CMC: PENSARN HARBOUR (Limited by Guarantee) FINANCIAL STATEMENTS for the year ended 31st October 2024 (Unaudited) Company No: 03324934 (England and Wales) Charity No: 1062075
CMC: PENSARN HARBOUR (Limited by Guarantee) FINANCIAL STATEMENTS for the year ended 31st October 2024 (Unaudited) Contents Page Company Informatlon Report of the Dlrectors and Trustees Independent Examiner's Report Statement of Financlal Activltles Balance Sheet Notes to the Accounts 2to9 10 11 12 13to17 Detalled Income & Expenditure Account not part of the statutory flnanclal statements 18
CMC: PENSARN HARBOUR Directors, and Trustees, Report for the year ended 31st October 2024 The Directors and Trustees present their report and accounts for the year ended 31st Oct-24 Reference and Adminlstrative Information Charit Com an Name CMC: Pensarn Harbour Tradin Name CMC Adventure Com an Number 3324934 (England and Wales) 1062075 Charit Number Re istered Office and O erational Address Pen5arn Harbour Llanbedr Gwynedd North Wales LL45 2HP Directors and Trustees P R Kelly- Chairman L G Charker- Hon Treasurer C Cook G French A Houghton A Sanders P Tarr Chief Executive Centre Director M Downey Com an Secretar L Addinall Bankers HSBC Bank plc 62 High Street Porthmadog Gwynedd LL49 9LN Inde endent Examiner R Morris FCA DJH Nantwich Limited 17 Alvaston Business Park Middlewich Road Nantwich Cheshire CW5 6PF
CMC: PENSARN HARBOUR Structure Governance and Management Governin Document The charity was originally founded as the Christian Mountain Centre in 1966 and operated as an unincorporated trust until it was re-registered on its incorporation, as a private company registered in England and Wales and limited by guarantee, on 27th February 1997. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The name was changed to "CMC Pensarn Harbour" following the move to much larger premises at Pensarn Harbour Llanbedr, in January 1998. The trading name of "CMC Adventure" was adopted in November 2013. Recruitment and A ointment of Directors and Trustees The directors of the company are also charity trustees for the purpose of charity law. Under the requirements of the Memorandum and Articles of Association, the directors are elected to serve for a period of three years, after which they must be re-elected at the next Annual General Meeting. The Board has a broad skills mix, including buslness, flnanclal and educatlonal skills. In order to maintain this range, individuals are approached by the Board and invited to volunteer. They may be drawn from the members of the company, for which a voluntary skills register is maintalned, or from elsewhere. The appointment by the Board of new Trustees must be confirmed by election of the members at the next Annual General Meeting. Trustee Induction and Trainin Potentlal trustees are usually familiar with the work of the Centre from having stayed there previously. They are, normally, Invited to attend at least two Board meetings, In person, as observers, Thls gives them an opportunityto see the work of the Board at first hand and to gain an understanding of how it works and of current issues. If they and the Board are satisfied that the right choice has been made, the Board will invite them to become directors and trustees. The induction and training are very much 'on the job,, with the support of the other members of the Board. This method has worked well, with new trustees taking a full part at an early stage. An induction pack has also been prepared which gives new trustees a wide range of reference information on CMC. Risk Mana ement The Board annually undertakes a wide-ranging review of various risks to which the charity is exposed. The operational risks associated with the activities the Centre undertakes are also subject to external inspection by the various licensing authorities. There are detailed procedures for all these activities, and they form the basis of all Staff training. These inspections also cover the health and safety of staff and visitor5 and the preparation and storage of food. There are also procedures to minimise internal control risks, including financial management. The CEO maintains and reviews with the Board of Trustees an on-line Risk Map. This is a live document to which members of Senior Management and the Board can contribute, review and amend.
CMC: PENSARN HARBOUR Structure Governance and Management Or anisational Structure The governance of the charity is the responsibility of the Board of Trustees, which meets in person at least 3 times a year (in addltion to the Annual General Meeting}. Since 2010 the Board has been able to make decisions at a telephone conference call, which have subsequently been replaced by zoom meetings. Several zoom meetings are held in the intervals between physical meetings of the Board. All Board members are notified of such meetings, which support the Centre Director/CEO and monitorfinancial and other matters between Board meetings and most are able to join them. The operational management of the Centre is the responsibility of the Centre Director / CEO. He deals with the appointment of staff and all day-to-day issues, including financial management, with support, as needed, from the Honorary Treasurer and other Board members. Objective5 and Actlvltles The principal objects of the charity are to educate people through outdoor pursuit activities, to develop their physical capabilities and their mental and spiritual awareness and to advance the Christian faith amon8 such persons and their families. The objective for the year was to provide high quallty outdoor educatlonal experlences supervised by qualified and experienced staff working as a Christian community. It continues, for the time being, to only use the Bryn-y-moel site for guest accommodation. The Centre was once again keen to ensure that visitors of all abilities were able to participate equally in a variety of activities. As previously, it continues to be our desire to encourage visitors from all backgrounds and of all means to use the centre and to this end It Is sometimes possible to adjust fees in cases of partlcular need. The Trustees feel that this enables them to have due regard to the public beneflt guldance published by the Charity Commission. We set out to continue our policy of budgeting for a modest surplus, although in the current financial climate and, whilst usingjust one site for accommodation, this is proving to be extremely difficult. A forecast is agreed however from which regular monitoring takes place. We continue to make use of the Flnancial Failure Insurance, which enables us to hold deposits within our working balances. When circumstances permit, we will continue to work towards building necessary working capltal. Achlevements and Performance We are continually thankful for all the support we receive throughout the year, which was so very important during 2024. At the AGM held in April 2024, the continuing concerns regarding the cash flow of the Centre and the potential desire of the Bank to withdraw our overdraft facility was drawn to the attention of the Members. The response to this was both incredible and humbling. As a result of the subsequent generosity it was possible to reduce the loan on Bryn-y- Moel by a staggering £76,500. This and other both small and large donations for specific items has been so very encouraging including an amazing sponsored 500 mile walk undertaken in aid of the Centre.
CMC: PENSARN HARBOUR Structure Governance and Management As previously reported, with the forthcoming potential redevelopment of Pensarn, the guest accommodation at this site has been mothballed, as to incur essential ongoing maintenance costs would not make financial sense. What we undertake and hope to be able to continue to offer in the future cannot and should not be done cheaply. there are risks in what we do and to mitigate these risks takes time, training, commitment and finance. Our belief is that what we provide is so essential for so many following the aftermath of the pandemic. The result5 wlll be priceless to the individual, their families and friends. Thank you for your involvement and continued interest. Bulldings and equipment Ongoing general maintenance is key to ensuring our guests have a positive residential experience with us. This continues to be a challenge in a rural environment where there is not much competition within the trades. The competent traders are often extremely busy. We have developed good relationships with several local tradesmen, including electricians, plumbers and general builders, Thls work has been coordinated by our Senior Staff. As standards and quallficatlons continue to Increase, we are less able to 'do it ourselves,, hence becomlng Increasingly reliant on external trades. Where necessary and where we were able, we continued to repair, replace, and maintain outdoor equipment to a high standard. Booklngs and Finance During 2023/2024 we dld not see the hoped for bounce back in guest numbers. Whllst the number of groups attending the centre was slmllar to previous post COVID seasons the numbers of young people in those groups remained low. In some cases, the cost of living continues to impact families and their ability to fund residential trips for their children. However, we have also come to understand that in some areas the setting up of new academy trusts has left traditlonal schools with significantly reduced intake. We desire to continue to provide residential courses for smaller schools, but we recognise that whilst we are only able to open one centre, we must maximise our occupancy where we can. Our Bryn-y-moel centre has 50 beds and groups brlnging 4 activity groups rather than 3 are significantly more viable. We are also continuing to experience reduced engagement from young people. Colleagues and group leaders continue to find young people are anxious about coming away from home. We have received an amazing amount of financial support from our friends and members during the last year and we begin the new financial year very aware of how much we need this to continue going forward. Some of these generous donations were restricted to reducing the mortgage on our Bryn-y-moel site. This was a need that as Directors and Trustees we felt led to Share at our AGM weekend in April. By reducing this liability, we aim to improve our monthly cash flow. We have received planning permission for phase 2 of our redevelopment of Pensarn and we look forward to seeingthis come to fruition in due course.
CMC: PENSARN HARBOUR Structure Governance and Management Activities and Public Benefit We have continued to run our volunteer trainee instructor programme. This provides an opportunity for young people to gain valuable industry experience and obtain National Governing Body awards allowingthem to pursue a career in outdoor education not only in the UK but around the world. We have been able to work more closely with the local community running a paddle sport club and running outdoor activities for the local schools and in one case taking the activities to the school so that a pupil who used a wheelchair could join in. Between the schools visiting and the paddle sports club some local young people are becoming regulars at CMC. It would be incredible if access to high quality outdoor education regularly at a young a8e might guide them towards a career of their own In the outdoors. We continue to maintain a genuine occupational requirement for our staff to be Christians, believing that through our service and our community we can share our faith with gentleness and respect. It has been extremely encouraging to meet once a month online to pray for the centre with people whose association with CMC goes back many decades. The impact of God's work in thi5 centre continues to draw people back and we value their involvernent greatly. Future Plans Since the last annual report was wrltten we have received planning permlsslon for Phase 2 of the redevelopment of Pensarn Harbour, This is a real answer to prayerl The additlonal 22 beds at Pensarn Harbour not only Increases our ability to work with large groups but allows our Bryn-y- Moel centre to be used for a separate group rather than just as overspill from Pensarn. It wlll also give us the flexibility to host self-catering groups as well a5 special interest groups such as walking clubs, whilst still undertaking our vital schools work. We are very aware of the scale of the redevelopment of Pensarn Harbour and are seeking to recruit more trustees to see this exciting project to completion. We hope to find people willing to serve as a trustee who have project management skills, experlence of complex building projects or experlence of fundraising significant amounts of money for charity. As we prepare to redevelop Pensarn Harbour, we are keen to reduce our mortgage on our Bryn-y-moel site to zero. We are making great steps In thls direction, but we would dearly love to clear it fully, allowing us to concentrate on Pensarn Harbour and on what will be a state-of-the-art Outdoor Education centre. Personnel We continue to be grateful for the faithful service of our staff team both those who have been with us some time and those who have joined us more recently. Each person on the team brings something different. It has been a financially tough year and we have kept our team informed along the way. Given how difficult the finance5 have been it would have been understandable if people left to find more Secure employment or increased certainty. This has not been the case. Instead, the staff team have concentrated their efforts and continued to go the extra mile for our guests, for each other and for CMC. Recruitment is still challenging, and we are grateful for the additional responsibilities team members have taken on this year. Without the good will and adaptability of our staff team we would not be operational. Given the difficulties in recruiting staff, we are looking to make some changes going forward to rebuild a well-qualified and experienced team. Employment costs have risen steeply in recent years and securing housing for staff in the local area is very challenging due to it being a popular holiday destination. However, a labourer is worthy of their hire and as Direttors and Trustees we are working to ensure that staff are appropriately remunerated.
CMC: PENSARN HARBOUR Structure Governance and Management Financial Review Financial Performance Reflecting all of the pressures and constraints which have already been outlined above, but also the incredibly generous donations, previously mentioned, for the repayment of the loan on Bryn- y-moel, the centre ended the financial year with a surplus (from unrestricted funds) of £68,565 (compared with a deficit of £6,169 for last year). The previous work undertaken on a Medium Financial Strategy is still on hold due to the Board's focus on the short to medium term flnancial implicatlons of the financial crisis, combined wlth the reduced capacity due to working from Just one site. Once stability returns, the Board will consider the longer-term Financial Strategy for the Centre. Due to the incredible generosity of our supporters, promoted by God's grace, we are just managing to stay financially viable, although this is looking continually more precarious whilst working from just one site for guest accommodation and experiencing ever increasing costs. Our future depends on the development of Pensarn Harbour and remaining flnancially secure until then. During the year we were blessed with speclflc donations, In addltion to those already mentioned forthe sole purpose of reducing our Bryn-y-moel loan. These included gifts for a new dishwasher,, buoyancy aids. assistance with garden clearance as well as towards the new Pensarn Development Project. We continue to be so grateful for all the various actions of support received. In addition we have received a number of significant working capital loans which have been extremely beneficial in assisting the Centre's day to day financial viability. Thls year the Enable Fund, which was launched wlth the purpose of covering the cost of subsidies to indlvlduals and groups who would not otherwise have been able to afford to stay at the Centre (see Objectives and Activities above), wa5 used once again for an inner-city school which is located in an area of high deprivation and its 'at risk, children would not otherwise have been able to benefit from all that the Centre has to offer. We continue to prayerfully consider CMC'S future at every opportunity. Operating one small centre at our current location is far from financlally sustainable and we are grateful for all the financial support we have received to be able to continue in thls important work. We are thankful to those who, prompted by God, through thelr faith in Him have continued to offer not just financial support but practical and prayerful support a5 well. The vislon we have been given for the future of CMC is inextricably linked to the redevelopment of Pensarn Harbour. This vision aims to serve at least the next three generations by providing a warm, genuine Christian welcome in a very special place on the water's edge. Pensarn Harbour is a place where Christians and non-christians alike have experienced something of God's goodness for decades. Be this through a conversation, reflecting on a genuine mountain top experience, the last moments of a glorious sunset or the brilliant white moonlight reflected on the water. When no words have been spoken then creation itself speaks of His great power and love. To be able to continue to share these unforgettable, life changing moments we need to rebuild Pensarn Harbour and welcome guests back to this, God's centre. The increased numbers
CMC: PENSARN HARBOUR Structure Governance and Management will ensure CMC Adventure becomes sustainable financially. However, the reason for achieving this, is to be able to serve our guests as a Christian team and share God's love with them. We very much welcome input and support from those who share this vision and desire to see it come about. Once again, during the last year, we have been blessed with significant restricted and general fund donations, and we have received interest free working capital loans. We are acutely aware of the need for these loans to be repaid in the future. We seek to find supporters who may be able to afford to make interest free loans to take over from those supporters who require their5 to be repaid. Untll we can reopen Pensarn and enjoy the economles of scale that increased accommodation will bring, we will continue to actively seek the financial and charitable support we need to persevere, whilst prayerfully believing our needs will be met. "Whatever you do, work at it with all your heart, as working for the Lord." Colossians 3:23 Reserves The Tru5tees' policy contlnues to be to build up net current assets to the point where they are equivalent to two months, worth of expenditure, currently approximately £70,000, However, at the year end there were net current liabilities of £80,031 whlch compares with net current liabilities of £74,716 in the previous year. As reported above, the Board is aware of the gravity of the Centre's financial posltion and Is endeavouring to seek ways to improve this position. Ca ital fundin A loan of £360,000 over 25 years was taken from HSBC in July 2012 to facilitate the purchase of the Bryn-y-moel Centre. As at the balance sheet date there was £146,454 outstanding on this loan. Private, interest free, loans from members have been accepted in the past to provide working capital and indeed we were very grateful for additional loans of £65,000 received during the year to assist with our cash flow. At the start of the year two loans totalling £6,500 were to be repaid in the year. In the event no loan was repaid. Tan ible fixed assets Details of acquisitions of fixed assets are set out in note 6 to the accounts. The market value of the freehold properties belonging to CMC at the balance sheet date are believed, by the Trustees, to be at least as great as their purchase costs and subsequent improvement costs. Also, as they are operational assets and continue to be maintained, where necessary, to a high standard of repair, the Trustees again consider it unnecessary to set aside depreciation of the properties for this financial year.
CMC: PENSARN HARBOUR Structure Governance and Management Future obli ations The company has no liabilities, commitments or legally binding obligations outstanding at the balance sheet date other than those disclosed in the annual statement of accounts. In the opinion of the Trustees, the company's assets are fully adequate to meet those obligations. Trustees / Directors The directors of the company for Companies Act purposes are its Trustees. The directors who serrfed during the year are listed on page l. Statement of Directors, / Trustees, responsibilltles Charity law requires the Directors / Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and the surplus or deficit of the company for that period. In preparing those financial statements the Directors / Trustees are required to: select suitable accounting policies and apply them consistently make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the company will continue to operate. The Directors / Trustees are responsible for keeplng proper accounting records which disclose, with reasonable accuracy, at any time the flnanclal position of the company, They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Risk Mana ement The Directors acknowledge that risk management, for Business activities, is the responsibility of the Board of Trustees. The Board undertakes a review of all of its key systems of internal control and financial management processes regularly and is satisfied that reasonable assurance can be given that risk5 have been adequately mitigated. The review is ongoing. Independent Examiner DJH Nantwich Limited (Accountants), who serve as our Independent Examiners, have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting on 26th April 2025.
CMC: PENSARN HARBOUR Structure Governance and Management Compliance with legislation This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies. Approval of these financial statements These annual statements were approved by the Trustees on 15th March 2025 By order of the Board P R Kelly (Director rustee) Registered Office.. CMC Pensarn Harbour CMC Pensarn Harbour Llanbedr, Gwynedd, LL45 2HP
Report ofthe Independent Examiner to the Trustees of CMC . PENSARN HARBOUR I report to the charity trustees on my examination of the accounts of the company for the year ended 315t October 2024 Set out on pages 11 to 17. The report is made 501ely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company's trustee5 as a body in accordance with sectlon 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charitable company's trustees those matter5 that l am req uired to state to them In an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company'5 trustees as a body for my independent examlner's work, for this report, or for the opinions I have formed. Res on51bilitles and basls of re As the charitable company's trustees land also its dlrectors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 20061'the 2006 Act'l. ort Having satisfied myself that the accounts of the company are not required to be audlted under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect of my examination of your charlty's accounts as carrled out under sectlon 145 of the Charitles Act 20111'the 2011 Act'l. In carrylng out my examinatlon I have followed the Dlrectlons glven by the Charlty Commission u nder Section 14515llbl of the 2011 Act. Inde endent examlner's statement Since the company's gross income exceeded £250,000 your examSner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am quallfled to undertake the examination because l am a member of the Institute of Chartered Accountants In England and Wales, whlch Is one of the listed bodies, I have completed my examlnatlon. I confirm that no matters have come to my attention in conne¢tion with the examination glvlng me cause to believe: l. accountlng records were not kept in respect of the company as required by sectlon 386 of the 2006 Act,, or 2. the accounts do not accord wlth those record5,' or 3. the accounts do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the accounts glve a 'true and fair vlew,, which 15 not a matter consldered as part of an independent examination,. or 4. the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing thelr accounts in accordance wlth the Financlal Reporting Standard applicable in the UK and Republic of I reland IFR51021. 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. R Morris FCA DJH Nantwich Limited 17 Alvaston Business Park Middlewich Road Nantwich CW5 6PF Dated.. Id ty. I loz io
CMC: PENSARN HARBOUR STATEMENT OF FINANCIAL ACTIVITIES (Includlng Income & Expendlture Account) for the year ended 31st October 2024 Unrestricted funds Restrlrted General Funds Funds Total Total Funds Fund5 31/10124 31/10/23 Notes Income and endowments from: Donations and legacies Income from Investments Tuck shop trading Income 78,191 651 1,459 91,112 169,303 651 1,459 112,103 iio 2,078 Charitable actlvlties Course and hostel Income Residential Non-residentlal Net rental and hlre income 295,693 21,999 1,620 295,693 21,999 1,620 305,917 6,463 1,620 Total Income and endowments 399,613 91,112 490,725 428,291 Expendlture on ralslng funds Publicity Costs Tuck shop tradlng costs 1,628 1,066 1,628 1,066 2,352 1,847 Expendlture on charltable actlvltles Course and hostel runnlng costs 420,554 420,554 457,740 Total expendlture 423,248 423,248 461,939 Net Income (expendlture) before transfers -23,635 91,112 67,477 -33,648 Transfer between funds 92,200 -92,200 Net movement In fund5 68,565 -1,088 67,477 -33,648 Fund balances b/fwd at 1.11.23 602,916 4,375 607,291 640,939 Fund balances clfwd at 31.10.24 671,481 3,287 674,768 607,291 li
CMC: PENSARN HARBOUR BALANCE SHEET as at 31st October 2024 3111012024 31/10/2023 Notes Tanglble Fixed Assets 992,251 965,597 Current Assets Stock Debtors and prepayments Cash at bank and in hand 3,582 6,382 4,580 14,544 3,916 8, 790 21,497 34,203 Llabilltles.. Amounts falling due withln one year -94,575 -108,919 Net current assets /-Ilabilitles -80,031 -74,716 Total assets less current Ilabilltles 912,220 890,881 Llabilltles: Amounts fallln8 due after more than one year -237,452 -283,590 Net assets io 674,768 607,291 Unrestrlcted funds li 671,481 602,916 Restrlcted funds 12 3,287 4,375 Total charlty fund5 674,768 607,291 These accounts are prepared In accordance wlth the provlsions applicable to companies subject to the small companies regime. For the year ending 31st October 2024 the company Is entitled to exemptlon from audlt under Sectlon 477 of the Companles A¢t 2006 relating to small companle5. No members have requlred the company to obtaln an audit of the flnancial ststement5 for the year ended 31st October 2024 in accordance with sectlon 476 of the Companles Act2006. The DirectOFS acknowledge their responsibility for complyingwith the regulations of the Companies Act 2006 wlth respect to accounting records and the preparation of accotjnts. ON BEHALF OFTHE BOARD Approved by the Board ol Trustee5 IDirectorsl and slgned on its behalf on 15th March 2025. P R Kelly Director & Trustee MDowney Centre Director The notes on pages 13 to 18 torm part of these flnancial statements. 12
CMC: PENSARN HARBOUR Notes to the accounts for the year ended 31st October 2024 I ACCOUNTING POLICIES 1.1 Basls of preparatlon of accounts The accounts are prepared under the historical cost convention and Include the results of the charity's operations whlch are described in the Dlrectors 'and Trustees, Report and all of whlch are contlnuing. The accounts have been prepared In accordance with the Charltles Act 2011 and the Companies Act 2006, FRS 102, The Flnancial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practlce: Accounting and Reportlng by Charities IFRS 1021. The accounts are prepared In sterllng, which is the functlonal currency of the charlty. Monetary amounts are rounded to the nearest £. The trustees consider that there are no material uncertalntles that may cast 51gnlflcant doubt on the charity's ablllty to contlnue as a golng concern. The charity is a public benefit entity. 1.2 Tan8lble flxed assets and depreclatlon Tangible flxed assets are stated at cost less depreclatlon. Flxed assets are not capitallsed where the purchase cost Is below £500. Depreclatlon15 provlded at rates calculated to wrlte off the cost of the fixed assets, less thelr estlmated residual value, over their expected useful Ilves on the followlng basls., Freehold Property Nll12% stralght Ilne basis prior to l.11.20021 Course Equipment 25% stralght Ilne ba515 Flxtures, Flttlngs & Equlpment 25% stralght line basls Motor vehlcles 20% straight Ilne basls The Centre propertles are operatlonal assets accordlng to charlty law, beSng fundamental to the ongolng work of the Centre. As they are continually maintained to a hlgh standard of repalr, the Trustees conslder It unnecessary to set aslde any further sum by way of depreciation, as thls would represent an excessive char8e for these propertles In the financlal year, 1.3 Value added tax CMC contlnues to be an educatlonal establlshment under VAT regulatlons. It therefore remalns exempt from VAT, which Is not recoverable and a5 such is included In the relevant costs In the Statement of Financlal Actlvltles. 1.4 Stock Stock Is valued at a lower cost and net reallsable value, after maklng due allowance for obsolete and slow movlng Items. 1.5 Dobtors Trade and other debtor5 are recogni5ed at the settlement amount due after any trade dlscount offered. Prepayment5 are valued at the amount prepaid. 1.6 Liabilities Llabilities are recognised where the charity has a present obllgatlon resulting from a past event that wlll probably result In the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated reliably. Liabilities are normally recognised at their settlement amount after allowing for any trade discounts due. 1.7 Operatlng leases Rentals pald under operating leases are charged to the Income and expendlture account as they fall due.
CMC: PENSARN HARBOUR Notes to the accounts for the year ended 31st October 2024 1.8 Funds Unrestricted funds are available for use at the discretlon of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrlctions in their expenditure imposed by the donor or through the terms of an appeal. The main fund held by the charlty Is the General Fund lunrestrictedl. 2 INCOME AND ENDOWMENTS 2.1 Voluntary Income and donations are accounted for as recelved by the charlty; they are generated by provlding informatlon about the work of the centre to Its visitors, supporters and the general public by means of printed and electronic publications, No permanent endowments have been recelved in thls flnanclal period, but these are dealt wlth through the Statement of Flnanclal Activities when re¢elved. 2.2 Course and hostel Income is shown gross after adjustments for deferred income relating to deposlts for future courses. 3 EXPENDITURE 3.1 Expenditure on ralsing funds Includes the costs Incurred in purchaslng Items for the Tuck Shop Ilncludlng souvenlrsl, which are then sold on to vlsltors and friends, and the cost of fundralslng and publicitvi throu8h whlch donatlons are 8enerated. 3.2 All other costs, Includlng governance costs and support costs, are allocated to the one charltable actlvlty whlchls the runnlng of courses at rhe hostel at Pensarn Harbour and the premlses at Bryn-y-moel. Included are fees to the Independent examlner of £2,400 = £2,300) re the examinatlon and £1,38012023 £1,300) re the other servlces. 4 TOTAL EXPENDITURE Staff Costs Depreclatlon Other Costs Total Total 30110124 30/10/23 Course & hostel runnlng costs Tuck shop tradlng costs Fundralsing & publicitv 193,540 28,701 198,313 1,066 1,628 420,554 1,066 1,628 457,740 1,847 2,352 12 months to 31.10.24 12 months to 31,10.23 193,540 241,737 28,701 30,491 201,007 189,711 423,248 461,939 Note: The Tuck Shop tradlng unlt is operated as an anclllary facillty at the Pensarn Hostel for the benefit of users and any proflts are all ploughed back into the malnstream actlvlty of the company, 5 STAFF COSTS & TRUSTEES EXPENSES 5.1 Staff costs comprised 30110124 30/10/23 Wages and Salaries Social Securlty Costs Pension costs 175,965 219,330 9,481 11,504 8,094 IQ,903 193,540 241,737 Note.. The charity operated a defined contrlbution scheme for staff costlng £3,006 in the year. In addition the charity contributed to a personal pension plan for eleven employees at a cost of £5,088 in the year. It Is antlcipated that payments will continue at the same rate during the coming year. No employee earns more than £60,000. The average number of staff employed by the charlty durlng the year was as follows:
30110124 30/10/23 13 16 Charltable activities Fundraislng and publicity 13 16 The key management personnel of the charlty are the trustees and the Chief Executlve Officer, together with the Senior Instructor, House Manager and Centre Admln15trator. The total employee benefits of the key management personnel was £95,22012023 = £107,476) 5.2 No remuneratlon or expenses were paid to Trustees in the perlod. 6 TANGIBLE FIXED Assrrs Freehold Property Pensarn & Bryn-y-moel Course Equlpment Centre Fittings & equlp. Motor Vehicles TOTAL Cost Bld 1.11.23 Additlons Less.. re Disposals 932,337 40,840 122,315 3,877 263,720 10,638 14,000 1,332,372 55,355 Carrled Forward 31.10.24 973,177 126,192 274,358 14,000 1,387,727 Depreclatlon B/fwd 1.11.23 Charge for the period Les5: re Dlsposals 25,041 108.134 7,247 219,600 21,454 14,000 366,775 28,701 Carried Forward 31.10.24 25,041 115,381 241,054 14,000 395,476 Not book values At 31.10.24 At 31.10,23 948.136 907,296 10,811 14,181 33,304 44,120 992,251 965,597 Footnote:
Work has been commlssioned regardlng the upgradlng / modernisation of Pensarn Harbour, These
costs, which are currently belng met by speciflc donations, have been capltallsed. Further spendlng, enhancing the value of the buildings, is hlghly Ilkelv. 7 STOCK comprlses 30110124 30/10/23 Goods for resale (Tuck Shopl Food Cleanlng Materlals Brochures 194 1.097 662 200 1.429 3,582 144 549 678 400 2,145 3,916 8 DEBTORS & PREPAYMENTS Due within one year Trade debtors Prepayments Other debtors 858 3,386 2,138 6,382 79 3,815 4,896 8,790
CMC: PENSARN HARBOUR Notes to the accounts far the year ended 315t October 2024 30110124 30/10/23 9 LIABILITIES: Amounts falllng due within one year comprlse- Bank overdraft Trade creditors Customers, Monies held Accruals and deferred income Bank 25 year repayment mortgage Working capital loans Short Term Loan Bounce Back Loan 771 2,539 42,750 8,556 27,702 6,500 25,840 1,745 37,518 18,599 6,500 5,757 94,575 5,615 108,919 after more then one year 25 year repayment mortgage Worklng capltal loans Bounce Back Loan 118,752 90,000 28,700 237,452 224.071 25,000 34,519 283,590 Footnotes: l. Deposlts are no longer held In a separately deslgnated bank account, but comblned Into the maln account for the centre. Flnanclal fallure Insurance was taken out In November 2017 to reflect thls new pollcv. 2. The bank mortgage Is from H58C 8ank plc and Is secured by a debenture and legal charge on the company'5 freehold property at Pensarn and 8ryn-y-Moel. Durlng the year, followlng an appeal to our members, It was p0$51ble to repay E76,500 of thls loan, The Ilabllltv Shown Includes £0 due after more than flve years {2023 ¥ £132,034). 3. Prlvate Interest free loans from members have been accepted In the past to provlde worklng capltal. At the start of the year two loans totalllng E6,500 wer2 to be repald In the year. In the event these loans were not repald. 4. In 2021 advantage wos taken of the Government'5 Bounce 8ack Loan of £50,000. Thls was Interest free for the flrst year, Repayments startedln December 2021. It Is repayable after 10 ye?r5. The Ilablllty shown Includes £4,196 due after 5 years.12023 - £10,608) 10 ANALYSIS OF NET ASSETS BETWEEN FUNDS Tan8lble Flxed Assets Net current Assets / Ilabllltles Lon8 term loans 30110124 30/10/23 Unre5trlcted general fund Restrlcted funds 992,251 -83,318 3,287 -80,031 237,452 671,481 3.Z87 674,768 602,916 4,375 607,291 992,251 237,452 11 UNRESTRICTED FUNDS Movements on these durlng the year were as follows.. Asat Income 30110/23 Exp Inter fund Transfers Asat 30110124 General Accumulated Fund 602,916 399,613 423,248 92,200 671.481 Totsl Unrestricted Funds 602,916 399,613 423,248 92,200 671,481 12 RESTRicfED FUNDS Movements on these during the year were a5 follows: Asat Income 30110123 Exp Inter-fund Transfers A5at 30110/24 Equipment Purchase Fund HR Handbook
Future Developments Fund
Mortgage Reduction Fund 3,125 1,250 10,075 -10,075 -1,250 -4,375 -76,500 3,125 4,375 76,662 162 4,375 91,112 -92,200 3,287 15
CMC: PENSARN HARBOUR Notes to the accounts for the year ended 31st October 2024 The Equlpment Purchase Fund represent5 donations received to fund specific costs. During the year funds were received for the purchase of buoyancy aids and a dishwasher. These were spent in the year. The donation recelved in a previous year for mattresse5 15 to be carried forward into 2024125. £1,250 was received last year to fund professional asslstance In creating a new Handbook. £672.50 was spent on this during the year and the remainder is absorbed Into general funds.
CMC Adventure was extremely grateful to receive donations totalling £4,375 towards the upgrading
/ modernisation of Pensarn Harbour, Costs for thls prellminary work have already been spent and are Included within the capitallsatlon costs shown at 6 above The Mortgage Reduction Fund was set up durir)g the year to receive donations specifically with a view to reduclng the bank mortgage. vlrtually all amounts received were used to make a substantial mortgage repayment in October 2024. 13 RELATED PARTY TRANSAcfioN5 Donatlons received without conditions from the trustees and other related partles totalled £17,355 and those wlth conditions totalled E58,325 (Total recelved in 2023- £47,861). 14 COMMITMENTS Total Total 30110124 30/10/23 I Capital expenditure authorised and contracted for 2 Capltal expendlture authorised but not contracted for 3 Leasing payments - due In the next year 4 Leasln8 payments- due In two to flve years 17,267 30,869 14,005 29,367 15 STATUS, BRANCHES & CONNEcfED CHARITIES The ch3rlty Is a company Ilmited by guarantee and a reg15tered charlty. The liablllty of each member Is limlted to £10. As at 31st October 2024 there were 77 members131.10.23 771. The company Is re8lStered wlth the Charlty Commission as a charity (number 10620751 and 15 exempt from taxation In accordance wlth Section 478 of the Corporatlon Tax Act 2010. It has no branches and no other charities are connected to It. 17
CMC: PENSARN HARBOUR DETAILED INCOME AND EXPENDITURE ACCOUNT luNRERIED FUNDS) for the year ended 31st October Z024 3111012024 31/10/2023 INCOME Course & PFostel fee5 Tuck shop- net proflt I Ios5 Rental & Hlre Income Interest CeIved Donatlons & Glfts 317,692 393 1,620 651 78.191 398,547 312,380 231 1,620 iio 89,928 404,269 EXPENDITURE Course / Actlvlty costs Course l Equlpment / Repalrs Course outln8S Instructor stsff tralnlng / expenses Vehlcle expenses Vehlcle hlre Llcenslng Actlvltles Staff Salarles & NIC Freelance / Assoclate Instructors 3,603 1,108 13.532 8,682 11,662 2,849 42,576 14,985 9,195 1757 7,321 14,585 3,152 105,800 4,410 98,997 154.660 Hostel l Base Overhead Costs Base staff salarles, NIC & Penslon Contrlbutlons Mortgage / Bank Loan Interest utllltles (Rates & Waterl General Insurance Ll8ht & Heat Telephone & P05t Offlce Expenses Recrultment Advertlslng Profes51onal Fee5 Trustee5' Expen5e5 Property Upkeep - Repalr5 Property Upkeep - Cleanlng Property Upkeep . Equlp / Malnt / Replacement Customer Servl¢es . Food Customer Servlces- Laundry Flnance - Bank Charges Flnanclal Fallure Insurance 150,964 20,937 4,550 18,263 31,304 4,464 3,145 1,050 3,870 135,937 20,319 3,569 12,496 21,455 5,091 8,203 180 iiioo 10,733 980 1,033 30,396 6,554 2,177 2N36 9,957 1,300 1,081 8,756 1,593 3,081 292,856 271589 Depreclatlon Property Course Equlpment General l Offlce Equlpment Motor Vehlcle 7,247 21,454 7,153 20,691 2.647 28,701 410.554 30,491 457,740 Fundra151n8 & Publlclty Webslte Brochures & Prlntlng Advertlslng, Exhlbltlon5 etc. 1,628 1.634 718 1,628 422,182 2,352 460.092 SURPLUSI DEFICITON UNRESTRicfED FUNDS before transfers Less Transfers to l From Restricted Funds TOTAL SURPLUS I DEFICIT ON UNRESTRICTED FUNDS FOR YEAR after transfers -23.635 92200 -55.823 49,654 68.565 -6,169 18