**Charity registration number 274451**
## **HEMSBY INSHORE RESCUE SERVICE**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024**
## **HEMSBY INSHORE RESCUE SERVICE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr A Jones|
|---|---|
||Mr C Batten|
||A Sullivan|
||Mr M Watts|
||Mr D Hurd|
||Mr ME Litten|
||Mr KJ Fenn|
|**Charity number**|274451|
|**Principal address**|Lifeboat Shed|
||The Gap|
||Beach Road|
||Hemsby|
||Norfolk|
||England|
||NR29 4HS|
|**Independent examiner**|Aston Shaw Ltd (Great Yarmouth)|
||7 Church Plain|
||Great Yarmouth|
||Norfolk|
||England|
||NR30 1PL|
## **HEMSBY INSHORE RESCUE SERVICE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Statement of trustees responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Statement of cash flows||
|Notes to the financial statements|7 - 14|
## **HEMSBY INSHORE RESCUE SERVICE**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
The trustees present their annual report and financial statements for the year ended 28 February 2024.
## **Objectives and activities**
The charity's objects are to prevent loss of life and injury at sea and the Norfolk Broads. This is achieved by the provision and maintenance of an inshore rescue service in full cooperation with Her Majority's Coast Guard and other emergency services.
The Coastguard tasks HIRS for any rescue cooperation they determine we are suitable for in our area of responsibility. When tasked we will operate in collaboration with the full range of emergency services, including other lifeboat services, independent and RNLI.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Financial review**
## _Going concern_
The trustees can confirm that with the continued reduction in Covid-19 restrictions the charity has begun to return to levels of fund raising seen previously. With the reserves policy being a minimum of three year's operating costs presents in the bank, we successfully navigated a challenging period for the charity and its crew members. We continue to seek prudent and innovative approaches to raising funds which has resulted in no going concern issues. Our year on year expenditure and cash reserves show that we continue to be sustainable even during the Covid pandemic.
We have continued to respond to call for assistance for our SAR capabilities but have executed operations giving full regard to the governing guidelines as a minimum standard. In many cases when it comes to suspected exposure and vulnerabilities of age and health, the service has in fact imposed stricter safeguarding standards than were required by published guidance. As a service, we continue to maintain this risk aware stance to safeguard the crew, other volunteers and the public in general.
## _Reserves policy_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three years operational costs. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Structure, governance and management**
The charity is a unincorporated charity and is governed by the rules and regulations dated May 2021.
The charity is constituted by a committee of seven members. These individuals are responsible for the governance of the charity and all financial decisions. Operational management decisions come under the board of trustees. The Coxswain is only responsible for SAR operations.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr E Fryatt (Resigned 31 December 2024) Mr A Jones Mr C Batten A Sullivan Mr M Watts Mr D Hurd Mr ME Litten Mr KJ Fenn
Hemsby Inshore Rescue Service (HIRS) also known as Hemsby Lifeboat is an unincorporated charity and is governed by the rules and regulations dated May 2023.
- 1 -
HEMSBY INSHORE RESCUE SERVICE
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY2024
The Charity is nSti1led by a commtttee of ewJht members. These individuals are fesponsible for the govemance
of the charity and all financial deCisiS. operalKal management and deusions come under the control of thè
Coxgmain of the ssrM¢S ond org r8bW by ths aty)ve-A of InJ*O0S.
A61 th$ trL*lees of the sorvth are fulty awwe arKS up to date vrilh current regulations and fwnilar *ith CC3 aThJ
CC38.
The charitys principal purpose continues to be SAR ¢)watKffis at sea off the immediate coastline centred on
Hemsby Gap but overlapng with Caister Lifet¥)ats aThJ Sèa PalhTrJ Lrf8boats for conb"nuity aThJ the Norfolk Broad$.
This is achieved thrtyjgh the maintenance and OFwation of lrfet¥)ats and a fulty train and qualifi8d crew.
Hamsby Lil•boat continue to remain undor tho o)ntsol crf Iho Coast(j as a probaknry ded8r8d tstylity. who still
remain our primary launch auth"ty.
The trustees report was approved by the Boanl of Tn*te8S.
A Sullivan
Tru$to¢
Date..
1.7./.ts2].2025
## **HEMSBY INSHORE RESCUE SERVICE**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
HEMSBY INSHORE RESCUE SERVICE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HEMSBY INSHORE RESCUE SERVICE
I report lo the trustees on my examination of the financial stalemenls of Hemsby Inshore Rescue Swice Ilhe
charity) for the year ended 28 February 2024.
Responsibilities and basls of report
As the trustees of the charity you ale responsible for the preparation of the finanaal slalements in accordance ¥Mlh
the requirements of the CharitEsAct 2011 (the 2011 Acti_
I report in respect of my examination of the charity's finanaal statements carried out undei section 145 of the 2011
Act In carrying out my examin2tion I have follthved all the applicable Directions given by the Charity Commission
under section 14515llbl of the 2011 Act.
Independent examinerfs statement
Your attention is drawn lo the fact that the charity has prepared financial slatements in accordare with Accounting
and Reportsng by Charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 102) in preferen to the Accounting and Reporting by Charities.. Statement
of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has now been
withdrawn.
l understand that this has been done in order for firbanaal slalemenls lo provide a true and fair view in accordan
wth Generally Accepted Accounting Practi effective for reports.ng periods beginning on or after 1 January 2015.
I have completed my examination. I confirni that no matters have come to my attention in connection with the
exarninalion giving me cause lo believe that in any m*erial respect".
accounting records were not kept in respect of the ¢harrty as required by section 130 of the 2011 Act., or
the financial statements do not accord with those records". or
the financial ststements do not comply th the applicable requirements conMIng the form and content ot
aonIS sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the
accounts give a true and fair view which is rK)t a matter considered as part of an independent examinab'on.
I have no concems and have come across no other matiers in connection wlh the examination lo which attention
should be drawn in this report in der lo enable a propel understanding of the financial statements to be reached.
Sotlrls Christophl FCCA
Aston Shaw Limited
Chartered Certified Ac¢ountsnts
The Union Building, 51-59 Rose La
Norwich
Norfolk
NR1 1BY
England
Dated..
## **HEMSBY INSHORE RESCUE SERVICE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|89,388|91,276|
|Charitable activities|**3**|36,324|40,498|
|Other trading activities|**4**|42,018|57,868|
|Investments|**5**|3,860|73|
|**Total income**||171,590|189,715|
|**Expenditure on:**||||
|Raising funds|**6**|18,984|27,929|
|Charitable activities|**7**|112,121|109,672|
|**Total expenditure**||131,105|137,601|
|**Net income and movement in funds**||40,485|52,114|
|**Reconciliation of funds:**||||
|Fund balances at 1 March 2023||600,388|548,276|
|**Fund balances at 28 February 2024**||640,873|600,390|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
HEMSBY INSHORE RESCUE SERVICE
BALANCE SHEET
AS AT 28 FEBRUARY 2024
20
2023
Notès
Fixed asse¢s
Tangible assets
12
208,220
196.421
Current assets
Stock5
Debtors
Cash at bank and in hand
13
14
24.505
24,503
3.863
377,914
408.828
437.342
406,280
Creditors: amounts falllng due wSthin
ono year
15
14.689)
12,3111
Net ¢urrènt assets
432,653
403,969
Total assets less current liabilities
640.873
6C¥),390
Net assets excluding pension liability
640.873
600,390
The funds of the charity
Unre5trirted funds
640.873
600,390
640,873
600.390
,Iod12045
The financial statements werè approved by the truslees on.........................
A Sullivan
Trustee
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **1 Accounting policies**
## **Charity information**
Hemsby Inshore Rescue Service is a unincorporated charity and is governed by the rules and regulations dated 23rd September 1977.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 7 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|Lifeboat shed|- 5% Straight line|
|---|---|
|Boat & equipment|- 25% Reducing balance|
|Fixtures and fittings|- 20% Reducing balance|
|Computers|- 25% straight line|
|Motor vehicles|- 25% Reducing balance|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 8 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|86,088|60,735|
|Grants|3,300|30,541|
||89,388|91,276|
- 9 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
|**2**|**Income from donations and legacies**||**(Continued)**|
|---|---|---|---|
|**3**|**Income from charitable activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Other trading income**|||
||Shop sales|34,910|40,498|
||Beach restoration|1,414|-|
|||36,324|40,498|
|**4**|**Income from other trading activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Fundraising events|42,018|57,868|
|**5**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Interest receivable|3,860|73|
|**6**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Expenditure on raising funds|18,984|27,929|
- 10 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **7 Expenditure on charitable activities**
|**Direct costs**
Depreciation and impairment
Light and heat
Lifeboat repairs
Insurance
Repairs and maintenance
Vehicle running expenses
Postage and stationery
Telecommunications
Sundry expenses
Stock movement in the year
**Share of support and governance costs (see note )**
Support
**Analysis by fund**
Unrestricted funds
**8**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets|**2024**
**£**
32,041
1,538
19,219
5,179
18,062
6,771
577
766
1,099
23,938
109,190
2,931
112,121
112,121
**2024**
**£**
30,283|**2023**
**£**
27,182
770
27,971
4,863
16,567
9,125
1,412
725
1,183
14,517|
|---|---|---|
|||104,315
5,357|
|||109,672|
|||109,672|
|||**2023**
**£**
29,182|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **10 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 11 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **10 Employees**
**(Continued)**
## **Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
## **11 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 12 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
## **12 Tangible fixed assets**
|**Lifeboat shed**
**Boat and**
**epuipment**
**Fixtures and**
**fittings**
**Computers Motor vehicles**
**£**
**£**
**£**
**£**
**£**
**Cost**
At 1 March 2023
139,711
230,761
9,561
1,142
16,705
Additions
18,771
25,780
300
490
-
Disposals
-
(5,090)
-
-
-
At 28 February 2024
158,482
251,451
9,861
1,632
16,705
**Depreciation and impairment**
At 1 March 2023
34,035
145,851
5,477
286
15,811
Depreciation charged in the year
7,289
21,486
877
408
223
Eliminated in respect of disposals
-
(1,832)
-
-
-
At 28 February 2024
41,324
165,505
6,354
694
16,034
**Carrying amount**
At 28 February 2024
117,158
85,946
3,507
938
671
At 28 February 2023
105,676
84,911
4,084
856
894|**Total**
**£**
397,880
45,341
(5,090)
438,131
201,460
30,283
(1,832)
229,911
208,220
196,421|
|---|---|
- 13 -
## **HEMSBY INSHORE RESCUE SERVICE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2024**_
|**13**
**Stocks**
Opening stock
Shop stock
Closing stock
**14**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**15**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**2024**
**£**
21,533
21,748
(22,277)
21,004
**2024**
**£**
4,009
**2024**
**£**
2,262
2,427
4,689|**2023**
**£**
12,012
18,379
(21,533)
8,853
**2023**
**£**
3,863
**2023**
**£**
-
2,311
2,311|
|---|---|---|
## **16 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds|**1 March**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 28**
**February 2024**
**£**
**£**
**£**
**£**
600,388
171,590
(131,105)
640,873
**1 March**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**At 28**
**February 2023**
**£**
**£**
**£**
**£**
548,276
189,715
(137,601)
600,390|
|---|---|
- 14 -