Charlty reglstratlon number SC046312 IS¢otlandl ST ABBS LIFEBOAT (SCIO) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
ST ABBS LIFEBOAT {SCIO> LEGAL AND ADMINISTRATIVE INFORMATION Trustees Other officers: Working committ40'. Charlty number {Scollandl SC046312 Prfn¢ipal address Ebba Centre Brieryl8W St. Abbs BeThwckshire TD14 SPH Independent èxamln•r
ST ABBS LIFEBOAT {SCIO) CONTENTS Page Trustees. report Independent examinees report Stalemont ol finan¢ial activities Balance S¥t 10 Notes to the financial statements
ST ABBS LIFEBOAT (SCIO) TRUSTEES, REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 The TNslees present Iheir report and financial ststements fw the period endgd 30 Sgptomber 2024. The financial statements have been prepared in accordance wlh the accounts'ro policte5 sel out in note 1 to the financial statements and wmply with Ihe Charity's goveming docurnenl, the Charities and Trustee Investmenl (Scotlandl Act 2Th)5, the Charities Accounts (Scotlandl Regulations 2006 las amendedl and 'Accounling and Reporting by Charities.. Slaternent of Recommended Pradice applicable to charities preparing their accounts in accordance wlih the Financial Reporting Standard applble in the UK and Republic of Ireland IFRS 102}. {effeCti 1 January 20191. Sl Abbs Ind$p6ndent Lrfeboat ISAILI was first registe¥ed as a Scotti$h Charitablè Incorporatéd Organi$ati ISCIO) in February 2016. lollowing the dosure of the RNLI lifeboat Stslion in 2015. whi¢h had existed since 1911. The aim of the new charity is the saving of lives on the BeickShire coast, Ihrou9h both provision of an independent lifeboat. and also through education. obj8¥•$ and acuvlties Objeets and aims To provide a lrfeboat oper81ing out of St Abbs and to educate, promote and encourage the Publ in use of the sea and coastline. Publi¢ nfil Saving lives and education and enragement in use ollhe s8. The Twstee$ confirm that they have complied with the requirements of Ihg Charities and Trustees Investmerkl {Scotlandl A¢t 2005 to have due iegard to the public benefit guidance pvblished by the Office of the Swttish Charity Regulator {OSCRI. Use of volunteers The Trustees have formed a mMittee of volunteers. a management team. to help wilh training, medica suppliès and training. accounts and record keeping, fundraisin9 and general management. A¢hi¢v¢monts and perfom)ance This year our accounting year end was extended Irom 2 August lo 30 Seplember. This allows Stock tskSng and accounts preparation to take place at a less busy tsmè. as il previ12usly dashed with the Gala and very busy periods In the shop. As a suIt, the data in this report covers 8 14 month peiiod and is therefore not directly mparable with previous years. Operational manag•m•nt - there have been no changes to operational man8gemenl personnel during the period. This caiendw y$ar th* Lrfeboat has been called to attend 6 shouts to date.
ST ABBS LIFEBOAT {SCIO) TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 The Llltrboat ¥nd equlpment - inveslmenl in the bo Continues to ensure it remains in pristine condrtion as follows.. Equipment purcha$edlsetviced induded:. 12 Survivor lrfejackets to be carried on the t)at 8$ requlred by the Rescjje Boat Code.. Fire extinguishers on the boat replaced; Spark plugs arKI Iheimostats d)anged on bolh engin8s', New aerial fitted forMS". New swtch for sear¢l)11ghl". Flare pa¢k$ replaced 8nd old flares regally disposed ofr. Day and night personal mini flares pu¥chased: New bilge pump and hand torches purchased., New crew lrfeia¢kets purchased and existing ones ServId., New waterproof gloves and socks for crew purchased: All first aid equipment kèpt up lo dalel$l8ndard and replacÉd where necessary.. MST setYi¢ing of $elf-rlghling System undertaken,. Depth ieadout system repaired.. Man over board dummy wrchased for more realistsc training., A paediatric mannequin purchased lor first aid training., and New surts are being Snvest¢galed with v¢sits from various company represent8lfves. Inspections und8rtak$n in¢lude:_ Mid term MCA inspection of the boat ssjccessfully completed in April,. Annual Declared Faality Inspditsn ¢arrigd out in AtNil a Dedared Facility document was produwl which includes the background to a training plan, management plan and all operational 8nd organisalional ¢J¢lall$. Tho document al80 indudes a Sta(Kn maintenance plan which will ensurè a regulatory actions are now kn¢)wn about and scheduled roulinety each yeaT going forwaid.. and AJI maintènar and papework ha5 been brought up lo date and recorded on D4H. Th¢ Lif¢b¢at $tation- investment in the premises has been undertaken lo maintain the building in a good state of repair. Roof surveys have been undertaken. but the works arè still due to be compleied. Funds for this work will Come from the Harbour Trust. Plans have been drawn up and con$ulted upon to refufbish the changing area and Iraining room. These works arè likely to take pla¢¢ in 2025. All rtsgulalory rna1ntenan has been undertaken in the Station as required induding:_ Electrical inspg¢tion of shed crynpleled and ceTtified- fflain fuse board and breakers in office replaced., Winch and lrfbng equipment had its annual inspection ensLtring LOLER ¢omplh8n¢e.' Flre Plan VFxlated and all fire equipment 6eNiced.' Annual petrol 3ltsfage notifica'on sent to Courril to ensure compliance; PAT testing of appliances undertaken". and Risk assessm8nt updalad.
ST ABBS LIFEBOAT (SCIO) TRUSTEES, REPORT {CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Lifeboat crew and tr41nlng - operatk)nalty the bogt ¢few list now stands at a core of 20 individLtals, including 4 coxswains with one new rAew mernber recruited during the pèriod. Thorè arè 12 shorè cr. In order to comply with the Rescue Boat Code. a Training Officer was 8PP04"nted. Work Is ongoing to pr(KlU a trainlng plan and competency structure. SOPS and EOPS have been reviewed and written as part of Ihtr preparation for the Dedared Faulity inspection, but there is further work lo do on this. Use of the D4H system is being further developed to record training and attendance of all crew members. All Crew have undertaken medicals lo ML5 or ENG1 standard and this is a minimLm requirement for crew to bs able to go out on the boat. Crew training courses have been completed as fdlows:_ RYA2 Pry•verboat ry)urses have complottrd by S crew." Advanced Powerboat courses have been completed by 2 crew., All Crew have completed theirfirst aid qualthations.. and A training Scenario Day was hèld in April. Awards - 22 crew received Kings Coronation Medals in Avgusl 2024. The rnedals were awarded to 'frontline emergency services personnel thal have been in paid Service. retained or in 8 voluntary capacity. dealing with emergeneies as part ol their conditions of service, and have completed five full calendar years of service by the 6 May 2023. This means volunteers who undertake an operational role as part ol the operational crew. fund raisers, trustees, honorary secretaries and non-operational volunteers are not eligible io receive the rnedal.. Clinical governance- current clinieal govÈm8nce eontinues to be undertaken by fv40 consultants, both ol whom are experts in Irauma and emergency medicin&. They have liaised closely with the uew, and continue to advise on updated medical ProdUreS, and ry)nduct rnedal exèrcises at the station. They are pleased that thg 5k"Ell$ base is increasing as crew attend further training and irnprove their famili8ri5ation with kil. Goveman¢•- the per has seen a lot of work done on our overall standards of governance as follows'.- The ¢on51i¢utb?n has bo¢n rènew8d, swned by all Trustees and lodged with OSCR.. Job descriptions and reo¥uilmenl pa¢ks havo been produced for all key roles and for uew,. Key policy documents have been produced including Trustee Tems of Reference. Relationship with Tfadlng Company, Recruitment of Trustees and Volunteers, Financial Controls Potiaes and Piocedures. Health & Safety, Risk Assessrnenl, Conflid of Interest Policy and Register. Code of coru¢t, Safeguarding, Data PTOtection. These docLtments ensure that we are striving as a Charity to te wmpliant with OSCR regulations and guidanTr. These documents will be reviewed annually and kept up lo dalts by Tnjstees,. Following the resignation of a Trustee sn June, a skills audit of the Board was undertaken and three new Trustees were recruited in July to cover the following sperAalisms.' Mediral, HRtrraining, Health & Safetyfftisk Assessment. Financlal martagèm•nt of thè eharlty - during the period the Trustees have looked carefully at the financi management of the SCIO'S bank deposits and dauded to us the Charity Aid Foundation's banking platfom tL> move funds lo improve ffinanelal security. The objedive of doing this is to ensure all our funds are securely covered by the FSCS Scheme 1£85K per banking group}. 11 wtll also ensure we achieve better rates of interest. The management of the platform is overseen a sub group of three Trustees who makè minuled deosions on the mvement of funds. Events - the Lrfeboat supported the followng events with a uew presence I lrfeboat cover: Coldingham Gala. Berwickshlre Marine Reserve's 40th Birthday, Eyemoulh Herring Queen procession, Coldingham Brave Bayeis 1.5km swim. Coldfest, Eyemtsuth High School Showcase, St Abbs Saence Festival, Youth Philanthropy IniknatNe and Showca3e eveAls al Eyemouth High School. Fundralslng and Gala - The collection pots and 5p jars ¢ontinue to suttessfuI raise èssential funds from a wide range of outlets. Gala 2024 was the most successful yel in lerms of lundraising.
ST ABBS LIFEBOAT (SCIO) TRUSTEES, REPORT {CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Management of the trading company - the finan(yal and operational management of tho trading Company continues to be undertaken by the 2 current Dir¢¢tors, with assistance from the accountants. The shop has been open for 3 days a week during the spring and Sufflmer season slaffed by a core of 15 volunteers. There was atso a speual Christmas shoppin9 opening. The sales figures continue to bè high. Thi5 period saw the launch of online trading whsch is organls8d and njn by our main partnerlsuppller. Dunbar T Shirts and has proved very 5ur£e5sfvI. External fundraisin9 activlty - Fundraising activity by Indiwduals and gr(wJps remains al o very hlgh Ve1 and many donor groups were welcomed al the Station wTrlh a%ockqled media coveragg. Donations- Donations also remab) al a high level frn indNidLtals. trusts. ftFner81 collections and estates. Communlcatlons - The Lifebo81 website which went live in September 2023 continues to be a useful resource and is maintained and kèpl up lo dale with posting of news stones and updates. The history archive has been launched which allows public access lo a lot of historical material. Facebook remains the other communication tool and Is regularly updated and monitored. M•mbershlp we remain a member of the National Independent Lifeboat Association Inform8tton sharing, partnership working and contacts havè prov$d invaluable Ihrou9houl the period and have brought benerrts to us. Plans for the future Operntlonal - 2025 will See our 5 year Dedared Facility inspection and, if surxessfvl, OUT agreemenl renewed. Focus prior to this musl thgrefoTe be centred on the training system, pl8n, m8teria15, method of recording and systematic undertaking. The established maintenance and recoiding ol Lk)al mainienance must also continue lo ensure we remain compliant wtth the Rescue Boat Code at all times. 11 Is hoped that reful'shMent works to the Station can be completed in 2025 arKI that replacement suits L¥n be purchased on a rolling programme as required. Trading Company - the trading company hopes that the online shop will continue successfully. In¢reasing year- round sales ¢)f mefd)andise and reaching a wider target market. Fundralslng in lemis of ffiJndraising, the team will continue lo work towaids a 10 year Tolling re$erve for the operation of the lifeboat into the luturo. Event8- 2025 will see the Start of planning for the 10 year anniversary ol the launch of the Lifeboat. Overall. St Abbs lifeboat continues lo provide the seNice for which it Was set up, and remains grateful for thè financAal support and volunteer input from all OLFr supporters, allowing it lo fvwll its aims. Flnanelal rgview Total income for t1 per¥)d amounted to £128,52612023'. £f09,8361 of which £5,66712023.' £2,545) came by way of Legacies, for which the Trustees are immensely grateful. Total expenditure was £42,11612023.' £44,885) resulting in an overall ¥urplus for the period of £86,41012023.. £64,951 surplus). The balanc8 of unrestricted general funds as at 30 September 2024 was £325,816 12023." £283.906). with the unrestri¢ted designated fund recording a dosing balanee (rf £464,500 {2023'. £420,000}. Policy on reserves The inttial policy was to ra*se £S00,(K)O in or<ler to finance the purchase of a lifeboat and associated lifesaving equipment and (o ensure ongoing operallons. In Ihe period ended 30 September 2024, lund8 raised amounted to £97.37412023.' £84,850). Future policy on reservès És lo strive lo ensure that there i8 aayS sufficiertt serveS to secure the continued operatson and luture placement of tho lifeboat and eq¢Jipment for a rolling 10 year lime period. Al curient operaling costs. this reprgsents approximately £370,OW of gxp¢nditur&. This will be inueased each year to refleca inflation.
ST ABBS LIFEBOAT {SCIO) TRUSTEES. REPORT {CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Prlnclpal lunding 8our¢¥8 Funding has been received frorn generous donations. legacies. grants, events and fundraising. £1,000 was donated by The Caram Charttabb Twst, £1.000 from the Ethel and Gwyn Morgan Trust and £2.OCKI was donated from the Bu£*land Charitable Trust. £22,084 {2023.' £22.7441 was also distributed from the Charity's trading subsidiary company, St Abbs Lrfeboat Trading Ltd. £28,305 will be distributed from Ihe trading company to the Charity In the MIng year. Rlsk review The Trustees have overall responsibility for ensursng the Charity has appropriate systems of control, financial and otheiSe. As part of thi5 contrtsl, th6 Trustees have undertaken skills audits and risk assessrnents and have p in place systems and policies lo manage any such risks. These policy documents are subject to regular review at Tru$lee$' meetings to ensure Iheii ¢<y)lenl is being kèpt (tp to date and remains lully compliant. Structure. governance and managemènt The Charity is a Scottish Chariiable Incorporated Organisation ISCIOI and wa$ rggislÉr8d wlh OSCR on 2 February 2016. The Truslees who served during the period 8nd up lo the date of signature of the finanaal statements were.. The board may at any time appoint any person to be a Charity Trustee by way of 3 resolution passed by majority vole 81 a board meeting. Future recruilrnent looks encouf8ging, wtth a number of applications to join the crew being receivèd in the last year. At the AGMI1111lII retire, wlth all eligitt for re-ele¢lion. Having been cA)-OPted as Trustees on 15 July 2024. the appointments of formalty approved at the last AGM held 19 September 2024. ere Ofganisatlonal structure The Ch8rity Trustees forrn the board who hold regul8r meeting$ and generally ntrol the activities of th& organi58ts'on. The Charity Trustee5 must eled (from among Ihemselvesl a chair. a treaSur and a secretary. They may elect fijrther office bearers if they consider that appropriate. All of the office bearers will cease to hold office al the ¢on¢lusion of each AGM bul may be re-eleded. The Tru51ees have do1¢gated Ihe offic¢$ ol ¢hair. secretary and treasurer.
ST ABBS LIFEBOAT {SCIO) TRUSTEES, REPORT (CONTINUED FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Statement of Trustees, responslbllltles Th& Twslees are responsible for preparing the Trustees, Report and the financial ststemenls in accordan with 8pplicable law and United Kingdom Accounting Standards IUnit8d Kingdom Generally Ac£epted Accounting Practi¢x}. The law appluble to charities in Seotland requirt$ the Trustees lo prepare financial statements for each finanaal year which give a tlue and fair view of the stsle ol affairs of the Charity and of the incoming resources and application of resource5 of the Charity fo¥ that period. In preparing Ih$$e ffinancial Statements, the Tnjstees are required to.. Select suit8ble accounting policies and then apply them consistenlly.. observe the methods and princAples in the Charthes SORP,. - make judgements and ests"mates that are reasonable and prLenI., state whether applicab ac¢ounling stsnd8rds havg been followed, subject to any material departures disdosed and explained in the finanual statements.. and prepare the finanaal stslemenls on the going concem basis unless it is inappropriate to presume that the charity will continue In operatKIn. The Trustees Ère respons*ble for keeping suffictent accounting records that disclose w¢th reasonable aeojracy at ony time the financial po811ion of the Charity and enable them to ensure thal ihe financial statements comply wrth the Charities 8Ad TRJslee Investment Iscollandl Act 2005. the Charrties Accounts (Scotland) Regulations 2(K las amendedl and the provisions of the Iru5t deed. They are also responsible for safeguarding the assets of the Charity 8nd hgn¢¢ for taking reaSonae step5 for the prevention and detection of fraud and olher irregtslartties. The Trustees. report was approved by the 8oard of Trustees. Dated.. loLJ.
ST ABBS LIFEBOAT (SCIO) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ABBS LIFEBOAT ISCIO) I report to the Trustees on my examination of the financial statements of Sl Abbs Lifeboat (scioi (the Charity) for the perfod Qnded 30 September 2024. Respective resp0ns1blllV Of Trustegs and ox•min&r The Charity's Trustees are responsible for the preparation of the financial statements in accordance with the temis of the Chariti¢$ and Trustee Investrnent Iscouandl Act 2005 and Ihe Charities Accounls {Scotland} Regulations 2006 The Charity Trustees considèr that the aLtdit requirement of Regulation 1011lla)-Icl of the Charities Accounts (Scotlandl RegulalioT15 2CX)6 does not apply. 11 is my responsibility lo examine the financial 51alemenl$ 8$ required under se¢tion 44{111¢l of the Charities and Trustee Investment (Scollandl Act 2005 and to stale whether particular matters have come lo my attention. Basis of indèpènd•nt examlntrfs statèment My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulatsons 2006. An examination includes a review of Ihe accounting records kept by Ihe tharily and a comparison ol the financial statements presented with those records. It also includes consideration of any unusual items or disdosures in the finanual statements, and seekin9 explanations from the trustees cOnrning any such matters. The prowfure$ undertakeTr do not provide all the evidence that would be requifed in an audit and consequently I do nol express an audit opinion on the view given by the finanaal statements. Ind•pandent examinerfs statement In the course of my examinatson. no matter has coma to my attentn 1. vthich gives mè re860nabte cause to belwe that in gny m¢r¢81 re$pe¢t the requirem¢nl$'. to keep accounting records in 8c¢ordan¢ w¢th Sec*ion 44{11{81 of the Charill&s and Trustse Inveslrneftl {Scodandl Act 2005 and Regulation 4 of the Charities Accounts Iscollandl Regulations 2006, and to prepare financial statements which accord with the aco?unling records and comply with Regulation 8 of the Charities Accounts ISc£)tland} Regulations 20C6 h8ve not been met, or 2. to whi¢h. in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reathed. Dal&'.
ST ABBS LIFEBOAT (SCIO) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Current financlal perlod Unrestrlctsd Unr•strl¢ted funds funds gèneral designated 2024 2024 Total Totsl 2024 2023 Notes Income and endowmènts from: Donations and legaoes Olhol tr8ding activities Investments Other income 81,369 16,QA)S 28,073 3.079 81,369 16.rx)5 28.073 3.079 74,609 10.241 14,540 10,448 Total Income 128,526 128.526 109,836 Expenditure ¢>n: Raising lunds Charitable activities 7.119 34,997 7.119 34.997 5,892 38,993 Total expendlture 42.t16 42.116 44,885 Nèt in¢ome 86,410 86.410 64,951 Transfer5 beeen fvnds 144.5001 44.500 Net movement In fund$ 41,910 44.500 86,410 64,951 ReconcilIaOn ol fund8'. Fund balances at 3 August 2023 283,9CkS 420,000 703,906 638,955 Fund balances at 30 Sèptèmber 2024 325,816 464.5L)O 790,316 703,9C The statement of finandd activities Includes all gains and losses recc>anised in the p8riod. All incL*me and expenditure derive from continuing adivf(ies.
ST ABBS LIFEBOAT {SCIO) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Prlor firAnc5al year unr¥strI¢t Unrestricted funds funds general desSgnated 2023 2023 Total 2023 Notes In¢om• and endowments from: Donations and legacies Other trading activitie5 Investments Olhar i)Me 74.609 10.247 14,540 10.446 74,609 10,241 14,540 10.446 Total Incom¢ 109,836 109,836 Expenditure on: Raising fund8 Charitable adwities 5,892 38,993 5.892 38,993 Total expenditure 44,885 44,885 N•t In¢ome 64,951 64.951 Transfers behveen funds (60,CHXII 80,000 Net movement in fund 4,951 60.000 64,951 Rèconclllatlon of funds: FLtnd balanS al 3Augu8t 2022 278,955 360.000 638,955 Fund balances at 2 August 2023 283.906 420,000 703,9C
ST ABBS LIFEBOAT (SCIO) BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notss Flxed assèts Tangible assets Investments 13 14 5,284 2,636 5.265 2,637 Current assets Deblois Cash at bank and in har 15 22,502 765,612 27.117 677,165 788,114 704,282 Cr•ditors-. amounts falling due withln on• year 16 {3.063) (3.0131 Net Guent assets 785.051 701,269 Total assets lèss eurrènt liabilities 790.316 703,9( The funds of the ChArlty Unreslrided fvnds- general unstIlCted nd$- designated 18 17 325,816 464.500 283,9r 420,0(Y) 790,316 703,9r The financaal slalements were approved by the Trustees 10-
ST ABBS LIFEBOAT {SCIO) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Accounting poli¢ie¥ Charity Infomiatlon Sl Abbs Lifeboat ISCIOI Ith8 Charity) is a Scottish Charitable Incorporaled Organisation registeied with the Office ol the Scottish Ch8ril Re ulalor OSCRI, number SC046312. The reglstered offi¢0 1$ 1.1 Reportin9 period The Charity Trustees look the decjsion to Change the Ch8ritY$ reporting period. The ¢U(nI period 18 the 14 months to 30 September 2024, whereas the comparative is lor the 12 months 10 2 August 2023. As a result, thè eomparative amounts presented in the finanri81 slalement5 {induding related nolesl are not entirely comparable. 1.2 Accounting convention The financial statements have been prepa in accordance with the Charity's goveming document, the Charities and Trustee Investment Iscodandl Act 2005, the Charities Accounts {Scotlandl Regulations 2006 las amended), FRS 102 'Thè Financial Reporting Standard applicable in ihe UK and Republic of Ireland. I'FRS 102.) and the Charities SORP "Accounting at)d Reporting by Charities.. Statement of Recommended Practice applicable lo ¢haritieg preparing their accounts in acCOrdat) with the Financial Reporting Standard applicable in the UK and RepÈJblic of Ir¢land {FRS 1021. (effective 1 January 2019). The CIHrity 4$ • Publ Benefft Entity as defined by FRS 102. The Chanty has taken advantage of the provwons In the SORP for ¢h8nties not lo prepare a Slalemenl of Cash Flows. The financ¢al statements are prepared in stefling. which is the functional currency of the Charity. Monetsry amounts in thoss flnanoal statements are rounded to the nearest £. The financial statements have be&n prepaied und¢r the historical cost convention. The principal ac¢ounts'ng poltcies adopted are sel out below. 1.3 Golng concern At the time of approvsng the finanual stslements. the Trustees have a reasonable expectation that the Charity has adequate reSoUrS lo continue in opgralional existèncè for thè foreseeable future. Thus the Trustees continue to adopt the going o)n¢em basis of a¢counllng In weporlng the fIn8nd stat¢menls. 1.4 Charltable funds Unrestricted fund$ are avallable for use at the dISclon of ihe Trustees in furtherancE of their chariiable objeCte&. Dosignated funds comprise funds which have been set aside at the discretion of the Tnjslees for speufic purposes. The purposes ar¥J uses of the designated funds are set out in the notes to the finanual statements. Restrted fvnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses ol the festricted funds are set 04Jt in the notes to the financial statements. 1.5 Incomè Income is recognised when the Charity 1$ legally ntillsd lo k after any performance nditionS have been mel. the amounts can be measured retiably. and it is prob8blè that ine4)me will be rer2ived. Cash donations are recognised on ¢91p1. Other donations are recognised once the Charity has beon notrfi of the donation. unless performance condstsons requiie deferral of the amount. Income tax recoverable in relation to donatv)ns feceived under GiftAid or deeds ol ¢ovon8nt is re<x)gnised al the time of the donation. 11
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Accountlng pollel¥s Icontlnuedl LegacAes are recognised on receipt or otheise if the Charity has been nolthed ol an impending distribution, the amount is krhown, and receipt is exp¢¢ted. If the amount is not known. the legacy is treated as a eontingent 8ssel. Glfts of 9oods and services are incIjed in donations al the eslirnated ryjst of Ihe items wovided lo the Charity. No rerDgnition OT valuation has been made to quantify lirne gwen freely from general volunteers. Grants a iecognised when the Charily has an entitlement to the funds and any conditions linkeil to tt)e grants have been rnet. Where performance conditions are attached to the grant and are yet to be met, thè in¢om8 1$ recognised as a liability and included on the b8lan¢e sheet as deferred income to be released. 1.8 ExpendltUT• All expendrture is reco9nisèd once there 15 a legal or CLnstrucve obligatlon to that expenditure, il is probable setllement is required and the amount can be measured reljably. Al ctssts 8Fe allocated lo the app14cable expendilure heading that aggregate similar costs to that category. IM)ere cost8 cannot be directly attributed to partitJJlar headings they have been allocated on a basis consistent with the use of resources, wth central staff costs allocated on the b8si5 of lime spent, and depreciation charges allocated on the portion ol Ihe asset's use. Other support costs are allocated based on the Spad of staff Costs. Ralslng lunds These are costs rncurred in attracting donations arHI legacies, Ihe managèment of investrnents and ihose incurred in trading activiti.es that raise furKIs. Charitable activiti•s Charitable expenditure CMpriseS those ¢osts fjncurred by the Charity in the delNery of rts activities and servi$ for rts benerlarIeS. It indude5 both cos15 that can be allocaied direclty lo suth a¢uVe$ and those costs of an indirect nature necessary lo support Ihem. Support Ct5 Support costs include ItraI nCtionS and have ten allocated to adivty cost category on a basis consistent with the use of resources, for example. allocating property costs by floor areas. or per capita, staff costs by the Ilme spent and other costs by their usage. Governance costs These includtr the costs attritrrtjtable to the Charitys COmpsn(S with conslilulional and statutory requirements. Induding independent examination, strategic man89omenl and Tru51ees' meetings and reimbursed expenses. 1.7 TangSble fixèd a$sets T8Ible fixed assets costing £50 or mrjre are initially measured at cost and subsequendy measured at cost 01 valuation, net of deprèciation any irnpairment losses. Deprerjalion is recognised so as to write off the 81 or valuation of assets less Iheif residLbal valuès over their useful lives on the following ba88$'. Llleboal and eq1pment Websste 20% Straight line 33.33% Straight lirtt The gain OT loss arislng on Ihe disposal of an asset is determined as ihe difference belween Ihe Sa proceeds and the carrying value of the 88sel, and is recognised in the statement of financial activities. 12
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 AccountSng pollcie$ {Contlnuedl 1.8 Flxed asset investments Fixed asset investrTl8nts arè Initial measijred at cost and subsequently measured at cost less any acLumulaled impaiment losses. The investments are assessed for impairnient al each reporting date and any irnpairment losses or reveisals of impairmeTFI losses are f$¢ognis¢d immedtat¢ly In net in¢om¢ll¢Xp¢ndiluI for the year. A subsidiary is an enltly controlled by th$ Charity. Control is th& power to govem the finanaal and operaling policAes of the entty 50 as to obtain benefits from ts Èd¥vities. 1.9 Impa1rn7ent of fixed assets Al each reporting end ¢Jale, the Charity reviews the carrying amounts of its langli )le assets to determine whether ther8 is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoveratrle amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.10 Cash and eash equivalents Cash and cash equivalents indude cash in hand, deposits held al Call wrth banks. other short-lemi liquid inveslmenls with oiiginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in wrrent liabilit¢es. 1.11 Flnancial instruments The Charity has elected lo apY tho provisions of Section 11 '8asic Finanoal Instruments, and Section 12 'Olher Financial Instturnenls Issutrs. of FRS 102 to all of its financial instruments. Finanaal instrumerts ar? recognis8d in the Charity's balance sheel when the Charity becomes party to the contractual provisions of Ihe instrument. Financ¢al assets and liabilities are offset, with the net amounts presented in the finanual statements, when there ss a legally enforceable right to set off the recognised amounts and Ihe¥e is an intention to settle on a net basis or to Tealise the asset and settle the liability simultaneously. B4$1¢ finan¢Falass•ts Basic financial assets, which incjude debtors and cash and bank balances. a ini118lly measured al Iran$a¢tion price including transaction costs and are subsequenuy carried al amortlsed cost using the effective interest method unless the arrangement constitutes a financing transaction, where Ihe transaction is measufed at the present value of the future receipts discounted at a market rale of inlefe51. Financ4al assets dassified as reowable within onè y¢ar are not amortised. Bask flnanclal Ilabllltles Basic financial liabilities, tnduding ¢rèditors and bank loans are initially recognised at transaction price unless the arr8ngemenl Gonslitutès 8 financing transaction, where the debt instrument is measured at the present value of the future payments di$Unted al a market rate of interesl. Finanual liabiliti'es dasstfied as payable within one year are not #MolSed. Debt instruments are subsequently carried at amortised cost, using thtr effective tnlei&sl rale method. Trade uedrtors are obligations to pay for goods or services that have been ao4uired the ordinary ojurse of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due wilhin one year or lass. If not. they are presented as non-current liabilities. Trade creditors are recognised initially al transaction pri¢e and subsequently measured at 8mortised fA)St Ltsing the effective interest method. D•r•cognilion of financial liabilities Financial liabilili85 are d¢retsjgniS when the Charws contractual obligatvjns expire or are discharged or cancelled. 13-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Crltlcal accounting •stimates and judgements In the application ol the Charity's accounting poli¢ie$, the Trustees are required to make judgements. eslin181es and assumpiions aboLrt IhÈ carrying amount of assets and Irabilities that are not readily app8rent frorn other Sources. The estimates and assoualed assurnplions are based on historical expeTience and other factors thal are considered lo be relev8nl. Actual results rnay differ from these estim816s. The estimates and undtrrlying assurnplions are reviewed on an ongoing basis. Revisions to accounting estimates are rèco9nised in the period in which the estimate is r¢vised wheie the revision affeds only that period. w In the period of the Tevision and future periods where the rewsFon affects both current and f¢Jture periods. D¢)natlons and legacles Unrèstricterl funds general 2024 Totsl 2023 Donations and grf(s Legaoes recetvable HMRC Gift aid Donaknons and gifts from other charities 69,254 5,667 2.448 54.277 2.545 10,787 7.000 81.369 74.609 Donations and glfts Donations from individu818 Donation from StAbbs Lrfeboat Trading Limited 47.170 22.084 31.533 22.744 69.254 54,277 other tradlng actlvlil•s Unre$tTi¢ted funds general 2024 Total 2023 Events income Ordnance SUTvey mapping inco 12.rx)5 10,241 er tradin9 activltfes 16.(X)5 10,241 14-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Inve$tm•nts Unrestricted funds general 2024 Total 2023 Interest receivablé 28.073 14.540 Other income Unrèstricted Unrestricted funds funds 2024 2023 VAT refund 3.079 10.446 Rarn9 funds Unrestrfctsd funds gen¢ral 2024 Total 2023 Fundraisin Advertising Other ftsndraising costs Premises costs and ublici 1,172 1,437 3,283 2.212 3,211 7,119 5,892 15-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Charltsblo actlvltltrs 2024 2023 Depreciation crgw Irainirsg Insurance Repair5 and maintenance Telecommunications Medical supplies Fuel Postsge and slationery 3,202 3.028 7.084 13,926 1,422 5.543 6,896 17,270 765 2,028 1,585 116 1,322 31,931 Share of goveman¢e costs {see note 9) 3.066 2,910 34.997 38,993 Support eosts Governance costs 2024 Governance o¥ts 2023 ACuntanCY 3.066 2,910 2,910 3,066 3.C66 2,910 2,910 Analysed betren Chaiitable 8clivilie3 3.066 3,CE6 2,910 2,910 Goveman¢e c08ts includes payments to the hidependent &xamin$r of £3.(6612023= £2.9101 for accountancy and indepèndent examination services. 10 Trustee¥ None of the Trustees lor any T508 conrsected wrth them) reiVed any MyeratIon 12023.. £Nil) or benefils (2023." £Nill from thè Charity during the period. 16-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEAIBER 2024 11 Employee6 Number of employees The average monthly number of employees during the pÈriod was.. 2024 Number 2023 Nurnber Volunteer crew 8ttending tr8tning 20 20 There were no employees whose annual remuneration was £60,C(l or more. 12 Taxatlon The Charity is exempt from taxation on its activities because all its incJ)me is applied for charitable purposes. 13 Tangible fixed 48$0ts LS18boatond •qulpmMt W8b8 Total Cost At 3 August 2023 Additions 235,502 1.580 235,502 5.830 4,250 At 30 September 2024 237.a92 4,250 241,332 Dèpreciation and impaimient Al 3 August 2023 Depreciation charged in the period 232,866 1,838 232,866 3,202 1,364 At 30 September 2024 234,704 236.(8 C•rryin9 amount AI 30 Septernber 2024 2,378 2,886 5.264 AI 2 August 2023 2,636 2,636 14 Flxod ass•t Investrnents Other Investfnents Cost or valuation AI 3 August 2023 & 30 September 2024 Carrying amount AI 30 September 2024 At 02 August 2023 17-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 14 Flx•d ass¢t investrnents Icontinued) 2024 2023 Other investment5 comprise.. Notes Investments in subsidiafies 21 The profil for the financial period of Sl Abbs Lrfeboat Trading Limited was £28.305 {2023.. £22,084> and the aggregate amount of capital and resetves al the end ol the period was £28.30612023'. £22.0851. The company was incorpordled on 3 Jurte 2016, company number SC537077. The profit made in prior year ol £22,084 was distributèd lo Sl Abbs Lifeboat SCIO in the current financial period. 15 Dgbtors 2024 2023 Amounts falling due wlthln one year.. Amounts owed by fellow 9ro4) undertakings Other debtors Prepayments and accrued income 14,255 8.247 14,630 10,787 1,7 22,S02 27.117 16 Credltors: amounts falllng due wthin (x)e year 2024 2023 Trade creditors Accruals and ¢Jèfgrrgd income 229 2,784 3,063 3.063 3.013 18-
ST ABBS LIFEBOAT (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 f 7 Unrestrlcted funds- desSgnatèd The fvnds of the Charity indude the following designated funds which have been sel asid¢ out of unreslrided funds by the Trustees for speofic purposes.. At 3 August 2023 Transfers At30 S•pt•mber 2024 Working Capital Reserye Fund Ltfeboat and Equipment Repl8¢emenl Fund feboal Re-fft Fund 40,000 330,000 50,000 42,0 370,OIXJ 52,500 40.0 2,500 420,000 44.500 464,500 Pr•vlous year.. At 3 August 2022 Transfers At 2 August 2023 l)rking Capital Reserve Fund Lifeboat 8nd Equipment Replacement Fund Lifeboat Re-fit Fund io.coo 50,000 40,000 330,0Th) 50,000 280,000 50,000 360,000 60.(KJO 420,000 Following discussions amongst the Trustees and to recxjgnise annÈJal inflatlOn8ry rises il was agreed ihat the Charity should by way of transfer continue to dgnate some of its unrestricted general funds for the following described purp05es". Worklng Capital Reserve Fund To ring fence and ensure the Charity ha5 access lo on¢ years working capital in order to manage risks against any exceptional cArcumslance5 that may cause a downlum in operational income bein9 received. such as a pandemk. Lifeboat and Equlpment Replacement Fund Funds sel asid& for the eventual replacement of the Lifeboat and assorialed Equipment. Due to rising costs and inflation, the Trustees antiapate that this fund balance will need lo be intte8sed each year going foard. Ufeboat Re-fit Fund In order lo extend the op&ralional lrfe of the existing Lrfeboat by a fijrther 5- 10 years, it is anticipated that re-fit around lis 10th anniversary will need lo L* ¢arri¢d out. 19-
ST ABBS LIFEBOAT (SCIO} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2024 18 Unrestrleted funds The Unrestr¢ fund5 of the Charity Comprise the unexpended balances of donations and grants which we not subject to speufic conditions by donors and grantors as lo how they may be used. At 3 August 2023 In¢oming resources Resources expèndod Tran$fers At30 Septembor 2024 General fvnds 283.gJ6 128,526 (42.1161 144.5001 325.816 Previous y•ar: At 3 August 2022 Incomlng resources Resaur¢*$ expended Transfers At 2 AUgl 2023 General fijnds 278,955 109,836 {44,8851 {60.OCXJI 283.906 19 Analys1$ ol net assets betr•mn funds un$trIcted Designated fvnd funds 2024 2024 Total Unrèstricted Designated fund funds 2023 2023 Totsl 2024 2023 Fund balances at 30 Septernber 2024 are represented by.. Tangible assets Investments Current asselsloiabilitièsl 5.264 2,836 320,551 464.500 785,051 281.289 420,CKJO 701,269 325,816 790,316 283.6 420,0 703,X6 Related party transactions There weie no disdosable related party transaction$ during the period {2023.- None). 21 Subsidiarie$ Delail$ of Ihe Charity's stjbsidiaries in which the Charity holds 2Wo or more of the nomrnal value of any class of share capital at 30 September 2024 are as foll¢N5.' Name of undèrtaklng R•glstor•d office Nature of buslness Class of % Held sharèty held Dlreet Indir¢¢t stAbb5 Lrfeboal Trading Limited So)tland Retail of lifeboat paraphemalia Ordinary 100.00 -20-