Sea Palling Independent Lifeboat Limited - Charities report

REGISTERED COMPANY NUMBER: 01161275 (England and Wales)

REGISTERED CHARITY NUMBER: 267211

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 April 2025

for

Sea Palling Independent Lifeboat Limited

Page

Report of the Trustees

1

Independent Examiner's Report

2

Statement of Financial Activities

3

Balance Sheet

4

to

5

Notes to the Financial Statements

6

to

11

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 30 April 2025. 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).

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Reference and administrative details

Registered Company number

01161275 (England and Wales)

Registered Charity number

267211

Registered office

The Boat Shed

Beach Road

Sea Palling

Norfolk

NR12 0AL

Trustees

M J Skerrett Technical Illustrator

Mrs J Blackham Retired (resigned 5/12/2025)

P A Blackham Retired (resigned 5/12/2025)

M A Clarke Security Systems & Project Manager

C R Mann Sterile Technician Nhs

J D Scott Retired

Independent Examiner

Fairhead Bradford

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

Approved by order of the board of trustees on 18 December 2025 and signed on its behalf by:

M J Skerrett - Trustee

Independent examiner's report to the trustees of Sea Palling Independent Lifeboat Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts 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 accounts 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.

S Dickerson FCCA

The Association of Chartered Certified Accountants

Fairhead Bradford

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

18 December 2025

30/4/25

30/4/24

Unrestricted

Restricted

Total

fund

funds

Notes

£

Income and endowments from

Donations and legacies

37,209

-

37,209

281,600

Other trading activities

2

2,486

-

2,486

1,278

Investment income

3

8,057

-

8,057

487

Total

47,752

-

47,752

283,365

Expenditure on

Raising funds

-

(7,384

)

Charitable activities

36,807

4,785

41,592

55,670

Total

36,807

4,785

41,592

48,286

NET INCOME/(EXPENDITURE)

10,945

(4,785

)

6,160

235,079

Reconciliation of funds

Total funds brought forward

328,380

73,698

402,078

166,999

Total funds carried forward

339,325

68,913

408,238

402,078

30/4/25

30/4/24

Unrestricted

Restricted

Total

fund

funds

Notes

£

Fixed assets

Tangible assets

8

46,428

69,476

115,904

120,392

Current assets

Debtors

9

6,608

-

6,608

4,254

Cash at bank

288,133

-

288,133

340,095

294,741

-

294,741

344,349

Creditors

Amounts falling due within one year

10

(1,844

)

(563

)

(2,407

)

(62,663

)

Net current assets

292,897

(563

)

292,334

281,686

Total assets less current liabilities

339,325

68,913

408,238

402,078

NET ASSETS

339,325

68,913

408,238

402,078

Funds

12

Unrestricted funds

339,325

328,380

Restricted funds

68,913

73,698

Total funds

408,238

402,078

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 18 December 2025 and were signed on its behalf by:

M J Skerrett - 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.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7;

•

the requirement of paragraph 24(b) of IFRS 6.

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.

Freehold property

-

5% on cost

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

5% on cost

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.

2.	Other trading activities

30/4/25

30/4/24

£

Fundraising events

1,826

312

Merchandise sales

1,105

-

Merchandise cost of sales

(918

)

-

Other income

473

966

2,486

1,278

3.	Investment income

30/4/25

30/4/24

£

Deposit account interest

8,057

487

4.	Net income/(expenditure)

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

30/4/25

30/4/24

£

Depreciation - owned assets

12,314

13,068

Surplus on disposal of fixed assets

-

(7,384

)

5.	Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 30 April 2025 nor for the year ended 30 April 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2025 nor for the year ended 30 April 2024.

6.	Staff costs

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

30/4/25

30/4/24

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

7.	Comparatives for the statement of financial activities

Unrestricted

Restricted

Total

fund

funds

£

Income and endowments from

Donations and legacies

281,600

-

281,600

Other trading activities

1,278

-

1,278

Investment income

487

-

487

Total

283,365

-

283,365

Expenditure on

Raising funds

(7,384

)

-

(7,384

)

Charitable activities

50,354

5,316

55,670

Total

42,970

5,316

48,286

NET INCOME/(EXPENDITURE)

240,395

(5,316

)

235,079

Reconciliation of funds

Total funds brought forward

87,985

79,014

166,999

Total funds carried forward

328,380

73,698

402,078

8.	Tangible fixed assets

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

Cost

At 1 May 2024

25,124

189,308

4,500

218,932

Additions

-

7,826

-

7,826

At 30 April 2025

25,124

197,134

4,500

226,758

Depreciation

At 1 May 2024

25,124

70,853

2,563

98,540

Charge for year

-

12,120

194

12,314

At 30 April 2025

25,124

82,973

2,757

110,854

Net book value

At 30 April 2025

-

114,161

1,743

115,904

At 30 April 2024

-

118,455

1,937

120,392

9.	Debtors: amounts falling due within one year

30/4/25

30/4/24

£

VAT

3,633

1,134

Prepayments

2,975

3,120

6,608

4,254

10.	Creditors: amounts falling due within one year

30/4/25

30/4/24

£

Bank loans and overdrafts (see note 11)

993

61,097

Accrued expenses

1,414

1,566

2,407

62,663

11.

Loans

An analysis of the maturity of loans is given below:

30/4/25

30/4/24

£

Amounts falling due within one year on demand:

Bank overdrafts

993

61,097

12.	Movement in funds

Net

movement

At

At 1/5/24

in funds

30/4/25

£

Unrestricted funds

General fund

328,380

10,945

339,325

Restricted funds

73,698

(4,785

)

68,913

TOTAL FUNDS

402,078

6,160

408,238

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

47,752

(36,807

)

10,945

Restricted funds

-

(4,785

)

(4,785

)

TOTAL FUNDS

47,752

(41,592

)

6,160

Comparatives for movement in funds

Net

movement

At

At 1/5/23

in funds

30/4/24

£

Unrestricted funds

General fund

87,985

240,395

328,380

Restricted funds

79,014

(5,316

)

73,698

TOTAL FUNDS

166,999

235,079

402,078

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

283,365

(42,970

)

240,395

Restricted funds

-

(5,316

)

(5,316

)

TOTAL FUNDS

283,365

(48,286

)

235,079

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

Net

movement

At

At 1/5/23

in funds

30/4/25

£

Unrestricted funds

General fund

87,985

251,340

339,325

Restricted funds

79,014

(10,101

)

68,913

TOTAL FUNDS

166,999

241,239

408,238

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

331,117

(79,777

)

251,340

Restricted funds

-

(10,101

)

(10,101

)

TOTAL FUNDS

331,117

(89,878

)

241,239

13.	Related party disclosures

There were no related party transactions for the year ended 30 April 2025.