REGISTERED COMPANY NUMBER: 03211438 (England and Wales} REGISTERED CHARITY NUMBER.. 105T920 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR CHALLENGE ADVENTURE CHARITIES LEES Chariered Certified A(*n1ants lTh)ram Htyjse Mtsrnlian Way Norith Norfolk NR7 OTA
CHALLENGE ADVENTURE CHARITIES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Pa9e Trusl••s' Report 1 to 2 Ind•p8nd8nt Examinorfs R•port Statement tsf Flnan¢lal A¢bvitles Balance Sheet Notes to the Financial Statements
CHALLENGE ADVENTURE CHARMES (REGISTERED NUMBER: 032114381 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Th& trustèès who are also diractors of th8 charity fi Ihe purposes ol thè Compani8s Act 2006, prasant thèir report with thè financi81 statèmonts of tha Charity lor thè year gndÉd 31 Mar¢h 2023. Tho trust9ès hav$ adoptèd the provisions of A¢¢ounting and Reporting by Chanb'es.. Statement of Re(x)mmerKled Practice aptAicetAe to charities preparing theii aGGounts in accordance with the Flnandal Repming stsndard applkable In ihe UK and Republlc of Ireland {FRS 1021 leffecte 1 January 20191. OBJECTIVES AND ACTMTIES Prlnclpal A¢tfviiy The principal activity of the comFnY throwJhotrt the year was to raise tharity fvnds through the or9anisation of C119 events. ROVI of thq Y•ar The directors were delighted thal. following the dfftulties wlh Cowd. the (tharity was ab to hold two successful events dUrij the year. The Cahois Challenge and the Napdeon Challenge wete LK>th very well sUPrted atKJ raised a 51gnrficant atnount of Money foi charity FINANCIAL REVIEW Résults and Inv•stm•nt Pollcy The suiplus ol the company for the year Was £3,45812022- DefKil of £5141. The trustee5 are pleased to annOUr that all Ihe monies lSed by individual participants by way of spOnscShiP Yrfill continue to be distributed to charity. Intangible income in respect of accoth)tancy and audit servic£s provided at no cost to the company is not reflected in the company's incotr£ and expeThJrture-. all other costs have Leen rrot by partiapanis and the event sponsors. The investment policy af the wrnpany is to distribute S)n)rShiP inc(xne at the earliest opwxtunty and therefore it does not invest fvnds on a long-term b85is. Funds from sFYJnsor5hip incom8 accrue bank int8fgSt until thgy donatgd to the iespedive charities. Reserves policy The reserves fund represents the uniestricted funds anng from past operab.ng iesums. 11 also reptesents the free sErveS of thE charity, as th8re are no fixed assets. It 15 the policy of the charity to distribute all tTTronies iaised by p8rticip8nts by way of sponsorship Income and to do so at Ihe earliest opportunty. such that these fuvds are r1 reseryed. Reserve5 at 31 March 2023 of £37,613 repsernt the excess of corporale evert SponsshIp. entry lees fvom participants and bank inlerest compared to oveiheads. The trustees have examined the requwement to maintain free reserves and concluded that il is apwopnate lo build resetve5 UP to a level that miligÈle5 relkin on corw)rate sp{rShI STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is conlrolled by ils g)veming dooJmL a deed ol Injst. and consb"tutes a h"miled ccthpany, liniled tTry guarantee, as defined by the Companies Act 2006. Organisational struetu The company is made up ol a board of Iwo directcys wlK aci as Ihe trustees," all deS1$ a made by unanimous agreement ol the Irustees. REFERENCE AND ADMINISTRATIVE DETAILS Reglsterèd Company numbèr 03211438 IEngland and Wales) Reglster•d Charlty nUMr 1 Q57920 Reglstered office 18 Glasshouse Studios Fryèm Court Road Fordingbirdge Hampshi SP6 1QX Trustèès Mr C J Saltrick (resigned 12 June 20231 Mr S G Ma50n-Elliott Mr T E Mason-Elliott lappointed 17 February 20231 Pa98 1
CHALLENGE ADVENTURE CHARMES (REGISTERED NUMBER: 032114381 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 REFERENCE ANO ADMINISTRATIVE DETAILS Ind•p•nd•nt Examln•r Mr Jeremy LaurenGe Hyde FCCA FCA LEES Chartered Cefied Accountants Ingram House Meridian Way Norfolk NR70TA Approved by ordet of the board oftrustees on 2S Mard) 2024 and signed on rts behaff by. Mi T E Mason-Elliott- Trustee Pa98 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHALLENGE ADVENTURE CHARITIES Independent *xamln¢rf$ report to the Iru$t¢e$ of Challenge Adventure Chadties ftho Compan) I repM)n to Ihe chanty trusiees on my exanatiOn of Ihe aCcnIS of Ihe Company for the year ended 31 March 2023. R•sponslbllltl•s and basls of report As ¢harity's trustoss of th¢ Company land also its directots for thè purpos¢s of (x>mpany kwl you aro rgsponsiblg for th preparatn ofthe acwunts in accoidarKe wth the requiretnents of Ihe CiwnpaTres Act 20061.lhe 2006 ACYI. Having satisfied myself that the accounts of the Company are not to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I rerort in respect ol wy examinati of )ur chariVs accounts as carried out under Section 145 01 the Charities Ad 2011 1'th¢ 2011 A¢t'l. In carrying out my ¢xaninath"on I have ftloWed the Directions given by the Charity Commission under Section 145(5) Ibl ol the 2011 kt. Ind•pond•nt oxaminerfs ststomont I have completed my examinaticm. I confimi that no matters have come to my attention in connection with the examination giving me use to believe.. accounting records were not kept in respect oflhe Company as required by Sedion 386 of the 2006 Act., or the accounts do not accord with those records.- or the actounts do not comply wth Ihe accounl'ng reqJirements of Section 396 01 the 2(XJ6 Act other than any requirement that ttrE accoun15 give a true and fair view which is not a matter considered as part of an independent exatnination., or the accounts have not been prepared in ac(X)tdare wtth the meth(xls and prinEiples of the StatetnEnt of Recommended PraGtice for accounting and reporting by charities (applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK aThJ Republic of Ireland IFRS 10211. I have no GonrS and have cOe across no 01hew matters In conr wtth the examinathon to which attention sk¥Juld bp drawn in this report in otder to enable a proper understanding of the accounts to be reathed. Mi Jeremy Laurence Hyde FCCA FCA LEES Chartered Certified Accountants Ingram House Meridian Way NopArych Norfolk NR7 OTA 25 Mard) 2024 Pa98 3
CHALLENGE ADVENTURE CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 Unrèstricted lunds 2022 Total fun(Js Notes INCOME AND ENDOWMENTS FROM Donations and legacies 241393 EXPENDITURE ON Charltabl& actlvltles General Charitable donations General event cosls Total 779 138,267 98 889 237,935 514 514 NET INCOMEIIEXPENDITUREI 3,458 15141 RECONCILIATION OF FUNDS Total fvnds brought fOard 34,155 34.669 TOTAL FUNDS CARRIED FORWARD 34.155 The notes fomi part of these financial statements Pa98 4
CHALLENGE ADVENTURE CHARMES (REGISTERED NUMBER: 032114381 BALANCE SHEET 31 IAARCH 2023 2023 Unrèstricted lunds 2022 Total fun(ls Notes CURRENT ASSETS Debtors Cash at bank 13,560 32,083 45,3 27.303 86.013 113.316 CREDITORS Amounts falling due wthin one year 18,0301 179.1611 NET CURRENT ASSETS 37,613 34.155 TOTAL ASS5 LESS CURRENT LIABILITIES 37,613 34,155 NET ASSETS FUNDS Unrestricted fund5 TOTAL FUNDS 37613 37,613 37613 34,155 Tha charitable company is ènb.dèd to axamptN)n from audit under Ssction 477 of tt)e Companiès Act 2Q06 lor the yèar &nd8d 31 M8rth 2023. Tha mambers have not r&quir8d the tompany to cbtain an audit ol its finanaal statèmants for thè year èndad 31 March 2D23 in a¢¢ordan¢o with Se¢tion 476 of the Companies Ad 2006. Th8 Irust88s acknowlèdge thèir rgsponslbiities for la) ensuring that the chantable CoMnY keeps accountin9 rec(xds that comply wth Sections 386 and 387 of the Companies Act 2(K)6 and preparing financial stalernents whih give a true and fail view of the state of affai of the charitsble company as at the end of each financial year alld of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 39J afKJ which alherwise COmY with the rg4uifements ofthe Cotnpanie5 Act 20( relatiiig to financial staternenl5, so lar as applicable to the charitatrAe compa)y. Ib These financial statements have prepaied in aC(X)rdan with 1he wovi5ions appliG4ble to ch31it3ble companies 5ubjed to the small wmparhies regime. The financial 51alements were approved by the Board of Ttee$ and aulhoii5Bd fot 15yJÈ on 25 March 2024 and were signed on its behalf by.. Mr T E Mason-Elliott- Trustee The notes fomi part of these financial statements Pa98 5
CHALLENGE ADVENTURE CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Ba$1$ of prèparlny th• financial s1atèmts The finanGial statements ol the charilable company. whith is a public benefit enlily under FRS 102, have been propared in accordance wllh the Charlues SORP IFRS 1021 'Accouniing and Reponing ty Charltles.. Statement of Recommende Practice applicable to charities preparing t1r cOts in accordan wth the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland IFRS 1021 {effective 1 January 20191,. Financial Reporting Standard 102 'The Fin8ncial Reporting Stsndard appkable in the UK and Republic of Ireland, arKI the C(xnpanies Ad 2J06. The financial statem¢nts have been pre[¢d under the his1M¢al cost wwerhtiw. Incomè All income is recognised in the Statement rf Financial Activities once charty has entrfLlement to the ILJnds. it is probable that tlE income wll be received and the atTK)unt can be rrTreasured ieliably. Partiapant sponsorship is the amunt iaised by individual partiupators in pect of sponsOt5hip donatK)nS. EVENT SPONSORSHIP Event sponsorship is the amount raised for the cyde el as a whde ty cor[ale $sOrS. ENTRY FEES FROM CYCLISTS Entry fees from cyclists are the costs of Ihe cycling event that are passed on to individual parbcipstors. CYCLING EVENT COSTS The cycling eVt cost5 cover the orgarhisatK)n and running costs of Ihe Lyding events undertaken throughoul the yeai. ADMINISTRATrON COSTS Administrats'on costs include filing lees. bank charges aThJ the cost of promotional materiats. ExpÈnditurE Lisbilities are reCnI58d Ss 8xpenditur8 as s(x)n 85 Ihere is a legal or (x)nstructi¥e oblwJalion Ix)mmitting th8 eharity to that expenditure. il 15 probable that a transfer of economic benefit5 will be required in settletnent and the afflount of the obligation can be measured feliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relaled to the catOry. Where costs cannot be d1ctlY attributed lo particular headings they have beefi allLtsted to activiknes on a baS (x)n51Stent th the use ol resourtes. Taxation The charily is exempl from corFM)ratvJn lax ¢M its chantae aciNth"es. Fund accounting Unrestricted funds can be used in attordarÈ with U* (anb1È at Ihe discjetion ol the tmstees. Reslricied funds can only be used lor partioJkr restrtled purFoses wthin Ihe obpcls of the charity. Reslrictions arise when specified by Ihe donor or when lunds are raised lor particular restricted pur[. Further èxplanation of natur8 8nd wryK)sè of èath lund is in thè notes to thè finarKial statémènts. OONATIONS AND LEGACIES 2023 2022 Participant swnsorship Event 5ponsorthip Enlry fees from cyclists 138.268 7.5JCI 95.B25 241.393 Pa9è 6 continLJ8d...
CHALLENGE ADVENTURE CHARITIES NOTES TO THE FINANCIAL STATEMEMTS - continu FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEES, REMUNERATION AND BENEFITS Th¢rg were no trust80s' remunoration or othèr b9n8ffts for ygar ended 31 Mar¢h 2023 nor for the ygar gnded 31 Macch 2022 Tmsl••s' exnSt$ There were no trustees. expense5 paid ftKthe yeai ended 31 March 2023 nor forthe year ended 31 March 2022. COMPARATIVES FOR THE STATEMENT OF FINAMCIAL ACTivmES Unrestricled funds EXPENDITURE ON Charitable activit185 Genetal 514 NEf INCOMEIIEXPENOITUREI 15141 RECONCILIATION OF FUNDS Total funds brought forward 34,669 TOTAL FUNDS CARRIED FORWARD 34.155 DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2023 2022 Event costs pa in advance CREOITORS: AMOUNTS FALLING DUE WITHIN ONE Y&4R 2023 2022 88fbk kJ8ns and overdraftslsee note 7} Enlry fees receNed in 8¢fvare Othercreditors 1,355 4.875 1.8QQ 30,450 48.711 LOANS An analysis of the maturity of loans is given below. 2023 2022 Amunts f811ing due within one year on derrond.. Barhk overdrafts Pa9è 7 continLJ8d...
CHALLENGE ADVENTURE CHARITIES NOTES TO THE FINANCIAL STATEMEMTS - continu FOR THE YEAR ENDED 31 MARCH 2023 MOVEMENT IN FUNDS Net movtrmgnt in funds At 31.3.23 Al 14.22 Unr•strlct•d funds General fund 34.155 3,458 37,613 TOTAL FUNDS 34.155 37.613 Net movèmènt In funds, ind1&d In Ihe above are as follows". In¢oming resources Resources expended Movement in funds Unrèstrictèd funds Génèr81 fund 241.393 1237,9351 3,458 TOTAL FUNDS 241 393 237 9351 Comparatives for movwnent in lund Net movement in funds At 31_3.22 At 14.21 Unrestricted funds General fund 34.669 15141 34.155 TOTAL FUNDS 34.669 Comparative net movement in funds. induded in the above are as follows.. Incoming resourres Resour¢es expended Movement in fvnds unStrICted funds General fund 15141 15141 TOTAL FUNDS A cuirent year 12 months and prior year 12 months comb1rd pw)sitson is as follows". Net movement in funds At 31.3.23 At 14.21 Unrestricted funds General fund 34.669 2.944 3T.613 TOTAL FUNDS 34.669 2,944 Pa9è 8 continLJ8d...
CHALLENGE ADVENTURE CHARITIES NOTES TO THE FINANCIAL STATEMEMTS - continu FOR THE YEAR ENDED 31 MARCH 2023 MOVEMENT IN FUNDS- contlnued A ¢ucrgnt year 12 months and prK)r ygar 12 monlhs (xmnbined Thet movemgnt in funds. Indudl in thg abovg are as follows.. Incomlng resources Resources expended Movernent in hjnds Unr•strlet•d fund$ General fund 241.393 1238.4491 TOTAL FUNDS 241.393 238.4491 REL4TED PAry OlS¢LOSURES Tliere were no ielaLed paily itatwctions lot ihe yeai ended 31 March 2023. Pa98 9
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