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.'￿IL￿l￿ 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 ACtI￿tIeS
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 entl￿ed
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