Registered number.. 01098775 Charity number: 266406 MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balancg shggt 10-11 Notes to the financial statements 12-24
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Mr Christopher Payne, Trustee Mr Robert Francis, Trustee Mr Alan Verney, Trustee Mr Nick Alexander, Trustee Mrs Diane Spray, Trustee (resigned 7 November 20231 Mrs Elizabeth Payne, Trustee Mrs Janice Francis, Trustee Ms Wendy Copping, Trustee Mr Bryan Hall, Trustee (appointed 18 April 20231 Mr Brian Shaw, Chair, Trustee Mr Andrew Fields, Trustee Iresigned 1 June 20231 Mr David Francis, Trustee Mr Neil Munro, Trustee Mr David Hearn, Trustee Miss Beverfey Fowler, Trustee Company registered number 01098775 Charity registered number 266406 Registered office 12 Church Street Cromer Norfolk NR27 9ER Company secretary Mrs Pamela Tidd Accountants MA Partners LLP Chartererd AccoLJntants 7 The Close Norwich Norfolk NR14DJ Page 1
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024. The annLJal report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the annual report and financial statements of the charitable company Comply with the current statutory requirements, the reqLJiremenls of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 {effertive 1 January 2019)- Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectivgs and activitigs a. Policies and objgctivgs The Charities, objectives are for the publi¢ benefit, primarily and wholly the preservation and saving of life from the sea. The Charity will execute this by the maintenance and filling out a lifeboat together with a water rescue team from its base at Mundesley, Norfolk. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a Charity IP821'. Page 2
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Achievements and perfomiancg a. Main achievgmgnts of the Charity During this financial year, phased replament of Crew dry suits and safety equipment continues. The service took formal ownership of the cliff awss slope. The service purchased a new defibrillator and training simulator. Preparation continued for the MCA'S 'declared facility status, audit. Worked with Marine Weld Fabrication lo complete design and construrt of new lifeboat launching carriage. Completed design and construction of new tractor storage facility beside the existing boathouse. Completed replacing concrete 'toe' of access slope and upgrade of perimeter boathouse lighting. Completed Charity shops, internal and external decoration, extended opening hours to pre-fire levels. Completed transfer of ownership of access slope to the Service. Completed first phase of training procedures, protocols and risk assessments for Softrak launch vehicle. PUhaSed spare chart plotter and Garmin radio lo aid with crew training in boathouse. Page 3
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Financial roview . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resour$ to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The total funds of the Charity were £1,101,303 al 31 Mah 2024 (2023.. £f,075,353J. Free reserves, being unrestricted funds not represented by fixed assets were £313,434 at 31 March 2024 (2023.. £326,548)- The Charity has identified a target level of total funds of £1,000,000. The Charity has in place inSuranS specifically to cover personal accident, loss of equipment and buildings. The reserves policy is based on a substantial compounded loss of equipment andlor buildings, which is deemed uninsured or which requires monies for replacement while awaiting Insuran payment. Such a loss could be inundation of the lifeboat station from a storm surge, resulting in the loss of the building and fittings, Lifeboat, launching Iraclor and ¢reWs safely equipment. The Charity's focus is lo have sufficient reserves in place so should a need arise lo build a new boat house and or puhase a new boat, the Charity is able to do so. The reserves policy strategy is lo minimise operational disruption and loss of servi. Page 4
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Structure. govemancg and managgment Constitution Mundesley VolLJnteer Inshore Lifeboat Limited is registered as a charitable company limited by guarantee and was sel up by a Trust deed. In the event of the Charity being wound up, the liability is limited to £1 per member of the Charity. The company is constituted under a Memorandum of Association and is a registered Charity number 266406. b. Methods of appointment or election of Tru$tg9$ The management of the Charity is the responsibility of the Trustees who are elerted and co-opted under the terms of the Trust deed. Organisational structurg and dgcision-making policigs The Trustees meet on a regular basis, a minimum of twi a year, in order to monitor the progress of the Charity, to make key decisions and to see that the legal requirements such as those of the Registrar of Companies, the Charity Commission and other regulatory bodies are adhered to. d. Policigs adopted for thg induction and training of Trustgos The Charity reviews il's current policies in connedion with the appointment and training of future trustees each year. It's operational risk assessments are up lo date and a risk assessment is undertaken for all fundraising activities. A financial risk assessment is regularly being reviewed by the trustees. Page 5
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Plans for futurg periods Ongoing work to resolve the waterproofing issues asswated with the new lifeboat intercom system. Carry out review of spares holding for this system and increase as neSsary. Continue with preparation for 'Declared Facility Status, audit with MCA. A further 2 Crew members to train and qualify to Class H {Iracked vehicle) driving standard. Continue with the phased crew dry suit and safely equipment repIarnent. Work towards developing more Crew to helmsman standard. Update Crew training Matrix and expand monthly equipment checks in conjunction with MCA avdit requirements. Investigate feasibility of improving boathouse floor with non-slip finish and decorating philosophy on ground floor. Shop Manager to develop use of Vinted online selling for some donated shop items. Continue efforts to source new Trustees, Friends and Crew members to strengthen service. Continue efforts to upgrade crew call-out system and purchase new style Swissphone pager for testing and evaluation. Cary out review of use of service minibus to ascertain the best type of vehicle for future operations. PUhase a dynamic white board for boathouse to aid with crew training and presentations. Engage solicitors to cary review and update of Servi Memorandum and Articles as these are now over 50 years old. Continue with plans to open current and savings aOUnts with Charity Aid Foundation {CAF) Bank to lessen relian on Barclays Bank. Continue support of local community initiatives with sea safely talks in schools elc and providing village defibrillator installation. Work with solicitors to complete transfer of ownership of cliff lop a¢$S area. Page 6
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 ststgment of Trustgos. responsibilities The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢PIed 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 slate of affairs of the Charity and of its incoming res0LJrS and application of reSoUrs, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them nsIStentIy', observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stslements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr Brian Shaw Date.. 4 November 2024 Page 7
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent Examlnerfs Report to the Trustees of Mundesley Volunteer Inshore Llfeboat Ltd (Yhe Charlty'l report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. Responslbllltles and Basls of Report As the Trustees of the Charity land ils directors for the purFX)ses of Company lawl you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 {'Ihe 2006 Act'l. Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llbl of the 2011 Act. Independent Examingr's Statement I have completed my examination. I confirm that no mallers have come to my attention in connection with the examination giving me cause to believe.. awounling records were not kept in resped of the Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a maller considered as part of an independent examination., or the accounts have not been prepared in accordanee with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely lo the Charity's Trustees, as a body, in accordance with Part 4 of the Charities {Ac¢ounts and Reportsl Regulations 2008. My work has been undertaken so that I might slate lo the Charity's Trustees those matters l am required to stale to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not a¢pt or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 12 November 2024 Alice Lynch Bsc FCA DChA MA Partners LLP Chartererd Accounlanls 7 The Close Norwich Norfolk NR1 4DJ Page 8
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from- Donations and legacies other trading activities Investments Other income 33.268 70.744 17.259 11,411 33.268 70.744 17.259 11,411 134, 7 10 59,497 14, 781 6,234 Total income 132.682 132.682 274,622 Expenditure on: Raising funds Charitable activities 35.020 98,122 35.020 98,122 28,817 98,91 I Total expenditure 133.142 133.142 727,728 Net {expenditure)lincome before net losses on investments Nel losses on investments 1460) 1761) 1460) 1761) 86,894 (23,573) Net movement in funds before other recognised gainslllossesl {1,221) {1,221) 63,321 other recognised gainslllossesl.. Gains on revaluation of fixed assets 27,171 27,171 Net movement in funds 25.950 25.950 63,321 Reconciliation of funds.. Total funds brought fornard Net movement in funds 1.075.353 25.950 1.075.353 25.950 1,012,032 63,321 Total funds carried forward 1.101.303 1.101.303 1,075,353 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 10 24 form part of these financial stalemenls. Page g
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) REGISTERED NUMBER: 01098775 BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Tangible assets Investments 12 262.199 525.670 257,923 490,882 13 787.869 748,895 Current assets stocks Debtors Investments 14 15 16 2,571 6,632 171,129 136,349 3,573 4,302 166,438 154, 129 Cash al bank and in hand 316,681 329,042 Creditors.. amounts falling due within one year 17 13,2471 (2.494) Ngt current assets 313.434 326,548 Total net assets 1.101.303 1,075,353 Charity funds Restricted funds Unrestricted funds 19 19 1.101.303 7,075,353 Total funds 1.101.303 1,075,353 Page 10
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) REGISTERED NUMBER: 01098775 BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2024 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordan with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Mr Brian Shaw Date.. 4 November 2024 The notes on pages 12 10 24 form part of these financial stslemenls. Page11
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles 1.1 General information Mundesley Volunteer Inshore Lifeboat Ltd is a registered charitable company limited by guarantee, incorporated in England and Wales, registration number 01098775. The members of the Charity include the Trustees named on page 1. The financial stslements are presented in sterling which is the functional currency of the Charity to the nearest £. The significant accounting policies in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless otherwise slated. 1.2 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aCrdan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Mundesley Volunteer Inshore Lifeboat Ltd meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.3 Going concern Following appropriate enquiries and analysis, the Trustees have positive expectation that the Charity has adequate reSoUrS lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slatemenls. 1.4 Income All income is recognised once the Charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The regnitIOn of income from legacies is dependent on establishing enlillemenl, the probability of receipt and the ability lo estimate with sufficient accuracy the amount re1Vable. Evidence of enlillement lo a legacy exists when the Charity has sufficient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefactor} and the executor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when il is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 12
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles (contlnuedl 1.5 Expendlture Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.6 Tanglble flxed assets and depreclatlon Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charyed so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraight-line method. Depreciation is provided on the following basis.. Plant and machinery Fixtures and fillings Other fixed assets 250/0 150/0 1.7 Investments Fixed asset investments are 8 form of financial instrument and are ini118lly recognised at their transaction cost and subsequently measured al fair value al the balan sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impaimienl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the statement of financial activities. 1.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Page 13
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles (contlnuedl 1.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.11 Llabllltles Liabilities are recognised when there is an obligation al the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or seNices il musl provide. 1.12 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.13 Fund accountlng General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Income from donatlons and legacles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Donations Legacies 13,268 20,000 13,268 20,000 19,672 123,438 33,268 33,268 734, 110 Page 14
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Income from other tradlng actlvltles Income from fundralslng events Unrestrleted funds 2024 Total funds 2024 Total funds 2023 Boat day Boxing day dip other events 3.418 1,675 432 3,418 1,675 432 3,608 1,254 361 5,525 5,525 5,223 Income from non Charitable trading artivities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Shop sales 65,219 65,219 54,274 Investment Income Unrestrleted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments 12,517 4,742 12,517 4,742 12,922 1,859 Income from unlisted investments 17,259 17,259 14, 781 Page 15
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Other Incomlng resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 VAT refund 11,411 11,411 6,234 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Boat day expenses Boxing day dip expenses Sundry Other events 1.205 36 1,205 36 1,060 563 2,605 3,791 2,605 3,791 2,223 2,348 7.637 7,637 6,194 Other tradlng expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Shop expenses Shop f&f depreciation 20,941 605 20,941 605 10,965 1,956 21,546 21,546 12,921 Page 16
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment management Costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees 5.837 5,837 9, 702 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Lifeboat & boathouse 98,122 98,122 98,911 Analysis of expenditure by activities Activities undertaken directly 2024 Total funds 2024 Total funds 2023 Lifeboat & boathouse 98,122 98,122 98,911 Page 17
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysls of expendlture by actlvltles (contlnued) Analysls of dlrect costs Llfeboat & boathouse 2024 Total funds 2024 Total funds 2023 Depreciation Lifeboat running costs and repairs Crew medicals Uniform & PPE Training Rates & waste Water, Light & Heat Telephone and broadband Printing, postage & stationery Insuran Accountancy Sundry DBS checks 47,825 10,334 1,005 505 11,918 1,766 2,154 999 398 6,483 2,077 2.013 403 47,825 10,334 1,005 505 11,918 1,766 2,154 999 398 6,483 2,077 2,013 403 31,335 14, 781 575 836 21,862 1,597 1,435 679 450 5,065 1,953 372 29 Fuel Boathouse maintenance 2,040 8,202 2,040 8,202 1,815 76,127 98,122 98,122 98,911 10. Independent examiner's remuneration 2024 2023 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 2,010 1,900 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023- £NILJ- Page 18
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Tanglble flxed assets Plant and Fixtures and Other fixod machinery fittings assets Totsl Cost or valuation At 6 April 2023 Additions Disposals 294,461 28,210 (41.3431 30,109 218,615 27.596 543.185 55.806 141.343) At 5 April 2024 281,328 30,109 246,211 557,648 Depreciation At 6 April 2023 Charge for the year On disposals 184,982 45,991 (41.3431 27,442 605 72,838 4.934 285.262 51.530 141.343) At 5 April 2024 189,630 28,047 77,772 295,449 Net book value At 5 April 2024 91,698 2,062 168.439 262.199 At 5 April 2023 109,479 2,667 145, 777 257,923 Page 19
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Flxed asset Investments Listed investments Cost or valuation At 6 April 2023 Additions Disposals Revaluations 490.882 70.461 162.844) 27,171 At 5 April 2024 525.670 Net book value At 5 April 2024 525,670 At 5 April 2023 490,882 14. Stocks 2024 2023 Finished goods and goods for resale 2,571 3,573 15. Debtors 2024 2023 Due within one year Prepayments and accrued income 6,632 4,302 6,632 4,302 16. Current asset investments 2024 2023 Unlisted investments 171,129 166,438 Page 20
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 17. Credltors: Amounts falllng due wlthln one year 2024 2023 Accruals and deferred income 3,247 2,494 18. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 307,478 321, 167 Financial assets measured at fair value through income and expenditure comprise of cash and cash equivalents, and current investments. Page 21
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 19. Statement of funds ststement of funds - current year Balance at 6 April 2023 Galnsl Balance at 5 {Losses) April 2024 Income Expendlture Unrgstrictgd funds General Funds 1,075.353 132,682 (133.142) 26,410 1,101.303 ststement offunds - prior year Balance at l Apnl 2022 Gains/ Balance at (Losses) 5 April 2023 Income Expenditure Unrestricted funds General Funds 1,012,032 214,622 (121, 728) (23,573) t,075,353 Page 22
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 20. Summary of funds Summary offunds - current year Balance at 6 April 2023 Galnsl Balance at 5 {Losses) April 2024 Income Expendlture General funds 1.075.353 132,682 {133.142) 26,410 1.101,303 Summary of funds - prior year Balance al l April 2022 Gains/ Balancg al (Losses) 5 April 2023 Income Expenditure General funds 1,012,032 214,622 (121, 728) (23,573) t,075,353 21. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 262,199 525,670 316,681 13,247) 262.199 525.670 316,681 {3.247) Total 1,101,303 1,101.303 Page 23
MUNDESLEY VOLUNTEER INSHORE LIFEBOAT LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 21. Analysls of net assets between funds Icontlnuedl Analysls of net assets between funds - prlor perlod unStrICted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 257,923 490,882 329,042 {2,494J 257,923 490,882 329,042 (2,494) Total 1,075,353 1,075,353 Related party transactions The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity al 5 April 2024. Page 24