2024-12-31-accounts - Taste For Adventure

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TASTE FOR ADVENTURE

UNAUDITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

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
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TASTE FOR ADVENTURE GENERAL INFORMATION 2024

Directors:	Mrs K Gillespie
	L Davies Esq
	Mrs A L Warren
	Mrs R Hall
	Mr T Donaldson
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 2024

The directors present their report and the unaudited financial statements for the year ended 31 December 2024. 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 and seeing individuals develop and grow in the area of this sporting activity.

ACHIEVEMENTS AND PERFORMANCE

The NICAS bouldering award has proven to be very fulfilling for the Boulder Barn and its participants. 42 young people took part in this award scheme in 2024, showing their commitment to attend and take part in a 6 week course is encouraging to us and beneficial for the participant especially for their social skills and aptitude to climb.

We have observed an upward trend of parents bringing their children along to the Boulder Barn more frequently over the past several months.

We are trying hard to keep our prices as low as possible to make indoor climbing affordable for all. We are classed as one of the cheapest indoor climbing facilities in the area with many people taking advantage of this.

Charitable groups that benefited during the year included:

General public in keeping our prices low
St. Davids PRU
Brookfield School (Disadvantaged)
National Star College
2x parents and toddlers
Love Her Wild Group
Less able/vulnerable individuals
Royal National College for the Blind
Hope Support Service (support for young people with a family member with a terminal illness)
Victa (Blind/partially sighted)
Close House, Hereford (Youth group)

The elderly programme has declined since COVID. There are just a few who take part and are able to do so. We have run this activity since 1997 touching so many lives, so it is still worthwhile doing and very rewarding for their mental health.

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DIRECTORS' REPORT

31 DECEMBER 2024

(continued)

FINANCIAL REVIEW

Income from the Boulder Barn facility was £199,815. Unrestricted donations of £1,030 were received.

There was a net deficit for the year of £41,694 on the General Fund. At 31 December 2024, the General Fund showed a balance of £78,324 (2023 - £120,018).

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 £10,178 and the market value of the portfolio increased by £51,298. The Buildings Fund balance was £692,065 at the year end.

The Grants Fund comes from previous grant funding for the charity's facilities and assets. Grants of £459 were received in the year. The Grants Fund balance was £131,497 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 2024, the charity's cash balance stood at £50,564 (2023 - £92,039), 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 £692,065. 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 2024

(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 2024 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 T Donaldson (appointed 10 May 2024) Mr M T McEvilly (resigned 1 October 2024)

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 2024

(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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP:
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existance.

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

11 July 2025

TASTE FOR ADVENTURE

YEAR ENDED 31 DECEMBER 2024

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 2024 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:

accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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

11 July 2025

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STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

		Unrestricted	Restricted	Total	Total
	Note	funds	funds	2024	2023
		£	£	£	£
Income from:
Donations and legacies	3	1,030	459	1,489	2,299
Charitable activities	4	199,815	-	199,815	196,413
Investments	5	1,271	10,178	11,449	7,107
Other income	6	-	-	-	-
Total income		202,116	10,637	212,753	205,819
Expenditure on:
Charitable activities	6	238,435	33,040	271,475	258,613
Other	7	5,375	-	5,375	2,538
Total expenditure		243,810	33,040	276,850	261,151
Net unrealised gains on investments		-	51,298	51,298	42,625
Net income/(expenditure)	8	(41,694)	28,895	(12,799)	(12,707)
Transfers between funds		-	-	-	-
Reconciliation of funds
Total funds brought forward		120,018	794,667	914,685	927,392
Total funds carried forward		78,324	823,562	901,886	914,685

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BALANCE SHEET

AT 31 DECEMBER 2024

	Note				2023
		£	£	£		£
Fixed assets
Tangible assets	10		148,773			184,915
Investments	11		692,065			630,589
			840,838			815,504
Current assets
Stock		3,084			2,356
Debtors	12	10,797			8,714
Cash at bank and in hand		50,564			92,039
		64,445			103,109
Creditors:Amounts falling due
within one year	13	(3,397)			(3,928)
Net current assets			61,048			99,181
Total assets less current liabilities			901,886			914,685
Funds
Unrestricted funds	15		72,324			113,533
Designated funds	15		6,000			6,485
Restricted funds	15		823,562			794,667
			£ 901,886			£ 914,685

For the year ended 31 December 2024, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

i. the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
ii. the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts,
iii. these accounts have been prepared in accordance with the provision applicable to companies subject to the small companies' regime.

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 11 July 2025 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 2024

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.

10 -

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2024

(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 2024.

3.	Donations, legacies and similar	Unrestricted	Restricted
	incoming resources	Funds	Funds	2024	2023
		£	£	£	£
	General gifts and donations	1,030	459	1,489	2,299
4.	Activities in furtherance of the charity's objectives	Activities in furtherance of the charity's objectives
	Income from courses and activities	199,815	-	199,815	196,413
5.	Investment income
	UK bank deposit interest	1,271	-	1,271	1,037
	Net investment income	-	10,178	10,178	6,070
		1,271	10,178	11,449	7,107
5.	Other income
	Grants and subsidies	-	-	-	-
		-	-	-	-

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2024

(continued)

6.	Charitable activities	Unrestricted	Restricted
		Funds	Funds	2024	2023
		£	£	£	£
	Costs of activities for charitable objectives
	Instructors' charges and wages	42,887	-	42,887	37,795
	Equipment purchases	5,562	-	5,562	12,270
	Rent	35,520	-	35,520	26,880
	Property repairs and running costs	38,959	-	38,959	29,565
	Motor and equipment expenses	1,891	-	1,891	2,704
	Depreciation: Leasehold property	1,711	10,036	11,747	11,747
	Equipment	2,295	-	2,295	4,445
	Climbing wall	608	21,832	22,440	22,440
	Motor vehicles	-	405	405	541
	Loss on sale of fixed assets	-	-	-	140
	Food and catering costs	12,127	767	12,894	14,622
	Bank and credit card charges	2,652	-	2,652	2,351
	Sundry expenses	662	-	662	844
	Cleaning	377	-	377	386
	Donations	-	-	-	-
	Stock movement	(728)	-	(728)	(628)
		144,523	33,040	177,563	166,102
	Support costs
	Wages	85,374	-	85,374	84,428
	Telephone, fax and internet costs	1,029	-	1,029	702
	Computer running and maintenance costs	3,843	-	3,843	3,820
	Printing, postage, stationery and subscriptio	1,410	-	1,410	2,038
	Training	758	-	758	58
	Insurance	196	-	196	191
	Advertising	1,302	-	1,302	1,274
		93,912	-	93,912	92,511

	Total Charitable Activities for the year	238,435	33,040	271,475	258,613
7.	Other expenses
	Accountancy	2,820	-	2,820	2,538
	Legal and professional fees	2,555	-	2,555	-
		5,375	-	5,375	2,538

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NOTES TO THE FINANCIAL STATEMENTS

AT 31 DECEMBER 2024

(continued)

8.	Net income/(expenditure)	2024	2023
		£	£
	This is stated after charging:-
	Independent Examiner's remuneration	2,820	2,538
	Depreciation	36,887	39,173
9.	Analysis of staff costs and numbers and directors remuneration and expenses
	Staff costs
	Gross salaries	84,155	83,050
	Employer's national insurance costs	-	-
	Pension costs	1,218	1,169
		85,373	84,219

No employee (2023 - 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 (2023 - £Nil). No charity director received payment for professional or other services supplied to the charity (2023 - £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 2024

(continued)

10.	Tangible fixed assets		Fixtures,	Leasehold
		Motor	Fittings and	property
		vehicles	equipment	improvements	Total
		£	£	£	£
	Cost
	At 1 January 2024	27,280	270,955	117,474	415,709
	Additions	-	745	-	745
	Disposals	-	(725)	-	(725)
	At 31 December 2024	27,280	270,975	117,474	415,729
	Depreciation
	At 1 January 2024	25,659	143,946	61,189	230,794
	Charge for the year	405	24,735	11,747	36,887
	Disposals	-	(725)	-	(725)
	At 31 December 2024	26,064	167,956	72,936	266,956
	Net book amount
	At 31 December 2024	£ 1,216	£ 103,019	£ 44,538	£ 148,773
	At 1 January 2024	£ 1,621	£ 127,009	£ 56,285	£ 184,915
					-
11.	Investments				Total
					£
	Cost
	At 1 January 2024				630,589
	Additions				295,401
	Disposals				(239,927)
	Revaluation				6,002
	At 31 December 2024				692,065
	Net book amount
	At 31 December 2024				£ 692,065
	At 1 January 2024				£ 630,589

At 1 January 2024

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 2024

(continued)

12. Debtors

Debtors
Debtors	2024	2023
	£	£
Trade debtors	316	1,267
Prepayments	10,481	7,447
	10,797	8,714
	-	-
Creditors: Amounts falling due within one year
Trade creditors	334	877
Accruals	2,822	2,822
Pension contributions unpaid	241	229
	3,397	3,928

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 2024

(continued)

15. Movement in funds

Movement in funds
	Total
Unrestricted income funds	£
General funds
At 1 January 2024	113,533
Incoming resources	202,116
Outgoing resources	(243,810)
Transfers	485
At 31 December 2024	72,324

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

Designated income funds
At 1 January 2024	6,485
Incoming resources	-
Outgoing resources	-
Transfers	(485)
At 31 December 2024	6,000

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 2024	630,589	164,078	794,667
Income	10,178	459	10,637
Expenditure	-	(33,040)	(33,040)
Net unrealised gains on investments	6,002	-	6,002
Profit on disposals	45,296	-	45,296
Transfers	-	-	-
At 31 December 2024	692,065	131,497	823,562

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 2024

(continued)

16. Funds

Funds
		Tangible	Current	Current
	Investments	fixed assets	assets	liabilities	Total
	£	£	£	£	£
Restricted funds	692,065	130,982	515	-	823,562
Unrestricted funds	-	17,791	57,930	(3,397)	72,324
Designated funds	-	-	6,000	-	6,000
	692,065	148,773	64,445	(3,397)	901,886

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