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** - Maintain a high level of safe professional services. - Build positive relationships and trust with our service users, parent/carers, and wider stakeholders such as educational establishments, youth organisations, clubs and the local community. - Actively promote an inclusive environment for all participants to take part. - Support and invest in all our people, including staff, volunteers, students and work experience through reward and access to training. - Focus on the provision of service to the local area, particularly West Sussex. 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** - Maintain a high level of safe professional provision of activities and facilities in accordance with licensing authorities, sport national governing bodies and Centre best practice. - Create opportunities for learning though providing quality outdoor education training and developmental experiences as measured by feedback from our customers. - Build on the opportunities presented by our physical location on the waterfront on Chichester Harbour, in an Area of Outstanding Natural Beauty, and adjacent to the South Downs National Park. - Offer valued opportunities for unpaid staff (volunteers, students, work experience) for personal and social development through measured progress along structured pathways. - Be recognised as centre of choice through the recommendation of our activities and facilities. - To be financially sustainable with a focus on increasing income from our products and fund raising. - The Trustees will be using this framework as they develop a Strategic Plan to invest and develop our services, including delivery of activities and programmes away from the Centre. ## **Strategic direction** - To adopt more of an educational focus. - To ensure that the Cobnor experience is challenging and adventurous. - To enhance and develop the Charity's assets to enable them to be used more consistently throughout the year. In order to deliver against these strategic directions, the Trustees have identified these enablers: - Marketing strategy - Fundraising strategy 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 3. 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 4. 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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 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... Page 16 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... Page 17 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... Page 18 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**| Page 19