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2021-08-31-accounts

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

Registered number: 04718891 Charity number: 1107724 OSCR number: SCO40118

ROCK UK ADVENTURE CENTRES LIMITED (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

Directors

M Wooding Jones (Chair) A D Belcher R P Charlesworth (appointed 3 February 2021) H A Ellis N D Foot G D Starling (appointed 3 February 2021 and resigned 14 January 2022)

Company registered number

04718891

English and Welsh Charity registered number 1107724

Scottish Charity registered number SCO40118

Registered office Frontier Centre, Addington Road, Irthlingborough, Wellingborough, Northamptonshire, NN9 5UH

Company secretary

M Maclean

Chief executive officer M Maclean

Auditors

Griffin Stone Moscrop & Co, 21 ‐ 27 Lamb's Conduit Street, London, WC1N 3GS

Bankers

Lloyds Bank Plc, 104 Terminus Road, Eastbourne, East Sussex, BN21 3AH

Solicitors

Anthony Collins Solicitors, 134 Edmund Street, Birmingham, B3 2ES

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

Rock UK is a Christian charity that is passionate about developing young people, bringing adventure into learning in the outdoors, to transform lives. We seek to serve all people regardless of their gender, marital status, race, religion, ethnic origin, age, sexual orientation or physical and mental capability. The annual report (which also includes a directors' report as required by company law) and financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable the UK and Republic of Ireland published on 16 July 2014.

OBJECTIVES AND ACTIVITIES

The objects of the charity are to advance the Christian faith and to carry on such other charitable activities or the advancement of the Christian faith as the company may determine, and to provide educational services and facilities (including without prejudice to the generality of the foregoing the provision of instructed adventure (and other) activities).

When considering the charity's use of its facilities and planning future developments, the directors have considered the Charity Commission's guidance on public benefit and fee charging. The directors have given careful consideration to the availability of its facilities to those on low income and the charity continues to actively promote the bursary fund which was introduced in 2013.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Rock UK Adventure Centres Limited was incorporated as a company limited by guarantee on 1 April 2003 (registered number 04718891) under the name Barnabas Adventure Limited and is governed by its memorandum and articles of association. The company name was changed from Barnabas Adventure Limited to Barnabas Adventure Centres Limited in January 2006, and then to Rock UK Adventure Centres Limited in October 2009. This company is registered with the Charity Commission, number 1107724, and with the Office of the Scottish Charity Regulator, number SCO40118.

Appointment of Trustees

The directors may from time to time, and at any time, appoint any member of the company as a director, either to fill a casual vacancy or by way of addition to the board, provided that the number of trustees shall not be less than 3. All directors may nominate new members and directors to be considered for election, who are then invited to attend a board meeting for orientation and briefing on their legal obligations, the content of the memorandum and articles of association, the decision‐ making process, the business plan and recent financial performance of the charity.

Organisation

The board of directors, which meets quarterly, administers the charity. A chief executive, who is precluded from being a member of the board under the company's governing documents, is appointed by the directors to manage all activities of the charity, and oversee staff teams who manage the day to day operations of the centres. The board decides on development, strategy, policy and finance, with meetings attended by the chief executive who is responsible for implementation.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The chief executive and senior managers provide written reports to directors prior to board meetings to inform their decisions. The Centre director leadership team was unchanged throughout the year. Key management personnel during the year were as follows:

Chief Executive Officer Malcolm Maclean Finance Director Kim Pearson Centre Director Rachel Allen Centre Director Richard Sewell Centre Director Lee Musson Centre Director Linden Sanders

Remuneration for key management personnel is reviewed each year as part of the charity's annual pay review, and is referenced against benchmark remuneration in the sector.

Risk Management

The directors have carried out a review of the charity's activities, identifying the opportunities available to the charity and the risks to which it is exposed. There is a risk management plan which aims to protect the charity, its guests and staff from risks, with procedures in place to minimise impact should any of these risks crystallise. Directors carefully review risk reports at each board meeting, in particular the operational risks and associated reporting that relate to the safety and wellbeing of guests and staff.

Procedures are in place for staff training, supervision and assessment, with independent external verification, and policies in place for Child Protection and Health and Safety are regularly reviewed. Funds are allocated annually for ongoing asset maintenance and replacement, and plans are reviewed regularly to ensure facilities remain in good order and are appropriate for young people. Commercial insurance cover is maintained annually to cover public and employer's liabilities and insuring buildings and facilities for replacement value, and the organisation against loss of income. We comply with IOF Good Practice and GDPR requirements.

Related Party Transactions

Directors’ interests are formally recorded and reviewed annually. Any potential related party transaction is disclosed in advance of board meetings and in advance of any goods or services being procured or ordered with the related party. The potentially conflicted director is not permitted to join any related board discussion other than for the purposes of other directors’ questions and clarification (though generally remains in attendance). Where a related party transaction is contemplated, the potentially conflicted board member has no vote. Where services are procured as a related party transaction, additional third‐party quotes are always obtained first to ensure best value. Only at this stage would a related party transaction be authorised and only if in the best interests of the company. Related party transactions are disclosed in note 18 to the financial statements.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT

1. ACHIEVEMENTS AND PERFORMANCE

The organisation was originally set up in 1922 when Sunday School teachers from London took a group of disadvantaged children away to the south coast for an activity holiday. Almost a century later, Rock UK remains true to these founding principles of Christian love and service, with the charity's vision today "to transform young lives".

The charity continues to provide accommodation and activity facilities for groups (especially young people), in an environment which is conducive to outdoor learning, physical, social and spiritual development. The charity aims to build confidence in young people from all walks of life, and over 60,000 people are able to enjoy our centres each year.

The company has a small Headquarters and four centres: Carroty Wood and Frontier Centre in England, Whithaugh Park in the Scottish Borders and Summit Centre in South Wales. Each of our centres has Learning Outside the Classroom accreditation and is fully licensed by the Adventure Activities Licensing Service.

Around 20 new instructors are recruited and trained each year. These staff receive intensive training as part of our two‐year Rock UK Instructor Training Programme and obtain National Governing Body awards in a range of instructed activities, including climbing, canoeing and archery. The Instructor Training Programme not only equips young people with activity qualifications, it also teaches valuable life skills such as fundraising, communication, team‐work and leadership. We see evidence that the training leads to better resilience, confidence and mental health with our staff.

“Now several months into my training, I can see that Rock UK has changed me. Yes I have learnt new skills and met people who have shaped me but the changes go deeper than that, I have come out the other side a different girl: I believe in myself again. I have honestly had the time of my life and have never been happier.

I am so grateful to my friends, family and my church, who pray for me and support the work of Rock UK. Their love and encouragement keeps me inspired. Thank you.”

Sarah, Trainee Instructor (2018‐2020)

The charity enjoys the benefit of a number of volunteers in provision of our services.

The Rock UK Bursary Fund, launched in 2013, is proving invaluable in subsidising places for children from financially disadvantaged backgrounds, allowing them to experience the benefit of residential adventure. During 2019, the last year we were fully operational pre COVID‐19, over 700 bursary places were provided.

“The residential trip gave Anna and Billie respite from their home situation and an opportunity to be worry‐free children for the duration of the trip. It was clearly visible how both children relaxed and rested during the trip, but also improved their rapport with other students and staff and had opportunities to talk to staff about their dreams and their future.”

Beata Watson, Insights School

“We see a high level of investment from Rock UK staff to NCS. Their instructors are energetic, lively and really relate to our young people. Rock UK tailors a programme of activities perfectly to accommodate our needs.”

Matthew Handley, Programme Manager ‐ EFL Trust (NCS provider)

The Trustees would like to express their appreciation for all the donations and grants received this year that have contributed to our ability to celebrate our centenary in 2022.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

2. FINANCIAL REVIEW

In order for the Charity to reset its financial position post‐COVID, it entered into a refinancing package with Reliance Bank during April 2022. Borrowing facilities of £2m were put in place, made up of a loan, repayable over 25 years, of £1.5m and an overdraft facility of £0.5m, which is renewable annually from April 2023. This funding sets up Rock UK to look forward with confidence that it can fund its future financial commitments.

In evaluating the financial performance and position of the charity the board carefully monitors the company’s income, profitability and liquidity and compares against projected and past levels of performance.

Income for the year increased to £2.5m from £2.4m in 2020. Income from donations and legacies increased by £0.7m due to successful fundraising exercises and government COVID‐19 support measures to help counter our £0.5m (£2.1m 2020) reduction in charitable and other trading income. Expenditure reduced by £1.2m to £2.5m from £3.7m as we cut costs where we could but we maintained our investment in the key asset of our staff.

The charity consequently made a profit of £16K.

Reserves policy

The Board has examined the charity's requirement for reserves, which are unrestricted funds not committed or invested in tangible fixed assets, to provide the charity with a level of operational flexibility. After paying all costs and providing for working capital the Board's policy is to reinvest any surpluses, together with all donations received, into the further development of our centres, to provide increased and improved facilities for the benefit of the users.

The trustees consider that the ideal level of free reserves should be 2 months of general unrestricted operating expenditure, which at 31 August 2021 was £378,000. At that date the company's free reserves were in deficit by £2,446,611, with net current liabilities at that date being £1,645,917 (an improvement on the equivalent position at 31 August 2020 of £2,397,018). The charity monitors and manages its cash flow requirements carefully and during the course of 2021 and beyond contined to agree facilities with its bankers to meet seasonal cash flow requirements.

In April 2022 the charity completed on a new financing package with Reliance Bank enabling it to repay in full the overdraft and outstanding bank loans as shown within the balance sheet at 31 August 2021.

The trustees are focused on generating surpluses in future years in order to meet the target level of free reserves.

As at 31 August 2021, Designated Funds totalled £3,827,876. The Designated Fund was created in 2015 to reflect the significant investment at the charity's Summit Centre in Wales between 2015 and 2019. At 31 August 2021, Restricted Funds totalled £15,989.

Impact of COVID‐19

Following Government advice, the charity closed its centres on 23 March 2020 in response to the COVID‐19 pandemic. The centres did not reopen during the remainder of this 2020 financial year. The business maintained a very small core team to actively manage the operation through COVID‐19 and be in a good place for when we were able to re‐open. The financial strategy changed to focus on seeking out donations and legacies in order to fund ourselves following the lack of trading income. All plans for strategic redevelopment of the charity were consequently put on hold due to impact of COVID‐19.

We were able to open our centres in summer 2021 for day visits. Residential visits would in due course follow on as legislation and customer confidence permitted in order to return to providing the experiences to customers that we sorely missed giving during our COVID‐19 induced closure.

We are grateful to God for the generosity of Rock supporters, grant funders, the government furlough scheme along with the continued support of our bankers that has enabled the charity to cover its costs during lockdown. This generosity has been critical in what has been, and continues to be, an unprecented and challenging period.

3. PLANS FOR FUTURE PERIODS

Whilst managing the impact of COVID‐19 is absorbing inordinate amounts of management time and energy, management is looking forward to celebrating Rock UK's centenary in 2022.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

RESPONSIBILITIES OF TRUSTEES

The directors (who are also trustees of Rock UK Adventure Centres Limited for the purposes of charity law) are responsible for preparing the Trustees' Annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping proper accounting records that 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, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙ so far as that director is aware, there is no relevant audit information of which the charity's auditors are unaware, and

∙ that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the charity's auditors in connection with preparing their report and to establish that the charity's auditors are aware of that information.

AUDITORS

Griffin Stone Moscrop & Co were the auditors of the charitable company throughout the year. A resolution to reappoint Griffin Stone Moscrop & Co, Chartered Accountants and Statutory Auditors, as auditors will be proposed at the Annual General Meeting.

This Annual Report and the Strategic Report contained therein were approved by the directors and signed on their behalf, by:

22/6/2022 M Wooding Jones Date: Chair

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AND MEMBERS OF ROCK UK ADVENTURE CENTRES LIMITED

OPINION

We have audited the financial statements of Rock UK Adventure Centres Limited ('the charitable company') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

‐ give a true and fair view of the state of the charitable company's affairs as at 31 August 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

‐ have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Specifically we draw attention to note 1.3 to the financial statements, which describes how in April 2022 a long‐awaited refinancing package was completed enabling shorter‐term debt financing in place at 31 August 2021 to be replaced with a £1.5m loan which is being repaid over 25 years.

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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

OTHER INFORMATION

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

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

We have nothing to report in this regard.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES AND MEMBERS OF ROCK UK ADVENTURE CENTRES LIMITED (continued)

OPINIONS ON OTHER MATTERS 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' Annual Report (incorporating the Strategic Report and the Directors' Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and ‐ the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the 'Responsibilities of Trustees' statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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

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

‐ Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

‐ Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of financial activities does not contain any irregular items; ‐ Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date;

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AND MEMBERS OF ROCK UK ADVENTURE CENTRES LIMITED (continued)

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

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

‐ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 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 resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

‐ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control.

‐ Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

‐ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

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

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Hill (Senior Statutory Auditor) For and on behalf of

Date:

22/6/2022

GRIFFIN STONE MOSCROP & CO.

Chartered Accountants and Statutory Auditors 21 ‐ 27 Lamb's Conduit Street, London, WC1N 3GS

Griffin Stone Moscrop & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2021

Note
INCOME AND ENDOWMENTS FROM:
Grants, donations and legacies
2
Charitable activities
3
Other trading activities
Catering and tuck shops
Other
4
TOTAL
EXPENDITURE ON:
Raising funds
Fundraising and publicity
Catering and tuck shops
Charitable activities
5
TOTAL
NET INCOME/(EXPENDITURE)
Transfer to designated funds following
capital expenditure from general funds
NET MOVEMENT IN FUNDS
Total funds at 1 September 2020
TOTAL FUNDS AT 31 AUGUST 2021		 General
Designated
Restricted
Total
Total
funds
funds
funds
funds
funds
2021
2021
2021
2021
2020
£
£
£
£
£
1,587,047
‐
34,969
1,622,016
960,827
748,140
‐
‐
748,140
1,031,764
157,771
‐
‐
157,771
408,488
16,338
‐
‐
16,338
14,599
Unrestricted Funds
2,509,296
‐
34,969
2,544,265
2,415,678
22,473
‐
‐
22,473
49,827
91,748
‐
‐
91,748
278,449
114,221
‐
‐
114,221
328,276
2,153,536
237,852
22,530
2,413,918
3,342,406
2,267,757
237,852
22,530
2,528,139
3,670,682
241,539
(237,852)
12,439
16,126
(1,255,004)
‐
‐
‐
‐
‐
241,539
(237,852)
12,439
16,126
(1,255,004)
2,218,335
4,065,728
3,550
6,287,613
7,542,617
2,459,874
3,827,876
15,989
6,303,739
6,287,613

The notes on pages 14 to 23 form part of these financial statements.

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DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee) REGISTERED NUMBER: 04718891

Note
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Stocks
Debtors
12
Cash at bank & in hand
CREDITORS: amounts falling due within
one year
13
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: amounts falling due after
more than one year
14
NET ASSETS
CHARITY FUNDS
16
General funds
Designated funds
Unrestricted funds
Restricted funds
A		 2021
2020
£
£
£
£
8,734,361
9,164,579
10,316
10,496
225,583
148,264
2,302
6,036
238,201
164,796
(1,884,118)
(2,561,811)
(1,645,917)
(2,397,015)
7,088,444
6,767,564
(784,705)
(479,951)
6,303,739
6,287,613
2,459,874
2,218,335
3,827,876
4,065,728
6,287,750
6,284,063
15,989
3,550
6,303,739
6,287,613
BALANCE SHEET
S AT 31 AUGUST 2021		 2021
2020
£
£
£
£
8,734,361
9,164,579
10,316
10,496
225,583
148,264
2,302
6,036
238,201
164,796
(1,884,118)
(2,561,811)
(1,645,917)
(2,397,015)
7,088,444
6,767,564
(784,705)
(479,951)
6,303,739
6,287,613
2,459,874
2,218,335
3,827,876
4,065,728
6,287,750
6,284,063
15,989
3,550
6,303,739
6,287,613
BALANCE SHEET
S AT 31 AUGUST 2021
6,767,564
(479,951)
6,287,613
2,218,335
4,065,728
6,284,063
3,550
6,287,613

The financial statements were approved by the directors and signed on their behalf by:

22/6/2022 M Wooding Jones Date:

The notes on pages 14 to 23 form part of these financial statements.

12

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

Note
Reconciliation of net (expenditure) / income to
net cash provided by operating activities
Net income/(expenditure)
Depreciation charges
5
Loss on disposal of assets
decrease in stocks
(Increase)/decrease in debtors
Decrease in creditors
Change in resources
NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOW STATEMENT
Cash flows from operating activities:
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
11
Sale of tangible fixed assets (net of costs of disposal)
Net cash used in investing activities
Cash flows from financing activities:
Cash proceeds from loans
Cash repayments of amounts borrowed
Capital element of finance lease repayments
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2020
Cash and cash equivalents at 31 August 2021
Analysis of cash and cash equivalents
Cash at bank & in hand
Bank overdraft repayable on demand
Analysis of changes in net debt
Cash at bank & in hand
Bank overdraft repayable on demand
Loans falling due within one year
Loans falling due after more than one year
Finance lease & HP obligations
TOTAL		 2021
2020
£
£
16,126
(1,255,004)
477,498
513,456
(56,235)
88,493
180
9,545
(77,319)
284,398
(377,674)
(236,232)
(33,550)
659,660
(17,425)
(595,344)
(17,425)
(595,344)
(47,280)
(12,514)
56,235
15,371
8,955
2,857
303,444
315,000
(116,562)
(102,843)
(29,525)
(15,452)
157,357
196,705
148,888
(395,783)
(466,818)
(71,035)
(317,930)
(466,818)
2021
2020
£
£
2,302
6,036
(320,232)
(472,854)
(317,930)
(466,818)
At 1
September
2020
Cash Flows
At 31
August
2021
6,036
(3,734)
2,302
(472,854)
152,622
(320,232)		 2020
£
(1,255,004)
513,456
88,493
9,545
284,398
(236,232)
659,660
(595,344)
(595,344)
(12,514)
15,371
2,857
315,000
(102,843)
(15,452)
196,705
(395,783)
(71,035)
(466,818)
2020
£
6,036
(472,854)
(466,818)
(466,818)
148,888
(317,930)
(419,771)
180,491
(239,280)
(401,393)
(367,373)
(768,766)
(55,372)
29,525
(25,847)
(1,343,354)
(8,469) (1,351,823)

The notes on pages 14 to 23 form part of these financial statements.

13

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared to give a "true and fair view" in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and regulations made under those Acts.

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

1.2 COMPANY STATUS

The charity is a company limited by guarantee. The members of the company are the directors named on page 2. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.3 GOING CONCERN

In April 2022 the company completed a refinancing deal which has strengthened its financial position compared to that shown within the balance sheet as at 31 August 2021. Specifically, it has replaced its overdraft of £320,232 and bank loans totalling £689,602 at 31 August 2021 (all but £115,970 of the loans being due for repayment within five years of the balance sheet date) with a new £1.5m loan repayable over 25 years and an overdraft facility of £500,000 that will next be reviewed in April 2023.

With the refinancing of the company now complete the trustees expect the charitable company to continue for a period of not less than twelve months from the date of the signing of the financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes

Restricted funds are funds which are to be used in accordance with specific instructions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Grant monies received for specific purposes are reported in the statement of financial activities for the year. Where such funds give rise to an enduring asset the capitalised value is transferred to general funds or designated funds as is relevant in recognition of where the asset being funded by the grant is recorded.

Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in note 16 to the financial statements.

14

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1.5 INCOME

All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from donations and legacies as disclosed in note 2 is reported in the statement of financial activities during the year in which income is received, subject to any conditions having been satisfied. Income from grants as disclosed in note 2 is reported in the statement of financial activities during the year in which income is received or grant monies have been claimed once all conditions have been satisfied. Income from charitable activities as disclosed in note 3 are reported in the statement of financial activities in the year to which the corresponding services are delivered. As a result, deposits invoiced in advance that relate to future periods are recorded as deferred income.

1.6 EXPENDITURE

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Expenditure on raising funds is that incurred in seeking voluntary contributions and does not include the costs of disseminating information in support of the charitable activities. Governance costs are those costs incurred to ensure compliance with constitutional and statutory requirements.

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are stated at cost less depreciation. The value below which fixed assets are not capitalised is £1,000. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold land Not depreciated Freehold buildings and improvements 2‐10% straight‐line on cost Leasehold buildings and improvements Over remaining length of lease Plant & equipment 5‐25% reducing balance, 10% straight line on cost Motor vehicles 25% reducing balance Computer equipment 33% reducing balance

1.8 LEASING AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a consistent periodic rate of charge on the net obligation outstanding in each period.

1.9 STOCK

Stock is included at the lower of cost or net realisable value.

1.10 DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

15

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1.11 CASH AT BANK AND IN HAND

Cash at bank and in hand represents liquid cash only.

1.12 CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 FINANCIAL INSTRUMENTS

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsquently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

1.14 OPERATING LEASES

Rentals payable under operating leases are charged in the statement of financial activities on the straight line basis over the terms of the leases.

1.15 PENSIONS

The charity operates a defined contribution pension scheme and in May 2014 additionally joined the National Employment Savings Trust (NEST).

The pension charge represents the amounts payable by the charity to the fund and to NEST in respect of the year.

2
INCOME FROM GRANTS, DONATIONS AND LEGACIES
Grants, donations and legacies
CJRS grants
Restricted grants
3
INCOME FROM CHARITABLE ACTIVITIES
Lettings and accommodation
Instructed activity sessions
Other charitable activities		 2021
2020
£
£
1,053,771
416,436
549,806
471,457
18,439
72,934
1,622,016
960,827
2021
2020
£
£
304,753
602,066
443,387
429,643
‐
55
748,140
1,031,764

16

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

4 OTHER INCOME

OTHER INCOME
Other income		 2021
2020
£
£
16,338
14,599
16,338
14,599
Activity expenses
Staff and accommodation costs
Depreciation
Support costs (note 6)
Governance costs (note 7)		 General
Designated
Restricted
Total
Total
funds
funds
funds
funds
funds
2021
2021
2021
2021
2020
£
£
£
£
£
474,684
‐
21,989
496,673
797,766
1,230,145
‐
541
1,230,686
1,712,358
239,647
237,852
‐
477,499
513,456
175,707
‐
‐
175,707
291,073
33,353
‐
‐
33,353
27,753
Unrestricted Funds
2,153,536
237,852
22,530
2,413,918
3,342,406

6 SUPPORT COSTS

SUPPORT COSTS
Interest payable and similar charges
Legal fees
Centre office and administration costs
Motor and travel
Other support costs		 2021
2020
£
£
38,771
37,359
16,112
47,223
50,610
58,319
17,317
43,188
52,897
104,984
175,707
291,073

In preparing the financial statements, the directors consider that it is appropriate to identify the costs that, whilst being necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity, and then clearly classify these as support costs which are related to the delivering of a charitable activity.

7 GOVERNANCE COSTS

GOVERNANCE COSTS
Charitable administration costs
Audit and accountancy		 2021
2020
£
£
21,323
17,483
12,030
10,270
33,353
27,753

17

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

8
NET (EXPENDITURE)/INCOME
This is stated after charging:
Depreciation of tangible fixed assets
owned by the charity
held under finance lease and HP
Payments for operating leases
Auditors' remuneration:
for audit services
for accountancy services		 2021
2020
£
£
470,365
506,531
7,134
6,925
34,463
46,798
7,350
7,700
2,500
2,570

No remuneration is paid to the directors for their services as trustees of the company and no directors were reimbursed travel and other expenses (2020: Nil).

9 STAFF COSTS
Staff costs were as follows: 2021 2020
£ £
Wages and salaries 1,376,529 1,736,015
Social security costs 82,783 107,821
Pension costs 53,667 65,069
Other staff costs 119,767 97,719
1,632,745 2,006,624
The average monthly number of employees during the period was as follows:
Office admin and centre staff 41 51
Activity staff 53 76
94 127

One employee (2020 ‐ the same) received emoluments and accrued retirement benefits under a money purchase scheme in excess of £60,000. Specifically one employee's remuneration was in the band £70,000 to £80,000 (2020: one employee in the band £60,000 to £70,000). The pension contributions amounted to £5,600 (2020: £4,464).

Key management personnel are defined in the Trustees' Report. The total compensation paid to key management personnel during the period was as follows:

Remuneration
Benefits
Pension contributions		 2021
2020
£
£
271,612
312,465
‐
‐
18,893
21,273
290,505
333,738

18

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

10 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Grants, donations and legacies
2
Charitable activities
3
Other trading activities
Catering and tuck shops
Other
4
TOTAL
EXPENDITURE ON:
Raising funds
Fundraising and publicity
Catering and tuck shops
Charitable activities
5
TOTAL
NET EXPENDITURE
Transfer to designated funds following
capital expenditure from restricted funds
NET MOVEMENT IN FUNDS
Total funds at 1 September 2019
TOTAL FUNDS AT 31 AUGUST 2020		 General
Designated
Restricted
Total
funds
funds
funds
funds
2020
2020
2020
2020
£
£
£
£
863,350
‐
97,477
960,827
1,031,764
‐
‐
1,031,764
408,488
‐
‐
408,488
14,599
‐
‐
14,599
Unrestricted Funds
2,318,201
‐
97,477
2,415,678
49,827
‐
‐
49,827
278,449
‐
‐
278,449
328,276
‐
‐
328,276
2,987,699
243,021
111,686
3,342,406
3,315,975
243,021
111,686
3,670,682
(997,774)
(243,021)
(14,209) (1,255,004)
‐
‐
‐
‐
(997,774)
(243,021)
(14,209) (1,255,004)
3,216,109
4,308,749
17,759
7,542,617
2,218,335
4,065,728
3,550
6,287,613

19

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

11 TANGIBLE FIXED ASSETS

Freehold and
Freehold
Leasehold
Plant and
Motor
land
improvements equipment
vehicles
Total
£
£
£
£
£
COST
At 1 September 2020
428,224
12,503,807
2,005,605
173,938
15,111,573
Additions
‐
‐
31,191
16,089
47,280
Disposals
‐
‐
(79,104)
(63,543)
(142,647)
At 31 August 2021
428,224
12,503,807
1,957,692
126,484 15,016,206
DEPRECIATION
At 1 September 2020
‐
4,674,843
1,104,116
168,036
5,946,995
Charge for the year
‐
363,944
111,409
2,145
477,498
Disposals
‐
‐
(79,104)
(63,543)
(142,647)
At 31 August 2021
‐
5,038,787
1,136,421
106,638
6,281,846
NET BOOK VALUE
At 31 August 2021
428,224
7,465,020
821,271
19,846
8,734,361
At 31 August 2020
428,224
7,828,964
901,489
5,902
9,164,579
2021
2020
£
£
Net book value of plant and equipment included above held under finance
leases and hire purchase contracts
137,335
131,573
12
DEBTORS
2021
2020
£
£
Trade debtors
135,032
63,536
Other debtors and accrued income
4,183
81,620
Prepayments
86,368
3,108
225,583
148,264		 Freehold and
Freehold
Leasehold
Plant and
Motor
land
improvements equipment
vehicles
Total
£
£
£
£
£
428,224
12,503,807
2,005,605
173,938
15,111,573
‐
‐
31,191
16,089
47,280
‐
‐
(79,104)
(63,543)
(142,647)		 Freehold and
Freehold
Leasehold
Plant and
Motor
land
improvements equipment
vehicles
Total
£
£
£
£
£
428,224
12,503,807
2,005,605
173,938
15,111,573
‐
‐
31,191
16,089
47,280
‐
‐
(79,104)
(63,543)
(142,647)
428,224
12,503,807
1,957,692
126,484 15,016,206
‐
4,674,843
1,104,116
168,036
5,946,995
‐
363,944
111,409
2,145
477,498
‐
‐
(79,104)
(63,543)
(142,647)
‐
5,038,787
1,136,421		 106,638
6,281,846
428,224
7,465,020
821,271		 19,846
8,734,361
428,224
7,828,964
901,489		 5,902
9,164,579
2021
2020
£
£
137,335
131,573
2021
2020
£
£
135,032
63,536
4,183
81,620
86,368
3,108
225,583
148,264

Trade debtors represents the value of invoiced bookings at the year end, principally relating to future bookings.

20

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

13 CREDITORS

CREDITORS
AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdraft
Other loans
Obligations under finance lease and hire purchase contracts
Trade creditors
Other taxes and social security costs
Deferred income
Lease compensation
Other creditors and accruals		 2021
2020
£
£
441,068
577,625
118,444
315,000
25,847
29,521
222,586
370,119
197,417
69,041
81,457
283,239
27,324
27,324
769,975
889,942
1,884,118
2,561,811

The bank loans and overdraft in notes 13 and 14 are subject to interest and secured by a fixed charge over some of the charity's freehold properties. The properties used as security had a net book value of £2.9 million at the balance sheet date.

Deferred income represents the value of invoiced bookings at the year end relating to future years. The movement in deferred income has been recognised in the statement of financial activities for the current year.

Lease compensation relates to a 25‐year lease granted to the company from April 1998 on premises at its Frontier Centre from Northamptonshire Association of Youth Clubs (NAYC), who in consideration for such lease constructed two buildings on the site. The company had the option to prematurely terminate the lease and obtain the freeholds, and elected to do so with effect from January 2004. As a result of terminating the lease the company became liable to pay compensation to NAYC totalling £519,156 over a nineteen year period, with the final payment being due in March 2023.

Other creditors and accruals includes a retention sum amount of £21,189 (2020: £59,775) in respect of building works at Summit Centre where parts remain to be completed.

14 CREDITORS

CREDITORS
AMOUNTS FALLING DUE AFTER ONE YEAR
Bank loans (secured)
Other Loans
Obligations under finance lease and hire purchase contracts
Deferred income
Lease compensation
Of the above figures, the amounts falling due after more than five years are
Bank loans (secured)		 2021
2020
£
£
568,766
401,393
200,000
‐
‐
25,851
‐
7,167
15,939
45,540
784,705
479,951
as follows:
2021
2020
£
£
115,970
159,723

21

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

15 ANALYSIS OF FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE

ANALYSIS OF FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE
Financial assets
Financial assets measured at fair value		 2021
2020
£
£
2,302
6,036

Financial assets measured at fair value comprise cash at bank and in hand.

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Current assets
Current liabilities
Long term liabilities		 General
Designated
Restricted
Total
Total
funds
funds
funds
Funds
Funds
2021
2021
2021
2021
2020
£
£
£
£
£
4,906,485
3,827,876
‐
8,734,361
9,164,579
222,212
‐
15,989
238,201
164,796
(1,884,118)
‐
‐
(1,884,118) (2,561,811)
(784,705)
‐
‐
(784,705)
(479,951)
Unrestricted Funds
2,459,874
3,827,876
15,989
6,303,739
6,287,613

An analysis of restricted funds is as follows:

OPENING BALANCE
At 1 September 2020
INCOME
Grant‐making trusts
Public sector grants
Other public funds
Donations
EXPENDITURE
CLOSING BALANCE
At 31 August 2021		 Bursary
Fund
Other
Funds
Total
£
£
£
‐
3,550
3,550
5,000
‐
5,000
‐
18,439
18,439
‐
‐
‐
11,531
‐
11,531
16,531
18,439
34,970
(542)
(21,989)
(22,531)
15,989
‐
15,989

22

DocuSign Envelope ID: 7105EF06-B0D7-4AC0-86AC-D8E6F94CF240

ROCK UK ADVENTURE CENTRES LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

An analysis of restricted funds received during the period is as follows:

£

Methyl Tydvil CBC
Other grants and donations		 18,439
16,530
34,969

A designated fund was created in 2015 to reflect the anticipated significant investment at the Company's Summit Centre in Wales between 2015 and 2019. The Directors consider that this investment, whilst unrestricted once grant conditions have been fulfilled, is most clearly represented as a designated fund.

An analysis of designated funds is as follows: Summit Centre
Redevelopment
£
OPENING BALANCEat 1 September 2020 4,065,728
GENERAL FUNDS TRANSFERRED ‐
EXPENDITURE
Depreciation (237,852)
CLOSING BALANCEat 31 August 2021 3,827,876
The company is committed to make total future lease payments under operating leases as The company is committed to make total future lease payments under operating leases as
follows: 2021 2020
£ £
Not later than 1 year 62,710 62,710
Later than one year and not later than five years 250,840 250,838
Later than five years 689,810 752,514
1,003,360 1,066,062

18 RELATED PARTIES

Total donations received from trustees and other related parties during the period was as follows:

2021 2020
£ £
3,640 23,615

A former trustee and the relative of a current trustee loaned the charity £118,444 (2020: £115,000). Both loans were originally due to be repaid within one year of the balance sheet date and are, accordingly, classified within creditors, amounts falling due within one year.

Interest is payable at 2% per annum on one of the loans.

19 POST BALANCE SHEET EVENTS

The related party loans of £118,444 disclosed in note 18 have been donated to the charity post year‐end and will be recognised as income in the 2021/22 financial statements.

£100,000 of the loan falling due after one year from the Laing Trust was converted during 2022 into a donation towards the charity's centenary appeal.

On 7 April 2022, the charity successfully refinanced its borrowing from Lloyds Bank with a loan of £1.5m from Reliance Bank and an overdraft facility of £0.5m. Bank loans and overdrafts of £411,068 and £568,766 (notes 13 and 14) have been fully repaid.

The charity has refinanced its debt onto a longer term basis with the loan being repayable over 25 years. The overdraft facility is for 12 months, becoming renewable in April 2023.

20 CONTROLLING PARTY

Throughout the year the company was controlled by its board of directors.

23