REGISTERED COMPANY NUMBER: 03158023 (England and Wales) REGISTERED CHARITY NUMBER: 1057222 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 FOR THE COBNOR AcrIvrrIES CEMfRE TRusr Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex P020 7EQ
THE COBNOR ACtIvrriES CENTRE TRusr CONTENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Page Report of the Trustees I to 6 Independent Examiner's Report ststement of Flnanclal Actlvltles Balance Sheet 9 to 10 Cash Flow Statement li Notes to the Flnanclal Statements 12 to 21
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 The frustees who are also directors of the charity for the purposes of the compani Aci 2006, present their report with the financial ststements of the charty for the year ended 31 October 2024. OBJEcfivES AND ACTIVITIES Objectives and activities 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, Chldham or elsewhere, provlde or asslst In the provlslon of hlgh quallty educational, developmental and tralning programmes, including training in safety, environmental studies (e.g., sustsinability) and in the use of the environment. Our Wision Give young people the opportunity to participate In safe, enjoyable outdoor, residential and environmental activities, developingi enatIng and empowering them to Shape their character. Our Purpose To deliver high quality activities and experiences which provide positive learning and educational development outcomes, especially for young people. Our Values Responsible,. act in the best interests of our cornmunity and the environment in which we work. deliver highly professional safe activities. Diverse: Inclusive of all our community, staff & stakeholders. actwely promote an inclusive environment for all participants to take part, maintain an emphasis on mental health & wellbeing. Fun: encourage young people & adults to enjoy the outdoors, engage with watersports, the environment & participate in an active Ilfestyle for the long tenr. Our Cultura Respectful.. we treat everyone as we would wish to be treated. Integrlty., we are always honest, transparent & committed to our customers. we collatK>rate openly with each other and build positive relationships. Enabling & supportive: we seek to invest in all our people, including our staff, volunteers, students and work experience, providing experience, mentoring, training and team building to able their development and growth. Page I
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 OBJEcfIvES AND ACTIVITIES Our Over Arching Aims Educating and inspiring young people to reach their fvll potential through providing quality outdwr education activities and experiences. Creating opporbjnities for outdoor adventures, enjoyable learning, improved health and well-being, across all ages, in a designated national landscape. With all activities delivered Safely and professionally through our friendly ethos and experienced team. Ensuring sustainable, financial stsbility, with reserve funds to cover three to six months of operational costs. Seeking to offer a broad range of competitively priced activities & experiences, Ensuring Cobnor Activities Centre Trust is a rewarding and supportive place to work, instilling a passion for outdoor education within our team of core staff, seasonal and contract staff and our highly valued team of volunteer Seeking external funding to support specific initiatives, infrdstructure or equipment to enable and increase inclusivity and access to outdoor activities. Alignlng all signlflcant management attions and inve5tfflents wlth reduclng carbon footprint, choosing su5talnable solutions and minimising impact on the environment. strateglc Objectlves 2024 - 2027 l. Financial: Generate additional busine55 and appropriate cost contro15 to achieve sustainable, 5urplu5 revenue5 by the end of 2026. 2. Customer: Increase growth in untapped markets and attract a wider educational & community client base and improve client retention over the next 3 years. 3. Fundraising: Create fund-raising resource5 and action plan, to generate £1.5m external funds for a55et improvement and revenue growth over next 3 years, 4. Internal business processes.. Create effective key management information systems to improve regular business tracking & quarterly review by end 2024. Implement systems to ensure all compliance is maintained efficientlv by the end of 2024. 5. HR - leaming & growth: Improve HR processes and staff develotxnent programmes to enhance internal culture and Increase attractlveness as an employer. Page 2
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities The year ending 31 October 2024 has been a another challenging year for the Twst. In objective terms in providing course and experiences for chIldn and families, the Trust exceeded its expectations by providing courses and education to 3,521 (2,074 2023) schwl children including the 200 school children urKler the Young Helms. We had 1,846 (1,403 - 2023) people on our product delivery programmes. In contrast, the financial perfOrrThan of the Trust was disappointing. Fievenue from activities rose by less than inflaknon at 4.4 % to £546,972 from £523,697. Costs rose by 9.40/tTr to £743,280 from £679,397 or £63,883 after removlng the cost ol the flood costs reimbursed from the flocmj insurance claim. Staff costs account for most of the overall cost ireaSe as these were higher by £51,844 or 17.80/D compared to the previous year's costs. This reflects the disproportionate increase in the Trusvs employment cost from changes to the absolute level of the statutory minimum wage and the lowering of the age eligibility for our predominately young staff. As a consequence, the Trust had a deficit of £156,613 in 2024 compared to the deficit of £139,848 last year. The site at Cobnor suffered from a major flood caused by unusually high spring tides and strong winds which affected Chichester Harbour and particularly the Chidham peninsula in April 2024, There was, fortunatelyi little financial impact from this natural event as the Trust wa5 fully insured. The Trust received £120,485 relmbursements for the damage 5UStained, of which, 1108,283 wa5 in dlrect revenue related costs and the balan to replace darned capital equipment, The lack of profitability of the activities run by the Trust over the past three years post Covid-19 has been addressed by a thorough review of all activitie5 and courses with a particular emphasis on restoring profitability to the core school program. This has led to the Trust implementing price increase5 greater than inflation and earlier a5 well a5 fully charging for compliance with staff ratlos in accordance with National body guideline5, We can already See in 2025 the p051tive effects of thi5 exercise in revenue and cash perfomiance and our Intention to show at least a breakeven result looks achievable, Donations for our tsrgeted courses for young sailors of limited finanaal means and for other gr(pS of young sailors with special needs has irnproved by 124010 or £12,962 to £23,383 from £10,421 in 2023. In historic temis, these donation amounts are modest and the Trustees have identified this a5 an area to continue to target. Our surplus fund5 earned interest of £6,243 compared to £4,134 in 2023. Thi5 income source is unlikely to be Significant in 2025. Capitsl expenditure was £71,516 higher than 2023 and exceeded our depreciation charge by £55,953 as the infrastructure and boat fleet were upgraded to maintain our accommodation and boat fleets as noted in last years report. The Tnjst's balance sheet has inevitably ffered from the lack of profitability noted above and cash reserves at the year end were at a historic low at £14,081 (2023 - £230,479). Consequentlyi we advanced our invoicing process in order to maintain our liquidity and as a result, debtors rose from £1,480 last year to £295,259 and this money has been successfvlly collected during the winter months so that the Trust's policy on reseryes of holding enough cash for six months costs without any income and to provide funds for future capital programmes is restored. Despte the poor results of the FQSt three years, the outlook for the Trust is very positive following the profitability review leading to changes in pricing and with a new management team in place coupled with the ongoing spirit and enthusiasm of the staff and volunteers at Cobnor. In addition, to generate funds in the winter in particular, the Trust has commissioned the replacement of its climbing wall by building an upgraded and enhanced climbing facility which will allow the Trust to train students of all ages in the non-sailing season. The funds for the facility are teing donated by generous sponsors and at the time of writing this report, the required funds have been fully committed to the Trust by these sponsors, allowing the Trust to meet the its objective of having the facility fiJlly OFerational by 30 June 2025. The Trust is very proud that it c(mtinues to make a positive difference to so many children. Page 3
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 ACHIEVEMENT AND PERFORMANCE Voluntsers and staff The Trustees have confirmed the appointment of Tom Collins as Chief Activities Officer folloiving an interim period of pint leadership with Miranda Powley. The Trustees would like 10 COrd thar appreciats-on of Miranda Powley's twelve years of seNice at the Trust. During Mirarbda's time with the Trust, the number of students improving their life skills at Cobnor has exceeded over 10,000. The Trustees continue to recognise the unquantified value provided by the volunteers who support the activities of the centre in dlvetse ways, helplng repalr equipment and boats, provldlng safety cover, Instructlon and general support. In 2024 962 hours (1,043 - 2023) of help was provided by these 8 volunteers; we are very grateful for their contribution. The Trustees also express thanks to all the paid staff for their dedication and flexibility, having more than risen to the challenges of the various 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 schoolslorganisations to enable 200 (49 - 2023) young people to develop their confidence, determination and teamwork through keelboat sailingi a major achievement for CAcr and its funders. Reserves pollcy 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 in cash (after deducting the cost of all approved grants) to manage against unforeseen circumstances. Small company provlslons This report has been prepared in accordance with the small company's regime under the Companies Act 2006. STRucfuR4 GOVERNANCE AND MANAGEMENT Structure, Governance and Management Governing Document The Trust wa5 established in 1996 following a decision by Vle5t Sussex County Council to no longer to fully fund the activitie5 of the Trust. The Cobnor Actlvity Centre Trust is a reglstered charity govemed by Its Memorandum and Artlcles and was Incorporated in 1996 as amended by special resolutions registered at Companies House. The Trust is 2 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 revlew the ?ppropriate sklll sets requlred, among Its Board of Trustees, for effective governance. The Board of Trustees has the power to appoint any other petson as they see 35 fit to be 3 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, We wish to thank Michael Camps who resigned in January 2025 and had been a Trustee since 2018 and was instrumental in the review of the Trusvs structure. We welcome to the Board two new Trustees since last year James Lavery and Peter Binning all who have great enthusiasm for sailing, young people and Chichester Harbour. Executive team, key personnel pay & remunerntion policy The Trustees are responsible for the appointment of the Trus¥s key personnel, currently the Chief Activities Officer as noted above, who reports to the Board of Trustees. The remuneration was detemiined at appointsnent 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. Page 4
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 srRucfuRE, GOVERNANCE AND MANAGEMENT Public benefit The Trust reviews its goals, objectives and activities annually to ensure that th&e are in line with its charitsble aims and objectives and refers to the Charity Commission's guidance on public benefit when reviewing ils own goals and activities. The Trustees ensure that all current and fvture 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, liquidit¥ 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 Trusvs 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 includiro Trustee indemnity insurance. REFERENCE AND ADMINISTRATNE DETAILS Reglstered Company number 03158023 (England and Wales) Reg15tered Charlty number 1057222 Regtstered office Cobnor Point Chidham Chichester West Sussex P018 8TE Trustees M Blackwell M P Camps (reslgned 161112025) R I Nackenzie Ms L Rushall M D Wright J Drummond (appointed 1112120231 P Tyler (apt)ointed 111212023) J G Lavery (appointed 181712024) P J M Binning cappointl 1811212024) Independent Examiner Sam Ede BFP FCA FCCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Page 5
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 REFERENCE AND ADMINISTRATNE DETAILS Legal advisors Sherrards 4 A1urrne Court Henfield Road AILK)urne 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 Su55ex P019 IHD Approved by order of the board of trustees on 21 May 2025 and signed on its behalf by: M D Wright - Trustee Page 6
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE COBNOR AcrivrrIES CEKfRE TRusr Independent examiner's report to the trustees of The Cobnor Activities Centre Trust ('the Company,) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 Ottober 2024. 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 Att 2006 ('the 2006 ACYI. 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 Commlsslon under Sectlon 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 affl qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one or the listed bodies. have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe., accountlng records were not kept in respect of the Company as required by Sectlon 386 of the 2006 Act; or the accounts do not accord with those records; or 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 ivhich is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recornmended Practice for accounting and reporting by charities (applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). have no COnrnS and have come across no other matters in connection with the examination to which attention sFKuld be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sam Ede BFP FCA FCCA Lewis 8rownlee (Chichester) Limtsd Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex P020 7EQ 21 May 2025 Page 7
THE COBNOR ACtIvrriES CENTRE TRusr srATEMENT OF FINANCIAL AcrivrriES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2024 2024 Totsl funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 6,715 16,668 23,383 10,421 Charitable activities charable activities 546,972 546,972 523,697 Investment Income other income Totsl 6,243 120 485 680 415 6,243 120 485 697 083 4,134 541200 EXPENDITURE ON Charitable activities Charitable activities NEf INCOMEI(EXPENDITURE) (157,005) 392 {156,613) (139,848) RECONCILIATION OF FUNDS Totsl funds brought forward 1,363,074 6,212 1,369,286 1,509,134 TOTAL FUNDS CARRIED FORWARD The notes form part of these financial statements Page 8
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) BALANCE SHEET 31 OCTOBER 2024 2024 Totsl funds 2023 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 15 1,275,031 5,522 1,280,553 1,226,950 CURRENT ASSErs Stocks Debtors Prepayments and accrued income Cash at bank and in hand 16 17 769 295,259 31,498 769 295,259 31,498 1,049 1,480 230 479 233,008 333,045 8,562 341,607 CREDITQRS Amounts falling due within one year 18 {372,920) (7,480) (380,400) (57,044) CURRENT ASSETS 38 793) 175 964 TOTAL ASSETS LESS CURRErir LIABILITIES 1,235,156 6,604 1,241,760 1,402,914 CREDITORS Amounts falling due after more than one year 19 (29,087) {29,087) (33,628) NET ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS 21 1,206,069 1,363,074 1 212 673 1369 286 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024. The members have not required the company to obtain an audlt of its financial ststements for the year enaed 31 October 2024 in accordance with Section 476 of the Companies Act 2006. The trustee5 acknowledge their responsibilities for (a) ensuring that the charitable company keep5 accounting records that cofflply with Section5 386 and 387 of the Companie5 Att 2006 and preparing financlal statements which give a true and falr vlew of the state of affairs of the charltable 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 Section5 394 and 395 and which otheiSe comply with the requirements of the Companies Act 2006 relating to financial ststements, 50 far as appllcable to the charltable cornpany. (b) The notes form part of these financial statements Page 9 continued...
THE COBNOR AcfivITIES CENTRE TRUST (REGIsfERED NUMBER: 03158023) BALANCE SHEET- continued 31 OCTOBER 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2025 and were signed on its behalf by: M D Wright - Trustee The notes form part of these financial statements Page 10
THE COBNOR ACtIvrriES CENTRE TRusr CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 Notas Cash flows from operating activities Cash generat1 from operations Interest paid Net cash used in operating activities 23 (104,726) {72,473) 105 594 73 539} Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed a55ets Interest received Net cash used in investing artivibes (111,704} {4Q,188} 4,276 105 461 31778) Cash flows from finanang activities Loan repayments in year Net cash used in financing actlvlb'es Change In cash and cash equlvalents In the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the Teportin9 period (216,398) (110,462} 230 479 The notes form part of these financial statements Page 11
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 STATUTORY INFORMATION The charity is an incorporated charity, registered with the Charity Commissioners for England and Wales (1057222) and a company incorporated In England & Wales (03518023). The charity is controlled by its governing documeni, a deed of trust, and constitutes a company, limited by guarantee by its Memorandum and Articles of Association, as defined by the Companies Art 2006. The registered office is: Cobnor Point, Chidham, thichester, West Sussex, P018 8TE. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitsble company, which is a public benefit entity under FRS 102, have been prepared in accoréance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charits-e5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Conipanies Act 2006. The financial statements have been prepared under the historical cost conversion. The financial ststements have been prepared in Sterling. This is the charity's functional and presentstion currency. Monetary amounts Sn these fSnandal statements are rounded to the nearest £. There are a few rounded dSfferences which cannot be eliminated. Golng concern The trustees have considered the financial position of the charity and the implernented strategies, as described on the trustee5' report, and are confident that it will be able to continue with it5 activitie5 for the foreseeable future, The tru5tee5 have considered a period of at least a year after the date that these financial 5tstements will be approved. The trustee5 have concluded that it Is approprlote to prepare these accounts on a going concern basls. Incoming resources All incoming resources are recogni5ed in the Staternent of Financial Activitie5 (SOFA) once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably, Donatlons re[Vable Donat)nS are recognised in the SOFA when conditions for receipt have been complied with. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commiting 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 accnjals bas15 and has been classified under headings that aggrpgate all cost related to the e2tegory. Where costs cannot be dirertly attributed to particular headings they have been allocated to attivities on a basis congstent with the use of rescurces. Charitable activities costs Charitable activities costs represent expenditure incurred directly for the delivery of the charity's programmes of activity, fundraising events and support costs in operating the charity. Governance costs Governance costs compri all costs involving the public accountability of the charity and its compliance with regulation and good practi. Support costs Support costs represent indirect charitable expenditure which is necessary in order to carry out the primary purposes of the charity and comprises provlslon of office and financial seNlces. Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated uful life. Page 12 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Leasehold land and buildings Boats and land fleet Equipment Motor vehicles Computer equipment 20/0 on cost IOO/o on cost 200/0 on cost IOO/o on cost 20 % on cost stocks Stocks are valued at the lower of cost and net realisable value, after making due allowan for ob501ete and slow moving items, Taxatlon The charity is exempt frcTh corporation tax on its charitsble activities. Fund 8¢countlng Unrestricted funds can be used In accordance with the charltsble objectives at the éiscretlon of the trustees. Restricted funds can only be used for particular restritted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for PartUlar restricted purposes. Pension costs The charity operates a defined contrlbution penslon scheme. Contrlbutlons payable to the charity's penslon scheme are charged to the Statement of Financial Activities in the peric*J to which they relate. Govorn•nc• costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Support costs Support costs represent indirect charitsble expenditure which is neceSry in ordèr to carry out the primary purposes of the charity and comprises provision of office and financial services. Cash and cash equivalents Cash at bank and in hand includes cash and short term deposits wlth a wlthdrawal notlce period of no more than 90 days. Financial instruments 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. Page 13 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 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 asseis and liabilitses 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. Artual results may differ from these estimates. The estimates and underlying assumptions are remewed on an ongoing basis. Revisions to accounting estimates are recognlsed In the perlod In whlch the estlmate Is revlsed where the revlslon affects only that perlod, or In the perlod of the revisiC and future periods where the revision affects both current and future periods. DONATIONS AND LEGACIES 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Donations 71 INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestricted funds Restrirted funds Deposit account interest INCOME FROM CHARrrABLE ACTivrriES 2024 Charitable activitiej 2023 Total •rtivitie5 Activlty courses Residential hire charges 462,936 456,809 523 697 OTHER INCOME 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Gain on sale of tangible fixed assets Insuran claim proceeds 2,948 120 485 120 485 Page 14 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 CHAIUTABLE AcfIviTIES COSTS Support costs (see note 9) Direct Costs Totals Charitable activities 851563 853 696 SUPPORT COSTS Finan Charitable activities 133 io. NET INCOMEI(EXPENDrruRE) Net incomel{expenditurel is stated after chargingl(crediting): 2024 2023 Depreciation - owned as*ts Loss/(gain) on sale of tsngible fixed assets Independent examination fees Accountancy services (including prlor year under provislons) 55,751 2,350 3,500 8,267 46,992 (2,948) 3,300 5,646 ii. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Ortober 2024 nor for the year ended 31 October 2023. Related party transaction disclosu$ can be found at note 23. Trustees, expenses There were no trustees, expenses pald for the year ended 31 Ottober 2024 nor for the year ended 31 October 2023. 12. STAFF cosrs 2024 2023 Wages and salaries Social security costs Other pension costs 323,818 15,667 277,596 9,674 Page 15 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 12. STAFF cosrs- continued The average monthly number of employ*s during the year was as follows: 2024 2023 E number of staff - administration E number of staff - operational li li The average number of staff members employed throughout the year was 19 (2023 - 19). No employees received anoluments in excess of £60,000. 13. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 5,380 5,041 10,421 Charitable activities Charitable activities 523,697 523,697 Investrnent income Other income Total 4,134 4,134 536 159 541200 EXPENDITURE ON Charitable activities Charitable activities 658 787 NEf INCOMEI(EXPENDITURE) (122,628) (17,220) (139,848) RECONCILIATION OF FUNDS Total funds brought forward 1,485,702 23,432 1,509,134 TOTAL FUNDS CARRIED FORWARD Page 16 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 14. RESTRicfED FUNDS Restricted funds at the year end total £6,604 (2023: É6,212). The majority of this balance relates to one project, with £5,522 in respect of tangible fixed as*ts (with £690 depreckltion expended during the year) and £1,082 in respert of five other projects (with £15,586 expended during the year). 15. TANGIBLE FIXED ASSETS Leasehold land and buildings Boats and land fleet Equipment cosr At l November 2023 Additions Disposals At 31 October 2024 DEPRECIATION At l NuveiTiber 2023 Charge for year Eliminated on disposal At 31 October 2024 NET BOOK VALUE At 31 October 2024 At 31 October 2023 1,350,734 31,436 245,273 39,464 59 757) 76,536 17,884 1382 170 214,649 27,357 167,564 18,637 57 510) 128 691 71,581 4,007 1 140 164 1 136 085 Motor vehlcles Computer equlpment Totsls cosr At l November 2023 Additions Disposals At 31 October 2Q24 DEPRECIATION At l November 2023 Charge for year Eliminated on disposal At 31 October 2Q24 NET BOOK VALUE At 31 October 2024 At 31 October 2023 17,864 120 1,690,407 111,704 60 916) 1741 195 22,800 9,663 3,470 463,457 55,751 58 566) 460 642 2,280 2 280 034 1 280 553 1226 950 20 Page 17 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 16. STOCKS 2024 2023 Stock5 769 17. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Other debtors 292,736 1,480 295 259 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 20) Trade creditors Social security and other taxes Pension contribution creditor Accruals and deferred income 5,408 36,029 4,294 3,838 330 831 6,210 15,222 1,884 Deferred income for the year totalled £310,608 (2023.. £12,068) and relates to deposits received and bookings invoiced or paid in advan. 19. CREDrroRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 20) 20. LOANS The charity received a Government backed boun back loan of £50,000 in 2020. The term of which was interest free for first 12 months, then a rate of 2.50/0 per annum. The loan Is repayable In full In October 2030. 21. MOVEMENT IN FUNDS Net movement In funds At 31110124 At 1111123 Unrestrlrted fvnds General fund 1,363,074 (157,005) 1,206,069 Restricted funds Restricted fund 6,212 392 6,604 TOTAL FUNDS 156 613) 121267 Page 18 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 21. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 680,415 (837,420) (157,005) Restricted funds Restricted fund 16,668 (16,276} 392 TOTAL FUNDS Comparatlves for movement In fvnds Net movement In funds At 31110123 At 1111122 Unrestrlcted fvnds General nd 1,485,702 (122,628) 1,363,074 Restrlcted funds Restricted fund 23,432 (17,220) 6,212 TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources Résources expended Movement in funds Unrestricted funds General fijnd 536,159 (658,787) (122,628) Restricted funds Restrltted fund 5,041 (22,261) (17,220) TOTAL FUNDS 541200 681 (H8) 139 848) Page 19 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 21. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31110124 At 1111122 Unrestrlcted funds General fvnd 1,485,702 (279,633) 1,206,069 Restricted funds Restrirted fund 23,432 (16,828) 6,604 TOTAL FUNDS A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement In funds Unrestricted fvnds General fund 1,216,574 (1,496,207) (279,633) Restrlcted funds Restricted fund 21,709 (38,537) (16,828) TOTAL FUNDS 1238 283 1534 744) 296 461) 22. RELATED PARTY DISCLOSURES Allonsy Ltd Is a company co-owned by the trustee, M D Wrlght. Durlng the year Allonsy Ltd supplled salling instructor services to the charity at a cost of £7,100 (2023." £5,185), The transacts'on is considered at arms length and is with the full knowledge and support of the trustees and the centre manager. Rushall Partnership is a partnership co-owned by the trustee, Ms L Rushall. During the year Rushall Partnership Supplied profe55ional services to the charity at a cost of £600 (2023: £Nil). The transattion 15 considered at arms length and 15 With the full knowledge and support of the trustees and the centre manager. Page 20 continued...
THE COBNOR ACtIvrriES CENTRE TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024 23. RECONCILIATION OF NEf EXPENDITURE TO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Net expenditure for the reporting period (as per the SLitement of Financial Activities) Adjustments for: Depreciation charges Loss/(profit) on disposal of fixed assets Interest received Inte$t paid Decrease/{increase) in stocks (Increase}Idecre3se in debtors Increase ir) cdItorS Net cash used In operatlons (156,613) (139,848) 55,751 2,350 (6,243) 868 280 (325,277) 324 158 104 726) 46,992 (2,948} {4,134} 1,066 (180} 2,741 72 473) 24. ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) other non-cash changes At 1111123 Cash flow At 31110124 Net cash Cash at bank and in hand 230 479 230 479 216 398 216 398 Debt Debts falling due within l year Debts falling due after l year (6,210) 6,210 (5,408) {5,408) 33 628) 39 838) 190 641 29 087) 34 495) 20 414) Total 211 055) Page 21
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