Company registration number: N1054369 Charity registration number: 103488 The Lifeboat Mission (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 28 February 2023 Thomas Oliver and Associates Limited Certified Public Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH
The Lifeboat Mission Contents Reference and Administrative Details Trustee, ReJK)rt 2to3 Independent Examinegs Report 4t05 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t015
The Lifeboat Mission Reference and Administrative Details Cbafirnian Mr Bertie Johnston Secretary Mr Roy mCFland Charity RegÉstration Number 103488 Company Registration Number N1054369 The charity is incorporated in Northern Ireland. 69 Drurnaspil Road Dungannon Co.Tyrone BT716HZ Registered Office Auditor Thomas Oliver and Associates Limited Certified Publi¢ Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH Page I
The Lifeboat Mission Trustee, Report The iTU5tee, who are dire¢tors for the purposes of company law, present the annual report together with the fmanciat ststements of the charitable company for the year ended 28 Febnjary 2023. Objectives and a¢tivitits Public benefit In order to continue to lfil the purpose and have regard to the Commission's public benefit requiremen¢ we have continued to provide weekly church services for fellowship. prayer) Prni5e and Bible teaching as well as continuing to provide services for specific Community sectors following government guidance. Christian principles and Christiarn discipleship aIong with the gospel rnessage are shared at these services. The trustee confinn that they have cornpli¢d with th¢ requirements of the Charities Act to have due regard to the publtc benefit guidance published by the Chartty Commission for Northern Ireland. Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Trustee: Mr Roy MGFarland Mr Bertie Johnston Mr Adrian Kelso Chainnan: Mr Bertie Johnston Secretary: Mr Roy McFarland report We wish to sincerely thank all those who attend the serYi¢¢s or are involved in the running of the church. for their time, hard work and generous giving. The pUoSe of the Lifeboat Mission is for the advancement of the Christian faith and iJ] pursuance of thi5 obje¢tiv¢ it may Spread the gospel of Jesus Christ 2nd the message of the Btble at home and abrnad in word and in deed Engage in religious preachings teaching, crusading, rniniskng, counselltng* Witnessing (domestic and forei) and soul-winning for the Lord Jesus Christ Operate in an evangelistic manner and wherever possible to assist in support for worthy benevolent humanitsrian proje£ts During the year ertd February 2023, to continue to fulfil this purpose and hav¢ regard to the Commission's public benefit requiremenL w¢ have continued to provide weekly church seryices for fellowship, prayerj praise and Bible teaching as well as continuing to provide services for specific cornmunity Sectors. Our online presence ha5 increed stgnifi¢antly with regular services being shown of Facebook. We had an increase in visiting prwh¢r5 and sin8er5 to our services. The purpose of the Lifeboat Mission ntinUe to be met although the method of delivery has evolved depending on the particular restrictions in place. During the year Sunday services and prayer meetings have continued at our church premises and we have seen a growth in the fellowship. Our messages are being posted online through our Facebook page where they can reach a much w2der audience. As the numbers attending services increases stwlily our message is strong. Page 2
The Lifeboat Mission Trustee, Report As we enter into another year our desire 15 to spread the gospel of Saving grace to the wider community and to 5¢¢ a growth in our fellowship. seeking God'5 guidance at every point. Our incorne level for the f]nanciaI year ending 28 February 2023 wa5 almost 124K with expendikn of £88k leaving a surplus for the year of approxirnately £36K. As Trustees we would like to offer our Sincere thanks for the genernus giving of our ¢ongregation and supporters. Bertie Johnston. Adrian Kelso and Roy McFarland Seed a8 Trustees during this year. StstemeDt oftrustee, responsibilities The trustee (who are aEso the directors of The Lifeboat Mission for the Purposes of company law) 3r¢ responsible for prepartng the tn25tee' report and the financial statements in accordance with applicable law and Unifrd Kingdom Accounttng Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Rewrting Standard applicable in the UK and Republic of Ireland" Company law requires the ttustee to prepare fmancial statements for each fJnanGial year. Under company law the trustee must not approve the financial statements unless they ar¢ satisfied that they give a trne and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including its income and expenditure. of the charitable company for that period. In preparing these f]nancial statements, the trustee are r4uired to: select suitable accountin8 policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgements and &8timat¢s that are rea80nable and prudent. state whether applicable accounting standards, cornprising FRS 102 have been followe subject to any rnalerial departures disclosed and explained in the financial statements. and prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charitable ci)mpany will continue in business. The trustee are responsible for keeping proper accounting records that can disclose with reasonabl¢ accuracy at any time the fman¢ial tx)sition of the chItable company and enable them to ensure that the f]nancial statements comply with the Companies Act 2006. They are 80 responsible for safeguarding the assets of the charitable COEnpany and hence for taking reasonable Steps for the prevention and detection of fraud and other 1C8U1arities. The trustee are responsible for the maintenance and integrity of the corporate and fmancial infornation included on the charitable CoMpanS website. Legislation goveming the PTeparation and dissemination of financial 5tstemeThts may differ from l¢gislation in other jurisdictions. The annual rqxyrt was approved by the trustee of the charity on 13 November 2023 and signed on its behalf by: y McFarland Company Secretary and Trustee Pag¢ 3
The Lifeboat Mission Independent Examiner's Report to the trustees of The Lifeboat Mission ('the Company,) I report to the charity trustee on my examination of the accounts of the Company for the year ended 28 February 2023. Rupective responsibilities of trusteey ond examiner As the cknity's knstee of The Lifeboat Mission (and also its diTethrs for the purposes of company law) you are responsible for the preparation of the accounts in acwrdance with the requirements of the ChitIeS AGt (Northem Ireland) 2008. Having satisfied myself that the aCunts of The Lifeboat Mission are not required to be audited under section 65 of Charities Act (Northern) Ireland 2008 and that an independent examination 15 needed. It 15 my responsibility to:. - examine the accounts under section 65 of the chariti Act - to follow the procedures laid down in the general Direction5 given by the Charity Commission for Northern Ireland under sectton 65 (9)(b) of the Charities Act - to state whether particular matter5 have ci)me to my attention Basis of Independent Examiners, Report I have examined your charity accounts as required under section 65 of the Charities Act and my examtnation was carried out in accordance with the general Directions given by the Charity Commission for Northern treland under section 65(9)(b) of the Charities Act. examination included a review of the accountinE records kept by the chartty 2nd a comparison of the accounts presented with those records. It also tncluded consideration of any unusual items or disclosures in the accounts, and seeking expalnations from the trustees concerning any such matters.. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: l. That accounting records were not kept in respect of Th¢ LifelKJat Mission as required by section 63 of the Charities ACL or 2. That the accounts do not accord with those records. or 3. That the accounts do not comply with the accounting requirements of the Charities Act. 4. That there is fijrtlw infonnation needed for a proper understanding of the accounts tobe reached. Page 4
The Lifeboat Mission IndependeDt Examiner's Report to the trustees of The Lifeboat Mission ('the Company,) Independejjt Ex#rniDer's StateJlleDt I have completed my examination and have no concerns in respect of the matter (l) to (4) listed above and in connections with the following directions of the Charity Commission for Northern Irelan4 I have found no matters that require drawing to your attention lates Limited Certified Public Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH 13 November 2023 Page 5
The Lifeboat Mission Statement of Financial Activities for the Year Ended 28 February 2023 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestrieted runds Total 2023 Note Income and Endowments from: Donations and ]egleS Invesknent tncome 123,651 45 123,651 45 Total income 123.696 123.696 Expendithre on: Charitable activitie5 Other expenditure (288) (87.571) (288) (87,571) Tot expenditure (87.859 (87.859) Net income 35.837 35,837 Net movement in funds 35,837 35.837 ReeoDciliatioD offvnds Total fimd5 brought forward Total funds carried fonvard 700.794 700,794 17 736,631 Unrestricted 736,631 Total 2022 Note IDcome and EndowtneDts from: Donations and legacies tnveslment income 113,552 113,552 Tota] income 113.553 113,553 Expenditure on: Charitable activitie5 Other expenditure (270) (78.280 (270) 78,280) Total expenditure (78,550) (78,550) Net income 35.003 35,003 Net movem¢nt in fimds 35,003 35,003 Reconciliation of funds Total fimds brought forward Total fimds carried forward 665.791 665,791 17 700,794 700,794 All of the ¢harity's activities derive from continuing operations during the above two periods. The funds breakdowi for 2022 is showi in note 17. The notes on pages 8 to 15 fomi an integal part of these financial statements. Page 6
The Lifeboat Mission (Registration number: N1054369) Balance Sheet as at 28 February 2023 2023 2022 Note Fixed assets Tangible assets 13 681.325 635,456 Current 2S5ets Debtors Cash at bank and in hand 14 13,306 43.800 5,856 65.087 15 57,106 70,943 Creditors: Amounts falling due witbin One year Net current assets 16 (1,800 (5,605 55.306 65.338 Net assets 736,63 I 700,794 Funds ofthe charity: Unrtstricted fineome flmds Unrestricted funds 736.631 700,794 Total fuDd5 17 736,631 700,794 For the financial year ending 28 February 2023 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The mernbers have not required the charity to obtain an audit of its accounts for the year in question in a¢cordance with section 476: and The dirtorS acknowledge their responsibilitie5 for complying with the requirements of the Act with respect to acwunting rOrdS and the preparation of accounts. The financial statements on pages 6 to 15 were approved by the trustee, and authorised for issu¢ on 13 November 2023 and signed on th¢ir behalf by: McFarland Company Secretary and Trustee The notes on pages 8 to 15 fonn an integral part of these fmancial Statements. Pag¢ 7
The Lifeboat Mission Notes to the Financial Ststements for the Year Ended 28 February 2023 I Charity st#tus The charity 15 limited by guarantee, incorporated in North¢rn Irelan and consequently does not have share capital. Each of the trustee is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered office is: 69 DrLun&spil Road Dungannon Co.Tyrone BT716HZ These f]nancial statements vC authorised frIT issue by the trustee on 13 November 2023. 2 AeeountiDE policies Summary ofsigDifie#nt aeeouDtillg policies and key accounting estimates The principal accounting policies applied in the preparation of these financiaI statements are set out below. These poli¢ie5 have been consistently applid to all the year5 pres¢nted, Llllless otherwise stated. Statsment ofcompliance The fttwiGial statements have been prepared in accordance with Accounting and RekKJrting by chitIeS. Statement of Recommended Practice (applicable to charities prepartng their accounts in accordance Mryth the Financial RerK)rting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued In October 2019) - (Charities SORP (FRS 102)), the Financia] Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation The Lifeboat Mission meets the defmition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical Gost or trdnsactton value unless otherwise stated in Ihe relevant accounting policy notes. Golng concern The trnstee nsider that there are no material uncertainties about the charity's abilty to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Gharity. Exemptlon from preparittE a casb flow ststement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and eDdoYrnients All in¢ome is re¢ognised once the ¢harity has entitIement to the income. it is probable that the incom¢ will be received and the amount of th¢ incorne Teceivable can be measured Teliably. Page 8
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 28 February 2023 Donadons and legac DonatioD5 are recognised when the charity ha5 been notified in writing of both the amount and settlement date. In the event thal a donation is subje¢t to conditions that require a level of perforn12nce by the charity before the charity is entitled to the funds. the income is deferred and not recognised until either those conditions aye fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these Conditions will be lfilled in the reporting period. ItMent incopxe Dividend5 are recognised once the dividend h85 been de¢lared and notification has been received of the dividend due. Expendltllre All expenditure is r¢cognised onGe there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot b¢ directly attiibvted to particular headings they have been allocated on a basis consistent with the use of resources, with central stsff ¢osts allocated on the basis of time speni and depreci2tion charges allocated on the portion of the asset's use. Other support ¢0sts are allocated b&sed on the spread of staff costs. Governance costs These include th¢ costs attributsble to the Ghajity's compliance with constitutional and statOry requirements, including audiL Strategic management and trustee meetillg5 reimbltrscd expenses. Taution The charity is considered to pass the tests set out in Paragrnph I S¢h¢dule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purp)ses. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains re1Ved within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeabl¢ Gains Act 1992, to the extent that such income or gains are applied exclusively to Gharitable purposes. Tangible red assets Individual fjxed assets costing £250.00 or more are initially recorded at cost. DepreciatioD and amortisation Depreciation is provided on tangible fixed assets so as to MTite off thc cost or valuation, Icss any ¢s¢imated residual value, over their expected use1 economic life as follows: A$s¢t class Lalld and Buildings Fictures and Fittin85 Depreciation method 8nd rate 1.50/0 reducing balance 200/0 straight line Cash and cash equivalents Cash and cash 4uivalents comprise cash on hand and call deposits, and other short-terni highly liquid investments that are readily c4)nvertible to a kThown amount of cash and are subject to an insignificant risk of change in value. Page 9
The Lifeboat Mission Notu to the Financial Statements for the Year Ended 28 February 2023 Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordillary course of business from suppliers. Accounts payable are classified as Cent liabiltties if the charity does not have an unconditional righL at the end of the reporting period, to defu settlement of the creditor for at le&8t tw¢lve month5 after the reEKJrting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are presented os nonUrrent liabilities. Trade creditors are recognised initially at the transaction price and subsequendy msured at amortised cost using the effective interest method. Borrowings Interest-bearing borrowryngs are initially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cosL with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Ststement of Financial Acttvities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings aT¢ classifigj as CUent liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund struethre Unrestricted inwme funds are general fLmd5 that are availabl¢ for use at the ttlee discretion in fiuxherdnce of the objectives of the charity. 3 Ineome from donations and legacl Unrestricted fund5 Ceneral Total funds Donations and legacies. Donations from indlviduais Regular giving and capital donations Total for 2023 3,300 120,351 3,300 120,351 123.651 123,651 Total for 2022 113.552 113.552 Page 10
The Lifeboat Mission Notes to the Finallcial Statements for the Year Ended 28 Febrnary 2023 4 Investment in¢orne Unrestrieted funds Gener41 Total ds Interest receivable and similar income. Interest receivable on baok deposits Total for 2023 45 45 45 45 Total for 2022 5 Expenditure on charitable activlties Unrestricted filnds Generlll Totsl funds Note Governance costs 288 288 Total for 2022 270 270 Total expenditure In addition to the expenditure analysed above. there are also governance costs of £288 (2022 - £270) which relat¢ diredly to charilable activities. See note 7 for further details. 6 Other expellditure Unrestrlcted nds Gentral Totsl funds Note Staff wsts Wage5 and salaries Depreciatio amortisation and other 51milar costs Other resources expended 11,329 15,773 60.469 11,329 15,773 60,469 Total for 2023 87,571 87,571 Total for 2022 78,280 78,280 Page 11
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 28 February 2023 7 Allalysis of govern4nee and support costs Governance costs Unre5trirted funds Gtneral Total nds Independent examiner fees Examination of the fuwicial statements 288 288 Total for 2023 288 288 Total for 2022 270 270 8 Net ineomingloutgoing r£sources Net inming resour¢es for the year include: 2023 2022 Depreciation of fixed assets 15,773 9.678 9 Trn5tee remuneration And upettses During the year the charity nThle the following transactions with trustee: Mr Bertte Johnston Mr Bertie JohnstoTh received remuneration of £1 1,700 (2022.. £10,800) during the year. 10 Staff costs The aggregate payroll c05t5 were as follows.. 2023 2022 Staff cost5 during the y¢ar wert: Wages and salaries 11,329 10,800 The monthly average number of persons (including senior rnanagement / leadership team) employed by the charity during the year expressed as fjjll time equivalents was as follows: 2023 2022 Staff No employee received emoluments of more than £60,000 during the year. Pag¢ 12
The Lifeboat Missioll Notes to the Fillancial Statements for the Year Ended 28 February 2023 11 Independent examiner's remuneration 2023 2022 Examination of the financial statements 288 270 12 Taxation The charity is a registered charity and is therefore exempt from ttion. 13 Tangible fjxed assets Land and buildings Furniture and equipment Total Cost At l March 2022 Additio 714,668 43,834 10.897 17,808 725,565 61.642 Ai 28 February 2023 Depreciation At l March 2022 Charge for the year At 28 February 2023 Net book value 758.502 28.705 787.207 89,780 10,115 329 5,658 90,109 15,773 99.895 5.987 105,882 At 28 February 2023 At 28 Febary 2022 658,607 22.718 681,325 624,888 10,568 635,456 14 Debton 2023 2022 Trade debtors Other debtors 5,966 7J40 5,856 13,306 5.856 IS Cash and cash eqllivalents 2023 2022 Cash at bank 43,800 65,087 Page 13
The Lifeboat Mission Notes to the Financial Staten]ents for the Year Ended 28 February 2023 16 Creditors: amounts falling due vwfithin one year 2023 2022 Trdde creditors Other creditors 3,805 1.800 1,800 1.800 5,605 17 Funds Balance at i Matth 2022 Incoming resour¢e5 RLsources expended Bal¥nce gt 28 February 2023 Unrestricted funds Generdl 700,794 123,696 (87,859) 736,631 Balance at I March 2021 IDcoming resources Resources expended Balance at 28 February 2022 Unrestricted funds General 665.791 113,553 (78,550) 700.794 18 Analysis ofDet assets between funds Unrestricted funds General Totsl funds at 28 Febrnary 2023 Tangible fixed a55ets Cuyrent assets Cutrent liabilities 681,325 57.106 (1.800 681.325 57,106 (1.800) Total net &ssets 736,631 736,631 Unrestricted funds General Total ndS at 28 February 2022 Tangible fixed assets cuellt assets CuTTent liabilities 635.456 70,943 (5,605) 700.794 635,456 70,943 (5,605) 700.794 Total net assets Page 14
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 28 February 2023 19 Anatysis of net fund$ At28 February 2023 At l March 2022 Cash at bank and in hand 65,087 65,087 Net debt 65.087 65,087 At28 February 2022 At l Mareh 2021 Cash at bank and in ljand 23,440 23,440 Net debt 23,440 23,440 Pase 15