**Registered number: 01534697 Charity number: 1121161**
## **BLACKWELL ADVENTURE**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 10|
|**Independent auditor's report on the financial statements**|11 - 14|
|**Statement of financial activities**|15|
|**Balance sheet**|16|
|**Statement of cash flows**|17|
|**Notes to the financial statements**|18 - 33|
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Trustees**|D A Allen|
|---|---|
||P R Fennell, Chair|
||A D Harverson|
||K K W Hemmings|
||K M Hunter|
||A K Lloyd|
||A G Spinks (appointed 25 January 2021)|
||L Taylor-Stupple|
|**Company registered**
**number**
01534697
**Charity registered**
**number**
1121161
**Registered office**
Blackwell Court
Agmore Road
Blackwell
Bromsgrove
Worcestershire
B60 1PX
**Company secretary**
K M Hunter
**Independent auditor**
Cooper Parry Group Limited
Chartered Accountants
Park View
One Central Boulevard
Blythe Valley Park
Solihull
B90 8BG
**Bankers**
Barclays Bank plc
Leicester
LE87 2BB||
Page 1
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their annual report together with the audited financial statements of the company for the year 1 January 2020 to 31 December 2020.
The Board of Trustees are mindful that in presenting their report for this year the impact of the COVID-19 pandemic on the charity continues to be a challenge.
Revenues from activities in the year are only 12% of 2019 revenues from equivalent activities.
The CEO and senior management team devised an effective plan to reduce costs, look after customers and staff while seeking all avenues for financial support.
Substantial grants were received from various sources and these are listed and gratefully acknowledged in the Financial Review below.
A compelling raison d’etre, resilience and good governance are the true pillars of long-term success and we will look back on this time as a setback which tested these tenets and found them strong.
## **Objectives and activities**
## **a. Key objectives and activities**
- To create a service-based company providing residential and outdoor adventure activities, for Scouts, Girl Guiding and other youth groups both voluntary and statutory.
- To provide similar activities to schools and colleges within the National Curriculum.
- To provide team building activities to adults.
The aim of The Scout Association, of which we are part, is to promote the development of young people in achieving their full physical, intellectual, social and spiritual potential as individuals, responsible citizens and as members of their local, national and international communities. Through adventure we challenge individuals so that they learn and experience new things that enrich their lives.
## **Vision**
- To provide customers with the highest quality residential and outdoor adventure activities in a safe environment.
- To exceed customers’ expectations by giving them the best possible experience.
- To function with a motivated team of staff and volunteers to achieve excellence.
## **Aims**
- To continuously develop the provision of residential and outdoor adventure activities for young people at Blackwell Court and Pikes Pool.
- To support the development of Scouting within Birmingham County.
- To sustain the business with consistent annual surpluses to facilitate development of our centres.
Page 2
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Objectives and activities (continued)**
## **b. Strategies for achieving objectives**
A five-year strategic plan was agreed by the Trustees in September 2019 with the following strands:
- Increasing young peoples’ participation in adventurous activities.
- Increasing surpluses raised (revenue) from charitable activities to reinvest in the facilities at Blackwell Court and Pikes Pool.
- Improving and increasing the residential indoor accommodation offer to allow more people to stay throughout the year.
- Improving facilities and activities so that they are accessible for all, sustainable and inspirational.
## **c. Main activities undertaken to further the Charity's purposes for the public benefit**
The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and in planning for future activities, with particular consideration given to how our planned activities contribute to the vision, aims and objectives set.
Under normal circumstances a large range of activities are offered to provide fun, challenge, adventure, and excitement to groups of young people and adults from a wide range of sectors. Primarily this supports their personal development and allows the opportunity to enjoy managed risk within a safe, structured, and supportive environment.
However, the Trustees recognise and acknowledge that 2020 could in no way be seen as enabling Blackwell Adventure to operate under anything like “normal circumstances”.
## **d. Impact of COVID-19 Pandemic on Blackwell Adventure**
The plans for 2020, to build on successes from 2019 and to take them forward, were inevitably significantly impacted by the COVID-19 global pandemic and remain on hold pending the return to normal business as the pandemic and its associated restrictions recede.
Government imposed restrictions to prevent the spread of the disease and to protect the NHS meant that it was not possible to offer and/or deliver the vast majority of our activities for large parts of the year although GCSE Climbing, Duke of Edinburgh Gold Expeditions and school activity days were supported in the limited periods of operation.
We usually provide the opportunity to a number of overseas students from a variety of countries to join the staff team for six to eight months under the Lattitude Global Volunteering and Gap Year Placement Scheme. However, this year, having arrived and commenced their training, they were required to return to their own countries in April, which was a huge disappointment to all concerned.
High Adventure understandably cancelled their summer six-week programme [under the National Citizen Service Scheme] at our Pikes Pool centre. This would normally aim to give 200 to 300 15 to 17-year olds an experience of living away from home, developing skills and meeting amazing people.
Our big Jamboree event promoted by the Scouts: County of Birmingham and scheduled for the summer was postponed until 2021 and, as we write, this event has now been cancelled.
Very early in the year we were fortunate to be able to complete the significant enhancements to our Roberts
Page 3
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Objectives and activities (continued)**
‘podded’ Village. This included the provision of a large timber chalet with kitchen and indoor activity space and three further wheelchair accessible pods and was finished off with a complete new paved pathway. We are very grateful that this was all funded by the National Lottery Communities Asset Fund. This facility will provide great opportunities for groups to stay at Blackwell throughout the year, as soon as business can resume safely.
Plans are being developed to create a central catering facility; rebuild the Stable Block, which is in very poor condition, into a modern, energy efficient accommodation facility; and rearrange reception and office space into a more efficient central and welcoming location.
We also now have in place a five-year plan of work to complete a series of remedial works to bring the structure of our iconic and very much-loved heritage building the “Manor House” up to 21st century standards, whilst retaining its unique atmosphere.
The CEO has personally managed the grant funding initiatives with very satisfactory results as recorded below and he also has brought pertinent insights on handling the issues resulting from the COVID-19 pandemic from his sector experience and his role as Vice Chair of the Association of Heads of Outdoor Education Centres.
The Executive Management Team under his leadership have had a difficult year with unprecedented issues to deal with, as have many other sectors of the economy. The Trustees would like to record their thanks and great respect for the resilience and resourcefulness clearly demonstrated in a year when survival has been, perhaps, the only measure of success for so many businesses.
## **e. Locations and properties**
The locations, Blackwell Court and Pikes Pool, are around 50 acres each in North Worcestershire just a few minutes from Junction 1 of the M42, twelve miles from the centre of Birmingham. They are owned by the Scout Association County of Birmingham held in trust by the Scout Association Trust Corporation. The exclusive use, maintenance, development of and revenues from these activity centres is fully delegated to Blackwell Adventure.
## **Achievements and performance**
## **Financial review**
## **a. Going concern**
The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are pleased to report a net surplus of £113,000 for the year although special circumstances pertain. A cash flow forecast to the end of 2022 was considered satisfactory by the Board and subsequently the Government provided further support for the sector and also extended the furlough scheme to September 2021. At the time of approving this report the prospects of returning to a full range of charitable activity in the near future look very promising. For these reasons, the charity continues to adopt the going concern basis in preparing the financial statements. Further details can be found in the Accounting Policies.
Page 4
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **b. Financial overview**
The company has been cash positive throughout the year while reaching out to grant making bodies for funds. Due to the COVID-19 pandemic restrictions on School, Scouting and other youth-based activities income from regular activities was only £114,000 (previous year £961,000) however income was augmented by £125,000 of customer deposits forfeit under contractual terms providing total charitable activity revenues of £239,000. Affected customers have been offered a non-contractual goodwill discount equivalent to their forfeit deposits if they take and pay for an equivalent service or activity in 2021 at prevailing prices.
Expenditure has been reduced as much as possible consistent with security, health and safety requirements, and immediate maintenance needs. A staffing review concluded that some permanent roles did not fit the optimum staffing model going forward. While not impacting on the ability to bring the centres back to full capacity when restrictions are lifted regrettably some redundancies were arranged. Core staff have been on furlough though, because of the large number of bookings that required rearranging or cancelling and the agreed policy of “taking care of our customers”, customer care staff have been on duty while schools have been open.
Page 5
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees have continued to invest in the site infrastructure to complete the Roberts Village development for which a grant was received from the National Lottery Community Asset Fund shown in restricted funds as £48,690 carried forward.
The policy is to maintain all assets used in the business in a good state of repair. The Trustees have reviewed the assets held at the year-end in light of the COVID-19 disrupted trading year and the forecasts for future bookings once lockdown restrictions are eased and are satisfied that there is no impairment to the values at which the assets are carried in the accounts. There will be some extra expense for adventurous activity equipment renewal and maintenance before the centres can open for the full range of activities.
The UK Government’s Furlough Scheme and Retail Hospitality and Leisure Grants have been most welcome and contributed £163,664 in the year.
Additionally, the Trustees are most grateful to the following Funds, Foundations and the Local Council that have provided funds on a discretionary basis towards running costs and COVID-19 related losses as follows:
|Sport England Community Emergency Fund|£7,500|
|---|---|
|National Lottery Community Fund|£100,000|
|Bromsgrove District Council: RHLG discretionary grant|£25,000|
|Garfield Weston Foundation, Covid-19 emergency funding|£30,000|
|Severn Trent Recovery Fund|£10,000|
|National Lottery Community Fund 2nd application|£45,000|
Additionally, it is gratefully acknowledged that the Scouts County of Birmingham waived the agreed annual rental of £6,000 for the properties.
The Trustees decided and successfully applied to Barclays Bank PLC for the Government backed “Bounce Back” loan of £50,000 to be repaid over six years.
Page 6
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **c. Reserves policy**
The Trustees' Reserves Policy provides for support of the day-to-day running of the charity’s activities, future developments and allows for risk.
Funds received for specific purposes are categorised between capital projects and those of a revenue nature. They are credited to restricted reserves as received and the associated expenditure or costs charged against them as incurred. The Trustees regularly review these to ensure they are utilised for the purpose for which they were given and in a timely manner. General funds and loan facilities are retained as operational reserves to support the day-to-day activities and to allow for risk.
The level of these operational reserves is considered annually and in conjunction with the annual business plan.
In the light of events of 2020, as referred to above, the Board of Trustees has reviewed in detail its reserves policy and have agreed that unrestricted funds not committed or invested in tangible fixed assets should be in the region of £250,000 and strategies to achieve this target will be considered as the effects of the pandemic recede and normal activities resume.
At the year end, the charity held free reserves of £194,000.
Strategic reserves which may be drawn down for major capital expenditure on building developments are held by The Scout Association County of Birmingham who own the land and legacy buildings.
## **d. Risk management**
It is clear that the skills and lived experiences of the Trustees have a direct bearing on the Board’s capability to manage risk and drawing on the Charity Commission’s guidance (Charities and risk management CC26) the Trustees have reflected 14 areas of skills and experience into the following Risk Categories:
- Governance
- Operational risk
- Finance risk
- Environmental and external risk
- Law and regulation compliance risk
The Board of Trustees’ most recent skills audit indicated that the Trustees’ aggregate skills were strong or adequate in all areas. Our Treasurer (who had previously been our longstanding Chair) retired from the Board in January 2020, however in light of the COVID-19 restrictions he continued support in matters of finance during the year. A process to recruit a trustee with financial skills and experience was launched in December 2020 which resulted in a successful appointment to the Board in January 2021.
The Trustees have identified those risks to which the charity is exposed as part of their responsibilities as Trustees in running the charity. The main risks identified relate to Health and Safety and child safeguarding and outlined below are the actions in place to mitigate these risks.
The Company has a comprehensive Health and Safety policy in place, which is strictly monitored and adhered to. Blackwell Adventure provides a range of adventure activities in a safe environment, working within the relevant regulations with suitably qualified instructors. These regulations come from two sources: health and safety legislation and activity regulations.
## _Health and Safety_
Bromsgrove Environmental Health Department is the enforcing authority that checks risk assessments and operating procedures in respect of the facilities, food safety and all other general safety issues.
Page 7
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## _Activity Regulation_
Blackwell Adventure is licensed by the Adventurous Activities Licensing Service (AALS) (No. L 12606/R1474) that inspects activity centres and other activity providers on behalf of the Health and Safety Executive. Each of the activities is run either to the standard set by the National Governing Body, where available, or expertise is sought from an appropriately qualified external consultant.
The Trustees continue to authorise expenditure on maintaining and improving facilities on both sites to ensure that all activities are carried out safely with up-to-date equipment.
## _Safeguarding_
The Company recognises and acknowledges the duty of care placed upon the organisation to safeguard and promote the welfare of children, young people and adults at risk and is committed to ensuring safeguarding practice reflects statutory responsibilities, government guidance and complies with best practice. There is a comprehensive Safeguarding Policy in place which is reviewed on an annual basis, alongside a review of practice. Stringent checks on staff and volunteers working on its behalf including enhanced DBS checks are carried out, both at the point of recruitment and as an on-going process of monitoring and there is a robust programme of safeguarding training in place in association with Birmingham City Council Social Services Department, both as part of induction and for regular updates across the staff team.
## _Insurances_
Blackwell Adventure maintains comprehensive insurances to cover potential claims in respect of insurable risks.
## **Structure, governance and management**
## **a. Constitution**
The organisation is established under the Memorandum of Association that sets out the objects and powers of the charitable company and is governed under the Articles of Association. In the event of the Company being wound up, the members are required to contribute an amount not exceeding £1.
## **b. Methods of appointment or election of Trustees**
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. Policies adopted for the induction and training of Trustees**
The rules for appointing and rotating tenure of the Board Members (Trustees) are set out in the Memorandum and Articles of Association. In brief, at the AGM one third offer to retire by rotation but maybe re-elected. A structured induction is provided to new Board Members and a comprehensive Board Manual is in preparation. At December 2020 the majority of Trustees were members of the Scout Association and the composition of the Board reflected a wide range of commercial and professional experience.
Page 8
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Structure, governance and management (continued)**
## **d. Pay policy for key management personnel**
The Board of Trustees delegates day-to-day management to the Chief Executive Officer, David Squire who joined the business on 1 September 2018 and he is supported by a Centre Manager and a Business Development Manager, both full-time. Key management salaries are benchmarked against similar positions within the Activity Centre industry.
## **e. Relationship with wider network of charities**
Blackwell Adventure, The Scout Association County of Birmingham Registered charity number 524566 (England and Wales) and the Scout Association Registered charity number 306101 (England and Wales) are interdependent charities with similar objects.
## **f. Related party relationships**
Blackwell Adventure and the Scout Association County of Birmingham, “County”, are interdependent charities. The County is a frequent user of the camping, activity and meeting facilities that Blackwell Adventure offer and enjoys preferential rates.
By special resolution at a General Meeting on 15 May 2017 voting members of The Scout Association County of Birmingham Executive Committee automatically became, by virtue of their role, Members of Blackwell Adventure and are entitled to vote at general meetings. From this date it was agreed that County has the option of nominating two Trustees to the Board.
## **g. Statutory Compliance**
The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Page 9
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 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 then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
## **Auditor**
The auditor, Cooper Parry Group Limited, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 29 April 2021 and signed on their behalf by:
## **P R Fennell**
Page 10
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE**
## **Opinion**
We have audited the financial statements of Blackwell Adventure (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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 December 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly 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 with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
Page 11
**BLACKWELL ADVENTURE**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)**
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our 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 Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information 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 Trustees' Report and from the requirement to prepare a Strategic Report.
Page 12
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, 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.
## **Auditor's 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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment focussed on key laws and regulations the Charitable Company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
- obtaining an understanding of the legal and regulatory framework applicable to the Charitable Company and how the Charitable Company is complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence;
- obtaining an understanding of the Charitable Company’s control environment and how the Charitable Company has applied relevant control procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas;
- obtaining an understanding of the Charitable Company’s risk assessment process, including the risk of fraud;
- reviewing meeting minutes of those charged with governance throughout the year; and
- performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
Page 13
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLACKWELL ADVENTURE (CONTINUED)**
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
## **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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
**Glen Bott FCA (Senior statutory auditor)** for and on behalf of
**Cooper Parry Group Limited** Chartered Accountants Statutory Auditor Park View
One Central Boulevard Blythe Valley Park Solihull B90 8BG
Date: 29 April 2021
Page 14
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Income from:**
Donations and legacies
2
Charitable activities
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**
14|**Unrestricted**
**funds**
**2020**
**£**
357,744
238,822
238
596,804
528,779
528,779
68,025
363,243
68,025
431,268|**Restricted**
**funds**
**2020**
**£**
48,690
-
-
48,690
3,987
3,987
44,703
43,114
44,703
87,817|**Total**
**funds**
**2020**
**£**
406,434
238,822
238
645,494
532,766
532,766
112,728
406,357
112,728
519,085|**Total**
**funds**
**2019**
**£**
30,572
960,644
-|
|---|---|---|---|---|
|||||991,216|
|||||923,157|
|||||923,157|
||||||
|||||68,059|
|||||338,298
68,059|
|||||406,357|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 33 form part of these financial statements.
Page 15
## **BLACKWELL ADVENTURE (A company limited by guarantee) REGISTERED NUMBER: 01534697**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Note**
**Fixed assets**
Tangible assets
9
**Current assets**
Stocks
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current assets**
Creditors: amounts falling due after more
than one year
12
**Total net assets**
**Charity funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|10,884
11,005
247,402
269,291
(29,325)|**2020**
**£**
324,953
324,953
239,966
(45,834)
519,085
87,817
431,268
519,085|10,884
38,975
175,791
225,650
(126,865)|**2019**
**£**
307,572|
|---|---|---|---|---|
|||||307,572
98,785
-|
||||||
|||||406,357|
|||||43,114
363,243|
||||||
|||||406,357|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 29 April 2021 and signed on their behalf by:
## **P R Fennell**
The notes on pages 18 to 33 form part of these financial statements.
Page 16
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 18 to 33 form part of these financial statements|**2020**
**£**
85,733
238
(64,360)
(64,122)
50,000
50,000
71,611
175,791
247,402|**2019**
**£**
96,550
-
(88,975)|
|---|---|---|
|||(88,975)
-|
|||-
7,575
168,216|
|||175,791|
Page 17
**BLACKWELL ADVENTURE**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
Blackwell Adventure is a registered company limited by guarantee with registered charitable status, in the United Kingdom. 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. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to create a service-based company providing residential and outdoor adventure activities, for Scouts, Girl Guides and other youth groups both voluntary and statutory, to provide similar activities to schools and colleges within the National Curriculum and to provide team building activities to adults.
The charity constitues a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordacnce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for 1 January 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.2 Going concern**
The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are pleased to report a net surplus of £113,000 for the year although special circumstances pertain. A cash flow forecast to the end of 2022 was considered satisfactory by the Board and subsequently the Government provided further support for the sector and also extended the furlough scheme to September 2021. At the time of approving this report the prospects of returning to a full range of charitable activity in the near future look very promising. For these reasons, the charity continues to adopt the going concern basis in preparing the financial statements.
Page 18
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.3 Income**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed, and an equivalent amount recognised as charitable expenditure.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
## **1.4 Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
## **1.5 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
Page 19
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.6 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases commencing in the year following purchase:
|Land and buildings|- over 10 years on cost|
|---|---|
|Staff accommodation|- over 6 years on cost|
|Permanent equipment|- over 10 years on cost|
|Short term equipment|- over 3 years on cost|
|Equipment|- over 4 years on cost|
|Fixtures and fittings|- over 4 years on cost|
|Office equipment|- over 4 years on cost|
|Tented village|- over 6 years on cost|
|Motor vehicles|- over 4 years on cost|
## **1.7 Operating leases**
Rentals payable and receivable under operating leases are charged to the SoFA on a straight-line basis over the period of the lease.
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
## **1.9 Debtors/Creditors**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **1.10 Loans and borrowings**
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement consitutes a finance transaction it is measured at present value.
Page 20
**BLACKWELL ADVENTURE**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.11 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
## **1.12 Financial instruments**
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.13 Taxation**
The charitable company is a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the 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.
## **1.14 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 21
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.15 Support cost allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads and other overheads have been allocated on an appropriate basis.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
The analysis of these costs is included in note 5.
## **1.16 Employee benefits/pensions**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Page 22
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. Income from donations and legacies**
|Donations
Grants
Coronavirus Job Retention Scheme Grant
**Total 2019**|**Unrestricted**
**funds**
**2020**
**£**
1,399
243,168
113,177
357,744
30,572|**Restricted**
**funds**
**2020**
**£**
-
48,690
-
48,690
-|**Total**
**funds**
**2020**
**£**
1,399
291,858
113,177
406,434
30,572|**Total**
**funds**
**2019**
**£**
1,046
29,526
-|
|---|---|---|---|---|
|||||30,572|
||||||
Included within donations and legacies is £113,177 (2019: £nil) in respect of claims made in respect of staff who were furloughed under the governments Coronavirus Job Retention Scheme. The associated cost of these employees is disclosed in staff costs in note 7.
## **3. Income from charitable activities**
|Operation of Activity Centre
**Total 2019**|**Unrestricted**
**funds**
**2020**
**£**
238,822
960,644|**Total**
**funds**
**2020**
**£**
238,822
960,644|**Total**
**funds**
**2019**
**£**
960,644|
|---|---|---|---|
|||||
Included within income from charitable activities is £124,739 (2019: £nil) in respect of customer deposits forfeited under contractual terms.
|Scouts and Guides
Schools and colleges
Development and team building programme
Other|**2020**
**£**
25,453
46,491
43,885
122,993
238,822|**2019**
**£**
286,258
479,225
73,990
121,171|
|---|---|---|
|||960,644|
Page 23
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **4. Investment income**
||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**2020**|**2020**|**2019**|
||**£**|**£**|**£**|
|Investment income|238|238|-|
## **5. Analysis of expenditure by activities**
|Operating of activity centre
**Total 2019**|**Activities**
**undertaken**
**directly**
**2020**
**£**
386,921
728,202|**Support**
**costs**
**2020**
**£**
145,845
194,955|**Total**
**funds**
**2020**
**£**
532,766
923,157|**Total**
**funds**
**2019**
**£**
923,157|
|---|---|---|---|---|
||||||
Of the above expenditure £528,779 (2019: £909,557) was allocated to unrestricted funds and £3,987 (2019: £13,600) to restricted funds.
Page 24
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Activity costs
Catering costs
Depreciation
Other direct costs
Property maintenance
Utilities
Activity instructors and gap students
**Total 2019**
**Analysis of support costs**
Staff costs
Insurance
Interest payable and bank charges
Legal and professional charges
Marketing and publicity
Motor and travel expenses
Office costs
Other support costs
**Total 2019**|**Activities**
**2020**
**£**
250,524
15,659
6,061
46,978
8,627
16,431
29,553
13,088
386,921
728,202
**Activities**
**2020**
**£**
90,527
17,750
1,935
17,117
4,373
322
10,218
3,603
145,845
194,955|**Total**
**funds**
**2020**
**£**
250,524
15,659
6,061
46,978
8,627
16,431
29,553
13,088
386,921
728,202
**Total**
**funds**
**2020**
**£**
90,527
17,750
1,935
17,117
4,373
322
10,218
3,603
145,845
194,955|**Total**
**funds**
**2019**
**£**
291,578
69,996
81,936
41,635
11,023
60,971
91,256
79,807|
|---|---|---|---|
||||728,202|
||||**Total**
**funds**
**2019**
**£**
102,852
26,258
4,202
25,899
4,146
2,239
20,531
8,828|
||||194,955|
|||||
Page 25
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. Auditor's remuneration**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Fees payable to the Company's auditor for the audit of the Company's|||
|annual accounts|7,600|7,600|
## **7. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2020**
**£**
311,463
18,938
10,650
341,051|**2019**
**£**
361,616
23,349
9,465|
|---|---|---|
||||
|||394,430|
The average number of persons employed by the Company during the year was as follows:
|Operational (including seasonal staff)
Administration|**2020**
**No.**
13
2
15|**2019**
**No.**
23
2|
|---|---|---|
||||
|||25|
No employee received remuneration amounting to more than £60,000 in either year.
The trustees consider its key management personnel comprise the management team. The total employment benefits including employer pension contributions of the key management personnel were £124,219 (2019: £122,955).
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
Page 26
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **9. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020
Charge for the year
At 31 December 2020
**Net book value**
At 31 December 2020
At 31 December 2019|**Long-term**
**leasehold**
**property**
**£**
391,962
64,360
456,322
148,447
33,589
182,036
274,286
243,515|**Fixtures and**
**fittings**
**£**
208,335
-
208,335
150,327
10,747
161,074
47,261
58,008|**Office**
**equipment**
**£**
6,964
-
6,964
6,964
-
6,964
-
-|**Other fixed**
**assets**
**£**
77,352
-
77,352
71,303
2,643
73,946
3,406
6,049|**Total**
**£**
684,613
64,360|
|---|---|---|---|---|---|
||||||748,973|
||||||377,041
46,979|
||||||424,020|
||||||324,953|
||||||307,572|
## **10. Debtors**
|**Due within one year**
Trade debtors
Prepayments and accrued income|**2020**
**£**
-
11,005
11,005|**2019**
**£**
9,590
29,385|
|---|---|---|
||||
|||38,975|
Page 27
## **BLACKWELL ADVENTURE**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **11. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
**Deferred income**
Deferred income at 1 January 2020
Resources deferred during the year
Amounts released from previous periods|**2020**
**£**
4,166
1,790
5,870
1,779
15,720
29,325
**2020**
**£**
77,101
6,902
(77,101)
6,902|**2019**
**£**
-
7,665
30,449
2,330
86,421|
|---|---|---|
||||
|||126,865|
|||**2019**
**£**
74,381
77,101
(74,381)|
||||
|||77,101|
## **12. Creditors: Amounts falling due after more than one year**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Bank loans|45,834|-|
Included within bank loans due within and after one year is £50,000 received from Barclays Bank UK plc in respect of a Bounce Bank loan. Interest on this loan is charged at 2.5% per annum with the UK government paying interest on the loan for the first 12 months. The term of the loan is 6 years with repayments commencing 13 months from the date of drawdown at a rate of £833.33 per month.
Page 28
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **13. Financial instruments**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|-|9,590|
||**2020**|**2019**|
||**£**|**£**|
|**Financial liabilities**|||
|Financial liabilities measured at amortised cost|19,289|96,416|
Financial assets measured at amortised cost comprise trade debtors.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals and deferred income.
## **14. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
**Restricted funds**
Pikes Pool Development
Sustainability Projects
Worcestershire LEADER fund
National Lottery Community Fund
**Total of funds**|**Balance at 1**
**January**
**2020**
**£**
363,243
21,238
1,500
20,376
-
43,114
406,357|**Income**
**£**
596,804
-
-
-
48,690
48,690
645,494|**Expenditure**
**£**
(528,779)
(1,800)
(150)
(2,037)
-
(3,987)
(532,766)|**Balance at**
**31**
**December**
**2020**
**£**
431,268
19,438
1,350
18,339
48,690|
|---|---|---|---|---|
|||||87,817
519,085|
Page 29
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General funds
**Restricted funds**
Pikes Pool Development
Sustainability Projects
Worcestershire LEADER fund
Donations from County
**Total of funds**|**Balance at**
**1 January**
**2019**
**£**
311,110
25,688
1,500
-
-
27,188
338,298|**Income**
**£**
961,690
-
-
20,376
9,150
29,526
991,216|**Expenditure**
**£**
(909,557)
(4,450)
-
-
(9,150)
(13,600)
(923,157)|**Balance at**
**31**
**December**
**2019**
**£**
363,243|
|---|---|---|---|---|
|||||21,238
1,500
20,376
-|
|||||43,114|
|||||406,357|
**Pikes Pool Development** - This balance will fund the depreciation of the Rope Wall at Pikes Pool. £18k was received from The Scout Association - County of Birmingham on behalf of the Lord Mayor's Charity Fund and £4.8k was received from JCA Adventure.
In 2018 £18k was received from High Adventure towards improvements to the shower facilities at Pikes Pool.
This balance will fund the depreciation of these facilities.
**Sustainability Project** - The funds were spent in 2019 to insulate the walls in the "Mega Pod", part of the Glamping Pod village at Blackwell Court. The balance on this fund is being used to fund depreciation.
**Worcestershire LEADER fund** - £20k was received and spent in 2019 as part of the installation of accessible pods in the Glamping Village
**National Lottery Community Fund** - A further grant of £49k was received to enable the extension of the Glamping pods at Blackwell Court. This was spent in 2020 and capitalised.
For all of these funds the balance will be used to fund depreciation. 2019 spend is depreciated from 2020. The 2020 spend will be depreciated from 2021.
Page 30
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2020**
**£**
Tangible fixed assets
237,136
Current assets
269,291
Creditors due within one year
(29,325)
Creditors due in more than one year
(45,834)
**Total**
431,268|**Restricted**
**funds**
**2020**
**£**
87,817
-
-
-
87,817|**Total**
**funds**
**2020**
**£**
324,953
269,291
(29,325)
(45,834)
519,085|
|---|---|---|
## **Analysis of net assets between funds - prior period**
|**Unrestricted**
**funds**
**2019**
**£**
Tangible fixed assets
265,958
Current assets
224,150
Creditors due within one year
(126,865)
**Total**
363,243|**Restricted**
**funds**
**2019**
**£**
41,614
1,500
-
43,114|**Total**
**funds**
**2019**
**£**
307,572
225,650
(126,865)
406,357|
|---|---|---|
Page 31
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **16. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**17.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**18.**
**Analysis of changes in net debt**
**At 1**
**January**
**2020**
**£**
Cash at bank and in hand
175,791
Debt due within 1 year
-
Debt due after 1 year
-
175,791||**2020**
**£**
112,728
46,979
(238)
-
27,970
(101,706)
85,733
**2020**
**£**
247,402
247,402
**Cash flows**
**£**
71,611
(4,166)
(45,834)
21,611||**2019**
**£**
68,059
41,634
-
1,824
(20,398)
5,431
96,550
**2019**
**£**
175,791
175,791
**At 31**
**December**
**2020**
**£**
247,402
(4,166)
(45,834)
197,402|
|---|---|---|---|---|
||||||
Page 32
**(A company limited by guarantee)**
## **BLACKWELL ADVENTURE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **19. Capital commitments**
At 31 December 2020 the charity had capital commitments as follows:
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Contracted for but not provided in these financial statements|-|80,000|
## **20. Pension commitments**
The charity operates a defined contribution pension plan for certain of its employees in addition to using the NEST scheme to fulfil its auto enrolment obligation. The amount recognised as an expense in the perid was £10,650 (2019: £9,465).
## **21. Operating lease commitments**
At 31 December 2020 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|**Amounts payable:**|||
|Within 1 year|6,000|1,159|
## **22. Related party transactions**
Blackwell Adventure invoiced The Scout Association - County of Birmingham a total of £8,143 (2019: £32,102) during the year.
During the year the rent charge of £6,000 payable to The Scout Association - County of Birmingham in respect of the properties at Blackwell Court and Pikes Pool was waived. In 2019 an amount of £6,000 was paid.
## **23. Controlling party**
Blackwell Adeventure is controlled by The Scout Association - County of Birmingham. The Scout Association - County of Birmingham is a charity registered in England and Wales (Charity number: 524566). The Scout Association - County of Birmingham prepared consolidated financial statements which are available from the Charity Commission.
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