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2022-03-31-accounts

Charity Registration No. 1053017

Company Registration No. 03153901 (England and Wales)

ADVENTURE SUNDERLAND

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

ADVENTURE SUNDERLAND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Hendy
T Wills
M Holmes Chair
M Meling
I Whitfield
M Hunt
J Ramsay (Appointed 25 May 2022)
G Taylor (Appointed 11 August 2022)
Secretary T Wills
Charity number 1053017
Company number 03153901
Registered office Marine Activities Centre
North Dock
Roker
Sunderland
Tyne and Wear
United Kingdom
SR6 0PW
Auditor Azets Audit Services
Bede House
3 Belmont Business Park
Durham
DH1 1TW
Solicitors Sintons
The Cube
Barrack Road
Newcastle Upon Tyne
Tyne And Wear
United Kingdom
NE4 6DB

ADVENTURE SUNDERLAND

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Consolidated Balance Sheet 13 - 14
Notes to the Consolidated financial statements 16 - 30

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and aims

Adventure Sunderland was established in 1996 as a registered charity with the objective of providing education recreational and leisure activities.

The charity's primary aim is to provide outdoor education opportunities for young people using adventurous activities contribute to their personal and social development.

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard the Charity Commissioner's general guidance on public benefit. The charity has carefully examined the Cha Commissioner's guidance on public benefit and has ensured that its business plan and long-term strategy encompa these requirements.

Beneficiaries of the charity's service include pupils in mainstream primary and secondary schools, colleges, youth groups, universities and a wide variety of social organisations. Most courses seek to achieve development of personal qualities such as self-confidence, awareness of others and responsibility, with the knowledge that such development has a lasting impact on individuals back in their everyday life. The gift aid from the trading subsidiary company allow these activities to be offered at a subsidised level to all sections of the community.

In furtherance of these objects, the charity has adopted the following Mission Statement:

“The Marine Activities Centre, Adventure Sunderland and Sunderland Marina will be nationally recognised as an outstanding example of community based Sports Development.

Through the efficient management of the Marine Activities Centre, Adventure Sunderland and Sunderland Marina, we will:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Charitable Activities

Adventure Sunderland

The Centre provides an excellent base for Outdoor Education and a wide range of courses at the Centre has been developed. The Centre has a licence from the Adventurous Activities Licensing Authority for all its activities with young people, it is a recognised Royal Yachting Association and British Canoeing Partner. Over the course of the last year more than 4,630 young people (930: 2020-21) have used the charity’s facilities for a range of positive activities; organised groups, educational visits and private/family sessions. It has been very positive to return to preCovid levels of engagement.

The financial contribution made by Sunderland Marina Limited to the charity cannot be underestimated in allowing the charity to continue meeting its objectives, predominantly with the local community. The beginning of our 2022 season has a promising outlook with June/July fully booked with Primary and Secondary Schools, Academies and Pupil Referral Units. Similarly this reflects statistics to pre-Covid levels.

The charity delivers recreational course for youth and adults in a variety of activities including paddle boarding, canoeing and powerboating. These activities allow participants to access their immediate surroundings, the rivers and the sea, in a safe and responsible manner and furthermore benefit their health & wellbeing.

We continue to place importance on the training and development of our staff. Staff achieved further qualifications during the past year. Alongside external training courses, a significant amount of in-house training is carried out each year. We have further improved our commitment to our volunteers this year with an evaluation of their development, competence based training and access to industry standard qualifications. It is clear that the enthusiasm, dedication and professionalism of both staff and volunteers continue to inspire and give confidence to all those who use Adventure Sunderland.

Sunderland Marina Limited

Sunderland Marina Limited manages the Marine Activities Centre and the Marina. In the current year Sunderland Marina Limited provided £152,905 (2021: £238,093) in gift aid towards the running costs of the charity.

Sunderland Marina is based in the North Dock Sunderland, originally constructed by Brunel in 1837, and was renovated and extended by Tyne and Wear Development Corporation to provide a modern marina, following the 2014/15 expansion it now provides 132 pontoon berths, together with 95 chain moorings.

The Marina continues to provide a popular berth for boat owners from around the region. The Marina is also a popular destination for visitors from further afield.

The Marine Activities Centre

Adjoining and serving the Marina is the Marine Activities Centre, the building that provides the focus for users of the Marina, with reception and changing facilities together with workshop and internal storage space. The building itself is arranged into a series of commercial units which are rented out to a diverse range of organisations and companies.

Sunderland Marina Limited holds a lease on a peppercorn rent until 2122 for the land and associated buildings of the charity and Marina, the freeholder to the site being Sunderland City Council (SCC). In 2006 the charity identified that some land included within the lease was surplus to the requirements of both the trading company and the charity and was a potential development site. After prolonged marketing, an offer of £1.22M was received for the freehold of the site. Negotiations started with SCC to secure the freehold, unfortunately at this time SCC maintained that their interest in the site was 50% of the identified value, and a proposal that they should release their interest for £600k was ratified by full council. The charity’s professional advisors could not agree with the suggestion that SCC financial interest in the land was 50% due to more than 114 years of the lease remaining, and consequently could not sanction a disposal with this level of cost to the charity. Any sale was delayed whilst protracted discussions with SCC continued.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

These discussions finally came to fruition in 2011 when an agreement was reached with SCC, although their notional interest remained at £600,000 it was agreed that this could be discharged over a thirty-year period by discounting charges for courses and activities to Sunderland based participants. Regrettably, in the intervening period, the property market had collapsed and the site value had dropped to £675,000, the trustees took the view that access to these funds would be more beneficial than retaining the land and the freehold transfer was completed. At a time when financial cuts across the public sector have caused other providers to close and funding for youth groups and schools to be severely restricted this discount fund has been increasingly important to the increase in activity the charity has achieved. This mechanism allows us to set our fees at a level to ensure the financial viability of the charity and to be affordable to the end user.

Financial Position

Overview

The charity’s Report and Financial Statements for the year ended 31 March 2022 are attached. The operating surplus of £12,288 has decreased by £66,994 from last year’s surplus of £79,282.

The two primary sources of funding continue to be income from charitable activities and the commercial operations of Sunderland Marina Limited. The income from these sources was:

Source £ % of total
income
Charitable activities
Gift aid
Other		 128,894
152,905
13,828		 43.6%
51.7%
4.7%
Total 295,627 100.1%

Adventure Sunderland is a charity, which seeks to benefit the public through the pursuit of its stated objectives. Our fees for charitable activities are set at a level to ensure accessibility for participants balanced with ensuring the financial viability of the charity. Our fee structure varies dependent on the time of year and demand and is heavily discounted through our trading operations, with an additional discount available for participants from within the Sunderland area as identified above.

Free reserves available for use by the charity are deemed to be those that are realisable, less funds whose uses are restricted or else designated for particular purposes. The calculation thus excludes funds invested in property and other fixed assets that will continue to be used in the day-to-day running of the charity. As a matter of policy, each year the trustees review the value of the reserves retained which are not held for restrictive purposes or designated projects.

The charity has a target of holding at least £120,000 in free reserves, which is equal to at least three months running costs of both the charity and its trading subsidiary. The charity currently has £465,208 (2021: £380,874) in free reserves, so the target has been achieved.

Free Reserves are calculated as follows:

2022 2021
General unrestricted funds 867,010 808,678
Less:
Loan commitments due within 1 year (7,350) (7,350)
Loan commitments due more than 1year (37,109) (42,600)
Free reserves 822,551 758,728

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Principal risks and uncertainties

The risks considered in this statement are classified as follows: Governance, Financial, Operational and External.

Governance risks

The governance structure at the charity is in accordance with the following framework:

The charity is a limited liability company, with a maximum of eleven trustees, five appointed by member organisations and up to six independent trustees. Trustees meet four times a year with additional meetings if necessary, the Chief Executive attends and prepares papers for consideration by trustees. The agenda for each Board Meeting is structured with regular reports on budgets, performance, operational issues and health and safety. Any trustee with any concerns concerning the charity can request that the Board consider that issue. The Statutory Accounts and Annual Reports are presented to trustees on an annual basis and the year’s performance is reviewed.

The charity has recently completed a comprehensive governance review and trustees are satisfied that the above governance structure is appropriate to the activities of the charity and that it operates satisfactorily.

Financial Risks

The key staff include the Chief Executive, Marina Manager and AS Centre Manager who are jointly responsible for the day-to-day financial management of the charity. The Treasurer, who is a trustee is a qualified accountant and attends the office regularly to satisfy himself as to the record keeping and overall financial performance.

Financial control is exercised by detailed reporting to the Board and the monitoring of income and expenditure against budget. The trustees have examined the major strategic, business and operational risks, which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

The Board considers the charity’s exposure to major risks, in terms of their likely impact on its income sources and planned expenditure in the short to medium term, as well as assessing the best way to mitigate such risks. With income, the major risk is from a decline in mooring fees, rental income and to lesser extent course fees, particularly due to the continuing economic situation and other factors leading to reduced economic activity locally.

The charity has a long-term target of holding free reserves equal to at least three months’ costs in addition to business interruption insurance. There is also buildings, third party and employer’s liability insurance in place. The trustees are satisfied that the latter constitute appropriate protection against any insurable liability. The trustees believe that the level of free reserves in the present economic climate provide acceptable protection in respect of uninsurable losses. The charity does not place any significant reliance on income from investments.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Operational Risk

The charity believes that the health and safety of visitors is paramount.

The charity is inspected on a biennial basis by the Adventure Activities Licensing Service (AALS). AALS is part of the Health and Safety Executive (HSE). The inspection process covers the safety management of activities, which includes risk assessments, staff qualifications and the maintenance of equipment associated with the activities. The charity undertakes to perform to the requirements and guidance of AALS and is subject to spot inspections. AALS include in their inspection an assessment to establish whether a "culture of safety" exists within the organisation and has found that it does.

The charity has also been awarded recognised training centre status by the Royal Yachting Association and British Canoeing, all of which carry out annual inspections to ensure appropriate standards are maintained, in both safety and the standard of coaching provided. Additionally the charity holds the "Learning outside the Classroom Quality Badge" (LOtC) and "Adventuremark" status.

All staff leading activities at the charity hold the relevant National Governing Body qualification or have been assessed as competent by an appropriately experienced and qualified person as required by AALS.

The charity has a Health and Safety Policy and Operating Procedures that include generic risk and risk/benefit analysis supported by site-specific risk assessments. Great attention is paid to the need to attain the right balance between risk and benefit. Senior staff believe that this need has been fulfilled by careful consideration of procedures and analysis of incident statistics.

The charity has a compliant and wide ranging Child Protection Policy with annual staff training. Enhanced 'Disclosure & Barring Scheme' (DBS) checks are carried out on all charity staff including long term and regular volunteers, trainees and student placements.

The charity complies with current fire safety legislation. A former fire fighter, a permanent member of staff takes specific responsibility for this area.

External risk

Potential external risks include damaged reputational risk, turbulent economic circumstances and changing government policy.

The charity seeks to mitigate against these external risks by remaining alert to changing policies through networking with professional bodies which are actively involved in contributing and to developing policy affecting both Outdoor Education and Marinas. With trustees that have a wide and diverse skills and knowledge base, including some from stakeholder organisations representing the education sector across the age range and sports development, the MAC is as well informed as it can be with regard to policy changes that might impact the future progress of the charity.

The charity enjoys a good reputation for acting professionally with compassion and protects this reputation through the quality of its staff, staff training, good support by administrative staff and high quality facilities. Any effect on income due to damage to its reputation is likely to be sustainable using the free reserves.

The trustees believe that the charity has restored its pre-Covid performance, in a well-founded position and that the measures taken to protect and enhance its income from its trading subsidiary will enable it to face the challenges of the potential economic downturn and ahead.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Future Plans

The charity will continue all of its current activities and develop new on-site activities and more offsite expeditions. The dedication of the staff and trustees, together with the financial support of its benefactors remains vital to Adventure Sunderland fulfilling its charitable objectives.

Sunderland Marina has begun the process of application to carry out dredging to maintain the depth required for its berth-holders to continue to have 24hr access to/from the Marina. This was last carried out in 2006. Permission from the Port of Sunderland is required followed by confirmation of a successful application to the Marine Management Organisation. Dredging is vital to protect our main income stream.

The charity has one site not yet utilised, an area of land adjacent to the slipway. Following several competitive offers from property developers, we are currently negotiating a contract for the sale of the site. The trustees remain confident that this site will be sold in the future and part of this potential windfall will be reinvested in the estate allowing the charity to continue to provide high quality facilities.

Structure, governance and management

Governing Document

The charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Overview

Adventure Sunderland is a company limited by guarantee, and governed by a Board of trustees. It is governed in accordance with the Memorandum and Articles of Association. The Board is responsible for the management and control of the charity and the overall direction of its work. The Board is a non-executive body, and appoints a Chief Executive to conduct the business of the charity on its behalf, who is responsible for the staff and the day-to-day management. New Board members are briefed by the Chair and Chief Executive to familiarise themselves with the charity as well as their wider responsibilities as company directors and charity trustees. All members receive an induction pack providing information on their duties and responsibilities, key policy documents, and other background information.

As a charity, it cannot engage directly in trading activities. Accordingly, the commercial activities of the Marine Activities Centre and the Marina are routed through the wholly owned subsidiary, Sunderland Marina Limited. The Board of Directors of Sunderland Marina Limited are appointed by the Board of the charity, and currently consists of one of the members of the charity Board together with the Chief Executive.

The Board of trustees met four times (trustee attendance 2021-70%, 2020-68%) during the year to review the activities, consider the financial position and determine policy and procedure.

The Board of trustees, the Chief Executive Officer, Marina Manager and AS Centre Manager comprise the key management personnel. No remuneration was paid to trustees in the year. Details of trustee's expenses and related party transactions are disclosed in Notes to the accounts. The pay of the key staff is reviewed annually and normally increased in line with a general increase awarded to all staff within the company.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

R Atchison (Resigned 30 May 2022) M Hendy D Marrin (Resigned 31 August 2022) I Nixon (Resigned 9 December 2022) T Wills F Brown (Resigned 8 June 2022) M Holmes Chair M Meling I Whitfield M Hunt J Ramsay (Appointed 25 May 2022) G Taylor (Appointed 11 August 2022)

Events Since The End Of The Year

Information relating to events since the end of the year is given in the notes to the financial statements.

Statement of trustees' responsibilities

The trustees, who are also the directors of Adventure Sunderland for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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.

ADVENTURE SUNDERLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Auditor

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies.

Qualified Opinion – Relating to revaluation of property

Adventure Sunderland engaged a professional surveyor in good faith to obtain a new valuation report for the three property sites. This lengthy process provided the resultant valuation documents which did not satisfy the audit team, specifically in relation to assumptions made with regard to interpretation of several potentially restrictive clauses in two of the leases.

The trustees' report, including the strategic report, was approved by the Board of Trustees.

M Hendy

Trustee

25 July 2023

ADVENTURE SUNDERLAND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ADVENTURE SUNDERLAND

Qualified opinion

We have audited the financial statements of Adventure Sunderland (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

Basis for qualified opinion

The freehold land and buildings in Adventure Sunderland and the leasehold property in Sunderland Marina Ltd were revalued in the period by an external valuer, as detailed in note 12, to £760,000 and £1.75m respectively, however we have not been able to place reliance on these as the valuations included certain assumptions that we do not consider justifiable in order to arrive at a fair valuation and as a result the value of the freehold land and buildings and the leasehold property are likely to be materially overstated.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ADVENTURE SUNDERLAND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ADVENTURE SUNDERLAND

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to freehold land and buildings described above:

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ADVENTURE SUNDERLAND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ADVENTURE SUNDERLAND

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Joanne Regan FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services 25 July 2023

Chartered Accountants Statutory Auditor

Bede House Belmont Business Park DURHAM United Kingdom DH1 1TW

ADVENTURE SUNDERLAND

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
2
11,601
-
Charitable activities
4
128,894
-
Other trading activities
5
533,577
-
Total income
674,072
-
Expenditure on:
Raising funds
6
566,904
-
Charitable activities
8
48,836
14,994
Total resources
expended
615,740
14,994
Net incoming/(outgoing)
resources
58,332
(14,994)
Other recognised gains and losses
Revaluation of tangible
fixed assets
(612,850)
207,520
Net movement in funds
(554,518)
192,526
Fund balances at 1 April
2021
2,872,192
525,002
Fund balances at 31
March 2022
2,317,674
717,528		 Total
Unrestricted
funds
2022
2021
£
£
11,601
27,238
128,894
43,204
533,577
569,565
674,072
640,007
566,904
511,227
63,830
32,641
630,734
543,868
43,338
96,139
(405,330)
354,800
(361,992)
450,939
3,397,194
2,421,253
3,035,202
2,872,192		 Restricted
funds
2021
£
-
-
-
-
-
16,857
16,857
(16,857)
37,200
20,343
504,659
525,002		 Total
2021
£
27,238
43,204
569,565
640,007
511,227
49,498
560,725
79,282
392,000
471,282
2,925,912
3,397,194

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ADVENTURE SUNDERLAND

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and
in hand
Creditors: amounts falling
due within one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one
year
17
Net assets
Income funds
General restricted funds
Revaluation reserve
18
Unrestricted funds
General unrestricted funds
Revaluation reserve
18		 2022
Group
£
3,178,344
-
3,178,344
2,668
84,485
318,675
405,828
(235,231)
170,597
3,348,941
(313,739)
3,035,202
472,808
244,720
717,528
867,010
1,450,664
2,317,674
3,035,202		 2021
Group
£
3,631,185
-
3,631,185
2,668
160,344
168,510
331,522
(232,880)
98,642
3,729,827
(332,633)
3,397,194
487,802
37,200
525,002
808,678
2,063,514
2,872,192
3,397,194		 2022
Charity
£
823,424
1,733,161
2,556,585
-
412,502
120,761
533,263
(30,946)
502,317
3,058,902
(37,109)
3,021,793
472,808
492,440
1,209,968
605,881
1,450,664
2,056,545
3,266,513		 2021
Charity
£
600,426
2,065,894
2,666,320
-
386,876
56,788
443,664
(20,190)
423,474
3,089,794
(42,600)
3,047,194
487,802
37,200
525,002
808,678
4,800
813,478
1,338,480

ADVENTURE SUNDERLAND

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 July 2023

M Hendy

Trustee

Company Registration No. 03153901

ADVENTURE SUNDERLAND

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
21
Interest paid
Net cash provided by (used in) operating
activities
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Net cash used in investing activities
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand		 Group
2022
£
161,318
(1,940)
159,378
(9,213)
-
(9,213)
168,510
318,675
318,675		 Group
2021
£
111,260
(4,264)
106,996
(9,310)
1,740
(7,570)
69,084
168,510
168,510

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Adventure Sunderland is a charitable company limited by guarantee incorporated in England and Wales and the registered charity number is 1053017. The registered office is Marine Activities Centre, North Dock, Roker, Sunderland, Tyne and Wear, SR6 0PW, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles and Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

In addition however, because not all future events or conditions can be predicted, this statement is not a guarantee as to the charity's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from Government and other grants whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. In respect of furlough grants; all conditions, with respect to the eligible costs being claimed, need to be met.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Land Nil depreciation Buildings 2% on cost
Leasehold land and buildings 2% on cost
Plant and equipment 5% - 33% on cost
Fixtures and fittings 5% - 33% on cost
Computers 5% - 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.12 Limited by guarantee

The charitable company is limited by guarantee in that every member undertakes to contribute to the charity in the event of the same being wound up during the time that he is a member or within one year afterwards in the payment of debts and liabilities and the costs of winding up, such amounts as may be required not exceeding £1.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Government grants 11,601 27,238

3 Subsidiary Activities

The wholly owned subsidiary, Sunderland Mairna Limited which is incorporate in England and Wales, pay the majority of its taxable profits to charity via gift aid. Sunderland Marina Limited operates all commercial activities carried on at the Marine Activities Centre.

The charity owns the entire issued share capital of 100 ordinary shares of £1 each. A summary of the trading results its show below:

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Providing
Providing
educational
educational
recreational
recreational
and leisure
and leisure
activities activities
2022 2021
£ £
Course fees 104,623 25,436
Course discounts 15,862 7,727
Charitable rental income 6,396 6,696
Other income 2,013 3,345
128,894 43,204

5 Other trading activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Commercial trading operations income Sunderland Marina Limited 533,577 569,565
Mooring and pontoon sales 362,917 320,767
Rental income 87,760 84,878
Service charges 37,844 36,752
Diesel 19,312 13,546
Slipway 4,940 6,910
Visitor sales 7,031 3,015
Other income 7,730 5,703
Employment allowance and JRS 6,043 72,869
Government Grants - 25,000
Profit on sale of Assets - 125
533,577 569,565

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Raising funds

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Trading costs
Commercial trading operations expenditure Sunderland Marina Limited 566,904 511,227
566,904 511,227

7 Support costs

Support costs
Audit fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
3,840
-
748
-
4,588
-
4,588		 2022Support costs Governance
costs
£
£
£
3,840
-
2,760
748
-
199
4,588
-
2,959
4,588
-
2,959		 2021
£
2,760
199
2,959
2,959

Governance costs includes payments to the auditors of £3,840 (2021- £2,760) for audit fees.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8 Charitable activities

Providing
educational
recreational
and leisure
activities
Providing
educational
recreational
and leisure
activities
2022
2022
£
£
Depreciation and
impairment
8,464
14,994
Bad debts
-
-
Course expenses
5,163
-
Training
1,362
-
Travelling
222
-
Rates and water
1,235
-
Heat and light
3,330
-
Insurance
10,703
-
Repairs and renewals
11,394
-
Cleaning
42
-
Postage, stationery,
software and advertising
419
-
Loan interest
1,844
-
Bank charges
70
-
44,248
14,994
Share of governance costs
(see note 7)
4,588
-
48,836
14,994
Analysis by fund
Unrestricted funds
48,836
-
Restricted funds
-
14,994
48,836
14,994		 Total
2022
Providing
educational
recreational
and leisure
activities
Providing
educational
recreational
and leisure
activities
2021
2021
£
£
£
23,458
11,295
16,857
-
220
-
5,163
482
-
1,362
175
-
222
-
-
1,235
(63)
-
3,330
1,942
-
10,703
11,843
-
11,394
988
-
42
294
-
419
452
-
1,844
2,003
-
70
51
-
59,242
29,682
16,857
4,588
2,959
-
63,830
32,641
16,857
48,836
32,641
-
14,994
-
16,857
63,830
32,641
16,857		 Total
2021
£
28,152
220
482
175
-
(63)
1,942
11,843
988
294
452
2,003
51
46,539
2,959
49,498
32,641
16,857
49,498

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Staff Costs

Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
Directors' remuneration
Remuneration paid to directors
The number of employees whose annual remuneration was £60,000 or more
were:		 2022
Number
13
2022
£
321,123
29,148
10,980
361,251
2022
£
60,264
2022
Number
1		 2021
Number
12
2021
£
293,987
26,204
11,451
331,642
2021
£
60,264
2021
Number
1

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11 Tangible fixed assets

Freehold land
and buildings
£
Cost or valuation
At 1 April 2021
1,228,000
Additions
-
Revaluation
(168,000)
At 31 March 2022
1,060,000
Depreciation and impairment
At 1 April 2021
67,360
Depreciation charged in the year
11,160
Revaluation
(78,520)
At 31 March 2022
-
Carrying amount
At 31 March 2022
1,060,000
At 31 March 2021
1,160,640		 Leasehold
land and
buildings
£
2,250,000
-
(500,000)
1,750,000
184,150
31,050
(215,200)
-
1,750,000
2,065,850		 Plant and
equipment
Fixtures and
fittings
£
£
1,227,863
20,846
8,273
210
-
-
1,236,136
21,056
836,530
12,598
42,398
1,710
-
-
878,928
14,308
357,208
6,748
391,333
8,248		 Computers
£
23,062
730
-
23,792
17,948
1,456
-
19,404
4,388
5,114		 Total
£
4,749,771
9,213
(668,000)
4,090,984
1,118,586
87,774
(293,720)
912,640
3,178,344
3,631,185

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11
Tangible fixed assets
The carrying value of land included in land and buildings comprises:
Freehold
Long leasehold		 (Continued)
2022
2021
£
£
1,060,000
1,160,640
1,750,000
2,065,850
2,810,000
3,226,490		 (Continued)
2022
2021
£
£
1,060,000
1,160,640
1,750,000
2,065,850
2,810,000
3,226,490
3,226,490

At 31 March 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £1,140,707 (2021 - £1,219,268).

Included in the above group tangible fixed assets freehold property with an NBV of £300,000 (2021 £600,000), long leasehold with an NBV of £1,750,000 (2021: £2,065,850), plant and machinery with an NBV of £329,222 (2021: £356,661), and fixtures and fittings with a NBV of £6,748 (2021: £8,248) belongs to Sunderland Marina Limited.

Included in cost or valuation of land and buildings is freehold land of £350,000 (2021: £600,000) which is not depreciated.

On 24 March 2023, freehold land and buildings were revalued on an Existing Use Value basis by a qualified valuer David Johnson, MRICS of George F White LLP at £2,810,000 (including a value of land of £350,000).

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Fixed Asset Investments - Charity

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13
Stocks
2022
£
Group
Finished goods and goods for resale
2,668
14
Debtors
2022
Amounts falling due within one year:
£
Group
Trade debtors
79,746
Other debtors
3,088
Prepayments and accrued income
1,651
84,485
15
Loans and overdrafts
2022
£
Group
Bank loans
44,459
Other loans
50,000
Payable within one year
7,350
Payable after one year
87,109
Amounts included above which fall due after five years:
Payable by instalments
-
The following secured debts are included within creditors:
2022
£
Group
Bank loans
44,459
City of Sunderland
289,228
333,687		 2021
£
Group
2,668
2021
£
Group
157,393
-
2,951
160,344
2021
£
Group
49,950
50,000
7,350
92,600
2,531
2021
£
Group
49,950
302,631
352,581		 2022
£
Charity
-
2022
£
Charity
-
-
1,652
412,502
2022
£
Charity
44,459
-
7,350
37,109
-
2022
£
Charity
44,459
-
44,459		 2021
£
Charity
-
2021
£
Charity
-
-
1,420
386,877
2021
£
Charity
49,950
-
7,350
42,600
2,531
2021
£
Charity
49,950
-
49,950

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

15 Loans and overdrafts

(Continued)

Bank loans are secured on Adventure Sunderland, Marine Walk, Roker, Sunderland, SR6 1PW

City of Sunderland loans and debt are secured on land and buildings at Marine Activities Centre, North Dock, R Sunderland and land lying to the south East of Dame Dorothy Street, Sunderland.

16 Creditors: amounts falling due within one year

Bank loans
Other taxation and social
security
Trade creditors
Deferred consideration
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more
than one year
Bank loans
Other borrowings
Other creditors		 2022
£
Group
7,350
29,810
3,567
12,598
5,361
176,545
235,231
2022
£
Group
37,109
50,000
226,630
313,739		 2021
£
Group
7,350
35,133
2,067
12,598
4,557
171,175
232,880
2021
£
Group
42,600
50,000
240,033
332,633		 2022
£
Charity
7,350
-
3,548
-
-
20,048
30,946
2022
£
Charity
37,109
-
-
37,109		 2021
£
Charity
7,350
-
2,048
-
-
10,792
20,190
2021
£
Charity
42,600
-
-
42,600

17 Creditors: amounts falling due after more than one year

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2020
Resources
expended
Revaluations,
gains and
losses
£
£
£
Watersports
Activity
Centre
487,505
(12,611)
37,200
Sport
England
3
(3)
-
Lions Club
54
(21)
-
Latitude Fifty
1,008
(275)
-
Sport
England
Humber
Ocean
14,289
(3,647)
-
Lions Club
Minibus
1,800
(300)
-
504,659
(16,857)
37,200
19
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:
Tangible assets
2,460,816
717,528
Current assets/(liabilities)
170,597
-
Long term liabilities
(313,739)
-
2,317,674
717,528		 Balance at
1 April 2021
Resources
expended
Revaluations,
gains and
losses
31
£
£
£
512,094
(10,751)
207,520
-
-
-
33
(21)
-
733
(275)
-
10,642
(3,647)
-
1,500
(300)
-
525,002
(14,994)
207,520
Total
Unrestricted
funds
Restricted
funds
2022
2021
2021
£
£
£
3,178,344
3,106,183
525,002
170,597
98,642
-
(313,739)
(332,633)
-
3,035,202
2,872,192
525,002		 Balance at
March 2022
£
708,863
-
12
458
6,995
1,200
717,528
Total
2021
£
3,631,185
98,642
(332,633)
3,397,194

20 Related party transactions

During the year the charity paid a management fee of £166,135 (2021: £115,937) to its subsidiary Sunderland Marina Limited. At the year end Sunderland Marina Limited agreed to pay a donation via Gift Aid of £152,905 (2021: £238,093) to the charity. At the year end the balance due from the trading subsidiary was £366,391 (2021: £335,505).

The charity made loans totaling £210,000 to Sunderland Marina Limited, being part of the available loan facility of £215,000 obtained by the parent charity from Nat West bank. The loan from the parent company was made on commercial terms. During the year interest received on this loan was £2,327 (2021: £2,261). At 31 March 2022 £44,459 (2021: £49,950) remained outstanding.

ADVENTURE SUNDERLAND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

21 Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Loss on disposal of tangible fixed assets
Transfer from revaluation reserve
Depreciation and impairment of tangible fixed assets
Interest paid
Movements in working capital:
Decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditrors
Cash generated from operations		 Group
Group
2022
2021
£
£
43,338
79,282
-
807
(31,050)
-
87,774
99,458
1,940
4,264
-
943
75,859
(137,477)
(16,543)
63,983
161,318
111,260