**REGISTERED COMPANY NUMBER: 01161275 (England and Wales) REGISTERED CHARITY NUMBER: 267211**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 30 April 2022**
## **for**
**Sea Palling Independent Lifeboat Limited**
Fairhead Bradford
5 Queen Street Great Yarmouth Norfolk NR30 2QP
**Sea Palling Independent Lifeboat Limited**
## **Contents of the Financial Statements for the Year Ended 30 April 2022**
||**Page**|
|---|---|
|**Report of the Trustees**|1|
|**Independent Examiner's Report**|2|
|**Statement of Financial Activities**|3|
|**Balance Sheet**|4|
|**Notes to the Financial Statements**|5 to 10|
|**Detailed Statement of Financial Activities**|11|
**Sea Palling Independent Lifeboat Limited**
## **Report of the Trustees for the Year Ended 30 April 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Structure, governance and management Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Reference and administrative details Registered Company number**
01161275 (England and Wales)
## **Registered Charity number**
267211
## **Registered office**
The Boat Shed Beach Road Sea Palling Norfolk NR12 0AL
## **Trustees**
M J Skerrett Technical Illustrator Mrs J Blackham Retired
## **Company Secretary**
J Scott
## **Independent Examiner**
Fairhead Bradford 5 Queen Street Great Yarmouth Norfolk NR30 2QP
Approved by order of the board of trustees on 8 August 2022 and signed on its behalf by:
M J Skerrett - Trustee
Page 1
**Independent Examiner's Report to the Trustees of Sea Palling Independent Lifeboat Limited**
## **Independent examiner's report to the trustees of Sea Palling Independent Lifeboat Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2022.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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 matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S Dickerson FCCA Fairhead Bradford 5 Queen Street Great Yarmouth Norfolk NR30 2QP
8 August 2022
Page 2
## **Sea Palling Independent Lifeboat Limited**
## **Statement of Financial Activities for the Year Ended 30 April 2022**
|**Unrestricted**
**fund**
**Notes**
**£**
**Income and endowments from**
Donations and legacies
29,656
Other trading activities
2
15,040
Investment income
3
6
**Total**
44,702
**Expenditure on**
**Charitable activities**
Charitable activities
47,319
**NET INCOME/(EXPENDITURE)**
(2,617)
**Reconciliation of funds**
**Total funds brought forward**
104,801
**Total funds carried forward**
102,184|**Restricted**
**fund**
**£**
-
-
-
-
124
(124)
57,644
57,520|**30/4/22**
**Total**
**funds**
**£**
29,656
15,040
6
44,702
47,443
(2,741)
162,445
159,704|**30/4/21**
**Total**
**funds**
**£**
99,999
12,183
3
112,185
36,114
76,071
86,374
162,445|
|---|---|---|---|
The notes form part of these financial statements
Page 3
## **Sea Palling Independent Lifeboat Limited**
## **Balance Sheet 30 April 2022**
|**Unrestricted**
**fund**
**Notes**
**£**
**Fixed assets**
Tangible assets
7
67,405
**Current assets**
Debtors
8
2,996
Cash at bank and in hand
33,270
36,266
**Creditors**
Amounts falling due within one year
9
(1,487)
**Net current assets**
34,779
**Total assets less current liabilities**
102,184
**NET ASSETS**
102,184
**Funds**
11
Unrestricted funds
Restricted funds
**Total funds**|**Restricted**
**fund**
**£**
1,126
14,000
42,394
56,394
-
56,394
57,520
57,520|**30/4/22**
**Total**
**funds**
**£**
68,531
16,996
75,664
92,660
(1,487)
91,173
159,704
159,704
102,184
57,520
159,704|**30/4/21**
**Total**
**funds**
**£**
74,608
2,025
122,826
124,851
(37,014)
87,837
162,445
162,445
104,801
57,644
162,445|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 8 August 2022 and were signed on its behalf by:
M J Skerrett - Trustee
The notes form part of these financial statements
Page 4
**Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements for the Year Ended 30 April 2022**
## **1. Accounting policies**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows;
- the requirement of paragraph 3.17(d);
- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
- the requirement of paragraph 33.7;
- the requirement of paragraph 24(b) of IFRS 6.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost Plant and machinery - 10% on reducing balance Motor vehicles - 5% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 5
continued...
**Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2022**
## **2. Other trading activities**
**----- Start of picture text -----**
||||
|---|---|---|
|30/4/22|30/4/21|
|£|£|
|Fundraising events|4,167|637|
|Other income|10,873|11,546|
|15,040|12,183|
|3.|Investment income|
|30/4/22|30/4/21|
|£|£|
|Deposit account interest|6|3|
**----- End of picture text -----**
## **4. Net income/(expenditure)**
Net income/(expenditure) is stated after charging/(crediting):
**----- Start of picture text -----**
||||
|---|---|---|
|30/4/22|30/4/21|
|£|£|
|Depreciation - owned assets|7,177|7,810|
**----- End of picture text -----**
## **5. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.
## **6. Comparatives for the statement of financial activities**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Unrestricted|Restricted|Total|
|fund|fund|funds|
|£|£|£|
|Income and endowments from|
|Donations and legacies|43,605|56,394|99,999|
|-|
|Other trading activities|12,183|12,183|
|Investment income|3|-|3|
|Total|55,791|56,394|112,185|
|Expenditure on|
|Charitable activities|
|Charitable activities|35,976|138|36,114|
|NET INCOME|19,815|56,256|76,071|
|Reconciliation of funds|
|Total funds brought forward|84,986|1,388|86,374|
**----- End of picture text -----**
Page 6
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2022**
|**6.**
**Comparatives for the statement of financial activities - continued**
**Unrestricted**
**fund**
**£**
**Total funds carried forward**
104,801
**7.**
**Tangible fixed assets**
**Freehold**
**Plant and**
**property**
**machinery**
**£**
**£**
**Cost**
At 1 May 2021
25,124
134,481
Additions
-
1,100
At 30 April 2022
25,124
135,581
**Depreciation**
At 1 May 2021
25,124
62,530
Charge for year
-
6,911
At 30 April 2022
25,124
69,441
**Net book value**
At 30 April 2022
-
66,140
At 30 April 2021
-
71,951
**8.**
**Debtors: amounts falling due within one year**
Other debtors
VAT
Prepayments
**9.**
**Creditors: amounts falling due within one year**
Bank loans and overdrafts (see note 10)
Accrued expenses||**Restricted**
**fund**
**£**
57,644
**Motor**
**vehicles**
**£**
4,500
-
4,500
1,843
266
2,109
2,391
2,657
**30/4/22**
**£**
14,000
704
2,292
16,996
**30/4/22**
**£**
-
1,487
1,487|**Total**
**funds**
**£**
162,445
**Totals**
**£**
164,105
1,100
165,205
89,497
7,177
96,674
68,531
74,608
**30/4/21**
**£**
-
-
2,025
2,025
**30/4/21**
**£**
35,556
1,458
37,014|
|---|---|---|---|
Page 7
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2022**
## **10. Loans**
An analysis of the maturity of loans is given below:
|Amounts falling due within one year on demand:
Bank overdrafts
**11.**
**Movement in funds**
**At 1/5/21**
**£**
**Unrestricted funds**
General fund
104,801
**Restricted funds**
Restricted funds
57,644
**TOTAL FUNDS**
162,445
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
44,702
**Restricted funds**
Restricted funds
-
**TOTAL FUNDS**
44,702
**Comparatives for movement in funds**
**At 1/5/20**
**£**
**Unrestricted funds**
General fund
84,986
**Restricted funds**
Restricted funds
1,388
**TOTAL FUNDS**
86,374|**30/4/22**
**30/4/21**
**£**
**£**
-
35,556
**Net**
**movement**
**At**
**in funds**
**30/4/22**
**£**
**£**
(2,617)
102,184
(124)
57,520
(2,741)
159,704
**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(47,319)
(2,617)
(124)
(124)
(47,443)
(2,741)
**Net**
**movement**
**At**
**in funds**
**30/4/21**
**£**
**£**
19,815
104,801
56,256
57,644
76,071
162,445|
|---|---|
Page 8
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2022**
## **11. Movement in funds - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
55,791
56,394
112,185|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(35,976)
19,815
(138)
56,256
(36,114)
76,071|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**|**At 1/5/20**
**£**|**Net**
**movement**
**in funds**
**£**|**At**
**30/4/22**
**£**|
|---|---|---|---|
|General fund|84,986|17,198|102,184|
|**Restricted funds**||||
|Restricted funds|1,388|56,132|57,520|
|**TOTAL FUNDS**|86,374|73,330|159,704|
|A current year 12 months and prior year 12 months combined net movement in funds,|||included in th|
|above are as follows:||||
|**Unrestricted funds**|**Incoming**
**resources**
**£**|**Resources**
**expended**
**£**|**Movement**
**in funds**
**£**|
|General fund|100,493|(83,295)|17,198|
|**Restricted funds**||||
|Restricted funds|56,394|(262)|56,132|
|**TOTAL FUNDS**|156,887|(83,557)|73,330|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Page 9
continued...
**Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2022**
## **12. Related party disclosures**
There were no related party transactions for the year ended 30 April 2022.
Page 10
## **Sea Palling Independent Lifeboat Limited**
|**Detailed Statement of Financial Activities**|||
|---|---|---|
|**for the Year Ended 30 April 2022**|||
||**30/4/22**|**30/4/21**|
||**£**|**£**|
|**Income and endowments**|||
|**Donations and legacies**|||
|Donations|29,656|79,999|
|Grants|-|20,000|
|**Other trading activities**|29,656|99,999|
|Fundraising events|4,167|637|
|Other income|10,873|11,546|
|**Investment income**|15,040|12,183|
|Deposit account interest|6|3|
|**Total incoming resources**|44,702|112,185|
|**Expenditure**|||
|**Charitable activities**|||
|Repairs & maintenance|10,820|9,950|
|Insurance|4,544|4,694|
|Rates and electricity|2,077|1,339|
|Telephone|385|674|
|Postage and stationery|324|92|
|Boat shed maintenance|4,570|4,728|
|Sundries|326|120|
|Training|6,635|490|
|Boat fuel|1,820|1,334|
|Clothing|2,293|3,248|
|Fundraising costs|5,423|487|
|Depreciation of tangible fixed assets|7,177|7,810|
|**Support costs**|46,394|34,966|
|**Finance**|||
|Bank charges|71|43|
|**Governance costs**|||
|Accountancy and legal fees|978|1,105|
|Total resources expended|47,443|36,114|
|**Net (expenditure)/income**|(2,741)|76,071|
||||
This page does not form part of the statutory financial statements
Page 11