Company registration number.. 03193408 Charitable company registrats'on number.. 1080941 Stubbers Adventure Centre (A company limited by guarantee) Annual Report and Financial Ststements for the Year Ended 31 December 2024 Edmund Carr LLP Chartered Accountants & Statutory Audttor 146 New London Road Chelmsford Essex CM2 OAW
Stubbers Adventure Centre Contents Reference and Administrative Details Trustees, Report 2to10 Independent Auditors, Report 11 to 15 Consolidated Statement of Finanoal Activities 16 Consolidated Balance Sheet 17 Balance Sheet 18 Consolidated Statement of Cash Flows 19 Noles to the Financial Ststements 20to41
Stubbers Adventure Centre Reference and Administrative Details Chairnian John Hooper Trustees Abigail Hooper Rev Andrew Drake Senior Management i Leadership Team Robert Edwards, Chief Executive Officer (CEO) Julia Pomeroy, Centre manager John Paul Goan, Finan manager Charitable company Registration Number 1080941 Company Registration Number 03193408 The charttable company is incorporated in England. 146 New London Road Chelmsford Essex CM2 OAW Registered Office Principal Office Ockendon Road Upminster Essex RM14 2TY Auditor Edmund Carr LLP Chartered Accountants & Ststutory Auditor 146 New London Road Chelmsford Essex CM2 OAW Solicitors Gepps Solicitors 58 New London Road Chelmsford Essex CM2 OPA Bankers Natwest Bank plc 122 High Street Homchurch Essex RM12 4UL Page 1
Stubbers Adventure Centre Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together th the financial ststements and auditors. report of the charitable company for the year ended 31 December 2024. Page 2
Stubbers Adventure Centre Trustees. Report The trustees, who are directors for the purtK)ses of company law, present the annual report together with the financial statements and auditorfs report of the charitable company for the year ended 31 December 2024. 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 outdc()r 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 leaderslteachers. Residential Capacity is 280 beds in four tent villages and 48 beds in a purpose-built bunkhouse type building. In a typical day, our adventurers will enjoy four 90 -minute activity sessions. The activity programme is drawn from a Choi of twenty-six different activities covering land 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 can Union (BCU) and holds an AALS license. Recent recognition has been achieved through the'Adventure Mark" and "Learning Outside the Classr¢)om" accreditations. Our Holiday Activity Scheme (SMASH) is registered with Ofsted as a childcare provider. The centre operates a "Young Leaders. programme that provides the opportunity for older teenagers to volunteer as assistsnt instructors, while gaining qualifications and experience. Many of our volunteers will progress to becoming adventure activity instructors themselves. Working at Stubbers equips our young team with a wealth of people management skills and work experien that transfers well to higher education or their future employment. Page 3
Public benefrt 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 benefjt of families from the local community through the provision and maintenance of an Open-acsS 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 30 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. On weekends and during the school 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 five {Head of Centre, Head of Business & Finance, 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 0 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 retum for assisting the activity team they received training and qualifications in adventure activities. Relationships with related parties Stubbers Training Limited (registered company number 03755730} 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 4
Stubbers Adventure Centre Trustees. Report Grant making policies The Bursary Fund The Bursary Fund exists to assist groups and individuals unable to afford the full cost of a visit due to financial disadvantage or when, due to disability, additional staffing support or specialised equipment is required. 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 2024 the charity received £12,162 for the bursary fund that were allocated to the bursary. In the year bursary awards made totalled £14,513, benefitting 544 children. UK Youth provided a £54,066 grant (£27,250 granted in Dec 23) in relation to their Adventures Away from Home programme. This grant was restricted to youth groups and organisations that supports disadvantaged children & young people and is very much aligned to Stubbers, own bursary objectives. This grant alone enabled 14 groups and 370 children and young people to enjoy our adventure centre for fr. Bursary Grants may be awarded by the trustees and within the crfceria described above at the discretion of the Chief Executive Offir. 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 l invoice. Achievements and perforniance In 2024, there were 68,496 recorded visits to Stubbers Adventure Centre (visit equals one person per day). 4.1°/o Vlsltors were recorded as being student's specialist education schools. This is less than the published UK govemment figure that 14 % of children receive SEN support. However, we do not record the number of SEN children within the visiting groups and schools that are designated overall as mainstream. Our experience is that these groups will bring with them a perntage of SEN children that is the nom for our catchment area. There is no evidence that children are left behind as a consequence of their special education need. The charity works closely with visiting teachers to ensure that our residential and activity facilities area accessible to all needs and disabilities. We would like to increase visits by Wheelchair bound children. but this would require the development of our accommodation, activity facilities and staff training. As shown in the table below there has been a 2.60/0 increase in the numbers of visitors booking onto residential programmes. The number of group bookings is unchanged, but leaders report that student 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 Page 5
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 experien offers Visits 2023 2024 Schools and Groups - Residential visitors.. 5.985 6,141 Schools and Groups- Residential Activity days Schools and Groups- Activity Days 21,396 19,254 21,141 13,134 Special needs 1.805 1,412 Park visitors General Admission- 23,208 31,277 Park Activity sessions= 11,030 13,302 Children's Holiday Activity Day Camp 2,751 1,992 Facility Improvements The Operations room redesign was implemented in the Spring of 2024. This has aided improvement of the day to day running of the centre as vrfell as providing school & youth leaders a space for them to liaise with our teams. The team challenge area has been enhanced with a new challenge, increasing the variety experiences in the area's as well as updating some of the existing challenges. Enhancements have also been made to the Walled Garden where a new climbing frame, swings and increased planting has boosted its appeal. We have enhanced security on the site viith the intrcKluction of magnetic locks on 2 of the key enty points to the park. This improvement has been well received by visiting schools. Over the next years we plan to repla all manual coded locks with RFID operated Mag locks thus providing simple but effective security choices for the visiting leaders Page 6
Financial review The group financial statements to 31 December 2024 shows a deficit of £200,744 {2023 - deficit of £222,363). Group total income has decreased overall from £2,914,480 in 2023 to £2,869,354 in 2024. This negative variance is attributed to the lower up take in Schools activity day visits as well as a drop in the SMASH holiday day camps. Park activities have stabilised in the year, and it is expected that increased marketing of the park will have a beneficial impact going forward. For a part of the year there was a reliance on advance payments to maintain cash fiow. Policy on reserves The group's total funds at 31 December 2024 were £478,501. Restricted funds totalled £790,643 and there was a deficit of £312,142 on unrestricted funds. The charity's target reserves policy continues to look to hold fr reserves of £200,000. Achieving this continues to be delayed due to dip in day group and park bookings, Increased payroll, utilities and food costs have hampered progress towards our targets on reserves. The trustees agreed in June to take additional action to address a projected in year deficit. A restricting programme took place during August and September resulting in the redundancies of 9 roles. The trustees are confident that through these measures along with an increase on residential fees, that the charity can stabilise its financial outlook. Continued tight controls over expenditure continue to be essential in order to deliver our 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 Head of Business & Finance and CEO prepare the 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 accordan 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 performan 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 ntre is not put at risk by one single booking or client. Page 7
Insurance- Indemnity and liability Insuran appropriate to the Centre's activities continues to be obtained as follows.. Public Liability - The charity has public liability insurance to £10 million with the Activities Industry Mutual. Property - All propety 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&0 insuran. 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 adherence with prudent operation procedures and customer Servi 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 re1ve media communication training. Investment policy and objectives The Centre has not, to date, held sufficient funds to warrant investrnent. 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 Recruitment and appointment of trustees Page 8
The number of Trustees should not be less than three but is not subject to any maximum. The board and Managing Director use professional nelorkS 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 governan. 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. Statement of Trustees. Responsibilities The trustees (who are also the directors of Stubbers Adventure Centre for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently- observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation 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 infomiation and to establish that the charity's auditor Page 9
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 charrty on .. signed on its behalf by.. John Hooper Chairman and Trustee Page 10
Stubbers Adventure Centre Independent Auditor's Report to the Members of Stubbers Adventure Centre Opinion We have audited the financial statement5 of Stubbers Adventure Centre (the 'parent charitable company,) and its subsidiary (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Finanaal 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 Stsndards. 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.. give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 December 2024 and of the group's incoming resources and application of resour$, including its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemab'onal Standards on Auditing (UK) {ISAs (UKI) 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 accordan wth 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 accordan wth 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 concem In auditing the financial statements, we have concluded that the trustees. use of the going concem 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 and parent charitsble companls ability to continue as a going conrn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the infomiation included in the trustees, report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomation contsined wthin the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 11
Stubbers Adventure Centre Independent Auditor's Report to the Members of Stubbers Adventure Centre Our responsibility is to read the other infomiation and, in doing so, consider whether the other infomation is materially inconsistent wth 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 detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misslatement of this other information, we are required to report thal 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.. the information given in the Trustees, Report which includes the directors. report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent yth the financial statements- and the directors, report induded wthin the trustees. report has been prepared in accordance applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and understanding of the group and the parent charitable company and its environmenl 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 foll0vng matters vthere the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not wsited by us., or the parent charitable company's financial statements are not in agreement wth the accounting records and returns., or certain disclosures of trustees, rernuneration specified by law are not made" or we have not received all the infomation and explanations we require for our audit-, or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Rosponsibililies of trustees As explained more fully in the Statement of trustees. responsibilities (set out on page 9), the trustees (who are also the directors of the parent 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 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 and parent charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the group or the Pant charitable company or to cease operations, or have no realislic altemative but to do so. Page 12
Stubbers Adventure Centre Independent Auditor's Report to the Members of Stubbers Adventure Centre Auditor responsibilities for the audit of the financial statements 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 auditorfs 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 ofthese financial slalements. Irregularities, including fraud, are instances of non<0mplian wth laws and regulations. We design prOdureS in line with our responsibilities, ouuined al)ove, to detect material misstatements in respect of irregularities, including fraud. The extent to vèhich 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-complian 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-complian with applicable law5 and regulations. We identified the laws and regulations applicable to the group and parent charitable company through discussions wth directors and other management, and from our commercial knoedge and experience of the charity sector. We focused on specific laws and regulations which we considered may have a direct material effecl on the financial slalements or the operations for the group, including the Companies Act 2006, tax legislation and dats protection. employment and health and safety legislation. Vve 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 intemal 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 ovemde of controls, we., Performed analytical procedures to identify any unusual or unexpected relationships Tested journal enlries to identify unusual transactions Investigated the rationale behind significant or unusual transacts'ons Page 13
Stubbers Adventure Centre Independent Auditor's Report to the Members of Stubbers Adventure Centre In response to the risk of iegUlatieS and non-compliance wth laws and regulations, we designed procedures which included. bLrt were not limited to.. Agreeing financial statement disdosures to underlying supporting documentation Reading the minutes of meetings of those charged wth govemance Enquiring of management as to actual and potential litigation and claims Because of the inherent limitations of an audit, there is a risk that V will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaclions 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 th ISAS (UK). V exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identfy and assess the risks of material misstatement of the group's or the parent charitable company's financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one results'ng from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circuMstans. but not for the purpose of expressing an opinion on the effectiveness of the group's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concem basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent charitable company's ability to continue as a going conrn. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or condilions may cause the group or the parent charitable company to ase lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, induding the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation {ie. gives a true and fair view). Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities wthin the group to express an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work perfomied for the purposes of the group audit. We remain 501ely responsible for our audit opinion. We communicate with those charged Viith governan regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including any signrficant deficiencies in intemal control that identify during our audit. Page 14
Stubbers Adventure Centre Independent Auditor's Report to the Members of Stubbers Adventure Centre Use of our report This report is made solely to the charitable company's members, as a body, in accordance Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members those matters we are required to state to them in an auditor's report and for no othei 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, for our audit work. for this report. or for the opinions we have fomied. .Ale*..S604e.. .. . Alex Stone FCCA (Senior Statutory Auditor) For and on behalf of Edmund Carr LLP. Statutory Auditor 146 New London Road Chelmsford Essex CM2 OAW Dale.. 2k QL62D2 Page 15
Stubbers Adventure Centre Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Totsl 2024 Total 2023 Note Income and Endonents from: Donations and legacies Charitable aclivilies Other trading activities Investment income Other income 18.012 2,234,174 518.673 302 42,127 56,066 74,078 2,234,174 518,673 302 42,127 35.351 2,331,390 513,893 2,116 31,730 Total income 2.813,288 56,066 2,869,354 2,914,480 Expenditure on: Raising funds Charitable activities 585.934 2.362.222 585,934 2,484,164 643.224 2.493,619 121,942 Total expenditure 2.948.156 121,942 3,070,098 3,136,843 Net expenditure Transfers beeen fijnds (134,868) 4.799 (65,876) 4,799 (200,7441 1222,363) Nel movement in funds (139.667) (61,077) (200.7441 1222,363) Reconciliation of funds Total funds brought forward (172.475) 851,720 679,245 901,608 Totsl funds carried foThvard 23 (312,142) 790,643 478,501 679,245 All of the group's activities derive from continuing operations during the above iwo periods. The funds breakdown for 2023 is shown in note 23. Page 16
Stubbers Adventure Centre (Registration number: 03193408) Consolidated Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 15 1,206,332 1,426,600 17 18 19 2,180 21,562 69,841 3,266 38,444 170,899 93.583 212.609 Creditors: Amounts falling due within one year 20 669,584 681,252 Net current liabilities 576,001 468,643) Total assets less current liabilities 630,331 957,957 Creditors: Amounts falling due after more than one year 21 151,830 278,712 Not assets 478,501 679,245 Funds of the group: Restrictsd income funds Restricted fijnds 23 790,643 851,720 Unrestricted income funds Unrestricted funds 1312,142) 478,501 (172,475) 679,245 Total funds 23 These financial statements have been prepared in accordance wth the special provisions relating to companies subject to the small companies regime wAthin Part 15 of the Companies Act 2006. The financial statements on pages 16 to 41 vrfere approved by the trustees, and authorised for issue on 33..Qc¢.2D2.Sand signed on their behalf by.. John Hooper Chaim)an Page 17
Stubbers Adventure Centre (Registration number: 03193408) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 16 1,046,555 1,195,840 1,046,557 1,195,842 Current assets stocks Debtors Cash at bank and in hand 17 18 19 891 21.562 62,971 1,082 92.256 75.638 85,424 168,976 Creditors: Amounts falling due within one year 20 698,402 645,512 Net current liabilities 1612,978) 1476,536) Total assets less current liabilities 433,579 719.306 Creditors: Amounts falling due after more than one year 21 Net assets 75,000 175,000 358,579 544,306 Funds of the charitable company: Restricted income funds Restricted funds 23 790.643 851.720 Unrestricted income funds Unrestricted funds 1432,064) 1307,414) Totsl funds 23 358,579 544,306 These financial statements have been prepared in accordance wth the special provisions relating to companies subject to the small companies regime wthin Part 15 of the Companies Act 2006. The financial statements on pages 16 to 41 were approved by the trustees, and authorised for issue on 23.QLt.J25. and signed on their behalf by.. John Hooper Chaimian Page 18
Stubbers Adventure Centre Consolidated Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Nel cash expenditure (200,744) (222,363) Adjustments to cash flows from non<ash items Depreciation Investment income Interest payable 15 244,245 (302) 35,286 249,785 (2,1161 39,943 78,485 65,249 Working capital adjustments Decreasel(increasel in stocks Decrease in debtors (Decrease)fincrease in creditors Decrease in deferred income 17 18 20 21 1.086 16,882 (26,842) 9,295 {71 238,870 42,328 (105,455) Net cash flows from operating activities 60,316 240,985 Cash flows from investing activities Bank interest receivable Purchase of tangible fixed assets 302 23,977 2,116 319,997 15 Net cash flows from investing activities Cash flows from financing activities Interest payable and similar charges Incomellpaymentl of loans and borrowngs Repayment of capital element of finan leases and HP contracts 23,675 317,881) {35.286) {80,000) 139.9431 1100,000) 20 22,413 126,125 Nel cash flows from financing activities Net decrease in cash and cash equivalents 137,699) 13.818 (101,058) 170,899 (90,714) 261.613 Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 69,841 170,899 All of the cash flows are derived from continuing operab'ons during the above two periods. Page 19
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 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. ststement of compliance The financial statements have been prepared in accordance th 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 Ihe UK and Republic of Ireland IFRS 102). They also comply with Ihe 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 transath'on 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, dravm up to 31 Dember 2024. No statement of financial activikn'es is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit for the financial year of £185.727 {2023 - £149,412). These figures exclude the transfer of profitsl{losses) 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 enb.ty so as to obtain benefits from its activities. Inter-company transactions, balances and unrealised gains on transactions bebmeen 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 wth the policies adopted by the group. Page 20
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 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. The trustees have considered the deficit position at the year end. They have prepared a cash flow forecast for a period of 12 months from the date of the approval of these financial statements and a budget which indicate that the charity will have sufficient funds to meet ils liabilities as Ihey fall due for that period. Income and endowments All income is recognised once the charitable company has entidement 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 charitsble 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 Ihe charitable company is entitled to the fvnds, 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 charitable company and it is probable that these conditions wll be fijlfilled in the reporting period. Grants receivable Grants are recognised when the group has an entement to the funds and any conditions linked to the grants have been met. Where performan 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 penods and is released to incoming resources in the period in which the activity takes pla. Investment income Dividends are recognised On the dividend has been declared and notification has been reiVed 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 lo 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 allocaled on the portion of the asset's use. Other support costs are allocated based on the spread of stsff costs. Page 21
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Raising funds These are costs incurred in attracting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charitsble 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 neSSary to support them. Governance costs These include the costs attributable to the charitable company's compliance wth constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Govemment 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 assels. 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 OLrt 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 exed ten years rf a reliable estimate of the useful life cannot be made. Tangible fixed assets Individual fixed assets costing £1,000 or more are initialty recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Amortisation Amortisation is provided on intangible fixed assets so as lo write off the cost. less any estimated residual value. over their expected useful economic life as follows.. Asset class Goodwll Amortisation method and rate 3 years straight line Page 22
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to WTite off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Leasehold propety 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 pri less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, firstwout (FIFO). Trade debtors Trade debtors are amounts due from customers for merchandise sold or ServIS performed in the ordinary course of business. Trade debtors are recognised inilially at the Iransaction pri. They are subsequently measured al amortised cost using the effective interest method. less provision for impaimienl. A provision for the impairmenl of Irade deblors 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-temi highly liquid investments that are readity convertible to a knovm amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for g¢)ods or serVIS 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 1ve 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 al amortised cost using the effective interest method. Fund structure Unrestricted income fijnds are general fijnds 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 23
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Pensions and other post retirement obligations The group operates a defined contribution pension scheme vthich 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 SeN1 in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribub'on payments exceed the contributs'on due for seNice, the excess is recognised as a prepayment. Redundancy costs Redundancy costs are recognised when the charity is demonstrably committed to terminating an employee's contract and the cost can be reliabty estimated. This indudes statutory redundancy payments, any contraclual or ex gratia payments, and associated costs. These costs are recognised in the SOFA within staff costs and disclosed in the notes to the accounts, including the number of redundancies and the total cost. Financial instruments Classification The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are inttially recognised at transaction value and subsequently measured at their settlement value. Page 24
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donations and legacies Unrestricted funds Restricted funds Totsl 2024 Donations bursary fijnding General donations UK Youth Trust Grant Capital grants 12,162 5.850 12,162 5,850 54.066 2,000 54.066 2,000 18,012 56,066 74,078 Unrestrictod funds Rostrictsd funds Total 2023 Donations bursary funding General donations Capital grants 21,702 750 21.702 750 12,899 12,899 22,452 12,899 35.351 4 Income from charitable activities Unrestricted funds Restricted funds Total 2024 Activities and courses Camping, accommodation and catering 1.364.835 869.339 1.364,835 869.339 2.234.174 2,234,174 Unrestricted funds Restricted funds Total 2023 Activities and courses Camping, accommodation and catering 1.460,725 870.665 1.460,725 870,665 2,331.390 2,331,390 Page 25
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 5 Income from other trading activities Unrestricted funds Restricted funds Total 2024 Subsidiary trading income 518.673 518.673 518.673 518,673 Unrestricted funds Restricted funds Total 2023 Subsidiary trading income 513.893 513,893 513.893 513.893 6 Investment income Unrestricted funds Restricted funds Total 2024 Interest receivable on bank deposits 302 302 302 302 Unrestricted funds Restricted funds Total 2023 Interest receivable on bank deposits 2,116 2,116 2,116 2,116 Page 26
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 7 Other income Unrestricted funds Restricted funds Totsl 2024 Other Income Insurance income Rental income Gains on sale oftangible fixed assets 789 9.441 26,987 4,910 789 9,441 26.987 4,910 42,127 42,127 Unrestrictod funds Rostrictsd 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 Page 27
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 8 Expenditure on raising funds a) Costs of generating donations and legacies Unrestricted funds Restricted funds Total 2024 Total 2023 Marketing and publicity Staff Costs 24.959 14,255 24,959 14,255 19,871 12,657 39.214 39,214 32,528 b) Costs of trading activities Unrestricted funds Restricted funds Total 2024 Total 2023 Trading subsidiary costs Depreciation, amortisation and other similar costs 441.159 441,159 508,743 70.275 70,275 62.010 511,434 511,434 570,753 c) Investment management costs Totsl Totsl Unrestricted funds Restricted funds 2024 2023 Interest payable., Interest payable on bank loans and overdrafts Interest payable on leases and hire purchase contracts 18.236 18,236 23,897 17.050 17.050 16.046 35,286 35,286 39,943 Page 28
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 9 Expenditure on charitsble activities Unrestricted funds Restricted funds Totsl 2024 Notè Activities and courses Camping, accommodation and catering Depreciation and amortisation Staff costs Governan costs 608.319 60,302 668,621 129.747 111.622 1,455.671 56.863 129,747 173,262 1,455,671 56,863 61.640 10 2.362.222 121,942 2.484.164 Unrestricted funds Restrictsd funds Totsl 2023 Note Activities and courses Camping, accommodation and catering Depreciation and amortisation Staff costs Governan 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 10 Anatysis of governance costs Governance costs Totsl 2024 Totsl 2023 Fees paid to auditor Audit of the financial statements Legal and professional fees Other governan costs 20,130 28.213 8.520 15,248 25.881 5,277 56,863 46,406 Page 29
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 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= 2024 2023 Stsff costs during the year were: Wages and salaries Social security costs Pension costs 1.595,759 124,870 26,793 1.590,505 111,440 24,874 1,747,422 1,726,819 The monthly average number of persons {induding senior management team) employed by the group during the year was as follows.. 2024 2023 Instructors and staff Administration Management 74 80 84 91 Totsl lemiination payments amount to £29,133 {2023 £8,141) and related to compensation for termination of employment of five (2023 - one) members of staff The number of employees whose emoluments fell wthin the followng bands was: 2024 No 2023 No £60,001- £70,000 The total employee benefits of the key management personnel of the group were £198.298 {2023'. £143,660). 13 Auditors. remuneralion 2024 2023 Audit of the financial statements 20,130 15,248 Page 30
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 14 Intangible fixed assets Group Goodwill Total Cost At 1 January 2024 10,000 10,000 At 31 Dember 2024 10.000 10,000 Amortisation At 1 January 2024 10,000 10,000 At 31 Dember 2024 10,000 10,000 Net book value At 31 Dember 2024 At 31 December 2023 Page 31
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 15 Tangible fixed assets Group C)ther langible fixed asset Leasehold improvements Activity equipment Camping equipment Totsl Cost At 1 January 2024 Addttions Disposals 1,341,734 6,342 1,589,694 13.935 568,779 352,908 3,853,115 3.700 23,977 (16,855} {16,8551 At 31 December 2024 1,348,076 1,603,629 568,779 339,753 3,860,237 Depreciation At 1 January 2024 Charge for the year Eliminated on disposals 868,348 887,863 403,749 266,555 2,426,515 41,466 106.830 63,460 32,489 244,245 (16,855) (16,855) At 31 December 2024 909,814 994.693 467,209 282.189 2,653.905 Net book value At 31 December 2024 438,262 608.936 101,570 57,564 1,206,332 At 31 December 2023 473,386 701,831 165,030 86,353 1,426,600 Included within the net book value of land and buildings above is £Nil 12023 £Nil) in respect of freehold land and buildings and £438,262 {2023- £473:386) in respect of leaseholds. Page 32
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Charitable company Other tsngible fixed asset Leasehold improvements Activity equipment Camping equipment Total Cost At 1 January 2024 Addrtions Disposals 1,341,734 6,342 1.413.580 13.935 568,779 352.908 3,677,001 3.700 23,977 (16,855} {16,8551 At 31 December 2024 1,348,076 1,427.515 568,779 339,753 3,684.123 Depreciation At 1 January 2024 Charge for the year Eliminated on disposals 868.348 850.162 403,749 266.555 2.388.814 41,466 71.322 63,460 32.489 208,737 (16,855} (16,855) At 31 Dember 2024 909,814 921.484 467,209 282.189 2.580.696 Net book value At 31 Dember 2024 438,262 506.031 101,570 57,564 1,103.427 At 31 December 2023 473,386 563,418 165,030 86,353 1,288,187 Included within the net book value of land and buildings above is £Nil 12023 £Nil) in respect of freehold land and buildings and £438,262 {2023 - 473.386) in respect of leaseholds. Page 33
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 16 Fixed asset investments Charitable company Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At 1 January 2024 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Details of undertakings Details of the investments in which the charitable company holds 200A or more of the nominal value of any class of share capital are as foll0v= Country of incorporation Proportion of voting rights and shares held 2024 2023 Principal activity Undertaking Holding Subsidiary undertakings Stubbers Training Limited Training activities for adults England Ordinary 1000 1000 The registered address of Stubbers Training Limited is 146 New London Road. Chelmsford. Essex, CM2 OAW. Page 34
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 17 Stock Group Charity 2024 2023 2024 2023 Stocks 2.180 3,266 891 1,082 18 Debtors Group Charity 2024 2023 2024 2023 Trade debtors Due from group undertakings Prepayments Other debtors 4,200 58,626 33.630 19.767 1.795 33,630 614 19.767 1.795 21.562 38,444 21,562 92,256 19 Cash and cash equivalents Group Charity 2024 2023 2024 2023 Cash on hand Cash at bank 1,736 68.105 1,893 169.006 423 62,548 1,060 74,578 69,841 170.899 62,971 75,638 Page 35
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 20 Creditors: amounts falling due within one year Group Charity 2024 2023 2024 2023 Bank loans Trade creditors Other loans Hire purchase and finance leases Due to group undertakings Other taxation and social security Pension scheme creditor Accruals Deferred income 100.000 58,238 20,000 100.000 71,423 100.000 56,071 20,000 100.000 66,365 26.882 22.413 69,634 12.143 16,101 11,909 24.020 435.386 10,141 16,101 11.909 19,595 431,542 26,230 426,091 21,845 420,711 669,584 681.252 698,402 645,512 Creditors due wthin one year includes the followng liabilits'es on lch security has been given.. Group Charity 2024 2023 2024 2023 Bank loan 100,000 100,000 100,000 100,000 The charity has given a fixed and floating charge over its assets as a continuing security for the payment of the Coronavirus Business Inlerruption Loan from National Westminster Bank Plc. Deferred income 2024 2023 Deferred income at 1 January 2024 Resources deferred in the period Amounts released from previous periods 435,386 352.587 361,882 540,841 74,938 180,393) Deferred income at year end 426,091 435,386 Deferred income relates to paymenls received in respect of activities tsking place in the following year. Page 36
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 21 Creditors: amounts falling due after one year Group Charity 2024 2023 2024 2023 Bank loans Hire purchase and finance leases 75.000 175.000 75.000 175.000 76.830 103.712 151,830 278.712 75,000 175,000 Creditors amounts falling due after more than one year indudes the followng liabilities on which security has been given- Group Charity 2024 2023 2024 2023 Bank loan 75,000 175,000 75,000 175,000 The charity ha5 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 commTtments Totsl future minimum lease payments under nOn-CanlIable operating leases are as follows.. Group Charity 2024 2023 2024 2023 Land and buildings Within one year BeMeen one and five years 115.187 100.617 83,862 215.804 115,187 100,617 83,862 215,804 215.804 299.666 215,804 299,666 Other Within one year 10,008 10,008 Page 37
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 23 Funds Group Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Transfers Unrestricted funds Unrestricted funds General funds (172.475) 2.813.288 (2.948.156) 14,799) 1312,142) Restricted funds Restricted income fund Restricted capital fund 31.881 819.839 54.066 2.000 {60,301) {61,6411 25,646 764,997 4.799 Totsl restricted funds 851.720 56,066 121,942 4,799 790,643 Totsl funds 679.245 2,869,354 {3,070,098) 478,501 Balance at 31 Decembor 2023 Balance at 1 January 2023 Incoming resources Resources expended Unrestricted funds Unrestricted funds General funds (11.461) 2.901,581 (3,062,595) (172,475) Restricted funds Restricted income fijnd Restricted capital fund 23,781 889.288 8.100 4,799 31,881 819.839 74,248 Total restricted funds 913,069 12,899 (74,248) 851,720 Total funds 901.608 2.914.480 (3,136,843) 679.245 Page 38
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 Charity Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Transfers Unrestricted funds Unrestricted fiinds General funds (307.414) 2.294.613 (2.414.464) 14,799) 1432,064) Restricted funds Restricted income fund Restricted capital fund 31.882 819.838 54.066 2.000 {60,301) (61,641 25,647 764,996 4,799 Total restricted funds 851.720 56.066 121.942 4,799 790,643 Totsl funds 544.306 2.350.679 2,536,406 358,579 Balance at 31 December 2023 Balance at 1 January 2023 Incoming resources Resources expended Unrestricted funds Unrestrictsd funds General funds {219.351) 2.380.772 (2,468,835) (307,414) Restricted funds Restricted income fund Restricted capital fund 23,782 889.287 8,100 4,799 31,882 819,838 74,248 Totsl restricted funds 913,069 12,899 (74,248) 851,720 Total funds 693.718 2.393.671 (2,543,083) 544,306 The spectfic purposes for which the funds are to be applied are as folloyts. The restricted income fund represents grants received vthich are to fund expenditure relating to a particular aspect of the objects of the chanty, as specified by the donor. The restricted capital fund represents fixed assets obtained restricted grant5 and donations or unspent grants for the purpose of further capital works. Page 39
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 24 Anatysis of net assets between funds Group Unrestricted funds Rostrictsd funds Total funds 2024 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 441.335 67.937 (669.584) (151.830) 764,997 25,646 1.206,332 93,583 1669,584) 151,830) (312,142) 790,643 478,501 Unrestricted funds Restricted funds Total funds 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 (681,252) 1278,712) Total net assets (172,475) 851,720 679,245 Charity Unrestricted funds Restricted funds Total funds 2024 Tangible fixed assets Current assets Cuent liabilities Creditors over 1 year 281.560 59,778 (698,402) 75,000 764,997 25.646 1,046,557 85.424 1698,402) 5,000 Totsl net assets (432,064) 790,643 358,579 Unrestricted funds Restricted funds Totsl funds 2023 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 344.125 168.976 (645,512) (175,000) 851.720 1.195,845 168,976 (645,512) 1175,000) (307,411) 851,720 544,309 Page 40
Stubbers Adventure Centre Notes to the Financial Statements for the Year Ended 31 December 2024 25 Related party transactions Group Charitable company During the year the charitable company made the following related paty transactions= Activities Industry Mutual Limited (The charity's CEO is a company director) Insuran cover costs-ng £56,115 was purchased in the year (2023 £56,549). At the balance sheet date the amount due Activities Industry Mutual Limited was £1,478 (2023 - £Nill. John Hooper (The Chairman of Stubbers Adventure Centre) The Chairman provided the use of a short tenn loan facility to the Charity, up to a maximum of £100,000. The loan was provided interest free and repayable in full by 30th April 2025. The full amount was repaid in April 2025. At the balance sheet date the amount due John Hooper was £20,000 {2023- £Nil). Page 41