COMPANY REGISTRATION NUMBER: 00993228 CHARITY REGISTRATION NUMBER: 262126
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee
Financial statements
31 December 2023
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Financial statements
Year ended 31 December 2023
| 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 2023
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 2023.
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 (Resigned 7 June 2023) Paul Williams Kevin Wood Alexander Low (Secretary) (Appointed as Secretary 7 June 2023) 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 2023
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
2023 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").
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.
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 2023, 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:
ALB - Bernard Mathews 11
| 30 March 2023 | Medi-vac from VOS Gorgeous | Person transferred to shore |
|---|---|---|
| 7 April 2023 | Vessel WATA, taking on water, | Saved vessel and two |
| 14 miles north of Caister | ||
| 28 May 2023 | Vessel alone sailor on yacht | Saved vessel and one |
| suffering from sea sickness and | ||
| fatigue, 12 miles north of station | ||
| 17 July 2023 | Vessel ESCAPE, 14 miles east of | Towed to Great Yarmouth |
| the station with engine failure | ||
| 26 July 2023 | Vessel CYANA 1 mile off Bacton, | Towed to Lowestoft |
| run out of fuel | ||
| 9 October 2023 | RIB Relentless 30 miles from | Contact made with vessel, |
| station, EPIRB set off | accidental EPIRB set off, stood | |
| down |
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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 2023
Achievements and performance (continued)
ILB - Fred Dyble 11
12 January 2023 Tasked to search for missing Person found safe onshore person 6 July 2023 Report of a dog in the sea Stood down before launching, person found 12 July 2023 Dog swimming out to sea Dog returned to the beach 3 September 2023 Tasked to search for missing Person found safe onshore person 9 September 2023 Inflatable Kayak taking on water Kayak and people found to be okay, returned to station
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.
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 £565,784 (2022 - £279,393) of which £297,850 (2022 - £103,607) came by way of legacies. The total expenditure was £308,609 (2022 - £244,333) leaving a surplus for the year, before unrealised investment gains and losses, of £257,175 (2022 - £35,060). 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.
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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 2023
Financial review (continued)
Reserves and investments policy
At the 31 December 2023 the charity had free reserves (excluding designated funds) comprising unrestricted debtors, cash and creditors of £633,304 (2022: £1,095,003). Also as at 31 December 2023 the restricted funds of the charity were £20,708 (2022: £43,952) and the designated funds were £1,160,779 (2022: £1,640,116). 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.
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 2023 our boat committee has been overseeing the complex build of the lifeboat, tractor and carriage. We are now getting into the position of having one of the best set ups of a lifeboat station in the country, which as custodians of the organisation this is something that we can leave as a legacy for the future of our lifeboat and the village.
2024 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. 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 2023. 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.
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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 2023
Structure, governance and management (continued)
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.
Trustees induction and training
New Trustees are provided with a brief of the charity and its functions and are given copies of:
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Memorandum and Articles of Association;
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Latest accounts
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Minutes of the last AGM and of the last three Directors meetings
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Trustees Duties
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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:
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health and safety
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- property; - operations; and
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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.
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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 2023
Structure, governance and management (continued)
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.
Risk management
The CVLS manages the administrative and operational risks by monitoring them on a regular basis. The current risks relate to the organisations business performance, mission, services provided, reputation, financial stability and growth for future generations. In this regard, the Board of Trustees 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.
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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 2023
Trustees' responsibilities statement
The trustees (who are also directors of Caister Volunteer Lifeboat Service Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP 2019 (FRS102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the 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.
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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 2023
The trustees' annual report was approved on 5 June 2024 and signed on behalf of the board of trustees by:
Andrew Turner (Vice 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 2023
Opinion
We have audited the financial statements of Caister Volunteer Lifeboat Service Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and notes to the financial statements, including 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 2023
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report. Which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included witing 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 2023
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company 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 charitable company’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 charitable company 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:
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Enquiry of management and those charged with governance;
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Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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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 2023
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 charitable company’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 charitable company’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 charitable company and the charitable company’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
3 July 2024
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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 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 400,077 | 89,004 | 489,081 | 219,888 |
| Other trading activities | 6 | 60,154 | – | 60,154 | 45,363 |
| Investment income | 7 | 16,549 | – | 16,549 | 14,142 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Total income | 476,780 | 89,004 | 565,784 | 279,393 | |
| =============================== | ========================== | =============================== | =============================== | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | (31,650) | – | (31,650) | (26,289) |
| Investment management costs | 9 | (16,575) | – | (16,575) | (22,204) |
| Expenditure on charitable activities | 10 | (257,720) | (2,664) | (260,384) | (196,240) |
| Other expenditure | 11 | – | – | – | 400 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | (305,945) | (2,664) | (308,609) | (244,333) | |
| =============================== | ========================== | =============================== | =============================== | ||
| Net income/(expenditure) and net | |||||
| movements in funds before gains and | |||||
| losses on investments | 170,835 | 86,340 | 257,175 | 35,060 | |
| Net gains/(losses) on investments | 12 | 99,224 | – | 99,224 | (207,858) |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ||
| Net income/(expenditure) before transfer of | |||||
| funds | 270,059 | 86,340 | 356,399 | (172,798) | |
| Transfers between funds | 109,584 | (109,584) | – | – | |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ||
| Net movement in funds | 379,643 | (23,244) | 356,399 | (172,798) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 5,060,919 | 43,952 | 5,104,871 | 5,277,669 | |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total funds carried forward | 5,440,562 | 20,708 | 5,461,270 | 5,104,871 | |
| ======================================= | =============================== | ======================================= | ======================================= |
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 28 form part of these financial statements.
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Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Balance sheet
31 December 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible fixed assets | 17 | 3,356,775 | 2,055,158 | |||
| Investments | 18 | 1,450,483 | 1,356,542 | |||
| --------------------------------------- | --------------------------------------- | |||||
| 4,807,258 | 3,411,700 | |||||
| Current assets | ||||||
| Stock | 19 | 33,900 | 10,269 | |||
| Debtors | 20 | 147,514 | 143,930 | |||
| Cash at bank and in hand | 607,315 | 1,590,845 | ||||
| ------------------------------- | --------------------------------------- | |||||
| 788,729 | 1,745,044 | |||||
| Creditors: Amounts falling due within | ||||||
| one year | 21 | (134,717) | (51,873) | |||
| ------------------------------- | --------------------------------------- | |||||
| Net current assets | 654,012 | 1,693,171 | ||||
| --------------------------------------- | --------------------------------------- | |||||
| Total assets less current liabilities | 5,461,270 | 5,104,871 | ||||
| --------------------------------------- | --------------------------------------- | |||||
| Net assets | 5,461,270 | 5,104,871 | ||||
| ======================================= | ======================================= | |||||
| Funds of the charity | ||||||
| Restricted funds | 20,708 | 43,952 | ||||
| Unrestricted funds | , | 5,440,562 | 5,060,919 | |||
| --------------------------------------- | --------------------------------------- | |||||
| Total charity funds | 22 | 5,461,270 ======================================= |
5,104,871 ======================================= |
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 5 June 2024, and are signed on behalf of the board by:
Andrew Turner (Vice Chairman) Trustee
Alexander Low (Secretary) Trustee
Company registration number: 00993228
The notes on pages 16 to 28 form part of these financial statements.
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Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Statement of cash flows
Year ended 31 December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 356,399 | (172,798) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 91,317 | 75,653 |
| Donated stock | (10,000) | - |
| Net gains/(losses) on investments | (99,224) | 207,858 |
| Dividends, interest and rents from investments | (9,257) | (12,554) |
| Other interest receivable and similar income | (7,292) | (1,588) |
| Gains on disposal of tangible fixed assets | – | (400) |
| Changes in: | ||
| Stock | (13,631) | (2,403) |
| Trade and other debtors | (3,584) | 235,420 |
| Trade and other creditors | 82,844 | 30,327 |
| ------------------------------- | ------------------------------- | |
| Cash generated from operations | 387,572 | 359,515 |
| Interest received | 7,292 | 1,588 |
| ------------------------------- | ------------------------------- | |
| Net cash from operating activities | 394,864 | 361,103 |
| =============================== | =============================== | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 9,257 | 12,554 |
| Purchase of tangible assets | (1,392,934) | (1,434,689) |
| Proceeds from sale of tangible assets | – | 400 |
| Purchases of other investments | (538,185) | (568,895) |
| Proceeds from sale of other investments | 543,468 | 1,373,749 |
| --------------------------------------- | --------------------------------------- | |
| Net cash used in investing activities | (1,378,394) | (616,881) |
| ======================================= | ======================================= | |
| Net decrease in cash and cash equivalents | (983,530) | (255,778) |
| Cash and cash equivalents at beginning of year | 1,590,845 | 1,846,623 |
| --------------------------------------- | --------------------------------------- | |
| Cash and cash equivalents at end of year | 607,315 | 1,590,845 |
| ======================================= | ======================================= |
The notes on pages 16 to 28 form part of these financial statements.
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Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 December 2023
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 and previous 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 75% being the average split of business and non business income as per the basis of the calculation by HMRC previously. Some VAT has been recovered during the year, with some to be recovered and is included in debtors at the year end.
(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 2023
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 2023
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 - 25% reducing balance Centre 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 2023
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 88,781 | 89,004 | 177,785 |
| Gift aid | 3,702 | – | 3,702 |
| Legacies | |||
| Legacies | 297,850 | – | 297,850 |
| Subscriptions | |||
| Subscriptions - 'Friends' | 1,390 | – | 1,390 |
| Other donations and legacies | |||
| Collection boxes | 8,354 | – | 8,354 |
| ------------------------------- | -------------------------- | ------------------------------- | |
| 400,077 | 89,004 | 489,081 | |
| =============================== | ========================== | =============================== | |
| 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 | |
| =============================== | ========================== | =============================== |
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Fundraising special events | 18,714 | 18,714 | 21,992 | 21,992 |
| Cafe sales | 10,372 | 10,372 | 6,973 | 6,973 |
| Souvenir sales | 31,068 | 31,068 | 16,398 | 16,398 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 60,154 | 60,154 | 45,363 | 45,363 | |
| ========================== | ========================== | ========================== | ========================== |
- 19 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
7. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Investment income | 9,257 | 9,257 | 12,554 | 12,554 |
| Bank interest receivable | 7,292 | 7,292 | 1,588 | 1,588 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 16,549 | 16,549 | 14,142 | 14,142 | |
| ========================== | ========================== | ========================== | ========================== |
8. Costs of other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Souvenir costs | 16,242 | 16,242 | 11,699 | 11,699 |
| Café costs | 3,752 | 3,752 | 2,333 | 2,333 |
| Fundraising events | 11,656 | 11,656 | 12,257 | 12,257 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 31,650 | 31,650 | 26,289 | 26,289 | |
| ========================== | ========================== | ========================== | ========================== |
9. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Portfolio management | 16,575 | 16,575 | 22,204 | 22,204 |
| ========================== | ========================== | ========================== | ========================== |
- 20 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
10. Expenditure on charitable activities
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Boat and tractor running expenses | 78,533 | 2,604 | 81,137 | |
| Property costs | 34,785 | – | 34,785 | |
| Office costs | 20,877 | 60 | 20,937 | |
| Depreciation | 91,317 | – | 91,317 | |
| Insurance | 7,272 | – | 7,272 | |
| Professional fees | 6,156 | – | 6,156 | |
| Governance costs (see below) | 18,780 | – | 18,780 | |
| ------------------------------- | ---------------------- | ------------------------------- | ||
| 257,720 | 2,664 | 260,384 | ||
| =============================== | ====================== | =============================== | ||
| 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 | ||
| =============================== | ============= | =============================== | ||
| Analysis of governance costs: | ||||
| Unrestricted | Restricted | Total Funds | Total Funds | |
| Funds | funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Accountancy fees | 4,200 | – | 4,200 | – |
| Auditor remuneration - audit services | 14,580 | – | 14,580 | 10,668 |
| -------------------------- | ------------- | -------------------------- | -------------------------- | |
| 18,780 | – | 18,780 | 10,668 | |
| ========================== | ============= | ========================== | ========================== |
Analysis of governance costs:
11. Other expenditure
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| 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 2023
12. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | 99,224 | 99,224 | (207,858) | (207,858) |
| ========================== | ========================== | =============================== | =============================== | |
| Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 91,317 | 75,653 | ||
| Gains on disposal of tangible fixed assets | – | (400) | ||
| ========================== | ========================== | |||
| Auditors remuneration | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable for the audit of the financial statements | 14,580 | 10,668 | ||
| ========================== | ========================== | |||
| Fees payable to the charity's auditor and its associates for | other services: | |||
| Other non-audit services | 8,640 | 5,028 | ||
| ========================== | ========================== |
13. Net income/(expenditure)
14. Auditors remuneration
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 2023
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 2023 | 250 | 1,129,120 | 1,618,568 | 12,471 | 993,554 | 3,753,963 |
| Additions | – | – | 1,392,801 | – | 133 | 1,392,934 |
| ------------- | --------------------------------------- | --------------------------------------- | -------------------------- | ------------------------------- | --------------------------------------- | |
| At 31 December 2023 | 250 | 1,129,120 | 3,011,369 | 12,471 | 993,687 | 5,146,897 |
| ============= | ======================================= | ======================================= | ========================== | =============================== | ======================================= | |
| Depreciation | ||||||
| At 1 January 2023 | 135 | 883,776 | – | 8,788 | 806,106 | 1,698,805 |
| Charge for the year | 5 | 61,337 | – | 921 | 29,054 | 91,317 |
| ------------- | --------------------------------------- | --------------------------------------- | -------------------------- | ------------------------------- | --------------------------------------- | |
| At 31 December 2023 | 140 | 945,113 | – | 9,709 | 835,160 | 1,790,122 |
| ============= | ======================================= | ======================================= | ========================== | =============================== | ======================================= | |
| Carrying amount | ||||||
| At 31 December 2023 | 110 | 184,007 | 3,011,369 | 2,762 | 158,527 | 3,356,775 |
| ============= | ======================================= | ======================================= | ========================== | =============================== | ======================================= | |
| At 31 December 2022 | 115 | 245,344 | 1,618,568 | 3,683 | 187,448 | 2,055,158 |
| ============= | ======================================= | ======================================= | ========================== | =============================== | ======================================= |
18. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2023 | 1,356,542 |
| Additions | 538,185 |
| Disposals | (541,189) |
| Fair value movements | 97,002 |
| Cash movements | (57) |
| --------------------------------------- | |
| At 31 December 2023 | 1,450,483 |
| ======================================= | |
| Impairment | |
| At 1 January 2023 and 31 December 2023 | – |
| ======================================= | |
| Carrying amount | |
| At 31 December 2023 | 1,450,483 |
| ======================================= | |
| At 31 December 2022 | 1,356,542 |
| ======================================= |
- 23 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
18. Investments (continued)
All investments shown above are held at valuation.
Included in the fixed asset investments are cash deposits which are held within the United Kingdom of £99 (2022: £158) and other listed investments £1,450,384 (2022: £1,356,384). 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 -
2023 Waverton Strategic Equity Fund P GBP 107,193 Waverton Absolute Return Fund P GBP Acc 86,449 Waverton Sterling Bond Fund P GBP Inc 43,066 Waverton Real Asset Fund Class P GBP Distribution 47,767 Artemis Corporate Bond Acc GBP 70,683 Artemis Target Return Bond I Acc 69,026 AXA Sterling Credit Short Duration Bond Z Gr Acc 80,529 Janus Henderson Absolute Return Acc 68,177 L&G Strategic Bond I Acc 81,879
19. Stocks
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Stock | 33,900 | 10,269 |
| ========================== | ========================== |
Stock relates to goods for resale.
20. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 73 | – |
| Prepayments | 23,835 | 19,283 |
| Other debtors | 123,606 | 124,647 |
| ------------------------------- | ------------------------------- | |
| 147,514 | 143,930 | |
| =============================== | =============================== |
The charity has contingent assets in the form of legacies due at 31 December 2023. 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
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 95,218 | 27,487 |
| Accruals | 39,499 | 24,386 |
| ------------------------------- | -------------------------- | |
| 134,717 | 51,873 | |
| =============================== | ========================== |
- 24 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
22. Analysis of charitable funds
| Year ended 31 December 2023 | Year ended 31 December 2023 | ||||
|---|---|---|---|---|---|
| Balance at 1 | (Losses)/gains | Balance at | |||
| Jan 2023 | **Income ** | Expenditure | and transfers | 31 Dec 2023 | |
| £ | £ | £ | £ | £ | |
| Designated funds | |||||
| Designated Long Term | |||||
| Fund | 1,085,900 | – | – | 74,879 | 1,160,779 |
| All Weather Lifeboat | |||||
| Fund | 10,000 | – | – | (10,000) | – |
| D Cracknell Legacy | 544,216 | – | – | (544,216) | – |
| --------------------------------------- | ------------- | ------------- | --------------------------------------- | --------------------------------------- | |
| 1,640,116 | – | – | (479,337) | 1,160,779 | |
| General Funds | 3,420,803 | 476,780 | (305,945) | 688,145 | 4,279,783 |
| --------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 5,060,919 | 476,780 | (305,945) | 208,808 | 5,440,562 | |
| ======================================= | =============================== | =============================== | =============================== | ======================================= | |
| Restricted funds | |||||
| Harry Pascoe Training | |||||
| Fund | 23,232 | 140 | (2,664) | – | 20,708 |
| New Lifeboat Fund | 653 | – | – | (653) | – |
| Annette Thurlow | 20,067 | 88,864 | – | (108,931) | – |
| -------------------------- | -------------------------- | ---------------------- | ------------------------------- | -------------------------- | |
| 43,952 | 89,004 | (2,664) | (109,584) | 20,708 | |
| ========================== | ========================== | ====================== | =============================== | ========================== | |
| --------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| Total funds | 5,104,871 | 565,784 | (308,609) | 99,224 | 5,461,270 |
| ======================================= | =============================== | =============================== | =============================== | ======================================= | |
| Year ended 31 December 2022 | |||||
| Balance at 1 | (Losses)/gains | Balance at | |||
| Jan 2022 | **Income ** | Expenditure | and 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 |
| ======================================= | =============================== | =============================== | =============================== | ======================================= |
- 25 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
The Designated Funds are held in preparation for the future replacement of the All Weather Lifeboat. The transfers during the year are towards the costs of the new boat being built which is included in assets under construction.
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. The transfers from the New Lifeboat Fund and Annette Thurlow Fund during the year are towards the costs of the new boat being built which is included in assets under construction.
- 26 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
23. Analysis of net assets between funds
As at 31 December 2023
| Tangible | Net current | ||||
|---|---|---|---|---|---|
| **fixed assets ** | Investments | assets | Total 2023 | ||
| £ | £ | £ | £ | ||
| Restricted income funds | |||||
| Harry Pascoe Training Fund | – | – | 20,708 | 20,708 | |
| ------------- | ------------- | -------------------------- | -------------------------- | ||
| – | – | 20,708 | 20,708 | ||
| ------------- | ------------- | -------------------------- | -------------------------- | ||
| Unrestricted income funds | |||||
| Designated Funds | – | 1,160,779 | - | 1,160,779 | |
| General Funds | 3,356,775 | 289,704 | 633,304 | 4,279,783 | |
| --------------------------------------- | --------------------------------------- | ------------------------------- | --------------------------------------- | ||
| 3,356,775 | 1,450,483 | 633,304 | 5,440,562 | ||
| --------------------------------------- | --------------------------------------- | ------------------------------- | --------------------------------------- | ||
| --------------------------------------- | --------------------------------------- | ------------------------------- | --------------------------------------- | ||
| Total | 3,356,775 | 1,450,483 | 654,012 | 5,461,270 | |
| ======================================= | ======================================= | =============================== | ======================================= | ||
| 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 | |
| ======================================= | ======================================= | ======================================= | ======================================= | ||
| 24. | Analysis of changes in net debt | ||||
| At | At | ||||
| 1 January | 31 | December | |||
| 2023 Cash flows |
2023 | ||||
| £ | £ | £ | |||
| Cash at bank and in hand | 1,590,845 | (983,530) | 607,315 | ||
| ======================================= | =============================== | =============================== |
- 27 -
Caister Volunteer Lifeboat Service Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
25. Commitment
During the year ended 31 December 2021 a project commenced to build a new lifeboat for a total cost of £1,600,000, a further £10,000 was agreed in the prior year. £1,570,000 of this has been paid by 31 December 2023, leaving £40,000 left to pay during the year ended 31 December 2024.
Works have also commenced in relation to slipway works, and the Challenge and lifeboat carriage. The total cost is £898,955 of which £745,595 has been paid, leaving £147,508 left to pay during the year ended 31 December 2024. £5,851 is include in accruals the year end.
There was also a commitment relating to a project for works to redesign the shed. These works are expected to complete in 2024 for a total cost of £820,162, of which £770,162 has been paid by 31 December 2023. Therefore there is £50,000 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) - £266 (2022: £704) relating to van servicing and repairs.
The Furzedown Hotel Limited (P Garrod) - £Nil (2023: £121 relating to purchase of beer for fete day)
White Swan Fish & Seafood (P Williams) - £488 relating to the purchase of fish for fete day (2021: £297).
£Nil (2022: £nil) was owing to or from the above at the year end.
Donations of £50 were received from trustees during the year (2022: £175).
27. Indemnity insurance
The charity paid £1,508 (2022: £1,508) for insurance to indemnify trustees and senior staff from any loss arising from neglect or defaults of trustees or staff and any consequent loss.
- 28 -