2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 00993228

CHARITY REGISTRATION NUMBER: 262126

Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Financial statements

31 December 2022

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Financial statements

Year ended 31 December 2022

	Page
Trustees' annual report (incorporating the directors' report)	1
Independent auditor's report to the members	9
Statement of financial activities (including income and expenditure account)	13
Balance sheet	14
Statement of cash flows	15
Notes to the financial statements	16

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report)

Year ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and administrative details

Registered charity name Caister Volunteer Lifeboat Service Limited Charity registration number 262126 Company registration number 00993228 Principal office and registered Lifeboat Station office Tan Lane Caister on Sea Great Yarmouth Norfolk NR30 5DJ

The trustees

The trustees who served during the year and at the date of approval were as follows:

Paul Garrod (Chairman) Andrew Turner (Vice Chairman) Guy Gibson (Coxswain) Elaine Anderton Jason Delf Richard Miles Colin Willavize (Secretary) Paul Williams Kevin Wood Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Solicitors HKB Wiltshires 16/17 South Quay Great Yarmouth Norfolk NR30 2RA

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Objectives and activities

The objective of the charity is the saving of lives of those in danger on the sea and shores of the East Anglian Coastline.

Public benefit

The Trustees believe that the charitable objects are for the public benefit especially because of the public's increasing lack of awareness of the risks associated with sea and water borne activities.

The Trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission, including public benefit.

Achievements and performance

2022 has been an exciting year for CVLS due to us ordering a new lifeboat, carriage and tractor and all the extension works to our station.

It has been a challenging year both operationally and administratively for the Directors, crew members and volunteers of the Caister Volunteer Lifeboat Service ("CVLS"). Our museum, café and shops all reopened after being closed for COVID.

The Inshore Lifeboat (ILB) has performed well above our expectations and with the Talus tractor meeting all that we ask of it.

The Offshore Lifeboat (ALB) has also performed well this year, with a few problems relating to the age of the boat, which is why we think it was necessary to order our new lifeboat to be constructed at Diverse Marine in the Isle of Wight.

This year we continued to maintain the organisational capability and efficiency with emphasis on health and safety as well as training for the crew members and volunteers all of which have contributed to the wellbeing of the organisation. During 2022, the CVLS continued in its endeavours of saving lives of those in danger on the sea and shores of the East Anglian coastline, and in this regard, the official launches for the inshore lifeboat ("ILB") and the all-weather lifeboat ("ALB") were as follows:

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Achievements and performance (continued)

ALB - Bernard Mathews 11

18 May 2022 Vessel 'Fantasma' single handed Towed to safe harbour sailor, tired and disorientated 1 June 2022 Vessel 'Shearwater' disabled on Towed to safe harbour Scroby Sands. 5 adults 9 children on board. 21 June 2022 Search of shoreline for missing Stood down, found by Police female 24 July 2022 Sea search for suspected missing Stood down person 24 July 2022 Sea search for missing swimmer Female recovered 9 September 2022 Man overboard, 30 miles off shoreStood down 15 November 2022 Suspected man overboard False alarm stood down 17 November 2022 Report of upturned vessel Located and searched area 21 November 2022 Report of upturned vessel Located and made safe 21 November 2022 Report of floating debris Located and removed

ILB - Fred Dyble 11

23 May 2022 Search of shoreline for missing Found safe, stood down before person launch 24 July 2022 Sea search for suspected missing Stood down person 24 July 2022 Inflatable dingy blown out to sea Two lives saved 13 August 2022 Report of dog swimming out to Dead seal found in search area sea 13 August 2022 Report of inflatable drifting at sea Nothing found, stood down 20 August 2022 Report of inflatable drifting at sea Three inflatables recovered 22 September 2022 Report of missing female Found safe

Detailed information regarding all rescues can be found on our website.

A series of Standard Operational Procedures have been prepared and verified and form the basis of training and operational risk assessment.

Health and safety remains an integral part of our operation, and the Trustees are pleased to state that there have not been any incidents or accidents during the year.

To maintain rigorous HSSE policies and procedures the CVLS have retained the services of an external professional safety consultant to ensure we are keeping abreast of any changes in the rules and regulations.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Financial review

Principal funding sources

The majority of the charity's income is from donations, legacies, fundraising and investment income.

Results for the year

The results for the year are shown in the accounts attached to this report. The total income amounted to £279,393 (2021 - £1,149,921) of which £103,607 (2021 - £1,079,961) came by way of legacies. The total expenditure was £244,333 (2021 - £179,542) leaving a surplus for the year, before unrealised investment gains and losses, of £35,060 (2021 - £970,379). The Trustees consider it prudent to set a target surplus for the year of £50,000 over and above anticipated operational costs so that Designated Long Term Funds will grow at a pace to counter write offs and depreciation thus when renewals of equipment are required the funds will be available. The Trustees consider the finances of the charity to be on a sound basis.

Reserves and investments policy

At the 31 December 2022 the charity had free reserves (excluding designated funds) comprising unrestricted debtors, cash and creditors of £1,095,003 (2021: £1,634,242). Also as at 31 December 2022 the restricted funds of the charity were £43,952 (2021: £23,835) and the designated funds were £1,640,116 (2021: £1,991,986). The designated funds are held in preparation for the future replacement of the All Weather Lifeboat.

The CVLS cash reserves are primarily held in investments, which are reviewed on a monthly basis by the CVLS trustees and quarterly with our external financial advisors. We are continuing to adapt a cautious and mixed program to balance returns on our investments with any potential risks.

Advice will be taken again on the investment of reserves in view of the current market trends and the requirement that they be readily available. Funds are also required for the future daily running of the station. The charity maintains a minimum level of reserves to manage the risk of a downturn in fundraising income without detriment to the life saving services provided. It must continue to work hard in the very competitive work of charity fund raising to raise sufficient income to cover its annual running costs and generate additional funds for capital expenditure on the lifeboat and lifeboat station. The Trustees do not consider the reserves to be excessive. The Trustees individually and collectively believe the finances of the charity are satisfactory.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Plans for future periods

The directors continue to monitor the 3-year business plan regularly. We shall continue with our program to increase income and reduce expenses and review environment issues.

During 2022 our boat committee has been overseeing the complex build of the lifeboat, tractor and carriage. A special mention should be made for our coxswain Guy Gibson and assistant coxswain Richard Thurlow who have spent many hours and sleepless nights to get us into the position of having one of the best set ups of a lifeboat station in the country, which as custodians of the organisation is something we can leave as a legacy for the future of our lifeboat and the village.

2023 should be an equally exciting year with all of our hard work coming together to see the opening of our new shop, café and refurbished lifeboat station in late spring. The new lifeboat should be on station for the busy summer period, after extensive training and trials with the current crew.

The continuous success of CVLS is dependent upon the teamwork of the crew members and volunteers of the CVLS and the Trustees extend their sincere appreciation to all of them for the dedication and support they have provided to our organisation in the past year.

Furthermore, the Chair extends sincere appreciation of the board of trustees, crew members and volunteers to all those organisations and individuals who have continued to financially support the CVLS during 2022. As an independent and voluntary charity we would not be able to function were it not for the generosity of the community and their continued support.

Structure, governance and management

Governing document

Caister Volunteer Lifeboat Service Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 2 November 1970 as amended 14 July 2004.

Appointment of trustees

Trustees are appointed as and when required from persons who are considered to have appropriate knowledge and experience to help run the charity. As set out in the Articles of Association and all members receive notices, are circulated prior to the AGM for nominations. Trustees retire by rotation (1/3rd each year) but all may apply for re-election. There may be a minimum of 8 trustees and a maximum of 15. All trustees are given specific responsibilities.

The Trustees, who are also directors for the purposes of company law and who served during the year and up to the date of this report are set out on page 1 including the dates of any changes.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Structure, governance and management (continued)

Trustees induction and training

New Trustees are provided with a brief of the charity and its functions and are given copies of:

• Memorandum and Articles of Association;

• Latest accounts

• Minutes of the last AGM and of the last three Directors meetings

• Trustees Duties

• Charity Commission booklet "The Essential Trustee: what you need to know, what you need to do".

All Trustees are encouraged and expected to attend necessary training and reviews of new trustee and charity law requirements.

Organisational structure

The Trustees are the Council Members and Directors of the company. They meet regularly throughout the year to transact the charity's business. Trustees are expected to accept responsibilities for various functions of the charity and to sit on sub-committees (which report monthly) covering:

• health and safety

• property;

• operations; and

• visitors' centre.

As in previous years the charity is dependent on, and very grateful for, the efforts of a loyal group of volunteers who help with the general running of the charity.

Governance and internal control

Risk assessment, training and updating working practices is an essential part of the service. The aim is for all operational crew members to be given the opportunity to train in operating and maintaining all facilities of the service. All crew members continue to undertake appropriate ongoing training in updating working practices to the standard required by the Royal Yachting Association (RYA). A review of working procedures is continually being undertaken. Risk assessments for lifeboats and sheds have been completed. Financial controls are continually reviewed with advice from Lovewell Blake LLP for best practice methods. The Trustees also consider their own individual performances and each committee gives a report of its performance to the AGM.

Fundraising

A fundraising policy is provided to all involved in fundraising on behalf of the charity setting out the expected general behaviour, methods of asking for support and ensuring donors are informed and treated fairly. To the best of their ability the Trustees monitor those who are raising funds on behalf of the charity to ensure the policy is adhered to. The charity is not registered with the Fundraising Regulator but should any complaints be received by the charity regarding fundraising, the Trustees would deal with these accordingly.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Structure, governance and management (continued)

Risk management

The Trustees have overall responsibility for ensuring the charity has appropriate systems of control, financial and otherwise. As part of this control, the Trustees have undertaken skills audits and risk assessments and have put in place systems and policies to manage any such risk. To some extent these risk assessments and skills audits have developed on an ad hoc basis. The CVLS manages the administrative and operational risks by monitoring them on a regular basis. The current risks relate to the organisation's business performance, mission, services provided, reputation, financial stability and growth for future generations. In this regard, the board of directors ensure that all reasonable steps are taken to mitigate such risks by using professional advice, trustee and crew training, appropriate operational procedures and policies, the maintenance of the lifeboats and lifesaving equipment as well as insurance covering third party risks.

In the course of the next 12 months the Trustees are resolved to review and update these procedures having due regard to the recommendations detailed in the Charity Commission guidance CC26 and to develop an appropriate overall Risk Management Document that may be used as a working model and be subject to regular review at Trustees' meetings.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, 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 applicable Charities SORP 2019 (FRS102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK 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 business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Trustees' annual report (incorporating the directors' report) (continued)

Year ended 31 December 2022

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

The trustees' annual report was approved on 7 June 2023 and signed on behalf of the board of trustees by:

Paul Garrod (Chairman) Trustee

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Independent auditor's report to the members of Caister Volunteer Lifeboat Service Limited

Year ended 31 December 2022

Opinion

We have audited the financial statements of Caister Volunteer Lifeboat Service Limited (the 'charity') for the year ended 31 December 2022 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. 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 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 trustees' 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 twelve months from when the financial statements are authorised for issue.

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

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Independent auditor's report to the members of Caister Volunteer Lifeboat Service Limited (continued)

Year ended 31 December 2022

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees' report has been prepared in accordance with applicable legal requirements.

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 Companies Act 2006 requires us to report to you if, in our opinion:

• adequate 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; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Independent auditor's report to the members of Caister Volunteer Lifeboat Service Limited (continued)

Year ended 31 December 2022

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) 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.

Auditor's responsibilities for the audit of the financial statements

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:

• Enquiry of management and those charged with governance;

• Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of activities and reviewing accounting estimates for bias.

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.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Independent auditor's report to the members of Caister Volunteer Lifeboat Service Limited (continued)

Year ended 31 December 2022

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

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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.

Mark Proctor FCA DChA (Senior Statutory Auditor)

For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

27 September 2023

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Statement of financial activities (including income and expenditure account)

Year ended 31 December 2022

			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	199,681	20,207	219,888	1,121,614
Other trading activities	6	45,363	–	45,363	13,933
Investment income	7	14,142	–	14,142	14,374
					
Total income		259,186	20,207	279,393	1,149,921
					
Expenditure
Expenditure on raising funds:
Costs of other trading activities	8	(26,289)	–	(26,289)	(6,919)
Investment management costs	9	(22,204)	–	(22,204)	(23,951)
Expenditure on charitable activities	10	(196,150)	(90)	(196,240)	(148,672)
Other expenditure	11	400	–	400	–
					
Total expenditure		(244,243)	(90)	(244,333)	(179,542)
					
Net (expenditure)/income and net
movements in funds before gains and
losses on investments		14,943	20,117	35,060	970,379
Net (losses)/gains on investments	12	(207,858)	–	(207,858)	121,692
					
Net (expenditure)/income and net
movement in funds		(192,915)	20,117	(172,798)	1,092,071
					
Reconciliation of funds
Total funds brought forward		5,253,834	23,835	5,277,669	4,185,598
					
Total funds carried forward		5,060,919	43,952	5,104,871	5,277,669
					

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 27 form part of these financial statements.

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Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Balance sheet

31 December 2022

		2022		2021
	Note	£	£	£	£
Fixed assets
Tangible fixed assets	17		2,055,158		696,122
Investments	18		1,356,542		2,369,254
					
			3,411,700		3,065,376
Current assets
Stock	19	10,269		7,866
Debtors	20	143,930		379,350
Cash at bank and in hand		1,590,845		1,846,623
				
		1,745,044		2,233,839
Creditors: Amounts falling due within
one year	21	(51,873)		(21,546)
				
Net current assets			1,693,171		2,212,293
					
Total assets less current liabilities			5,104,871		5,277,669
					
Net assets			5,104,871		5,277,669
					
Funds of the charity
Restricted funds			43,952		23,835
Unrestricted funds			5,060,919		5,253,834
					
Total charity funds	22		5,104,871		5,277,669
					

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 7 June 2023, and are signed on behalf of the board by:

Paul Garrod (Chairman) Andrew Turner (Vice Chairman) Trustee Trustee

Company registration number: 00993228

The notes on pages 16 to 27 form part of these financial statements.

- 14 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Statement of cash flows

Year ended 31 December 2022

	2022	2021
	£	£
Cash flows from operating activities
Net (expenditure)/income	(172,798)	1,092,071
Adjustments for:
Depreciation of tangible fixed assets	75,653	59,112
Net (losses)/gains on investments	207,858	(121,692)
Dividends, interest and rents from investments	(12,554)	(14,258)
Other interest receivable and similar income	(1,588)	(116)
Gains on disposal of tangible fixed assets	(400)	–
Changes in:
Stock	(2,403)	4,790
Trade and other debtors	235,420	(349,902)
Trade and other creditors	30,327	13,874
		
Cash generated from operations	359,515	683,879
Interest received	1,588	116
		
Net cash from operating activities	361,103	683,995
		
Cash flows from investing activities
Dividends, interest and rents from investments	12,554	14,258
Purchase of tangible assets	(1,434,689)	(425,525)
Proceeds from sale of tangible assets	400	–
Purchases of other investments	(568,895)	(384,375)
Proceeds from sale of other investments	1,373,749	394,312
		
Net cash used in investing activities	(616,881)	(401,330)
		
Net (decrease)/increase in cash and cash equivalents	(255,778)	282,665
Cash and cash equivalents at beginning of year	1,846,623	1,563,958
		
Cash and cash equivalents at end of year	1,590,845	1,846,623
		

The notes on pages 16 to 27 form part of these financial statements.

- 15 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Lifeboat Station, Tan Lane, Caister on Sea, Great Yarmouth, Norfolk, NR30 5DJ.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through income or expenditure.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Judgements and key sources of estimation uncertainty

VAT

Under VAT rules applicable to rescue charities the charity has previously recovered input vat on overheads restricted at a level agreed by HMRC. In the current financial year, substantial works have been completed to the property of the charity in order to accommodate a new lifeboat. As the property houses not only the lifeboat but also the café and the shop, the VAT recovery on the works has been restricted to 81% being the average split of business and non business income as per the basis of the calculation by HMRC previously. The VAT to be recovered is included in debtors at the year end as a claim is yet to be made.

(d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

- 16 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

(e) Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• Pecuniary legacies are recognised as receivable once probate has been granted and notification has been received. Residuary legacies are recognised as receivable once probate has been granted, notification has been received and where they can be valued. Residuary legacies with a life interest are only valued where legal title has passed to the Charity.

• Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• Income from trading is included in the year in which it is receivable.

• Investment income is included when receivable.

(f) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(g) Tangible assets

Fixed assets are stated at cost of an asset, less accumulated depreciation.

- 17 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

(h) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property - Straight line over the life of the lease Shed, slipway and Visitor Centre - 25% reducing balance Motor Vehicles - 20% reducing balance Lifeboats and equipment - 10% - 20% Reducing balance

Assets under construction are not depreciated until these are brought into use.

(i) Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(j) Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

(k) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. Limited by guarantee

Caister Volunteer Lifeboat Service Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event if it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

- 18 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

5.	Donations and legacies
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
	Donations
	Donations	84,680	20,207	104,887
	Gift aid	3,745	–	3,745
	Legacies
	Legacies	103,607	–	103,607
	Subscriptions
	Subscriptions - 'Friends'	1,403	–	1,403
	Other donations and legacies
	Collection boxes	6,246	–	6,246
				
		199,681	20,207	219,888
				
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
	Donations
	Donations	33,801	140	33,941
	Gift aid	1,411	–	1,411
	Legacies
	Legacies	1,079,961	–	1,079,961
	Subscriptions
	Subscriptions - 'Friends'	1,305	–	1,305
	Other donations and legacies
	Collection boxes	4,996	–	4,996
				
		1,121,474 	140 	1,121,614 

6. Other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Fundraising special events	21,992	21,992	–	–
Cafe sales	6,973	6,973	3,917	3,917
Souvenir sales	16,398	16,398	8,516	8,516
Friends events	–	–	1,500	1,500
				
	45,363	45,363	13,933	13,933
				

- 19 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

7. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Investment income	12,554	12,554	14,258	14,258
Bank interest receivable	1,588	1,588	116	116
				
	14,142	14,142	14,374	14,374
				

8. Costs of other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Souvenir costs	11,699	11,699	5,084	5,084
Café costs	2,333	2,333	1,835	1,835
Fundraising events	12,257	12,257	–	–
				
	26,289	26,289	6,919	6,919
				

9. Investment management costs

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Portfolio management	22,204	22,204	23,951	23,951
				

- 20 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

10. Expenditure on charitable activities

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Boat and tractor running expenses		49,107	–	49,107
	Property costs		33,287	–	33,287
	Office costs		12,970	90	13,060
	Depreciation		75,653	–	75,653
	Insurance		6,980	–	6,980
	Professional fees		7,485	–	7,485
	Governance costs (see below)		10,668	–	10,668
					
			196,150	90	196,240
					
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Boat and tractor running expenses		24,368	7,210	31,578
	Property costs		27,286	–	27,286
	Office costs		11,248	–	11,248
	Depreciation		59,112	–	59,112
	Insurance		4,231	–	4,231
	Professional fees		9,169	–	9,169
	Governance costs (see below)		6,048	–	6,048
					
			141,462	7,210	148,672
					
	Analysis of governance costs:
		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	funds	2022	2021
		£	£	£	£
	Auditor remuneration - audit services	10,668	–	10,668	6,048
					
11.	Other expenditure
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Loss on disposal of tangible fixed assets
	held for charity's own use	(400)	(400)	–	–
					

- 21 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

12. Net (losses)/gains on investments

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Gains/(losses) on other investment
	assets	(207,858)	(207,858)	121,692	121,692
					
13.	Net (expenditure)/income
	Net (expenditure)/income is stated after charging/(crediting):
				2022	2021
				£	£
	Depreciation of tangible fixed assets			75,653	59,112
	Gains on disposal of tangible fixed assets			(400)	–
					
14.	Auditors remuneration
				2022	2021
				£	£
	Fees payable for the audit of the financial statements			10,668	6,048
					
	Fees payable to the charity's auditor and its associates for		other services:
	Other non-audit services			5,028	3,750
					

15. Staff costs

No salaries or wages have been paid to employees, including the Trustees, during the year.

16. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No trustees have claimed expenses or had their expenses met by the charity.

- 22 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

17. Tangible fixed assets

		Shed,
	Long	slipway and			Lifeboats
	leasehold	Visitor	Asset under	Motor	and
	property	Centre	construction	vehicles	equipment	Total
	£	£	£	£	£	£
Cost
At 1 January 2022	250	955,381	357,618	12,471	993,554	2,319,274
Additions	–	173,739	1,260,950	–	–	1,434,689
						
At
31 December 2022	250	1,129,120	1,618,568	12,471	993,554	3,753,963
						
Depreciation
At 1 January 2022	130	844,464	–	7,560	770,998	1,623,152
Charge for the year	5	39,312	–	1,228	35,108	75,653
						
At
31 December 2022	135	883,776	–	8,788	806,106	1,698,805
						
Carrying amount
At
31 December 2022	115	245,344	1,618,568	3,683	187,448	2,055,158
						
At
31 December 2021	120	110,917	357,618	4,911	222,556	696,122
						

18. Investments

	Other
	investments
	£
Cost or valuation
At 1 January 2022	2,369,254
Additions	568,895
Disposals	(1,450,870)
Fair value movements	(111,209)
Cash movements	(19,528)
	
At 31 December 2022	1,356,542
	
Impairment
At 1 January 2022 and 31 December 2022	–
	
Carrying amount
At 31 December 2022	1,356,542
	
At 31 December 2021	2,369,254
	

All investments shown above are held at valuation.

- 23 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

18. Investments (continued)

Included in the fixed asset investments are cash deposits which are held within the United Kingdom of £158 (2021: £28,005) and other listed investments £1,356,384 (2021: £2,341,249). Fixed asset investments partly represent the balance of the Designated Long Term Fund.

The following investments represent more than 5% of the fixed asset investments -

	2022	2021
AXA Sterling Credit Short Duration Bond Z Gr Acc	67,341	70,778
Legal & General Multi-Asset Target Return I Acc	70,168	256,130
Waverton Strategic Equity Fund P GBP	93,819	131,912
Waverton Sterling Bond Fund P GBP Inc	79,312	71,481

19.	Stocks
		2022	2021
		£	£
	Stock	10,269	7,866
			
	Stock relates to goods for resale.
20.	Debtors
		2022	2021
		£	£
	Prepayments and accrued income	19,283	15,067
	Other debtors	124,647	364,283
			
		143,930	379,350
			

The charity has contingent assets in the form of five legacies due at 31 December 2022 (2021 eight). It is not possible to estimate the total financial effect of the legacies and therefore no accrual has been made.

21. Creditors: Amounts falling due within one year

	2022	2021
	£	£
Trade creditors	27,487	15,103
Accruals	24,386	6,443
		
	51,873	21,546
		

- 24 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

22. Analysis of charitable funds

Year ended 31 December 2022	Year ended 31 December 2022
	Balance at 1		(Losses)/gains and		Balance at
	Jan 2022	**Income **	Expenditure	transfers	31 Dec 2022
	£	£	£	£	£
Designated funds
Designated Long Term
Fund	1,437,770	–	–	(351,870)	1,085,900
All Weather Lifeboat
Fund	10,000	–	–	–	10,000
D Cracknell Legacy	544,216	–	–	–	544,216
					
	1,991,986	–	–	(351,870)	1,640,116
General Funds	3,261,848	259,186	(244,243)	144,012	3,420,803
					
	5,253,834	259,186	(244,243)	(207,858)	5,060,919
					
Restricted funds
Harry Pascoe Training
Fund	23,182	140	(90)	–	23,232
New Lifeboat Fund	653	–	–	–	653
Annette Thurlow	–	20,067	–	–	20,067
					
	23,835	20,207	(90)	–	43,952
					
					
Total funds	5,277,669	279,393	(244,333)	(207,858)	5,104,871
					
Year ended 31 December 2021
	Balance at 1		(Losses)/gains and		Balance at
	Jan 2021	**Income **	Expenditure	transfers	31 Dec 2021
	£	£	£	£	£
Designated funds
Designated Long Term
Fund	1,361,374	–	–	76,396	1,437,770
All Weather Lifeboat
Fund	10,000	–	–	–	10,000
D Cracknell Legacy	–	544,216	–	–	544,216
					
	1,371,374	544,216	–	76,396	1,991,986
General Funds	2,783,319	605,565	(172,332)	45,296	3,261,848
					
	4,154,693	1,149,781	(172,332)	121,692	5,253,834
					
Restricted funds
Harry Pascoe Training
Fund	30,252	140	(7,210)	–	23,182
New Lifeboat Fund	653	–	–	–	653
					
	30,905	140	(7,210)	–	23,835
					
					
Total funds	4,185,598 	1,149,921 	(179,542) 	121,692 	5,277,669 

- 25 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

The Designated Funds are held in preparation for the future replacement of the All Weather Lifeboat.

The Harry Pascoe Training Fund represents funds received in memory of Harry Pascoe for the training of lifeboat crew and members.

The New Lifeboat Fund and Annette Thurlow Fund represents funds received towards the purchase of a new lifeboat.

23. Analysis of net assets between funds

As at 31 December 2022

	Tangible		Net current
	**fixed assets **	Investments	assets	Total 2022
	£	£	£	£
Restricted income funds
Harry Pascoe Training Fund	–	–	23,232	23,232
New Lifeboat fund	–	–	653	653
Annette Thurlow	–	–	20,067	20,067
				
	–	–	43,952	43,952
				
Unrestricted income funds
Designated Funds	–	1,085,900	554,216	1,640,116
General Funds	2,055,158	270,642	1,095,003	3,420,803
				
	2,055,158	1,356,542	1,649,219	5,060,919
				
				
Total	2,055,158	1,356,542	1,693,171	5,104,871
				
As at 31 December 2021
	Tangible		Net current
	**fixed assets **	Investments	assets	Total 2021
	£	£	£	£
Restricted income funds
Harry Pascoe Training Fund	–	–	23,182	23,182
New Lifeboat fund	–	–	653	653
				
	–	–	23,835	23,835
				
Unrestricted income funds
Designated Funds	–	1,437,770	554,216	1,991,986
General Funds	696,122	931,484	1,634,242	3,261,848
				
	696,122	2,369,254	2,188,458	5,253,834
				
				
Total	696,122	2,369,254	2,212,293	5,277,669
				

- 26 -

Caister Volunteer Lifeboat Service Limited

Company Limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 December 2022

24. Analysis of changes in net debt

					At
		At			31 December
	1	January	2022	Cash flows	2022
			£	£	£
Cash at bank and in hand		1,846,623		(255,778)	1,590,845
					

25. Commitment

During the previous year a project commenced to build a new lifeboat for a total cost of £1,600,000. £1,120,000 of this has been paid by 31 December 2022, leaving £480,000 left to pay during the year ended 31 December 2023. A further £10,000 was agreed for paint works in January 2023.

Works have also commenced in relation to slipway works, and the Challenge and lifeboat carriage. The total cost is £581,681, of which £220,008 has been paid, leaving £361,673 left to pay during the year ended 31 December 2023.

There was also a commitment relating to a project for works to redesign the shed. These works are expected to complete in 2023 for a total cost of £614,327, of which £157,773 has been paid by 31 December 2022. Therefore there is £456,553 left to pay in relation to this project.

26. Related parties

During the year the charity purchased goods and services from the following:

Williams Garage (Paul Williams) - £704 (2021: £376) relating to van servicing and repairs.

The Furzedown Hotel Limited (P Garrod) - £121 relating to purchase of beer for fete day (2021: £164 relating to trainer accommodation).

White Swan Fish & Seafood (P Williams) - £297 relating to the purchase of fish for fete day (2021: £Nil).

£Nil (2021: £nil) was owing to or from the above at the year end.

Donations of £175 were received from trustees during the year (2021: £50).

27. Indemnity insurance

The charity paid £1,508 (2021: £871) for insurance to indemnify trustees and senior staff from any loss arising from neglect or defaults of trustees or staff and any consequent loss.

- 27 -