The Kepplewray Trust Trustees, report and consolidated financial statements Registered charity number 1015762 30 September 2023
The Kepplewray Trust Ttu%tee%' Teport and consolidated financial 8laternent 30 8eptenibeT ?023 Contents Reference and administrative details Trustees. report Consolidated statement of financial activities Trust statement of finamcial activities 10 Balance sheet Cashflow Statement- Charity Notes (forming part of the financial statements) 13- 29 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Reference and administrative details Registered charity number 1015762 Chairman Revd JR Libby Trustees Revd JR Libby ME Browne MG Libby S Bevan C Armstrong Centre Manager Mr Neil Addington Registered Address The Kepplewray Centre Kepplewray Hill Broughton-in-Furness Cumbria LA20 6HE Solicitors Bumetts, Cadisle Bankers Barclays Bank Plc, Kendal. Cumbria Registered accountants MHA Moore and Smalley, Kendal DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Trustees, report The Trustees present their report and the financial ststements of the Trust for the year ended 30 September 2023. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Trust. The financial statements have been prepared in ac¢ordan¢e with the accounting policies set out in the notes to the accounts and comply with the Trust's governing document, the Charities Act 2011 and 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 published in October 2019. Reference and Administrative Infomiation The Causeway Trust was created by a Declaration of Trust dated 24 September 1992 and was registered as a charity on 16 December 1992. By a deed dated 1 October 1994 the Trust's name was changed lo The Kepplewray Trust. The charity is registered with the Charity Commission under charity number 1015762. The Trustees, executive officers and principal addresses of the Charity, together with ils professional advisers, are given on page 3. Objects. aims. objectlves and actlvltles Charitable Objective The main objective of the Trust is the advanMent of the education and awareness of individuals and groups of disabled and non-disabled people through residential and day programmes of adventure, leaming, challenge and relaxation in a fully accessible and inclusive Christian environment. Through ils trading company, Kepplewray Limited, a large mansion I'Kepplewray'l in the Lake District was acquired which, after substantial renovation, enables the Trust lo meet its charitable objective. Programmes al Kepplewray stretch mental and physical capabilities and deliberately promote the inclusion of disabled and disadvantaged people so that their conditions of life might be improved. The Trustees have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Achlevement and performance Booking revenues were marginally down on last year and we saw a decrease in residential group bookings which was partially offset by an increase in activity day bookings. We are putting this down lo the impact of the ongoing cost of living crisis which has been fell across the board in the UK and as a result families are not able lo afford some of the extras such as school residenlials. The redevelopment and maintenance of the centre continued with further remedial work on dry rol and damp being continued through the spring and summer of 2023 to great effect with signrficant improvements in the appearance and overall condition of the ground floor areas in particular. However we did spend more than was originally intended on the project as onTr il was underway further problems were revealed that required immediate attention. This extra work resulted in a large overspend which has contributed to the losses reported in these accounts. However these losses do need to be seen in the light of the capital investment which has been made in the fabric of the building and which will underpin the future of our residential services for the next 30 years at least. Plans are now in Pla to further improve the dining room servery area and introduce a new reception office at the front of the building. as well as installing new floor coverings in the halls and lounges. Fundraising work is taking place to ensure this can lake place in the financial year 2023-24. Continued..... DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Trustees, report (continued) Achievement and performance {continuedl Encouragingly we held our first major corporate Team Building Day when we hosted 60 people from the MOD for a full day of team building challenges which was well received and has resulted in a repeal booking for 2024. We hope lo grow this element of work in the future. We continued close links with Broughlon-in-Fumess Primary School, welcoming their pupils for activities throughout the year and providing freshly cooked school dinners for them on a daily basis. In particular the Kepp Adventure programme continues lo inspire and equip these young children for living life to the full in the great outdoors, whatever the weather. We continue to make good use of our Participation Inclusion Fund, which provides greatly subsidised access lo activities for hundreds of guests who would not normally be able to join us at the Cenlre. We have welcomed continued support for the Participation Inclusion Fund by trusts, foundations and other outside funders and we estimate that 1 in 4 of our visitors are able to come to the centre as a direct result of the support they receive from the Participation Inclusion Fund. In the summer 2023 we said goodbye to our strategic director who has contributed greatly to the increase in revenue and external funding which have enabled significant improvements lo the building reported in last year's report. In his place we have recruited a new CEO lo continue the strategic development of the Trust and lo develop the long term suslainabilily of the charity's activities. Our thanks are also due lo all of those who have made this continued momentum possible. To the staff team in particular, bul also lo my fellow Iruslees, to our donors, lo our returning user groups, to our essential prayerful supporters and lo the Broughton-in-Furness community. The combined efforts of all of these groups have enabled our inciusive journey to continLJe and to evolve even through a period of great uncertainty and vulnerability. The Bethesda Project in Burundi Through reslricled donations from supporters around the UK, the Trust has continued ils support of the work of the Bethesda Project in the Muyinga diocese in northern Burundi. The work is carried out by national staff under a team leader reporting to the Bishop of Muyinga. They visit people with disabilities, priorilising the young in the villages around Muyinga providing holistic care. This includes providing physiolherapy, mobility and other aids, nutrition advice, promoting long tem) self-sufficiency, and education lo try lo remove the barriers lo inclusion. Following the arrival of a new Bishop in June and the appointment of a new Bethesda team leader, we have seen a significant growth in the maturity and effectiveness of the team. Three experts from the UK were able to visit lo provide training including in triage, physiolherapy, planning and budgeting skills. Later in the year the Bethesda team visited a similar more established work in Tanzania for a week's training and the link with that work is being followed up with the Tanzanian team currently providing a week of training in Muyinga to share best practice. We hope lo build on the links with the Tanzanian team going forward. The relatively low cost of operating in Burundi means much can be achieved with modest funds. We are very grateful to our faithful supporters of this vital work in one of the world's poorest countries. Continued......................................... DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Trustees, report (continued) Management Development In line with good practice, and very much as part of the work of the Development Team, we continue to develop our internal systems, support our stsff, implement, review and amend our policies in order lo deliver the best possible service lo our guests. Thanks Donations and grants are vital to the development of the Cenlre. We are very grateful lo all of our supporters and donors. Financial review and results for the year The Trust's year end is 30 September, and the accounts are independently examined annually. The consolidated results are shown in the unaudited accounts allached lo this report. Investment Policy The Trustees do not envisage the Trust holding investments in the foreseeable future apart from shares in its trading subsidiary. Any shares donated to the group will be sold as soon as they are fully listed. Reserves Policy The group s free reserves al 30 September 2023 are in deficit by £701,33212022.. deficit of £666,296). Of this amount, £673,45812022.. £683,458) are long term liabilities not dLJe to crystallise for at least 12 months from the balance sheet dale. Allowing for this, the adjusted free reserves for the groLJP al 30 September 2023 are a deficit of £27,87412022.' surplus of £17,162). In regards to the deficit, this was due to a one-off expenditure on the repair of areas of the building which had been impacted by dry rol and damp. Whilst we had funding for the majority of that work, il soon became clear that there was more damage than previously thought. Given the importance of getting these issues cleared up for the longer-lerm benefit of the building and our residential offer it was decided to keep going and finish the work properly. We do not expect to have a deficit on the adjusted free reserves al the next year end. The charity's free reserves al 30 September 2023 are in deficit by £70,941 12022.. deficit of £32,554>. Of this amount. £239.14012022.. £239,140) are long term liabilities not due lo crystallise for al least 12 months from the balance sheet dale. Allowing for this and the long-term debtor of £155,17312022.. £152,017), the adjusted free reserves for the charity at 30 September 2023 are a surplus of £13,026. 12022.. surplus of £54,569}. Future Developmgnt The significant investment in the Kepplewray building has continued since the last report with damp and rot problems being remedied, insulation improved and the majority of the windows being replaced in stages some of which will continue on into 2024. There are plans in place lo deliver further refurbishment works throughout the whole building over the next 5 years in a phased programme of works which will require significant fund raising and project management but which are absolutely necessary in order to maximise the use and potential of the Centre building. Structure, govemance and managemant Governing Document The charity is governed by its Trust deed dating from 1992. The Trustees are granted wide powers of investment and of application of Trust funds towards the charitsble objects of the Trust except that they may not undertake pem)anenl trading activities in raising funds to achieve ils objects. Continued....................................... DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Trustees, report (continued) Governing body The charity is governed by ils trustees, of whom there are currently five. They are responsible for the adminislralion of the objects of the Trust, having overall control and holding the legal, financial and management responsibility of the charity. They meet at least quarterly, but also receive regular reports from the Management Group. Recruitment, appointment, induction and training of new Trustees Potential new Iruslees are approached by the Chairman on the basis of eligibility, availability. expertise and personal competence. They are normally invited to join the Kepplewray Management Group before being invited lo become a trustee. On the group, they are introduced lo all of the workings of the Charity. As trustees. they receive copies of Charity Commission newsletters and are informed of training courses that may be suitable for them. Group structure and relationships On 1 January 1995 the Trust signed a 99 year lease agreement with Kepplewray Limited, which is wholly owned by the Trust, lo secure the exclusive use of the property at Kepplewray and enable the Trust lo further its charitable objectives. The results of Kepplewray Limit8d are shown in note 15 to the financial slatemenls. Rlsk Management The Trustees have identified the major risks to which the charity is exposed. Those risks have been reviewed and systems established to mitigate them. In keeping under review the Trust's activities, Trustees are mindful of the potential for any changes to the present range of risks, especially those concerning the arrival of Covid-19 and will adjust systems when and where required. Statement of trustees. responsibilities The Iruslees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & WaleslNorthern Ireland requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resoUe8 and application of resources of the charity for that period. In preparing these financial stalemenls, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Reverend J R Libby Chairman of the Trustees Date 0910712024 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Indgpgndgnt Examingrfs Rgport to thg Tru$t09s of thg Kopplgwray Trust I report to the charity trustees on my examination of the accounts of the charity Ilhe 'parent charity l and ils subsidiary Ithe 'gmup I for the year ended 30 September 2023 which are sel out on pages 9 to 29. Responsibilities and basis of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts Ibolh parent and group) carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act. Independent examinerfs statement sin the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the Act. l confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accounlanls, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the 8CCOUnts give 8 'lrue and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Colin Johnson FCCA MHA Chartered Accountants Kendal House Murley Moss Business Village Oxenholme Road Kendal. Cumbria. LA9 7RL Date . 0910712024 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Consolidated statement of financial activities for the year ended 30 September 2023 Notes 2023 Restricted Unrestricted funds funds 2022 Total Total Income and endowments from: Donations and legacies Charitable activities.. Grants received Accommodation and activities income Other trading activities Other 33.358 22.294 55.652 75,407 92.605 92,605 391,996 2.025 660 84,476 404,654 2,838 4,112 391.996 2.025 660 Total income and endowments 125,963 416.975 542.938 571,487 Expenditure Raising funds.. Fundraising trading Fundraising costs Charitable activities Provision of accommodation and activities Other Exceptional item 1.992 28.524 1.992 28.524 2,236 22,643 96.996 406.610 64,783 2.187 503,606 64,783 2,187 453,053 35,967 7,212 Total gxpgnditure 96.996 504,096 601,092 521,111 Net incomel lexpenditurel 28,967 187,1211 158,154) 50,376 Transfers between funds Tax on activities 14 {43,2141 43,214 17861 17861 11,4941 Net movement in funds {14,2471 144,6931 158.940) 48,882 Reconciliation of funds.. Fund balance brought forward 14 90.644 78.002 168,646 119,764 Fund balance carried forward 13, 14 76.397 33.309 109.706 168,646 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Trust statement of financial activities for the year ended 30 September 2023 Notes 2023 Restrlcted Unrestrlcted funds funds 2022 Totsl Total Income and endowments from: Donations and legacies Charitable aclivilies.. Grants received Accommodation and activities income Other 33.358 22,294 55.652 75,407 92.605 92.605 391,996 4,125 80,476 404,654 9,421 391,996 4,125 Total income and endowments 125.963 418,415 544,378 569,958 Expenditure Raising fLJnds= Fundraising costs Advertising & Marketing Charitable activities.. Provision of accommodation and activities Other Exceptional item 14,356 14,168 14,356 14,168 11,193 11,450 96,996 440,610 35,764 2,187 537,606 35,764 2,187 462,149 32,551 7,212 Total expenditure 96.996 507,085 604.081 524,555 Unrealised loss on investment Net incomel lexpenditurel Transfers between funds 28.967 {43,2141 {88,6701 43,214 159.7031 45,403 14 Net movement in funds {14,2471 {45,4561 159.7031 45,403 Reconciliation of funds.. Fund balance brought fotward 90.644 73,414 164.058 118,655 Fund balance carried fotward 76.397 27,958 104.355 164,058 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 10
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Balance sheet at 30 September 2023 Note Group 30 Sept 2023 Charity 30 Sept 2023 30 Sept 2022 30 Sept 2022 Fixed assets Tangible assets Investments 734,641 744,298 70.899 28.000 77,968 28,000 734.641 744,298 98.899 105,968 Current assets Stocks Debtors.. amounts falling due within one year Debtors.. amounts falling due after more than one year Cash at bank and in hand 3.092 20.883 2,332 30,342 2.181 20.883 1,996 30,342 io 70 155.173 152,017 104.685 175,895 102.956 173,955 128.660 208,569 281.193 358,310 Creditors.. amounts falling due within one year 180.1371 1100,7631 136.5971 161,0801 Net current assets 48,523 107,806 244,596 297,230 Total assets less current liabilities Creditors.. amounts falling due after more than one year 783,164 852,104 343,495 403,198 72 {673,458) 1683,4581 {239,1401 1239,1401 Ngt assgts 109,706 168,646 104,355 164,058 Income funds Restricted funds Unrestricted funds t3, f 4 t3, f 4 76,397 33,309 90,644 78,002 76,397 27,958 90,644 73,414 109,706 168,646 104,355 164,058 0910712024 These financial statements were approved by the board of Trustees on and were signed on its behalf by.. The Reverend JR Libby Trustee DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Ttee8, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Cashflow Statement- Charity At 30 September 2023 2023 2022 Note Cash flow from operating activities Ilncreaselldecrease in debtors Increaselldecreasel in creditors Depreciation of tangible fixed assets Ilncreaselldecrease in stock (59,7031 6.303 {24,4831 12,079 (1851 45,403 {22,4091 17,1601 12,418 262 Net cash flow from operating activities (65.9891 28,514 Cash flow from investing activities Payments to acquire tangible fixed assets Proceeds from disposals 18,1101 3.100 {11,4681 Net cash flow from investing activities 15,0101 {11,4681 Cash flow from financing activities Net cash flow from financing activities Net increase in cash and cash equivalgnts {70,9991 17,046 Cash and cash equivalents at 1 October 2022 173.955 156,909 Cash and cash equivalents at 30 September 2023 102,956 173,955 Cash and cash equlvalents conslsts of: Cash al bank and in hand Short term deposits 102,956 173,955 Cash and cash equivalents at 30 September 2023 102.956 173,955 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 12
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (forming part of the financial statements) Accounting policies Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The charity has applied Update Bulletin 1 as PLJblished on 2 February 2016 and does not include a cash flow stslemenl on the grounds that il is applying FRS 102 Sertion 1A. The Kepplewray Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Funds General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unreslrided funds that have been set aside by the Trustees for particular purposes. There are no designated funds in the period. Restricted funds are funds which are lo be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income and gains are allocated lo the appropriate fund. Income recogniTtion policiTes All incoming resources are included in the Statement of Financial Activities (SOFA) when it is probable the charity will be legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income. Accomm(Idation and activity income are recognised when the party has stayed at the premises and the service has been provided. If a stay spans the year end, income will be accrued for the proportion of the slay falling into the earfier year. Volunlary income is received by way of grants, donations and gifts and is included in full in the SOFA when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled lo the grant. For legacies, entitlement is the earlier of the charity being nob'fied of an impending distribution or the legacy being received. The value of setvices provided by volunteers is not incorporated into these financial slalemenls. Where servi$ are provided to the charity as a donation that would normally be purchased from our suppliers, this Contribution is included in the financial statements al an estimate based on the value of the contribution lo the charity. Donated services and facilities are analysed in note 2. Investment income is included when receivable. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) Accounting policies {continued} Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Credltors and pmvlslons 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 lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are nom)ally recognised at their settlement amount after allowing for any trade discounts due. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with use of the resources. Other costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, any legal advice for the Iruslees, and all the costs of complying with conslilutional and statutory requirement, such as the costs of Trustees, meetings and of preparing statutory accounts and satisfying public accountability. Rent charged lo the charity by its subsidiary company is Irealed as a cost of the charity, and the intra-group income and costs are excluded from the consolidated figures. Tangible fixed assets and depreciation Tangible fixed assets are Capilalised and included at cost including any incidental costs of acquisition. Assets which are used by the group for direct charitable purposes are allocated as such. There are no assets otherwise classified. Depreciation is provided on all tangible fixed assets al rates calculated lo write off the cost on a straight line basis over their expected useful economic life as follows.. Freehold property Leasehold improvements Fixtures and fittings Equipment Motor vehicles 250/0112.50/0 for molorcars 100/0 with residual value of £1.000 for minibuses 33Q/o Equipment in Burundi The trustees perform annual impairment reviews lo ensure that the recoverable amount is not lower than the carying value. Operatlng leases Rentals payable under operating leases are charged against income based on occupancy levels. Investments Current asset investments are stsled at market value at the balance sheet date. The SOFA includes the nel gains and losses arising on revaluations and disposals throughout the period. Fixed asset investments are ststed at cost less any provision for permanent diminution in value. Stock Stock consists of finished goods for resale and is valued at the lower of cost and net realisable value. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 14
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) Accounting policies {continued} Related party transactlons The Trustees have tsken advantage of the exemption in the FRS 102 and have not disclosed related party transactions with its subsidiary undertaking. PensiTons.- Defined Contribution The Charity sel up 8 pension scheme with The Peoples, Pension in March 2016 to comply with automatic enrolmenl requirements. Contributions lo the scheme are charged in the SOFA as they become p8y8ble. Going concom The trustees continue to be very encouraged by the grants offered by supportive trusts and the way the Participation Fund continues lo attract both donor support and customer take-up. There is a 'multiplier' effect where PIF sponsored participants continue to encourage whole groups lo book both activities and accommodation. Post financial year end, the bookings situation and cash flow continue lo look strong even after significant investment in the building and the Iruslees are satisfied that it is appropriate to prepare the accounts on a going concem basis. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) 1. Accounting policies Icontinuedl Government grants Govemmenl grants are recognised at the fair value of the asset received or receivable when there is reasonable assuran that the grant conditions will be mel and the grants will be received. 2. Donations and gifts 2023 2022 Group Group Charity Charity Individuals Donated facilities Charitable foundations Companies 38.387 9.566 7.699 38,387 9,566 7,699 50,623 9,566 5,218 10,000 50,623 9,566 5,218 10,000 55.652 55,652 75,407 75,407 Of the £55,652 received in 2023 {2022= £75.4071 £33,358 was restricted funds {2022.. £54,280) and £22,294 was unreslricted12022.. £21,127). The charity is indebted to individuals for providing interesl-free loans to the group. The value placed on this contribution is £9,566 12022.. £9,566), (Trust £9,566 12022.. £9,56611. The income equivalent is recognised within incoming resources as a donation, and an equivalent charge is included within interest payable. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 16
The Kepplewrdy TrUt TrLi%tee8' TepnTI and coii%Dlidated financial filatement 3(18epleinber 2023 Grants received 2023 Group 2023 Charity 2022 Group 2022 Charity Alpkit Foundation Anonymous BAE via LCVS Beatrice Laing Trust Benefact Trust Catherine Cookson Charitable Trust CGP Trust CLA Charitable Trust Coop Community Fund Copeland Community Fund Cumbria Community Foundation Cumbria County Council Edward Gosling Foundation Firdale Christian Trust Francis C Scott Charitable Trust Four Acre Trust HMRC Coronavirus SSP rebate" National Lottery Community Fund Roselands Trust Sir John Fisher Foundation SLDC Business Support Grant. Souter Charitable Trust Tesco Community Fund Whirlwind Charitable Trust 160 25,000 500 5,000 160 25,000 500 5,000 3,250 3,250 3,000 350 5,000 331 3,000 350 5,000 331 1,000 1,000 1,551 3,019 19,500 1,000 10,000 1,000 25,000 7,000 1,551 3,019 19,500 1,000 10,000 1,000 25,000 7,000 5,000 5,000 5,000 1,000 5,000 1,000 6,000 135 6,000 135 9,000 2,785 9,000 2,785 20,000 4,000 4,000 20,000 4,000 500 4,000 4,000 500 4,000 4,000 92,605 92,605 84,476 80,476 Grants marked with a I'l represent unrestricted grants, all other grants are restricted. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 17
The Kepplewrdy T[Ut Ttee8, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Notes (continued) Total expenditure- Group Staff costs Other direct Other allocated costs 2023 costs Fundraising trading Fundraising costs Advertising Provision of accommodation and activities Other Exceptional item 1,992 400 616 357,601 17,259 17 1,992 14,356 14,168 529,084 39,305 2,187 13,956 13,552 171,483 22,046 2,170 Total expenditure 223,207 377,885 601,092 Staff costs Other direct Other allocated costs costs 2022 Fundraising trading Fundraising costs Advertising Provision of acwmmodalion and activities Other Exceptional item 2,236 2,236 11,193 11,450 453,053 35,967 7,212 11,193 10,367 159,510 19,211 7,184 1,083 293,543 16,756 28 Total expenditure 207,465 313,646 521,111 Staff costs as per Note 6. Other direct costs include.. 2023 2022 Accountants, remuneration Depreciation and profitlloss on disposal of asset Interest payable 7,680 17,488 31,791 7,149 15,308 21,055 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 18
The Kepplewrdy T[Ut Ttee8, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Notes (continued) 4. Total expenditure (continued) - Charity Staff costs Other direct Other allocate(I costs Costs 2023 Fundraising costs Advertising Provision of acwmmodalion and activities Other Exceptional item 13,956 13,552 171,483 22,046 2,170 400 616 366, 123 13,718 17 14,356 14,168 537,606 35,764 2.187 Total expenditure 223,207 380,874 604,081 Staff costs Other direct Other allocated costs costs 2022 Fundraising costs Advertising Provision of accommodation and activities Other Exceptional item 11,193 10,367 159,510 19,211 7,184 11,193 11,450 462,149 32,551 7,212 1,083 302,639 13,340 28 Total expenditure 207,465 317,090 524,555 Staff costs as per Note 6. Other direct costs include.. 2023 2022 Accountants, remuneration Depreciation and profil on disposal of asset Interest payable 4.152 14.899 9.566 3,774 12,418 9,566 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 19
The Kepplewrdy T[Ut Tte, TepaTI and coii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) 5. Trustees. remuneration The Trustees received no remuneration during the year, either from the charity, or from Kepplewray Limited in their capacity as directors 12022.. £Nill. Reimbursement of travel and meeting expenses to trustees amounted lo £Nil {2022'. £Nill. 6. Staff numbers and costs The total wages and salaries costs for the group were as follows.. 2023 2022 Wages and salaries Social security costs Pension costs 206,206 8,947 8,054 192,137 7,874 7,454 Group total 223,207 207,465 There were no employees receiving more than £60,000 in the year12022.' None). The average number of employees during the year, analysed by function. was as follows: Number of employees 2023 2022 Cost of generating funds Charitable activities Management and administration of the charity Group total Kepplewray Limited has a total of 212022.. 21 directors. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 20
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) Pensions Defined Contribution Scheme.. contributions amounted lo £8,054 12022.. £7,454). There were no amounts oulslanding al the period end 12022.. £Nill. Of the £8,054 in 2023 12022." £7,454} £nil was restricted costs {2022'. £nill and £8,054 unrestricted costs12022'. £7,454}. Tanglble flxed assets Freehold Flxtures. land and fittings and buildings equipment Motor vehlcles Total Group Cost At 1 October 2022 Additions Disposals 802,717 252,235 8,110 118,5861 58,548 1,113,500 8,110 118,5861 At 30 September 2023 802,717 241,759 58,548 1,103,024 Depreciation At 1 October 2022 Charge for year Disposals 106,984 226,048 7,438 115,4861 36,170 7,229 369,202 14,667 (15,4861 At 30 September 2023 106,984 218,000 43,399 368,383 Net book value At 30 September 2023 695,733 23.759 15,149 734,641 At 30 September 2022 695,733 26,187 22,378 744,298 All of the fixed assets of the group are used by the group for direct charitsble purposes. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 21
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) 8. Tangible fixed assets Icontinuedl Charity Land and leasehold improvements Equipment Motor vehicles Total Cost At 1 October 2022 Additions Disposals 67,477 157,409 8,110 118,586} 58,548 283,434 8,110 118,586} At 30 September 2023 67.477 146,933 58,548 272,958 Depreciation At 1 October 2022 Charge for year Disposals 27.477 141,819 4,850 115,486} 36,170 7,229 205,466 12,079 115,4861 At 30 September 2023 27,477 131,183 43,399 202,059 Net book value At 30 September 2023 40,000 15,750 15,149 70.889 At 30 September 2022 40,000 15,590 22,378 77,968 All of the charity's fixed assets are used by the charity for direct charitsble purposes. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 22
The Kepplewrdy T[Ut Ttee8, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Notes (continued) Investments Fixed asset investments: Investments in subsidiary undertaking 2023 2022 Charity Ordinary £1 shares in Kepplewray Limited Cost al 1 October 2022 and 30 September 2023 116,000 116,000 Net book value Nel book value at 1 October 2022 Unrealised loss on investment 28,000 28,000 Nel book value at 30 September 2023 28,000 28,000 10. Debtors 2023 2022 Group Trade debtors other debtors Prepayments 16,385 3,972 526 29,461 881 20,883 30,342 Charity Trade debtors Other debtors Group company I'l Prepayments 16,385 3,972 155,173 526 29,461 881 152,017 176,056 182,359 "The amount owing from the group company is due after more than one year. The charitys subsidiary company, Kepplewray Limited, is currently reliant on the charity to assist with bank loan repayments. Kepplewray Limwted is not currently in a position to repay the group debt. Accordingly, this debtor is stated as being due after more than one year. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 23
The Kepplewrdy T[Ut Tte, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Notes (continued) 11. Creditors: amounts falling due within one year 2023 2022 Group Bank loans and overdrafts Other loans Trade creditors Other laxalion and social security Accruals and deferred income 34,000 5,313 15,373 4,583 20,868 34,000 23,336 4,022 39,405 80,137 100,763 Movements in deferred income are as follows.. 2023 2022 Balance al 1 October 2022 Amount Ireleasedlldeferred in the year 27,769 {15,399} 48,848 {21,0791 Balance as at 30 September 2023 12.370 27,769 The bank loan and overdraft are secured by a first legal charge over the land and buildings of Kepplewray Limited. 2023 2022 Charity Bank overdraft Trade creditors Other taxation and social security Accruals and deferred income 14,932 3,797 17,868 22,147 2,528 36,405 36,597 61,080 Movements in deferred income are as follows.. 2023 2022 Balance at 1 October 2022 Amount Ireleasedlldeferred in the year 27,769 {15,399} 48,848 {21,0791 Balance as at 30 September 2023 12,370 27,769 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 24
The Kepplewrdy T[Ut Tte, TepoTI and cnii%Dlidated financial filatement 3(18epleinber 2Q23 Notes (continued) 12. Creditors: amounts falling due after more than one year 2023 2022 Group Bank loans Other loans 343,131 330,327 371,818 311,640 673,458 683,458 Analysis of loans Wholly repayable within five years- By instalmenls Other than by instalments 28,333 330,327 38,333 311,640 Not wholly repayable within five years.. By instalmenls Other than by instalments 348,798 367,485 707,458 {34,000} 717,458 (34,0001 Included in current liabilities 673,458 683,458 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 25
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) Creditors: amounts falling due after more than one year (continued) The Barclays Bank loan 1£348,7981 is repayable over twenly-five years and will be repaid in full by December 2033. It bears interest al 2Q/o over base rate. The bank loan is secured by a fixed charge over the freehold property of Kepplewray Limited. There are no other secured loans. Consequently, the amount of secured liabilities at 30 September 2023 amounted to £348,79812022.' £367,485}. A government-secured bounce back108n for £50,000 was taken out with Barclays 88nk in July 2020, to ease the impact of the coronavirus restrictions. Monthly repayments on this loan commenced in August 2021 and will be repaid in full by July 2026. Other loans totalling £330,327 12022.. £311,640) are interest free. The Directors and Trustees have received assurance from the lender confirming there is no obligation to repay before July 2025. 12. 2023 2022 Charity Other loans Bank loans 239.140 239,140 239.140 239,140 Analysis of loans Wholly repayable within five years By inslalmenls Other than by inslalments Not wholly repayable within five years By inslalmenls Other than by inslalment 239,140 239,140 239,140 239,140 Included in current liabilities 239,140 239,140 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 26
The Kepplewroy TtUSt TrLi%tee8' repnTI and coii%Dlidated financial %latement 30 8epleinber 2023 Analysis of group net assots between funds 2023 Restricted funds Unrestricted funds Total funds Group Tangible fixed assets Current assets Current liabilities Long term liabilities 734,641 52,263 {80,1371 1673,4581 734,641 128,660 180,1371 (673,4581 76,397 76,397 33,309 109,706 2022 Restrlcted funds Unrestrlcted Total funds funds Group Tangible fixed assets Current assets Current liabilities Long term liabilities 744,298 117,925 1100,7631 1683,4581 744,298 208,569 (100,7631 (683,4581 90,644 90,644 78,002 168,646 14. statement of funds - Group 2023 Restricted funds Unrestricted funds Total At beginning of year 90,644 78,002 168,646 Income and endowments Resources expended Transfer Tax payable 125,963 196,9961 143,2141 416,975 1504,096} 43,214 17861 542,938 1601,0921 17861 76,397 33,309 109,706 2022 Restricted funds Unrestricted funds Total At beginning of year 80,061 39,703 119,764 Income and endowments Resources expended Transfer Tax payable 138,313 172,3821 155,3481 423,608 1439,1631 55,348 11,4941 561,921 1511,5451 (1,4941 90,644 78,002 168,646 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 27
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) 14. Statement of fund$- Group {continuodl The general reserve represents the free funds of the charity which are not designated for particular purposes. The other transfers made between fijnds las shown in the statement of financial acliviliesl relate to restricted income which has been expended on assets and is no longer required to be shown within the restricted funds balance. Subsidiary company The charity owns the whole of the issued share capital of Kepplewray Limited, a company registered in England. The subsidiary owns the property leased to the charity, from which the charity's activities lake place. All activities of the company have been consolidated on a line by line basis in the SOFA. A summary of the results of the subsidiary is shown below.. Kepplewray Limited Total 2023 Total 2022 Turnover Cost of sales 36,025 (1,9921 26,838 {2,2361 Gross profiullossl Adminislralive expenses Other operational income 34,033 {32,485} 24,602 {23,6291 4,000 Nel profiullossl Tax payable 1,548 1786} 4,973 {1,4941 762 3,479 The aggregate of the assets, liabilities and funds was.. Assets Liabilities 666,381 1633,031} 668,606 1636,0181 33,350 32,588 DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 28
Tlie Kepplewrdy T[Ut Tte£S, TepaTI and cnii%Dlidated financial filateTnent 3(18epleinber 2023 Notes (continued) 16. Related party transactions There were no related party transactions during the current and previous year. Taxation 17. As a charity, Kepplewray Trust is exempl from lax on income and gains falling within sections 472474 of the Corporation Tax Act 2010, sections 478489 of the Corporation Tax Act 2010, or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. No tax charges have arisen in the Charity. Control 18. There is no single controlling party of the Trust in the current and previous year. Operating Lease Kepplewray Trust leases the premises from Kepplewray Limited under a 99-year lease dated 1 January 1995. The monthly rental which is no longer lied to occupancy levels was initially set al £2,000 and was increased to £3,000 from December 2022. 19. DISCOVER @XEPPLEWRAY DISCOVERADVENTURE. DISCOVER LIFE 29