REGISTERED COMPANY NUMBER: SC221034 (Scotland)

REGISTERED CHARITY NUMBER: SC032029

Report of the Trustees and

Financial Statements For The Year Ended 31 December 2024

for

The Longhope Lifeboat Museum Trust

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

16

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Trust as set out in its Memorandum of Association include the following:

To promote and develop in Orkney and elsewhere, general and specialist interest in the history of the Longhope Lifeboat and the Lifeboat Institution in general; the history of seafaring in Orkney elsewhere; the cultural, social and domestic and seafaring history of Orkney.

To do all such things as will further the attainment of this object and will contribute to the knowledge of the culture, history, environment and development of Orkney and a study of the Longhope Lifeboat and history of the Lifeboat Institution and the history of seafaring within the Longhope Lifeboat Museum, but subject to the proviso that nothing will be done which will or may prevent the objects of the Company being deemed to be charitable.

In furtherance of the objects for which the Company is established but not otherwise, the Company shall have the following powers:-

i. To operate, manage, control, administer, maintain and develop the Longhope Lifeboat Museum and any other premises associated therewith in every respect as may seem appropriate including the operation of a shop or shops, restaurant, cafeteria or other establishment.

ii. To maintain and develop the Longhope Lifeboat Museum and to establish and provide recreational, educational and entertainment facilities in Orkney, and to levy such charges as the Executive Committee of the Company sees fit to cover the Company's outlays in connection therewith.

iii. To co-operate with and assist any Government department, body for tourism, association, institution or other body whether incorporated or not, or person concerned with the promotion and development of the knowledge of the culture, history, environment and development of Orkney and the study of the Longhope Lifeboat and the history of the Lifeboat Institution, the history of seafaring in Orkney and elsewhere and to obtain such rights, concessions and privileges as are conducive to the Company's objectives.

Significant activities

This year the Trust was very busy with matters relating to our request for Lottery Funding and sourcing matching funding possibilities.

150th Anniversary of Longhope Lifeboat.

January

Museum closed

February

22 February General Meeting. Funding discussed.

March

26 & 28 March. General Meetings. Planning for the formation of a Project Board and the creation of two new posts: Project Manager and Museum Exhibition Officer. Also the formation of an Interview Panel underway.

28 March Museum opens for season. Wednesday to Friday, 11am-4pm.

New photographic exhibition to illustrate 150 years of Longhope Lifeboat.

April

Three new volunteers appointed to help in museum.

15 April Museum now opens Monday to Friday. 11am-4pm.

Visit from outgoing RNLI CEO and the new CEO.

May

Training of the three new volunteer custodians

June

MBE awarded to Angus Heddle, shore crew for Longhope lifeboat since 1949, winch operator and retired Trust member.

Recruitment of a Project Manager and a Museum Exhibition Officer commences.

Organising Specialist Surveyors to inspect the condition of museum and the scaffolding needed for this inspection.

13 June Meeting with Gary Amos, Steve Rhodes and Kevin Kirkpatrick - Updates on HES, OIC, and other Funding and, Surveys.

23 June General Meeting

Appointment of Project Manager and Museum Exhibition Officer.

23 June AGM A new Vice Chair, Alan Mackinnon, appointed.

August

Museum closed for two weeks due to the erection of scaffolding.

Surveys completed.

5 August General Meeting

Project Introduction Meeting and Development Phase Tasks.

National Lottery Heritage Fund Outcomes.

September 150th Anniversary of Longhope Lifeboat.

Museum lit by new outside flood lights for the week.

Visit from the local school children and special walk from museum to Longhope lifeboat station.

24 September- first visit from conservator.

October

New model on display of the lifeboat David and Elizabeth King & E.B. made by Mike Webster

16 October General Meeting.

Letter of congratulations received from Jamie Halcro Johnston, Scottish Conservative Member of the Scottish Parliament, on our success with the Lottery Funding.

19 October Museum closed for the season.

November

3 November workshop held at Scapa Flow Museum organised by Museum Exhibition Officer.

The workshop will be for Longhope Lifeboat Museum Board, Staff, Volunteers and the Project Board.

Nick Hewitt, Culture team Manager for OIC to visit our museum with social history curator Ellen Pesci. Ellen is heading up the Orkney Museum project that offers smaller museums and heritage centres some of their staff to help in a particular area - perfect timing for us.

8 November follow up workshop at Scapa Flow Museum.

Inventory of museum artefacts underway.

December

12 December Special ceremony in museum with Highland Park and presentation of Anniversary whisky for fundraising.

Volunteers

The Trust is wholly dependent upon the time and effort provided voluntarily by the Trustees, without which the Trust could not operate.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

As usual the Trust has facilitated public access to the museum and maintained the condition of the building and exhibits.

Fundraising activities

The Trust continues to maintain a balance between income and expenditure by promoting the valuable contribution this museum makes towards understanding of the RNLI and its rich history around the Pentland Firth. In doing so we actively welcome and acknowledge donations great and small.

FINANCIAL REVIEW

Reserves policy

The level of reserves shown on the Statement of Financial Activities stood at £54,127 (2023 £71,226). At 31 December 2024, these funds were predominantly unrestricted and available for the operational demands of the Trust. This comfortably exceeds the annual running costs of the charity.

Going concern

At 31 December 2024, the Trust held significant liquid balances, largely in cash deposits. The Free reserves at that date exceeded £50,000 while normal unrestricted overheads amount to around £5,000 per annam. While the reserves reflect the level of fundraising undertaken in anticipation of future developments, the Trust at 31 December 2024 has adequate funds to continue for the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Longhope Lifeboat Museum Trust is a company limited by guarantee, governed by its Memorandum and Articles of Association. The company is registered in Scotland, company number SC221034.

The Executive Committee have taken advantage of the special exemption conferred by section 30 of the Companies Act 1985 applicable to companies limited by guarantee, allowing them to dispense with the requirement of using the word 'Limited', or the abbreviated Ltd, after the company name.

Recruitment and appointment of new trustees

Trustees may be appointed at an AGM if recommended by the Executive Committee or by Ordinary Resolution provided that they have been proposed by another member and notice has been left at the Trust's office 3 days before the meeting.

In addition the Executive Committee may appoint trustees at other times but who must stand for re-election at the next following AGM.

Organisational structure

The business of the Trust is managed by The Executive Committee who are the trustees and also the directors of the company. The executive committee of the trust consists of a minimum of 6 and a maximum of 15 trustees who meet from time to time.

Members are any person, firm, unincorporated association or corporation residing or carrying on business in Orkney, provided the trustees agree that they should be admitted to membership.

Induction and training of new trustees

New Trustees are guided by the Chairman and other existing trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC221034 (Scotland)

Registered Charity number

SC032029

Registered office

1 Castle Street

Kirkwall

Orkney

KW15 1HD

Trustees

K Kirkpatrick

A G Heddle (resigned 31.7.24)

A S Budge (resigned 31.7.24)

P L Hall

Mrs M P Bates

C Bates

A Mackinnon

A W Fellows

A Dobrzynski

M Harris

S Johnston

I Cromarty (appointed 1.3.24)

Ms R Ware (appointed 1.3.24)

R Shipley-Gordon (appointed 1.3.24)

Mrs A Shipley-Gordon (appointed 1.3.24)

Company Secretary

M Harris

Independent Examiner

Alan E Long

The Long Partnership

Chartered Accountants

Chartered Tax Advisers

1 Castle Street

Kirkwall

Orkney

KW15 1HD

Bankers

The Royal Bank of Scotland

1 Victoria Street

Kirkwall

Orkney

KW15 1DP

Solicitors

Drever & Heddle

56A Albert Street

Kirkwall

Orkney

KW15 1HQ

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 23 September 2025 and signed on its behalf by:

K Kirkpatrick - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages seven to sixteen.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Alan E Long

The Institute of Chartered Accountants in England and Wales

The Long Partnership

Chartered Accountants

Chartered Tax Advisers

1 Castle Street

Kirkwall

Orkney

KW15 1HD

23 September 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

6,370

61,613

67,983

12,193

Other trading activities

2

822

-

822

2,662

Investment income

3

898

-

898

810

Total

8,090

61,613

69,703

15,665

EXPENDITURE ON

Raising funds

297

(2

)

295

1,652

Other

6,987

79,520

86,507

13,153

Total

7,284

79,518

86,802

14,805

NET INCOME/(EXPENDITURE)

806

(17,905

)

(17,099

)

860

Transfers between funds

12

(17,905

)

17,905

-

-

Net movement in funds

(17,099

)

-

(17,099

)

860

RECONCILIATION OF FUNDS

Total funds brought forward

71,226

-

71,226

70,366

TOTAL FUNDS CARRIED FORWARD

54,127

-

54,127

71,226

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

2,714

-

2,714

2,740

CURRENT ASSETS

Stocks

9

1,063

-

1,063

867

Debtors

10

885

-

885

874

Cash at bank

53,432

-

53,432

67,900

55,380

-

55,380

69,641

CREDITORS

Amounts falling due within one year

11

(3,967

)

-

(3,967

)

(1,155

)

NET CURRENT ASSETS

51,413

-

51,413

68,486

TOTAL ASSETS LESS CURRENT LIABILITIES

54,127

-

54,127

71,226

NET ASSETS

54,127

-

54,127

71,226

FUNDS

12

Unrestricted funds

54,127

71,226

TOTAL FUNDS

54,127

71,226

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2025 and were signed on its behalf by:

K Kirkpatrick - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Boat

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Irrecoverable vat

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.	OTHER TRADING ACTIVITIES

31.12.24

31.12.23

£

£

Fundraising events

-

1,901

Sales

822

761

822

2,662

3.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Deposit account interest

898

810

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Depreciation - owned assets

762

885

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Custodian/Archivist

2

2

Project Manager

1

-

Exhibition Officer

1

-

4

2

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

6,193

6,000

12,193

Other trading activities

2,662

-

2,662

Investment income

810

-

810

Total

9,665

6,000

15,665

EXPENDITURE ON

Raising funds

1,652

-

1,652

Other

7,108

6,045

13,153

Total

8,760

6,045

14,805

NET INCOME/(EXPENDITURE)

905

(45

)

860

Transfers between funds

(44

)

44

-

Net movement in funds

861

(1

)

860

RECONCILIATION OF FUNDS

Total funds brought forward

70,365

1

70,366

TOTAL FUNDS CARRIED FORWARD

71,226

-

71,226

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Boat

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

3,797

8,666

817

13,280

Additions

-

1,222

-

1,222

Disposals

-

(486

)

-

(486

)

At 31 December 2024

3,797

9,402

817

14,016

DEPRECIATION

At 1 January 2024

3,741

6,092

707

10,540

Charge for year

8

726

28

762

At 31 December 2024

3,749

6,818

735

11,302

NET BOOK VALUE

At 31 December 2024

48

2,584

82

2,714

At 31 December 2023

56

2,574

110

2,740

The Trust holds both the Lifeboat and Shed at nil value. The Trustees have not insured the shed as it is unique and could not be replaced.

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,063

867

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Prepayments and accrued income

583

563

Prepayments

302

311

885

874

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Social security and other taxes

1,984

-

Accrued expenses

1,983

1,155

3,967

1,155

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.24

in funds

funds

31.12.24

£

£

£

£

Unrestricted funds

General fund

71,226

806

(17,905

)

54,127

Restricted funds

IOHDT - Custodian/Archivist Grant

-

(2,260

)

2,260

-

Restoration Project

-

(15,645

)

15,645

-

-

(17,905

)

17,905

-

TOTAL FUNDS

71,226

(17,099

)

-

54,127

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

8,090

(7,284

)

806

Restricted funds

IOHDT - Custodian/Archivist Grant

5,000

(7,260

)

(2,260

)

Restoration Project

56,613

(72,258

)

(15,645

)

61,613

(79,518

)

(17,905

)

TOTAL FUNDS

69,703

(86,802

)

(17,099

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.1.23

in funds

funds

31.12.23

£

£

£

£

Unrestricted funds

General fund

70,365

905

(44

)

71,226

Restricted funds

IOHDT - Custodian/Archivist Grant

1

(45

)

44

-

TOTAL FUNDS

70,366

860

-

71,226

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

9,665

(8,760

)

905

Restricted funds

IOHDT - Custodian/Archivist Grant

6,000

(6,045

)

(45

)

TOTAL FUNDS

15,665

(14,805

)

860

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.1.23

in funds

funds

31.12.24

£

£

£

£

Unrestricted funds

General fund

70,365

1,711

(17,949

)

54,127

Restricted funds

IOHDT - Custodian/Archivist Grant

1

(2,305

)

2,304

-

Restoration Project

-

(15,645

)

15,645

-

1

(17,950

)

17,949

-

TOTAL FUNDS

70,366

(16,239

)

-

54,127