FRESHWATER ONOEP@NDENY LIFEBOAT ANNUAL REPORT 2024.
4 6 8 Legal and administrative information Report of the trustees Independent examiners report 10 12 14 ststement of Financial Actlvltles Balance Sheet Notes to the Flnancl•l statements
Legal and administrative information Executive Commtiee.. Btsrry Sales Tony Motsre Martin Gould¥ Josh M3cGregor Richard Allen Ronan Mccann Andy Dye. David Kempster Josh MacGregor Rob Adams Martin Cohen Chairman Senior coxswain Operations manager Honorary secretary Retail manager Treasurer Solent Search and Rescue Organisation representstive Station manager Principal training officer Principle Fund Raiser Responsible Person these Indlvlduals are trustees Charity Number.. 293657 Reglstered Address: The Boathouse Freshwater Bay Isle of Wight P040 9RA Bank.. The Co-op Redwood Financial snapshot Charlty income for the year to 30 September 2024 Donations during the year £236k £75k Charity net Profit for the year to 30 September 2024 Cost of maintenance of Lifeboat and Lifeboat Statlon £IOOk £36k
FRESHWATER INDEPENDENT IIFEBOAT
Report of the Trustees Structure, Governance and Management The Freshivater Inshore Rescue Organisation was established in 1972 and was registered with the Charitycomrnission in 1986 after the withdrawal of the Isle ofwight Council involvement. The Charity wa5 renamed the Freshwater Lifeboat Organisation in 1996. Theregistered number has been 293657 since 1986. The Executive Cofflmittee are elerted or approv onan annual basis. The Trust is organised as an independent associabon of tnernber5 who pay an annual subscription with an Executive Committee comprising elected and, ifappropriate, co-opted members. The Truste are chosen from long serving Committee Mernbers or for their technical expertise. The Charity operates so that the Trustees meet regularly to manage its affairs. There are no employe. We are very grateful for the support of the volunteers who support our projerts and without whom theywould not be possible. Some of our funding 15 providedby the income from charity shop, which the Charity runs. shop and enhance our crew training facilities. During 2024 Building Regulation5 approval was Sort to compliment the Planning Approv31 and enable us to offer facilitie5 to SUPPOrt local community events. The unit 15 viell supwrted by bDth fund raising volunteer5 and crew we are delighted to see so many young volunteers king life opportunities. Over the $t 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 2024 are incllided on the page5 10 through to 18. They have been prepared in accordance ivith Statement of Recommended Practi.. Accounting and Reporting by Charities IFR51021 (effective l January 20151. The Charity's total incorne was £236,042.42 compèred to £543,034.56 in 2023124. Object and Activities of the Trust The shop had strong trading a11 season combined iwith the donations collected from open day5 and normal trading once gain broke all records. Thank5 to the efforts of Richard Allen the shop manager and his team of volunteers. The unit would also like to thank Rod Adams NBE, for h15 continued efforf managing collection boxes from local retail venues in Wests Wight and application of grants for the unit. To promote technical education in lifesaving and resuscitation ol the apparently drowned, and to provide suitable training of personnel. The Charity is a declared facility of Hi5 Majesty'5 Coa5tguaid IHMCGI and undergoes operational audits by HMCG and the SSRO. The Charity operates a new 8.5m Atlantic Rigid Inflatable Boat and a 'D' Cla55. Income from the LifebDat Lotto £ 11,726.40 12023.. £11,743.53) from the Lifeboat Lotto, which benefits all three independent Iifemats on the island. In thi5 period the Atlantic 85 and D Cla55 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 Auantic 85, which was cotnmissioned lor the 2024 season. A second D clags wès donated to the unit and came into service in spring 2024. This will enable the unit to cover è greèter search area in shallow waters c105e inshore. Total operating expenses for the year were £ 82,824.23. The otkrating profit for U)e period Is £ 136,777.76. After operatin9 the Atlèntic 85 ènG D Clais IG.- a iyluior.ty Oi ihe year the unit now has clarity to our operational costs in the future. This has been an exciting time for the charity with the delivery ol the Atlantic 85 and the finalization of plans and fund raising for the boathouse exten510n. Plans lor a much needed extension to the Boathouse and shop were submitted to IOVI Council and approved. This will enable u5 to house a new launch and recovery tractor, provide a larger The Trustees consider the finance5 of the charity to be sound.
Executive Commlttee'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 ènd of its financial position at Ihe end of that year. In preparing those financial statements the Tiustees are required to.. a) select suitable accounting policies and apply them consistently., bl make judgements and ests"mates that are reasonable and prudent., cl state whether the policies adopted are in accordance with applioble accounting standards and statements of reiommended pracbce, subjert 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 ExecLEtive Comtnittee are re5pon5ible for keeping proper ccounting records which d15c105e with reasonable accuracy at any time the financial position of the Charity and enable thern to ensure that the financial statements comply with the Charities Act 2011. They are also re5pon5ible 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 preparedon a going concern basis which assumes an ability to conb.nue operating for the foreseeable future. Trustees have considered the revised operats.ng cosis of the new Adantic 85 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 oncern basis. This report was approved by the Executive Committee on and signed on its behalf by Barry Sales Chairman & Trustee
08 Report of the Independent Examiner Independent Examinef'5 Report to the Trustee5 of Fre5hwaier Liiebo¢)I .)[ liitr -n(liilV for year ended 10 SLpleniber Responsibilities bèsts of reporl Independenl examiner's siatemenl '.Iied by 5ecilOhi 130 of tlie Aci.. or ri)&5 iccoun15 do IiDI accord 'll17 Lhosp reco..ds,' ur the accciuiits d() nat c(Iiiiply with chL 3?71icaLIL ri.'quirf.'ILl LtlnQLirninc,. thL, fiirm and cont'nl L)f accounts sliould hp dravin In thi% report In c)rder to enahle Ii PIOI)Lr uiideislcindiiijc t)f Ilita acrounls to be Icar.hLd. -Id Cliari¢iLd CLII IIiiLd Accouniarils NtwporL Islo. ol Vjioht P030 SAU
r'._
io Statement of financial activities for the year ended 30 September 2024 2024 Unrestricted Funds 2024 Restricted Funds 2024 TotalFunds INCOMING RESOURCES Incoming resour$ from generated funds Voluntary Income Boxe5 Donations Memberships Legacies Activities for Generating Funds Shop income Fundraising activities Lifeboat Lottery other Investmert Income and Interest Interest CeIVed Tncorne resources frorn charitable actlvities Grants Other income resources 2,348 74,628 2,348 74,628 380 59,071 59.071 85,199 85,199 11,726 11,726 2,690 2,690 other income TOTAL INCOMING RESOURCES 236,042 236,042 RESOURCES EXPENDED Cost of Generating Funds Cost of fundraising Opening stock - fillished goods aosing stock- finished goods 232 5,516 17,6761 232 5,516 17,6761 Cost of goods sold Shop management and dirert C05t5 46,988 1,620 46,988 1,620 Charitable ACtItIeS Fuel Training costs Other operating expenses Charitable activity overheads (Note 21 Depreciation Profit on dlsposal of FA 2,101 4,063 3,337 36,135 38,091 5,271 2,101 4,063 3,337 36,135 38,091 5,271 Governance Costs Independent examination TOTAL RESOURCES EXPENDED 734 734 136,412 99,630 136,412 99,630 NET MOVEMENT IN FUNDS RECONCIUATION OF FUNDS Total funds brought ft>nvard 885,640 885,640 Total Funds Carried Forward 985,270 985,270
li Statement of financial activities forthe year ended 30 September 2023 2023 2023 Restricted Funds 2023 Total Funds Unrestricted Funds INCOMING RESOURCES Incoming resources from generated funds Voluntsry Incorne Boxes Donations Mernberships Legacies Activities for Generating Funds 449,831 20 449,831 20 Shop incorne Fundraising activiti Lifeboat Lottery other Investment Income and Interest Interest received Income resources from charitable activities Grants Other Income resourc 79,856 79,856 11,744 11,744 1584 1584 Other income TOTAL INCOMING RESOURCES 543,035 543.035 RESOURCES EXPENDED Cost of Generating Funds Cost of fundraising Opening stock- finished good5 aosing stock - finished goods C05t of goods sold Shop management and direct costs 584 4652 15,5161 46,814 1,117 4,652 15,5161 46,814 1,117 Charitable ActiMtie5 Fuel Training costs other operating expenses Charitable acts.vity overheads (Note 21 Depreciation Loss on dispDSal of FA Governance Costs Independent exarnination 2,329 13,615 10,299 50,150 27,954 (11501 2,329 13,615 10,299 50,150 27,954 111501 TOTAL RESOURCES EXPENDED 150,848 150,848 NET MOVEMENT IN FUNDS 392,187 392,187 RECONCILIATION OF FUNDS Total funds brought forward 493,4523 493,453 Total Funds Carried Forward 885,640 885,640
12 Balance sheet as at 30 September 2024 A5at 30.09.24 Asat 30.09.23 Note Fixed assets Tangible assets 270,307 160,496 Current assets stock 7,676 3,247 706,418 5,516 3,259 722,613 Debtors Cash at bank and in hand 717,341 12,3781 731,368 16,2441 Creditors.. arnoLints falling due within one year Net current assets 714.963 725,144 Net assets 985,270 885,640 The funds of the charity Restricted income fund io Unrestricted income funds io 985,270 885,640 Totsl funds 985,270 885,640 The Financial Stste behalf by nts were approved by the Trustees authori*d for issue on 7th May 2025 and signed on their Ronan Mccann Honorary Treagurer & Trusiee
HA 90 @YllllHA 11
14 Notes to the financial statements IF
15 Notes to the financial statements l. Accounting Polices Accounting Conventions The ffinanci31 statements have been prepared under the historical cost convention, and in accordance with the Financial Rerorbng Standard for Stnaller Entities (effective April 20081, the Charities Act 2011 and the requirements of the Statement of Recornmended Practice, Accounting and Reporting by Charities (FR5102) (applicable l January 20151 and UK Generally Accepted Prartice. As a publii benefit enbty, Freshwater Lifetoat has applied the public benefit entity 'PBE' prefixed paragraphs of FR5102. The charity has elected to take the exemption from the requirement to prepare a Cash Flow Statement due to its turnover being le* than £500,000 a5 permitted by the Staternent of Recommend Practice ISORPI "Accounting and Reporting by Charities IFRS1021. The following principal accounting rolicies have been applied Intomrng Resources All Incorning re50urie5 are included on the Statement of Financial Activities when the charity is legally entled to the income and the amount can be quankn.fied with reasonable accuracy. Resources Expended Expenditure Is accounted for on an accruèls basi5 and ha5 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 Servlces Donated goods and service5 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 straight- line method. Depreciation is provided on the following ba5es'. Boathouse refurbishment Lifeboat Plant and machinery Fixtures and fittings 20/0 IOWO IOYO IOD Stock Stock is included in the accounts at the lower of cost or net realisable value. Taxation The charity is exernpt from corporation tax on its charitable artlvitles. Legacies Legacies are included within the accounts when there is sufficient eviden 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 Accountlng & Reserves Unrestricted funds can be used in accordance with the charitsble objectives at the discreb.oft of the Trustees. Restricted funds can only be used for rtiCUlar restricted purposes within the objects of the charity. Restrictions arlse v¢hen specified by the donor or when funds are raised for CUlar restricted purposes.
16 Notes to the financial statements continued 2. Analysis of Overheads Charitable Activities Overheads Trading Overheads 2024 Total 2023 Total Maintenan 21,543 1,614 1,772 95 905 21,541 8,072 3,545 189 1,811 653 324 34,980 11,315 3,053 iii 2,197 829 1,171 6,458 1,772 95 905 Insuran Rates Cleanlng Adverbsing & Marketing tT Software and consumable 490 163 243 81 9,963 26,172 36,135 50,150 3. Tangible Fixed Assets Leasehol dBoathouse Refurbishmen Plan tand Machinery Flxtures an Llfeboats Total Flttlng co¥r At i October 2023 144,354 226,260 155,451 3,879 529,944 Additions Disposals As at 30 September 2024 178,174 {67,4871 336,947 203,174 1149,6941 583,424 157,2071 98,244 144,354 3,879 DEPRECIATION At l October 2023 Charge for the year Disposals At 30 September 2024 144,354 90,496 33,694 146,7201 77,470 140,614 4,258 (57,2071 87,665 3,490 138 378,954 38,091 (103.9281 313,117 3,628 144.354 NET BOOKVALUE At 30 Septembèr 2024 259,477 10,)79 251 270.307 At i ortotEr 2023 9,5D5 135,764 14,837 390 160,496 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 refurbishrnenL based on the a55UnlPtion that the original building would have had negligible net book value at the year end, having beenbuilt in 1972. During the year the charity purchased Atlantic 85B - 604.
17 4. Stock 2024 2023 Shop stock 7,676 7,676 5,516 5,516 5. Debtors 2024 2023 Arnounts falling due within one year.. Accounts Receivable Prepayments VAT 624 636 2,623 2,623 Donations 3,247 3,259 6. Cash at Bank and In Hand 2024 2023 The Co-op 617,178 633,373 HSBC 4,240 85,000 4,240 85,000 Redwood Cash in hand 706,418 722,613 7. Creditors - amounts falling due within a one year 2024 2023 Trade creditors 1,718 660 5,584 660 Accruals Capital Grants 2,378 6,244 8. Staff & Trustee Costs There are no staff costs in the account5 as all work is carried out by unpaid volunteers. The charity Trustees were not paid during the year. No charity Trustee received any emolurnent or payment for professional or other services. 9. Related Party Transactions Volunteer crewman Ronan Mccann ha5 available to hirn a small section of land from which he runs a community commercial venture. As agreed by the trustees in 2020, he pays the FILB charlty a donation each month based on taking5.
18 Notes to the financial statements continued 10. Movement in Funds At l Oct 2023 Incoming Resources Resour Expended At Transfers 30 Sept 2024 UNRESTRicfED FUPIDS General Fund 585,640 236,042 1136,4121 685,270 Designated Fund 300,000 300,000 Total Unrestrlcted Funds 858,640 236,042 (136.412) 958,270 RESTRICtED FUNDS Restricted Funds Total Fund 858,640 236,042 (136,412) 958,270