FRESHWATER
0￿DEPENDENT
LIFEBOAT
IANNUAL
REPORT
2023

HIESHIATE

03 

4    6    8 **Legal and administrative Report of the trustees Independent examiners information report** 10[12 14] **Statement of Financial Balance Sheet Notes to the Financial Activities Statements** 



**04** 

## **Legal and administrative information** 

Executive Committee: 

Rob McLaren* Tony Moore Martin Gould* Josh MacGregor Richard Allen Rod Adams John Medland Terry Dimmick Andy Dye David Kempster Kai Hall 

Chairman Senior coxswain Operations manager Honorary secretary Retail manager Principal fundraiser IOW Council representative Freshwater Parish council representative Solent Search and Rescue Organisation representative Station manager Principal training officer 

*these individuals are trustees 

Charity Number: 293657 Registered Address: The Boathouse Freshwater Bay Isle of Wight PO40 9RA 

Bank: The Co-Op Redwood HSBC 

## **Financial snapshot** 

**Charity income for the year to 30 September 2023 £543k** 

**Donations during the year £450k** 

**Charity net Profit  for the year                                     Cost of maintenance of Lifeboat to 30 September 2023 and Lifeboat Station £392k £50k** 



/1
FRESHWATER
INDEPENDENT IIFEBOAT


## **Report of the Trustees** 

## Structure, Governance and Management 

The Freshwater Inshore Rescue Organisation was established in 1972 and was registered with the Charity Commission in 1986 after the withdrawal of the Isle of Wight Council involvement. The Charity was renamed the Freshwater Lifeboat Organisation in 1996. The registered number has been 293657 since 1986. 

The Executive Committee are elected or approved on an annual basis. 

The Trust is organised as an independent association of members who pay an annual subscription with an Executive Committee comprising elected and, if appropriate, co-opted members. The Trustees are chosen from long serving Committee Members or for their technical expertise. 

The Charity operates so that the Trustees meet regularly to manage its affairs. There are no employees. 

We are very grateful for the support of the volunteers who support our projects and without whom they would not be possible. Some of our funding is provided by the income from a charity shop, which the Charity runs. 

## Object and Activities of the Trust 

(a) 

To promote technical education in lifesaving and resuscitation of the apparently drowned, and to provide suitable training of personnel. 

(b) 

The Charity is a declared facility of His Majesty’s Coastguard (HMCG) and undergoes operational audits by HMCG and the SSRO. The Charity operates a 7.5m Atlantic Rigid Inflatable Boat and a ‘D’ Class. 

In this period the Atlantic 75 and D Class have called out on numerous shouts. During the summer of 2023 an order was placed with the RNLI to renew the Atlantic 75 with the larger Atlantic 85. 

A second D class was donated to the unit and will come into service in spring 2024. This will enable the unit to cover a greater search area in shallow waters close inshore. 

Plans for a much needed extension to the Boathouse and shop were submitted to IOW Council and approved. This will enable us to house the new launch and recovery tractor, provide a larger 

shop and enhance our crew training facilities . 

The unit is well supported by both fund raising volunteers and crew we are delighted to see so many young volunteers taking life opportunities. Over the past 15 years we have enabled many young local people to develop their chosen course in life. 

## Financial Review 

The financial statements for the year ended 30 September 2023 are included on the pages 10 through to 18. They have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) (effective 1 January 2015). 

The Charity’s total income was £ 540,922.31 compared to £ 221,780.00 in 2022/3. The large increase was due to a legacy left to the unit by Jillian Scott. 

The shop had strong trading all season combined with the donations collected from open days and normal trading once again broke all records. Thanks to the efforts of Richard Allen the shop manager and his team of volunteers. The unit would also like to thank Rod Adams MBE, for his continued efforts managing collection boxes from local retail venues in Wests Wight and application of grants for the unit. 

Income from the Lifeboat Lotto £ 11,743.53 (2022: £13,622) from the Lifeboat Lotto, which benefits all three independent lifeboats on the island. 

Total operating expenses for the year were £ 80,473.39. The operating profit for the period is £ 412,667.68. After operating the Atlantic 75 and D Class for a full year the unit now has clarity to our operational costs in the future. 

This is an exciting time for the charity and we are looking forward to the New Year and the delivery of the Atlantic 85 and the finalisation of plans and fund raising for the boathouse extension. 

sound. 



## Executive Committee’s Responsibilities in Relation to the Financial Statements 

The Executive Committee members are required by company law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Charity and of its financial position at the end of that year. In preparing those financial statements the Trustees are required to: 

- a)   select suitable accounting policies and  apply them consistently; 

- b) make judgements and estimates that are reasonable and prudent; 

- c) state whether the policies adopted are in accordance with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements; 

- d) prepare the financial statements on a Going Concern basis unless it is inappropriate to assume the Charity will continue to operate 

The Executive Committee are responsible for keeping proper accounting records which 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. 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. 


## Going Concern 

The Charity’s financial statements have been prepared on a going concern basis which assumes an ability to continue operating for the foreseeable future. 

Trustees have considered the impact of Covid-19 on its operations and have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. No other significant concerns have been noted and we consider it appropriate to continue to prepare the financial statements on a going concern basis. 

This report was approved by the Executive Committee on_____________________________and signed on its behalf by 

----------------------------------------------------- 

Rob McLaren Chairman & Trustee 



**08** 

## **Report of the Independent Examiner** 

## Independent Examiner’s Report to the Trustees of Freshwater Lifeboat 

We report to the charity trustees on examination of the accounts of the charity for the year ended 30 September 2023 which are set out on pages 6 to 18. 

## Responsibilities and basis of report 

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

We report in respect of our examination of the charity’s accounts carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## Independent examiner’s statement 

We have completed our examination and confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 

We 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. 

Apple Accountancy Ltd Chartered Certified Accountants 

5 Holyrood Street Newport Isle of Wight PO30 5AU 

Date:  08 January 2024 



financial statements

**10** 

## **Statement of financial activities** 

**for the year ended 30 September 2023** 

|||**2023**|**2023**|**2023**|
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**Funds**|**Funds**|**Funds**|
|||**£**|**£**|**£**|
||**INCOMING RESOURCES**||||
||**Incoming resources from generated funds**||||
||Voluntary Income||||
||Boxes|1,460|-|1,460|
||Donations|33,311|-|33,331|
||Memberships|80|-|80|
||Legacies|415,000|-|415,000|
||Activities for Generating Funds||||
||Shop income|79,856|-|79,856|
||Fundraising activities|-|-|-|
||Lifeboat Lottery|11,744|-|11,744|
||Other|-|-|-|
||Investment Income and Interest||||
||Interest received|1,584|-|1,584|
||Income resources from charitable activities||||
||Grants|-|-|-|
||Other income resources||||
||Other income|-|-|-|
||**TOTAL INCOMING RESOURCES**|**543,035**|-|**543,035**|
||RESOURCES EXPENDED||||
||Cost of Generating Funds||||
||Cost of fundraising|584|-|584|
||Opening stock-finished goods|4,652|-|4,652|
||Closing stock-finished goods|(5,516)|-|(5,516)|
||Cost of goods sold|46,814|-|46,814|
||Shop management and direct costs|1,117|-|1,117|
||Trading overheads (Note 2)|50,150|-|50,150|
||Charitable Activities||||
||Fuel|2,328|-|3,689|
||Training costs|13,615|-|9,013|
||Other operating expenses|10,298|-|10,298|
||Charitable activity overheads (Note 2)|-|-|-|
||Depreciation<br>Profit on disposal of FA<br>Governance Costs<br>Independent examination<br>**TOTAL RESOURCES EXPENDED**<br>NET MOVEMENT IN FUNDS<br>RECONCILIATION OF FUNDS<br>Total funds brought forward<br>**Total Funds Carried Forward**|27,954<br>-1,150<br>-<br>**150,847**<br>392,187<br>493,453<br>**885,640**|-<br>-<br>-<br>**-**<br>-<br>-<br>**-**|27,954<br>-1,150<br>-<br>**150,847**<br>392,187<br>493,453<br>**885,640**|





**11** 

## **Statement of financial activities** 

**for the year ended 30 September 2022** 

||**2022**|**2022**|**2022**|
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|
|**INCOMING RESOURCES**||||
|**Incoming resources from generated funds**||||
|Voluntary Income||||
|Boxes|2,637|-|2,637|
|Donations|76,049|-|76,049|
|Memberships|-|-|-|
|Legacies|-|-|-|
|Activities for Generating Funds||||
|Shop income|86,446|-|86,446|
|Fundraising activities|-|-|-|
|Lifeboat Lottery|13,622|-|13,622|
|Other|-|-|-|
|Investment Income and Interest||||
|Interest received|864|-|864|
|Income resources from charitable activities||||
|Grants|44,162|-|44,162|
|Other income resources||||
|Other income|-|-|-|
|**TOTAL INCOMING RESOURCES**|**221,780**|-|**221,780**|
|RESOURCES EXPENDED||||
|Cost of Generating Funds||||
|Cost of fundraising|480|-|480|
|Opening stock-finished goods|3,734|-|3,734|
|Closing stock-finished goods|(4,652)|-|(4,652)|
|Cost of goods sold|54,680|-|54,680|
|Shop management and direct costs|881|-|881|
|Trading overheads (Note 2)|8,010|-|8,010|
|Charitable Activities||||
|Fuel|3,689|-|3,689|
|Training costs|9,013|-|9,013|
|Other operating expenses|941|-|941|
|Charitable activity overheads (Note 2)|38,364|-|38,364|
|Depreciation|156,035|-|156,035|
|Loss on disposal of FA|3,785|-|3,785|
|Governance Costs||||
|Independent examination|792|-|792|
|**TOTAL RESOURCES EXPENDED**|**275,752**|**-**|**275,752**|
|NET MOVEMENT IN FUNDS|(53,971)|-|(53,971)|
|RECONCILIATION OF FUNDS||||
|Total funds brought forward|547,425|-|547,425|
|**Total Funds Carried Forward**|**493,453**|**-**|**493,453**|





**12** 

## **Balance sheet** 

## **as at 30 September 2023** 

|**Balance sheet**<br>**as at 30 September 2023**||||
|---|---|---|---|
|||As at|As at|
|||30.09.23|30.09.22|
||**Note**|**£**|**£**|
|Fixed assets||||
|Tangible assets|3|160,496|80,422|
|Current assets||||
|Stock|4|5,516|4,652|
|Debtors|5|3,259|2,758|
|Cash at bank and in hand|6|722,613|408,665|
|||**731,388**|**416,075**|
|Creditors: amounts falling due within one year|7|(6,244)|(3,044)|
|**Net current assets**||**725,144**|**413,031**|
|**Net assets**||**885,640**|**493,453**|
|The funds of the charity||||
|Restricted income fund|10|-|-|
|Unrestricted income funds|10|885,640|493,453|
|**Total funds**||**885,640**|**493,453**|



The Financial Statements were approved by the Trustees authorised for issue on 29 February 2024 and signed on their behalf by 

## **Josh MacGregor** 

Honorary Secretary & Trustee 



YAMAHA 90

# financial statements 



**15** 

## **Notes to the financial statements** 

## **1. Accounting Polices** 

## **Accounting Conventions** 

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS102) (applicable 1 January 2015) and UK Generally Accepted Practice. As a public benefit entity, Freshwater Lifeboat has applied the public benefit entity ‘PBE’ prefixed paragraphs of FRS102. The charity has elected to take the exemption from the requirement to prepare a Cash Flow Statement due to its turnover being less than £500,000 as permitted by the Statement of Recommend Practice (SORP) “Accounting and Reporting by Charities (FRS102). The following principal accounting policies have been applied 

## **Incoming Resources** 

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 

## **Resources Expended** 

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. 

## **Donated Goods and Services** 

Donated goods and services are included in incoming resources when the benefit to the charity is reasonably quantifiable and measurable. They are included at the amount the Trustees would reasonably expect to pay for those goods and services. 

## **Tangible Fixed Assets** 

Depreciation is charged so as to allocate the cost of assets over their estimated useful lives, using the straightline method. Depreciation is provided on the following bases: 

|Boathouse refurbishment|2%|
|---|---|
|Lifeboat|10%|
|Plant and machinery|10%|
|Fixtures and fittings|10%|



## **Stock** 

Stock is included in the accounts at the lower of cost or net realisable value. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Legacies** 

Legacies are included within the accounts when there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability. 

## **Fund Accounting & Reserves** 

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 **.** 



**16** 

## **Notes to the financial statements continued** 

## **2. Analysis of Overheads** 

|||**Charitable**|||
|---|---|---|---|---|
||**Trading**|**Activities**|**2023**|2022|
||**Overheads**|**Overheads**|**Total**|Total|
||**£**|**£**|**£**|**£**|
|Maintenance|-|31473|34,980|34,980|
|Utilities|9,052|2,263|11,315|7,290|
|Insurance|1,527|1,527|3,053|2,450|
|Rates|55|55|111|-|
|Cleaning|1,098|1,098|2,197|-|
|Advertising & Marketing|622|207|829|222|
|IT Software and consumable|879|293|1,171|281|
||13,233|36,917|50,150|46,374|



## **3. Tangible Fixed Assets** 

|||**Leasehold**||**Plant**|**Fixtures**||
|---|---|---|---|---|---|---|
|||**Boathouse**||**and**|**and**||
|||**Refurbishment**|**Lifeboats**|**Machinery**|**Fittings**|**Total**|
||COST||||||
||At 1 October 2022|144,355|131,081|155,451|3,879|434,766|
||Additions|9,699|109,179|–|–|118,878|
||Disposals|–|14,000|–|-|14,000|
||**As at 30 September 2023**|**154,053**|**226,260**|**155,451**|**3,879**|**539,644**|
||DEPRECIATION||||||
||At 1 October 2022|**144,355**|**71,020**|**135,868**|**3,101**|**354,344**|
||Charge for the year|194|22,626|4,746|388|27,954|
||Disposals|–|-3,150||-|-3150|
||**At 30 September 2023**|**144,548**|**90,496**|**140,614**|**3,489**|**379,148**|
||NET BOOK VALUE||||||
||**At 30 September 2023**<br>At 1 October 2022|**9,505**<br>**-**|**135,764**<br>**60,061**|**14,837**<br>**19,583**|**390**<br>**778**|**160,496**<br>**80,422**|



The land on which the boathouse is situated belongs to the Isle of Wight Council. The boathouse is the property of Freshwater Lifeboat. It is shown in the accounts at the cost of refurbishment, based on the assumption that the original building would have had negligible net book value at the year end, having been built in 1972. 

During the year the charity didn’t purchase any assets. 



**17** 

|**4.**<br>**5.**<br>**6.**<br>**7.**|**Stock**<br>**2023**<br>**£**<br>2022<br>**£**|
|---|---|
||Shopstock<br>5,516<br>4,652|
||5,516<br>4,652|
||**Debtors**<br>**2023**<br>**£**<br>2022<br>**£**|
||Amounts falling due within one year:<br>Accounts Receivable<br>-<br>-<br>Prepayments<br>636<br>510<br>VAT<br>2,623<br>2,248<br>Donations<br>-<br>-|
||3,259<br>2,758|
||**Cash at Bank and In Hand**<br>**2023**<br>**£**<br>2022<br>**£**|
||The Co-Op<br>633,373<br>319,309<br>HSBC<br>4,240<br>4,060<br>Redwood<br>85,000<br>85,000<br>Cash in hand<br>-<br>296|
||722,613<br>408,665|
||**Creditors - amounts falling due within o ne year**<br>**2023**<br>**£**<br>2022<br>**£**|
||Trade creditors<br>5,584<br>2,384<br>Accruals<br>660<br>660<br>Capital Grants<br>-<br>-|
||6,244<br>3,044|



## **8. Staff & Trustee Costs** 

There are no staff costs in the accounts as all work is carried out by unpaid volunteers. 

The charity Trustees were not paid during the year. No charity Trustee received any emolument or payment for professional or other services. 

## **9. Related Party Transactions** 

Volunteer crewman Ronan McCann has available to him a small section of land from which he runs a community commercial venture. As agreed by the trustees in 2020, he pays the FILB charity a donation each month based on takings. 



**18** 

## **Notes to the financial statements continued** 

## **10. Movement in Funds** 

||**At**|**Incoming**|**Resources**||**At**|
|---|---|---|---|---|---|
||**1 Oct 2022**|**Resources**|**Expended**|**Transfers**|**30 Sept 2023**|
|UNRESTRICTED FUNDS||||||
|General Fund|193,453|543,035|(150,847)|-|585,640|
|Designated Fund|300,000|-|-|-|300,000|
|**Total Unrestricted Funds**|**493,453**|**543,035**|(150,847)|**-**|**858,640**|
|RESTRICTED FUNDS||||||
|Restricted Funds|-|–|-|-|-|
|Total Fund|**493,453**|**543,035**|**(150,847)**|**-**|**858,640**|