Company registration number: Nt054369 Charity registration number.. 10)488 The Lifeboat Mission (A company limited by guarantee) Annual Report and Financial Statements for the Year End¢d ?9 February 2024 Thomas Oliver and Associates Limited Certified Public A¢¢ountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH
The Lifeboat Mission Contents Reference and Administrative Details Trustee, Report 2to4 Endependent Examinels Report 5t06 Statement of Financial Activities 7t08 Balance Sheet Notes to the Financial Statements Ioto 18
The Lifeboat Mission Reference and Administrative Detai15 Ch4irnian Mr Bertie Johnston Secretary Mr Roy McFarland Charity Registration Number 103488 Company Registration Number N1054369 The charity is incorporated in Northern Ireland. 69 Drumaspil Road Dungannon Co.Tyrone BT716HZ Registered Office Thomas Oliver and Associates Limited Certified Public A¢¢ountant l Moygashel Mills Park Dunoannon Co Tyrone BT717DH Page I
The Lifeboat Mission Trustee, Report The trustee, who are directors for the purposes of company law, present the annual report together with the financial staternents of the charitable company for the year ended ?9 February 2024. Objeetives and activities Public benefit In order to continue to fulfil the purpose and have regard to the Commission's public benefit requirement, we have ontinued to provide weekly church services for fellowship, prayer. praise and Bibl¢ teaching as well continuing to provide services for specific community sectors following government guidan¢e. Christian principles and Christiam dis¢ipleship along with the gospel message are shared at these services. The trustee confirni that they have complied with the requirements of the Charities Act to have due regard to the public benefit guidance published by the Charity 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 McFarland Mr Bertie Johnston Mr Adrian Kelso Chaiman: Mr Bertie Johnston Secretary.. Mr Roy McFarland Annual report We wish to sincerely thank all those who attend the services or are involved in the Tunning of the chur¢h, for their time, hard work and generous giving. The purpose of the Lifeboat Mission is for the advancement of the Christian faiih and in pursuance of this objective it may Spread the gospel of Jesus Christ and the message of the Bible at home and abroad in word and in deed Engage in religious preaching, leaching, crusading, ministering, coun5elling, witnessing (domesti¢ and foreign) and soul-winning for the Lord Jesus Christ Operate in an evangelistic manner and wherever possible to assist in support for worthy benevolent humanitarian projects During the year ended February 2024, to continue to fulfil this purpose and have regard to the Commission'5 public benefit requirement, we have ¢ontinued to provide weekly church services for fellowship. prayer, praise and Bible tea¢hing as well as continuing to provide services for specific Gommunity sectors. Our online presence has increased significanily with regular services being shown of Facebook. We had an increase in visiting preachers and singers to our services. Page 2
The Lifeboat Mission Trustee, Report The purpose of the Lifeboat Mission continue to be met alihough 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 wider audience. As the numbers attending services increases Steadily our message is strong. As we enter into another year our desire is to spread the gospel of saving grace to the wider community and to see a growth in our fellowship, seeking God's guidance at every point. In June 2023 the 34th Anniversary Tent Mission brought together the community with special testimonies. singing and preaching ofthe gospel. Our incorne level for the financial year ending 29 February 2024 was almost 139K with expenditure of £90k leaving a surplus for the year of approximately £49K. As Truslees we would like to offer our sincere thanks for the generous giving of our congregation and supporters. Bertie Johnston, Adrian Kelso and Roy M¢Farland served as Trustees during this year. Statement of trustee, responsibilities The trustee (who are a150 the directors of The Lifeboat Mission for the purposes of COTnpany law) are responsible for preparing the trustee, report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and ac¢ount5 have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustee to prepare financial statements for each financial year. Under company law the trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming r¢sources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trnstee are required to: select suitable accounting poli¢ies and apply them consistently. observe the methods and principles in the Charities SORP- make judgements and estimates that ar¢ reasonable and prudent- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departur¢5 disclosed and explained in the financial statements- and prepare the financial statements on the going con¢ern basis unless it is inappropriate to presume that the charitable company will rontinue in business. The trustee are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee are responsible for the maintenance and integrity of the corporate and financial inforn)ation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictiOTr5. Page 3
The Lifeboat Mission Trustee, Report Small companies provision statement This report has been prepared in accordance with the srnall companies regime under the Companies Act 2006. The annual report was approved by the trustee of the charity on 18 November 2024 and signed on its behalf by: Mr Roy McFarland Company Secretary and Trustee Pag¢ 4
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 a¢¢ounts of the Company for the year ended 29 Febrnary 2024. Respective responsibilities of trustees and examiner As the charity's trustee of The Lifeboat Mission (and also its directors for the purposes of ¢ompany law) you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act (N'orthern Ireland) 2008. Having satisfied myself that the accounts of The Lifeboat Mission are not required to be audited under section 65 of Charities A¢t (Northern) Ireland 2008 8J]d that an independent examination is needed. It is my responsibility to... examine the a¢counts under section 65 of the Charities Act to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under seetion 6519}(bl of the Charities A¢t to state whether particular matters have come 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 examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(bl of the Charities Act. Ark examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included 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 conn¢ction with the examination giving me eause to believe: l. Thal accounting records were not kept in respect of The Lifeboat Mission as required by section 63 of the Charilies Act. 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 fiJrth¢r inforniation needed for a proper understanding of tlie account5 tobe reached. Page 5
The Lifeboat Mission Independent Examiner'5 Report to the trustees of The Lifeboat Mission ('the Company,) Independent Examiner's Statement I have completed my examination and have no concerns in respect of th¢ matter (l) to (4) listed above and in connections with the following directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing to your attention Thomas O ' ssociates Limited led Public Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH 18 November 2024 Page 6
The Lifeboat Mission Statement of Financial Activities for the Year Ended 29 February 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses} Unrestricted fund5 Tot#1 2024 Note Income and Endowments from: Donations and legacies Investment income Other income 138.058 203 900 138,058 203 900 Total income 139,161 139.161 Expenditure on: Charitable activities Other expenditur¢ {330) (89,886) (89,886) Total expenditure (90,216) (90,216) Net income 48,945 48,945 Net movement in funds 48,945 48.945 Reconciliation of funds Total funds brought forward 736,6J I 736,6J I Total funds carried forward 17 785,576 785.576 Total 2023 Unrestricted funds Note Income and Endowments from: Donations and l¢ga¢i¢s Inveslm¢nt income 123.651 45 123,6il 45 Total income 123,696 12i,696 Expenditure on: Charitable activities Other expenditure (288) (87,571) (288) (87,571) Total expendire {87,859) 187,859) Net income 35.837 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 700,794 700.794 17 736,631 The notes on page5 10 to 18 forni an integral part of these financial Statements. Page 7 736,631
The Lifeboat Mission Statement of Financial Activities for the Year Ended 29 February 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) All of the ¢harity's activities derive from Continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 17. The notes pages 10 to 18 forn] an integr&l part of these financial statements. Page 8
The Lifeboat Mission (Registration number: N1054369) Balance Sheet as at 29 February 2024 2024 2023 Note Fixed assets Tangible assets 763,725 681,325 Current assets Debtors Cash at bank and in hand 14 15 3,452 20,199 13.)06 43,800 23,651 57.106 Creditors". Amount$ falling due within one year Net current assets 16 (1,800) (1,800) 21,851 55,306 Net assets 785.576 736,6)1 Funds of the charity: Unrestrieted income funds Unrestricted funds 785,576 736.6J I Total funds 17 785.576 736.6)] For the financial year ending 29 February 2024 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. Director5, responsibilities.. Th¢ members have not required the charity to obtsin an audit of its accounts for the year in question in accordance with 5¢Ction 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial staternents have been prepared in accordance with the special provisions relating to companies subject to the srnall companies regime withix Part 15 of the Companies Act 2006. Th¢ finaneial statements on pages 7 to 18 were approved by the trustee. and authorised for issue on 18 November 2024 and signed on their behalf by.. Mr Roy McFarland Company Secretsry and Trustee The notes on pages l O to 18 fonn an integral part of these financial statements. Page 9
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 I Charity status The charity is limited by guarantee. incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustee is liable to contribute an amount not ex¢eeding £Nil towards the assets of the charity in the event of liqiiidation. The address of its registered office is: 69 Drumaspil Road Dungannon Co.Tyrone BT716HZ These financial statements were authorised for issue by the trustee on 18 November 2024. 2 Accounting policies Summary of signifi¢#nt accounting policies and key actountlDg estimates The principal accounling policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Aceounting and Reporting by Charities- Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)) (i55ued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard appli¢able in the UK and Republie of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation The Lifeboat Mission meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valiie unless otherwise stated in the relevant acrounting policy notes. Going Concern The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the Carrying value of assets held by Ihe charity. Exemption from preparing a cash flow 5tgtement 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 endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amounl of the incom¢ r¢¢¢ivable can be measured reliably. Page 10
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 Dontsklons and legaci Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event thai a donation is subject to conditions that require a level of perforniance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are 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 fulfilled in the reporting period. Investment income Dividends are recognised once the dividend has been deelared and notification has been received of the dividend due. Expenditure All expenditure is recognised once ther¢ is a legal or constru¢tive 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 ¢osts to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of ihe asset's use. Other support costs are allocated based on the spread of staff costs. Govern¥Dce costs These include the costs attributable to the charity's coJnplian¢e with constitutional and statutory requirements. including audit, strategic management and trnstee meetings and reimbursed expenses. Taxation The eharity is considered to pass the tests sel out in Paragraph I Schedule 6 of the Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or eapital gains received within categories covered by Chapter 3 Part I I of ihe Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £250.00 or more are initially recorded al ¢ost. Depreciation and atnortisation Depreciation is provided on tangible fixed assets so as to wrile off the cost or valuation. less any estimated residual value. over their expected usefvl economic life as follows- Asset class Land and Buildings FiCreS and Fittings Depreciatson method and rate 1.50/0 reducing balance 200/1> straight line Page 11
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 Cash and cash equivalents Cash and cash equivalents comprise ¢ash on hand and call deposits, and other short-terni highly liquid investments that are readily ¢onvertible to a known amount of casli and are subject to an insignificant risk of change in value. Tr4de creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at (he end of the reporting period, to defer settlement of the creditor for at let twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Borroivings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing bo]Towings are subsequently carrted at amortised cost, with the difference between the proceeds. net of transaction ¢05ts, and the amount due on redemption bein recognised as a charge to the Statement of Financial Activities 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 are classified as current liabilities unless the charity has an unconditional right to d¢fer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for us¢ at the trustee discretion in furtherance of the objectives of the charity. 3 Income from donations And legacie5 Unrestricted fund5 General Total funds Donations and legacies. Donations from individuals RegLilar giving and capital donations 2,450 135.608 2.450 135.608 Total for 2024 138,058 138,058 Total for 2023 123,651 123,651 Page 12
The Lifeboat .Mission Notes to the Financial Statements for the Year Ended 29 February 2024 4 Investment income Unrestricted funds General Total funds Interest receivable and similar income. Interest receivable on bank deposits Tot81 for 2024 203 203 203 203 Total for 2023 45 45 5 Expenditure on charitable aetivities Unrestricted funds General Total funds Note Governance Costs 330 330 Total for 2023 ?88 288 In addition to the expenditure analysed above, there are also governance Costs of £3JO {2023 £288) which relate directly to charitable activities. See note 7 for fvrther details. 6 Other expenditure Unrestricted funds General Total funds Note Staff Gost5 Wages and salaries Depreciation, amortisation and other similar costs Other resource5 expended 8,310 17.996 63.580 17,996 63,580 Total for 2024 89,886 89,886 Total for 2023 87,571 87.571 Page 13
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 7 Analysis of governance gnd support costs Governanee eosts Unrestricted funds General Total funds Independent examiner fees Examination of the financial staternents 330 Total for 2024 Total for 2023 288 288 8 Net incominyJoutgoing resourees Net incoming resourceg for the year include: 2024 2023 Depreciation of fixed assets 17,996 15.773 9 Trustee remuneration and expenses During the year the charity made the following transactioTJs witli trustee.. Mr Bertie Johnston Mr Bertie Johnston received remuneration of £8,J l 0 (2023- £11.329) during the year. 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff Costs during the year were: Wages and salaries 11.329 The monthly average number of persons (including senior managernent I leadership team) employed by the charity during the year expressed as 1[ time equivalent5 was as follows: 2024 2023 Staff Page 14
The Lifeboat Mission Iyotes to the Financial Statements for the Year Ended 29 February 2024 No employee received emoluments of more than £60,000 during the year. I I Independent examiner'$ remuneration 2024 2023 Examination of the financial statements 330 288 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Land and building5 Furniture 2nd equipment Total Cost At l March 2023 Additions 758.502 96.517 28,705 3,879 787,207 100,396 At 29 February 2024 855,019 32,584 887.603 Depreciation At l March 2023 Charge for the year 99,895 11.479 5,987 6,517 105,882 17,996 At 29 February 2024 111,374 12,504 12J,878 Net book vglue At 29 February 2024 743,645 20.080 763,7?5 At 28 February 2023 658,607 22,718 681,325 14 Debtors 2024 2023 Trade debtors Other debtor5 5,966 3,452 3,452 Page 15
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 15 Cash and cash equivalents 2024 2023 Cash at bank 20,199 43,800 16 Creditors: amounts falling due Ivithin one year 2024 2023 Other creditors 1,800 1,800 17 Funds Balance at I March 2023 Incoming resources Resources expended Bxlgnce at 29 February 2024 Unrestricted funds General 736.631 139,161 {90,216) 785.576 Balance at I March 2022 Incoming resouree5 Resources expended BalAnte at 28 February 2023 Unrestricted funds General 700,794 12J.696 (87.859) 736.6J I 18 Analysis of net assets between funds Unrestricted funds General Total fullds at 29 February 2024 Tangible fixed assets Currtnt assets Current liabilities 763,725 763.725 23,651 (1,800) {1,800) Total net assets 785.576 785,576 Page 16
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 Unrestricted funds General Total funds at 28 February 2023 Tangible fixed assets Current assets Current liabilities 681,325 57,106 {1,800} 681,325 57,106 (1,800) Total net assets 736.6J I 736,6J I Page 17
The Lifeboat Mission Notes to the Financial Statements for the Year Ended 29 February 2024 19 Analysis of net funds At29 February 2024 At l March 2023 Financing cash flows Cash at bank and in hand (23,600) 20,200 Net debt (23,600) 20,200 At28 February 2023 At l March 2022 Financing cash flows Cash at bank and in hand 65,087 (21,287) Net debt 65,087 (21.287) Page 18