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COMPANY REGISTRATION NUMBER: 05711803
CHARITY REGISTRATION NUMBER: 1113807
Maryport Rescue
Company Limited by Guarantee
Unaudited Financial Statements
24 July 2023
Maryport Rescue
Company Limited by Guarantee
Financial Statements
Year ended 24 July 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
7
Maryport Rescue
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 24 July 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 24 July 2023 .
Reference and administrative details
Registered charity name
Maryport Rescue
Charity registration number
1113807
Company registration number
05711803
Principal office and registered
C/O Maryport Inshore Rescue
office
Marine Road
Maryport
CA15 8AY
Cumbria
The trustees
Mr G Farish
Mr M Gibson
Mr G Hampson
Mr M M Messenger
Mr J M Norman
Mrs T Messenger
Mr M Taylor
Mr D R Brannon
(Appointed 2 May 2023)
Company secretary
Mrs T Messenger
Independent examiner
Mr William Moore BA, FCA
Unit 7B Lakeland Business Park
Cockermouth
Cumbria
CA13 0QT
Structure, governance and management
Governing document
The charity was constituted on 16th February 2006 as a company limited by guarantee, and is governed by the memorandum and articles of association of the same date. The company registered as a charity on 19th April 2006.
Objectives and activities
The charity's object and its principal activity is the preservation and saving of life at sea or on the foreshore by the acquisition, fitting out, maintenance and operation of a patrol boat, operating from Maryport in the county of Cumbria and such other means as may from time to time be determined subject to the prior written consent of the charity commissioners for England and Wales. We are an independent lifeboat, flood, swift water search and rescue service. We work with all other emergency services and are called out to assist them. The trustees have had regard to the Charity Commissioners guidance on public benefit.
The charity is organised so that the trustees are able to meet only as required.
Significant activities
The trustees have continued to operate the inshore patrol boat from Maryport, Cumbria, obtaining funding from donations and grant providers to enable to provide this service for the benefit of the local community in accordance with the objects of the charity.
Achievements and performance
As well as the regular callouts to emergencies, we have updated and renewed our continuing specialist training.
Financial review
The Statement of Financial Activities shows the net deficit for the year of £32,499, and unrestricted reserves stand at £464,468, of which £190,000 has been earmarked by the trustees for expenditure on fixed assets.
Reserves policy
The nature of our role means that we require a significant value of lifesaving equipment and assets. Our reserves need to be sufficient to cover this and to allow an amount to cover ongoing running costs should funding suddenly cease.
We have met this target this year in unrestricted funds, and excluding the designated new building project fund.
Investment policy and objectives
Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees have considered the appropriate policy for investing funds and have found that due to the need to have funds accessible to meet current commitments, surplus funds are placed in an instant access deposit account.
Plans for future periods
The charity is expected to continue to operate the inshore patrol boat. Plans are underway to develop and in-house training facility that can be used to train Maryport Lifeboat personnel and also individuals and groups from external bodies.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 28 September 2023 and signed on behalf of the board of trustees by:
Mr M M Messenger
Trustee
Maryport Rescue
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Maryport Rescue
Year ended 24 July 2023
I report to the trustees on my examination of the financial statements of Maryport Rescue ('the charity') for the year ended 24 July 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr William Moore BA, FCA Independent Examiner
Unit 7B Lakeland Business Park Cockermouth Cumbria CA13 0QT
28 September 2023
Maryport Rescue
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 24 July 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
55,036
31,606
86,642
380,300
Other trading activities
6
3,292
3,292
Investment income
7
2,876
2,876
452
Other income
8
770
770
--------
--------
--------
----------
Total income
61,974
31,606
93,580
380,752
--------
--------
--------
----------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
9
2,666
2,666
( 484)
Expenditure on charitable activities
10,11
120,413
3,000
123,413
160,726
----------
-------
----------
----------
Total expenditure
123,079
3,000
126,079
160,242
----------
-------
----------
----------
----------
--------
----------
----------
Net (expenditure)/income
( 61,105)
28,606
( 32,499)
220,510
----------
--------
----------
----------
Transfers between funds
14,279
(14,279)
----------
--------
----------
----------
Net movement in funds
( 46,826)
14,327
( 32,499)
220,510
Reconciliation of funds
Total funds brought forward
511,394
2,346
513,740
293,230
----------
--------
----------
----------
Total funds carried forward
464,568
16,673
481,241
513,740
----------
--------
----------
----------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Maryport Rescue
Company Limited by Guarantee
Statement of Financial Position
24 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible fixed assets
16
312,621
273,273
Current assets
Stocks
17
2,725
850
Debtors
18
11,753
420
Cash at bank and in hand
155,808
241,129
----------
----------
170,286
242,399
Creditors: amounts falling due within one year
19
1,666
1,932
----------
----------
Net current assets
168,620
240,467
----------
----------
Total assets less current liabilities
481,241
513,740
----------
----------
Net assets
481,241
513,740
----------
----------
Funds of the charity
Restricted funds
16,673
2,346
Unrestricted funds
464,568
511,394
----------
----------
Total charity funds
20
481,241
513,740
----------
----------
For the year ending 24 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Maryport Rescue
Company Limited by Guarantee
Statement of Financial Position (continued)
24 July 2023
These financial statements were approved by the board of trustees and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr M M Messenger
Trustee
Company registration number: 05711803
Charity registration number: 1113807
Maryport Rescue
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 24 July 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is C/O Maryport Inshore Rescue, Marine Road, Maryport, CA15 8AY, Cumbria.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Fixtures, fittings & equipment
-
15% reducing balance
Boat, trailer & vehicles
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
The Company is limited by guarantee and does not have a share capital.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
25,109
25,109
Maryport lottery
22,890
22,890
Legacies
Legacies
7,037
7,037
Grants
Grants receivable
31,606
31,606
--------
--------
--------
55,036
31,606
86,642
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations
16,067
16,067
Maryport lottery
24,910
24,910
Legacies
Legacies
335,000
335,000
Grants
Grants receivable
4,323
4,323
----------
----
----------
380,300
380,300
----------
----
----------
6. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gift shop income
3,292
3,292
-------
-------
----
----
7. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
2,876
2,876
452
452
-------
-------
----
----
8. Other income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income
770
770
----
----
----
----
9. Costs of other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gift shop
2,666
2,666
( 484)
( 484)
-------
-------
----
----
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Rescue boat
120,413
3,000
123,413
----------
-------
----------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Rescue boat
151,656
9,070
160,726
----------
-------
----------
11. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2023
Total fund 2022
£
£
£
Rescue boat
123,413
123,413
160,726
----------
----------
----------
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
41,055
34,165
--------
--------
13. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
822
780
----
----
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
7,322
5,330
Social security costs
36
-------
-------
7,322
5,366
-------
-------
The average head count of employees during the year was 3 (2022: 3 ).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
Two trustees have been paid remuneration or received other benefits from employment with the charity (2022: two). In the year ended 24 July 2023, total remuneration including national insurance contributions for Mrs T Messenger was £4,635.54 and for Mr G Farish was £1,465.69. The remuneration was paid to the trustees in respect of their work done as employees of the charity, not for services provided to the charity in their capacity as trustee. Such remuneration is permitted under clause 5 of the charity's Memorandum and Articles of Association.
There were no expenses reimbursed to trustees during the year (2022: nil).
16. Tangible fixed assets
Long leasehold property
Fixtures, fittings & equipment
Boat, trailer & vehicles
Total
£
£
£
£
Cost
At 25 July 2022
91,923
134,712
300,610
527,245
Additions
2,008
21,140
58,956
82,104
Disposals
( 2,001)
( 2,001)
--------
----------
----------
----------
At 24 July 2023
93,931
153,851
359,566
607,348
--------
----------
----------
----------
Depreciation
At 25 July 2022
1,838
68,587
183,547
253,972
Charge for the year
1,878
12,789
26,388
41,055
Disposals
( 300)
( 300)
--------
----------
----------
----------
At 24 July 2023
3,716
81,076
209,935
294,727
--------
----------
----------
----------
Carrying amount
At 24 July 2023
90,215
72,775
149,631
312,621
--------
----------
----------
----------
At 24 July 2022
90,085
66,125
117,063
273,273
--------
----------
----------
----------
17. Stocks
2023
2022
£
£
Gift shop stock
2,725
850
-------
----
18. Debtors
2023
2022
£
£
Prepayments and accrued income
11,753
420
--------
----
19. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,666
1,892
Social security and other taxes
40
-------
-------
1,666
1,932
-------
-------
20. Analysis of charitable funds
Unrestricted funds
At 25 July 2022
Income
Expenditure
Transfers
At 24 July 2023
£
£
£
£
£
General funds
321,394
61,974
(123,079)
14,279
274,568
Designated fixed assets
190,000
190,000
----------
--------
----------
--------
----------
511,394
61,974
(123,079)
14,279
464,568
----------
--------
----------
--------
----------
At 25 July 2021
Income
Expenditure
Transfers
At 24 July 2022
£
£
£
£
£
General funds
134,302
380,752
(151,172)
(42,488)
321,394
Designated fixed assets
80,161
109,839
190,000
----------
----------
----------
----------
----------
214,463
380,752
(151,172)
67,351
511,394
----------
----------
----------
----------
----------
The designated fixed asset fund is the amount earmarked by the trustees for future capital expenditure.
Restricted funds
At 25 July 2022
Income
Expenditure
Transfers
At 24 July 2023
£
£
£
£
£
Equipment
14,279
(14,279)
Training grants
2,346
17,327
(3,000)
16,673
Mezzanine floor
-------
--------
-------
--------
--------
2,346
31,606
(3,000)
(14,279)
16,673
-------
--------
-------
--------
--------
At 25 July 2021
Income
Expenditure
Transfers
At 24 July 2022
£
£
£
£
£
Equipment
3,544
(3,544)
Training grants
8,333
(5,526)
(461)
2,346
Mezzanine floor
66,890
(66,890)
--------
----
-------
--------
-------
78,767
(9,070)
(67,351)
2,346
--------
----
-------
--------
-------
21. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
312,621
312,621
Current assets
153,613
16,673
170,286
Creditors less than 1 year
(1,666)
(1,666)
----------
--------
----------
Net assets
464,568
16,673
481,241
----------
--------
----------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
270,927
2,346
273,273
Current assets
242,399
242,399
Creditors less than 1 year
(1,932)
(1,932)
----------
-------
----------
Net assets
511,394
2,346
513,740
----------
-------
----------
22. Related parties
The charity spent £1,716 (2022: £681) on printing services from Mike Taylor Printing, a business owned by trustee Mr M Taylor .