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2021-12-31-accounts

TASTE FOR ADVENTURE

UNAUDITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

Registered No. 02773567 Charity No. 1027330

Young & Co Business Advisors & Chartered Accountants

St Ethelbert House, Ryelands Street, Hereford, HR4 0LA T. 01432 263282 F. 01432 263326 E. enquiries@youngand.co.uk www. youngand.co.uk

TASTE FOR ADVENTURE

Index

----- Start of picture text -----
Page 1 General Information
2 to 5 Directors' Report
6 Independent Examiner's Report
7 Statement of Financial Activities
8 Balance Sheet
9 to 17 Notes to the Financial Statements
----- End of picture text -----

TASTE FOR ADVENTURE GENERAL INFORMATION 2021

Directors: Mrs K Gillespie
L Davies Esq
Miss A L Jones
Mrs R Hall
Secretary: Mrs K Gillespie
Charity Correspondent: Mrs K Gillespie
Registered and Administrative Office: Unit 1a Holmer Trading Estate
College Road
Hereford
HR1 1JS
Accountants: Young & Co
Chartered Accountants & Registered Auditors
St Ethelbert House
Ryelands Street
Hereford
HR4 0LA
Bankers: Barclays Bank Plc
1-3 Broad Street
Hereford
HR4 9BH
Investment managers EFG Harris Allday
33 Great Charles Street
Birmingham
B3 3JN

TASTE FOR ADVENTURE

DIRECTORS' REPORT

31 DECEMBER 2021

The directors present their report and the unaudited financial statements for the year ended 31 December 2021. The report combines the trustees annual report and the directors report required by the Companies Act 2006.

OBJECTIVES AND ACTIVITIES

The provision of facilities in the interest of social care for recreation of persons who have need of such facilities by reason of youth, age, infirmity, disablement or poverty to include service and ex-service community, with the object of improving their conditions of life.

ACHIEVEMENTS AND PERFORMANCE

During 2021 most of the vulnerable groups we work with continued to remain absent from group settings. Many individuals chose to stay in the outdoors, especially having been told of the new DELTA variant.

It was around November that numbers started to increase. In December, people started moving around the country again. Many people were on holidays over the Christmas period and the Boulder Barn enjoyed an influx of climbers from around the country.

Many of our groups (Grizzly Bears/Polar Bears) for children have grown in popularity with new sessions being added.

Herefords new University (NMITE) have been working with Sam and Ben on a new project for the Boulder Barn. This will be a new IRATA rope access training structure and outdoor climbing facility. We are awaiting the final plans for this strucutre which will be with us within the next few weeks.

On the whole, 2021, although slow to start has improved throughout the year. We are greatly encouraged by this and we consider that it bodes well for 2022.

We have worked hard over the years to make Taste for Adventure a friendly family community where all are welcome, to this end we believe by keeping our prices low. Many families have been hit hard by the economic climate. We are in a position to be able to offer affordable climbing for all by keeping our prices low compared to others. Being able to take part in a climbing activity has helped people physically and improved their mental health.

Charitable groups that benefit

Working with the elderly has continued with outdoor visits and lunches delivered. Many of them have declined this offer for the time being due to ther own vulnerability and their family wishes at this time.

TASTE FOR ADVENTURE

DIRECTORS' REPORT

31 DECEMBER 2021

(continued)

FINANCIAL REVIEW

Income from the new Boulder Barn facility was £92,699 in a year interrupted by COVID-19 closures. Unrestricted donations of £8,305 were received.

There was a net deficit for the year of £48,604 on the General Fund. At 31 December 2021, the General Fund showed a balance of £194,213 (2020 - £242,622).

The restricted funds are the 'Building Fund' and the 'Grants Fund'. The Building Fund contains proceeds from the sale of the former freehold property which have been invested to secure the charity's long term future. The investments generated net income of £3,925 and the market value of the portfolio increased by £57,829. The Buildings Fund balance was £683,603 at the year end.

The Grants Fund comes from previous grant funding for the charity's facilities and assets. No grants were received in the year. The Grants Fund balance was £223,178 at the year end.

The charity has identified the need for maintaining a set level of liquid reserves in order to meet both the expected and the unexpected costs of pursuing its objectives. Due to the sporadic nature of grant funding, the charity considers it necessary to maintain sufficient reserves to enable it to continue to take advantage of new opportunities and to cover its costs during those times when funding is not available. To this end, it aims to provide a level of reserves equal to 6 months of normal expenditure. Both the level of reserves, and the reserves policy, are formally reviewed and ratified by the trustees on an annual basis when the charity's accounts are prepared.

At 31 December 2021, the charity's cash balance stood at £170,492 (2020 - £209,045), and this equates to 12 months of charitable and administrative expenditure.

The trustees are empowered by the charitable company's Memorandum of Association to invest and deal with the monies of the charitable company that are not immediately required in such manner as they shall from time to time determine. They have considered the most appropriate policy for investing such funds and have decided that short-term treasury deposits meet their requirements to generate a secure level of income without sacrificing long-term liquidity. The charity invested proceeds of the property sale proceeds in a managed portfolio. At the year end the value of these funds were £683,601. It is intended that the income generated from the investment will be used to support future charitable activities.

The trustees have examined the major strategic, business and operational risks which the charity faces. Systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate those risks.

In the circumstances, the directors consider the state of the company's affairs at the date of the balance sheet to be satisfactory.

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DIRECTORS' REPORT

31 DECEMBER 2021

(continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Taste for Adventure is a charitable company limited by guarantee. It is a registered charity in England and Wales.

The charitable company was constituted under a Memorandum of Association dated 14 December 1992 (amended on 22 September 1993), which established its objects and powers, and it is governed by its Articles of Association. Under those Articles, the members are elected at the AGM to serve for an initial period of one year, and thereafter on a three year rotational basis.

The directors are trustees for the purpose of charity law. The trustees serve for a maximum of three years, and are appointed by the board of trustees, who meet on a quarterly basis. The company is limited by guarantee. In the event of a winding up, any trustee who held office within one year of the date of winding up guarantees to contribute an amount not exceeding £5 to the assets of the company. The total number of such guarantees at 31 December 2021 was 4.

None of the directors receive remuneration or benefit from their work for the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

The name of the charity is Taste for Adventure. It also uses the name Boulder Barn for its indoor climbing centre. It is a registered as a charity in England and Wales with charity number 1027330. It is registered as a company limited by guarantee in England and Wales with company number 02773567.

The registered office address and principal contact address:

Unit 1a Holmer Trading Estate, College Road, Hereford HR1 1JS

The Directors of the company during the year and at the date of this report were as follows:-

Mrs A J Apperley (resigned 28 April 2021) Mrs K Gillespie L Davies Esq Miss A L Jones Mrs R Hall Mr M T McEvilly (appointed 28 September 2021)

Day to day management of the charity is delegated to Mrs L Stokes

Details of the charity's professional advisors and bankers are shown on page 1.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in Part 15 of the Companies Act 2006.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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 2015).

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DIRECTORS' REPORT

31 DECEMBER 2021

(continued)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Law applicable to charitable companies in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charitable company's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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 trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

In determining how amounts are presented in accordance with the Statement of Financial Activities, and Balance Sheet, the trustees must have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.

On behalf of the board

Mrs K Gillespie Secretary

Unit 1a Holmer Trading Estate College Road Hereford HR1 1JS

31 May 2022

TASTE FOR ADVENTURE

YEAR ENDED 31 DECEMBER 2021

INDEPENDENT EXAMINER'S REPORT

TO THE DIRECTORS OF TASTE FOR ADVENTURE

I report to the trustees on my examination of the accounts of Taste For Adventure for the year ended 31 December 2021 which are set out on pages 7 to 17.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

G M John BSc FCA Young & Co St Ethelbert House Ryelands Street Hereford HR4 0LA

31 May 2022

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STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2021

Income from:
Donations and legacies
Charitable activities
Investments
Other income
Total income
Expenditure on:
Charitable activities
Other
Total expenditure
Net gains on investments
Net income/(expenditure)
Transfers between funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Note
3
4
5
6
6
7
8		 19
92,699
37,896
8,305
£
-
funds
Unrestricted
187,523
195
3,300
184,223
(48,604)
138,919		 19
92,699
37,896
8,305
£
-
funds
Unrestricted
187,523
195
3,300
184,223
(48,604)
138,919		 1,000
5,000
3,925
9,925
-
35,360
35,360
£
32,394
-
(195)
Restricted
funds
57,829		 1,000
5,000
3,925
9,925
-
35,360
35,360
£
32,394
-
(195)
Restricted
funds
57,829
242,622 874,582
194,213 906,781

TASTE FOR ADVENTURE

BALANCE SHEET

AT 31 DECEMBER 2021

Fixed assets
Tangible assets
Investments
Current assets
Stock
Debtors
Cash at bank and in hand
Creditors:Amounts falling due
within one year
Net current assets
Total assets less current liabilities
Funds
Unrestricted funds
Designated funds
Restricted funds		 Note
15
15
11
12
13
10
15		 1,674
£
170,492
7,798		 185,224
683,601
923,855
1,100,994
906,781
£ 1,100,994
240,254
£
177,139
8,989		 1,117,204
874,582
£ 1,117,204
£
£
1,390
8,075
280,126
901,975
621,849
209,045
(3,281)
215,229
218,510
242,622
2020
-		 1,117,204
874,582
£ 1,117,204
£
£
1,390
8,075
280,126
901,975
621,849
209,045
(3,281)
215,229
218,510
242,622
2020
-
901,975
215,229
179,964 218,510
(2,825) (3,281)
1,117,204
874,582
242,622
-
£ 1,117,204

For the year ended 31 December 2021, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board of Directors on 31 May 2022 and signed on its behalf by:

L Davies Esq - Director

The notes on pages 9 to 17 form part of these financial statements. Registered No. 02773567

TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

1. Principal accounting policies

Basis of accounting

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Taste for Adventure meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting note(s).

Income

Incoming resources are included on a receivable basis and included under the headings to which they relate.

Donations, gifts and legacies, together with any associated tax refunds, are accounted for in the period in which the company is entitled to receipt. Gifts in kind for use by the charity are recognised as incoming resources when receivable at a reasonable estimate of their value.

Grants receivable for specific purposes are credited to the Statement of Financial Activities under 'Donations, legacies and similar incoming resources' in the year to which they relate as soon as conditions for receipt have been met. Grants for fixed assets are shown as restricted funds within current assets when receivable; the funds transfer to tangible assets when the related expenditure is incurred. Unspent balances are carried forward to subsequent years within restricted funds. Any voluntary income is shown gross before deduction of fund-raising expenditure.

Activities in furtherance of the charity's objectives' includes income from courses and activities.

Investment income and any associated tax credits are included in the accounts when receivable.

Expenditure

All expenditure is accounted for under the accruals concept in the period to which it relates, and is shown gross of irrecoverable VAT.

Costs are allocated between charitable, support, or management and administration costs depending upon the nature of the expenditure. No method of apportionment is used.

Costs of activities for charitable objectives includes all direct costs attributable to the running of courses and activities.

TASTE FOR ADVENTURE

NOTES TO THE

AT 31 DECEMBER 2020

(continued)

1. Principal accounting policies (continued)

Expenditure (continued)

Management and administration costs are those incurred in connection with the administration of the company and compliance with constitutional and statutory requirements, such as external examination costs, legal expenses and meeting costs.

Support costs are all other costs incurred directly in support of expenditure on the objects of the charity.

Grants and donations payable are recognised at the earlier of the date when a constructive liability arises, or the date of payment.

Depreciation is allocated to expenditure headings on the basis of the use of the assets concerned.

Tangible fixed assets and depreciation

All assets costing more than £100 are capitalised (together with certain smaller items) where the associated benefit is expected to extend beyond one financial year.

All assets are included at cost except for gifts in kind, which are included at an estimation of market value at the time the gift is made.

Depreciation on tangible fixed assets is charged so as to write off their full cost or valuation, less estimated residual values, over their expected useful lives at the following rates:

Motor vehicles - 25% of written down value per annum Tractors and trailers - 10% of cost per annum Equipment - 20% of cost per annum

Funds

Unrestricted income funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity. The financial statements include all transactions for which the charity is responsible in law.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure that meets these criteria is charged to the fund.

Transfers between funds are made when shortfalls are identified on restricted funds, or when historic errors are corrected.

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

2. Legal status of the Charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £5. There were 4 such guarantees at 31 December 2021.

3. Donations, legacies and similar
incoming resources
General gifts and donations
4. Activities in furtherance of the charity's objectives
Income from courses and activities
5. Investment income
UK bank deposit interest
Net investment income
5. Other income
Grants and subsidies
92,699
37,896
-
19
8,305
19
Unrestricted
Funds
£
37,896		 5,000
-
3,925
3,925
£
-
1,000
Restricted
Funds
-		 3,944
3,925
97,699
£
19
2021
9,305
37,896
37,896		 5,000
2020
£
81,849
346
8,236
8,582
63,983
63,983

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

6. Charitable activities
Costs of activities for charitable objectives
Instructors' charges and wages
Equipment purchases
Rent
Property repairs and running costs
Motor and equipment expenses
Depreciation:
Leasehold property
Equipment
Climbing wall
Motor vehicles
Loss on sale of fixed assets
Food and catering costs
Bank and credit card charges and interest
Sundry expenses
Cleaning
Donations
Stock movement
Support costs
Wages
Telephone, fax and internet costs
Computer running and maintenance costs
Printing, postage, stationery and subscriptio
Training
Insurance
Advertising
Total Charitable Activities for the year
7. Other expenses
Accountancy
Legal and professional fees		 6. Charitable activities
Costs of activities for charitable objectives
Instructors' charges and wages
Equipment purchases
Rent
Property repairs and running costs
Motor and equipment expenses
Depreciation:
Leasehold property
Equipment
Climbing wall
Motor vehicles
Loss on sale of fixed assets
Food and catering costs
Bank and credit card charges and interest
Sundry expenses
Cleaning
Donations
Stock movement
Support costs
Wages
Telephone, fax and internet costs
Computer running and maintenance costs
Printing, postage, stationery and subscriptio
Training
Insurance
Advertising
Total Charitable Activities for the year
7. Other expenses
Accountancy
Legal and professional fees		 -
112
70,240
1,202
355
192
212
£
4,538
1,078
Funds
Unrestricted
19,904
1,711
26,880
42,021
678
65,345
-
113,985
220
(284)
8,444
1,485
927
4,479
2,256
184,225
3,300
3,300
2,070
400		 1,215
20,928
-
-
-
-
-
-
-
-
-
-
-
Funds
Restricted
-
2,220
-
-
-
35,360
-
-
10,036
961
£
35,360
-
-
-
-
-		 961
112
65,345
9,659
1,485
927
2021
(284)
678
1,078
£
4,538
4,479
22,124
42,021
2,070
21,148
149,345
11,747
26,880
3,300
2,256
219,585
70,240
355
192
1,202
3,300
212
-
400		 1,283
1,217
471
(333)
1,567
40,107
138
7,454
1,281
21,095
26,880
11,747
3,399
18,573
5,128
2020
£
-
140,007
134
193
340
2,486
69,282
386
837
73,658
213,665
3,594
-
3,594

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

8. Net income/(expenditure)
This is stated after charging:-
Independent Examiner's remuneration
Depreciation
9. Analysis of staff costs and numbers and directors remuneration and expenses
Gross salaries
Employer's national insurance costs
Pension costs
Staff costs		 38,394
2021
877
64,469
£
3,300
-
65,346		 2020
£
39,251
3,594
861
-
68,421
69,282

No employee (2020 - no employee) received emoluments in excess of £60,000. Pension costs are wholly allocated to unrestricted funds.

The charity directors received no remuneration or any other benefits from employment with the charity, neither were they reimbursed expenses during the year (2020 - £nil). No charity director received payment for professional or other services supplied to the charity (2020 - £nil).

Staff numbers

The average number of full-time employees for the year was:

ff numbers
average number of full-time employees for the year was:
Charitable services
Administration		 4
2
2		 2
2
4

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

10. Tangible fixed assets
Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Disposals
At 31 December 2021
Net book amount
At 31 December 2021
At 1 January 2021
11. Investments
Cost
At 1 January 2021
Additions
Disposals
Revaluation
At 31 December 2021
Net book amount
At 31 December 2021
At 1 January 2021		 23,436
£ 2,883
27,280
£
-
-
27,280
vehicles
Motor
-
24,397
£ 3,844
961		 25,686
96,895
364,117
£ 184,756
£ 79,779
25,948
179,361
£ 157,592
£
117,474
(109,630)
254,487
-
-
117,474
-
Leasehold
property
improvements
Fixtures,
equipment
Fittings and
£
(108,152)
£ 91,526
37,695
11,747
-		 (109,630)
-
508,871
£
Total		 (109,630)
-
508,871
£
Total
399,241
38,394
(108,152)
228,745
158,987
£ 240,254
£ 280,126
-
Total
£
23,321
(77,851)
621,848
116,283
683,601
£ 683,601
£ 621,848
-

The investment is in a portfolio managed by EFG Harris Allday and is invested in a range of shares, bonds and collective investments.

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

12. Debtors
Debtors
Trade debtors
Prepayments
Creditors: Amounts falling due within one year
Trade creditors
Accruals
Pension contributions unpaid		 £
7,798
-
419
7,379
2021
2,825
96
234
2,495		 £
339
2020
7,736
8,075
672
96
2,513
-
3,281

13. Creditors: Amounts falling due within one year

14. Taxation

The charity is exempt from tax on income and gains falling within the Taxes Act 1988, s. 505 and of the Taxation of Chargeable Gains Act 1992, s. 252 to the extent that these are applied to its charitable objects.

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

15. Movement in funds

Unrestricted income funds
General funds
At 1 January 2021
Incoming resources
Outgoing resources
Transfers
At 31 December 2021		 242,622
138,919
(187,523)
(8,794)
Total
£
185,224

The general fund represents those funds which are unrestricted and not designated for other purposes.

Designated income funds
At 1 January 2021
Incoming resources
Outgoing resources
Transfers
At 31 December 2021		 -
-
-
8,989
8,989

The designated fund was created from £10,000 set aside during the year from unrestricted income funds. The designated fund is being used to subsidise the cost of activities for individuals and groups as part of the charitable objects of the Charity.

Restricted income funds
At 1 January 2021
Income
Expenditure
Net gains on investments
Loss on disposals
Transfers
At 31 December 2021		 fund
Building
£		 fund
Building
£		 £
Grants
fund		 £
Grants
fund		 34,508
(195)
£
9,925
23,321
(35,360)
Total
874,582
34,508
-
3,925
-
23,321
621,849		 -
6,000
(35,360)
(195)
-
252,733
683,603 223,178 906,781

The 'Building Fund' constitutes resources invested in a steel-framed boulder barn building that the company erected in 2004. This was sold in 2016 and the funds are now invested to generate income towards the operation of the new Boulder Barn property. The 'Grants Fund' constitutes income and expenditure on restricted grants and donations.

TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2021

(continued)

16. Funds

Funds
Restricted funds
Unrestricted funds
Designated funds		 -
683,601
£
Investments
683,601
-		 240,254
Tangible
£
-
fixed assets
21,564
218,690		 179,964
£
8,989
Current
assets
4,488
166,487		 (2,825)
-
(2,825)
liabilities
£
-
Current		 185,226
Total
£
906,779
8,989
1,100,994

Young & Co Business Advisors & Chartered Accountants

St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

T. 01432 263282 F. 01432 263326 E. enquiries@youngand.co.uk www. youngand.co.uk

Some of the services that we can offer;

Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales