COMPANY REGISTRATION NUMBER: 00993228 CHARITY REGISTRATION NUMBER: 262126 Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Financial statements 31 December 2024
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Financial statements Year ended 31 December 2024 P•g• Trustees. annual report {incorporating the directors, report) Independent auditor's port lo the mernbefs 10 Statement of financAal activities (including income and expenditure account) 14 Balance sheet 15 Statement of ¢ash flows 16 Noles lo the financial stalernents 17
Caister Volunteer Lifeboat Service Llmlted Company Limited by Guarantee Trustees. annual report lincorporating the directors, report) Year ended 31 December 2024 The trustees, who are also the diredors for the purposes of company law, present their report and the rinancial statements of the tharty for the yeaf ended 31 December 2024. The financial statements have bèèn prepared in accordance with the accounting poliues sel out in notes to the accounts and comply with the charity'g governiTig docurnenl, thè Charities Acl 2011 and Companiès Act 2006 and Accovnling and Reporting by Charities.. Slatement of Rècommended Practice applicable lo charities preparing their accounts in accordance with the Financial Repotting Stsndard applicable ir¢ the UK and Republic of Ireland published in October 2019. R•for•n¢• and administrativo d•talls Regi$tsrnd ¢harfty namg C3istsr Volunteer Lifeboat Serviee Limiled Charlty rngl6tratlon numbfrr 262126 Company Tegl$tr8tlon numbgr 00993228 Prln¢lpal office and rngl$t•red offl¢• Lifeboat Slalion Tan Lane Caisl&r on Sea Great Yarmouth Norfolk NR30 5DJ The tru$tee¥ Tho tru$lees who seNed during the year and al the date of approval were as folk)ws'. Paul Garrod Ichairmanl Andrew Tumer (Vice Chairman) Guy Gib50n ICox$wainl exander Low (Secretary) Elaine Anderton (Resigned 1 October 2024) Jason Delf Richard Milès Paul Williams Kevin Wood
Calster Volunteer Lifeboat Service Limited Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) {¢onthued) Year ended 31 December 2024 Auditor Lovewell Blake LLP Chartered accountanls & statLrtory audilor Bankside 300 Peachman Way Broadland Bu5ine55 Park NoFwi¢h NR7 OLB Solicltors HKB Wiltshires 16117 SoLtth Quay Great Yamiouth Norfolk NR30 2RA Banker9 Bardays Bank P Leicester Leicestershire LE87 288 HSBC Holdings PIC 181 King Street Great Yarmouth Norfolk NR30 1LS Nafvlest Bank PIC Chalham, Waterside Court Chatham Maritimè ME4 4RT
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Trustees, annual report lincorporating the dlrectors, report) fcontsnued) Year ended 31 December 2024 Oblèctlves and a¢tlvltle$ The objective of the charity 15 the savin9 of livos of those in danger on the Sea and shores of the East Anglian Coastline. Publi¢ benefft The Trustees believe that the charitable objects are for the public benefit espeually bècaus& of the public's in¢rea$ing lack of awareness of the risks associated with se8 and water bome activities. The Trustees have ¢omplied with their duty in Section 17 of the Charities A¢t 2011 to have due regard to guidance published by the Charity Commission, induding public benefit. Achievemtsnts and p•rfomiance 2024 has been an exciting year for CVLS due the arrÉval at station of our new lrfeboal, rrIage and tractor and the opèning of our café al the lrf¢boat station. It has been 8 memorabla year both opeTalionally and adminislralivety for Ihts Directors, crew members and volunteers of the Cai51er Volunteer Lifeboat Service C'CVLS'I. The Inshore Lifeboat IILB) h8$ mel all our expectslion5. Wrth the Talus tractor meeting all the ILB requirements. Th& Olfshore Lifeboat IBernard Matthews 11) performed well in her final year al sta0. with a problems relatsng to the age of the boat. This year we continued to maintain thè organisational capability and effirAen¢y with emphasis on health and safety as well as training lor Ihe crew membèrs and volunteers, all ol which have contributed to the wellbeing of the organisalion. During 2024, the CVLS continued in its endeavours of 5awng lives of those in dan9èr on the sea and shores of the East Anglian cAJaslline, and in this regard, the official launches for the inshore lifeboat I'ILB") and the all-weath8r lifeboat C'ALB") and lifeboat 45-01 were as follows.. Bèmard Matthew511 17th April 2024 Report of dislre5s beacon Seaiched 30th May 2024 Motor cruiser JENNY Saved vessel and two I. September 2024 Se8r¢h for missing person Searched 5° September 2024 Search for missing swlmmer Searthed 21" September 2024 Medi-vac from Supply vessel FOUR WIND Person transferred to shore 18° December 2024 Search for missing pers(In Searched Llfeboat 45-01 19° August 2024 Person in the water Gave assistan¢e
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (¢i)ntinu8dJ Year ended 31 December 2024 Fr•d Dyble 11 30° May 2024 Casualties from MIC JENNY transferred to shore Persons in the water Gave assistance 1 5° July 2024 5° September 2024 Gave assistance Search for missing swimmer Saved 1 A seTièS of Standard Operational Procedures have been preparèd and verified and form the basis of Iraining and operational risk assessment. Heatth and safety remains an inlegTal part of our opèration, and the Trustees are pleased to state that there have not bèèn any inudents or accjdents during the yèar. To rnaintain rigorous HSSE poliryes and procedures the CVLS have retained thè services of an external professional health and safety nsultant lo ensure we are keeping abreast of any ¢hange5 in the rules and regulations. Thè CVLS manages the adminislralive and operational risks by monllorlng them on a regular basis, The current risk5 relale lo the organisation's business pÈrform8nce. mission, services provided. feputalion, financial stability and growth for future genefalions. In this regard. the board of trustèes ensure that all reasonable steps are taken to mitigaté such risks by using professional advice, trustee and crew Iiaining, appropriate operational proeedurÈ$ and polic¢es. the maintenance of the lifeboats and life5aving equipment as well as insurance ¢overing third party risks. The CVLS ¢8sh ¥eserves are primarily held in investments, which are rÈMewed on a monthly basis by the CVLS financial asset management committee 8nd quartedy with our exlemal financial advisors. We are continuir¢g to adapt a cau¢ious and mixèd prograrn lo balance relums on our investmènts with any potenlial risks.
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Trustees, annual report (incorporating the directors, report) {cortlnu8d) Year ended 31 December 2024 Flnanclal revlew Prlnclpal fundlng sources The majority of the charbty's income is from donations, lega¢les. fundraising and investment in¢ome. Results thé ar The results lor the year are shown in the accounts attached lo this report. The total income amounted to £644.407 12023 - £565.7841 of which £410,480 12023 £297,850) came by way of legacies. The total expenditure was £358,178 (2023 - £308,609118aving a surplus for the year. beforè unrealised investment gains and losses, of £286.229 {2023 £257.1751. The Twslees consider il prudent to sel a target s¢Jrplus for the year of £50.OCK) over and above anticipated operational Costs so that Designated Long Temi Funds will glow al a pace to counter write offs and depreciation thus when renewals of equipment are required the funds will be available. The TTuslees consider the finances of the charjty to be a Sound basi5. R•s•Nes and investments polley At the 31 December 2024 the charity had free resetves lexduding designated funds) comprisin9 unrestricted debtors, cash and creditors of £716.04612023'. £633,304>. Also as al 31 December 2024 the restricted funds of the charity were £19.968 {2023." £20,708) and the designated funds were £750.467 12023. £1,160.7791. The CVLS cash re$èrves are primarily held in invèstmènts, which are reviewed on a monthly basis by the CVLS Iruslees and qu8rteJly wrth our external finanual advisors. We afe continuing to adapt 8 Cautious an mixed program lo bal8n¢e réturns on our investments with any pl)I11a1 risks. Advice will b& tsken again on the investment of reserves in view of the current market trends and the requirement that Ihey be readily available. Fund5 arè also rèquired for the lulure daity running ol the st8tFon. The charity maintains a minimum level of reserve5 to manage the risk of a downtum in fvndiaising income wfthout detriment to the life saving sèrvices provided. 11 rnusl continuo lo work hard in the very competitive Work ol tharTrty fttnd raising lo raise sufficient income lo cover ils annual running cosls and generate additional funds for capital expenditure on Ihe lifeboat and lrfeboat station. The Trusleas do not consider the reserye5 to be excessive. The Trustees individualty and colle¢tiVgly believe the finances of tho ¢haiity are satisfactory.
Caister Volunteer Lifeboat Service Llmlted Company Limitsd by Guarantee Trustees, annual report (incorporating the dlrectors. reportl f¢¢MLlnuedl Year ended 31 December 2024 Plan$ forfuture perfods The directors continue to monitor the >year business plan regularly. We shall eonlinue with our program to increase income, reduce gxpènses review environmental issues. In 2024 our boat committee was busy overseeing the complètion and arriv81 of lifeboat 45-01, tractor and earriage. Last year we mentioned that we were getting into a position ol having one of the best sel up5 of lifeboat station in the country. We now think that we have Teached that goal, with a lew teething problems with lifeboat 4&01 that arè èasily rectified, either through sts manufacturer or our dedicated crew themselves. The organisation is now something we can all be proud ol and a great legacy for us lo leave for the future to Caisler. the Borough of Greal Yamiouth and in fact the whole of Norfolk. 2025 should also be an exciting year with all of our hard working volunteers manning our shop and museum. which have both gone from stn91h lo strength over the last year. The new lifeboat 45-01 will be on station in the early part ol January 2025 and the Bemard Matthews 11 will leave Caisler on her final voyage lo pastures in Holland. The continuing succe55 of CVLS 15 dependent upon the teamwork of Ihe crew members and volunteers of the CVLS and the Trustees extend Iheir sincere appreciation lo all of them for the dedication and Support thèy have provided lo our organisation in the past yèar. Furthermore. the Chair extènds sTrncere appreciation of the board of trustees, ¢rew members and volunteers and to all those org8nis*ions and indiwdvals who have continued lo financtally support the CVLS during 2024. As an independent and volLtntary charity we would not be able lo function were it not f(>r the generosty of the community and their continued support. Stru¢ture, governanc• and manag•m•nt Governing doeumènt Caistèr Volunteer Lifeboat Service Limited is a company limited by guarantee governod by ils Memorandum and Articles of Assoc¢ation dated 2 November 1970 85 8rfjended 14 July 2004. Appointment of trustees Tr¢Jstees arè appointed a5 and when Tequired from pèrsons who are consideied to have appropriate knowlèdge and experience lo help run the charity. As sel out in the Articles of Association and all members receiv8 notices, are circulated prior to the AGM for nomination5. Trvslees retire by rotation 1113rd each yearl bul all may appty for re-election. Thère may be a minimurn of 8 trustees and a maximurn 0115. All trustees are given specific responsibilblies. The Tnjslees. 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 sel out on page 1 including the dates of any changes.
Caister Volunteer Lifeboat Service Limlted Company Limited by Guarantee Trustees. annual report (incorporatlng the directors. report) (tonunuedj Year ended 31 December 2024 StructUT•I gov•man¢e and monaoom•nt{eOnlinuedJ Twsts•s Induction and trnlnlng New Trustees are provided with a brief of the charity and its fun¢tions and are given copie5 Of.. Memorandum and Arti¢l¢s ofAssocAation', Latest ac¢ounts Minutes of the last AGM and of the last Ih¥ee Difectors meetings Trustee5 Duties Charity Commission booklel'The Essential Trustee.. what you need to know, what you need lo do". All Trustees arè èncouraged and eXPted to attend necessary training and reviews of new Iruslee and charity law requ1montS. Organl$tlonalstructure The Trustees are thè Council Members and Dire¢tor$ of the c4)mpany. They meet regularly throughout the year lo transact the charlty's business. Truslees are expectsd to accept responsibilities for various lun¢tions ol the charity and lo sit on Su¢0mMitteeS (which report monlhlyl ¢overin9.' he8h and safely propety., opeTalions'. and visitors, ceTilre. As in previous years the charity is depend&nl on, and very grateful for, the efforts of a loyal groLtp of volunteers who help with the general running of the tharity. Govemance and Intemal control Risk assessment. training and updating working pra¢tices is an essential part of the senrice. The aim is for all oparatsonal crew members to be given the opportunity lo train in operating and maintsining all facilities of the service. All crew tnembers conlinue lo undertake appropriate ongoing training in updating woiking practices to the standard required by the Royal Yachting Associakn'on IRYAI. A review of woiking procedures is continually being undertaken. Risk assessments foi lifeboats and Sheds have been cornpleted. Financial controls are continually ieviewed with advice fiom Lovewell Blake LLP for best practice methods. Thè TrLslees also consider Ihgii own individual performances and each committee gives ¥ report ol ils performance lo the AGM. Fundraising A fvndraising poliw is provided to all involved in fundraising on behalf ol the charity setting out the expected gènéral behaviour. methods of asknng for support and ensuring donors are infoTmed and ttgaled fairly. To the best of their ability the TTUStees monitor those who ale iaisiny funds on behalf of the charity to Ènsure the policy is adhered to. The charty is not registered with the Fundraising Regulator bui should any complaints be received by the chaiity regarding fundraising, the Tiustee$ would deal with these accordingly.
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (¢onlTnued) Year ended 31 December 2024 Stru¢tUfe, goveman¢e and management (cottthuedj Rlsk management The CVLS manages the administr81ive and operational risks by monitoring thèm on a regular basis. The current risks ièlalé to the organisalions business performance, mission. setvices provided. reputation, financial stability and growth lor futu generations. In this regard. the Board ol Trustees ensurè that all reasonable steps are taken to mitigate such nsks by using professional advice, trustee and crew training, appropriate operational procedurès and policies, the maintenance of Ihe lifeboats and lifesawng equipment as well as insurance covering third paty risk$. Trust••s' rèspon$ibiliti¢s ststement The Iru$lees. who are also directors for the ptsrptssès of company law, are responsible for preparlng the Itustees. report and Ihe financial statements in a¢¢ord8nce with applicable law and United Kingdom Accounting Slandards Iunited Kingdom Generally Accepted Accounting Practioel. Company law requires the charity trustees to prepare financial statements lor each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and appli¢ation of sources. induding the income and expenditure, for that peiiod. In prepartng these financial slatemenls. the trvstees are required to.. select suitable accounting poliaes and then apply them consistenuy., obselve the rnethods and principles in the applicablè Charit¥È$ SORP 2019 (FRS1021.' make judgments and ac¢tsunttng estimate5 that are reasonable and prudènl., statè whether applicable UK accounting standards havè been followed, subject to any material dèpartuies disdosed and explained in the finanaal statemènts", prepare the financial statements on the going concern basi5 unless it is inapproprtate to presume that the charity will continue in businèss. The trustees 3re responsible for keeping adequate accountin9 re¢oids that are sufficient lo show and Èxplain the charity's Iransactions and disclose vlith rèasonable accuracy al any time the financial position of the chaiity and enable them to ensure that the financial stslemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps fw the prevention and detection ol fraud and other irregularities. Audltor Each of the persons who Is a trustee at thè date of approval ofthis report confimis that.. so far as they ale aware. there is no relevant audit information of which the charity's auditor is unaware.. and they have taken all steps that they ought io 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.
Caister Volunteer Lifeboat Service Limited Company Llmlted by Guarantee Trustees, annual report {Incorporating the directors, report) lcontinued) Year ended 31 December 2024 Small company provision$ This report has bean prepared taking advantage of the small comp8nies' exemption of section 415A of the Companies Act 20(. The trustees, annual report was approved on trustees by". 4 June 2025 and signed on behalf of the board of Garrod (Ghairman} Tnjslee
Calster Volunteer Lifeboat Service Limited Company Limited by Guarantee Independent auditorfs report to tho members of Caister Volunteer Llfeboat Service Llmited Year ended 31 December 2024 Oplnlon We have audited Ihe financial statements of Cai51er Volunteer Lifeboat Servicè Limited Ilhe 'chaTty'I for the year ended 31 December 2024 whi¢h comprise the statement of financial aetiVTbes lincluding income and expenditure account). balance sheet. statement of cash Ilows and thè Telaled notes, including signifi¢anl accounting polieiè$. The financial reporting framework that has been applied in their preparation is applicablè law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Stsnd8rd applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In 04Jr opinion the financial slalements.. givè a true and fair view of the state of thè ¢harity's affairs as at 31 Decembèr 2024 and of its incoming r6sources and application of resource5, including ils income 8nd expenditure, for the year then ended-, have been properfy prepared in a¢¢ordance wlh United Kingdom GenerlY Accepted Ac¢ounling Practice., and have been prepared in accordance with the requirèments of the Companies Act 2006. Basi$ for opinion We conducted oui audit in ac¢ordan¢e with International Standards on Audf(ing IUKI IISAS IUKII and applicable law. Our responsibilrtie5 under those standards are further described in the Audilor responsibilities for the audrt of the financial statements section of our rèport. We are independent of the charity in accoidance with the ethi1 requirements that are ièlev8nt lo our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and wè have fulf111ed our other ethical SponSIbl11.es in acrdanCe with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng ¢on¢em In auditing the financial statements, we have concluded that the Iru51ees' use of the going Coneem basis of 8c¢ounling in the preparation of the financial st3tetnenls 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties lating lo events or conditions that, *ndividualty or collectively, may cast Significant doL4bl on the charity's ability lo continue as a going concern for a period of at leasl e1ve months from when the financial slalements are authorised for issue. Our respon5ibilthes and the responsibilttias of the Iiuslees with respect to going concem are described in the relevant sections of this report. 10
Caister Volunteer Lifeboat Service Llmited Company Limlted by Guarantee Independent auditor's report to the members of Calster Volunteer Lifeboat Serllce Limited le0ntlnd) Year ended 31 December 2024 Other Infomiation The other information comprises the information included in the trustees. annual report, other than the financ4al statements and our auditor's report Ihereon. The trustees are responsible for the other infomiation. Our opinion on Ihe financial slalemènts does not covei the other inlormation and, except lo the extent olhetwisè explioitty slated in our report. we do not express any form ol assurance conClusn Ihereon. Our respon5ibilÉty is to read the other infofmalion and, in doing so, consider whether the other infomation is materially inconsislenl with the financial stalernents OT our knowledge oblained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatemenls, we are required to determine whether this gives rise to a material misstatement in the financi81 slalèmènts themselves. If, based on the wot* we have performed. we conclude Ihat there is material misslalemenl of this other information. we are qUired to report that fact. Vve have nothing to report in this regaTd. Oplnlong on other matter¥ prèserlbed by the Compan1 Aet 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in thè trustees. Teport which includes the directors, report ppared foi the PL¢rposes of company law, for the financial year lor which the financial statements are prepared is consistent with thè finanaal stalemen15', and the directors report included within the trustee5' report has been prepared in accordance with applicable legal requirements. Mattorn on which we are requlred to report by exceptlon In the light of thè kn()wledge and understanding of the charity and its environrrent obtainèd in the course of the audit, we have not identified material misslalements in U)9 directors, report included within the trustees, report. We have nolhlng to report in respect ol the following matters in relation lo whi¢h tho Companies Act 2006 requires u5 to report lo you if, in our opinion.. adequate accounting recoTds have not been kept. or returns adèqualè for OUT audit have not been received from branch¢s not visited by us., or the financial staterrlents aTe not in agreement with the 8c¢ounting records and returns., or certain disclosures of Iruslees, wmunefation sperAfied by law arg not made., or we have not received all the Information and explanations we require for our audit,. or the Iruslees wèra not entilled to prepare the financsal statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the directOTS' report and l¥om the requirement lo prepare a strategic ieport. 11
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Independent auditorfs report to the members of Caister Volunteer Llfeboat Servi¢e Limited (¢ontlnued) Year ended 31 December 2024 R¢$ponsibilities of trustees As explained more fully in thè trustees, respon5ibililies statement (sat out on page 8}. the trustees {who aro also the directors of the ¢harty for the purposes of company lawl are responsible for the preparation ol tho financial st3tetTren15 and for being satisfied that ihèy give 3 true and fair view, and for such internal control as the trustees delemiine is necessary to enable thè preparats'on of financial slatem&nts that are free Irom material Tllisstatement. whether dtje to fraud or error. In Pfeparing the fjnanclal slalemenls. the trustees are reSponsie for 4$se$sing Ihe charity's abilty to contsnue as a going concern. disclosing. as applicable, mattars rèlated ¢0 going concern and using the going eoncem basis of accounting unless the trusteès erther intend lo liquidate the charity or lo cea58 operation5. 01 have no realistic alternative lo do so. Auditor's responslbllitl•s for the •udit of the financial statements Our objectives are lo obtain reasonable assuTance aboLrt whether the financial slalemenls as a whole are free from material m$slalemenl, whether due to traud or error, and lo issue an auditorfs report th indudes our opsnion. Reasonable assurance is a high I•1 of assurance, bul is not a guarantee that an audit ¢onducled in accordance with ISAS IUKI will ahN8ys detect a material misstatement when il exisls. Misslalements can arise from fraud or errtsr and are considered material if, individually or in the aggregate, they could reasonably be expected to tnfluence the economic deasions of usets taken on the basis of these financial statements. Irrèyularilie5. including fraud, are instances of non-cornpliance with laws and regulations. We design piocedure5 in line with our responsibilib'es, outlined above, to detect material misslalemenls in respect of ifTegularities, induding fraud. The èxtènt lo which our procedures are capable of detecting irregularities, induding fraud is detailed below". Enquiry ol management and those charged with govèmance., Enqulry of entity staff compliance functions to identify any instances of non-complianctt with laws and regulations,. Reviewing fin8n¢ial slalernenl disclosures and testing lo supporting documentats'on to assess compliance w¢lh applicable laws and regulations. Performing audit work over the risk of management override of controls, indudin9 testing of joumal entries and other adjustments for appropriateness, evaluating the rationale of Significant transactions outside the normal course of activrties and reviewing accounting estimates for bias. Because of the inheienl limitations of an audit, there is a risk that we will not detect all irregularities. including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This sk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, a5 we will be less likely to bècome aware ol instances ol non-compliance. The risk is also 9realei regarding irregularities occurring due lo fraud lather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepre5enlation. 12
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Independent auditorfs report to the members of Caister Volunteer Llfeboat Service Llmited (conllnued) Year ended 31 December 2024 A furthèr description of our responsibilile5 available on the FRC'S website at www.frc.oig.uklaudilorsresponsibililies. This des¢ription forms part of our auditorfs report. U$• of our report This report is made solely to the charity's members, a5 8 body, in aordanCe with Chapter 3 of Part 16 of the Companies Act 2006. Our audit woik has been undertaken 50 that we might state to the charity's mernbers those matters we are required to stale lo them in an auditorfs report and for no other purpose. To the fulle51 Èxtent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's membef5 as a body, fr>r our audit work, ftsr this report. or lor the opinions we have fom¢d. Mark Proctor FCA DChA (Sènior Slalulory Auditor) For and On behalf ol Lovewell Blake LLP Chartered accountants & slalutory atsdilor Bankside 300 Peachman Way Broadland Busines$ Park Norwich NR7 OLB 2310712025 13
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee statement of financial activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total fund8 2023 Unrèstrteted lunds Total fvnds Notè In¢ome and tndowinents Donations and legacies Other trading activities Investment incomo Other income 507,620 85,400 9,497 40,918 972 508.592 85,400 9,497 40,918 489,081 60,154 16.549 Total income 643.435 972 644,407 565,784 Exp•ndÉiurè ExpendItU on Taising fijnds.. Costs of other Irading activitiè$ Investment management cost$ Expenditure on charitabl8 a¢tivilies Total expenditure 141,9931 121,7911 1293,5141 1357,298} 141,993} 121,791) 1294,3941 131,6501 116.5751 1260,3841 1308,6091 10 1880} 1880) 1358.1781 Nèt Incomè and net movements in funds b¥fore gain5 and losses on Inv•$tments 286,137 92 286.229 257,175 Net gains on investments 12 130,137 130,137 99,224 Net Ineomt btfore transfer of funds 416.274 92 416.366 356.399 Transfers beeen funds 832 {832) Net movement in funds 417,106 1740) 416,366 356,399 Reconcilia0 of fund¥ Total funds brought lo¥waTd Total funds carried for4vard 5,440,562 20,708 5,487,270 5,104,871 5,857.668 19,968 5,877.636 5,461,270 The slalernent of financial activities includes all gains and losses reeognised in the year. All income and expenditure derive Ifom continuing acl'vilies. The notes on pages 17 to 28 fonn part of thesè Ilnanelal $tstements. 14
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Balance sheet 31 December 2024 2024 2023 Nots Flxed assèts Tangible fixed assets Inve51menls 17 18 3,670,169 1,471.453 5,141,622 3.356,775 1,450,483 4.807,258 Current assets Stock Debtors Cash al bank and in hand 19 20 26,016 349,421 438,428 33.900 147,514 807.315 813,865 788.729 Cr•ditors: Amounts f#llln9 due within one yèar 21 {77.8511 1134.71n Net current assets 736,014 854.012 Total a83ets le$$ ¢urr•nt Ilabllltles 5.877,636 5.877,636 5.461,270 Net •s$•ts 5,461,270 Fund¥ ofthè charity Restricted funds Unrestricted funds 19,968 5,857,668 20,708 5,440,562 Total charity fvnds 22 5.877,636 5,461,270 These financial slatemenls have been propared in accoidance witl) the provisions applicable to companies subject lo the srnall companies, regime. These financial statements werè approved by Ihe board of tr stees and aulhorised for i$$ue on 4 June 2025 and are Signed on bèhalf of Ihe boaid by.. au Garrod {Chairmanl Trustee Tu erl Chairman) Trustee Company regislr8tr.on number.. 00993228 The notès on pages 17 to 28 fomi part of these financlal ¥tstsm¥nts. 15
Caister Volunteer Lifeboat Service Llmlted Company Limited by Guarantee statement of cash flows Year ended 31 December 2024 2024 2023 Cash flow8 from operating actlvltl•s Nel income 416,366 356,399 Adjustments for." Depreciation ol tangible fixed 855ets Net gains on investrnenls Dividends. interest and rents from investments Othèr interest receivable and similar income Gains on disposal of langible fixed assets 112,670 {130,137 {3.1761 {6.3211 (40,9181 91,317 199,2241 19,25n 17.2921 Changes in.. Stock Tradè and other debtors Trade and other creditors 7.884 1201.9071 156,8661 97,595 123,631) 13,584} 82,844 Cash generated from operallon8 367,572 Interest received 8,321 7,292 Net cash from operating acllvitleg 103,916 394,864 Cash flows from Invèstlng activities Dividends, interest and len15 from investments Purchase of tangible a55els Proceeds from sale of tangible assets Purchase5 of other investments Pioceeds from sale of other investments 3,176 9,257 {482.646} 11.392,9341 97.500 1428.0171 537,184 1538.1851 543.468 Net cash used in investing activities {272.8031 {1.378.3941 Net decr8ase In eash and ¢oJh equlvalents Cash and tash equivolents at boglnnlng of y•ar Cash and cash •quiVaftts at end of y•ar 1168,8871 607.315 1983,530) 1,590,845 438,428 607,315 The notes on page$ 17 to 28 forni part of those flnanelal $tstemeTts. 16
Caister Volunteer Lifeboat Service Limited Company LSmited by Guarantee Notes to the financial statements Year ended 31 December 2024 G•n¢ral Information The ch8fity 1$ a public benefit entity and a private company limitèd by guarantee, fegislered in England and Walès and a registered charity in England and Wale5. The address of the registered office is Lifeboat Statson, Tan Lane, Caister on Se8, Greal Yarmouth, Norfolk, NR30 5DJ. Ststsm•nt of complian¢• The charity ¢onslbtutes a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recomrnended Pr8Ctice applicable to chaTilies preparing their accounts in ac¢ordance with Ihe Financial Reporting Standard applicable in Ihe UK and Republic of Ireland issued in Oetobei 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102}, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounling Practice. Ac¢ountlng pollcles {al Basb5 of proparatlon The financial statements have been prepared on the hisl¢tt¢al cost basis. a5 modiffied by the revaluation of cèrtain financial assets measured at lair value through Income or expenditure. Ibl Golng concern The financi81 statements have been prepared on a going concem basis as the Trsjslees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level ol income and expenditure lor 12 months from authoiising these financial $tatements. The budgeted income and expenditure is sufficient with the Ve1 of reserves for the charity to be able to continue as a going conceTn. Icl Judgements and key sources of estimation uncertainty VAT Under VAT rules applicable to rescue chariliès the charity has prewously recovered input val on overheads reslricled at a level agreed by HMRC. In the current and previous financial years, substantial works havo beèn cornpleted to the pioperty of the charsty in order lo a¢¢ommodate a new lifeboat. As the property housès, not only the lifeboat. but also the café and the shop. the VAT recovery on the works has been restricted to 81% being the 8v8rage split of bu5ine55 and non business Income as per the basis of the calculation by HMRC PTeviousty. The VAT lo be recovered is induded in debtQf$ at the year end as a claim is yet to be made. {dl Fund accounting Unreslri¢ted funds are available for us$ at the discretson of the IrusleÈs to further any of the charity's purposes. Designated funds are unrestricted fvnds earniarkéd by the trustees foi particular future project or commitment. Re51rietèd funds are subjected to restri¢lions on their expenditure dedared by the donoi OT Ihiough the terms of an appeal. 17
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements {eonllnuedJ Year ended 31 December 2024 A¢eountlng policles (conilnued) (•} Income All income is ineFuded in tt)e ststemenl of financial activi'es when enlillemenl has passed to the charity, it is probable that the economic benefits associated with the Ir8nsaction will flow to the charity and thè Amount can be reliably measured. The following specific policies are app16ed lo particular categories of income.. Income from donatton$ or giants Is recognised when there is evidence of entitlement to thè gift, receipt is probable and its amour71 can be measured relrably. Pecuniary legaries are recognised as receivable oncè piobate has been granted and notification has been received. Residuary legaciès are rOgniSed as receivable oncè Pfobale has been granted, notification has been received and where they can be valued. Residuary legarAes with a life inleresl are only valued where109al title has passed lo the Charity. Income from donated goods is measured at the fair value of the goods unless this is Impra¢li¢al to measure reliably, in which case the value ts deiived frorn the cost to the donor or the estimated resale value. Donated facilrties and sèrvices are recognised in the accounts when received if the value can be reliably measured. No 8moun15 are inctuded for thè contribution of general volunteers. Income from trading 15 included in the year in which it is rèeeivable. Investment income is induded when rèeéivable. lfj Expenditure Expenditure 1$ regnISert on an accruals basis a$ a liability 1$ in¢urTed. Expenditure includes any VAT which cannot be fully recovered, and is classtfi8d under headings of the statèment of financial a¢b-vilies lo which it Telates.. Expendiluie on raising funds In¢ludes the costs of all fundraising activitiès, events, non-charitabla trading actiwlies. and the Sale of donaled goods. Expendilure on charitsble activities includès all costs incurred by a charity in undertaking acliwties that further 115 charilable aims lor the bènefit of ils beneficiaries, including thosè support costs and cost5 ielating to the governance of the ¢harily 8pportioned to charitable activites. Other expenditure indudes all expenditure that is neither related to raising fvnds for the charity noi part of its eypendiluie on charitable activities. All ¢o$ls are allocated to expenditure calegoiies lleCtIng the use of the resour¢e. Direct costs attributable lo a single actiwty are alloced directly lo that acliwly. Shared costs are apportioned between the activities they Contribute to on a reasonable, juslifiable and cons151enl basis. Igl Tangibl• assèts Fixed 85set5 are slaied al cost of an asset, less accumulated depreciation. 18
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements icontlnu•d) Year ended 31 December 2024 Accountlng poll¢les (¢onVnu•¢lJ Ihl 08preclatlon Depiecialion Is calculated 50 as lo write off the Wst or valuation of an asset. less its residual value, over the useful economic lile of thal asset 85 foltows.. Long leasehold property Shed, slipway and Visitor Centre Motor Vehicles Lifeboats and equipment Straight line over the life of the lea$È 4.76Qh straight line- 25. redUCAr balance 25°A reducing balance IO•A_ 20°A reducing balance Assets under conslru¢tion are not depreciated until these are broughl into use. 11} Inv•$tm•nts Listed investments are measured at fair value with than90$ in fair value being Tecognised in proffil Qr loss. Ul Stocks Stocks afe valued at tho lower of cost and nel realisable value, after making due allowance lor obsolete and slow moving items. Ikl Financial instruments A financial asset or a ffinan¢ial liabilty is recognised only whèn the entty becomes a party to the contractual provisions of the instrument. Basic finanal instrkjments are initially recognised al the amount receivable 01 payable including any rel*ed transaction costs, unless the arrangement constitute$ a ffinanang Iransacbon. whe¥e il is ognised al the present value of the future paymen15 discounted at a market rale of interest for a similar debt instrument. Current assets and Curnt liabilities are subsequently measured at the cash or other consideration eX¢ted to be paid 01 received and not disco¢Jnted. Debt inslrumonls are subsequently measured al amorts'sed cost. Llmlt•d by guarantse Caisier Volunteer Lifeboat Service Limitèd is a company limited by guarantee and accordingly does not have a sha capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the as5els of thè company in Ihe evenl if il being wound up while he or she is a member, or within one yeaT after he or she ¢eases to be a member. 19
Caister Volunteer Lifeboat Servlce Limited Company Limited by Guarantee Notes to the financial statements 1¢oftfrnu¢d) Year ended 31 December 2024 Donatlons and l•gael•s Unrestrieted Funds Reslricled Total Fund$ Funds 2024 Don•tlons Donations Gfft aid 70,060 4,834 972 71,032 4,834 L•gaelès Lega¢ie$ 410.480 410,480 Sponsorshlp Sponsorship 10,000 10,000 Subscrlpllon$ Subscriplion5- 'Friends' 1,330 1,330 Other donatlons and 1•gaci Collection boxes 10,916 10,916 507,620 972 508,592 Unreslricled Funds Restricted Total Funds Fund$ 2023 Donations Donations Gift aid 88.781 3.702 89,004 177,785 3,702 Lega¢loS Legactes 297,850 297,850 Sponsorship Sponsorship Sub$¢riptions Subscriptions - 'Friends' 1,390 7.390 Other donatlon$ and leya¢i•8 Collection boxes 8,354 8,3S4 400,077 89.004 489.081 20
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements i¢onllnué Year ended 31 December 2024 othor tradlng a¢tlvltle8 Unrestrictad Total Funds Unrèstricted Total Fund5 Funds 2024 Funds 2023 Fundraising speclal events Cale sales Souvenir sales Rental incomg 28.388 3,690 43,530 9,792 28,388 3.690 43,530 9,792 18,714 10,372 31,068 18,724 10,372 31.068 85.400 85,400 60,154 80,154 Investmènt In¢omg Unrestridèd Total Fund$ Unrestricted Total Funds Funds 2024 Funds 2023 Investment income Bank interest receivable 3.176 6.321 3.176 6.321 9,257 7,292 9,257 7,292 9.497 9.497 16,549 16,549 Oth•r Income Unrestricted Totsl Funds UnTesliicled Total Funds Funds 2024 Funds 2023 Profit on sale of tangible fixed assets 40.918 40,918 Co$ts of other trading a¢tlvltl¢s Unreslricied Totsl Funds Unrestricted Totsl Fund5 Funds 2024 Funds 2023 Souvènir costs Cafè costs Fundraising evwl$ 26.432 1.542 14,019 26,432 1,542 14.019 16,242 3,752 11.656 16.242 3,752 11,656 41.993 41,993 31.650 31,650 10. Investmènt management ¢o$ts Unresth'cted Total Fund$ Unrestricted Total Funds Funds 2024 Funds 2023 Portfolig managemenl 21.791 21,791 16,575 16,575 21
Caister Volunteer Llfeboat Service Limited Company Limited by Guarantee Notes to the financial statements (conllnutd) Year ended 31 D8cember 2024 11. ExpendStur• on eh•rltable a¢tSvitle8 Unrestricted Funds Restricted Total Fund¥ Funds 2024 Boat and tractor running expenses Property costs Office costs Depreaation Insurancè Profession81 fees Govemance cost5 {seg below) 53,198 64,416 22,069 112,670 15,932 7,336 17,893 820 54,018 64,416 22,129 112,670 15,932 7,336 17,893 60 293,514 880 294,394 Unreslrided Funds Restrioled Total Funds Funds 2023 Bo81 and tractor running expènsès Property costs Office costs Deprecialion Insurance Profession81 feey Govern8nce c051s {5ee below) 78,533 34.785 20,877 91,317 7,272 6,156 18.780 2.604 81,137 34,785 20,937 91.317 7,272 6,156 18,780 257,720 2.664 260,384 Analysis of governaneè eo$ts: Unreslri¢led Funds Restricted Total Funds Total Funds funds 2024 2023 Auditor remuneration - audit other seNces 16,800 1,093 16,8(Xl 1.093 14,580 4.200 17,893 17.893 18,780 12. Net gains on Invèstments Unrèstricted Total Funds Unrestricted Total Funds Funds 2024 Fund5 2023 G8inslllo$$e$) on other investment assets 130,137 130.137 99,224 99,224 22
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements (cOnnUe} Year ended 31 December 2024 13. Net income Ng1 income is staled after thaigingllugditin91.. 2024 2023 Depreciation of tangible fixèd assets Gains on disposal of tangible fixed assets 112.670 (40.9181 91,317 14. Auditor• rgmunèration 2024 2023 Fees payable for the audil of the financial statements 16,800 14,580 Fees p8y8ble to the charity's auditor and ils associates for other seNices.' Other non-audll servi¢es 11,914 8,640 15. Stsff costs No salaries or wages have been paid to employoès, induding Ihe Trustees, duiing the year. 16. Trustee remuneration #nd èxpènsè$ No remuneration or other benefils from employment wsth the charity or a related entity were receive(I by the trustees. No tTUSt•es have claimed expenses or h8d their expenses met by the charity- 23
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements (condnu8dJ Year ended 31 December 2024 17. Tangible flx•d a$$•ts Sh•d. Long sllpway and leasehold Visit¢T Asset under propèrty Centre construction Llfeboats Motor and v•hielè$ equipment Total Cost At 1 Jan 2024 Additions DIspos8ls Tfansfers 250 1,129,120 3,011.369 57,011 423.560 12,471 993,687 5,146,897 2.075 482,646 (477,3361 1477,3361 760.635 {760,6351 1,946.7fj6 2.674,294 Al 31 De¢ 2024 250 12,471 518,426 5,152,207 Dgpr•clatlon At 1 Jan 2024 Charge lor the year Disposals At 31 Dèe 2024 140 945,113 9,709 835,160 1.790,122 87,740 690 24.235 112,670 (420.7541 1420,7541 438,641 145 1.032,853 10.399 1,482,038 Carying amount At 31 Doc 2024 105 913,913 2.674,294 2,072 79,785 3.670.169 Al 31 Dec 2023 110 184.007 3,011,369 2,762 158.527 3,356,775 Projects lating to the slipway works and redesign ol the shed were completed during the year and Iherefoie transferred Irom assets under construction to shed. slipway and visitor centre. 18. Inv•stm•nts other investm•nts Cost or valuatlon At 1 January 2024 Additions Dispos81s Fair value movements Cash rnovements 1.450.483 428.017 (488,36n 81,219 101 At 31 Decèmber 2024 1.471,453 Impairn)ent At 1 January 2024 and 31 De¢ember2024 Carrying amount At 31 D•cemb•r 2024 1,471.453 At 31 Dernber 2023 1.450.483 All investmen18 shown above are held al valu*S0n. 24
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial ststements iconllnu•dJ Year ended 31 Dec8mber 2024 18. Investments Icontiny¢d) Indvded in the fixed a55el investments are cash deposlts which are held within Iho United Kin9dom of £14.851 12023.. £991 and olheF listéd investments £1,458,602 12023.. £1,450.3841. Fixed asset investments partly rèpresent the balance of the Desi9nated Lon9 Temi Fund. The following Investments represent more than 5°h of the fixed asset investrnenls- 2024 2023 Wavèrton Strategic Equty Fund P GBP Waverton Absolute Return Fund P GBP Acc Waverton Sleding Bond Fund P GBP In¢ Waverton Real Asset Furbd Class P GBP Dislrubylion 315,985 86,979 188,602 114,670 107,193 86,449 43.066 47,767 19. Stocks 2024 2023 Slock 26,016 33,900 Stock relates lo goods for resale. 20. Debtorn 2024 2023 Trade debtors Prep8ytnents and accrued income Other debtois 14.625 36.792 298,004 73 23,835 123,606 147,514 349,421 The ¢harity had contingent 85sets in the fomi of leg8aes due al 31 December 2024 and 31 December 2023. 11 is not possible lo estimate the total financial effect of the legacies and Ihereftsr8 no ac¢rual has been made. 21. CTedltor8: Amounts falling du• wlthin one year 2024 2023 Trade creditors Acciuals Oth6r creditors 9,092 82.759 6,000 95,218 39.499 77,851 134.717 25
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financlal statements (condnued) Year ended 31 December 2024 22. Analysls of ¢harStable funds Yèar end•d 31 Decemb•r 2024 Balance at 1 Jan 2024 ILo$sesllgalns Balancfr at and tran$f•r¥ 31 Dec 2024 Income Exp•ndltur• Designated lund$ Designated Long Tèrm Fund GèFb•ral Funds 1.160.779 4.279.783 1410,3121 541,281 750,467 5.107,201 643,435 1357,2981 5,440.562 643,435 1357.2981 130,969 5,857,668 Restrlcted funds Harry Pascoè Training Fund Annètte Thud¢)w 2Q.708 140 832 18801 19,968 18321 18321 20,708 972 18801 19,968 Total fvnd¥ 5,461.270 644,407 1358,178) 130,137 5.877,836 Year ended 31 D*¢ornber 2023 Balance at 1 Jan 2023 ILo$$esllgains Balance at ond transf•rs 31 Dec 2023 Ineome Expenditur• Designated funds Designated Long Tem Fund All Weather Lifeboat Fund D Cracknell Legacy 1,085.900 74,879 1,160,779 10,000 544,216 {10,OOCII 1544.2161 1479,3371 1,160,779 688,145 4.279,783 1,640.116 3,420.803 General Funds 476,780 1305,9451 1305,9451 5,060,919 476,780 208.808 5,440.562 Restricted funds Harry Pascoe Training Fund New Lifeboat Fund Annètte Thudow 23.232 653 20,067 {2,664) 20,708 {6531 1108,9311 1109,584) 88,864 43,952 89,004 12.6641 20.708 Total fund$ 5.104.871 565,784 1308.609} 99,224 5,461,270 The Designated Funds are held in prÈparalion for Ihe futurt replacement of the All Weather Lifeboat. The Harry Pascoe Training Fund represents ftEnd5 received in memory of Harry P8scoe for the training ol lifeboat crew and members.
Caister Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the financial statements iconUnu•dJ Year ended 31 December 2024 The New Lrfeboal Fynd and Annette Thudow Fund represents funds ceiVed lowar(*s the purch8sa of a new lifeboat. The transfer from the A Trnette ThUOW fund during the yeaT IS towards costs of the new boat being built which is included in assets unoer constiuclion. 23. Analysis of net assets b¥tw•èn funds As at 31 Dg¢•mbor 2024 Tangible rixed assets Investments Net ¢urront assèts Total 2024 Restrlcted in¢om• funds Harry Pascoe Training Fund 19,968 19,968 Unrestricted Income funds Designated Funds General Funds 750,467 720.986 750,467 716.046 5,107,201 3.670.169 3,670.169 1,471.453 716.046 5,857,668 Totsl 3,670,169 1.471,453 736.014 5,877,636 As at 31 December 2023 Tanglble fix•d assets Investments N•t curr•nt •$$èts Totsl 2023 Restrlcted income lunds Harry Pascoe Training Fund 20,708 20,708 Unrèstrl¢ted Income fundg Designated Funds Gene{81 Funds 1,160,779 289,704 1,160.779 4,279.783 3,356,775 633,304 3,356,775 1.450,483 633,304 5,440,562 Totsl 3,356,775 1,450.483 654.012 5,461.270 24. Analys18 of ¢hange$ In net debt At Al 1 Jan 2024 Cash flows 31 Dec 2024 Cash al bank and in hand 607,315 {168,887) 438.428 27
Calster Volunteer Lifeboat Service Limited Company Limited by Guarantee Notes to the flnancial statements (conthimd) Year ended 31 December 2024 25. Commltment During the year ended 31 De¢ember 2021 a pfojecl commenced lo build a new lrfeboat for a total cost of £1,600,000, a further £10.000 wa5 agreed in the prior ygar. The project was completèd duTing the year ended 31 De¢ember 2024. Work5 have alscs commenced in relation to slipway works, and thè Challènge and lifeboat carriage. The final payment in relation to the project has been accnjed within the financial slatements theiefoie there is no ongoing commitment post year end. Therè were also works relating lo a project loi the redesign ol the shed. The final payment in relation to the project has been accrued within the financial statements therelore Iheie is no ongoing commitment post year end. 26. Relat partl•s Durlng the year the charity purchased goods and 8ervices trom the following.. Williams Garage IP Williams}- £27812023.. £266 relating to van servi¢ing and tspairs). White Swan Fish & Seafotsd IP Williams) - £Nil 12023.. £488 relating lo the purchase of fish for fete dayl. Furzedown Hotel IP Garrodl- £540 rel81ing to a Christmas meal12023.. £Nill. £Nil12023'. £Nill was owing lo of frorn the above at the yeaf end. Donations of £10 were received from Iruslees duTing 1he year12023'. £50). 27. Indemnity insurane• The chanty paid £829 12023.. £1,508) for insurance lo indemnify irustees and senlor staff from any loss arising from neglect or defaults of tfuslÈes OT staff and any consequent loss. 28