**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 2025** ## **FOR** ## **THE COBNOR ACTIVITIES CENTRE TRUST** Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ **THE COBNOR ACTIVITIES CENTRE TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025** |||**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|21| |**Detailed Statement of Financial Activities**|22|to|23| **THE COBNOR ACTIVITIES CENTRE TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025** 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 2025. ## **OBJECTIVES 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, 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. ## **Our Vision** To give young people the opportunity to participate in safe, enjoyable outdoor, residential and environmental activities, developing, enabling 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: - To act in the best interests of our community and the environment in which we work - - To deliver highly professional safe activities ## Diverse: - To be inclusive of all our community, staff & stakeholders - To actively promote an inclusive environment for all participants to take part - - To maintain an emphasis on mental health & wellbeing ## Fun: - To encourage young people & adults to enjoy the outdoors, engage with watersports, the environment & participate in an active lifestyle - for the long term ## **Our Culture** Respectful: - We treat everyone as we would wish to be treated ## Integrity: - We are always honest, transparent & committed to our customers - We collaborate 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 trainees, providing experience, mentoring, training and team building to enable their development and growth Page 1 ## **THE COBNOR ACTIVITIES CENTRE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025** ## **OBJECTIVES AND ACTIVITIES** ## **Our Over Arching Aims** - Educating and inspiring young people to reach their full potential through providing quality outdoor education activities and experiences. - Creating opportunities 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 stability, with reserve funds to cover three to six month 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 volunteers. - Seeking external funding to support specific initiatives, infrastructure or equipment to enable and increase inclusivity and access to outdoor activities. - Aligning all significant management actions and investments with reducing carbon footprint, choosing sustainable solutions and minimising impact on the environment. ## **Strategic Objectives 2024 - 2027** 1. Financial: Generate additional business and appropriate cost controls to achieve sustainable, surplus revenues by the end 2026. 2. Customer: Increase growth in untapped markets and attract a wider educational & community client base and seek to improve client retention over the next 3 years. 3. Fundraising: create fund-raising resources and action plan, to generate £3M external funds for asset improvement and revenue growth over next 3 years. 4. Internal business processes: continue to implement key management information systems to improve regular business tracking & quarterly review. 5. People - learning & growth: Improve HR processes and staff development programmes to enhance internal culture and increase attractiveness as an employer. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** The year ending 31 October 2025 has been proven to be a good year for the Trust. The Trust exceeded its first objective set out last year to generate surplus funds by the end of 2026; Net Income exceeded Expenditure by £45,888 (2024: (£156,613)), a turnaround of £202,501 which is a significant achievement after 3 years of continuous deficits. The improvement is as a result of course income improving by 34% at £734,769 (2024: £546,972) driven by improved student numbers and the necessary price increases introduced to recover the cost increases incurred by the Trust since COVID 19 pandemic. In addition, our funded programmes from donations grew by nearly 346% to £80,814; this excludes the capital specific funding of £58,742 for the replacement and upgrading of our Climbing wall. The total donations of £139,556 (2024: £23,173) is a result of a focused approach to fundraising started some 18 months ago. Staff costs increased by 10.9% to £389,139 over last year as a result of increases in the Statutory Minimum Wages amounts and thresholds for our young staff. Overall charitable activities costs after the Insurance claim in 2024 of £108,283 were contained below a 9.5% increase in expenditure of £793,320 (2024: £724,441); this increase is well below the growth in our course income. The improvement in the financial performance has been reflected in the numbers of students we have hosted. The Trust provided courses and education to 3,787 (2024: 3,521) school children. Our the Young Helms and other funded programmes for children rose nearly threefold to 617 (2024: 200) school children. We saw a reduction to 1,786 (2024: 1,846) people on our product delivery programmes as we focused on our schools business in 2025. Page 2 **THE COBNOR ACTIVITIES CENTRE TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025** Another major success was the first major fundraising activity by the Trust since 2010 - the raising of £58,742 to finance the new all purpose bespoke climbing wall which allows up to 15 roped climbers at one time to use the facility and up to 48 students to participate in the climbing activity compared to just 12 previously. This fundraising project was led by one of our Trustees and volunteers, Jeremy Drummond, and the project was greatly aided by the donations provided by The John And Hilary Pritchard Trust, see note 21. The wall was formally opened in September 2026 by the Lord Lieutenant of West Sussex, Lady Emma Barnard. The Trust hopes that the Trust will now benefit from an additional activity stream in the traditionally quiet Winter seasons. Total Capital expenditure was £117,286, net £58,544, after the associated funding programme mentioned above. This includes an additional Rib Powerboat courses purchased on deferred payment terms. The Trust's Balance sheet has improved with the improvement in profitability such that cash at the year end was £69,358 an improvement on the historic low of £14,081 of last year. The Trust has had less need to advance its invoicing process in order to maintain its liquidity and as a result, Trade Debtors fell to £15,381 from last year's £292,736 and there has been a corresponding reduction in Deferred income as shown in note 17. Nonetheless the Trust's policy on Reserves of holding enough cash for three to six months costs without any income and to provide funds for future capital programmes is still not as successful as the Trustees would like. The Trust is very proud that it continues to make a positive difference to so many children and young people. ## **Volunteers and staff** The Trust continues to benefit hugely from the efforts of its staff backed by our valuable volunteers who not only assist on activity delivery but mentor some of our less experienced staff. The stability in its leadership arising from the appointment of Tom Collins as Head of Centre has also proved to be beneficial. 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 2025, 775 (2024: 962) hours of help was provided by these 7 (2024: 8) volunteers; we continue to be very grateful for their contribution to both the education of our students and our staff. The Trustees express their thanks to all the paid staff for their continued dedication and flexibility. ## **Young Helms project** CACT's targeted programme for children and young adults between the ages of 8 and 25 in receipt of special means from local schools continues to prosper. This year we have worked with 12 separate schools/organisations helping young people to develop their confidence, determination and teamwork through keelboat sailing, a major achievement for CACT and its funders. The number of participating students is noted earlier. See more information about our funded programs on note 21. ## **Environment** The Trust takes its responsibilities to the environment and the education of its participating students to the environment seriously. The Trust works with all harbour users and in particular, Chichester Harbour Conservancy, to ensure its activities have as little impact on the harbour as possible and helps lead conservation initiatives. The Trust has recently secured funding to provide a Waterless Toilet facility, the first in the Conservancy area. The Trust has a Bronze Award from the Green Blue pathway by the RYA and now has a dedicated environmental education suite funded by the Friends of Chichester Harbour for our students. ## **Reserves policy** The Trust's unrestricted reserves are regularly reviewed by the Trustees at least on a quarterly basis with the aim that it maintains at least three to six months of liquid funds to fund committed operating expenditure against unforeseen circumstances affecting The Trust's Income. Achieving this aim continues to be a challenge. ## **Small company provisions** This report has been prepared in accordance with the small company's regime under the Companies Act 2006. Page 3 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025** ## **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 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. James Lavery has resigned formally as his continuing personal commitments precluded him from attending most Trustee meetings, but he continues to be available to the trustee for IT and related advisory matters. The Trustees are aware that succession planning is important and the Trust is actively seeking to recruit new Trustees with complementary skills and to allow some of the current Trustees with over 8 years' service to retire. ## **Executive team, key personnel pay & remuneration policy** The Trustees are responsible for the appointment of the Trust's key personnel, currently the Head of Centre as noted above, who reports to the Board of Trustees. The remuneration was determined at appointment following an open and competitive recruitment processes. Remuneration of key personnel is reviewed constantly 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 including Trustee Indemnity Insurance. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 03158023 (England and Wales) ## **Registered Charity number** 1057222 ## **Registered office** Cobnor Point Chidham Chichester West Sussex PO18 8TE Page 4 **THE COBNOR ACTIVITIES CENTRE TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025** ## **Trustees** M Blackwell M P Camps (resigned 16/1/2025) R I Mackenzie Ms L Rushall M D Wright J Drummond P Tyler J G Lavery (resigned 31/12/2025) P J M Binning (appointed 18/12/2024) ## **Independent Examiner** Sam Ede BFP FCA FCCA 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 Approved by order of the board of trustees on ............................................. and signed on its behalf by: .................................................................... M D Wright - Trustee Page 5 **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 2025. ## **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. Sam Ede BFP FCA FCCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ Date: ............................................. Page 6 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025** |**Unrestricted**
**Restricted**
**fund**
**funds**
**Notes**
**£**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
4
**1,297**
**138,259**
**Charitable activities**
6
Charitable activities
**734,769**
**-**
Investment income
5
**193**
**-**
Other income
7
**2,353**
**-**
**Total**
**738,612**
**138,259**
**EXPENDITURE ON**
**Charitable activities**
8
Charitable activities
**727,750**
**65,570**
Support costs
**37,663**
**-**
**Total**
**765,413**
**65,570**
**NET INCOME/(EXPENDITURE)**
**(26,801)**
**72,689**
**Transfers between funds**
21
**57,787**
**(57,787)**
**Net movement in funds**
**30,986**
**14,902**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**1,206,069**
**6,604**
**TOTAL FUNDS CARRIED FORWARD**
**1,237,055**
**21,506**|**2025**
**Total**
**funds**
**£**
**139,556**
**734,769**
**193**
**2,353**
**876,871**
**793,320**
**37,663**
**830,983**
**45,888**
**-**
**45,888**
**1,212,673**
**1,258,561**|**2024**
**Total**
**funds**
**£**
23,383
546,972
6,243
120,485
697,083
853,696
-
853,696
(156,613)
-
(156,613)
1,369,286
1,212,673| |---|---|---| The notes form part of these financial statements Page 7 ## **THE COBNOR ACTIVITIES CENTRE TRUST** ## **BALANCE SHEET 31 OCTOBER 2025** |**Unrestricted**
**Restricted**
**fund**
**funds**
**Notes**
**£**
**£**
**FIXED ASSETS**
Tangible assets
14
**1,334,147**
**4,832**
**CURRENT ASSETS**
Stocks
15
**1,942**
**-**
Debtors
16
**15,381**
**-**
Prepayments and accrued income
**18,467**
**2,470**
Cash at bank and in hand
**45,586**
**23,772**
**81,376**
**26,242**
**CREDITORS**
Amounts falling due within one year
17
**(155,518)**
**(9,568)**
**NET CURRENT ASSETS**
**(74,142)**
**16,674**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**1,260,005**
**21,506**
**CREDITORS**
Amounts falling due after more than one year
18
**(22,950)**
**-**
**NET ASSETS**
**1,237,055**
**21,506**
**FUNDS**
21
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2025**
**Total**
**funds**
**£**
**1,338,979**
**1,942**
**15,381**
**20,937**
**69,358**
**107,618**
**(165,086)**
**(57,468)**
**1,281,511**
**(22,950)**
**1,258,561**
**1,237,055**
**21,506**
**1,258,561**|**2024**
**Total**
**funds**
**£**
1,280,553
769
295,259
31,498
14,081
341,607
(380,400)
(38,793)
1,241,760
(29,087)
1,212,673
1,206,069
6,604
1,212,673| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **BALANCE SHEET - continued 31 OCTOBER 2025** 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 ............................................. and were signed on its behalf by: ............................................. M D Wright - Trustee The notes form part of these financial statements Page 9 ## **THE COBNOR ACTIVITIES CENTRE TRUST** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2025** |**Notes**
**Cash flows from operating activities**
Cash generated from operations
23
Interest paid
Net cash provided by/(used in) 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**|**2025**
**£**
**176,980**
**(875)**
**176,105**
**(117,286)**
**1,600**
**193**
**(115,493)**
**(5,335)**
**(5,335)**
**55,277**
**14,081**
**69,358**|**2024**
**£**
(104,726)
(868)
(105,594)
(111,704)
-
6,243
(105,461)
(5,343)
(5,343)
(216,398)
230,479
14,081| |---|---|---| The notes form part of these financial statements Page 10 **THE COBNOR ACTIVITIES CENTRE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025** ## **1. 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 document, a deed of trust, and constitutes a company, limited by guarantee by its Memorandum and Articles of Association, as defined by the Companies Act 2006. The registered office is: Cobnor Point, Chidham, Chichester, West Sussex, PO18 8TE. ## **2. 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) and the Companies Act 2006. The financial statements have been prepared under the historical cost conversion. The financial statements have been prepared in Sterling. This is the charity's functional and presentation currency. Monetary amounts in these financial statements are rounded to the nearest £. There are a few rounded differences which cannot be eliminated. ## **Going concern** The trustees have considered the financial position of the charity, including its cash flow requirements, 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 financial statements will be approved. The trustees have concluded that it is appropriate to prepare these accounts on a going concern basis. ## **Incoming resources** All incoming resources are recognised in the Statement of Financial Activities (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. ## **Donations receivable** Donations 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 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 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 comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. ## **Support costs** Support costs represent indirect charitable expenditure which is necessary in order to carry out the primary purposes of the charity and comprises provision of office and financial services. continued... Page 11 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **2. ACCOUNTING POLICIES - continued** ## **Governance 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 charitable expenditure which is necessary in order to carry out the primary purposes of the charity and comprises provision of office and financial services. ## **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 useful life. |Leasehold land and buildings|**- 2% on cost**| |---|---| |Equipment, boats and land fleet|**- 10% on cost**| |Fixtures & fittings|**- 20% on cost**| |Motor vehicles|**- 10% on cost**| |Computer equipment|**- 20% on cost**| Leasehold land and buildings are depreciated over the life of the lease. ## **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. ## **Pension costs** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Governance 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 charitable expenditure which is necessary in order 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 with a withdrawal notice 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. continued... Page 12 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **3. 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. ## **4. DONATIONS AND LEGACIES** |**4.**|**DONATIONS AND LEGACIES**||||| |---|---|---|---|---|---| |||||**2025**|**2024**| |||**Unrestricted**|**Restricted**|**Total**|**Total**| |||**funds**|**funds**|**funds**|**funds**| |||**£**|**£**|**£**|**£**| ||Donations|**1,297**|**138,259**|**139,556**|23,383| |**5.**|**INVESTMENT INCOME**||||| |||||**2025**|**2024**| |||**Unrestricted**|**Restricted**|**Total**|**Total**| |||**funds**|**funds**|**funds**|**funds**| |||**£**|**£**|**£**|**£**| ||Deposit account interest|**193**|**-**|**193**|6,243| |**6.**|**INCOME FROM CHARITABLE ACTIVITIES**||||| |||||**2025**|**2024**| |||||**Charitable**|**Total**| |||||**activities**|**activities**| |||||**£**|**£**| ||Activity courses|||**643,953**|**462,936**| ||Residential hire charges|||**90,816**|**84,036**| |||||**734,769**|**546,972**| |**7.**|**OTHER INCOME**||||| |||||**2025**|**2024**| |||**Unrestricted**|**Restricted**|**Total**|**Total**| |||**funds**|**funds**|**funds**|**funds**| |||**£**|**£**|**£**|**£**| ||Insurance claim proceeds|**2,353**|**-**|**2,353**|120,485| continued... Page 13 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **8. CHARITABLE ACTIVITIES COSTS** |Charitable activities
Support costs
**9.**
**SUPPORT COSTS**
Support costs|**Support**
**Direct**
**costs (see**
**Costs**
**note 9)**
**£**
**£**
**793,320**
**-**
**-**
**37,663**
**793,320**
**37,663**
**Governance**
**Finance**
**costs**
**£**
**£**
**1,089**
**36,574**|**Totals**
**£**
**793,320**
**37,663**| |---|---|---| |||**830,983**| |||**Totals**
**£**
**37,663**| Included within the governance costs are fees payable to the independent examiner of £3,605 (2024: £3,500) for the independent examination, and fees for other accountancy services of £7,723 (2024: £8,267). ## **10. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Depreciation - owned assets|**58,293**|55,751| |Surplus/(deficit) on disposal of fixed assets|**(1,033)**|2,350| |Other operating leases|**6,226**|6,792| ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024. Related party transaction disclosures can be found at note 22. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 October 2025 nor for the year ended 31 October 2024. continued... Page 14 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **12. STAFF COSTS** ## **13.** |**STAFF COSTS**||||| |---|---|---|---|---| ||||**2025**|**2024**| ||||**£**|**£**| |Wages and salaries|||**354,827**|323,818| |Social security costs|||**20,100**|15,667| |Other pension costs|||**5,212**|3,411| ||||**380,139**|342,896| |The average monthly number of employees during the year was|as follows:|||| ||||**2025**|**2024**| |FTE number of staff - administration|||**3**|3| |FTE number of staff - operational|||**11**|11| ||||**14**|14| |The average number of staff members employed throughout the year was 18 (2024 - 19).||||| |No employees received emoluments in excess of £60,000.||||| |Included within the staff costs note above is total remuneration paid to key||management personnel of £50,528 (2024||| |£47,977) including employer's national insurance costs.||||| |**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||||| ||**Unrestricted**||**Restricted**|**Total**| |||**fund**|**funds**|**funds**| |||**£**|**£**|**£**| |**INCOME AND ENDOWMENTS FROM**||||| |Donations and legacies||6,715|16,668|23,383| |**Charitable activities**||||| |Charitable activities|546,972||-|546,972| |Investment income||6,243|-|6,243| |Other income|120,485||-|120,485| |**Total**|680,415||16,668|697,083| |**EXPENDITURE ON**||||| |**Charitable activities**||||| |Charitable activities|837,420||16,276|853,696| |**NET INCOME/(EXPENDITURE)**|(157,005)||392|(156,613)| |**RECONCILIATION OF FUNDS**||||| |Total funds brought forward|1,363,074||6,212|1,369,286| Included within the staff costs note above is total remuneration paid to key management personnel of £50,528 (2024: £47,977) including employer's national insurance costs. continued... Page 15 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** |**13.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||||| |---|---|---|---|---|---|---|---|---| |||**Unrestricted**||**Restricted**|||**Total**|| |||**fund**|||**funds**||**funds**|| ||||**£**|||**£**||**£**| ||**TOTAL FUNDS CARRIED FORWARD**|1,206,069|||6,604||1,212,673|| |**14.**|**TANGIBLE FIXED ASSETS**|||||||| |||**Leasehold**||**Equipment,**||||| |||**land and**||**boats and**|||**Fixtures &**|| |||**buildings**||**land fleet**|||**fittings**|| |||**£**|||**£**||**£**|| ||**COST**|||||||| ||At 1 November 2024|**1,382,170**||**224,980**|||**93,863**|| ||Additions|**-**||**113,247**|||**600**|| ||Disposals|**-**|||**(3,786)**||**-**|| ||At 31 October 2025|**1,382,170**||**334,441**|||**94,463**|| ||**DEPRECIATION**|||||||| ||At 1 November 2024|**242,006**||**128,691**|||**75,031**|| ||Charge for year|**27,643**|||**19,621**||**4,844**|| ||Eliminated on disposal|**-**|||**(3,219)**||**-**|| ||At 31 October 2025|**269,649**||**145,093**|||**79,875**|| ||**NET BOOK VALUE**|||||||| ||At 31 October 2025|**1,112,521**||**189,348**|||**14,588**|| ||At 31 October 2024|1,140,164|||96,289||18,832|| |||**Motor**||**Computer**||||| |||**vehicles**||**equipment**|||**Totals**|| |||**£**|||**£**||**£**|| ||**COST**|||||||| ||At 1 November 2024|**22,800**|||**17,382**||**1,741,195**|| ||Additions|**-**|||**3,439**||**117,286**|| ||Disposals|**-**|||**-**||**(3,786)**|| ||At 31 October 2025|**22,800**|||**20,821**||**1,854,695**|| ||**DEPRECIATION**|||||||| ||At 1 November 2024|**2,280**|||**12,634**||**460,642**|| ||Charge for year|**2,280**|||**3,905**||**58,293**|| ||Eliminated on disposal|**-**|||**-**||**(3,219)**|| ||At 31 October 2025|**4,560**|||**16,539**||**515,716**|| ||**NET BOOK VALUE**|||||||| ||At 31 October 2025|**18,240**|||**4,282**||**1,338,979**|| ||At 31 October 2024|20,520|||4,748||1,280,553|| continued... Page 16 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** |**15.**
**STOCKS**
Stocks
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 19)
Trade creditors
Social security and other taxes
Pension contribution creditor
Other creditors
Accruals and deferred income|**2025**
**£**
**1,942**
**2025**
**£**
**15,381**
**-**
**15,381**
**2025**
**£**
**6,210**
**71,403**
**8,926**
**1,586**
**409**
**76,552**
**165,086**|**2024**
**£**
769
**2024**
**£**
292,736
2,523|**2024**
**£**
769| |---|---|---|---| |||295,259|| |||**2024**
**£**
5,408
36,029
4,294
3,838
-
330,831|| |||380,400|| Deferred income for the year totalled £46,978 (2024: £310,608) and relates to deposits received and bookings invoiced or paid in advance. ## **18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** |||**2025**|**2024**| |---|---|---|---| |||**£**|**£**| |Bank loans (see note|19)|**22,950**|29,087| ## **19. LOANS** The charity received a Government backed bounce back loan of £50,000 in 2020. The term of which was interest free for first 12 months, then a rate of 2.5% per annum. The loan is repayable in full in October 2030. continued... Page 17 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **20. LEASING AGREEMENTS** Minimum lease payments under non-cancellable operating leases fall due as follows: |Within one year
Between one and five years
In more than five years
**MOVEMENT IN FUNDS**
**At 1/11/24**
**£**
**Unrestricted funds**
General fund
**1,206,069**
**Restricted funds**
Other restricted funds
**6,032**
Climbing Wall
**-**
Fat Face Foundation - Young Helms
Programme
**524**
Funding for Apprentices
**48**
Waterless Toilet
**-**
**6,604**
**TOTAL FUNDS**
**1,212,673**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Other restricted funds
Climbing Wall
Fat Face Foundation - Young Helms
Programme
Funding for Apprentices
Waterless Toilet
Adventures Away From Home - UK Youth
**TOTAL FUNDS**|**Net**
**movement**
**in funds**
**£**
**(26,801)**
**11,220**
**51,526**
**(9)**
**(48)**
**10,000**
**72,689**
**45,888**
**Incoming**
**resources**
**£**
**738,612**
**26,425**
**58,742**
**10,131**
**12,000**
**10,000**
**20,961**
**138,259**
**876,871**|**2025**
**£**
**6,792**
**27,168**
**123,388**
**157,348**
**Transfers**
**between**
**funds**
**£**
**57,787**
**(5,746)**
**(51,526)**
**(515)**
**-**
**-**
**(57,787)**
**-**
**Resources**
**expended**
**£**
**(765,413)**
**(15,205)**
**(7,216)**
**(10,140)**
**(12,048)**
**-**
**(20,961)**
**(65,570)**
**(830,983)**|**2024**
**£**
6,792
27,168
130,180
164,140
**At**
**31/10/25**
**£**
**1,237,055**
**11,506**
**-**
**-**
**-**
**10,000**
**21,506**
**1,258,561**
**Movement**
**in funds**
**£**
**(26,801)**
**11,220**
**51,526**
**(9)**
**(48)**
**10,000**
**-**
**72,689**
**45,888**| |---|---|---|---| **21. MOVEMENT IN FUNDS** continued... Page 18 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **21. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |||**Net**|| |---|---|---|---| |||**movement**|**At**| ||**At 1/11/23**|**in funds**|**31/10/24**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|1,363,074|(157,005)|1,206,069| |**Restricted funds**|||| |Other restricted funds|6,212|392|6,604| |**TOTAL FUNDS**|1,369,286|(156,613)|1,212,673| |Comparative net movement in funds, included in the above are as follows:|||| ||**Incoming**|**Resources**|**Movement**| ||**resources**|**expended**|**in funds**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|680,415|(837,420)|(157,005)| |**Restricted funds**|||| |Other restricted funds|16,668|(16,276)|392| |**TOTAL FUNDS**|697,083|(853,696)|(156,613)| Climbing Wall - CACT has a long history of offering high quality outdoor activities, both on the water and on land. The previous climbing tower was deemed no longer fit for use due to its age. CACT had a specialised builder quote, design, and build, a state of the art climbing and high rope facility, suitable for young people and adults of all physical abilities. The new facility allows for new activities, ensuring CACTs legacy of high quality, engaging outdoor activities. It was a significant investment, and volunteer Jeremy Drummond fundraised 90% of the build cost within 3 months of launching the campaign. We were grateful for the support from the John and Hilary Pritchard Trust who funded 50% of the cost. The facility has already been used by over 2000 young people, including 55 young people with disabilities who made use of our adapted climbing equipment, whose Chichester District Council's grant made possible. Fat Face Foundation - Young Helms Programme - 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 15 separate schools/organisations to enable 200 (49 - 2023) young people to develop their confidence, determination and teamwork through keelboat sailing, a major achievement for CACT and its funders. Funding for Apprentices - We received funding to help cover the salary of one of our apprentices. This kind donation means that we can continue to offer our program to young adults in the local area, providing them qualifications in the outdoor sector, as well as helping them develop key life and employability skills. In 2025 we began our 3rd cohort of apprentices. Waterless Toilet - In our continued effort to lessen our impact on the environment, we have received planning permission to build a Solar Waterless Toilet in our activity field. This will replace the need to hire portable toilets, which require weekly emptying by a truck, as well as using chemicals. The waterless toilet requires no chemicals and limited ongoing maintenance. 50% of this project has been funded by Meadow Blue. continued... Page 19 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **21. MOVEMENT IN FUNDS - continued** Adventures Away From Home - UK Youth - We received funding from the UK Youth Adventures Away from Home grant to support the delivery of residential outdoor learning opportunities for young people. The grant was used to subsidise residential stays, activity delivery, and associated staffing and resource costs, helping to ensure access for young people facing barriers to participation. The funding directly supported the Trust's charitable objectives by enabling us to provide outdoor experiences to all young people. ## **Transfers between funds** Transfers between funds represent the reallocation of resources to reflect capital expenditure incurred during the year. During the year, funding received for capital purposes was spent in accordance with the terms of the relevant funding arrangements. Assets acquired have been recognised as unrestricted fixed assets in the financial statements. However, to reflect that the funding has been fully applied to the related capital items, a transfer has been made from the specific restricted fund to unrestricted funds, resulting in no balance being carried forward on that specific fund. ## **22. RELATED PARTY DISCLOSURES** Allonsy Ltd is a company co-owned by the trustee, M D Wright. During the year Allonsy Ltd supplied sailing instructor services to the charity at a cost of £6,300 (2024: £7,100). The transaction 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 professional services to the charity at a cost of £Nil (2024: £600). The transaction is considered at arms length and is with the full knowledge and support of the trustees and the centre manager. ## **23. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** ||||**2025**|**2024**| |---|---|---|---|---| ||||**£**|**£**| ||**Net income/(expenditure) for the reporting period (as per the**|||| ||**Statement of Financial Activities)**||**45,888**|(156,613)| ||**Adjustments for:**|||| ||Depreciation charges||**58,293**|55,751| ||(Profit)/loss on disposal of fixed assets||**(1,033)**|2,350| ||Interest received||**(193)**|(6,243)| ||Interest paid||**875**|868| ||(Increase)/decrease in stocks||**(1,173)**|280| ||Decrease/(increase) in debtors||**290,439**|(325,277)| ||(Decrease)/increase in creditors||**(216,116)**|324,158| ||**Net cash provided by/(used in) operations**||**176,980**|(104,726)| |**24.**|**ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS**|||| ||**At**|**1/11/24**|**Cash flow**|**At 31/10/25**| |||**£**|**£**|**£**| ||**Net cash**|||| ||Cash at bank and in hand|**14,081**|**55,277**|**69,358**| continued... Page 20 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2025** ## **24. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS - continued** ||**14,081**|**55,277**|**69,358**| |---|---|---|---| |**Debt**|||| |Debts falling due within 1 year|**(5,408)**|**(802)**|**(6,210)**| |Debts falling due after 1 year|**(29,087)**|**6,137**|**(22,950)**| ||**(34,495)**|**5,335**|**(29,160)**| |**Total**|**(20,414)**|**60,612**|**40,198**| Page 21 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025** |**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**1,297**
**138,259**
**139,556**
**Investment income**
Deposit account interest
**193**
**-**
**193**
**Charitable activities**
Activity courses
**643,953**
**-**
**643,953**
Residential hire charges
**90,816**
**-**
**90,816**
**734,769**
**-**
**734,769**
**Other income**
Insurance claim proceeds
**2,353**
**-**
**2,353**
**Total incoming resources**
**738,612**
**138,259**
**876,871**
**EXPENDITURE**
**Charitable activities**
Staff costs
**332,955**
**21,872**
**354,827**
Social security
**18,195**
**1,905**
**20,100**
Pensions
**5,212**
**-**
**5,212**
Direct cost of activities
**127,341**
**29,957**
**157,298**
Utilities
**77,929**
**1,610**
**79,539**
Insurance
**30,760**
**1,150**
**31,910**
Insurance claim replacement costs
**541**
**-**
**541**
Marketing and advertising
**2,465**
**1,072**
**3,537**
Staff welfare and training
**7,490**
**3,491**
**10,981**
Building maintenance and rent
**18,430**
**2,673**
**21,103**
Office cost
**31,390**
**1,150**
**32,540**
Staff recruitment fees
**-**
**-**
**-**
Motor and travel cost
**4,676**
**-**
**4,676**
Subscriptions
**315**
**-**
**315**
Computer expenses
**13,481**
**-**
**13,481**
Depreciation of tangible fixed assets
**57,603**
**690**
**58,293**
Loss on sale of tangible fixed assets
**(1,033)**
**-**
**(1,033)**
**727,750**
**65,570**
**793,320**
**Support costs**
**Finance**
Bank charges
**214**
**-**
**214**
Carried forward
**214**
**-**
**214**|**2024**
**Total**
**funds**
**£**
23,383
6,243
462,936
84,036| |---|---| ||546,972
120,485| ||697,083
323,818
15,667
3,411
128,012
48,046
35,086
108,283
3,145
10,181
38,898
29,533
5,388
6,286
3,737
15,132
55,751
2,350| ||832,724
1,265
1,265| This page does not form part of the statutory financial statements Page 22 **THE COBNOR ACTIVITIES CENTRE TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025** |**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**Finance**
Brought forward
**214**
**-**
**214**
Bank interest
**875**
**-**
**875**
**1,089**
**-**
**1,089**
**Governance costs**
Fees to independent examiner
**3,605**
**-**
**3,605**
Accountancy services
**7,723**
**-**
**7,723**
Legal and professional
**10,930**
**-**
**10,930**
Bookkeeping cost
**14,316**
**-**
**14,316**
**36,574**
**-**
**36,574**
Total resources expended
**765,413**
**65,570**
**830,983**
**Net (expenditure)/income**
**(26,801)**
**72,689**
**45,888**|**2024**
**Total**
**funds**
**£**
1,265
868
2,133
3,500
8,267
7,072
-
18,839
853,696
(156,613)| |---|---| This page does not form part of the statutory financial statements Page 23