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2023-12-31-accounts

TASTE FOR ADVENTURE

MANAGEMENT ACCOUNTS

YEAR ENDED 31 DECEMBER 2023

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

YEAR ENDED 31 DECEMBER 2023

INDEX

Pages 1 and 2 Balance Sheet Pages 3 and 4 Profit and Loss Account

To: The Directors of Taste For Adventure

We confirm that, in accordance with your instructions, we have prepared the accounts from the books and records of the business and from the information and explanations given to us. We further confirm that our instructions did not require us to carry out an audit.

St Ethelbert House To Young & Co a L- Ryelands Street Chartered Accountants Hereford HR4 0LA

22 March 2024

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MANAGEMENT BALANCE SHEET

AT 31 DECEMBER 2023

2022
£ £ £ £
Fixed Assets
Property improvements at cost 117,474 117,474
Less: Aggregate depreciation 61,189 49,442
56,285 68,032
Motor vehicles at cost 27,280 27,280
Less: Aggregate depreciation 25,659 25,118
1,621 2,162
Equipment at cost 34,081 45,589
Less: Aggregate depreciation 25,826 33,871
8,255 11,718
Climbing wall at cost 230,824 230,824
Less: Aggregate depreciation 112,070 89,630
118,754 141,194
Investments 630,589 581,893
Total Fixed Assets 815,504 804,999
Current Assets
Stock 2,356 1,728
Debtors and prepayments 8,714 7,615
Cash at bank and in hand 92,039 116,938
103,109 126,281
Current Liabilities
Creditors and accruals 3,699 3,888
Pension contributions unpaid 229 -
3,928 3,888
Net Current Assets 99,181 122,393
£ 914,685 £ 927,392

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MANAGEMENT BALANCE SHEET

AT 31 DECEMBER 2023

(continued)

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2022
£ £ £ £
Net Assets (page 1) £ 914,685 £ 927,392
Financed by:-
Funds
Unrestricted funds 113,533 138,164
Restricted funds 794,667 780,938
Designated funds 6,485 8,290
£ 914,685 £ 927,392
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The accounts on pages one to four were approved by the Directors on 25 March 2024.

~~ee~~ Signed Mrs K Gillespie

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Signed
L Davies Esq
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MANAGEMENT TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

2022
£ £ £ £
Income
Courses and fundraising 196,413 145,506
Donations:- A.N McKechnie 250 300
Francis Winham Foundation - 1,500
Scott Erendine Chartiable Trust - 3,000
Burghill Community Group - 690
Other 2,049 3,158
2,299 8,648
Deposit interest 1,037 136
Net investment income 6,070 3,499
(Loss)/gain on disposal of investments 41,737 3,400
Unrealised gain/(loss) on investments 888 (108,608)
Grants and subsidies - 12,110
248,444 64,691
Deduct:
Direct costs
Opening stock 1,728 1,674
Equipment purchases 12,270 7,271
Instructors charges and wages 37,795 34,548
Food and catering costs 14,622 10,809
Depreciation:
Equipment		 4,445 4,892
Climbing wall 22,440 21,815
Less: Closing stock (2,356) (1,728)
90,944 79,281
Gross (deficit)/surplus 157,500 (14,590)

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MANAGEMENT TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

(continued)

2022
£ £ £ £
Deduct:
Establishment expenses
Property repairs 3,698 2,787
Rent 26,880 26,880
Rates 629 813
Property insurance 4,044 3,880
Light and heat 21,194 18,954
Amortisation of property improvements 11,747 11,747
68,192 65,061
Deduct:
Motor and equipment expenses
Motor and travel 2,704 1,194
Equipment hire and maintenance - 923
Depreciation:
Motor vehicles		 541 721
Loss on sale of fixed assets 140 40
3,385 2,878
Deduct:
Administration expenses
Wages 84,428 77,193
Telephone, fax and internet costs 702 760
Printing, postage and stationery 848 484
Subscriptions 1,190 673
Bank and credit card charges and interest 2,351 2,149
Accountancy 2,538 3,422
Sundry expenses 844 932
Computer running and maintenance costs 3,820 3,741
Cleaning 386 480
Donations - 500
Training 58 147
Insurance 191 192
Advertising 1,274 400
98,630 91,073
170,207 159,012
Net deficit for the year (12,707) (173,602)
Profit and loss account brought forward 927,392 1,100,994
Carried to the balance sheet £ 914,685 £ 927,392

Co Some of the services that we can offer;["]

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

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

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UNAUDITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

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

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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 2023

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||| |---|---| |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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DIRECTORS' REPORT

31 DECEMBER 2023

The directors present their report and the unaudited financial statements for the year ended 31 December 2023. 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 still able to keep our prices as low as we can and helping people maintain their physical fitness which is important for their well being. This is constantly being monitored.

NICAS bouldering award (National Indoor Climbing Award Scheme) - we are currently delivering level 1, 2 & 3 and looking to expand to level 4. This has proved to be very popular over the last six months.

There has been increased engagement with our user groups, which have gathered momentum with groups and individuals returning after Covid.

We are continuing to attract lots of new climbers. Results of a survey are both encouraging and providing useful insights.

We have seen a 25% increase in the use of the facility compared to the previous year. This is exciting to see and bodes well for the future of this climbing wall.

Charitable groups that benefited during the year included:

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 2023

(continued)

FINANCIAL REVIEW

Income from the Boulder Barn facility was £196,413. Unrestricted donations of £1,839 were received.

There was a net deficit for the year of £26,436 on the General Fund. At 31 December 2023, the General Fund showed a balance of £120,018 (2022 - £146,454).

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 £6,070 and the market value of the portfolio increased by £42,625. The Buildings Fund balance was £630,589 at the year end.

The Grants Fund comes from previous grant funding for the charity's facilities and assets. Grants of £460 were received in the year. The Grants Fund balance was £164,078 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 2023, the charity's cash balance stood at £92,039 (2022 - £116,938), and this equates to 5 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 £630,589. 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 2023

(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 2023 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 2023

(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

25 March 2024

TASTE FOR ADVENTURE

YEAR ENDED 31 DECEMBER 2023

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 2023 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

8 April 2024

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STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Total Total
Note funds funds 2023 2022
£ £ £ £
Income from:
Donations and legacies 3 1,839 460 2,299 8,648
Charitable activities 4 196,413 - 196,413 145,506
Investments 5 1,037 6,070 7,107 3,635
Other income 6 - - - 12,110
Total income 199,289 6,530 205,819 169,899
Expenditure on:
Charitable activities 6 223,187 35,426 258,613 234,871
Other 7 2,538 - 2,538 3,422
Total expenditure 225,725 35,426 261,151 238,293
Net unrealised gains/(losses) on investments - 42,625 42,625 (105,208)
Net income/(expenditure) 8 (26,436) 13,729 (12,707) (173,602)
Transfers between funds - - - -
Reconciliation of funds
Total funds brought forward 146,454 780,938 927,392 1,100,994
Total funds carried forward 120,018 794,667 914,685 927,392

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BALANCE SHEET

AT 31 DECEMBER 2023

Note 2022
£ £ £ £
Fixed assets
Tangible assets 10 184,915 223,106
Investments 11 630,589 581,893
815,504 804,999
Current assets
Stock 2,356 1,728
Debtors 12 8,714 7,615
Cash at bank and in hand 92,039 116,938
103,109 126,281
Creditors:Amounts falling due
within one year 13 (3,928) (3,888)
Net current assets 99,181 122,393
Total assets less current liabilities 914,685 927,392
Funds
Unrestricted funds 15 113,533 138,164
Designated funds 15 6,485 8,290
Restricted funds 15 794,667 780,938
£ 914,685 £ 927,392

For the year ended 31 December 2023, 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 25 March 2024 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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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2023

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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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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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2023

(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 2023.

**3. ** Donations, legacies and similar Unrestricted Restricted
incoming resources Funds Funds 2023 2022
£ £ £ £
General gifts and donations 1,839 460 2,299 8,648
**4. ** Activities in furtherance of the charity's objectives Activities in furtherance of the charity's objectives
Income from courses and activities 196,413 - 196,413 145,506
**5. ** Investment income
UK bank deposit interest 1,037 - 1,037 136
Net investment income - 6,070 6,070 3,499
1,037 6,070 7,107 3,635
**5. ** Other income
Grants and subsidies - - - 12,110
- - - 12,110

TASTE FOR ADVENTURE

NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2023

(continued)

**6. ** Charitable activities Unrestricted Restricted
Funds Funds 2023 2022
£ £ £ £
Costs of activities for charitable objectives
Instructors' charges and wages 37,795 - 37,795 34,548
Equipment purchases 12,270 - 12,270 7,271
Rent 26,880 - 26,880 26,880
Property repairs and running costs 28,804 761 29,565 26,434
Motor and equipment expenses 2,704 - 2,704 2,117
Depreciation:
Leasehold property		 1,711 10,036 11,747 11,747
Equipment 4,445 - 4,445 4,892
Climbing wall 608 21,832 22,440 21,815
Motor vehicles - 541 541 721
Loss on sale of fixed assets 140 - 140 40
Food and catering costs 12,366 2,256 14,622 10,809
Bank and credit card charges and interest 2,351 - 2,351 2,149
Sundry expenses 844 - 844 932
Cleaning 386 - 386 480
Donations - - - 500
Stock movement (628) - (628) (54)
130,676 35,426 166,102 151,281
Support costs
Wages 84,428 - 84,428 77,193
Telephone, fax and internet costs 702 - 702 760
Computer running and maintenance costs 3,820 - 3,820 3,741
Printing, postage, stationery and subscripti 2,038 - 2,038 1,157
Training 58 - 58 147
Insurance 191 - 191 192
Advertising 1,274 - 1,274 400
92,511 - 92,511 83,590
Total Charitable Activities for the year 223,187 35,426 258,613 234,871
**7. ** Other expenses
Accountancy 2,538 - 2,538 3,422
Legal and professional fees - - - -
2,538 - 2,538 3,422

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2023

(continued)

**8. ** Net income/(expenditure) 2023 2022
£ £
This is stated after charging:-
Independent Examiner's remuneration 2,538 3,422
Depreciation 39,173 39,175
**9. ** Analysis of staff costs and numbers and directors remuneration and expenses
Staff costs
Gross salaries 83,050 76,641
Employer's national insurance costs - -
Pension costs 1,169 1,027
84,219 77,668

No employee (2022 - 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 (2022 - £Nil). No charity director received payment for professional or other services supplied to the charity (2022 - £Nil).

Staff numbers

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

Charitable services 2 2
Administration 2 2
4 4

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2023

(continued)

**10. ** Tangible fixed assets Fixtures, Leasehold
Motor Fittings and property
vehicles equipment improvements Total
£ £ £ £
Cost
At 1 January 2023 27,280 276,414 117,474 421,168
Additions - 1,122 - 1,122
Disposals - (6,581) - (6,581)
At 31 December 2023 27,280 270,955 117,474 415,709
Depreciation
At 1 January 2023 25,118 123,502 49,442 198,062
Charge for the year 541 26,885 11,747 39,173
Disposals - (6,441) - (6,441)
At 31 December 2023 25,659 143,946 61,189 230,794
Net book amount
At 31 December 2023 £ 1,621 £ 127,009 £ 56,285 £ 184,915
At 1 January 2023 £ 2,162 £ 152,912 £ 68,032 £ 223,106
-
**11. ** Investments Total
£
Cost
At 1 January 2023 581,894
Additions 255,603
Disposals (207,796)
Revaluation 888
At 31 December 2023 630,589
Net book amount
At 31 December 2023 £ 630,589
At 1 January 2023 £ 581,894

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 2023

(continued)

**12. ** Debtors 2023 2022
£ £
Trade debtors 1,267 30
Prepayments 7,447 7,585
8,714 7,615
- -
13. Creditors: Amounts falling due within one year
Trade creditors 877 431
Accruals 2,822 3,457
Pension contributions unpaid 229 -
3,928 3,888

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 2023

(continued)

15. Movement in funds

Movement in funds
Total
Unrestricted income funds £
General funds
At 1 January 2023 138,164
Incoming resources 199,289
Outgoing resources (225,725)
Transfers 1,805
At 31 December 2023 113,533

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

Designated income funds
At 1 January 2023 8,290
Incoming resources -
Outgoing resources -
Transfers (1,805)
At 31 December 2023 6,485

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 Building Grants Total
fund fund
£ £ £
At 1 January 2023 581,894 199,044 780,938
Income 6,070 460 6,530
Expenditure - (35,426) (35,426)
Net unrealised gains/(losses) on investments 888 - 888
Profit on disposals 41,737 - 41,737
Transfers - - -
At 31 December 2023 630,589 164,078 794,667

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 2023

(continued)

**16. ** Funds
Tangible Current Current
Investments fixed assets assets liabilities Total
£ £ £ £ £
Restricted funds 630,589 163,255 823 - 794,667
Unrestricted funds - 21,660 95,801 (3,928) 113,533
Designated funds - - 6,485 - 6,485
630,589 184,915 103,109 (3,928) 914,685

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

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