2020-08-31-accounts

(A COMPANY LIMITED BY GUARANTEE)

Charity number: 1071862 Company number: 3546772

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

BF Adventure Annual Report 2019-20 Company Number 3546772

Contents

Heading	Page
Reference and administrative information	3
Trustees' report	6
Independent examiners report to the trustees	15
Statement of financial activities	17
Balance sheet	19
Statement of cash flows	21
Notes to the financial statements	22

BF Adventure Annual Report 2019-20 Company Number 3546772

Reference and Administrative Information

Charity number 1071862

Company registration number 3546772

Business address Goodygrane Activity Centre Halvasso Longdowns PENRYN TR10 9BX

Registered office Goodygrane Activity Centre Halvasso Longdowns PENRYN TR10 9BX

Trustees (on date report approved)

R Padbury (Chair) K Conchie (resigned 28 Apr 2020) D Osborne (Vice Chair) A Wilcox-McLean (resigned 29 Oct 2019) D Wingham S Tregoning (Appointed 27[th ] Nov 2019) J H Murrell S Corbridge (Appointed 28[th] Jan 2020) H Beechey H Glenister (Appointed 28[th] Jan 2020) L Osborne H Maples

Secretary Mr A Richards Chief Executive Mr A Richards

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Annual Report 2019-20 Company Number 3546772

Independent examiners

Bankers Solicitors

Francis Clark LLP Lowin House Tregolls Road TRURO TR1 2NA Barclays Bank PLC 14 King Street TRURO TR1 2RB Murrell Associates Limited 14 High Cross TRURO TR1 2AJ

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BF Adventure Annual Report 2019-20 Company Number 3546772

Chairman’s Report

The first 6 months of this period were incredibly strong and promising for the charity with continued development in the quality and scope of the delivery of our focused charitable programmes, strong forward bookings for summer school activities and residentials (Summer 2020) and for continuation of delivery of the national Citizen Service (NCS) with the award of a further 3-year contract and higher funding levels. In addition, the development of a comprehensive and robust business plan to develop the Charity’s trading arm as a Community Interest Company – Via Ferrata Cornwall C.I.C. towards which significant social investment finance was secured.

The pandemic and initial lockdown associated with Covid-19 caused significant disruption across all areas of operations and with the loss of all summer group bookings placed the charity in a position of extreme financial risk. Thanks to the support of all of our partners and stakeholders and additional government support (business grants, loans and Furlough support) with donations and grants small and large, the charity was secured. This enabled us to continue to deliver our core programmes and vital support to Cornwall’s most vulnerable young people with only a 2 week pause in operations.

With funding secured it was also decided to utilise the opportunity to push ahead with the development of the new trading arm and Via Ferrata activity which was successfully launched in late July.

The dedication and commitment shown by the staff and volunteer team throughout this challenging period is immense and enabled the charity to reach the end of this period on both a stable financial position and with a significantly increased charity team supporting a higher number of disadvantaged and vulnerable young people than before the pandemic began.

Robert Padbury – BF Adventure Chair of Trustees.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Objectives & Mission

“Inspiring, challenging and motivating people, especially young people, to develop their life skills to bring about positive change”

Background:

BF Adventure is a Cornwall-based charity dedicated to improving the quality of life and engagement in society for young people and adults through the medium of behavioural and motivational support, focussed youth work, measured outcomes and outdoor activity.

The charity was established in 1989 by a group of individuals who recognised the potential of using the outdoor environment to positively influence the physical and mental wellbeing of children and young people.

BFA works with statutory bodies, voluntary and private sector organisations concerned with the well-being of young people, particularly those disadvantaged through social deprivation, physical and mental disability, and behavioural and / or learning difficulties.

While this core charitable work represents 75% of BFA’s throughput, the activity centre is also popular with school groups working with multiple local schools and academies and with youth groups such as the Guides & Scouts

In July 2020 the charity launched its dedicated trading arm – Via Ferrata Cornwall C.I.C. Offering a unique Via ferrata activity and a range of other site-based activities to families and individuals (both locals and visitors/tourists), external groups, and businesses (for corporate team building activities). The profits generated from this non-charity work will be used to support the Charitable operations of BF Adventure.

Activities offered by BFA include basic problem solving, canoeing, abseiling, climbing, swimming, snorkelling, kayaking, archery, orienteering, bushcraft and survival skills, camping, expedition planning, zip wire, raft building, nature trail and independent living skills (budgeting, cooking, planning, job search skills, IT, basic numeracy and literacy). Where possible and appropriate these activities are embedded into accredited programmes at pre-GCSE / GCSE level.

While, as a priority, maximum use is made of the outdoor classroom, indoor activity and problem-solving space is utilised both during poor weather and increasingly to address wider educational, key and other “soft” skills, and elements of career guidance.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Charitable objects:

“To promote and advance the education of young people who through their social and economic circumstances are in need of the provision of training facilities and recreational activities with a view to improving their conditions of life so that they may develop their physical, mental and spiritual capacities and grow to full maturity as individual members of society”

“To provide community facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving their conditions of life.”

When reviewing our Aims and Objectives, and in planning our future activities the Trustees have referred to the information contained in the Charity Commissions general guidance on public benefit and that contained within the Charity Governance Code.

Our Core Programmes

We have continued to deliver and develop our core charitable programmes this year. Our provision was closed for 2 weeks over the easter period due to the first Covid-19 lockdown but re-opened with an initially reduced staff team to support young people classed as highly vulnerable, demand from referral partners grew exponentially across the year and we responded by building the team and expanding provision. The increase in costs associated with Covid-safe operations and gap in funding was met by a range of funders and partners including Cornwall Council, The Wooden Spoon Charity, Garfield Western and numerous other donors including those supporting an urgent crowdfund appeal. We are hugely grateful to all of our partners, supporters and stakeholders for enabling us to continue to support young people throughout this challenging period

Young person’s feedback:

“I feel like before I started I wasn’t myself but it’s helped me get back to where I was before and be more confident. I want to come back and volunteer when I am old enough”

We have developed our Skills for Life programmes to meet needs identified through our clients, referrers and partners; as a learning organisation committed to delivering change, we are able to adapt our provision as demand changes and in recent years the focus of many of our additional programmes has been on developing provision to improve mental health and well-being.

During the 2019/20 academic year we delivered 1693 Skills for Life sessions across a range of programmes. Our Social Impact Report is produced yearly to record in detail the difference that our provision makes. Headlines from this report are:

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BF Adventure Annual Report 2019-20 Company Number 3546772

Skills for Life – Learn Differently

Our Learn Differently programme is dedicated to providing young people aged 5—16 with an alternative education provision. We create bespoke, co-produced programmes built around individual needs whilst utilising our 60+ acre site. We use a host of activities which provide challenges and experiences that are key in building self-esteem, critical thinking and improving social and personal skills. Learning differently helps young people build capacity to change and improve their outcomes. Our goal is to provide young people with support in developing resilience and effective coping strategies for dealing with the stress of life.

Skills for Life - Access to Adventure

Inclusivity is essential to our work at BF Adventure and we continue to develop the site to ensure that people with physical and/or learning disabilities can participate in all aspects of our provision. This year we have continued to provide our Access to Adventure group provision and 1:1 support and were able to draw funding from Baily Thomas and CLA Charitable Trust to support Family Activity Days throughout the summer holidays.

During the summer we worked with 11 families whose lives are impacted by disability.

Skills for Life - Head Out

The 8-week mental health and well-being programmes run on a half-termly basis and include 1:1 outreach and transition phases alongside group work on site. We have expanded the initial term time provision to include group work throughout the summer holidays.

During 2019-20 we have delivered 5 Head Out programmes and supported 30 young people to develop improved coping strategies to manage their mental well-being.

Skills for Life – Head Out LGBTQ

Funded through a private donor this programme follows the Head Out with a combination of workshops and outdoor activities. Each group plans their own themes for workshops and the groups have covered confidence building, identity, sexuality and reducing isolation.

During 2019/20 we supported 18 young people.

Skills for Life – Family Work

At BF Adventure we love to work with whole families and support the development of positive communication and relationships where there may have been a breakdown for some reason. During this year we have supported 7 families through our contract with Safer Stronger Consortium to deliver under the Victim Care Unit Contract and 3 families through Together for Families funded provision.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Group Delivery

Alongside our Core charitable programmes, the charity offers a wide range of sessions for a whole variety of groups and organisations. Due to our staff’s skills and our inclusive equipment, we specialise in educational activity days for other charitable organisations. We can provide activities to improve communication, confidence, life skills or just provide an unforgettable experience. Most of our activities are fully accessible, making us a popular choice for groups with some additional needs. We provide residential camps and activity days for a large number of Cornish Schools.

Some of our long-term programme partners include:

NCS - delivery of the National Citizenship Service programme to Y11 students, this includes their engagement in local community projects.

Carefree - residential and one - off activity programmes to support young people in care and leaving care.

Impact of Covid-19:

With 95% of group activity taking place from Easter through to October, the impact of the pandemic and the start of Lockdown 1 upon 23[rd] March 2020 was wide ranging and immediate. All planned school and group visits were either cancelled or transferred to 2021, seasonal staff and the group management team were either placed upon the Government Furlough scheme or reallocated to other areas of operations.

In addition, ongoing restrictions resulted in the NCS scheme having to be significantly modified with reduced numbers and associated income.

Volunteering

During 2019-20 (Pre-Covid) we received support from 60 individuals, with around 6 actively involved in delivery and maintenance in any given week. Most individuals support for one day per week and volunteer working parties support one off fundraising and maintenance events.

Many of our site projects would not happen without volunteer support and our clients benefit tremendously from having additional support on session.

We are a popular choice for work experience placements with local school students. This year unfortunately we were unable to support our usual 15 students with their early steps into the world of work.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Apprenticeships

We were unable to start our apprenticeship intake in the spring of 2020 due to the impact of the pandemic with start dates pushed forward to Autumn.

Site & Strategic Developments

Whilst the financial impact of the pandemic limited capital investment in the site we were able to complete following works through 2019 and 2020:

• Replacement of failing office and admin infrastructure with refurbished Porta cabins

• Investment into the development of a unique new activity – Via Ferrata to expand the activity offering and to drive commercial income generation

All of our recent developments are an essential part of delivering our future vision.

Our Aims:

By 2025 BFA will have the following characteristics:

1. Making a positive difference to all whom access our services

2. A leading provider of inclusive and accessible services to disadvantaged and disengaged individuals of all ages and abilities

3. A highly skilled & motivated team

4. A sustainable operation delivering lasting change and making a positive environmental impact

5. Operating across the southwest from its home base at Goodygrane offering market leading activities, accommodation, training facilities and appropriate support infrastructure

6. Strong relationships and presence across the voluntary sector

7. A recognised and leading provider of individual, family and group outdoor activities - now within the Via Ferrata Cornwall CIC trading arm.

Plans for 2020-21

To consolidate the growth achieved in the Core Charity team seeking to continue to develop services and the impact upon those supported.

To generate additional unrestricted income by looking to promote and maximise the Via Ferrata commercial offering.

Business Planning, consultation and development will be undertaken throughout the period to review the existing organisational and operational strengths, weaknesses, to consider future threats and opportunities and to develop a 2025 Vision/Mission, Strategic aims and associated business plans to take the charity forwards.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Financial Review

• Current Free Unrestricted assets as at 31[st ] August 2020 £36k (last year £34k)

• This represents a ratio of 0.6 months of our average monthly expenditure and our reserves policy sets out to increase this level across the next few years

• This year we recorded an unrestricted deficit of £3k after charging £20k depreciation. £15k was invested from our reserves into unrestricted fixed assets

• Restricted reserves show a surplus of £10k after charging £45k depreciation. £14k was invested in new restricted assets. Of our £291k restricted reserves, £225k will be drawn down in depreciation of assets over the next few years.

2019-20 Review

At the end of February 2020 the organisation was on course to achieve a positive year end position and to generate a potential £40K operating surplus, the impact of this unprecedented pandemic, the associated lockdowns and restrictions on ongoing operations have been considerable and have included; the loss of a significant volumes of group and adventure centre bookings, the dramatic reduction in the number of young people we are able to support on site through core operations and the limitation of fundraising activities.

Through a range of measures including utilising the Government support schemes (Furlough/coronavirus salary support scheme, Business rates grant, HMRC payment holiday) by securing additional grant funding, existing funders agreeing for funds to be utilised in a different manner, additional support from Cornwall Council and by reducing all variable costs we were able to achieve a breakeven year end position.

2020-21 Expectations

Our primary objective for 2020-21 remains to increase our current reserves level. Our budget sets a minimum expectation of a £10k increase in current reserves. We will look to rebuild operations and income from the Autumn onwards taking an agile approach as the pandemic situation develops and progresses.

Investment powers, policy and performance:

The Trustees’ investment policy is governed by the Trustee Investment Act 2000. Current investments are spread between COIF Charities Investment Fund and COIF Charities Fixed Interest Fund. Surplus funds are deposited with Barclays Bank, Santander Plc. and Bank of Scotland to achieve maximum spread of risk. Our investments were reviewed in 2013-14, we chose not to commit any further funds to long term investments and to ensure reserves remain available to support site infrastructure improvements where essential. Our aim across the next 3-5 years is to increase the level of cash investments held once reserves have recovered to a safe level. Our investment objectives were to safely invest, with an expectation of a small additional income for the organization. This objective has been met.

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BF Adventure Annual Report 2019-20 Company Number 3546772

A Going Concern?

We had made significant progress in reducing the level of risk the organisation is exposed to. Changes to our objects, structure and site have all been made to enable us to deliver sufficient income to be sustainable. Whilst the value of our Core programmes is huge, the reality of maintaining high-cost activity equipment is a constant pressure on resources and is not viable without higher volume group activities. The ongoing development of profitable trading activities in order to increase the surplus we can generate and then utilise to support Core charitable activities is ongoing.

The impact of Covid-19 was and remains considerable, including interruptions to delivery and cancellations of group activities including schools. This initially placed the organisation under considerable financial pressure but we believe we can maintain the organisation and have begun to rebuild group operations with income levels expected to return to normal in 2022-23. Our Core services have seen increased demand and funding because of the pandemic. This, alongside income from Via Ferrata CIC means we anticipate a surplus of around £44k in 2021-22, with our May 2021 management accounts showing a surplus for the year to date of £71k.

Reserves Policy

We have invested significantly in order to expand our more stable income streams following widespread changes to both Statutory/Council and European funded programmes through previous financial periods. With the resulting growth in stable and surplus generating income streams, our reserves policy for the coming years is to deliver a year on year increase in Current Reserves, with the aim of achieving £100k (which represents approximately 3 months of trading). This level will improve our resilience against future income fluctuations and allow us to respond appropriately in the event of any future significant changes in income levels. Our reserves levels are cyclical, and increase through the summer months. The Board of Trustees review the position regularly throughout the year with the finance committee having an updated monthly oversight of our ongoing financial position.

Structure, Governance and Management

Governance, governing documents and constitution:

The organisation is a charitable company limited by guarantee, incorporated on 16 April 1998 and registered as a charity on 7 October 1998.

(The Bishops Forum was initially inaugurated on 1[st ] February 1988 and constituted as a charitable trust on 22[nd ] September 1989.)

The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of

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Company Number 3546772

Association. The original Memorandum of Association was amended with the addition of a second charitable object on 14 May 2007. The Company was renamed BF Adventure on 16 October 2008. The charitable objects were then widened on 17 August 2017.

The registered office is Goodygrane Activity Centre, Halvasso, Longdowns, Penryn, Cornwall, TR10 9BX.

Recruitment and appointment of Trustees:

Under the Articles of Association the Trustees are appointed by ordinary resolution or by the Trustees. Only a person recommended by the Trustees or a person nominated by a member giving 14 to 35 days notice may be appointed as a Trustee. A three year staggered retirement/rotation period (with no maximum number of terms served) was introduced from 20[th ] March 2013.

Trustee induction and training:

All trustees are selected for the skills and experience they can offer. They are formally inducted into the organization by the CEO and management team. There are opportunities for trustees to support on session, or support site development as well as spending time with the team. We recognise the need for ongoing trustee training and support and the governance committee has introduced a training programme to enhance trustee knowledge around governance and safeguarding.

Organisational structure:

The day to day running of the charity is overseen by the CEO supported by an experienced Senior Management Team consisting of; Charity Business Manager, Activity Centre Manager and Finance Support.

There is significant variance in staffing levels aligned with the seasonality of demand for services; last summer there were 23 staff employed on a full-time basis, there are 18 support and instructional staff with part-time contracts, some only work during the summer period .

Pay policy for senior staff:

The organisation has implemented a Staffing Matrix, which defines the level of responsibility and salary banding for each role across the organization. The matrix pay levels will be reviewed annually by a new Remuneration committee led by the trustees. Pay for senior staff is incorporated within this and no separate policy is in place.

Risk management:

The BF Adventure Risk Register is reviewed regularly by both the Senior Management Team and the

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Annual Report 2019-20

Company Number 3546772

Board. Whilst this period has seen a marked improvement in our financial resilience this remains the main area of risk, and we will continue to build resilience over the next few years. The trustees also recognise the level of risk associated with both safeguarding and health and safety due to the nature of our delivery and activities. These risks are regularly monitored and reviewed to ensure we always follow best practice.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of BF Adventure for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures 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 charitable company will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

On behalf of the board

Bob Padbury Director

Date: 30/06/2021

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BF Adventure Annual Report 2019-20 Company Number 3546772

Independent examiner’s report to the trustees of BF Adventure (‘the company’)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.

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 the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I 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)].

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BF Adventure Annual Report 2019-20 Company Number 3546772 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.

Name: Scott Bentley

Institute of Chartered Accountants in England and Wales

Francis Clark LLP

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Date: 30 June 2021

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BF Adventure

Annual Report 2019-20 Company Number 3546772

Statement of Financial Activity

Note Income and Endowments from Donations & Legacies 2 Charitable Activities 5 Other trading activities 3 Income from investments 4 Total Resources Expended Expenditure on: Raising funds 6 Charitable Activities 7/8 Total Net gains/(losses) on investments Net income/(expenditure) before transfers Transfers between funds Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Funds Total Funds 2020 £ £ £ 156,050 0 156,050 381,784 116,085 497,869 34,798 0 34,798 973 0 973	Prior Period Funds 2019 £ 8,203 659,492 53,120 1,125
	573,605 116,085 689,690	721,940
	35,421 1,275 36,696 542,533 104,821 647,354	32,204 748,239
	577,954 106,096 684,050	780,443
	1,628 0 1,628	2,809
	(2,721) 9,989 7,268	(55,694)
	0 0 0	0
	174,443 280,761 455,204	510,898
	171,722 290,750 462,472	455,204

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BF Adventure Annual Report 2019-20 Company Number 3546772

Statement of Financial Activity

to 31[st] August 2019

Note Income and Endowments from Donations & Legacies 2 Charitable Activities 5 Other trading activities 3 Income from investments 4 Total Resources Expended Expenditure on: Raising funds 6 Charitable Activities 7/8 Total Net gains/(losses) on investments Net income/(expenditure) before transfers Transfers between funds Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Funds £ £ 8,203 0 576,631 82,861 53,120 0 1,125 0	Total Funds 2019 £ 8,203 659,492 53,120 1,125
	639,079 82,861	721,940
	32,204 0 621,150 127,089	32,204 748,239
	653,354 127,089	780,443
	2,809 0	2,809
	(11,466) (44,228)	(55,694)
	0 0	0
	185,909 324,989	510,898
	174,443 280,761	455,204

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BF Adventure Annual Report 2019-20 Company Number 3546772

Balance Sheet

alance Sheet
Note Fixed Assets: Tangible Assets 15 Total Fixed Assets Current Assets: Debtors 18 Investments 16 Loan to Via Ferrata Cornwall CIC 17 Cash at bank & in hand Total current assets Liabilities: Creditors: amounts falling due within 12 months 19 Cash at bank & in hand Creditors: amounts falling due after 12 months 20/21 Total liabilities Net current assets Total net assets The funds of the charity Restricted income funds 25 Unrestricted funds 24 Total charity funds	Total Funds 2020 Prior Period Funds 2019 £ £ 359,856 395,723
	359,856 395,723
	90,119 79,653 42,869 41,241 121,183 0 101,231 2,180
	355,402 123,074
	(52,786) (63,593) 0 0 (200,000) 0
	(252,786) (63,593)
	102,616 59,481
	462,472 455,204
	290,750 280,761 171,722 174,443
	462,472 455,204

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BF Adventure Annual Report 2019-20 Company Number 3546772

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the board on:

And signed on its behalf by

Bob Padbury Director

Date: 30/06/2021

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BF Adventure	BF Adventure
Annual Report 2019-20
Company Number 3546772
Statement of Cashflows
	Note	Total Funds	Prior Period
		2020	Funds 2019
		£	£
Cash flows from operating activities:
Net cash provided by (used in)	26	(61,749)	2,475
operating activities
Cash flows from investing activities
Dividends, interest and rents from		2,601	3,934
investments
Proceeds from sale of property, plant and		0	0
equipment
Purchase of property, plant and equipment		(29,012)	(15,488)
Net cash provided by (used in) investing		(88,160)	(9,079)
activities
Cash flows from financing activities:
Cash inflows from new borrowing		200,000	0
Net cash provided by (used in)		200,000	0
financing activities
Change in cash and cash equivalents in		111,840	(9,079)
the reporting period:
Cash and cash equivalents at the	27	32,260	41,339
beginning of the reporting period
Cash and cash equivalents at the end of	27	144,100	32,260
the reporting period

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BF Adventure Annual Report 2019-20 Company Number 3546772

Notes to the Financial Statements

1. Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

BF Adventure meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Under the Companies Act the parent charity is not required to prepare consolidated financial statements for the financial year as the group meets the requirements of a small group. The charitable group is also below the threshold for preparing consolidated financial statements under the Charities Act.

Going concern

The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

The trustees recognise the impact of Covid-19 on the organisation. Whilst it has presented some significant challenges we are continuing to deliver essential support services and have utilized government support to retain staff where associated income levels have significantly dropped. As restrictions begin to be lifted it is hoped group delivery income levels will begin to grow again and we will be in a position to return staff to their roles.

Income and endowments

All incoming resources are included in the statement of financial activities when it is probable the charity will be entitled to the income and the amount can be quantified with reasonable accuracy.

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BF Adventure Annual Report 2019-20 Company Number 3546772

Income from Instruction Fees

Income from instruction fees is recognised in the period of delivery.

Donations and legacies

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Cost allocation

Direct expenditure has been allocated where possible. Remaining costs have been allocated as follows:

2020		2019
Skills for Life	25%	Skills for Life	25%
Group Educational Activities	30%	Group Educational Activities	30%
Fundraising	5%	Fundraising	5%
NCS	25%	NCS	25%
Group Commercial Activities	10%	Group Commercial Activities	10%

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BF Adventure Annual Report 2019-20 Company Number 3546772 Support Costs 5% Support Costs 5%

Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	5 - 30 years Straight Line
Plant and machinery	2 - 10 years Straight Line
Motor vehicles	5 years Straight Line
Computer software	2 - 4 years Straight Line

Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

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BF Adventure

Annual Report 2019-20

Company Number 3546772

2. Income from Donations & Legacies

Donations Cornwall Council COVID-19 Support COVID-19 CJRS Total	Unrestricted Restricted 2020 Total £ £ £ 23,452 0 23,452 74,000 0 74,000 58,598 0 58,598	2019 Total £ 8,203 0 0
	156,050 0 156,050	8,203

3. Other trading activities

Fundraising Events Commercial Group Delivery Income from Via Ferrata Cornwall CIC Total	Unrestricted Restricted 2020 Total £ £ £ 10,004 0 10,004 15,794 0 15,794 9,000 0 9,000	2019 Total £ 5,696 47,424 0
	34,798 0 34,798	53,120

4. Investment Income

Unrestricted Restricted 2020 Total £ £ £ Income from UK Listed investments 949 0 949 Bank interest received 24 0 24 Total 973 0 973 . Income from Charitable Activities Unrestricted Restricted 2020 Total £ £ £ Skills for Life (inc Head Out and Access to Adventure) 246,576 108,101 354,677 Skills for Work (2,467) 0 (2,467) NCS Direct Delivery 122,610 0 122,610 Educational Group Activities 15,065 0 15,065 Grant Funded Development 0 7,984 7,984 Total 381,784 116,085 497,869	Unrestricted Restricted 2020 Total £ £ £ Income from UK Listed investments 949 0 949 Bank interest received 24 0 24 Total 973 0 973 . Income from Charitable Activities Unrestricted Restricted 2020 Total £ £ £ Skills for Life (inc Head Out and Access to Adventure) 246,576 108,101 354,677 Skills for Work (2,467) 0 (2,467) NCS Direct Delivery 122,610 0 122,610 Educational Group Activities 15,065 0 15,065 Grant Funded Development 0 7,984 7,984 Total 381,784 116,085 497,869	2019 Total £ 1,059 66
		1,125
		2019 Total £ 322,923 110 165,900 160,358 10,201
	381,784 116,085 497,869	659,492

5. Income from Charitable Activities

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BF Adventure

Annual Report 2019-20

Company Number 3546772

6. Cost of Raising Funds

6. Cost of Raising Funds
Costs of Borrowing Costs of Fundraising Events Group Commercial Delivery Total	Unrestricted Restricted 2020 Total £ £ £ 1,062 0 1,062 15,189 425 15,614 19,170 850 20,020	2019 Total £ 0 11,975 20,229
	35,421 1,275 36,696	32,204

7. Cost of Charitable Activities

Skills for Life Skills for Work NCS Direct Delivery Educational Group Activities Depreciation of Charitable Resources Support Costs Total	Unrestricted Restricted 2020 Total £ £ £ 277,158 54,445 331,603 0 0 0 109,932 2,125 112,057 124,851 2,550 127,401 0 44,970 44,970 30,592 731 31,323	2019 Total £ 292,453 168 171,690 209,035 45,628 29,265
	542,533 104,821 647,354	748,239

Overhead costs have been apportioned across delivery areas as follows: Skills for Life 25%, Group Educational Activities 30%, Fundraising 5%, NCS Direct Delivery 25%, Group Commercial Delivery 10%, Support costs 3%, Governance 2%.

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BF Adventure

Annual Report 2019-20

Company Number 3546772

8. Analysis of Support and Governance Costs

Independent examination Management Accounting Support Staff Costs Repairs & Maintenance Legal & Professional Fees Depreciation & impairment Other overhead costs Total	Unrestricted Restricted 2020 Total £ £ £ 2,500 0 2,500 13,301 0 13,301 (3,336) 0 (3,336) 0 0 0 3,153 0 3,153 691 306 997 14,283 425 14,708	2019 Total £ 2,019 12,294 (1,303) 0 253 2,685 13,316
	30,592 731 31,323	29,265

9. Net outgoing resources for the period

Net outgoing resources is stated after charging

9. Net outgoing resources for the period
Net outgoing resources is stated after charging	2020 Total	2019 Total
	£	£
Depreciation and other amounts off tangible fixed assets	64,878	68,088
Independent examiners remuneration	2,500	2,750
And after crediting
Net profit of disposal of tangible fixed assets	0	0

10. Independent Examiners Remuneration

ndependent Examiners Remuneration
	2020 Total	2019 Total
	£	£
Independent examination of the Financial Statements	2,500	2,750

11. Employees

Employment costs

yment costs Wages and salaries Social Security costs Employers contribution to defined contribution pension scheme	2020 Total 2019 Total £ £ 462,369 480,478 27,166 24,557 6,751 5,987
	496,286 511,022

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BF Adventure Annual Report 2019-20 Company Number 3546772

Employment costs are allocated directly to the relevant department, or apportioned via overheads. Where a salary is directly funded through grant funds the employment cost is allocated to restricted funds.

No employee received emoluments of more than £60,000 (2019: 0).

Number of employees

er of employees	2020 Total	2019 Total
erage monthly number of employees during the period,
ed on the basis of head count, was as follows:
Chief Executive Officer	1	1
Administration	9	8
Instructors	15	19

The average monthly number of employees during the period, calculated on the basis of head count, was as follows:

Key Management Personnel

The organisations Senior Management Team meets fortnightly through the year. Members feed into both board and committee meetings. The team consists of:

• Adrian Richards, CEO

• Tony Baker, Centre Manager

• El Warren, Charity Business Manager

The total remuneration paid to key management personnel during the year amounted to £90,686 (2019: £89,057).

12. Trustee Expenses

No trustee expenses have been incurred.

13. Related Parties

Legal services to the value of £104 (2019: £nil) were provided by Murrell Associates of which Hugh Murrell is a partner.

Chamber membership and networking expenses of £240 (2019: £nil) were paid to Cornwall Chamber Commence of which K Conchie is a director of.

Donations totaling £96 (2019: £416) have been received from the trustees. With support for fundraising events from trustees totaling £1,991 (2019: £330).

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BF Adventure Annual Report 2019-20 Company Number 3546772

14. Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

15. Tangible Fixed Assets

Cost At 1 September 2019 Additions Disposals Transfers At 31 August 2020 Depreciation At 1 September 2019 Provided in Year On Disposals At 31 August 2020 Net book value at 31 August 2020 Net book value at 31 September 2019	Freehold Land & Buildings Plant & Machinery Motor Vehicles £ £ £ 708,302 205,017 68,187 16,803 12,208 0 0 0 0 0 0 0	Total £ 981,506 29,011 0 0
	725,105 217,225 68,187	1,010,517
	359,371 170,612 55,800 47,970 9,084 7,824 0 0 0	585,783 64,878 0
	407,341 179,696 63,624	650,661
	317,764 37,529 4,563	359,856
	348,931 34,405 12,387	395,723

The trustees believe that the market value of the freehold property may be significantly higher than the carrying value. They do not however feel able to suggest a reliable estimate of the market value at this time.

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BF Adventure Annual Report 2019-20 Company Number 3546772

16. Investments

Valuation At 1 September 2019 Sale of Units Revaluations At 31 August 2020 Valuation At 1 September 2018 Sale of Units Revaluations At 31 August 2019	Listed Investments Total £ £ 41,241 41,241 0 0 1,628 1,628
	42,869 42,869
	Listed Investments Total £ £ 38,432 38,432 0 0 2,809 2,809
	41,241 41,241

17. Loan to Via Ferrata Cornwall CIC

Loan Value Total	2020 2019 £ £ 121,183 0
	121,183 0

Loan fund established to subsidiary company Via Ferrata Cornwall CIC (company number 12471065, registered in England). BF Adventure is the sole member of Via Ferrata Cornwall CIC. The loan fund has established a Via Ferrata Course on the BF Adventure site. VFC will trade commercially as an adventurous activity and all commercial undertakings of BF Adventure will transfer to the subsidiary in 2021. It is expected that VFC will generate a surplus which will be donated back to BF Adventure.

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BF Adventure Annual Report 2019-20 Company Number 3546772

18. Debtors

Trade Debtors Other Debtors Prepayments & Accrued Income Total	2020 2019 £ £ 74,253 63,574 3,518 349 12,348 15,730 90,119 79,653

19. Creditors: amounts falling due within one year

Loans & Overdraft Trade Creditors Other taxes and social security Other Creditors Accrued Expenses Deferred income	2020 2019 £ £ 0 11,162 19,165 30,346 5,717 7,698 1,206 3,320 2,750 2,750 23,948 8,317
	52,786 63,593

20. Creditors: amounts falling due between two and five years

Resonance SITR Loan Barclays Bounce Back Loan	2020 2019 £ £ 123,254 0 40,000 0
	163,254 0

21. Creditors: amounts falling due after five years

Resonance SITR Loan Barclays Bounce Back Loan	2020 2019 £ £ 26,746 0 10,000 0
	36,746 0

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BF Adventure Annual Report 2019-20 Company Number 3546772

22. Accruals and Deferred Income

2. Accruals and Deferred Income
Deferred Income At 1 September 2019 Increase/(decrease) in period Released in period At 31 August 2020	2020 2019 £ £ 8,317 41,595 23,948 8,317
	32,265 49,912
	(8,317) (41,595)
	23,948 8,317

Deferred income relates to advance payments made to secure future bookings. They are non-refundable, but relate to delivery in future periods.

23. Analysis of net assets between funds

Fund balances as at 31 August 2020 as represented by: Tangible Fixed Assets Current Assets Current Liabilities and provisions Total Fund balances as at 31 August 2019 as represented by: Tangible Fixed Assets Current Assets Current Liabilities and provisions Total	Unrestricted Funds Restricted Funds £ £ 135,630 224,226 288,878 66,524 (252,786) 0	Total Funds £ 359,856 355,402 (252,786)
	171,722 290,750	462,472
	Unrestricted Funds Restricted Funds £ £ 140,345 255,378 97,691 25,383 (63,593) 0 174,443 280,761	Total Funds £ 395,723 123,074 (63,593)
		455,204

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BF Adventure Annual Report 2019-20 Company Number 3546772

24. Unrestricted Funds

	At 1	Incoming	Outgoing	Transfers	Gains &	At 31
	September	Resources	Resources		Losses	August
	2019					2020
	£	£	£	£	£	£
General Fund	174,443	573,605	(577,954)	0	1,628	171,722
	At 1	Incoming	Outgoing	Transfers	Gains &	At 31
	September	Resources	Resources		Losses	August
	2018					2019
	£	£	£	£	£	£
General Fund	185,909	639,079	(653,354)	0	2,809	174,443

33

BF Adventure

Annual Report 2019-20

Company Number 3546772

25. Restricted Funds	At 1	Incoming	Outgoing	Transfers At 31
	September	Resources	Resources	August
	2019			2020
	£	£	£	£
Albert van den Bergh- revenue fund	2,710	0	180	2,530
for Head Out provision
Baily Thomas- revenue fund for	0	2,000	2,000	0
Head Out provision
BF Adventure Barn Project-	121,445	0	6,420	115,025
depreciation reserve for Adventure
Barn*
CC Accessibility Grant- depreciation	6,853	0	1,827	5,026
reserve for provision of accessible
toilet facilities*
CC Room Refit- capital grant for	1,665	0	180	1,485
sensory room provision*
CCC Aiming High- Changing Places-	12,303	0	1,047	11,256
depreciation reserve for Accessible
Changing Suite*
CLA Charitable Trust- revenue fund	0	3,500	3,500	0
for organisational core costs
Clothworkers- depreciation reserve	0	1,984	66	1,918
for tablets: Covid-19 support*
Clothworkers- revenue fund for	0	1,500	1,500	0
Covid-19 support
Cornwall Community Foundation-	4,840	7,420	6,166	6,094
revenue fund for provision of mental
health activities
Cornwall Community Foundation YS-	3,997	0	1,559	2,438
revenue fund for provision of youth
services
Cornwall Community Foundation I	0	4,980	1,912	3,068
Will- revenue fund for I Will
provision
Cornwall Council- revenue fund for	2,000	0	2,000	0
provision of mental health activities
Centrica- depreciation reserve for	962	0	240	722
energy monitoring equipment*
BBC Children in Need-Summer Fund	0	8,682	8,682	0
Department for Transport-	12,388	0	7,824	4,564
Depreciation reserve for community
minibus*
EDF Green Fund- depreciation	15,744	0	3,498	12,246
reserve for 3 phase electrical
upgrade*
Edward Gostlin- revenue fund for	0	8,000	840	7,160
Head Out delivery

34

BF Adventure

BF Adventure	BF Adventure
Annual Report 2019-20 Company Number 3546772
Garfield Weston- revenue fund for organisational core costs to deliver Skills for Life	0 20,000 0	20,000
Green Hall Foundation- depreciation reserve for climbing equipment*	2,955 0 236	2,719
Groundwork UK- revenue fund for Skills for Life	0 500 500	0
Hedley Foundation- depreciation reserve for site development*	1,845 0 157	1,688
Inner Wheel- depreciation reserve for kayak fleet and SUPS*	0 6,000 246	5,754
Lloyds TSB Capital- depreciation reserve for site development*	5,547 0 472	5,075
Big Lottery- revenue fund for Chatty Café Covid-19 response	0 2,834 0	2,834
Tanner Trust- capital reserve for Office Renovation*	6,000 0 125	5,875
Santander Adventure Quarry- depreciation reserve for Adventure Quarry improvements*	850 0 392	458
Site Development Fund- depreciation reserves for Activity Quarry installation*	50,427 0 19,920	30,507
Skipton Yurt Fund- depreciation reserve for Yurt nurture space*	3,167 0 431	2,736
The Tanner Trust- revenue fund for organisational core costs- Covid-19 support	0 5,000 5,000	0
The Tanner Trust- depreciation reserve for site borehole*	2,741 0 236	2,505
Together for Families- revenue fund for provision of activities	6,001 6,960 980	11,981
TOTEM- revenue fund for provision of LGBTQ+activities	0 25,225 21,757	3,468
Wooden Spoon-revenue fund for individual support	0 10,000 4,245	5,755
Wooden Spoon- depreciation reserve for Adventure Barn climbing wall*	16,050 0 1,800	14,250
Worval Foundation- revenue fund for provision of Individual activities	0 1,500 0	1,500
Other small funds*	271 0 158	113
	280,761 116,085 106,096	0 290,750

• £224,226 of the balance at 31 August 2020 is a depreciation reserve for grant funded fixed assets.

35

BF Adventure

Annual Report 2019-20

Company Number 3546772

Restricted Funds prior period	At 1 September 2018	Incoming Resources	Outgoing Resources	Transfers At 31 August 2019
	£	£	£	£
Albert van den Bergh- revenue fund	2,000	2,000	1,290	2,710
for Head Out provision
Belling Charitable Trust- depreciation	1,177	0	1,177	0
reserve for IT equipment*
BF Adventure Barn Project-	127,865	0	6,420	121,445
depreciation reserve for Adventure
Barn*
CC Accessibility Grant- depreciation	8,680	0	1,827	6,853
reserve for provision of accessible
toilet facilities*
CC Room Refit- capital grant for	1,800	0	135	1,665
sensory room provision*
CCC Aiming High- Changing Places-	13,350	0	1,047	12,303
depreciation reserve for Accessible
Changing Suite*
CCC Aiming High Bikes- Depreciation	99	0	99	0
reserve for All Terrain accessible
vehicle*
CCC Biodiversity Improvement-	798	0	798	0
depreciation reserve for Ecopond
and equipment*
Cornwall Community Foundation-	0	4,840	0	4,840
revenue fund for provision of mental
health activities
Cornwall Community Foundation YS-	0	5,000	1,003	3,997
revenue fund for provision of youth
services
Cornwall Council- revenue fund for	0	2,000	0	2,000
provision of mental health activities
Centrica- depreciation reserve for	0	1,202	240	962
energy monitoring equipment*
BBC Children in Need- Summer Fund	0	7,343	7,343	0
2019-20
Claire Milne- revenue fund for	0	10,000	10,000	0
provision to Young People with
disabilities
Department for Transport-	20,212	0	7,824	12,388
Depreciation reserve for community
minibus*
Duchy Health Fund	0	833	833	0
EDF Green Fund- depreciation	19,242	0	3,498	15,744
reserve for 3 phase electrical
upgrade*

36

BF Adventure

BF Adventure	BF Adventure
Annual Report 2019-20 Company Number 3546772
Green Hall Foundation- depreciation reserve for climbing equipment*	0 3,000 45	2,955
Hedley Foundation- depreciation reserve for site development*	2,002 0 157	1,845
Lloyds TSB Capital- depreciation reserve for site development*	6,019 0 472	5,547
Tanner Trust- capital reserve for Office Renovation	0 6,000 0	6,000
Big Lottery- revenue fund for provision of mental health activities	0 8,682 8,682	0
Big Lottery Fund Grant- revenue fund for provision of residential services to those with disabilities	9,257 0 9,257	0
Santander Adventure Quarry- depreciation reserve for Adventure Quarry improvements*	1,242 0 392	850
Site Development Fund- depreciation reserves for Activity Quarry installation*	70,347 0 19,920	50,427
Skipton Yurt Fund- depreciation reserve for Yurt nurture space*	3,598 0 431	3,167
The Tanner Trust- depreciation reserve for site borehole*	2,977 0 236	2,741
Together for Families- revenue fund for provision of activities	6,960 6,961 7,920	6,001
TOTEM- revenue fund for provision of LGBTQ+activities	0 25,000 25,000	0
West Cornwall Youth Trust- revenue fund for provision of activities to Young People in West Cornwall	1,708 0 1,708	0
Wooden Spoon- depreciation reserve for Adventure Barn climbing wall*	17,850 0 1,800	16,050
Worval Foundation- revenue fund for provision of Head Out activities	6,840 0 6,840	0
Other small funds*	966 0 695	271
	324,989 82,861 127,089	0 280,761

• £255,378 of the balance at 31 August 2019 is a depreciation reserve for grant funded fixed assets.

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BF Adventure

Annual Report 2019-20

Company Number 3546772

26. Reconciliation of net income/(expenditure) to net cash flow from operating activities

from operating activities
	2020	2019
	£	£
Net income/(expenditure) for the reporting period (as	7,268	(55,694)
per the statement of financial activities)
Adjustments for:
Depreciation Charges	64,878	68,088
(Gains)/Losses on investments	(1,628)	(2,809)
Dividends, interest and rents from investments	(973)	(1,125)
Loss/(profit) on the sale of fixed assets	0	0
(Increase)/decrease in debtors	(131,649)	15,996
Increase/(decrease) in creditors	355	(21,981)
Net cash provided by (used in) operating activities	(61,749)	2,475
27. Analysis of cash and cash equivalents
	2020	2019
	£	£
Cash in hand	101,231	2,180
Bank Overdraft	0	(11,161)
Notice deposits (less than 3 months)	42,869	41,241
Total cash and cash equivalents	144,100	32,260

38

BF Adventure Annual Report 2019-20 Company Number 3546772

28. Financial Commitments

At 31 August 2020 the company had annual commitments under non-cancellable operating leases as follows:

Due within one year Due 2-5 years Due after 5 years	2020 2019 £ £ 4,105 5,041 10,515 12,260 54,280 56,640
	68,900 73,941

29. Company limited by guarantee

BF Adventure is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be require, not exceeding £10, to assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

39