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2021-12-31-accounts

Company registration number: 03193408 Charity registration number: 1080941

Stubbers Adventure Centre

(A company limited by guarantee) Annual Report and Financial Statements

for the Year Ended 31 December 2021

Edmund Carr LLP Chartered Accountants & Statutory Auditor 146 New London Road Chelmsford Essex CM2 0AW

Stubbers Adventure Centre

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 9
Independent Auditors' Report 10 to 14
Consolidated Statement of Financial Activities 15
Consolidated Balance Sheet 16
Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 to 39

Stubbers Adventure Centre

Reference and Administrative Details

Chairman John Hooper
Trustees John Hooper
Abigail Hooper
Rev Andrew Drake
Secretary John Hooper
Senior Management / Robert Edwards, Chief Executive Officer (CEO)
Leadership Team Ben Woodcock, Head of Operations (left April 2021)
Andy White, Head of Activities (left October 2021)
Lewis Campbell, Head of Centre (joined May 2022)
Charity Registration Number 1080941
Company Registration Number 03193408
The charity is incorporated in England.
Registered Office 146 New London Road
Chelmsford
Essex
CM2 0AW
Auditor Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
Solicitors Gepps Solicitors
58 New London Road
Chelmsford
Essex
CM2 0PA
Bankers NatWest Bank plc
18 Station Road
Upminster
Essex
RM14 2UD
Lloyds Bank
88/89 High Street
Chelmsford
Essex
CM2 0PA

Page 1

Stubbers Adventure Centre

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2021. This is also the directors' report, as required by s415 of the Companies Act 2006.

Objectives and activities

Objects and aims

The primary object of the charity is to develop by education, example and the provision of a disciplined environment the physical, mental and spiritual capacities of children and young people to enable them to grow to full maturity as individuals and become respectable and responsible members of the community.

Objectives, strategies and activities

Stubbers provides a year round facility for outdoor adventure and personal development programmes. The centre provides accommodation and activity programme support for groups of young people who are accompanied and led by their own leaders/teachers.

The provision of accommodation both in tents and in the residential building enables youth organisations and support groups to carry out their own residential training programmes.

A typical day will have four 90-minute activity sessions. Participants have a choice of twenty-six different activities covering land-based and water-based activities. All activities are delivered by instructors trained to a minimum of the industry standard instructing qualification for each activity. The centre has recognition from the Royal Yachting Association (RYA), the British Canoe Union (BCU) and holds the AALS license. Recent recognition has been achieved through the “Adventure Mark”, “Learning Outside the Classroom” and the Duke of Edinburgh (DOE) Award Expedition assessor accreditations.

Stubbers aims to develop young leaders and outdoor activity instructors from the young clients that enjoy the centre. Covid restrictions were lifted too late in the year for us to implement our young volunteers scheme.

Public benefit

Adventurous activities are used as a means to encourage young people to discover their potential and to begin to take responsibility for the well-being of both other people and themselves.

The charity also exists for the benefit of the local community through the provision and maintenance of an open access park.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Stubbers Adventure Centre

Trustees' Report

Grant making policies

The Bursary Fund

The Bursary Fund exists to assist groups and individuals unable to afford the full cost of a visit due to financial disadvantage or when, due to disability, additional staffing support or specialised equipment is required. The fund is created through appeals for grants and donations for this purpose. In 2021 the charity received £8,871 for the general bursary fund. £4,213 directly subsidised individuals and group visits to the centre in 2021. The balance is carried forward to the bursary fund 2022

The Essex Youth Trust provides a dedicated bursary fund so that charities working with children in the diocese of Chelmsford are able to visit the centre at subsidised rates. In 2021 we received £43,070 from the trust. Awards totalling £40,931 were made to 5 beneficiary youth charities for residential and day activity visits. The balance remaining £2,139 was carried forward for the benefit of Essex Youth Trust activity beneficiaries in 2022.

Bursary Grants may be awarded by the trustees and within the criteria described above at the discretion of the CEO. Beneficiaries are required to apply in writing and a record is kept of the application and the centre’s response. Bursaries will normally be made for no more than 50% of the total cost of the visit. Allocation of Grants is subject to scrutiny by the management accountant with each bursary award reconciled with an appropriate booking / invoice.

Page 3

Stubbers Adventure Centre

Trustees' Report

Achievements and performance

The first quarter of 2021 was dominated by continued operating restrictions imposed by Covid 19. Some Schools and groups did return once restrictions were lifted with bookings fulfilled May through to December (although the summer months were at 75% of our expected numbers). The revenue figures show that the biggest impact was on the residential and catering revenues as schools modified their reservations to day visits only.

The losses on Schools and groups (the charitable activities) were mitigated by the new revenue opportunities provided by the Park Activities (see Facility improvements).

Working within HM Gov regulations and guidance the centre was able to provide a service to individuals and bubbles for individual experiences and activity days. Hot weather and a surge in the popularity of water sports ensured a steady stream of visitors keen to enjoy adventurous activities. The breakdown of day visits was as follows:

Visits through Stubbers Adventure Centre

Schools and Groups residential (nights) 8,912 of which 3,444 are designated Special Needs Schools and Groups (days) 43,120 of which 3,049 are designated Special Needs

Visits through Stubbers Training Limited

General admission 48,832 Holiday Activity Camps days 2,092 “Walk in activities” (eg pedalo, Clip and Climb, Cave) 5,889 Pre Book activities (eg Kayak, Paddleboard, Archery) 1,179 Birthday Parties 406

Facility Improvements

At the start of the year a large single span Marquee was erected as a semi-permanent location for provision of catering to our visitors accommodated in the tent villages. The venue feeds up to 400 covers for three meals a day in two to three sittings. Once the new catering service is firmly established the charity will work towards replacing the marquee with a new build dining room. The Adventure Play Park was officially opened in April along with the other new attractions including the Forest Discovery Trail and artificial caving system.

Financial review

The group financial statements to 31 December 2021 show a deficit overall on total funds of £43,141. However, Group income has increased overall from £1,859,774 in 2020 to £2,466,704 in 2021, and a surplus of £2,727 has been achieved on general funds. This has been accomplished despite the enforced closure of the centre in the first three months of 2021 due to the pandemic. In April 2021 the centre re-opened with the new Adventure Park facilities which has contributed to the increase in income. The Trustees plan to build on this in 2022 with further growth in income and an increased surplus on general funds.

For a part of the year there was a reliance on advance payments to maintain cash flow.

Page 4

Stubbers Adventure Centre

Trustees' Report

Policy on reserves

Due to the ongoing effects of the pandemic, group general funds at 31 December 2021 were in deficit with a balance of (£538,464), although the group’s total funds were £449,735. The charity's target reserves policy is to hold free reserves of £200,000. Although achieving this continues to be delayed due to the effects of the pandemic, the Trustees are confident it can be achieved in the longer term through a combination of increased fees and additional bookings, together with continued tight controls over expenditure. The new Adventure Park general admission and walk in activities are now a proven source of additional funds as are the profits from Schools and Groups catering now that self catering option has been removed and all catering taken in house.

Investment policy and objectives

The Centre has not, to date, held sufficient funds to warrant investment.

Plans for future periods

Aims and key objectives for future periods

The circumstances imposed on the charity by the Corona Virus measures have prompted the board to revisit the long-term development plans for the charity. The charity will continue to prioritise affordable adventure activity experiences to children and young people regardless of ability to pay. But the board also recognises that, in addition to making good the losses in 2020 and 2021, running costs are rising and availability of charitable grants and donations is decreasing. The board anticipates a future where the “park activities” generate sufficient surplus to subsidise charitable activities and provide bursaries. The park will also complement the work of the charity by focusing on enabling children and families to play and grow together.

Structure, governance and management

Nature of governing document

The organisation is governed by its Memorandum and Articles of Association.

Recruitment and appointment of trustees

The number of Trustees should not be less than three but is not subject to any maximum.

The board and CEO use professional networks to identify potential trustees. Candidates are invited to provide a CV and invited for initial interview with the Chair of Trustees prior to presentation to the board for approval. Appointments to the board ensure there is the breadth of experience, age, gender and specialist skills required for good governance.

Induction and training of trustees

Trustees are kept up to date on developments and policies relating to the charity through briefings by the management team. Legal advice when required is provided by Gepp & Sons.

Arrangements for setting key management personnel remuneration

The charity has a pay scale structure which is reviewed and approved annually by the Board of Trustees. Pay scales are set with benchmarks from Reed.co.uk and www.payscale.com for equivalent posts in the outdoor sector and for teaching professionals, with regard to the higher cost of living in the outer London area. The CEO's remuneration is set by the Board of Trustees with reference to remuneration of a Head Teacher of a medium size school and Chief Executive of an equivalent Charity in the outer London area.

Page 5

Stubbers Adventure Centre

Trustees' Report

Organisational structure

The CEO is appointed by the Board of Trustees to manage the day-to-day operations of the Charity. Strategic and risk decisions are taken by the board. There is day to day contact between one or more of the trustees and the CEO.

Objectives and budget for the year are set annually by the trustees. The CEO will make executive decisions throughout the year based on those objectives. Any change to the plan or expenditure outside of the budget is referred back to the trustees.

The staffing levels of the charity are as follows:

Management (4) CEO, Head of Activities, Head of Centre, Head of Operations, Administration (6) Finance, programming, Customer Services and sales Fund Raiser (1) Part time post Maintenance (5) Maintenance Manager, assistants x 2, and head Cleaner and assistant cleaner Full Time Instructors (9) January to December Part time Instructors (61) April to September Adult Volunteers (12) Grounds Maintenance x 1,Conservation Team Leader + 10 volunteers

Relationships with related parties

Stubbers Training Limited

Stubbers Training Limited (registered company number 3755730) exists to raise funds for Stubbers Adventure Centre through the delivery of adult training programmes and other non-charitable activities and is under the control of the Trustees of Stubbers Adventure Centre.

Page 6

Stubbers Adventure Centre

Trustees' Report

Major risks and management of those risks

Risks related to effective and efficient management of the Centre’s resources, both human and financial, are monitored by the trustees who meet on a regular basis to receive reports from the responsible managers.

Financial Risk – Regular review of financial resources and controls minimises potential threats posed by unexpected economic factors. The mechanisms in place include:

Budgetary control and reporting - The CEO prepares annual budgets forecasting monthly cash flows on an annual basis in accordance with development plans. These form comparatives against actual reports delivered to the trustees four times annually. Annual accounts are prepared in accordance with appropriate accounting requirements, which are audited, approved by the trustees and distributed to members together with a written review.

Cash flow sensitivity analysis – Cash flow performance is continually monitored to ensure adequate funding of activities at all times, and that cash resources are efficiently managed. The principal risk to the Centre lies in the reliability of bookings. Bookings are tracked and regulated to ensure that in any one month the centre is not put at risk by one single booking or client.

Dependency checks on income sources – The Centre is not dependent on fundraising for the running costs of the centre. The Centre has, and continually seeks to enlarge, a substantial portfolio of benefactors and supporters who would be able to assist with new projects, equipment, building and the funding of additional posts that support the charitable aims of the Centre. A Fund Raising Executive is employed to raise funds for such purposes.

Insurance – Indemnity and liability insurance appropriate to the Centre's activities continues to be obtainable. The current insurer is the Activities Industry Mutual, a specialist in adventure activity delivery. The consequences of potential excessive claims is minimised by effective awareness and prevention training.

Page 7

Stubbers Adventure Centre

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Stubbers Adventure Centre for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

The auditors Edmund Carr LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Page 8

Stubbers Adventure Centre

Trustees' Report

Small Companies Provision Statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 3 August 2022 and signed on their behalf by:

.........................................

John Hooper Chairman and Trustee

Page 9

Stubbers Adventure Centre

Independent Auditor's Report to the Members and Trustees of Stubbers Adventure Centre

Opinion

We have audited the financial statements of Stubbers Adventure Centre (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 10

Stubbers Adventure Centre

Independent Auditor's Report to the Members and Trustees of Stubbers Adventure Centre

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 11

Stubbers Adventure Centre

Independent Auditor's Report to the Members and Trustees of Stubbers Adventure Centre

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• We identified the laws and regulations applicable to the group and parent charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector.

• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the group, including the Companies Act 2006, tax legislation and data protection, employment and health and safety legislation.

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

• Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

• Performed analytical procedures to identify any unusual or unexpected relationships

• Tested journal entries to identify unusual transactions

• Investigated the rationale behind significant or unusual transactions

Page 12

Stubbers Adventure Centre

Independent Auditor's Report to the Members and Trustees of Stubbers Adventure Centre

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 13

Stubbers Adventure Centre

Independent Auditor's Report to the Members and Trustees of Stubbers Adventure Centre

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Colin Andrew Barker FCA (Senior Statutory Auditor) For and on behalf of Edmund Carr LLP, Statutory Auditor

146 New London Road Chelmsford Essex CM2 0AW

10 August 2022

Page 14

Stubbers Adventure Centre

Consolidated Statement of Financial Activities for the Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
13,396
1,637,293
578,188
3
173,429
2,402,309
531,598
1,867,984
2,399,582
2,727
2,727
(541,191)
(538,464)		 Restricted
funds
£
64,397
-
-
-
-
64,397
-
110,265
110,265
(45,868)
(45,868)
1,034,067
988,199		 Total
2021
£
77,793
1,637,293
578,188
3
173,429
2,466,706
531,598
1,978,249
2,509,847
(43,141)
(43,141)
492,876
449,735		 Total
2020
£
1,015,875
447,167
151,854
119
244,759
1,859,774
387,729
1,345,346
1,733,075
126,699
126,699
366,177
492,876

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 23.

Page 15

Stubbers Adventure Centre

(Registration number: 03193408) Consolidated Balance Sheet as at 31 December 2021

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current liabilities
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
21
Net assets
Funds of the group:
Restricted income funds
Restricted funds
23
Unrestricted income funds
Unrestricted funds
Total funds
23		 2021
£
3,333
1,302,883
1,306,216
3,319
34,706
208,600
246,625
(728,106)
(481,481)
824,735
(375,000)
449,735
988,199
(538,464)
449,735		 2020
£
6,667
967,244
973,911
1,777
526,486
227,288
755,551
(769,919)
(14,368)
959,543
(466,667)
492,876
1,034,067
(541,191)
492,876

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 15 to 39 were approved by the trustees, and authorised for issue on 3 August 2022 and signed on their behalf by:

......................................... John Hooper Chairman and Trustee

Page 16

Stubbers Adventure Centre

(Registration number: 03193408) Balance Sheet as at 31 December 2021

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
21
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
23
Unrestricted income funds
Unrestricted funds
Total funds
23		 2021
£
1,232,384
2
1,232,386
1,521
143,211
114,064
258,796
(680,973)
(422,177)
810,209
(375,000)
435,209
988,199
(552,990)
435,209		 2020
£
936,063
2
936,065
512
625,527
189,224
815,263
(713,197)
102,066
1,038,131
(466,667)
571,464
1,034,067
(462,603)
571,464

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 15 to 39 were approved by the trustees, and authorised for issue on 3 August 2022 and signed on their behalf by:

......................................... John Hooper Chairman and Trustee

Page 17

Stubbers Adventure Centre

Consolidated Statement of Cash Flows for the Year Ended 31 December 2021

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
15
Amortisation
14
Investment income
6
Working capital adjustments
Increase in stocks
17
Decrease/(increase) in debtors
18
(Decrease)/increase in creditors
20
Increase in deferred income
21
Net cash flows from operating activities
Cash flows from investing activities
Bank interest receivable
6
Purchase of intangible fixed assets
14
Purchase of tangible fixed assets
15
Sale of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Income/(payment) of loans and borrowings
20
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2021
£
(43,141)
148,135
3,334
(3)
108,325
(1,542)
491,780
(184,952)
76,472
490,083
3
-
(497,491)
13,717
(483,771)
(25,000)
(18,688)
227,288
208,600		 2020
£
126,699
113,437
3,333
(119)
243,350
(177)
(494,083)
203,765
182,840
135,695
119
(10,000)
(835,209)
11,239
(833,851)
500,000
(198,156)
425,444
227,288

All of the cash flows are derived from continuing operations during the above two periods.

Page 18

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

2 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). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Stubbers Adventure Centre 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertaking, Stubbers Training Limited, drawn up to 31 December 2021.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit for the financial year of £136,255 (2020 - surplus of £205,281). These figures exclude the transfer of profits from Stubbers Training Limited.

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiary, which is a related party, are eliminated in full.

Accounting policies of the subsidiary have been changed where necessary to ensure consistency with the policies adopted by the group.

Page 19

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

Going concern

The directors are of the opinion that the charity has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

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 group 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.

Deferred income

Deferred income represents amounts received as deposits in respect of bookings for activities taking place in future periods and is released to incoming resources in the period in which the activity takes place.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

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

Page 20

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Amortisation

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

Asset class Amortisation method and rate Goodwill 3 years straight line

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

Leasehold property

Depreciation method and rate 5 or 10 years straight line

Page 21

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

Plant and machinery 3 to 5 years straight line Motor vehicles 4 years straight line

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

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

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.

Page 22

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 23

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

3
Income from donations and legacies
Donations bursary funding
General donations
Essex Youth Trust Grant
Capital grants
Donations bursary funding
General donations
Essex Youth Trust Grant
Capital grants
4
Income from charitable activities
Activities and courses
Camping, accommodation and catering
Activities and courses
Camping, accommodation and catering		 Unrestricted
funds
£
8,871
4,525
-
-
13,396
Unrestricted
funds
£
2,523
2,200
-
-
4,723
Unrestricted
funds
£
1,381,361
255,932
1,637,293
Unrestricted
funds
£
419,995
27,172
447,167		 Restricted
funds
£
-
-
43,070
21,327
64,397
Restricted
funds
£
-
-
45,000
966,152
1,011,152
Restricted
funds
£
-
-
-
Restricted
funds
£
-
-
-		 Total
2021
£
8,871
4,525
43,070
21,327
77,793
Total
2020
£
2,523
2,200
45,000
966,152
1,015,875
Total
2021
£
1,381,361
255,932
1,637,293
Total
2020
£
419,995
27,172
447,167

Page 24

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

5
Income from other trading activities
Subsidiary trading income
Subsidiary trading income
6
Investment income
Interest receivable on bank deposits
Interest receivable on bank deposits		 Unrestricted
funds
£
578,188
578,188
Unrestricted
funds
£
151,854
151,854
Unrestricted
funds
£
3
3
Unrestricted
funds
£
119
119		 Restricted
funds
£
-
-
Restricted
funds
£
-
-
Restricted
funds
£
-
-
Restricted
funds
£
-
-		 Total
2021
£
578,188
578,188
Total
2020
£
151,854
151,854
Total
2021
£
3
3
Total
2020
£
119
119

Page 25

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

7 Other income

Furlough grants charity
Furlough grants subsidiary
Other Income
Rental income
Gains on sale of tangible fixed assets
Furlough grants charity
Furlough grants subsidiary
Other Income
Rental income
Gains on sale of tangible fixed assets		 Unrestricted
funds
£
83,726
17,304
41,039
18,473
12,887
173,429
Unrestricted
funds
£
187,960
42,622
5,442
5,675
3,060
244,759		 Restricted
funds
£
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-
-		 Total
2021
£
83,726
17,304
41,039
18,473
12,887
173,429
Total
2020
£
187,960
42,622
5,442
5,675
3,060
244,759

8 Expenditure on raising funds

a) Costs of generating donations and legacies

Marketing and publicity
Staff Costs		 Unrestricted
funds
£
20,798
11,548
32,346		 Restricted
funds
£
-
-
-		 Total
2021
£
20,798
11,548
32,346		 Total
2020
£
106,881
11,339
118,220

Page 26

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

b) Costs of trading activities

b) Costs of trading activities
Trading subsidiary costs
Depreciation, amortisation and
other similar costs		 Unrestricted
funds
£
480,343
18,909
499,252		 Restricted
funds
£
-
-
-		 Total
2021
£
480,343
18,909
499,252		 Total
2020
£
258,227
11,282
269,509

9 Expenditure on charitable activities

Note
Activities and courses
Camping, accommodation and
catering
Depreciation and amortisation
Staff costs
Governance and support costs
10
Note
Activities and courses
Camping, accommodation and
catering
Depreciation and amortisation
Staff costs
Governance and support costs
10		 Unrestricted
funds
£
635,207
108,309
63,100
1,009,537
51,831
1,867,984
Unrestricted
funds
£
451,942
19,797
82,657
686,190
46,474
1,287,060		 Restricted
funds
£
40,806
-
69,459
-
-
110,265
Restricted
funds
£
28,506
-
29,780
-
-
58,286		 Total
2021
£
676,013
108,309
132,559
1,009,537
51,831
1,978,249
Total
2020
£
480,448
19,797
112,437
686,190
46,474
1,345,346

Page 27

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

10 Analysis of governance and support costs

Governance costs

Fees paid to auditor
Audit of the financial statements
Legal and professional fees
Other governance costs		 Total
2021
£
13,010
23,992
14,829
51,831		 Total
2020
£
12,739
24,695
9,040
46,474

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
1,239,168
77,185
20,222
1,336,575		 2020
£
804,592
54,403
13,528
872,523

Page 28

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

The monthly average number of persons (including senior management team) employed by the group during the year was as follows:

Instructors and staff
Administration
Management		 2021
No
50
6
5
61		 2020
No
44
6
5
55

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the group were £166,985 (2020: £174,223).

13 Auditors' remuneration

Audit of the financial statements 2021
£
13,010		 2020
£
12,739

14 Intangible fixed assets

Group

Cost
At 1 January 2021
At 31 December 2021
Amortisation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Goodwill
£
10,000
10,000
3,333
3,334
6,667
3,333
6,667		 Total
£
10,000
10,000
3,333
3,334
6,667
3,333
6,667

Page 29

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

15 Tangible fixed assets

Group

Cost
At 1 January 2021
Additions
Disposals
Transfers
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Land and
buildings
£
818,942
217,330
-
241,379
1,277,651
728,940
44,903
-
773,843
503,808
90,002		 Other
tangible fixed
asset
£
2,361,226
280,161
(369,355)
(241,379)
2,030,653
1,483,984
103,232
(355,638)
1,231,578
799,075
877,242		 Total
£
3,180,168
497,491
(369,355)
-
3,308,304
2,212,924
148,135
(355,638)
2,005,421
1,302,883
967,244

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £503,808 (2020 - £90,002) in respect of leaseholds.

Page 30

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

Charity
Cost
At 1 January 2021
Additions
Disposals
Transfers
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Land and
buildings
£
818,942
217,330
-
241,379
1,277,651
728,940
44,903
-
773,843
503,808
90,002		 Other
tangible fixed
asset
£
2,270,116
225,266
(358,745)
(241,379)
1,895,258
1,424,053
87,656
(345,027)
1,166,682
728,576
846,063		 Total
£
3,089,058
442,596
(358,745)
-
3,172,909
2,152,993
132,559
(345,027)
1,940,525
1,232,384
936,065

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £503,808 (2020 - 90,002 ) in respect of leaseholds.

Page 31

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

16 Fixed asset investments

Charity

Shares in group undertakings and participating interests

Cost
At 1 January 2021
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Subsidiary
undertakings
£
2
2
2
2		 Total
£
2
2
2
2

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2021
2020
Subsidiary undertakings
Stubbers Training
Limited		 England Ordinary 100%
100%		 Training
activities for
adults

The registered address of Stubbers Trading Limited is 146 New London Road, Chelmsford, Essex, CM2 0AW.

Page 32

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

17 Stock

Stocks
18 Debtors
Due from group undertakings
Prepayments
VAT recoverable
Other debtors
19 Cash and cash equivalents
Cash on hand
Cash at bank		 Group
2021
£
2020
£
3,319
1,777
Group
2021
£
2020
£
-
-
25,954
28,611
-
1,701
8,752
496,174
34,706
526,486
Group
2021
£
2020
£
710
3,781
207,890
223,507
208,600
227,288		 Charity
2021
£
2020
£
1,521
512
Charity
2021
£
2020
£
111,383
100,742
25,954
28,611
-
-
5,874
496,174
143,211
625,527
Charity
2021
£
2020
£
246
2,507
113,818
186,717
114,064
189,224		 Charity
2021
£
2020
£
1,521
512
Charity
2021
£
2020
£
111,383
100,742
25,954
28,611
-
-
5,874
496,174
143,211
625,527
Charity
2021
£
2020
£
246
2,507
113,818
186,717
114,064
189,224
189,224

Page 33

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

20 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social
security
Other creditors
Pension scheme creditor
Accruals
Deferred income		 Group
2021
£
2020
£
100,000
33,333
41,524
217,531
24,985
8,724
-
26,004
4,858
3,566
18,689
19,183
538,050
461,578
728,106
769,919		 Charity
2021
£
2020
£
100,000
33,333
33,658
179,869
17,795
8,724
-
10,004
4,858
3,566
14,554
16,123
510,108
461,578
680,973
713,197		 Charity
2021
£
2020
£
100,000
33,333
33,658
179,869
17,795
8,724
-
10,004
4,858
3,566
14,554
16,123
510,108
461,578
680,973
713,197
713,197

Creditors due within one year includes the following liabilities on which security has been given:

Group Charity
2021 2020 2021 2020
£ £ £ £
Bank loan 100,000 33,333 100,000 33,333

The charity has given a fixed and floating charge over its assets as a continuing security for the payment of the Coronavirus Business Interruption Loan from National Westminster Bank Plc.

Deferred income

Deferred income
Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2021
£
461,578
336,095
(259,623)
538,050		 2020
£
278,738
245,703
(62,863)
461,578

Deferred income relates to payments received in respect of activities taking place in the following year.

Page 34

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

21 Creditors: amounts falling due after one year

Group Charity
2021 2020 2021 2020
£ £ £ £
Bank loans 375,000 466,667 375,000 466,667

Creditors amounts falling due after more than one year includes the following liabilities on which security has been given:

Bank loan Group
2021
£
2020
£
375,000
466,667		 Charity
2021
£
2020
£
375,000
466,667

The charity has given a fixed and floating charge over its assets as a continuing security for the payment of the Coronavirus Business Interruption Loan from National Westminster Bank Plc.

22 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

Within one year
In two to five years		 Group
2021
£
2020
£
38,766
75,000
30,024
18,750
68,790
93,750		 Charity
2021
£
2020
£
38,766
75,000
30,024
18,750
68,790
93,750		 Charity
2021
£
2020
£
38,766
75,000
30,024
18,750
68,790
93,750
93,750

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
Other
Within one year
Between one and five years		 Group
2021
£
2020
£
18,750
75,000
-
18,750
18,750
93,750
20,016
-
30,024
-
50,040
-		 Charity
2021
£
2020
£
18,750
75,000
-
18,750
18,750
93,750
20,016
-
30,024
-
50,040
-		 Charity
2021
£
2020
£
18,750
75,000
-
18,750
18,750
93,750
20,016
-
30,024
-
50,040
-
93,750
-
-
-

Page 35

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

23 Funds

Group

Unrestricted funds
Unrestricted funds
General funds
Restricted funds
Restricted income fund
Restricted capital fund
Total restricted funds
Total funds
Unrestricted funds
Unrestricted funds
General funds
Restricted funds
Restricted income fund
Restricted capital fund
Total restricted funds
Total funds		 Balance at 1
January 2021
£
Incoming
resources
£
Resources
expended
£
Balance at 31
December
2021
£
(541,191)
2,402,309
(2,399,582)
(538,464)
4,843
43,070
(40,806)
7,107
1,029,224
21,327
(69,459)
981,092
1,034,067
64,397
(110,265)
988,199
492,876
2,466,706
(2,509,847)
449,735
Balance at
1 January
2020
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2020
£
286,578
848,622
(1,674,789)
(1,602)
(541,191)
4,843
-
-
-
4,843
74,756
1,011,152
(58,286)
1,602
1,029,224
79,599
1,011,152
(58,286)
1,602
1,034,067
366,177
1,859,774
(1,733,075)
-
492,876		 Balance at 31
December
2021
£
(538,464)
7,107
981,092		 Balance at 31
December
2021
£
(538,464)
7,107
981,092
988,199
449,735
Balance at
31
December
2020
£
(541,191)
4,843
1,029,224
1,034,067
492,876

Page 36

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

Charity
Unrestricted funds
Unrestricted funds
General funds
Restricted funds
Restricted income fund
Restricted capital fund
Total restricted funds
Total funds
Unrestricted funds
Unrestricted funds
General funds
Restricted funds
Restricted income fund
Restricted capital fund
Total restricted funds
Total funds		 Balance at 1
January 2021
£
Incoming
resources
£
Resources
expended
£
Balance at 31
December
2021
£
(462,603)
1,806,817
(1,897,204)
(552,990)
4,843
43,070
(40,806)
7,107
1,029,224
21,327
(69,459)
981,092
1,034,067
64,397
(110,265)
988,199
571,464
1,871,214
(2,007,469)
435,209
Balance at
1 January
2020
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2020
£
108,560
832,168
(1,401,729)
(1,602)
(462,603)
4,843
-
-
-
4,843
74,756
1,011,152
(58,286)
1,602
1,029,224
79,599
1,011,152
(58,286)
1,602
1,034,067
188,159
1,843,320
(1,460,015)
-
571,464		 Balance at 31
December
2021
£
(552,990)
7,107
981,092		 Balance at 31
December
2021
£
(552,990)
7,107
981,092
988,199
435,209
Balance at
31
December
2020
£
(462,603)
4,843
1,029,224
1,034,067
571,464

The specific purposes for which the funds are to be applied are as follows:

The restricted income fund represents grants received which are to fund expenditure relating to a particular aspect of the objects of the charity, as specified by the donor.

The restricted capital fund represents fixed assets obtained with restricted grants and donations or unspent grants for the purpose of further capital works.

Page 37

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

24 Analysis of net assets between funds

Group
Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Charity
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
£
3,333
314,684
246,625
(728,106)
(375,000)
(538,464)
Unrestricted
funds
£
6,667
433,389
255,339
(769,919)
(466,667)
(541,191)
Unrestricted
funds
£
244,187
258,796
(680,973)
(375,000)
(552,990)
Unrestricted
funds
£
402,210
315,051
(713,197)
(466,667)
(462,603)		 Restricted
funds
£
-
988,199
-
-
-
988,199
Restricted
funds
£
-
533,855
500,212
-
-
1,034,067
Restricted
funds
£
988,199
-
-
-
988,199
Restricted
funds
£
533,855
500,212
-
-
1,034,067		 Total funds
2021
£
3,333
1,302,883
246,625
(728,106)
(375,000)
449,735
Total funds
2020
£
6,667
967,244
755,551
(769,919)
(466,667)
492,876
Total funds
2021
£
1,232,386
258,796
(680,973)
(375,000)
435,209
Total funds
2020
£
936,065
815,263
(713,197)
(466,667)
571,464

Page 38

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2021

25 Related party transactions

Charity

During the year the charity made the following related party transactions:

Wheelspin Motorsports Limited

(The charity's CEO is company director)

Payments totalling £Nil (2020 - £13,054) were made to the company in respect of equipment hire and purchase of equipment. At the balance sheet date the amount due to/from Wheelspin Motorsports Limited was £Nil (2020 - £Nil).

Activities Industry Mutual Limited

(The charitty's CEO is a company director) Insurance cover costing £44,946 was purchased in the year (2020 - £53,670). At the balance sheet date the amount due to/from Activities Industry Mutual Limited was £Nil (2020 - £Nil).

Mrs Edwards

(The onsite coffee shop is operated by the wife of the charity's CEO) The coffee shop was purchased from Mrs Edwards by Stubbers Training Limited for £16,000 on 1 January 2020. Mrs Edwards is employed by the charity as coffee shop manager. At the balance sheet date the amount due to/from Mrs Edwards was £Nil (2020 - £16,000).

Page 39