OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Company registration number: 03193408 Charitable company registration number: 1080941

Stubbers Adventure Centre

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

for the Year Ended 31 December 2022

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 8
Independent Auditors' Report 9 to 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Balance Sheet 16
Consolidated Statement of Cash Flows 17
Notes to the Financial Statements 18 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 Lewis Campbell, Head of Centre (joined May 2022)
Charitable company 1080941
Registration Number
Company Registration Number 03193408
The charitable company 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 of the charitable company for the year ended 31 December 2022.

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.

The charity’s trading subsidiary, Stubbers Training Limited, supports these aims by providing park facilities and activities that enable children and families to grow together through participation in adventure and outdoor pursuits.

Objectives, strategies and activities

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

Residential Capacity is 280 beds four tent villages and 48 beds in a purpose build bunkhouse building.

In a typical day our adventurers will enjoy three 120-minute activity sessions. The activity programme is drawn from 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 an AALS license. Recent recognition has been achieved through the “Adventure Mark” and “Learning Outside the Classroom” accreditations.

Our Holiday Activity Scheme (SMASH) is registered with Ofsted as a childcare provider.

Stubbers aims to develop young leaders and outdoor activity instructors from the young clients that enjoy the centre. Many will become volunteers as 15 year olds and progress to becoming adventure activity instructors themselves. Working at Stubbers equips our young team with a wealth of people management skills and work experience that transfers well to higher education or their future employment.

Public benefit

Our adventurous activity programmes 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 families from the local community through the provision and maintenance of an open access park that provides a well-managed and safe environment for children and families to enjoy the outdoor environment together.

Page 2

Stubbers Adventure Centre

Trustees' Report

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.

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. Typically these individuals are identified through being in receipt of Free School Meals, Pupil Premium or having an Education Health and Care Plan. The fund is created through appeals for grants and donations for this purpose. In 2022 the charity received £7,410 for the general bursary fund. In the year bursary awards made totalled £24,162 benefitting 895 children.

The Essex Youth Trust provides a dedicated bursary fund so that charities working with children in the diocese of Chelmsford can visit the centre at subsidised rates. In 2022 we received £38,792 from the trust. Awards totalling £38,611 were made to 5 beneficiary youth clubs for residential and day activity visits.

Bursary Grants may be awarded by the trustees and within the criteria described above at the discretion of the Chief Executive Officer. 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.

Achievements and performance

In 2022 the charity had worked through the deferred bookings that were a legacy of covid cancellation and we saw a return to cashflow patterns from prior to the covid disruption. The Park has continued to be a popular destination for local families and is creating a significant revenue stream to bolster the costs of the charity.

Schools and Groups - Residential visitors: 6,267 Schools and Groups - Day visitors: 37,555 Special needs and challenging behaviour: 1,362 Park visitors: 52,107 Park Activities: 15,000

Facility Improvements

In 2022 the focus for facility improvement was on the provision of a dining room capable of accommodating 320 campers in two sittings. We purchased a large single span Marquee and fitted it out with suspended floor lighting and heater.

Page 3

Stubbers Adventure Centre

Trustees' Report

Financial review

The group financial statements to 31 December 2022 show a surplus of £451,873 (2021 – deficit of £43,141). This includes income of £250,000 from business interruption insurance related to the covid period March 2020 to June 2022.

Group total income has increased overall from £2,466,704 in 2021 to £3,277,064 (£3,027,064 net of the business interruption insurance payment).

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

Policy on reserves

The group’s total funds at 31 December 2022 were £901,608. Restricted funds totalled £913,069 and there was a deficit of £11,461 on unrestricted funds (reduced from a deficit of £538,464 at 31 December 2021). The charity's target reserves policy is to hold free reserves of £200,000. Although achieving this continues to be delayed due to the reinvestment in repairs and new activities following the covid shutdown period, 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 continue to be a proven source of additional funds as are the profits from Schools and Groups catering now that the 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 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 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

Stubbers Adventure Centre is a Company Limited by Guarantee and is governed by its Memorandum and Articles of Association.

Page 4

Stubbers Adventure Centre

Trustees' Report

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 Chief Executive Officer 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 & Son Solicitors.

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.

Organisational structure

The charity has a full-time team of around 36 employees proving our year-round adventure activity, accommodation, catering provision and maintenance of our 130 acre grounds and associated buildings. The team is enhanced in the summer season (May to September) by about 30 additional team members on seasonal contracts. Weekends and holidays we are further assisted by casual employees drawn from a cohort of around 40 young people from the local community.

The Senior management team of four (Assistant Manager, Head of Maintenance, Chief Instructor, Head of Food & Beverage) is led by the Chief Executive Officer who in turn reports to the board of trustees of the charity.

The Chief Executive Office is a director of the trading subsidiary, Stubbers Training Limited along with two other directors drawn from the board of Stubbers Adventure Centre.

We have one volunteer working on the grounds team and a team of volunteers that visit periodically to carry out projects relating to our woodland. The Young Leaders scheme is open to local young people from age 15. In return for assisting the activity team they received training and qualifications in adventure activities.

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 5

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.

Budgetary control and reporting - The Managing Director 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, and are audited, approved by the trustees and distributed to members together with a written review.

Cash flow sensitivity – 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.

Insurance – Indemnity and liability insurance appropriate to the Centre’s activities continues to be obtained as follows:

Loss of revenue – Revenue streams are spread over the broad headings of community group residential, community group day visits and corporate and park income. Caution is taken on bookings to avoid reliance on any single revenue stream, booking or client to achieve revenue targets. Full payment is required 3 months prior to the visit and a structured refund policy is in place. The charity has business interruption insurance. The charity is not dependent on grants and donations to cover core cost although it often seeks funding for specific items or projects including the bursary fund. These items or projects are not purchased or undertaken until funds have been committed.

Adverse Publicity – Every effort is made to prevent adverse publicity through the adherence with prudent operation procedures and customer service policies. The charity retains an incident management company, “Pharos”, which provides incident management and media support should there be an event likely to attract adverse publicity. Key management staff receive media communication training.

Public Liability – The charity has public liability insurance to £10 million with the Activities Industry Mutual.

Property – All property and capital assets – including buildings comprising the leased property - are insured to the full replacement value.

Negligence by CEO and Trustees – Every effort is made to ensure that CEO and board of trustees have the training and competence required for the responsibilities of their role. The CEO and Trustees are covered by D&O insurance.

Page 6

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group 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 charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Reappointment of auditor

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

Page 7

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 charitable company on 3 August 2023 and signed on its behalf by:

......................................... John Hooper Chairman and trustee

Page 8

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 subsidiary (the 'group') for the year ended 31 December 2022, 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 9

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 matter 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 7), 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 10

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 11

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 12

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

9 August 2023

Page 13

Stubbers Adventure Centre

Consolidated Statement of Financial Activities for the Year Ended 31 December 2022 (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
£
12,610
2,187,048
759,804
23
277,187
3,236,672
601,501
2,108,168
2,709,669
527,003
527,003
(538,464)
(11,461)		 Restricted
funds
£
40,392
-
-
-
-
40,392
-
115,522
115,522
(75,130)
(75,130)
988,199
913,069		 Total
2022
£
53,002
2,187,048
759,804
23
277,187
3,277,064
601,501
2,223,690
2,825,191
451,873
451,873
449,735
901,608		 Total
2021
£
77,793
1,637,293
578,188
3
173,429
2,466,706
535,218
1,974,629
2,509,847
(43,141)
(43,141)
492,876
449,735

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 23.

Page 14

Stubbers Adventure Centre

(Registration number: 03193408) Consolidated Balance Sheet as at 31 December 2022

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		 2022
£
-
1,356,388
1,356,388
3,259
277,314
261,613
542,186
(721,966)
(179,780)
1,176,608
(275,000)
901,608
913,069
(11,461)
901,608		 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

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 14 to 39 were approved by the trustees, and authorised for issue on 3 August 2023 and signed on their behalf by:

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

Page 15

Stubbers Adventure Centre

(Registration number: 03193408) Balance Sheet as at 31 December 2022

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
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
21
Net assets
Funds of the charitable company:
Restricted income funds
Restricted funds
23
Unrestricted income funds
Unrestricted funds
Total funds
23		 2022
£
1,270,097
2
1,270,099
1,720
327,287
72,038
401,045
(702,426)
(301,381)
968,718
(275,000)
693,718
913,069
(219,351)
693,718		 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

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 14 to 39 were approved by the trustees, and authorised for issue on 3 August 2023 and signed on their behalf by:

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

Page 16

Stubbers Adventure Centre

Consolidated Statement of Cash Flows for the Year Ended 31 December 2022

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
15
Amortisation
14
Investment income
6
Interest payable
8
Working capital adjustments
Decrease/(increase) in stocks
17
(Increase)/decrease in debtors
18
Decrease 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 tangible fixed assets
15
Sale of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Interest payable and similar charges
8
Income/(payment) of loans and borrowings
20
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2022
£
451,873
198,562
3,333
(23)
17,074
670,819
60
(242,608)
(8,931)
2,791
422,131
23
(252,104)
37
(252,044)
(17,074)
(100,000)
(117,074)
53,013
208,600
261,613		 2021
£
(43,141)
212,532
3,334
(3)
3,620
176,342
(1,542)
491,780
(168,952)
60,472
558,100
3
(494,195)
(53,976)
(548,168)
(3,620)
(25,000)
(28,620)
(18,688)
227,288
208,600

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

Page 17

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

1 Charitable company status

The charitable company 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 charitable company 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 2022.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus for the financial year of £258,510 (2021 - deficit of £136,255). 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 18

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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 charitable company 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 charitable company 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 charitable company before the charitable company 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 charitable company 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 19

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

Charitable activities

Charitable expenditure comprises those costs incurred by the charitable company 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 charitable company’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees 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 charitable company 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 charitable company 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 Goodwill

Amortisation method and rate 3 years straight line

Page 20

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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 Plant and machinery Motor vehicles

Depreciation method and rate 5 or 10 years straight line 3 to 5 years straight line 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 charitable company 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 charitable company 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 21

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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 22

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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
Sale of gift vouchers and merchandise
Activities and courses
Camping, accommodation and catering		 Unrestricted
funds
£
7,410
5,200
-
-
12,610
Unrestricted
funds
£
8,871
4,525
-
-
13,396
Unrestricted
funds
£
1,425,198
761,696
154
2,187,048
Unrestricted
funds
£
1,381,361
255,932
1,637,293		 Restricted
funds
£
-
-
38,792
1,600
40,392
Restricted
funds
£
-
-
43,070
21,327
64,397
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-		 Total
2022
£
7,410
5,200
38,792
1,600
53,002
Total
2021
£
8,871
4,525
43,070
21,327
77,793
Total
2022
£
1,425,198
761,696
154
2,187,048
Total
2021
£
1,381,361
255,932
1,637,293

Page 23

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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
£
759,804
759,804
Unrestricted
funds
£
578,188
578,188
Unrestricted
funds
£
23
23
Unrestricted
funds
£
3
3		 Restricted
funds
£
-
-
Restricted
funds
£
-
-
Restricted
funds
£
-
-
Restricted
funds
£
-
-		 Total
2022
£
759,804
759,804
Total
2021
£
578,188
578,188
Total
2022
£
23
23
Total
2021
£
3
3

Page 24

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

7 Other income

Other Income
Insurance 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
£
3,681
257,124
10,016
6,366
277,187
Unrestricted
funds
£
83,726
17,304
41,039
18,473
12,887
173,429		 Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-
-		 Total
2022
£
3,681
257,124
10,016
6,366
277,187
Total
2021
£
83,726
17,304
41,039
18,473
12,887
173,429

Page 25

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

8 Expenditure on raising funds

a) Costs of generating donations and legacies

Marketing and publicity
Staff Costs		 Unrestricted
funds
£
9,764
11,263
21,027		 Restricted
funds
£
-
-
-		 Total
2022
£
9,764
11,263
21,027		 Total
2021
£
20,798
11,548
32,346

b) Costs of trading activities

b) Costs of trading activities
Trading subsidiary costs
Depreciation, amortisation and
other similar costs		 Unrestricted
funds
£
536,752
26,648
563,400		 Restricted
funds
£
-
-
-		 Total
2022
£
536,752
26,648
563,400		 Total
2021
£
480,343
18,909
499,252

c) Investment management costs

c) Investment management costs
Interest payable;
Interest payable on bank loans and
overdrafts		 Unrestricted
funds
£
17,074
17,074		 Total
2022
£
17,074
17,074		 Total
2021
£
3,620
3,620

Page 26

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

9 Expenditure on charitable activities

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
£
615,377
185,958
95,620
1,171,791
39,422
2,108,168
Unrestricted
funds
£
635,207
108,309
63,100
1,009,537
48,211
1,864,364		 Restricted
funds
£
38,611
-
76,911
-
-
115,522
Restricted
funds
£
40,806
-
69,459
-
-
110,265		 Total
2022
£
653,988
185,958
172,531
1,171,791
39,422
2,223,690
Total
2021
£
676,013
108,309
132,559
1,009,537
48,211
1,974,629

10 Analysis of governance and support costs

Governance costs

Governance costs
Fees paid to auditor
Audit of the financial statements
Legal and professional fees
Other governance costs		 Total
2022
£
12,736
19,100
7,586
39,422		 Total
2021
£
13,010
23,992
11,209
48,211

Page 27

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
1,426,405
95,931
21,346
1,543,682		 2021
£
1,239,168
77,185
20,222
1,336,575

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		 2022
No
52
6
5
63		 2021
No
50
6
5
61

The total employee benefits of the key management personnel of the group were £144,429 (2021: £166,985).

13 Auditors' remuneration

Audit of the financial statements 2022
£
12,736		 2021
£
13,010

Page 28

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

14 Intangible fixed assets

Group
Cost
At 1 January 2022
At 31 December 2022
Amortisation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Goodwill
£
10,000
10,000
6,667
3,333
10,000
-
3,333		 Total
£
10,000
10,000
6,667
3,333
10,000
-
3,333

Page 29

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

15 Tangible fixed assets

Group

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Eliminated on disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Land and
buildings
£
1,277,651
7,700
-
1,285,351
773,843
48,507
-
822,350
463,001
503,808		 Other
tangible fixed
asset
£
2,030,653
244,404
(7,560)
2,267,497
1,231,578
150,055
(7,523)
1,374,110
893,387
799,075		 Total
£
3,308,304
252,104
(7,560)
3,552,848
2,005,421
198,562
(7,523)
2,196,460
1,356,388
1,302,883

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £463,001 (2021 - £503,808) in respect of leaseholds.

Page 30

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

Charitable company

Charitable company
Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Eliminated on disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Land and
buildings
£
1,277,651
7,700
-
1,285,351
773,843
48,507
-
822,350
463,001
503,808		 Other
tangible fixed
asset
£
1,895,258
202,581
(7,560)
2,090,279
1,166,682
124,024
(7,523)
1,283,183
807,096
728,576		 Total
£
3,172,909
210,281
(7,560)
3,375,630
1,940,525
172,531
(7,523)
2,105,533
1,270,097
1,232,384

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £463,001 (2021 - 503,808 ) in respect of leaseholds.

Page 31

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

16 Fixed asset investments

Charitable company

Shares in group undertakings and participating interests

Cost
At 1 January 2022
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Subsidiary
undertakings
£
2
2
2
2		 Total
£
2
2
2
2

Details of undertakings

Details of the investments in which the charitable company 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
2022
2021
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 2022

17 Stock
Stocks
18 Debtors
Due from group undertakings
Prepayments
Other debtors
19 Cash and cash equivalents
Cash on hand
Cash at bank		 Group
2022
£
2021
£
3,259
3,319
Group
2022
£
2021
£
-
-
27,241
25,954
250,073
8,752
277,314
34,706
Group
2022
£
2021
£
2,595
710
259,018
207,890
261,613
208,600		 Charity
2022
£
2021
£
1,720
1,521
Charity
2022
£
2021
£
50,046
111,383
27,241
25,954
250,000
5,874
327,287
143,211
Charity
2022
£
2021
£
1,453
246
70,585
113,818
72,038
114,064		 Charity
2022
£
2021
£
1,720
1,521
Charity
2022
£
2021
£
50,046
111,383
27,241
25,954
250,000
5,874
327,287
143,211
Charity
2022
£
2021
£
1,453
246
70,585
113,818
72,038
114,064
114,064

Page 33

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

20 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social
security
Pension scheme creditor
Accruals
Deferred income		 Group
2022
£
2021
£
100,000
100,000
32,114
41,524
23,058
24,985
6,383
4,858
19,570
18,689
540,841
538,050
721,966
728,106		 Charity
2022
£
2021
£
100,000
100,000
30,914
33,658
19,136
17,795
6,383
4,858
15,754
14,554
530,239
510,108
702,426
680,973		 Charity
2022
£
2021
£
100,000
100,000
30,914
33,658
19,136
17,795
6,383
4,858
15,754
14,554
530,239
510,108
702,426
680,973
680,973

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

Bank loan Group
2022
£
2021
£
100,000
100,000		 Charity
2022
£
2021
£
100,000
100,000

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 at 1 January 2022
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2022
£
538,050
399,929
(397,138)
540,841		 2021
£
461,578
336,095
(259,623)
538,050

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 2022

21 Creditors: amounts falling due after one year

Group Charity
2022 2021 2022 2021
£ £ £ £
Bank loans 275,000 375,000 275,000 375,000

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

Bank loan Group
2022
£
2021
£
275,000
375,000		 Charity
2022
£
2021
£
275,000
375,000

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

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
2022
£
2021
£
75,000
18,750
318,532
-
393,532
18,750
20,016
20,016
10,008
30,024
30,024
50,040		 Charity
2022
£
2021
£
75,000
18,750
318,532
-
393,532
18,750
20,016
20,016
10,008
30,024
30,024
50,040		 Charity
2022
£
2021
£
75,000
18,750
318,532
-
393,532
18,750
20,016
20,016
10,008
30,024
30,024
50,040
18,750
20,016
30,024
50,040

Page 35

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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
2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2022
£
(538,464)
3,236,672
(2,709,669)
-
(11,461)
7,107
38,792
(38,612)
16,494
23,781
981,092
1,600
(76,910)
(16,494)
889,288
988,199
40,392
(115,522)
-
913,069
449,735
3,277,064
(2,825,191)
-
901,608
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
2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2022
£
(538,464)
3,236,672
(2,709,669)
-
(11,461)
7,107
38,792
(38,612)
16,494
23,781
981,092
1,600
(76,910)
(16,494)
889,288
988,199
40,392
(115,522)
-
913,069
449,735
3,277,064
(2,825,191)
-
901,608
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
31
December
2022
£
(11,461)
23,781
889,288
913,069
901,608
988,199
449,735

Page 36

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

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
2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2022
£
(552,990)
2,476,865
(2,143,226)
-
(219,351)
7,107
38,792
(38,611)
16,494
23,782
981,092
1,600
(76,911)
(16,494)
889,287
988,199
40,392
(115,522)
-
913,069
435,209
2,517,257
(2,258,748)
-
693,718
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
2022
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Balance at
31
December
2022
£
(552,990)
2,476,865
(2,143,226)
-
(219,351)
7,107
38,792
(38,611)
16,494
23,782
981,092
1,600
(76,911)
(16,494)
889,287
988,199
40,392
(115,522)
-
913,069
435,209
2,517,257
(2,258,748)
-
693,718
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
31
December
2022
£
(219,351)
23,782
889,287
913,069
693,718
988,199
435,209

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 2022

24 Analysis of net assets between funds

Group
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
£
443,319
542,186
(721,966)
(275,000)
(11,461)
Unrestricted
funds
£
3,333
314,684
246,625
(728,106)
(375,000)
(538,464)
Unrestricted
funds
£
357,030
401,045
(702,426)
(275,000)
(219,351)
Unrestricted
funds
£
244,187
258,796
(680,973)
(375,000)
(552,990)		 Restricted
funds
£
913,069
-
-
-
913,069
Restricted
funds
£
-
988,199
-
-
-
988,199
Restricted
funds
£
913,069
-
-
-
913,069
Restricted
funds
£
988,199
-
-
-
988,199		 Total funds
2022
£
1,356,388
542,186
(721,966)
(275,000)
901,608
Total funds
2021
£
3,333
1,302,883
246,625
(728,106)
(375,000)
449,735
Total funds
2022
£
1,270,099
401,045
(702,426)
(275,000)
693,718
Total funds
2021
£
1,232,386
258,796
(680,973)
(375,000)
435,209

Page 38

Stubbers Adventure Centre

Notes to the Financial Statements for the Year Ended 31 December 2022

25 Related party transactions

Charitable company

During the year the charitable company made the following related party transactions:

Activities Industry Mutual Limited

(The charity's CEO is a company director) Insurance cover costing £53,604 was purchased in the year (2021 - £44,946). At the balance sheet date the amount due to/from Activities Industry Mutual Limited was £Nil (2021 - £Nil).

Page 39