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 2024
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 2024
| 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 2024
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 2024. 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 P A Blackham Retired M A Clarke Security Systems & Project Manager C R Mann Sterile Technician Nhs J D Scott Retired
Independent Examiner
Fairhead Bradford 5 Queen Street Great Yarmouth Norfolk NR30 2QP
Approved by order of the board of trustees on 16 October 2024 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 2024.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 The Association of Chartered Certified Accountants
Fairhead Bradford 5 Queen Street Great Yarmouth Norfolk NR30 2QP
16 October 2024
Page 2
Sea Palling Independent Lifeboat Limited
Statement of Financial Activities for the Year Ended 30 April 2024
| Unrestricted fund Notes £ Income and endowments from Donations and legacies 281,600 Other trading activities 2 1,278 Investment income 3 487 Total 283,365 Expenditure on Raising funds (7,384) Charitable activities Charitable activities 50,354 Total 42,970 NET INCOME/(EXPENDITURE) 240,395 Reconciliation of funds Total funds brought forward 87,985 Total funds carried forward 328,380 |
Restricted fund £ - - - - - 5,316 5,316 (5,316) 79,014 73,698 |
30/4/24 Total funds £ 281,600 1,278 487 283,365 (7,384) 55,670 48,286 235,079 166,999 402,078 |
30/4/23 Total funds £ 53,976 6,701 56 60,733 839 52,599 53,438 7,295 159,704 166,999 |
|---|---|---|---|
The notes form part of these financial statements
Page 3
Sea Palling Independent Lifeboat Limited
Balance Sheet 30 April 2024
| Unrestricted fund Notes £ Fixed assets Tangible assets 8 46,131 Current assets Debtors 9 4,254 Cash at bank 297,701 301,955 Creditors Amounts falling due within one year 10 (19,706) Net current assets 282,249 Total assets less current liabilities 328,380 NET ASSETS 328,380 Funds 12 Unrestricted funds Restricted funds Total funds |
Restricted fund £ 74,261 - 42,394 42,394 (42,957) (563) 73,698 73,698 |
30/4/24 Total funds £ 120,392 4,254 340,095 344,349 (62,663) 281,686 402,078 402,078 328,380 73,698 402,078 |
30/4/23 Total funds £ 136,165 3,285 101,466 104,751 (73,917) 30,834 166,999 166,999 87,985 79,014 166,999 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 16 October 2024 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 2024
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':
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the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d);
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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);
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the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
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the requirement of paragraph 33.7;
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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 2024
2. Other trading activities
| Other trading activities | ||
|---|---|---|
| 30/4/24 | 30/4/23 | |
| £ | £ | |
| Fundraising events | 312 | 2,025 |
| Other income | 966 | 4,676 |
| 1,278 | 6,701 |
3. Investment income
30/4/24 30/4/23 £ £ Deposit account interest 487 56
4. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 30/4/24 30/4/23 £ £ 13,068 14,782 |
|---|---|
| Surplus/(deficit) on disposal of fixed assets | (7,384) 839 |
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023.
6. Staff costs
The average monthly number of employees during the year was as follows:
| No employees received emoluments in excess of £60,000. Comparatives for the statement of financial activities Unrestricted fund £ Income and endowments from Donations and legacies 26,576 Other trading activities 6,701 Investment income 56 Total 33,333 Expenditure on Raising funds 839 |
30/4/24 Restricted fund £ 27,400 - - 27,400 - |
30/4/23 Total funds £ 53,976 6,701 56 60,733 839 |
|---|---|---|
7. Comparatives for the statement of financial activities
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Sea Palling Independent Lifeboat Limited
Notes to the Financial Statements - continued for the Year Ended 30 April 2024
| 7. Comparatives for the statement of financial activities - continued Unrestricted fund £ Charitable activities Charitable activities 46,693 Total 47,532 NET INCOME/(EXPENDITURE) (14,199) Reconciliation of funds Total funds brought forward 102,184 Total funds carried forward 87,985 8. Tangible fixed assets Freehold Plant and property machinery £ £ Cost At 1 May 2023 25,124 215,046 Additions - 7,894 Disposals - (33,632) At 30 April 2024 25,124 189,308 Depreciation At 1 May 2023 25,124 81,033 Charge for year - 12,853 Eliminated on disposal - (23,033) At 30 April 2024 25,124 70,853 Net book value At 30 April 2024 - 118,455 At 30 April 2023 - 134,013 9. Debtors: amounts falling due within one year VAT Prepayments |
Restricted fund £ 5,906 5,906 21,494 57,520 79,014 Motor vehicles £ 4,500 - - 4,500 2,348 215 - 2,563 1,937 2,152 30/4/24 £ 1,134 3,120 4,254 |
Total funds £ 52,599 53,438 7,295 159,704 166,999 Totals £ 244,670 7,894 (33,632) 218,932 108,505 13,068 (23,033) 98,540 120,392 136,165 30/4/23 £ 58 3,227 3,285 |
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continued...
Sea Palling Independent Lifeboat Limited
Notes to the Financial Statements - continued for the Year Ended 30 April 2024
10. Creditors: amounts falling due within one year
| Bank loans and overdrafts (see note 11) Trade creditors Accrued expenses Loans An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Movement in funds At 1/5/23 £ Unrestricted funds General fund 87,985 Restricted funds Restricted funds 79,014 TOTAL FUNDS 166,999 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 283,365 Restricted funds Restricted funds - TOTAL FUNDS 283,365 |
30/4/24 30/4/23 £ £ 61,097 72,460 (3) (2) 1,569 1,459 62,663 73,917 30/4/24 30/4/23 £ £ 61,097 72,460 Net movement At in funds 30/4/24 £ £ 240,395 328,380 (5,316) 73,698 235,079 402,078 Resources Movement expended in funds £ £ (42,970) 240,395 (5,316) (5,316) (48,286) 235,079 |
|---|---|
11. Loans
12. Movement in funds
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Sea Palling Independent Lifeboat Limited
Notes to the Financial Statements - continued for the Year Ended 30 April 2024
12. Movement in funds - continued
Comparatives for movement in funds
| At 1/5/22 £ Unrestricted funds General fund 102,184 Restricted funds Restricted funds 57,520 TOTAL FUNDS 159,704 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 33,333 Restricted funds Restricted funds 27,400 TOTAL FUNDS 60,733 A current year 12 months and prior year 12 months combined position is as At 1/5/22 £ Unrestricted funds General fund 102,184 Restricted funds Restricted funds 57,520 TOTAL FUNDS 159,704 |
Net movement At in funds 30/4/23 £ £ (14,199) 87,985 21,494 79,014 7,295 166,999 Resources Movement expended in funds £ £ (47,532) (14,199) (5,906) 21,494 (53,438) 7,295 follows: Net movement At in funds 30/4/24 £ £ 226,196 328,380 16,178 73,698 242,374 402,078 |
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Sea Palling Independent Lifeboat Limited
Notes to the Financial Statements - continued for the Year Ended 30 April 2024
12. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 316,698 27,400 344,098 |
Resources Movement expended in funds £ £ (90,502) 226,196 (11,222) 16,178 (101,724) 242,374 |
|---|---|---|
13. Related party disclosures
There were no related party transactions for the year ended 30 April 2024.
Page 10
Sea Palling Independent Lifeboat Limited
| Detailed Statement of Financial Activities for the Year Ended 30 April 2024 Income and endowments Donations and legacies Donations Grants Other trading activities Fundraising events Other income Investment income Deposit account interest Total incoming resources Expenditure Other trading activities Profit on sale of tangible fixed assets Charitable activities Repairs & maintenance Insurance Rates and electricity Telephone Postage and stationery Boat shed maintenance Sundries Training Boat fuel Clothing Fundraising costs Depreciation of tangible fixed assets Support costs Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
30/4/24 £ 281,600 - 281,600 312 966 1,278 487 283,365 (7,384) 10,676 6,197 3,044 217 980 7,831 1,907 7,565 1,562 1,083 468 13,068 54,598 12 1,060 48,286 235,079 |
30/4/23 £ 26,976 27,000 53,976 2,025 4,676 6,701 56 60,733 839 15,109 5,797 1,813 496 325 8,354 647 - 1,483 498 2,254 14,782 51,558 19 1,022 53,438 7,295 |
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This page does not form part of the statutory financial statements
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