**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 2025**
## **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 2025**
|||**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 2025**
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 2025. 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 ............................................. 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 2025.
## **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
The Association of Chartered Certified Accountants
Fairhead Bradford 5 Queen Street Great Yarmouth Norfolk NR30 2QP
Date: .............................................
Page 2
## **Sea Palling Independent Lifeboat Limited**
## **Statement of Financial Activities for the Year Ended 30 April 2025**
|**Unrestricted**
**fund**
**Notes**
**£**
**Income and endowments from**
Donations and legacies
37,209
Other trading activities
2
2,486
Investment income
3
8,057
**Total**
47,752
**Expenditure on**
Raising funds
-
**Charitable activities**
Charitable activities
36,807
**Total**
36,807
**NET INCOME/(EXPENDITURE)**
10,945
**Reconciliation of funds**
Total funds brought forward
328,380
**Total funds carried forward**
339,325|**Restricted**
**fund**
**£**
-
-
-
-
-
4,785
4,785
(4,785)
73,698
68,913|**30/4/25**
**Total**
**funds**
**£**
37,209
2,486
8,057
47,752
-
41,592
41,592
6,160
402,078
408,238|**30/4/24**
**Total**
**funds**
**£**
281,600
1,278
487
283,365
(7,384)
55,670
48,286
235,079
166,999
402,078|
|---|---|---|---|
The notes form part of these financial statements
Page 3
## **Sea Palling Independent Lifeboat Limited**
## **Balance Sheet 30 April 2025**
|**Unrestricted**
**fund**
**Notes**
**£**
**Fixed assets**
Tangible assets
8
46,428
**Current assets**
Debtors
9
6,608
Cash at bank
288,133
294,741
**Creditors**
Amounts falling due within one year
10
(1,844)
**Net current assets**
292,897
**Total assets less current liabilities**
339,325
**NET ASSETS**
339,325
**Funds**
12
Unrestricted funds
Restricted funds
**Total funds**|**Restricted**
**fund**
**£**
69,476
-
-
-
(563)
(563)
68,913
68,913|**30/4/25**
**Total**
**funds**
**£**
115,904
6,608
288,133
294,741
(2,407)
292,334
408,238
408,238
339,325
68,913
408,238|**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|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 ............................................. 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 2025**
## **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 2025**
## **2. Other trading activities**
|**2.**|**Other trading activities**|||
|---|---|---|---|
|||**30/4/25**|**30/4/24**|
|||**£**|**£**|
||Fundraising events|1,826|312|
||Merchandise sales|1,105|-|
||Merchandise cost of sales|(918)|-|
||Other income|473|966|
|||2,486|1,278|
|**3.**|**Investment income**|||
|||**30/4/25**|**30/4/24**|
|||**£**|**£**|
||Deposit account interest|8,057|487|
|**4.**|**Net income/(expenditure)**|||
||Net income/(expenditure) is stated after charging/(crediting):|||
|||**30/4/25**|**30/4/24**|
|||**£**|**£**|
||Depreciation - owned assets|12,314|13,068|
||Surplus on disposal of fixed assets|-|(7,384)|
## **5. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 April 2025 nor for the year ended 30 April 2024.
## **6. Staff costs**
The average monthly number of employees during the year was as follows:
**30/4/25 30/4/24**
No employees received emoluments in excess of £60,000.
Page 6
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2025**
|**7.**
**Comparatives for the statement of financial**
**Income and endowments from**
Donations and legacies
Other trading activities
Investment income
**Total**
**Expenditure on**
Raising funds
**Charitable activities**
Charitable activities
**Total**
**NET INCOME/(EXPENDITURE)**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
**8.**
**Tangible fixed assets**
**Cost**
At 1 May 2024
Additions
At 30 April 2025
**Depreciation**
At 1 May 2024
Charge for year
At 30 April 2025
**Net book value**
At 30 April 2025
At 30 April 2024|**activities**
**Freehold**
**property**
**£**
25,124
-
25,124
25,124
-
25,124
-
-|**Unrestricted**
**fund**
**£**
281,600
1,278
487
283,365
(7,384)
50,354
42,970
240,395
87,985
328,380
**Plant and**
**machinery**
**£**
189,308
7,826
197,134
70,853
12,120
82,973
114,161
118,455|**Restricted**
**fund**
**£**
-
-
-
-
-
5,316
5,316
(5,316)
79,014
73,698
**Motor**
**vehicles**
**£**
4,500
-
4,500
2,563
194
2,757
1,743
1,937|**Total**
**funds**
**£**
281,600
1,278
487
283,365
(7,384)
55,670
48,286
235,079
166,999
402,078
**Totals**
**£**
218,932
7,826
226,758
98,540
12,314
110,854
115,904
120,392|
|---|---|---|---|---|
Page 7
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2025**
|**9.**
**Debtors: amounts falling due within one year**
VAT
Prepayments
**10.**
**Creditors: amounts falling due within one year**
Bank loans and overdrafts (see note 11)
Accrued expenses
**11.**
**Loans**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
**12.**
**Movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Restricted funds
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|**At 1/5/24**
**£**
328,380
73,698
402,078
**Incoming**
**resources**
**£**
47,752
-
47,752|**30/4/25**
**30/4/24**
**£**
**£**
3,633
1,134
2,975
3,120
6,608
4,254
**30/4/25**
**30/4/24**
**£**
**£**
993
61,097
1,414
1,566
2,407
62,663
**30/4/25**
**30/4/24**
**£**
**£**
993
61,097
**Net**
**movement**
**At**
**in funds**
**30/4/25**
**£**
**£**
10,945
339,325
(4,785)
68,913
6,160
408,238
**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(36,807)
10,945
(4,785)
(4,785)
(41,592)
6,160|
|---|---|---|
Page 8
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2025**
## **12. Movement in funds - continued**
## **Comparatives for movement in funds**
|||**Net**||
|---|---|---|---|
|||**movement**|**At**|
||**At 1/5/23**|**in funds**|**30/4/24**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|87,985|240,395|328,380|
|**Restricted funds**||||
|Restricted funds|79,014|(5,316)|73,698|
|**TOTAL FUNDS**|166,999|235,079|402,078|
|Comparative net movement in funds, included in the above are as follows:||||
||**Incoming**|**Resources**|**Movement**|
|**resources**||**expended**|**in funds**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|283,365|(42,970)|240,395|
|**Restricted funds**||||
|Restricted funds|-|(5,316)|(5,316)|
|**TOTAL FUNDS**|283,365|(48,286)|235,079|
|A current year 12 months and prior year 12 months combined position is as||follows:||
|||**Net**||
|||**movement**|**At**|
||**At 1/5/23**|**in funds**|**30/4/25**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|87,985|251,340|339,325|
|**Restricted funds**||||
|Restricted funds|79,014|(10,101)|68,913|
|**TOTAL FUNDS**|166,999|241,239|408,238|
Page 9
continued...
## **Sea Palling Independent Lifeboat Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30 April 2025**
## **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:
||**Incoming**|**Resources**|**Movement**|
|---|---|---|---|
||**resources**|**expended**|**in funds**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|331,117|(79,777)|251,340|
|**Restricted funds**||||
|Restricted funds|-|(10,101)|(10,101)|
|**TOTAL FUNDS**|331,117|(89,878)|241,239|
## **13. Related party disclosures**
There were no related party transactions for the year ended 30 April 2025.
Page 10
## **Sea Palling Independent Lifeboat Limited**
|**Detailed Statement of Financial Activities**
**for the Year Ended 30 April 2025**
**Income and endowments**
**Donations and legacies**
Donations
**Other trading activities**
Fundraising events
Merchandise sales
Merchandise cost of sales
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**|**30/4/25**
**£**
37,209
1,826
1,105
(918)
473
2,486
8,057
47,752
-
9,938
6,150
4,154
361
138
4,707
619
-
1,378
670
-
12,315
40,430
5
1,157
41,592
6,160|**30/4/24**
**£**
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|
|---|---|---|
This page does not form part of the statutory financial statements
Page 11