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 2023
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 |
| Detailed Statement of Financial Activities | 40 to 42 |
Stubbers Adventure Centre
Reference and Administrative Details
Registered Company Number: 03193408 Registered Charity number: 1080941
Chairman
John Hooper
Trustees
Abigail Hooper John Hooper Rev Andrew Drake
Senior Management
Robert Edwards, Chief Executive Officer
Principal Address
Stubbers Adventure Centre Ockendon Road Upminster Essex RM14 2TY
Registered Office
146 New London Road Chelmsford Essex CM2 0AW
Solicitors
Gepp and Son Solicitors 58 New London Road Chelmsford Essex CM2 0PA
Bank
NatWest Bank plc 122 High Street Hornchurch Essex RM12 4UL
Auditors
Edmund Carr LLP Chartered Accountants & Statutory Auditor 146 New London Road Chelmsford Essex CM2 0AW
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 auditor’s report of the charitable company for the year ended 31 December 2023. 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.
The charity’s trading subsidiary, Stubbers Training Limited, supports these aims by providing Adult courses, training and team activity days as well providing adventure park facilities at weekends and during school holidays activities, that enable children and families to grow together through participation in adventure and outdoor pursuits.
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 four 90 -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
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.
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
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Stubbers Adventure Centre
Trustees' Report
maintenance of an open access park that provides a well-managed and safe environment for children and families to enjoy the outdoor environment together.
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 visitor 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 (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 .
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 2023 the charity received £21,702 for the general bursary fund. In the year bursary awards made totalled £21,459 benefitting 390 children.
In the previous financial year The Essex Youth Trust provided the charity with a dedicated bursary fund so that charities working with children in the diocese of Chelmsford can visit the centre at subsidised rates. The Trust now prefer that charities apply using the trust's own application procedure. While, this year, our charity has not received a bursary grant from the trust we have benefitted indirectly through EYT funded children's charities using our service throughout summer holidays.
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
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Stubbers Adventure Centre
Trustees' Report
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 2023, there were 68,496 recorded visits to Stubbers Adventure Centre (visit equals one person per day). 8.5% of our Schools and groups visitors were recorded as having special educational needs. This is less than the published UK government figure that 18% of children receive SEN support. We would like to increase visits by SEN groups, and this would require the development of our accommodation, activity facilities and staff training.
As shown in the table below there has been a 5% decrease in the numbers of visitors booking onto residential programmes. The number of group bookings is unchanged, but leaders report that take up on the opportunity has been less than in previous years. It is presumed that uncertainties regarding the economy could be a factor. The significant decrease in day-only bookings may support this assumption particularly as increased coach hire and staffing costs have impacted the total cost of a day trip. The extension of the ULEZ zone to include our location will doubtless have contributed to the perception of costs.
While there may be changes ahead in schools’ position on providing day tips to their students it is clear from booking records and feedback reports that parents and the leaders of schools and community groups recognise and value the positive impact on children that a residential adventure activity experience offers.
----- Start of picture text -----
Visits
2022 2023
Schools and Groups - Residential visitors: 6,267 5,985
Schools and Groups – Residential Activity days 21,152 21,396
Schools and Groups – Activity Days 37,555 21,141
Special needs 1,362 1,805
Park visitors General Admission: 29,966 23,208
Park Activity sessions: 15,538 11,030
Childrens Holiday Activity Day Camp 3,067 2,751
----- End of picture text -----
Facility Improvements
An indoor “Clip and Climb” facility has been installed providing 15 varied climbing routes with self-belay system ideal for safe use by children with minimal adult supervision. The facility is a popular addition to the park and provides and improves our activity provision for schools and community groups comprising younger children.
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Stubbers Adventure Centre
Trustees' Report
An Archery Combat Range with equipment for 20 players expands the capacity of our target zone area and is a popular activity with older adventurers.
The 24 bunkhouse tents that comprise the Tent Villages have been updated with wooden doors and privacy screens for teachers tents thus extending the useful life of the tents and improving comfort for residents.
A swim platform with a walkway bridge was constructed to improve water access for the Saturday morning Open Water Swimming club.
In response to security breaches on our fence line, we constructed 1.28 kilometres of fencing along our North and West boundaries. There remains to be completed 996 metres on the east and south boundaries.
Financial review
The group financial statements to 31 December 2023 show a deficit of £222,363 (2022 – surplus of £451,873). Group total income has decreased overall from £ 3,277,064 in 2022 to £2,914,480 in 2023. This negative variance is attributed to the lower up take in Schools activity day visits and visitors engaging in park activities. Regarding the park activities, we are likely seeing a settling of activity after the boon in engagement with the outdoors immediately following the covid restrictions.
For a part of the year there was a reliance on advance bookings to maintain cash flow.
Policy on reserves
The group’s total funds at 31 December 2023 were £679,245. Restricted funds totalled £851,720 and there was a deficit of £172,475 on unrestricted funds. The charity's target reserves policy is to hold free reserves of £200,000. Although achieving this continues to be delayed due to dip in day group and park bookings, it is anticipated that significant increases in payroll, utilities and food costs may further hamper progress towards our targets on reserves. The trustees are confident it can be achieved in the longer term through increased fees, measures to reach new users and mitigation of staff costs. Continued tight controls over expenditure continue to be essential. Since the year end the trustees have appointed a suitably qualified business manager whose focus is on the achievement of these financial aims.
Major Risks and the System and procedures to manage them
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, which 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.
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Stubbers Adventure Centre
Trustees' Report
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. Thes items or projects are not purchased or undertaken until funds have been committed.
Adverse Publicity – Every effort is made to prevent adverse publicity through 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.
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
The organisation is governed by its Memorandum and Articles of Association.
Stubbers Adventure Centre is a Company Limited by Guarantee
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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 Managing Director 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.
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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.
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:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business.
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.
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Stubbers Adventure Centre
Trustees' Report
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 charitable company'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.
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 .................... and signed on its behalf by:
......................................... John Hooper Chairman and trustee
Page 8
Stubbers Adventure Cent Independent Auditors Report to the Members of Stubbers Adventure Centre Opinion We have audited the financial statements of Stubbers Adventure Centre (the 'parent charitable company) and ils subsidiary Ilhe 'group'} for the year ended 31 December 2023, which comprise the Consolidated Stslement of Financial Acb"vities. Consolillated Balance Sheet, Balance Sheet, Consolidated Slalemenl of Cash Flows and Notes lo the Financial Slatemenls. including a summary of signrficant accounting policies. The financi31 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 Accounb"ng Pra¢b"cel. In our opinion the financial stslemenls. give a true and fair view of the stsle of the group's and parent ¢harilable company's affairs as at 31 December 2023 and ol the group's incoming resources and application of resources, includin9 its income and expenditure, for the year then ended,. have been property prepared in accordance wth United Kingdom Generalty Accepted Accounting Practice., and hove been prepared in accordance the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audrt in accordance wth Intemalional Stsndards on Auditing {UKI IISAS IUKII and applicable law. Our responsibililies under those stsndards are further described in the Auditor's responsibilities for the audit of Ihe financial slalemenls section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the UK. including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities In accordance wth these requirements. We believe that the audit ewdence we have obtained is sufficient and appropnale lo prowde a basis for our opinion. Concluslons relang to golng ¢on¢•m 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 nol identified any material uncertainlie5 relating lo events or conditions that. individually OT collectivety. may Cast significant doubt on the group and parent charitable company's ability lo continue as a going concem for a Per of al least rtIve months from vh)en the financial slalemenls a authorised for issue. Our responsibilities and the responsibilities of the twslees wlh respect to going nCern are described in the relevant sections of this report. Other Infomiation The other information comprises the information included in the Iruslees, report, other than the financial statements and our audilorfs pOrt Ihereon. The tnjstees a sponsible for the other infomiation Contsined within the annual pOrt. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otheThMse expliatty stated in our report, we do not express any form of assurance conclusion thereon. Page 9
Stubbers Adventure Cent Independent Auditors Report to the Members of Stubbers Adventure Centre Our responsibility is to read the other infomth'on and, in doing so, consider whether the other inforniation is materially inconsistent the financial statements or our kno¥edge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise lo a material misslatemenl in the finan¢ial slalemenls themselves. If. base(1 on the work we have perfomed, we conclude that there is a material misstatement of this other informats'on, we are required to report that fact. We have nothing to report in this regard. Oplnlon on othor matter prn$crlb•d by th• Companl•s Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report vthich includes the directors, report prepared for the purposes of company law, for the financial year for vthich the financial statements are prepared is consistent wth the financial $t*ement$', and the directors, report included wthin the trustees, report has been prepared in accordance wth appli¢able legal requirements. Matters on whlch ar• r•qulr•d to report by •x¢•ptlon In the light of our kno¥edge and understanding of the group and the parent charitable eompany and its environment obtained in the course of the audit. we have not Identified material misslatemenlg in the directors, report. We have nothing lo report in resped of the folbvAng matters where the Companies Act 2006 requires u$ lo report lo you if, in our opinion.. adequate a¢untIng re¢ord$ have not been kept by Ihe parent ¢hantable company, or relums Idequale for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement wth the accounting records ond returns., or certain disclosures of Iru$tee$' remuneration specified by law are not made., or we have not received all the information and explanatsons we requi for our audit,. tsr the trustees were not ented lo prepare the financial slalemenls in accordance wf(h the small companies, regime and lake advantage of the small companies. exemptions in preparing the directors. report and from the requirement lo prepare a $tralegi¢ report. Responslbllllles of tw$tses As explained more fully in the Statement of trustees, responSi'11ties (set out on page 71, the trustees (who are also the directors of the panI charitable company for the purposes of company lawl 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 Irustees delemiine 1$ 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 and parent charitable company'5 abilty lo continue as a going concern, disdosing. as applicable. matters related lo going concem and using the going concem basis of a¢¢ounling unless the Iruslees either intend to liquidate the group or the PanI charrtable company or lo cease opecatsons. or have no realistic atternative but to do so. Page 10
Stubbers Adventure Cent Independent Auditors Report to the Members of Stubbers Adventure Centre Auditor responsibilities for the audit of the financial statefflents Our objectives are to obtain reasonable assurance about whether the finanaal statements as a whole are free from material misstatement, vknelher due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit ¢ondu¢led in ac¢ordan¢e wth ISAS IUKI will aayS dete¢t a material misslalemenl 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 Inlluence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instan3 of non-compliance wth laws and regulations. We design procedures in line with our spOnsibl11be$. ouuined above. to detect material misslalemenls in respect of irregularities, including fraud. The extent to Ithich 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. wa5 as follows., The engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skn'lls lo idenbfy 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 knovAedge and experience of the charity sector. . We focused on specific laws and regulations which wè considered may have a direct material effect on the finan¢ial $talement$ or the operations for the group, in¢luding the Companies Act 2006, tsx legislation and data protection, employment and healih and safety legislation. We assessed the extent of compliance wth ihe laws and regulations identified above through making enquiries of management. We a$se$sed the su$ceplibility of the group and parent Charitable company's finan¢ial slalemenls to material misstatement, including obtaining an understanding of how fraud might occur by,. Making enquiries of managemenl as to vthere they considered there was suscepts'bility to fraud. their knovAedge of actual. suspected and alleged fraud. Considering the intemal controls in place lo mrtigale the risks of fraud and non-compliance wlh la and regulation$. To address the risk offraud through management bias and override of controls, we., Performed analytical procedures lo identify any unusual or unexpected relationships Tested ioumal entries lo identify unusual transactions Investigated the rabonale behind signfficant or unu$ual transaclion$ Page 11
Stubbers Adventure Cent Independent Auditors Report to the Members of Stubbers Adventure Centre In response to the risk of irregularilies and non-compliance with laws and regulations. we designed procedures which included, but were not limited to.. . Agreeing financial statement disclosures to underlying supporting doCuMentatn Reading the minute5 of meetings of those charged wth governance Enquiring of management as lo actual an(1 polents.al lth"gab"on and claims Because of the inherent limrtations of an audit, there is a risk that %%E will not detect all irregularities, including those leading to a material misstatement in the financial ststements or non<ompliance wth regulation. This risk increase5 the more that compliance vh a law or regulation is removed from the events and transactions reflecte<l in the financial slatemenls. as we wll be less likely lo become aware of instances of non-compliance. The nsk is also 9ater regarding irregularib'es occurring due to fraud rather than error, as fraud invofves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance wth ISAS {UK}. exercise professional judgement and maintain professional sceplicism throughout the audit. We also.. Identify and asse55 the nsks of material misstslement of the group's or the parent charitable company's financial stslements. whether due to fraud or error. design and perfomi audit procedures responsive to those risks. and obtain audit evidence thal 1$ sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional emissions, misrepresenlatsons, or the override of inlemal control. Obtain an understanding of Internal control Televanl to the audit in order lo design audit procedures that are appropriate in the circumstsnces. but not for the purpose of expressing an opinion on the effectiveness of the group's intemal conlrc4. Evaluate the appropriateness of accounting policies used an(1 the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going ncern basis ol aOUntIng and, based on the audit evidence obtained. whether a material uncertainty ex151s related lo events or conditions that may cast significant doubt on the group's or the PanI charitable company's ability lo continue as a going concem. If we conclude that a material uncertainty exists, we are required lo draw attention in our audrtor's p¢)rt lo the related di$clo$ures in the financial statements or, rf such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the group or the parent charitsble company to cease lo continue as a going concem. Evaluate the overall presentslion. structure and content of the financial slalemenls. including the disclosures, and whether the financial statements represent the undetlying transactions and events in a manner that achieves fair presentation lie. gives a true and fair viewl. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group lo express an opinion on the financial statements. We are responsible for the direction. supervision and rewew of the audit yrk performed for the Purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged th governance regarding, among other matters, the planned scope and b'ming of the audit and significant audit findings. induding any signrficant deficiencies in internal control that identify durin9 our audiL Page 12
Stubbers Adventure Cent Independent Auditors Report to the Members of Stubbers Adventure Centre Use of our report This report is made solety to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company s members those matters we are required to slate lo them in an audrtorfs report and for no other purpose. To the fvllesl extent pemitted 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, for our audit work. for this report, or for the opinions we have formed. Sandra Morrell FCCA Isenior Slatutory Audrtofl For and on behalf of Edmund Carr LLP, Ststutory Auditor 146 New London Road Chelmsford Essex CM2 OAW Date.. Page 13
Stubbers Adventure Cent Consolidated Statement of Financial Activities for the Year Ended 31 December 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unr•strictsd lunds Rostricted funds Total 2023 Total 2022 Note Incom8 and EndoNnents from: Donations and legacies Charitable activities Other trading activities Investment income Other income 22,452 2,331,390 513.893 2.116 31.730 12.899 35,351 2,331,390 513,893 2,116 31,730 53,002 2,187,048 759,804 23 277,187 Total income 2,901,581 12.899 2,914,480 3,277,064 Exp8nditur8 on: Raising funds Charitable activities 643.224 2,419.371 643,224 2.493.619 601,501 2.223.690 74.248 Total expenditure Nel lexpendrturellincome Nel movement in funds 3.062.595 74.248 3.136,843 2.825,191 161.014 61.349 222,363 451,873 1161.0141 {61.3491 1222,3631 451,873 Roconclllation of funds Total funds brought forward Total funds carried forward 23 11.4611 913.C69 901,60B 449,735 172.475 851.720 679,245 901,608 All of the group's activities derive from continuing operations during the above ts¥o periods. The fvnds breakdown for 2022 18 shown in note 23. Page 14
Stubbers Adventure Cent {Registration number: 03193408) Consolidated Balance Sheet as at 31 December 2023 2023 2022 Nots Fixed assets Tangible assets 15 1,426,600 1,356,388 Current assets Stocks Debtors Cash al bank and in hand 17 18 19 3.266 38.444 170.899 3.259 277,314 261.613 212,609 542,186 Crodltors.. Amounts falling due v4ithin one year Net current liabiliti89 681,252 721,966 468,643 179,780 Total assets l•ss ¢urronl IlabS11110• 957.957 1.176,608 Crodltor8.' Amounts lalllng du• aftor morn than ono y•ar 21 278,712 275,000 Net as80ts 679,245 901,808 Funds of the group: Restricted income funds Reslricled lunds 23 851,720 913,C69 Unrnstrlct•d Incom• funds Unrestricted funds 172,475 11,461 Total fund¥ 23 879,245 901,608 These financial $tatements have been prepared in accordance wth the Special provision$ relating to companies subject lo the small companies regime ¥In Part 15 of the Companies Act 2006. The financial ststements on pages 14 10 39 were approved by the trustees, and auth0ri5ed for issue on and signed on their behalf by.. John Hooper Chairman Page 15
Stubbers Adventure Cent {Registration number: 03193408) Balance Sheet as at 31 December 2023 2023 2022 Nots Fixed assets Tangible assets Investments 15 16 1,195,840 1,270,097 1.195,842 1,270,099 Currènt assets Stocks Debtors Cash al bank and in hand 17 18 19 1,082 92.256 75.638 1,720 327,287 72,038 168,976 401,045 Crodltors.. Amounts lalllng du• thIn ono year 20 645,512 702,426 Net current1Sabilities 476,536 301,381 Total a880ts 1888 curr•nt Ilab115t508 719,306 968,718 Crndltors.. Amounts falllng due after morn than on• year 21 175,000 275,000 Net assgts 544.306 693.718 Funds of tho chadtabl• company: R•$trl¢t•d In¢om• funds Restricted fiJnd$ 23 851,720 913,C69 Unrostrictsd incomo fund8 Unrestricted funds (307,414 219,351 Total funds 23 544,306 693,718 These financial statements have been prepared In accordance with the special provisions relating to companies subject lo the small companies regime wthin Part 15 of the Companies Act 2006. The financial stslements on pages 14 10 39 were approved by the trustee$, and authorised for issue on and signed on their behall by.. John Hooper Chairman Page 16
Stubbers Adventure Cent Consolidated Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Nots Cash flovts from op•ratlng a¢tlviti•s Net cash lexpendtturellincome Adjustments to cash flov43 from nonwcash itsms Depreciation Amortisation Investment income Interest payable {222,363} 451,873 15 14 249,785 198,562 3,333 1231 17,074 12,1161 39,943 65,249 670,819 Worklng capltal adJustm•nts Ilncreaselldecrease in stocks Decreasellincreasel in debtors Increaselldecreasel in credrtors (Decreasellincrease in deferred income 17 18 20 21 {71 238,870 42.328 105,455 60 1242,6081 18,9311 2,791 Net cash flow5 from operating activities Cash flow*& from Inv08ting a¢tlvltl•s Bank interest receivable Purchase of tangible fixed assets Sale of tangible fixed assets Net cash flow5 from investing activities Cash flov4S Irom financing a¢tiviti•$ Interest payable and similar charges Incomellpaymenll of loans and borrowings Repayment of tapilal element of finance leases and HP c¢nlracts 240,985 422,131 2.116 {319,997) 23 1252,1041 37 15 317,881 252,044 139,9431 {100,000) 117,0741 1100,0001 20 22 126,125 Nel cash flows from financing activitie5 13,818 117,074 Net Idecreasellincrease in cash and cash equivalents 190,7141 261.613 53,013 Cash and cash equivalents at 1 January Cash and cash equivalents al 31 December 208.600 170,899 261,613 l of the cash flows are derived from conlinuing OperatnS during the above periods. Page 17
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 1 Charitable company status The chartsble company is limited by 9uaranlee. incorpor*ed in England. and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 toward$ the assets of the charitable company in the event of liquidation. 2 Accounting policies Summary of significant accounting policies and kay accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistenyy applied to all the years presented, unless otherwse staled. Statsmfrnt of compllan¢• The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities." Stslement of Recommended Pradice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply wrth the Companies Act 2006 and Chanties Act 2011. Bas1¥ of prgp8r•tlon Slubbers Adventu Centre meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised al histori1 wst ¢y Iransaction value unle$$ olherwse Stsled in the relevant accounting policy notes. Basig of consolidation The constslidaled financial Stslements consolidate the financial stslemenls of the charity and its subsidiary undertaking. Stubbers Training Limited. ¢Jrawn up lo 31 December 2023. No ststement of financial activities is presented for the charity as permitted by section 408 01 the Companies Act 2006. The charity made a deficit for the financial year of £149,412 12022 - surplus £258.5101. These figures exclude the transler of profits from Slubbers Training Limrted. A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power lo govem the financial and operating policies of an enlrty so ag to obtsin benefilg from ils aclivrties. Inter-company transactions, balances and unrealised gains on transactions bett¥een the charity and It5 subsidiary, which is a related party, are eliminated in fijll. Accounting policies of the subsidiary have been thanged vknere necessary lo ensure consistency the policies adopted by the group. Page 18
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 Golng con¢•rn The directors are of the opinion that the charity has sufficient Te50urce5 to continue trading for the next 12 months from the dale of signing these accounts. Income and endovmients l income is recognised once the chantable company has entitlement to the income. it is probable that the income wll be received and the amount of the income receivable can be measured reliably. Donatlons andlega¢les Donations are recognised when the charrtable Company ha5 been notified in writing of both the amount and settlement dale. In the event that a donab.on is subje¢t lo 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 wthin the control of the charrtable company and il is probable that these conditions will be fulfilled in the reporting period. Gr•nts re¢elv•ble Grants are recognised when the group has an entrflement lo the funds and any conditions linked to the grants have mel. Where perfomance con¢Jilion$ are attached lo the grant and are yel lo be met, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Delerred Income Delerred Income represents amounts received as deptssils in respect of bookings for activities tsking place in future periods and is leaSed to incoming SoUrceS in the period in which the activity lakes place. Investment In¢om• Dividends are recognised once the divKlend has been declared and notification has been received of the dividend due. Expendlture All expenditure Is recognised once there is 8 legal or constructive obligation lo that expenditure, il is probable settlement 1$ 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 wth the Use of resources, wth central staff cos15 allocated on the basis of b.me spent, and depreciatson charges allocated on the porb.on of the asset's use. Omer support costs a allocated based on the Sp8 of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading ath'vities that raise fijnds. Page 19
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 Charitable a¢tivities Charitable expenditure Comprises those costs incurred by the Charitable company in the delivery of its activities and services for rts beneficianes. It includes both costs that Can be allocated directly lo such adivilies and those ¢o$ls of an Indire nature necessary to support them. Governance costs These include the costs attributable to the charitable company's compliance constitutional and 51alulory requirements, inclLbding audit, strategic management and trustees meets"ng5 and reimbursed expenses. Govornmont grants Government grants are recognised based on the ac¢rual model and are measured al the fair value of the asset received or receivable. Grants are classified as relatsng either to revenue or to assets. Grants relating to Tevenue are recognised in income over the period in which the related costs are recognised. Grants relating lo assets are recogni5ed over the expected useful life ol the asset. Where part of 3 grant lats'n9 to an asset is deferre(J. rt Is recognised as deferred income. Taxatlon The ¢haritable company is Tr$idered to pass the te$t$ 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 exempl from laxalion in respect of income or capitsl gains received wthin 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 applieil exclusively lo charrtable purposes. Goodwlll Goodwill is amortised over its usefijl lrfe, which shall rbot exceed ten years if a reliable estimate of the U5efvl life cannot be made. Tanglblg fbxgd assgts Individual fixed assets costing £1.000 or more are initialty recorded al cost, less any subsequent a¢¢umulated depClatiOn and subsequent aumUlated impaimient losses. Amortisation Amortisation is provided on intangible fixed assets so as to write off the cosl, less any estimated residual value, over their expected useful economic lrfe as follow5". As$gt ¢la$$ Goodw"Il Amortl$atlon method and rate 3 years straight line Page 20
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 D•pro¢latlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to wrrte off the cost or valuakn"on, less any eslimaled SIdUal value, over their expected useful economic life as follows.. Ass8t class Leasehold propety Plant and machinery Motor vehides Depreciation method and rato 5 or 10 years straight line 3 to 5 years straight line 4 years straight line stock Sto¢k is valued at the lower of cost and estimated $elling price le$$ costs to cornplete and sell, after due regard for obsolete and slow moving stocks. Cost is deterniined using the first-in, first-out IFIFOI. Trade dobtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised inth'ally at the transaclion price. They are subsequently measured al amorti'sed cost usin9 the effective interest method, less provision for impaimient. A provision for the impairment of trade debtors is established vthen there is objective evidence that the charitable cempany will not be able lo collect all amounts due according lo the original terms of the receivables. Cash and cash •qulval8nt$ Cash and cash equivalents comprise cash on hand and call deposits. and other short-temi highly liquid investments that are readily convertible to a kn¢)wn amount of cash and are subject lo an insignificant risk of change in value. Trade credltors Trade creditors are obligations lo pay for goods or $eNices that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charitable company does not have an unconditional right. al the en¢J of the reporting period. to defer settlement of the creditor for at least fv1ve months after the reporting date. If there is an unconditional right to defer settlement for al least fv1ve months after the reporting dale, they are presented a5 non-currenl liabilitie5. Trade creditors are recognised initially at the transadi¢)n price and subsequentty measured al amorts'sed cost using the effective interest method. Fund structure Unrestricted income lunds are general lunds that a available for use al the tru5tees'5 discretion in furtherance of the objethes of the group. Reslncted Income funds are those donated for use in a particular area or for specific purwses, the use of which is restricted to that area or purpose. Page 21
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 P•n$lons and other post r•tlr•m•nt obllg•tlon$ The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fvnd and the grotlp has no legal or constructive obligation lo pay further contributions even rf the fund does not hold sufficient assets to pay all employees the benefit$ relating to employee service in the current and prior periods. Contributions lo defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribub.on due for service. the excess is recognised as a prepayment. Flnanclal In$trum•nts Classrfication The charity only has financial assets and financial IiabilTbes of 8 kn'nd that qualify as basic financial inslrumenls. Basic financial instruments are inth'ally recognised al transaction value and subsequ&ntly measured at their settjemenl value. Page 22
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 3 Income from donations and legacies Unrestrictod funds Rgstricted funds Total 2023 Donations bursary ftlnding General donations Capital grants 21.702 750 21,702 750 12,899 12,899 22,452 12.899 35,351 Unrestrict funds R&stricted funds Total 2022 Donations bursary funding General donations Essex Youth Trust Grant Capital grants 7.410 5,200 7.410 5.200 38,792 1,600 38.792 1.600 12.610 40.392 53.002 4 Income from charitablo actSvltle8 Unrestr5ct•d funds Rostrlct•d funds Total 2023 A¢tivf(ies and courses Camping, accommodation and catering 1.460,725 870.665 1,460,725 870.865 2.331,390 2,331,390 Unrnstrictod lund> Rfrstricted funds Total 2022 Aclivrties and Courses Camping, accommodation and catering Sale of gift vouchers and merchandise 1,425,198 761,696 154 1,425,198 761,696 154 2.187,048 2,187,048 Page 23
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 S Income from other trading activities Unrestricted lund$ Restricted funds Total 2023 Subsidiary trading income 513,893 513,893 513,893 513,893 Unrestricted funds Restricted funds Total 2022 Subsidiary trading income 759.804 759.804 759,804 759,804 6 Inveslmgnl In¢om• Unrnstrict8d funds Rgstricted funds Total 2023 Interest receivable on bank deposits 2.116 2.116 2.116 2.116 Unrestri¢tgd funds Restrlclgd funds Total 2022 Interest receivable on bank deposits 23 23 23 23 Page 24
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 7 Other income Unrestrictod funds Rgstricted funds Total 2023 Other Income Insurance income Rental income Gains on sale of tangible fixed assets 1.192 455 17,486 12,597 1,192 455 17,486 12,597 31.730 31,730 Unrestricted funds Restrlcted funds Total 2022 Other Income Insurance income Rental income Gains on sale of tangible fixed assets 3.681 257,124 10.016 6.366 3.681 257,124 10.018 6.366 277,187 277,187 Page 25
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 8 Expenditure on raising funds a) Costs of g•n8rating donations and legacies Unrestricted Restricted funds funds Total 2023 Total 2022 Marketing and publicity Staff Costs 19,871 12.657 19,871 12.657 9,764 11,263 32,528 32,528 21,027 bl Costs of tradlng actlvltlos Unrfrstrlctod lund• Restrict lunds Total 2023 Totsl 2022 Trading subsidiary cost5 Depreciation, amortisatson and other similar costs 508,743 508,743 536,752 62,010 62.010 26,648 570.753 570.753 563.400 cl Investmgnl managomgnl ¢osts Total Total UnrestrSct•d lund¥ R•strict•d funds 2023 2022 Interest payable., Interest payable on bank loans and overdrafts Interest payable on leases and hire purchase ¢ontra¢ts 23.897 23,897 17,074 16.046 16.046 39,943 39.943 17,074 Page 26
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 9 Exp8nditurn on charitsble activities Unrestrictod funds Rgstricted funds Total 2023 Not• Aclivrties and courses Camping, accommodation and catering Depreciation and amorb'salion Staff costs Governance and support costs 712,297 712.297 154,372 111.397 1.394.899 46.406 154,372 185,645 1.394,899 46,406 74,248 10 2.419,371 74.248 2.493,619 UnstrIct¢d lunds R•$trl¢t•d fund¥ Total 2022 Activities and courses Camping, accommodation and catering Depreciation and ¥Mo'satIon Staff costs Governance and support cosls 615,377 38.611 653,988 185,958 95,620 1,171,791 39.422 185,958 172,531 1,171,791 39,422 76.911 10 2.108,168 115,522 2,223,690 10 Analys1$ of govgrnonco and support Costs Gov•rnan¢e Total 2023 Total 2022 Fee5 paid to auditor Audit of the financial slalemenls Legal and professional fees Other governance costs 15.248 25.881 5.277 12,736 19,100 7.586 46,406 39,422 Page 27
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 11 Trustees remuneration and expenses No Iruslees, nor any persons connected th 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 a5 follows= 2023 2022 Staff costs during thg year vMro: Wages and salarie5 SorAal se¢urty costs Pension costs 1,590.505 111.440 24.874 1.426.405 95.931 21.346 1,726.819 1.543.682 The monthly average number of persons linduding seni¢y management leaml employed by the group during the year was as follows.. 2023 No 2022 No Inslruclors and staff Adminislralion Management 51 52 62 63 Total temiination payments amount to £8,141 {2022- £Nill and related to compensation for lerrnination of employment of one member of staff The number of employees whose emoluments fell wlhin Ihe following bands was.. 2023 No 2022 No £60,001 £70,000 The total employee benefits of the key management petsonnel of the group were £143,660 12022.. £144.4291. 13 Auditors. remuneration 2023 2022 Audit of the financial statements 15.248 12,738 Page 28
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 14 Intangible fixed assets Group Goodwill Total Cost At 1 January 2023 Al 31 Oecember 2023 10,000 10,000 10,000 10,000 Amortisation Al 1 January 2023 Al 31 December 2023 10,000 10,000 10,000 10,000 Not book value At 31 December 2023 Al 31 December 2022 Page 29
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 15 Tangible fixed assets Group othor tsnglbl¥ fix•d assèt Land and buildings Total Cost Al 1 January 2023 Additions Disposals Al 31 December 2023 1,285.351 $6.383 2,267.497 3,552,848 263,614 319,997 19.730 19,730 1.341.734 2,511,381 3.853,115 Deprg¢Sation Al 1 January 2023 Charge for the year Elirninaled on disposals B22,350 45.998 1.374,110 2,196,460 203,787 249,785 19.730 19,730 Al 31 December 2023 868,348 1,558,167 2.426,515 Net book value Al 31 De¢ember 2023 473.386 953,214 1,426,600 Al 31 Oecember 2022 463.001 893,387 1.356,388 Included wthin the net book value of land and buildings above is £Nil 12022 £Nill in respect of freehold land and buildings and £473,38612022 - £463.0011 in respect of beasehokds. Page 30
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 Charltsbl• ¢ompany Other tangible fixed asset Land and buildings Total Cost Al 1 January 2023 Additions Disposals 1,285,351 56.383 2,090,278 3.375,629 55,210 111,593 5,230 5,230 Al 31 December 2023 1.341.734 2,140.258 3.481,992 Deprociation Al 1 January 2023 Charge for the year Eliminated on disposal$ 822,350 45,998 1,283,184 2.105,534 139,850 185,848 5,230 5,230 Al 31 Oecember 2023 B68.348 1,417.804 2,288,152 Not book valu• Al 310ecember 2023 473,386 722,454 1.195,840 Al 31 December 2022 463.001 807,094 1.270,095 Included wthin the net book value of land and buildings above is £Nil 12022 £Nill in respect of freehold lan¢J and buildings and £473,38612022 - 463,001 1 in respect of leaseholds. Page 31
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 16 Fixed asset investments Charitable company Sharns In group undartakings and participating Int•rnsts Subsidiary undortaking$ Totsl Cost At 1 January 2023 Al 31 Oecember 2023 Net book valu• Al 31 December 2023 Al 31 December 2022 Detsll8 of undortaklngs 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 In¢orporatlon Proportlon of ¥otlng rlghts and ¥harg$ hgld 2023 2022 Prlnclpal actlvlty Undertaklng HoldSng Subsidiary undortakingy Stubbers Training Limited Training activib'es for adult$ England Ordinary 100% 100% The registered address of Stubbers Training Limrted is 146 New London Road. Chelmsford, Essex, CM2 OAW. Page 32
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 17 Stock Group Charity 2023 2022 2023 2022 Stocks 3,266 3.259 1.082 1.720 18 Dobtorn Group Charity 2023 2022 2023 2022 Trade debtors Due from group undertakings Prepayments Other debtors 4,200 58.626 33.630 50,046 27.241 250,000 33.630 614 27.241 250,073 38.444 277.314 92.256 327.287 19 Cash and cash oqulvalènts Group Charlty 2023 2022 2023 2022 Cash on hand Cash al bank 1.893 169,006 2.595 259,018 1.060 74.578 1.453 70,585 170,899 261,613 75,638 72,038 Page 33
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 20 Creditors.. amounts falling due within one year Group Charity 2023 2022 2023 2022 Bank loans Trade creditors Hire purchase and finance leases Other tsxats.on and social security Pension scheme credrtor Accruals Deferred InMe 100,000 71,423 100,000 32,114 100,000 66,365 100,000 30,914 22.413 16,101 11,909 24,020 435,386 23,058 6,383 19,570 540,841 16,101 11.909 19,595 431,542 19,138 6,383 15,754 530,239 681,252 721,966 645,512 702,426 Creditors due within one year indudes Ihe followng liabilities on vthich security has been given.. Group Charity 2023 2022 2023 2022 Bank loan 100,000 100,000 100,000 100,000 The charity has given a fixed and Iloabng charge over its assets as a continuing securty for the payment of the Coronavirus Business Interrup Loan from Natsonal Westminster 8ank Plc. D•f•rrod Income 2023 2022 Deferred income at 1 January 2023 Resources deferred in the period Amounts released from previous periods 540,841 74.938 180,393 538,050 399,929 397,138 Deferred income at year end 435.386 540,841 Deferred income relates lo payments weived in SpeCt of actsv.e$ taking place in the following year. Page 34
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 21 Creditors.. amounts falling due after one year Group Charity 2023 2022 2023 2022 Bank loans Hire purchase and finance leases 175,000 275,000 175,000 275,000 103,712 278.712 275,000 175,000 275,000 Creditors amounts falling due after more than one year indudes ihe following liabilitses on which security has been given". Group Charlty 2023 2022 2023 2022 Bank loan 175,000 275.000 175,000 275,000 The charity hag given a fixed and lloab'ng charge over its assets ag a conb"nuing security for the payment of the Coronavirus Business Interruption Loan from Natsonal Westminster Bank Plc. 22 Obllgatlons under1oas•s and hlr• purchase contracts Op•ratlng1648e commltments Total future minimum lease payments under non<arKellable operating leases are as follows.. Group Charlty 2023 2022 2023 2022 Land and buildings Within one year Been one and five years 89,475 218.511 75,000 318.532 89,475 218.511 75,000 318.532 307,986 393,532 307,986 393,532 othor Within one year Between one and five years 10.008 20.016 10.008 10.008 20.018 10,008 30.024 10.008 30.024 10.008 Page 35
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 23 Funds Group Balance at 31 D¥¢gmb•r 2023 Balanco at 1 January 2023 In¢omlng rnsourc8S ROur¢06 expended Unrostrf¢tsd funds Unro$trict•d funds General funds (11,461) 2.901,581 13,062,595) 1172,4751 R•$trl¢tsd funds Restricted income fund Restricted capital fund 23,781 889,288 8.100 4,799 31,881 819,839 174,248 Total rn$trl¢t•d funds 913,069 12,899 74,248 851,720 Total funds 901.60B 2.914.480 3.138,843 679.245 Bal•nc• at 31 Decombar 2022 Balanco at 1 January 2022 Incoming r•sourcos Rosources expended TranBf8rn Unrg¥lrl¢tsd funds Unrestrlct8d lunds General funds (538.464} 3.236.672 12.709,669) 111,4611 Restrl¢ted fvnd$ Restricted income fvnd Reslricled capital fund 7,107 981,092 38.792 138.612) 16,494 23,781 76.910 16.494 1.600 889,288 Total re$trl¢ted fvnds 988,199 40.392 115.522 913,069 Total funds 449,735 3,277,064 2.825,191 901,608 Page 36
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 Charlty Balance at 31 December 2023 Balance at 1 January 2023 Incoming rnsour¢es Resources èxpendèd Unrestrictsd funds Unrestricted funds General funds 219,351} 2.380,772 12,468,835) 1307,4141 Rostrictgd funds Restricted income lund Restricted capital fund 23,782 889.267 8,100 31,882 819.838 74.248 Total restricted funds 913,069 12.899 74,248 851,720 Total funds 693,718 2.393,671 2.543,083 544.306 Balance at 31 Dècèmb•r 2022 Balance at 1 January 2022 Incomlng R••our¢•s rn$our¢es oxpgndgd Tran$fgrs Unrestdctsd funds Unrestrl¢ted funds General funds 1552,990) 2,476.865 12,143,226} 1219,3511 Restrlcted fund$ Re$lricted income fund Restricted capital fund 7,107 981,092 38.792 138,6111 16,494 23,782 1.600 889,287 76.911 16,494 Total r•$tri¢tsd funds 988.199 40.392 115.522 913,069 Total fvnds 435,209 2.517.257 2.258,748 693,718 The specrfic purposes for •ch the fvnds are to be applied are as follows.. The restricted income fund represents grants received which are to fvnd expenditure relats'ng lo parkncular aspect of the objects of the charity, as specified by the donor. The restricted capit31 fund represents fixed assets obtained wth restricted grants and donations or unspent grants for the purpose of further capital works. Page 37
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 24 Analysis of net assets bet*n funds Group Unrestricted funds Rèstrlctèd fund$ Totsl fund$ 2023 Tangible fixed assets Current assets Current liabilities Creditors over 1 year 574.880 212.609 {681.252 278.712 851,720 1.426,600 212,609 1881,2521 278,712 Total nel as$et$ 1172,475 851,720 679,245 Unr8stri¢tod funds Restriclod funds Totsl funds 2022 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total nel assets 443.319 542,186 {721,9661 275,000 913.069 1.356.388 542,1 es 1721,9661 1275,000 11,461 913,069 901,608 Charlty Unrestrictod funds R•strict•d fundi Total funds 2023 Tangible fixed assets Current assets Current liabilities Creditors over 1 year 344,125 168.976 {645,512 175,000 851,720 1,195,845 168,976 1645,5121 175,000 Total net assets 307,411 851,720 544,309 Unrestricted fund$ R•$tricted funds Totsl funds 2022 Tangible fixed assets Current a55ets Current liabilities Creditors over 1 year 357.030 401.045 {702.426) 275,000 913,069 1.270,099 401,045 1702,4261 275,000 Total nel assets 219,351 913,069 693,718 Page 38
Stubbers Adventure Cent Notes to the Financial Statements for the Year Ended 31 December 2023 25 Related party transactions Group Charitable company During the year the charitable company made the following related paty transactions.. Activities Industry Mutual Limitèd (The charity's CEO Is a company director) Insurance cover ¢oslin9 £56.549 was purchased in the year 12022 £53,6041. Al the balance sheet dale the amount due t¢)Ifrom Activities Industry MLrtual Limrted was £Nil {2022- £Nill. Page 39
Stubbers Adventure Cent Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 In¢om• and EndowTn•nts from: Donations and legacies lanaty5ed below) Charitable activities lanaly5ed below) Other trading activities lanalysed below) Investment income lanalysed trdowl Other income lanalysed below) Total income 35,351 2,331.390 513,893 2,116 31,730 53.002 2.187.048 759,804 23 277.187 2.914,480 3.277,064 Exp•ndlturo on: Raising funds lanalysed below) Charitable activities lanalysed below) 643,224 2,493,619 601.501 2,223,690 Total expenditure 3,136,843 2,825,191 Nel lexpendrturellincome Nel movement in funds 222,363 451,873 1222,3631 451.873 R•conclllatlon of funds Total funds brought forward Total funds carried forward 901,608 449,735 679,24S 901.608 This page does not form part of the stslulory financial stslements. Page 40
Stubbers Adventure Cent Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 Donations andlega¢les Donations bursary ftjnding General donations Essex Youth Trust Grant Capital grants 21,702 750 7,410 5,200 38,792 1,600 12,899 35,351 53.002 Ch•Tltable actlvltles Activities anfj courses Camping, accommodation and catering Sale of gift vouchers and mehandISe 1,460,725 870,665 1,425,198 761,696 154 2,331,390 2,187,048 other tradlng actlvltles Group activities HAD, Ind Courses, Parties and Fun days Residence Catering Facilities Hire Cancellation Charge$ Miscellaneous General Admiyyion Memberships Insurance Claims 25,099 181,631 1,950 162,045 59,978 486 8,284 71,973 2,447 157,594 213,841 199,543 88,859 10.122 6.358 73,297 5.252 4.938 513,893 759,804 Investment Income Bank interest received Bank interest paid 23 2,116 2,116 23 other income Other in¢ome Rental income Gains on disposal of tangible fixed assets 1,647 17,486 12,597 260,805 10,016 6,366 31,730 277,187 This page does not form part of the stalulory financial stslements. Page 41
Stubbers Adventure Cent Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 Ralslng funds Marketing and publicity Trading subsidiary costs Depreciation, amortisation and other similar costs Wages and salaries Soaal 5ecurty costs Pension costs Interest payable on bank loan 19,871 508,743 62,010 12,179 322 156 39,943 9,764 536,752 26,648 10,914 218 131 17,074 643,224 601.501 Charlt•ble a¢tlvltles Camping, accommodation and catering Activities costs Training & Recruitment Insurance Health & Hygiene Clothing & Uniform Registration fees Maintenance Travel & Motor Vehicle expenses Water rale$ Telephone Light & Heal Staff accommodabon Postage & Stats'onery Rent Depreciation and amorts'salion Wages and salaries Social secunty costs Pension costs Auditors. remuneratton Legal and professional fees Other governance costs 154,372 76,198 34,859 42,S64 51,775 7,221 4,091 263,944 18,113 14,777 15,248 49,596 2,642 30,130 101,139 185,645 1,265,423 105,892 23,584 15,248 25,881 5,277 185,958 131.616 32.625 42.222 47,297 6.977 1.541 204,647 15,889 11,022 14,519 19,761 6.092 44,780 75,000 172,531 1,081,904 73,566 16,321 12,736 19,100 7,586 2.493,619 2,223,690 This page does not form part of the stslulory financial stslements. Page 42
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