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2022-12-31-accounts

TASTE FOR ADVENTURE

UNAUDITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

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

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Index
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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
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TASTE FOR ADVENTURE GENERAL INFORMATION 2022

Directors: Mrs K Gillespie
L Davies Esq
Mrs A L Warren
Mrs R Hall
M T McEvilly Esq
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

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TASTE FOR ADVENTURE

DIRECTORS' REPORT

31 DECEMBER 2022

The directors present their report and the unaudited financial statements for the year ended 31 December 2022. 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

We are aware that many sports clubs are suffering the consequences of the cost of living crisis and we are not immune.

We are working towards keeping our prices as low as we can and helping people maintain their physical fitness which is important for their wellbeing. This is constantly being monitored.

We hope to implement the NICAS awards (National Indoor Climbing Award Scheme) this year and offer this to groups of people who wish to work towards gaining a nationally recognised award.

Our user groups have gathered momentum with groups and individuals returning.

With increased optimism in this uncertain climate we continue to look towards our future and reaching more people.

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.

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DIRECTORS' REPORT

31 DECEMBER 2022

(continued)

FINANCIAL REVIEW

Income from the new Boulder Barn facility was £145,506. Unrestricted donations of £3,990 were received.

There was a net deficit for the year of £47,759 on the General Fund. At 31 December 2022, the General Fund showed a balance of £146,454 (2021 ‐ £194,213).

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 £3,499 and the market value of the portfolio decreased by £105,208. The Buildings Fund balance was £581,894 at the year end.

The Grants Fund comes from previous grant funding for the charity's facilities and assets. Grants of £13,694 were received in the year. The Grants Fund balance was £199,044 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 2022, the charity's cash balance stood at £116,938 (2021 ‐ £170,492), and this equates to 7 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 £581,894. 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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TASTE FOR ADVENTURE

DIRECTORS' REPORT

31 DECEMBER 2022

(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 2022 was 5.

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 K Gillespie

L Davies Esq Mrs A L Warren Mrs R Hall Mr M T McEvilly

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 2019).

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DIRECTORS' REPORT

31 DECEMBER 2022

(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

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Mrs K Gillespie
Secretary
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Unit 1a Holmer Trading Estate College Road Hereford HR1 1JS

31 March 2023

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TASTE FOR ADVENTURE

YEAR ENDED 31 DECEMBER 2022

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 2022 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.

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

31 March 2023

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TASTE FOR ADVENTURE

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2022

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		 136
145,506
3,074
3,990
‐
194,213
146,454
(47,759)
152,706
200,465
‐
£
Unrestricted
3,422
197,043
funds		 4,658
‐
3,499
17,193
9,036
37,828
37,828
‐
(125,843)
£
780,938
906,781
Restricted
‐
funds
(105,208)

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TASTE FOR ADVENTURE

BALANCE SHEET

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
10
11
12
13
15
15
15		 £
581,893
804,999
£
116,938
126,281
(3,888)
7,615
927,392
223,106
122,393
1,728
AT 31 DECEMBER 2022
138,164
£ 927,392
780,938
8,290		 £
581,893
804,999
£
116,938
126,281
(3,888)
7,615
927,392
223,106
122,393
1,728
AT 31 DECEMBER 2022
138,164
£ 927,392
780,938
8,290		 7,798
240,254
923,855
683,601
2021
177,139
179,964
185,224
£
£
1,100,994
(2,825)
1,674
170,492
906,781
£ 1,100,994
8,989		 7,798
240,254
923,855
683,601
2021
177,139
179,964
185,224
£
£
1,100,994
(2,825)
1,674
170,492
906,781
£ 1,100,994
8,989
£
116,938
7,615
1,728
923,855
177,139
126,281 179,964
(3,888) (2,825)
1,100,994
185,224
906,781
8,989
£ 1,100,994

For the year ended 31 December 2022, 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 March 2023 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

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TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

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 2019) ‐ (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.

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TASTE FOR ADVENTURE

NOTES TO THE

AT 31 DECEMBER 2022

(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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TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(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 5 such guarantees at 31 December 2022.

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
3,990
3,074
‐
136
136
Unrestricted
Funds
£
145,506
3,074		 9,036
‐
Restricted
Funds
3,499
3,499
£
9,036
4,658
‐		 12,110
£
3,499
145,506
136
2022
8,648
12,110
3,635		 9,305
£
2021
97,699
3,925
19
3,944
37,896
37,896

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TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(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 subscripti
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 subscripti
Training
Insurance
Advertising
Total Charitable Activities for the year
7. Other expenses
Accountancy
Legal and professional fees		 197,043
1,157
147
192
400
3,422
‐
40
3,741
83,590
4,892
‐
480
2,117
26,880
34,548
22,979
£
7,271
Funds
Unrestricted
1,711
760
77,193
‐
113,453
510
(54)
8,998
2,149
932
3,422		 ‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
21,305
1,811
500
‐
‐
721
£
Funds
Restricted
‐
3,455
‐
‐
‐
‐
37,828
‐
‐
10,036
37,828
‐		 3,422
147
192
400
3,422
40
3,741
10,809
2,149
932
77,193
(54)
760
1,157
500
480
721
2022
34,548
2,117
£
4,892
7,271
26,434
21,815
151,281
11,747
26,880
234,871
83,590
‐		 112
(284)
1,078
927
9,659
21,148
4,538
961
400
1,485
2021
22,124
£
26,880
11,747
4,479
42,021
2,070
149,345
355
192
212
2,256
65,345
1,202
678
70,240
219,585
3,300
‐
3,300

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(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		 ‐
1,027
39,175
2022
£
3,422
77,668
76,641		 38,394
3,300
2021
£
877
64,469
‐
65,346

No employee (2021 ‐ 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 (2021 ‐ £Nil). No charity director received payment for professional or other services supplied to the charity (2021 ‐ £Nil).

Staff numbers

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

Charitable services
Administration		 2
2
4		 2
2
4

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TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(continued)

10. Tangible fixed assets
Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Disposals
At 31 December 2022
Net book amount
At 31 December 2022
At 1 January 2022
11. Investments
Cost
At 1 January 2022
Additions
Disposals
Revaluation
At 31 December 2022
Net book amount
At 31 December 2022
At 1 January 2022		 24,397
£ 2,162
27,280
£
‐
Motor
vehicles
‐
27,280
‐
25,118
£ 2,883
721		 96,895
£ 157,592
22,067
equipment
Fittings and
£
(100)
(140)
123,502
254,487
276,414
26,707
Fixtures,
£ 152,912		 37,695
£ 68,032
117,474
‐
£
‐
property
improvements
117,474
£ 79,779
11,747
‐
Leasehold
49,442		 399,241
(140)
22,067
Total
£		 399,241
(140)
22,067
Total
£
421,168
158,987
(100)
39,175
198,062
£ 223,106
£ 240,254
‐
Total
(95,201)
102,100
683,602
£
(108,608)
581,893
£ 581,893
£ 683,602
‐

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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TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(continued)

12. Debtors
Trade debtors
Prepayments
Creditors: Amounts falling due within one year
Trade creditors
Accruals
Pension contributions unpaid
13.		 30
7,585
£
3,888
‐
‐
431
3,457
2022
7,615		 £
419
2021
7,379
7,798
234
96
2,495
‐
2,825

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 2022

(continued)

15. Movement in funds
Unrestricted income funds
General funds
At 1 January 2022
Incoming resources
Outgoing resources
Transfers
At 31 December 2022		 Total
(200,464)
698
185,224
152,706
£
138,164

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

Designated income funds
At 1 January 2022
Incoming resources
Outgoing resources
Transfers
At 31 December 2022		 8,989
‐
(1)
(698)
8,290

The designated fund was created from £10,000 set aside in 2021 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 2022
Income
Expenditure
Net unrealised losses on investments
Profit on disposals
Transfers
At 31 December 2022		 £
fund
Building		 £
fund
Building		 £
Grants
fund		 £
Grants
fund		 (108,608)
(37,828)
‐
£
17,193
3,400
906,781
Total
3,400
683,603
‐
3,499
‐
(108,608)		 ‐
223,178
13,694
(37,828)
‐
‐
581,894 199,044 780,938

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.

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2022

(continued)

16. Funds

Funds
Restricted funds
Unrestricted funds
Designated funds		 581,893
‐
‐
581,893
£
Investments		 ‐
223,106
Tangible
£
fixed assets
27,442
195,664		 8,290
126,281
£
Current
assets
3,381
114,610		 ‐
(3,888)
‐
(3,888)
liabilities
£
Current		 £
780,938
138,164
Total
8,290
927,392

‐ 17 ‐

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