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2023-10-31-accounts

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

REGISTERED COMPANY NUMBER: 03158023 (England and Wales) REGISTERED CHARITY NUMBER: 1057222

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THE COBNOR ACTIVITIES CENTRE TRUST

Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Cash Flow Statement 10
Notes to the Financial Statements 11 to 19

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees who are also directors of the Charity for the purposes of the Companies act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects for which the Charity is established are to help and educate young people in West Sussex and neighbouring counties to reach their full potential through the provision of outdoor and residential experiences. The Charity may, at the Cobnor Activities Centre, Chidham or elsewhere, provide or assist in the provision of high quality educational, developmental and training programmes, including training in safety, environmental studies (e.g., sustainability) and in the use of the environment.

Mission

The Cobnor Activities Centre Trust exists to deliver outdoor, residential, and environmental activities which provide learning and educational development outcomes to support young people.

Vision

Our vision is that all young people have the opportunity to participate in safe developmental and enjoyable outdoor, residential and environmental activities; enabling and empowering a generation to shape their outlook on life.

Values

Page 1

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

OBJECTIVES AND ACTIVITIES

Strategic objectives

Strategic direction

In order to deliver against these strategic directions, the Trustees have identified these enablers:

Page 2

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The year ending 31 October 2023 has been another disappointing year for the Trust. Changes in the leadership and the instability this has caused to operations has resulted in a second year of losses following the challenges of Covid-19. Particularly poor weather in our summer period affected our revenue because of cancellations which could not be rescheduled. Individual non "school" places consequently dropped to 1014 places from 1292 in the previous year. School pupil numbers in contrast were 2074 against 1943 for the previous year.

While Revenue from activities rose by 9.4%, to £523,697 from £478,825, costs rose by 30.5% to £681,049 from £521,888 or £159,161. While staff costs were higher by 7.8% compared to the previous year's increase of 25%, utilities were higher by 148% to 2022. Our catering function was outsourced but this was not successful financially and this function has since been changed to ensure costs are recovered fully. The Trust has continued to provide a full programme of activities and its objectives.

Although Donations of £10,420 compare favourably with £1,546 of 2022, this is in historic terms, modest and the Trustees have identified this an area for further effort and improvement to ensure the sustainability of the Trust's charitable aims. Utilising our surplus funds with a higher interest earning account has earned interest of £4,134 compared to £228 in 2022.

As a consequence the Trust had a loss of £139,848 in 2023 compared to the loss of £41,529 last year.

Expenditure on capital expenditure was again restricted to below the depreciation charge at £46,992 at £40,188 as the Trust remains cautious in its capital plans.

The Trust's Balance sheet (including cash reserves) remains healthy with £230,479 in cash most of which was on high interest deposits at the year end (£340,941-2022). The Trust's policy on Reserves of holding enough cash for six months costs without any income and to provide funds for future capital programmes continues to be achieved.

In terms of outlook, the Trust is looking longer term to upgrade its facilities, especially its buildings so that they are fit for purpose but retain that individuality unique to Cobnor as well as to rebuild its website to enhance its marketing presence and streamline the booking systems.

Tidal Flooding in April 2024

The Centre was severely impacted by the record high tides of 8/9 April 2024 which adversely affected most of the Chidham peninsula. Although extremely disruptive at the time, through the efforts of our staff and the cooperation of our insurance company, the long term impact is expected to be minimal. A full activity programme was back in operation within 10 days of the flooding.

Volunteers and staff

2023 was a challenging year for the trust with three different heads of staff during the financial year affecting costs and the structure of the organisation.

The trustees hope with the appointment of joint heads of centre in January 2024 of Tom Collins (Activities) and Miranda Powley (Administration) that the combination of youth, enthusiasm and experience will combine to ensure the Centre is an enjoyable and sustainable workplace.

The Trustees continue to recognise the unquantified value provided by the volunteers who support the activities of the Centre in diverse ways, helping repair equipment and boats, providing safety cover, instruction and general support. In 2023 1043 hours (1101 - 2022) of help was provided by these 8 volunteers. We are very grateful for their contribution.

The Trustees also express their thanks to the paid staff for their dedication and flexibility of the who have more than risen to the challenges of changes in leadership.

Young Helms project

CACT's targeted programme to children and young adults between the ages of 8 and 25 in receipt of special means from certain local schools continues to prosper. This year we have worked with four separate schools/organisations to enable 49 (26-1022) young people to develop their confidence, determination and teamwork through keelboat sailing.

Page 3

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

ACHIEVEMENT AND PERFORMANCE

Reserves policy

The Trust's unrestricted reserves are reviewed by the Trustees on a quarterly basis to ensure that it maintains at least six months committed operating expenditure (after deducting the cost of all approved grants) in cash to manage against unforeseen circumstances.

Small company provisions

This report has been prepared in accordance with the small company's regime under the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure, Governance and Management Governing Document

The Trust was established in 1996 following a decision by West Sussex County Council to no longer to fully fund the activities of the Trust. The Cobnor Activity Centre Trust is a registered charity governed by its Memorandum and Articles and was incorporated in 1996 as amended by special resolutions registered at Companies House. The Trust is a company limited by guarantee and has no share capital. The legal members of the charitable company are the Trustees and the liability of each member in the event of a winding-up is limited to £1.

Recruitment and appointment of new trustees

The Trust acknowledges the need to identify and regularly review the appropriate skill sets required, among its Board of Trustees, for effective governance. The Board of Trustees has the power to appoint any other person as they see as fit to be a member of the Board. Potential future members of the Board of Trustees are reviewed for the skills that they have to offer the Trust and new members of the Board will be inducted through one-to-one sessions with the Chair of the Board and other Trustees.

Executive team, key personnel pay & remuneration policy

The Trustees are responsible for the appointment of the Trust's key personnel, currently the joint Head Of Centre. The Head of Centres report to the Board of Trustees. The remuneration was determined at appointment following an open and competitive recruitment processes. Remuneration of key personnel is reviewed annually by the Trustees and recommendations for adjustments are made by the board of Trustees.

Public benefit

The Trust reviews its goals, objectives and activities annually to ensure that these are in line with its charitable aims and objectives and refers to the Charity Commission's guidance on public benefit when reviewing its own goals and activities. The Trustees ensure that all current and future activities are consistent with the primary goals of the Trust and are of benefit to the public.

Risk and incident reporting

The Trustees consider the Trust to have normal exposure to price risk, credit risk, liquidity risk and cash flow risk.

All activities and operational risk management policies and systems are reviewed by the Board of Trustees and if necessary by the Trust's legal advisors. All reporting and operational risk management systems used at the Trust have been developed in line with industry standards and are accredited by the national governing bodies such as the Royal Yachting Association and the various Authorities for the other activities carried out by the Trust. Appropriate levels of insurance for all activities at the Trust are maintained and reviewed annually.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03158023 (England and Wales)

Registered Charity number

1057222

Page 4

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Registered office Cobnor Point Chidham Chichester West Sussex PO18 8TE

Trustees

M Blackwell M P Camps Ms K Chalmers (resigned 1/5/2023) P C Evans (resigned 30/9/2023) R I Mackenzie Ms L Rushall M D Wright J Drummond (appointed 1/12/2023) P Tyler (appointed 1/12/2023)

Independent Examiner

Christine Deacon Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ

Legal advisors

Sherrards 4 Albourne Court Henfield Road Albourne West Sussex BN6 9FF

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

HSBC UK Chichester 94 East Street Chichester West Sussex PO19 1HD

27 June 2024 | 08:45 PDT Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................................... M D Wright - Trustee

Page 5

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COBNOR ACTIVITIES CENTRE TRUST

Independent examiner's report to the trustees of The Cobnor Activities Centre Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Christine Deacon

Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ 27 June 2024 | 20:49 BST Date: .............................................

Page 6

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
5,381
5,041
Charitable activities
4
Charitable activities
523,697
-
Investment income
3
4,134
-
Other income
2,948
-
Total
536,160
5,041
EXPENDITURE ON
Raising funds
5
-
-
Charitable activities
6
Charitable activities
658,788
22,261
Total
658,788
22,261
NET INCOME/(EXPENDITURE)
(122,628)
(17,220)
RECONCILIATION OF FUNDS
Total funds brought forward
1,485,702
23,432
TOTAL FUNDS CARRIED FORWARD
1,363,074
6,212		 2023
Total
funds
£
10,422
523,697
4,134
2,948
541,201
-
681,049
681,049
(139,848)
1,509,134
1,369,286		 2022
Total
funds
£
1,546
478,825
228
-
480,599
240
521,888
522,128
(41,529)
1,550,663
1,509,134

The notes form part of these financial statements

Page 7

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

BALANCE SHEET 31 OCTOBER 2023

2023 2022
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 14 1,220,738 6,212 1,226,950 1,235,082
CURRENT ASSETS
Stocks 15 1,049 - 1,049 869
Debtors 16 1,480 - 1,480 2,496
Prepayments and accrued income - - - 1,725
Cash at bank 17 230,479 - 230,479 340,941
233,008 - 233,008 346,031
CREDITORS
Amounts falling due within one year 18 (23,316) - (23,316) (13,408)
NET CURRENT ASSETS 209,692 - 209,692 332,623
TOTAL ASSETS LESS CURRENT LIABILITIES 1,430,430 6,212 1,436,642 1,567,705
CREDITORS
Amounts falling due after more than one year 19 (33,628) - (33,628) (34,983)
ACCRUALS AND DEFERRED INCOME 21 (33,728) - (33,728) (23,588)
NET ASSETS 1,363,074 6,212 1,369,286 1,509,134
FUNDS 22
Unrestricted funds 1,363,074 1,485,702
Restricted funds 6,212 23,432
TOTAL FUNDS 1,369,286 1,509,134

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST (REGISTERED NUMBER: 03158023)

BALANCE SHEET - continued 31 OCTOBER 2023

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

27 June 2024 | 08:45 PDT The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. M D Wright - Trustee

The notes form part of these financial statements

Page 9

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
24
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2023
£
(72,473)
(1,066)
(73,539)
(40,188)
4,276
4,134
(31,778)
(5,145)
(5,145)
(110,462)
340,941
230,479		 2022
£
5,044
-
5,044
(38,117)
-
228
(37,889)
(5,017)
(5,017)
(37,862)
378,803
340,941

The notes form part of these financial statements

Page 10

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Going concern

The trustees have considered the financial position of the charity and are confident that it will be able to continue with its activities for the foreseeable future. The trustees have considered a period of at least a year after the date that these accounts will be approved. The trustees have concluded that it is appropriate to prepare these accounts on a going concern basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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.

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 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.

Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable activities.

Restricted funds are subject to specific conditions by donors as to how they may be used.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold land and buildings - 2% on cost
Boats and land fleet - 10% on cost
Equipment - 20% on cost
Computer equipment - 20% on cost

continued...

Page 11

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

1. ACCOUNTING POLICIES - continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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 provision 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.

The Charity only has financial assets and financial liabilities that qualify as basic financial instruments which are recognised at transaction cost and subsequently carried forward at amortised cost.

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Deposit account interest		 2023
£
10,422
2023
£
4,134		 2022
£
1,546
2022
£
228

continued...

Page 12

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Activity courses
Charitable activities
Residential hire charges
Charitable activities
Grants
Charitable activities
Grants received, included in the above, are as follows:
Grants
5.
RAISING FUNDS
Other trading activities
Bad debts
6.
CHARITABLE ACTIVITIES COSTS
Charitable activities
7.
SUPPORT COSTS
Charitable activities
8.
NET INCOME/(EXPENDITURE)
Net Income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2023
£
456,809
66,888
-
523,697
2023
£
-
2023
£
-
Support
Direct
costs (see
Costs
note 7)
£
£
679,398
1,651		 2023
£
456,809
66,888
-
523,697
2023
£
-
2023
£
-
Support
Direct
costs (see
Costs
note 7)
£
£
679,398
1,651		 2022
£
411,572
60,624
6,629
478,825
2022
£
6,629
2022
£
240
Totals
£
681,049
Finance
£
1,651		 2022
£
411,572
60,624
6,629
478,825
2022
£
6,629
2022
£
240
Totals
£
681,049
Finance
£
1,651
2023 2022
£ £
46,992 45,697

continued...

Page 13

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.

10. STAFF COSTS

2023
£
Wages and salaries
287,271
Other pension costs
3,782
291,053
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
546
1,000
Charitable activities
Charitable activities
472,196
6,629
Investment income
228
-
Total
472,970
7,629
EXPENDITURE ON
Raising funds
240
-
Charitable activities
Charitable activities
499,265
22,623
Total
499,505
22,623
NET INCOME/(EXPENDITURE)
(26,535)
(14,994)
RECONCILIATION OF FUNDS
Total funds brought forward
1,512,237
38,426
TOTAL FUNDS CARRIED FORWARD
1,485,702
23,432		 2023 2022
£
265,975
4,052
270,027
Total
funds
£
1,546
478,825
228
480,599
240
521,888
522,128
(41,529)
1,550,663
1,509,134
£
287,271
3,782

291,053

continued...

Page 14

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

12. INDEPENDENT EXAMINERS' REMUNERATION

2023 2022
£ £
Independent examination 3,300 3,300
Accounts 1,800 1,800
Tax advisory services - -
Other financial services 3,846 360

13. RESTRICTED FUNDS

Restricted funds at the end of the year of £6,212 (2022: £23,432) comprised of donations received in 2022 spent on new boats, with the net book value remaining in restricted funds.

14. TANGIBLE FIXED ASSETS

COST
At 1 November 2022
Additions
Disposals
At 31 October 2023
DEPRECIATION
At 1 November 2022
Charge for year
Eliminated on disposal
At 31 October 2023
NET BOOK VALUE
At 31 October 2023
At 31 October 2022
STOCKS
Stocks		 Leasehold
land and
buildings
£
1,350,734
-
-
1,350,734
187,634
27,015
-
214,649
1,136,085
1,163,100		 Boats and
Computer
land fleet
Equipment
equipment
£
£
£
229,657
76,475
14,341
31,191
5,073
3,924
(15,575)
(5,012)
(401)
245,273
76,536
17,864
166,456
75,260
6,775
15,528
1,306
3,143
(14,420)
(4,985)
(255)
167,564
71,581
9,663
77,709
4,955
8,201
63,201
1,215
7,566
2023
£
1,049		 Totals
£
1,671,207
40,188
(20,988)
1,690,407
436,125
46,992
(19,660)
463,457
1,226,950
1,235,082
2022
£
869

15. STOCKS Stocks

continued...

Page 15

DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors		 2023
£
1,480
-
1,480		 2022
£
2,446
50
2,496

17. CASH AT BANK

Cash at bank and in hand includes cash and short term deposits with a withdrawal notice period of no more than 90 days.

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 20)
Trade creditors
Social security and other taxes
Pension creditor
Other creditors
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 20)		 2023
£
6,210
12,911
-
1,884
2,311
23,316
2023
£
33,628		 2022
£
10,000
850
2,558
-
-
13,408
2022
£
34,983

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

20. LOANS

The charity has a bounce back loan agreement of £50,000. The term of which is interest free for 12 months, then a rate of 2.5% per annum. The loan is repayable in full in October 2030.

21. ACCRUALS AND DEFERRED INCOME

ACCRUALS AND DEFERRED INCOME
2023 2022
£ £
Accruals and deferred income 33,728 23,588

Deferred income for the year totalled £12,068 (2022: £16,390). The deferred income relates to deposits received and bookings paid in advance.

continued...

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DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

22. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS		 At 1/11/22
£
1,485,702
23,432
1,509,134
Incoming
resources
£
536,160
5,041
541,201
At 1/11/21
£
1,512,237
38,426
1,550,663		 Net
movement
in funds
£
(122,628)
(17,220)
(139,848)
Resources
expended
£
(658,788)
(22,261)
(681,049)
Net
movement
in funds
£
(26,535)
(14,994)
(41,529)		 At
31/10/23
£
1,363,074
6,212
1,369,286
Movement
in funds
£
(122,628)
(17,220)
(139,848)
At
31/10/22
£
1,485,702
23,432
1,509,134

continued...

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DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 472,970 (499,505) (26,535)
Restricted funds
Restricted fund 7,629 (22,623) (14,994)
TOTAL FUNDS 480,599 (522,128) (41,529)

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1/11/21
in funds
£
£
Unrestricted funds
General fund
1,512,237
(149,163)
Restricted funds
Restricted fund
38,426
(32,214)
TOTAL FUNDS
1,550,663
(181,377)		 At
31/10/23
£
1,363,074
6,212
1,369,286

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,009,130 (1,158,293) (149,163)
Restricted funds
Restricted fund 12,670 (44,884) (32,214)
TOTAL FUNDS 1,021,800 (1,203,177) (181,377)

continued...

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DocuSign Envelope ID: 8D8B015D-1042-47A1-8079-C6AA80AA8604

THE COBNOR ACTIVITIES CENTRE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

23. RELATED PARTY DISCLOSURES

Allonsy Ltd is a company co-owned by the trustee Matthew Wright. During the year Allonsy Ltd supplied sailing instructor services to the charity at a cost of £5,185 (2022: £3,740). The transaction is considered at 'arms length' and is with the full knowledge and support of the trustees and the centre manager.

24.
RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
£
Net expenditure for the reporting period (as per the Statement of
Financial Activities)
(139,848)
Adjustments for:
Depreciation charges
46,992
Profit on disposal of fixed assets
(2,948)
Interest received
(4,134)
Interest paid
1,066
Increase in stocks
(180)
Decrease in debtors
2,741
Increase/(decrease) in creditors
23,838
Net cash (used in)/provided by operations
(72,473)
2022
£
(41,529)
45,697
-
(228)
-
(187)
2,313
(1,022)
5,044

25. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/22 Cash flow At 31/10/23
£ £ £
Net cash
Cash at bank 340,941 (110,462) 230,479
340,941 (110,462) 230,479
Debt
Debts falling due within 1 year (10,000) 3,790 (6,210)
Debts falling due after 1 year (34,983) 1,355 (33,628)
(44,983) 5,145 (39,838)
Total 295,958 (105,317) 190,641

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