manage The Fund. The Council confirms Trustee and officer appointments at the AGM. Day-to-day business of the charity is conducted by the Honorary Secretary and Honorary Treasurer under the direction of the Executive Committee of Trustees. Council members also play a key role fundraising within their respective organisations. The Trustees are responsible for preparing the Trustees’ Report and Financial Statements in accordance with applicable law and United Kingdom Accounting 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 and application of resources of the charity for that period. 11 ## **Annual Report and Accounts 2023** 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 disclosed and explained in the financial statements - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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 and trust deed. Trustees should also ensure the financial statements comply with relevant Scottish legislation: the Charities and Trustee Investment (Scotland) Act 2005 and associated Charities Accounts (Scotland) Regulations 2006. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. They are also responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. (Legislation in the United Kingdom which governs the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.) This report was approved by the Trustees on 26 June 2024 and signed on their behalf by: **Simon Case CVO Chair on behalf of the Trustees** 12 ## **Annual Report and Accounts 2023** ## **2023 Financial Summary** The Lifeboat Fund generated voluntary income of £45,028 in 2023 (against £108,315 in 2022). ## **Analysis of Donations and Legacies Received** |**ysis of Donations and Legacies Received**||| |---|---|---| |||| ||**Total**
**Funds at**
**2023**|**Total**
**Funds at**
**2022**| ||**£**|**£**| |||| |Donations received gross of cost of distributing
payroll and pension-giving costs|30,609|37,176| |Designated Fund - BT Payroll Giving|6,006|7,360| |Legacies|8,176|60,000| |Donations received via RNLI|1,437|2,279| |||| |**Donated services**||| |Cost of services of the Independent Examiner|1,800|1,500| |**Total donations and legacies**|**48,028**|**108,315**| ## **Use of Funds** As in previous years, a cash balance is held to meet planned expenditure, and this is kept at a level proportionate to spend. All other income is transferred to the RNLI as it accumulates – £58,000 was transferred during 2023 (£100,000 in 2022). The total cash at bank and in hand was £36,596 as of 31 December 2023, compared to £56,130 as of 31 December 2022. The RNLI holds our donations in a restricted fund which had a closing balance as of 31 December 2023 of £441,910 compared to £415,520 in 2022. The Lifeboat Fund is wholly dependent upon the services of unpaid volunteers and donations in kind. We would therefore wish to acknowledge the contribution of the Civil Service in donating the services of its Honorary Treasurer, Honorary Secretary and of Kreston Reeves LLP in donating their services as the Honorary Independent Examiner. We greatly appreciate their support. 13 ## **Annual Report and Accounts 2023** ## **Risk Management** Risks are assessed as part of the agreed annual financial plan. There are no high risks identified in relation to The Lifeboat Fund’s financial position given that The Fund passes all its receipts on to the RNLI to invest and hold in the restricted fund. Any risks in relation to a reduction in income are mitigated by either a subsequent change to the planned expenditure, or a decision to utilise a greater proportion of reserves in year. ## **Remuneration To Charity Trustees** No remuneration or other benefits were paid from the charity to a Trustee. ## **Relationship with Other Charities** Since its foundation in 1866, the Communications and Public Service Lifeboat Fund has become the longest-serving and one of the biggest single supporters of the RNLI. Supporting the RNLI remains its sole purpose. The RNLI is a registered charity which exists to save lives at sea by providing, on call, a 24hour search and rescue service to 100 nautical miles out from the coast of the UK and Republic of Ireland, and a seasonal lifeguard service, with more than 1,000 lifeguards on over 180 beaches around the UK. The RNLI also operates a specialist flood rescue team which can respond anywhere across the UK and Ireland when inland flooding puts lives at risk. The RNLI depends entirely on voluntary giving and legacies for its income, and for the most part on volunteers to crew its lifeboats, which are based at 236 lifeboat stations. The support given by The Lifeboat Fund to the RNLI helps to maintain over 340 lifeboats and four hovercrafts in its active fleet. It costs over £160 million every year to run the RNLI. The donations which provide that income are put to very good use – the RNLI’s volunteer crews rescued more than 17,100 people in the last two years alone: an average of 23 people every day. The RNLI pays for most substantial expenditure by The Lifeboat Fund out of restricted funds, held as explained earlier in the report, subject to the approval of The Fund’s Executive Committee. At the end of each financial year, the RNLI provides The Fund with a Statement of Account, which agrees the amount held by the RNLI in a restricted fund on behalf of The Lifeboat Fund and which is reflected in the additional note set out below the Balance Sheet in our financial statements. 14 ## **Annual Report and Accounts 2023 Independent Examiner's Report for the Year Ended 31 December 2023** ## **Independent Examiner's Report to the Trustees of The Lifeboat Fund** ## **('the charity')** I report to the Charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. ## **Responsibilities and Basis of Report** As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act: or 2. The accounts do not accord with those records; or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. 15 ## **Annual Report and Accounts 2023** I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Independent Examiner's Report for the Year Ended 31 December 2023** This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed: Dated: 26 June 2024 ## **G Jones, ACA BSc (Hons)** ## **Kreston Reeves LLP** Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU 16 ## **Annual Report and Accounts 2023** ## **Statement of Financial Activities for year ended 31 December 2023** ||**Restricted**|**Unrestricted**|**Total**|**Total**| |---|---|---|---|---| ||**Funds at**|**Funds at**|**Funds**
**at**|**Funds**
**at**| ||**2023**|**2023**|**2023**|**2022**| |**Note**|**£**|**£**|**£**|**£**| |||||| |**Income and endowments**
**from:**||||| |Donations
and legacies
2|-|48,028
129|48,028|108,315| |Investments
3|-||129|17| |||||| |**Total**|**-**|**48,157**|**48,157**|**108,332**| |||||| |**Expenditure on:**||||| |
Raising
funds
4|-
-|448
67,243|448|1,338| |Charitable
activities
4|||67,243|111,139| |||||| |**Total**|**-**|**67,691**|**67,691**|**112,477**| |||||| |**Net movement in funds**|**-**|**(19,534)**|**(19,534)**|**(4,145)**| |||||| |Reconciliation of funds:||||| |Total funds brought forward|25,290|30,840|56,130|60,275| |**Total funds carried forward**|**25,290**|**11,306**|**36,597**|**56,130**| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 29 form part of these financial statements. 17 ## **Annual Report and Accounts 2023** ## **Balance Sheet as at 31 December 2023** |**Balance Sheet as at 31 December 2023**||| |---|---|---| ||**2023**|**2022**| |**Note**|**£**|**£**| |||| |**Current Assets**||| |Cash at bank and in hand|36,596|56,130| |**Total current assets**|**36,596**|**56,130**| |||| |||| |**Total net assets / (liabilities)**|**56,130**|**60,275**| |||| |**The funds of the charity**||| |Unrestricted funds
6|11,306|30,840| |Restricted funds
6|25,290|25,290| |**Total funds**|**56,130**|**56,130**| The financial statements were approved by the Trustees 26 June 2024 and signed on their behalf by: **Marie-Clare Stone** **Simon Case** **Honorary Treasurer** ## **Chair** 18 ## **Annual Report and Accounts 2023** ## **Notes to the Accounts** ## **1. Accounting Policies** ## **1.1.Basis of preparation of accounts** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Lifeboat Fund 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. ## **1.2.Fund accounting** Unrestricted funds are funds that are available for use at the discretion of the Trustees to advance the general objectives of the charity and that have not been designated for other purposes. Please see the Trustees Report for wording around the source and purpose of the Charity’s restricted funds. ## **1.3.Income** All income is recognised once the Lifeboat Fund has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. 19 ## **Annual Report and Accounts 2023** For legacies, entitlement is taken as the earlier of the date on which either: the Lifeboat Fund is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the Lifeboat Fund has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Lifeboat Fund, or the Lifeboat Fund is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Donated services or facilities are recognised when the Lifeboat Fund has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Lifeboat Fund of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised, but refer to the Trustees' report for more information about their contribution. ## **1.4.Expenditure** Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the Lifeboat Fund and compliance with constitutional and statutory requirements. ## **1.5.Value Added Tax** Value Added Tax is not recoverable by the charity and, as such, is included in the relevant costs in the Statement of Financial Activities. ## **1.6.Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Lifeboat Fund; this is normally upon notification of the interest paid or payable by the Bank. 20 ## **Annual Report and Accounts 2023** ## **1.7.Going concern** The Trustees assess whether the use of going concern is appropriate i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.8.Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.9.Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date because of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **1.10. Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at amortised cost using the effective interest method. 1.11. **Taxation** The Lifeboat Fund is a registered charity and accordingly no provision is considered necessary for taxation. 21 ## **Annual Report and Accounts 2023** ## **1.12. Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity does not currently have any significant accounting estimates or areas of judgement. ## **1.13. General information** The Lifeboat Fund is an unincorporated charity, in England and Wales, and in Scotland, with the charity registration numbers 248421 and SC041904 respectively. The charity’s registered office is 6th Floor Fry, 2 Marsham Street, London. SW1P 4DF. The objectives of the Charity continue to be to support the vital work of the Royal National Lifeboat Institution (RNLI), saving lives and rescuing people at sea, on our rivers and from floods. 22 ## **Annual Report and Accounts 2023 Notes to the Financial Statements for the Year Ended 31 December 2023** ## **2. Analysis of Donations and Legacies Received** ||| |---|---| ||**Restricted**
**Unrestricte**
**d**
**Total**
**Total**| ||**Funds at**
**Funds at**
**Funds**
**at**
**Funds at**| ||**2023**
**2023**
**2023**
**2022**| ||**£**
**£**
**£**
**£**| ||| |Donations received gross of cost of
distributing payroll and pension-giving
costs|-
30,609
30,609
37,176| |Designated Fund - BT Payroll Giving|-
6,006
6,006
7,360| |
Legacies|-
8,176
8,176
60,000
-
1,437
1,437
2,279
-
1,800
1,800
1,500| |**Donations received via RNLI**|| ||| |**Donated services**|| |Cost of services of the Independent
Examiner|| |**Total donations and legacies**|**-**
**48,028**
**48,028**
**108,315**| ||| |Total 2022|108,315
108,315| ||| 23 ## **Annual Report and Accounts 2023** ||| |---|---| ||**Restricted**
**Unrestricte**
**d**
**Total**
**Total**| ||**Funds at**
**Funds at**
**Funds**
**at**
**Funds at**| ||**2023**
**2023**
**2023**
**2022**| ||**£**
**£**
**£**
**£**| ||| |Bank interest received|-
129
17
17| ||**-**
**129**
**17**
**17**| ||| |Total 2022|-
17
17| ||| ## **3. Analysis of Investments** 24 ## **Annual Report and Accounts 2023** ## **4. Analysis of Expenditure** |**4. Analysis of Expenditure**|| |---|---| ||| ||**Restricte**
**d**
**Unrestricted**
**Total**
**Total**| ||**Funds at**
**Funds at**
**Funds**
**at**
**Funds at**| ||**2023**
**2023**
**2023**
**2022**| ||**£**
**£**
**£**
**£**| ||| |**Raising funds**|| |
Miscellaneous|-
448
448
1,338| ||**-**
**448**
**448**
**1,338**| ||| |Total 2022|-
1,338
1,338| ||| ||| |**Charitable activities**|| |Donations passed to the RNLI|-
58,000
58,000
100,000| |Designated Fund - BT Payroll Giving|-
6,006
6,006
7,360| |Other amounts received directly by the
RNLI|-
1,437
1,437
2,279| |Independent Examiners Fee|-
1,800
1,800
1,500| ||**-**
**67,243**
**67,243**
**111,139**| ||| |Total 2022|-
111,139
111,139| ||| 25 ## **Annual Report and Accounts 2023** ## **5. Summary of Contributions to the Fund** ||| |---|---| ||**Restricted**
**Unrestricted**
**Total**
**Total**| ||**Funds at**
**Funds at**
**Funds**
**at**
**Funds at**| ||**2023**
**2023**
**2023**
**2022**| ||**£**
**£**
**£**
**£**| ||| |Charities - Pension and Payroll Giving|-
16,665
16,665
19,301| |Legacies|-
8,176
8,176
60,000| |Department for Work and Pensions|-
1,640
1,640
-| |Scottish Government|-
3,886
3,886
5,863| |Miscellaneous|-
1,993
1,993
6,811| |Online|-
3,093
3,093
4,701| |Civil Service Pensioner's Alliance|-
712
712
500| |FCDO|-
450
450
-| |GCHQ|-
2,170
2,170
-| ||**-**
**38,786**
**38,786**
**97,176**| ||| |Total 2022|97,176
97,176| ||| 26 ## **Annual Report and Accounts 2023** ## **6. Balance in RNLI Restricted Funds** |**6. Balance in RNLI Restricted Funds**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Opening balance in RNLI Restricted funds||| |for the Lifeboat Fund|415,520|1,566,527| |Lifeboat funds donations to RNLI|58,000|100,000| |Investment Income|36,248|(121,218)| |Designated Fund - BT Payroll Giving|6,006|7,360| |Other amounts received directly by the||| |RNLI|1,437|2,279| |FAD 5400 Shoreworks at Tower|-|(10,000)| |FAD 5764 International Work|-|(10,000)| |FAD 5369 Boat at Cromer|-|(19,335)| |FAD 3660 Boat at Wells|-|(1,100,000)| |Printing Costs 2022|-|(93)| |FAD 5764 Running Costs at Blackpool, Broughty Ferry||| |and Whitby|(30,000)|-| |FAD 6082 Running Costs at Blackpool|(7,300)|-| |FAD 6083 Running Costs at Broughty Ferry|(10,000)|-| |FAD 6084 Running Costs at Whitby|(10,000)|-| |FAD 6160 International Project - Tanzania|(18,000)|-| |**Closing balance in RNLI Restricted funds for**||| |**the Lifeboat Fund**|**441,910**|**415,520**| 27 ## **Annual Report and Accounts 2023** ## **7. Statement of Funds** ||| |---|---| |**Current Year**|**Brought**
**Income**
**Expenditure**
**Carried**| ||**Forward**
**Forward**| ||**£**
**£**
**£**
**£**| |**Unrestricted fund**|| |General fund|30,840
48,157
(67,691)
11,306| ||| |**Restricted fund**|| |RNLI fund|25,290
-
-
25,290| ||| ||**56,130**
**48,157**
**(67,691)**
**36,597**| ||| ||| |_Prior Year_|_Brought_
_Income_
_Expenditure_
_Carried_| ||_Forward_
_Forward_| ||_£_
_£_
_£_
_£_| |_Unrestricted fund_|| |_General fund_|_34,985_
_108,332_
_(112,477)_
30,840| ||| |_Restricted fund_|| |_RNLI fund_|_25,290_
_-_
25,290| ||| ||_60,275_
_108,332_
_(112,477)_
_56,130_| ||| 28 ## **Annual Report and Accounts 2023** ## **8. Analysis of Net Assets Between Funds** ||| |---|---| |**Current Year**|**Restricte**
**d**
**Unrestricted**
**Total**
**Total**| ||**Funds at**
**Funds at**
**Funds**
**at**
**Funds at**| ||**2023**
**2023**
**2023**
**2022**| ||**£**
**£**
**£**
**£**| ||| |Current assets|25,290
11,306
36,596
58,130| ||| ||**25,290**
**11,306**
**36,596**
**58,130**| ||| ||| |_Prior Year_|_Restricted_
_Unrestricted_
_Total_
_Total_| ||_Funds at_
_Funds at_
_Funds_
_at_
_Funds at_| ||**2022**
**2022**
**2022**
**2021**| ||_£_
_£_
_£_
_£_| ||| |_Current assets_|_25,290_
_30,839_
56,130
_60,396_| ||| ||_25,290_
_30,839_
_56,130_
_60,396_| ||| 29 ## **Annual Report and Accounts 2023** ## **9. Trustees’ remuneration and expenses** Neither Trustees nor any person connected with them received any remuneration or other benefits for either year. None of the Trustees were reimbursed in either year for any expenses incurred in fulfilling their trustee duties. ## **10.Related Party Transactions** The Charity has not undertaken any related party transactions during the financial year and at the Balance Sheet date there are no balances outstanding with any related parties of the Charity. ## **How to Contact Us** Online Website: www.thelifeboatfund.org.uk Twitter: @FundLifeboat Email: LIFEBOAT.FUND@DWP.GOV.UK ## **Registered Address** FAO - The Civil Service Lifeboat Fund 2 St Peter’s Square, MANCHESTER, M2 3AA ## **Independent Examiner** Gordon Jones Kreston Reeves LLP; Montague Place; Quayside; Chatham Maritime; Chatham ME4 4QU ## **Our thanks go to the RNLI and those who kindly provided many of the photos and articles in this publication** 30